Full text of Commercial and Financial Chronicle : October 7, 1933, Vol. 137, No. 3563

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Me.
Volume 137

finantial

iirontrie

New York, Saturday, October 7 1933.

Number 3563

The Financial Situation
IT IS impossible to speak too highly of the address
I which President Roosevelt delivered to the Convention of the American Legion at Chicago on Monday. In this address he laid down certain principles
that must govern in extending aid to the veterans—
principles that are everlastingly • sound and the
enunciation of which will redound everlastingly to
his credit. The fact must not be overlooked, either,
that the laying down of these principles in the face
of hostile sentiment among a portion, at least, of
the membership of the Legion was an act of high
courage. And the same thing must be said of his
presence at the Legion Convention. Virtually all
of his advisers opposed the idea of his attending,
fearing that he would invite bitter hostility from
those who did not like his stand on the subject of
bonus payments, but he took the matter into his own
hands and decided to go anyway, feeling confident
that he could make the public understand that his
attitude was the only one he could take without
violating the fundamental requirements of the case.
And the result has demonstrated that he did well
in relying on his own judgment as to the best course
to pursue, as he met with a most cordial reception,
and while the Legion took issue with him on at least
one of his points, what he said has made a profound
impression, not only on those who heard him speak
but everywhere throughout the country.
The first principle, following inevitably from the
obligation of citizens to bear' arms, he asserted, is
that the Government has a responsibility for and
toward those who suffered injury or contracted disease while serving in its defense. The second principle, and this cannot be too strongly emphasized,
is that no person, because he wore a uniform, must
thereafter be placed in a special class of beneficiaries over and above all other citizens. Here the
President is stating an eternal truth. The fact
of wearing a uniform, the President went on to say,
does not mean that he can demand and receive from
his Government a benefit which no other citizen
receives. "It does not mean that because a person
served in the defense of his country, performed a
basic obligation of citizenship, lie should receive
a pension from his Government because of a disability incurred after his service had terminated and
not connected with that service."
It does mean, however, he averred, that those who
were injured in or as a result of their service are
entitled to receive adequate and generous compensation for their disabilities. It does mean that generous care should be extended to the dependents of




those who died in or as a result of service to their
country. The President well said that to carry
out these principles the people of this country can
and will pay in taxes the sums which it is necessary
to raise. Moreover, to carry out these principles
will not bankrupt the Government nor throw its
bookkeeping into the red. But the President did
not stop here. He went further and declared that
to these two broad principles the time has come to
add a third. There are many veterans of our wars
to whom disability and sickness unconnected with
war service has come. To them the Federal Government owes the application of the same rule which
it has laid down for the relief of other cases of
involuntary want or destitution.
In other words, if the individual affected can
afford to pay for his own treatment, he cannot call
on any form of Government aid. If he has not the
wherewithal to take care of himself, it is first of
all the duty of his community to take care of him,
and next the duty of his State. Only if under these
circumstances his own community and his own
State are unable, after reasonable effort, to care for
him, then, an'd then only, should the Federal Government offer him hospitalization and care. The
President here prescribes a fine order with reference
to the distribution of responsibility among the different agencies of society, and it is an order of
responsibility to which no legitimate objection can
be raised. However, the Legion convention took
issue with him on this point, holding that the duty
of extending aid should rest first of all with the
Federal Government instead of the community.
The first effect of the President's attitude and
speech was that the heads of the Legion rejected the
plea for a bonus by a vote of four to one. News
dispatches from Chicago pointed out that the directing heads of the Legion tried to bury the perennial
bonus issues at the present convention, but at least
one delegate, Representative Wright Patman, of
Texas, was determined to revive the bonus agitation
which he had carried on in Congress. Mr. Patman
is a member of the Legion's subcommittee which is
handling all matters connected with the adjusted
compensation certificates. This subcommittee met
the day after the address of the President and voted
tour to one against a resolution calling for immediate payment of the bonus.
The dissenting group, however, voted four to one
for a resolution asking Congress to waive interest
payments on certificate loans. The next day the
Legislative Committee also voted to adopt a resolu-

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Financial Chronicle

tion calling on Congress to waive the 312% interest
/
the Government charges veterans on the $1,500,000,000 they have borrowed on their adjusted compensation certificates. This shows that the subject
is still being agitated, notwithstanding the fine
stand of the President. The same committee, by a
vote of five to one, rejected the scheme of Representative Patman for retiring the certificates at once
with fiat money. The Texas legislator took pains
to point out that he regarded the action of the committee in calling on Congress to waive interest on
the money borrowed as a victory for the bonus,
saying: "I don't believe a new declaration for cash
payment is necessary, because, in my opinion, the
mandate of the convention at Portland stands until
it is countermanded. The request for cancellation
of the interest on veterans' loans, as I construe it,
is tantamount to a new resolution asking immediate
payment. This resolution, if adopted by the convention, as there is every reason to believe it will be
(it was adopted on Thursday), will force a showdown in Congress on the whole problem of the adjusted compensation certificates, because the Government will find that it is easier to retire these
certificates than it is to take care of interest on
the loans." This is obviously a far-fetched view.
The issue of the bonus evidently will not down, but
that does not detract from the fine character of the
address delivered by Mr.Roosevelt, nor of the service
he rendered for all time in laying down with such
convincing logic, the principles that should control
in the treatment of the veterans.
HE American Federation of Labor has also the
present week been holding a convention, not
in Chicago, but at Washington, and the proceedings
and declarations have not been altogether of an
&souring character. Speaking through William
Green, President of the Federation, it did declare
against inflation, which was good as far as it went.
In the words of the news dispatches, "organized
labor, acting through Mr. Green," who opened the
fifty-third annual convention of the Federation,
"voiced vigorous opposition to currency inflation
and demanded that wages be paid in 'honest dollars,'" and asserted that it would "stand unflinchingly against inflation." In his keynote address, we
are told, Mr. Green attacked proposals for inflation
of the currency and pointed out the disastrous
effects of inflation on labor in European nations
which had resorted to it. Mr. Green, another account says, departed from the more usual theme of
labor's objectives long enough to attack "unreEtrained and unregulated inflation of the currency."
"My friends," said Mr. Green to the 500 delegates,
who responded to his remarks with applause,"when
the worker earns a dollar he wants to be sure that
that dollar is a real dollar and it does not represent
to him a reduction in buying power." He was careful, however to add: "I do not mean that we will
not favor credit expansion, the development of a
wise financial policy that will tend to increase the
volume of money in circulation, so that business can
be carried on in a proper and business-like way."
In other respects, however, Mr. Green's attitude
was not so satisfactory, and he made some remarks
and comments that not only furnish food for reflection but are calculated to create a feeling of deep
apprehension. He voiced the customary demand
for a 30-hour work week, but, what is more impor-

T




•

Oct. 7 1933

tant, he expressed determination to unionize all
workers in a nation-wide drive. His views in the
latter respect were more fully outlined in a statement made by him last Sunday preliminary to the
opening of the Federation's convention on Monday.
Since the enactment of the NIRA the Federation of
Labor, he asserted, has increased its membership by
1,300,000, raising the total membership to about
4,000,000. Adding the strength of the unions outside the Federation membership, Mr. Green set the
total membership of organized labor in the United
States at 5,000,000. Nailed to the masthead of the
Federation, Mr. Green declared, was the slogan:
"Organize the Unorganized in the Mass Production
Industries." With a membership of 10,000,000 as
the next goal, and, after that, 25,000,000,"which will
bring the majority of Americans genuinely and actually within the trade union family." Mr. Green
asserted that the convention "will issue a clarion
call to all America to organize and will provide the
authority and the instructions for an organizing
campaign such as we have never known."
Imagine the American Federation of Labor with
a membership of 10,000,000! With each worker
representing an average family of five, this would
make the Federation the representative of 50,000,000, or nearly half the population of the country. And with the complete domination over industrial affairs to which the Federation is all the time
aspiring, this would mean the rise to power of a
class which would (as we have indicated in previous
comment) be a menace and a danger to the State
itself. We would have a class dictatorship, to which
all would have to submit, and from the rule of which
no one could escape. A 30-hour week of five days'
work, six hours a day, would be only one of the
minor consequences. Among the numerous things
now demanded by "labor" in addition to the 30-hour
week is an "increase of minimum wages provided in
the codes; "increase for skilled workers, as well as
for unskilled"; "representation of labor in every
stage of code making"; "labor must have relief from
excessively stringent Federal economy measures";
"immigration restriction laws must be further
strengthened," &c., &c. And we may be sure that
unionized labor will get all of these things and
more, too, in the event that it should reach its goal
in membership, and no one else would get anything
at all except at the pleasure of organized labor,
since these Federated laborites would be too powerful to resist, and before long the country would be
subject to the rule of tyranny. Instead of the people
being in the enjoyment of freedom and independence
we would have an organized body, or class, within
the State, more powerful than the State itself.
That in itself would mean the extinction of freedom
and independence. In the end oppression would prevail everywhere.
In the meantime these Federated unions will not
surrender any of the privileges and rights claimed
by them, and which so often they exercise so recklessly. Consider, for example, the attitude of Mr.
Green on the matter of strikes. The greatest menace
now to recovery is the way the strike movement is
spreading all over the country. The strikes are due
mainly to the extreme and excessive demands of
local unions in the different parts of the country,
fostered by the idea that since now under the operation of the different codes it has been found so
easy to get shorter hours and larger pay, there

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Financial Chronicle

appears no reason why the unions should not extend
their demands and insist on further concessions.
General Hugh S. Johnson, National Recovery Administrator, has been inveighing against the strikes
and the strike spirit, and last Saturday summoned
some of the industrial executives to his bedroom in
the hospital and asked for a ban on strikes to gain
peace for industry. But what help in the underaking did he get from the labor unions? The most
William Green, the head of the American Federation
cf Labor, would do was to urge mediation while
strenuously upholding the right to strike. The
Washington correspondent of the New York "Herald
Tribune" says that Mr. Green addressed an appeal
to workers, particularly unorganized workers, to
utilize peaceful means to redress grievances. However, although he advised discipline and balanced
judgment, he emphatically asserted the right of
labor to strike, we are told. "The right to strike is
fundamental. It is legally and morally right," Mr.
Green is represented as having said. "The workers
cannot and must not be called upon by anyone to
surrender the right to strike."
Here we have the characteristic attitude of labor
unions. Everyone is expected to make concessions,
and even sacrifices, as a patriotic duty, but the union
leader talks volubly of the assumed rights of labor,
even in times of dire extremity, and will not budge
an inch in that respect, no matter what the consequences. Therein lies the menace of the extension
of labor membership. It means investing the Federation with additional power for maintaining its
unreasonable attitude and demands.
TT APPEARS that the Federal Advisory Council,
1 at its meeting last month, went further than
previously indicated and made recommendations for
amendment of the Federal Securities Act and the
Glass-Steagall Banking Act insofar as necessary to
allow industry to obtain capital funds in the investment market. So the Washington Bureau of the
"Wall Street Journal" tells us. The Council considers parts of both Acts as restricting the flow of
capital and as interfering with the progress of
national recovery. In its recommendation the
Council says that the liabilities imposed by the
Securities Act and its interference with refunding
operations and with the floating of new securities
constitute a most serious menace. It even expresses
the fear that "many sound companies may be faced
with receivership because of inability to obtain capital funds for refunding purposes." It is also pointed
out that under the Banking Act of 1933 banks are
in effect prohibited from underwriting the capital
requirements of the industries of the country, either
directly or through affiliates, and says that this
provision has restricted in a great measure the investment banking facilities of the country. The
full text of the recommendation and resolution are
given as follows:
RECOMMENDATION--SEPT. 19 1933.

"Since the Securities Act of 1933 came into operation, the normal issue of corporate securities by
responsible corporations has almost ceased. It has
become evident that large corporations, with responsible boards of directors, will not undertake capital
issues because of the liabilities which the Act imposes upon them and the individual members of their
boards of directors in regard thereto. It has also
become evident that responsible investment bankers




2497

will not act as underwriters of corporate issues,
because of the liabilities imposed upon them under
the terms of the Securities Act of 1933. That this
is so is clearly established from the fact :that no
nationally known industrial or public utility company has undertaken any new financing under the
Securities Act of 1933.
"This situation presents a grave problem in connection with the National Industrial Recovery program and with the orderly restoration of credit
operations of financial institutions. Unless this
situation is changed, companies with maturing obligations will not have the usual facilities provided
for the refunding thereof, and many sound companies may be faced with receivership because of
inability to obtain capital funds for refunding purposes. Similarly, industrial progress requiring new
capital will be prevented through inability to obtain
capital funds, even though sought by sound and seasoned enterprises. There is nothing which will help
so much in increasing employment and aiding in the
consumption of capital goods as the possibility of
carrying on adequate capital financing. The banks
of the country could not undertake to lend their
depositors' funds to corporations to enable them to
discharge their maturing capital obligations or to
make capital additions, because the volume of loans
required for refunding and new capital requirements
would be beyond the capacity of the banks to meet.
"Under the Banking Act of 1933 banks are in
effect prohibited from underwriting the capital requirements of the industries of the country, either
directly or through affiliates. This provision has
restricted, in a great measure, the investment banking facilities of the country.
"It is essential that the industries of the country
(including public utilities) be enabled to finance
their ordinary capital requirements either for refunding or for new capital in the investment markets, and it is apparent that amendments to the law
must be made so that it will not stifle the legitimate
flow of capital into industry.
"'Accordingly, it is hereby
"'Resolved, That, in aid of the National Recovery
program,the Securities Act of 1933 and the Banking
Act of 1933, should be amended in such respects as
may be necessary to enable industries of the country
to obtain capital funds in the investment markets,
retaining in such laws such provisions as may be
necessary properly to safeguard the interests of the
investing public."
The foregoing furnishes a correct diagnosis of the
situation. The Administration at Washington cannot do better than to pay heed to what is said, and
there is reason for thinking that they are doing precisely that thing. As explaining why this recommendation has not previously found its way into
the public prints, it is pointed out that it is not the
custom, as a rule, to give publicity to the proceedings of the Advisory Council, and that as a consequence neither the Council nor the Federal Reserve
Board made any announcement regarding the matter. It is pointed out that officials of the Reserve
Board observe that the resolution does not necessarily represent the attitude of the Board or of the
Reserve System. This may be so, but it is well to
remember that this is a matter of no consequence,
as the Reserve Board is no longer a free agent in
its operations and can only carry out the wishes of
the President. In fact, it is virtually required to
a ct under the compulsion of the President. Accordingly, it would be likely to remain quiescent in any
event until it obtained knowledge of what the wishes
and desires of the President were.

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Financial Chronicle

HE Federal Reserve condition statements this
week make it apparent that genuine inflation
is now under way. Not only have the Federal Reserve banks increased their holdings of United States
Government securities in the now customary amount
of $35,000,000 a week, but the amount of Federal
Reserve notes in circulation has also been, heavily
increased the present time, the total rising from
$2,972,782,000 to $2,999,389,000, making an addition
for the week of, roughly, $27,000,000, while at the
same time there has been a further addition of $15,000,000 in the amount of Federal Reserve bank notes
in circulation, the amount of these having risen from
$145,627,000 to $160,789,000. Accordingly, there
has been a combined expansion in the two classes of
note issues in the sum of, roughly, $42,000,000. As
a matter of fact, the Federal Reserve Bank reports
an increase in circulation for the week in even
larger amount, or no less than $57,000,000.
The amount of Federal Reserve credit outstanding has not increased to the full extent of the $35,000,000 added to the holdings of United States Government securities, as the member banks diminished
their borrowings at the Federal Reserve institutions,
and, accordingly, the discount holdings of the 12
Reserve banks fell during the week from $133,233,000 to $122,984,000. However, the amount of
Reserve credit outstanding (as measured by the
total of the bill and security holdings) was added
to in the sum of over $25,000,000, the aggregate of
these bill and security holdings having risen from
$2,416,038,000 Sept. 27 to $2,441,232,000.
The gold holdings have remained substantially
unchanged, being reported at $3,591,785,000 Oct. 4
as against $3,591,799,000 Sept. 27. With the Federal
Reserve note circulation heavily increased, as
already noted, the ratio of reserves has been further slightly reduced, even though the deposits have
fallen from $2,807,779,000 to $2,780,150,000. This
shrinkage in the deposits has followed entirely from
the fact that member bank reserve deposits decreased
during the week from $2,595,634,000 to $2,523,409,000. The ratio of total gold reserves and other
cash to deposit and Federal Reserve note liabilities combined stands at 65.9% this week as against
66.1% last week. The amount of United States Government securities held as part collateral for Federal Reserve note issues increased during the week
from $525,200,000 to $570,200,000.

T

ORPORATE dividend reductions and suspensions have again been more conspicuous than
those of the opposite character the present week,
and the unfavorable changes have involved mainly
public utilities of one kind or another. The Columbia Gas & Electric Corp. has declared a quarterly
2
Oividend of only 12l/ c. a share on common, payable
in convertible 5% preference stock, which compares
with 20c. a share in convertible 5% preference stock
paid on Aug. 15 and May 15 last, and with 25c. a
ehare on the same class of preference stock in each
of the four quarters preceding. The California Oregon Power Co. declared dividends of 871 2c. a share
/
on the 7% cumul. pref. stock, 75c. a share on the 6%
cumul. pref. stock, and 75c. a share on the 6%
cumul. pref. shares, series of 1927, all payable
Oct. 16. These are one-half of the regular quarterly
dividends previously paid. The International Utilities Corp. passed the quarterly dividend on the $1.75
cumul. pref. stock, series 1931. On the other hand,

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Oct. 7 1933

payments have been made in a number of cases on
accumulations of back dividends. The Maytag Co.'
declared a dividend of $1.50 a share on account of
accruals on the $6 cumul. first pref. stock; the last
previous dividend of like amount on this issue was
paid May 1 1932. The Phillips-Jones Corp. declared
$1.75 a share on account of accumulations on the 7%
cumul. pref. stock. On March 14 last a dividend
of $3.50 a share was paid on this issue, clearing
up accumulations down to Feb. 1 1933. The American Smelting & Refining Co. declared $1.75 a share
on the 7% cumul. pref. stock to cover the payment
due Sept.1 1932.

TNSOLVENCIES in general business lines took a
I very remarkable drop in the month of September. The number in the United States, according
to the records of Dun & Bradstreets, Inc., was 1,116,
with liabilities of $21,846,906. In August there were
1,472 similar defaults, for which number the indebtedness reported was $42,776,049, while in September 1932, 2,182 business failures were recorded
involving $56,127,634 of liabilities. The record for
September this year is below that of any other month
for many years past. In the two or three years at
the close of the European war, commodity prices
were high and financial conditions generally very
easy. The insolvency record at that time was also
very low, but prior to 1918 failures were relatively
quite as high as they were in the early months of
this year.
The September report closes the third quarter of
the year, and the reduction in failures for that
period of 1933 has been very heavy. For the third
quarter of this year the decline in the number of
business defaults, as compared with the same time
in 1932, was equivalent to 47.1%. For the second
quarter of this year there was a reduction of 33.9%
in the number of failures as compared with the same
time in the preceding year, while for the first three
months of this year insolvencies were 20.7% below
those for the same period in 1932. The betterment
throughout this year has been progressive and very
marked, especially in the last three months. Liabilities, too, have been much less in each of the
quarterly statements. '
The reduction in liabilities last month was largely
due to the fact that there were comparatively few
large failures. The number of the latter was only
42, with liabilities in each instance of $100,000 or
more, the total of the indebtedness shown being but
$8,056,364. This left but 1,074 remaining failures
in September of this year, owing altogether $13,790,542. A year ago in that month the number of
the large defaults was unusually high, at 104, with
a total of the indebtedness reported amounting to
$26,406,560. The latter was also in excess of the
amount for that month for preceding years. The
difference between this year's record of large failures and that of last year has been very marked.
The improvement this year in respect to the heavier
defaults was especially pronounced for the trading
class, although the reduction was also very great
in the manufacturing division as well.
Furthermore, it was in the trading group that
the most marked improvement in last month's failures appeared, as compared with a year ago. September trading defaults were less than one-half in
number than those for that month last year, while
the trading liabilities last month were only about

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one-quarter the amount reported a year ago. Large
reductions appeared also in the figures for last
month in the other two divisions, especially for the
section covered by defaults in manufacturing lines,
but the decline for the latter was actually and relatively considerably below the record for trading
failures.
The September report leads all of the other
months for many years as to the improvement
shown. For the geographical divisions, the West
makes the most noteworthy change for the better.
There was a marked decline last month for all geographical groups. For the Chicago Federal Reserve
District the number of business defaults in September this year was very much less than one-half of
the number reported in that month last year. Liabilities in the Chicago District last month were only
about one-third of the amount reported a
year ago.
In some of the other Federal Reserve Districts
as well the number of defaults last month was below
one-half of those reported last year. These include
the Philadelphia District, the Richmond and Atlanta Districts, the St. Louis and Dallas Districts.
The sections last mentioned cover, in the main, the
South. Liabilities in these Districts were also
greatly reduced. Fewer failures in September this
year were also reported in the Boston and New York
Districts, in the Cleveland District, Minneapolis,
Kansas City and San Francisco Districts, and while
the decline was heavy it was somewhat below that
shown by some of the others.
--•-New York stock market this week has beep
HE
devoid of special feature with trading light in
the extreme and with prices not greatly changed,
except for an upswing on Wednesday. On Saturday
last the market was quite firm, but on Monday and
Tuesday it was inclined to sag. This was followed
on Wednesday by a brisk rally in which some of the
active specialties moved up several points, mainly
as a result of covering by outstanding shorts, though
a part of the gain on that day was lost in a downward
reaction on Thursday and Friday. There is little
outside interest at present in stocks and in the absence of support from that quarter, prices are inclined to yield under very light pressure, though the
downward movement of prices is often accelerated by
short selling on the part .of floor-traders. There
does not appear to be any active short campaign.
On the other hand, when the market shows signs of
having been oversold for the time being, these same
floor-traders undertake to drive the shorts to cover.
There have been no special incidents or developments affecting the course of values during the week.
There is hesitancy on the part of the outside public
to enter into commitments of any kind for a variety
of reasons, but mainly out of a desire to see whether
business recovery is to be enduring and whether or
not there is to be further inflation, and if so, to what
extent it is going to be carried. Steel production the
present week is reported slightly larger with the steel
mills working at 42% of capacity as against 41%
last week. Train loadings of revenue frieght in some
cases are on a smaller scale, but returns of railroad
earnings continue extremely favorable in comparison
with a year ago, without, however, finding reflection
in the prices of railroad stocks, which continue to
move up and down with the general list. The production of electricity by the electric light and power

T




2499

industry of the United States for the week ending
Saturday, Sept. 30 was 1,652,811,000 kwh. against
1,499,459,000 kwh. in the corresponding week of last
year,showing an increase of 10.2%,which is somewhat
larger than in the preceding week when the increase
was 9.9%. Another favorable feature has been that
the bond market has shown greater firmness, the
high-priced issues being in special demand.
The grain and cotton markets have been inclined
to move lower with the stock market, except that
wheat enjoyed a good advance on Wednesday, when
the stock market had such a brisk rise, and this
served to help the rise along. But on Thursday and
Friday the grain markets were again weak. Indeed,
on Friday there was such a downward plunge that
rye, corn and oats all reached the limit of a day's
decline, namely, 5, 3 and 4 cents, respectively. The
December option for wheat in Chicago closed yesterday at 851 2c. as against 8978c. the close on Friday
/
/
of last week. December corn closed yesterday at
411 4c. against 50y the close the previous Friday.
4c.
/
December rye at Chicago closed yesterday at 6218c.
/
against 693 the close on Friday of last week, while
4c.
December barley at Chicago closed yesterday at
50y as against 583
2c.
/ on the previous Friday.
4c.
The spot price for cotton in New York yesterday was
9.50c. as compared with 9.90c. on Friday of last
week. The spot price for rubber was 8.00c. as
against 7.90c. the previous Friday. Domestic copper yesterday was 9c. against 9c. the previous Friday. Silver prices continue to fluctuate in a narrow
kind of way, at least as far as the London market
is concerned, with the quotation yesterday 18Y
2d.
per ounce as against 18 7/16d. per ounce on Friday
of last week. The New York quotation was 39.65c.
yesterday against 39.50c. on Friday of last week.
The.foreign exchanges again moved lower, with the
result, of course, of improving the gold value of the
American dollar. Cable transfers on London yesterday closed at $4.731 8 as against $4.76 the close the
/
previous Friday, while cable transfers on Paris
4c.
yesterday closed at 5.993 compared with 6.0114c.
/
the close on Friday of last week. On the New York
Stock Exchange 12 stocks established new high records for the year during the current week, and nine
stocks dropped to new low figures for 1933. For
the New York Curb Exchange the record for the
week is 22 new highs and 26 new lows. Call loans
on the Stock Exchange again ruled unchanged at
34 of 1% per annum.
/
Trading has been extremely light, falling below a
million shares on two days. On the New York Stock
Exchange the sales on Saturday last were 1,008,380
shares; on Monday 959,700 shares; on Tuesday 931,820 shares; on Wednesday 2,127,285 shares;on Thursday 1,659,140 shares, and on Friday 1,460,900 shares.
On the New York Curb Exchange the sales last Saturday were 125,310 shares; on Monday 163,535 shares;
on Tuesday 190,320 shares; on Wednesday 291,770
shares; on Thursday 261,635 shares, and on Friday
213,695 shares.
As compared with Friday of last week, prices are
higher as a rule. General Electric closed yesterday
at 19% against 193 on Friday of last week; North
American at 19 against 17%;Standard Gas & Electric
at 11% against 10%; Consolidated Gas of New York
at 413/i against 40 8; Brooklyn Union Gas at 64,
against 67k; Pacific Gas & Electric at 205 against
4
203/; Columbia Gas & Electric at 14 against 143/
2
s;
Electric Power & Light at 6% against 6%; Public

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Financial Chronicle

Service of New Jersey at 37% against 35%; J. I.
Case Threshing Machine at 67% against 66%;
International Harvester at 38 against 369; Sears,
Roebuck & Co. at 40 against 383/2; Montgomery Ward
& Co. at 20% against 19%; Woolworth at 393/i
against 38%; Western Union Telegraph at 55 against
%
55; Safeway Stores at 425 against 41; American
2
Tel. & Tel. at 120 against 1173/; American Can at
923/ against 883'; Commercial Solvents at 38%
4
against 353/8; Shattuck & Co. at 73 against 79,and
4
Corn Products at 883 against 86%.
Allied .Chemical & Dye closed yesterday at 137%
against 135% on Friday of last week; Associated Dry
Goods at 14% against 14; E. I. du Pont de Nemours
at 77 against 743/2; National Cash Register A at
against 163 ; International Nickel at 193/2
16
4
against 193'; Timken Roller Bearing at 273/b against
s
263/; Johns-Manville at 52% against 50; Gillette
8
Safety Razor at 13 against 133/; National Dairy
Products at 15% against 14%; Texas Gulf Sulphur
at 37% against 36; American & Foreign Power at
A
93 against 932; Freeport-Texas at 41% against 42;
8
4
United Gas Improvement at 163 against 163/;
National Biscuit at 49% against 50 8; Continental
%
2
Can at 66 against 643/; Eastman Kodak at 793
against 20;
4
against 80; Gold Dust Corp. at 203
Standard Brands at 24% against 23%; ParamountPublix Corp. ctfs. at 1% against 13/2; Coca-Cola at
2
92 against 873/; Westinghouse Electric & Mfg. at
%
363 against 34%; Columbian Carbon at 52 against
52; Reynolds Tobacco class B at 50 against 50 8;
%
Lorillard at 203 against 21; Liggett & Myers class B
at 973/2 against 96, and Yellow Truck & Coach at
4
4% against 43 .
Stocks allied to or connected with the alcohol or
brewing group are also quite generally higher.
National Distillers closed yesterday at 943/i against
893/i on Friday of last week; Owens Glass at 79 against
77; United States Industrial Alcohol at 68 against 65;
%
Canada Dry at 303/b against 295 ; Crown Cork &
against 38; Liquid Carbonic at 30% aginst
Seal at 38
-27%, and Mengel & Co. at 9% against 9%.
The steel shares likewise have improved on their
prices of last week. United States Steel closed yesterday at 46% against 453/i on Friday of last week;
4
.
United States Steel pref. at 83 against 823 ;Bethlehem
8
2
Steel. at 333 against 33%, and Vanadium at 213/
4
against 21%. In the auto group, Auburn Auto
closed yesterday at 48 against 46% on Friday of last
week; General Motors at 303/i against 283/s; Chrysler
at 43% against 4034; Nash Motors at 20% against
19%; Packard Motors at 3% against 3 8; Hupp
4
Motors at 45% against 33 , and Hudson Motor Car
10%. In the rubber group, Goodat 11% against
4
year Tire & Rubber closed yesterday at 343 against
Friday of last week; B. F. Goodrich at 14
33 on
against 133/s, and United States Rubber at 16%
against 16%.
The railroad shares show only very moderate advances. Pennsylvania RR. closed yesterday at 29 3
4
against 293 on Friday of last week; Atchison Topeka
& Sante Fe at 54% atainst 5438; Atlantic Coast Line
at 3534 against 35; Chicago Rock Island & Pacific
at 43/2 against 43/2; New York Central at 38% against
373/2; Baltimore & Ohio at 263/ against 27%; New
4
Haven at 183 against 203/s; Union Pacific at 1103/b
1103/2; Missouri Pacific at 4% against 434;
against
2
%
Southern Pacific at 223 against 223/; Missouri-Texas at 93/ against 9%; Southern Ry. at
Kansas
4
2
25% against 243/; Chesapeake & Ohio at 423 against




Oct. 7 1933

4
41%; Northern Pacific at 22% against 213 , and
4
Great Northern at 203 against 19%.
The oil stocks have moved along with the general
list. Standard Oil of N. J. closed yesterday at 423/
4
against 393 on Friday of last week; Standard Oil
%
of Calif. at 415 against 393/8; Atlantic Refining at
263/ against 26. In the copper group, Anaconda
4
Copper closed yesterday at 153 against 153/i on
Kennecott Copper at 22%
Friday of last week;
against 203; American Smelting & Refining at 453/
against 42%; Phelps-Dodge at 17 against 16; Cerro
de Pasco Copper at 36% against 3438, and Calumet
5
& Hecla at 5% against 5%.

TRREGULAR price tendencies were reported this
1 week on stock exchanges in all the leading European financial centers. The sessions were dull in
all markets, as traders and investors seemed to desire further information on international currency
developments before enlarging their commitments.
The London Stock Exchange was fairly cheerful in
most sessions, but movements on the Paris Bourse
and the Berlin Boerse were alternately upward and
downward, with the recessions rather more pronounced than the advances. Reports of the trends
in New York were a primary influence on all the
European stock exchanges. Formal opening of the
war debt discussions in Washington was a further
factor, especially in London, as it is assumed in
Europe that the negotiations may result in some
agreement for currency stabilization by Great
Britain and the United States. European indices
of trade and industry remain moderately favorable,
and the ordinary indications were augmented this
week by League of Nations reports of world-wide
improvement. The Economic Commission of the
Assembly was informed Monday by its director,
Alexander Loveday, that progress has been substantial in the United States, and also quite material
in France, Germany, Japan and Canada. The fact
that conditions in France, the most steadfast of
the gold standard countries, are improving at a rate
second only to the United States, was considered
especially significant. The Commission issued a
report, Thursday, in which the nations were urged
to solve The currency stabilization problem so that
The World Economic Conference might reconvene
with a chance of success. There can be no lasting
improvement in the world's economic situation, the
Commission declared, unless the nations are prepared to abandon the "system of closed national
economies."
The London Stock Exchange was quiet in the
initial session of the week, with prices generally
firm. There was a spurt in shares of the rubber
companies, owing to reports of a possible international agreement on restriction of production.
British funds were firm on satisfactory revenue
returns. Industrial stocks were not in great demand, but prices held about to former levels. The
international section was uneven. In Tuesday's
dealings rubber company shares lost most of their
earlier gains, owing to intimations that international restriction is still distant. British funds
remained steady, while small advances were registered in a number of industrial stocks. International issues were generally lower. The opening
Wednesday was very cheerful, owing to optimistic
statements the night before by Chancellor of the
Exchequer Neville Chamberlain, and Montagu Nor

Volume 137

Financial Chronicle

2501

man, Governor of the Bank of England. The up- will result which will take at least the British debt
ward tendency was not continued, but most issues to the United States Government out of politics
showed improvement at the close. British funds for all time. The conversations were started
were especially favored, as announcement was made quietly at the Treasury, when Ambassador Sir Ronthat the £150,000,000 conversion loan of last week ald Lindsay and Sir Frederick Leith-Ross, chief of
was 20% oversubscribed. There were good features the British mission, called on Dean Acheson, Underamong the industrial stocks, and international Secretary of the Treasury. Sir Frederick will be
issues also advanced. The tendency was generally assisted by T. K. Bewley, financial counselor of the
upward Thursday, as the news from America was British Embassy in Washington, while Mr. Acheconsidered encouraging. British funds displayed son's associate will be Frederick Livesey, economic
impressive strength, while industrial stocks and adviser to the State Department. The American
home rail shares also participated in the advance. attitude on the problem was discussed at the White
International issues were marked up to conform House, Thursday, in a conference with President
with the better levels reported in cables from New Roosevelt attended by Secretary of State Cordell
York. Dealings yesterday were quiet, with British Hull, Under-Secretary of State William Phillips
funds steady, while industrial stocks showed small and Mr. Acheson. Secretary of the Treasury
Woodin also is expected to play a part in the
gains and losses.
Quotations sagged on the Paris Bourse, Monday, negotiations.
No appreciable progress has been made in these
owing to a downward movement of sterling and the
discussions as yet, and it is probable, indeed, that
dollar in the foreign exchange market. Fears of
inflation were stimulated by the currency move- weeks will elapse before suitable arrangements can
ments, and these outweighed week-end reports of be made. Any agreement between the Government
improvement at New York. Prices were materially heads will be tentative, as it will be subject to aplower in all sections, with the exception of rentes. proval by Congress in a direct vote, while onerous
The downward movement was continued Tuesday, terms might bring a vote of non-confidence in the
but occasional rallies kept the recessions to small British Parliament. "It is evident," a Washington
proportions. Rentes again were firm, although the dispatch to the New York "Times" states, "that the
improvement in quotations was slight. Liquidation representatives of both countries are anxious to
was general in the Paris market Wednesday, and reach a final settlement that will take the debt
rather severe losses were recorded in the more specu- problem out of politics and if possible bring a
lative issues. Rentes and other fixed-interest securi- liquidation over a short term of years. But even
ties also were unsettled, apparently because of the if some acceptable formula for approach along this
high yield on a new issue of 850,000,000 francs of 5% line is found,a final determination,it was indicated,
bonds of Algeria, priced at 89% of par. The tend- would be difficult pending decision as to the future
ency on the Bourse finally was reversed Thursday, relation of the American dollar and the pound
and good gains were registered in all departments. sterling." Instructions of the British group are
Speculative and investment issues alike were in believed to be somewhat vague. Washington disfavor, and the buying movement extended also to patches state they will seek an agreement as closely
the international group of securities listed on the approximating cancellation as possible, but in any
Bourse. The downward tendency was resumed case an agreement which would dispose of the debt
yesterday, and losses were sizable despite quiet question permanently.
dealings.
was lacking this week in the disarmaThe Berlin Boerse was uncertain in the initial
negotiations being conducted privately at
ment
session of the week, gains and losses being about
equal at the close. Trading was exceedingly light, Geneva by representatives of Great Britain, France,
and most of the dealings were attributed to profes- Germany, Italy and the United States, in anticipasional operators. Movements in prices were not tion of a further meeting of the General Disarmawide. Dulness was again the chief characteristic ment Conference on Oct. 16. There are increasing
of the Boerse Tuesday, but the price movement in signs, however, that the basis is being prepared for a
this session was rather decidedly downward. Spec- disarmament convention which will finally permit
ulative industrial and bank stocks suffered more the Conference to end somewhat more gracefully
than other securities. Erratic foreign exchange than seemed likely heretofore. The convention will
movements caused apprehension regarding Ger- provide for precious little genuine disarmament,
many's export trade and liquidation increased as a judging by Geneva reports of the proceedings, but
result. Divergent tendencies marked Wednesday's it is hoped that it will at least make possible a
trading on the Boerse. Bonds were in excellent de- stabilization of the situation for some years. In a
mand, and advances of as much as 2% were reported communication read before a Washington gathering
in provincial and municipal obligations. Stocks last Sunday Secretary of State Cordell Hull dewere listless and prices again drifted lower. These clared that the Geneva conversations now are at a
movements .were resumed Thursday and accentu- "critical stage." He called for an aroused public
ated. Buying on a broad scale appeared in fixed. opinion in all countries to proclaim its will that
income issues, but stocks declined as much as 5% in there must be no failure and that the Conference
some instances. Electrical issues lost more ground must be carried through to a constructive issue.
The tentative basis for a disarmament convention
than others. Further losses in equities were regisdiscussed last week is subject to further negotiatered in an inactive session on the Boerse yesterday.
tions and new delays. The German Foreign MinNTERGOVERNMENTAL debt negotiations were ister, Baron Konstantin von Neurath, returned to
started in Washington, Thursday, by officials of Berlin to report to his Government over the last
the British and American Governments, and well- week-end, and it was made known in Geneva, Tuesinformed observers feel confident that a settlement day, that he would not return. Count Rudolph




pROGRESS

2502

Financial Chronicle

Nadolny is to explain the German viewpoint at a
meeting of the Bureau, or Steering Committee, of
the Conference next Monday. It was rumored in
Geneva that Germany would ask for a postponement
of the Conference session of Oct. 16 to permit Chancellor Hitler to consolidate his internal political
position. Earlier in the week it was stated at Berlin that Germany considers herself in the position
of an armaments creditor to whom other nations,
as debtors, must make offers for disarmament.
Joseph Paul-Boncour, the French Foreign Minister,
returned to Paris Tuesday to consult the Cabinet
there. These incidents, taken together, caused
nervousness in Geneva and one delegate of a great
Power was quoted as saying that disarmament again
is "hovering on the rocks."
Representatives of the United States indicated
at Geneva late last week that the German delegates
had accepted the French supervision plan in principle, but it was not made clear whether the acceptance had the approval of the Berlin Cabinet, and
the change in the German representation has caused
doubts on the matter. In a dispatch to the New
York "Times" it was stated, on the authority of
anonymous Americans, that Germany also had
agreed in principle that the first disarmament stage
is to be divided into two parts of three to four years
each. "In the first of the cooling-off periods armaments would be limited strictly to their present
level," the dispatch continued. "There is still a
question as to whether Germany should be limited
to the Versailles treaty level or whether her violations should be winked at by allowing her to stabilize at the existing level. The tendency, even among
the French, is to compromise by admitting the
existing level for Germany in small arms and keeping to the Versailles provisions in big guns, tanks
and airplanes. in the first period there would also
be a transformation of European armies to a uniform militia basis. The French want to have limitation of war expenditures begin then, too, but the
British and Americans oppose that plan and hope
to have mere budget publicity. There would be a
strict gas and germ warfare ban and the abolition
of air bombing, although the British have not yet
definitely accepted the last. The naval chapter remains undecided."
TIVITIES of the fourteenth League of Nations
Assembly were carried on this week chiefly
in the various special commissions which study the
more intricate problems that come before the Assembly every year. Plenary sessions were not lacking,
but they were marked mainly by further insistence
by representatives of almost all countries upon disarmament. Sean T. O'Kelly, of the Irish Free State,
was especially emphatic in this regard. Responsibility for the "failure" of the League to maintain
peace rests squarely upon the great Powers, Mr.
O'Kelly maintained. The situation can only be
described as grave, he added, and there is no use
glossing it over with fine phrases. "The Powers
in all parts of the world are dangerously active in
preparations for a chemical warfare in more terrifying and inhuman form for civil populations than
has been hitherto known," the Irish leader declared.
Dr. V. K. Wellington Koo, of China, also made an
effective speech before the Assembly. "All signs in
the Far East point to a major conflict within a few
years," while the European situation is hardly less

N




Oct. 7 1933

dangerous, Dr. Koo stated. He reminded the Assembly of Japan's continued violation with impunity of
"the only valuable legacy from the great war," and
asked how the League covenant can become a reality
in Europe if it is a scrap of paper east of Suez.
Foreign Minister Paul-Boncour, of France, spoke
briefly Monday, and impressed upon the Assembly
the decisive nature of the current private disarmament negotiations. Salvador de Madariaga of Spain
voiced the "unshakable faith" of his country in the
League, and then proceeded to denounce international traffic in arms. The Assembly elected Denmark, Australia and Argentina to temporary membership on the Council, Monday.
More spectacular than the plenary sessions of the
Assembly were the discussions in the Sixth, or
Minorities Commission, of the League. A Dutch
resolution for a study of the problem of German
refugees in other lands was finally referred to this
Commission, after an unsuccessful earlier attempt
to place it with the Second, or Economic Commission. German delegates expressed completely indifference to the Dutch resolution at first, but Dr.
Friedrich von Keller nevertheless made a heated
defense of the German position with regard to the
Jewish problem in the Sixth Commission, Tuesday.
Senator Henri Berenger of France assailed the German attitude from a legal viewpoint, while representatives of several small countries urged League
protection for peoples, such as the Jews and Armenians, who have no mother nation. The problem
was taken up more frankly on Wednesday, however,
by William G. A. Ormsby-Gore, of Great Britain,
who declared that he rejected absolutely the whole
German position on racial and political minorities.
He ridiculed the dogma of racial homogeniety now
prevalent in Germany and discoursed with evident
pride on the mixture of races the British Isles have
enjoyed "since neolithic times." In further argument on the German Jewish problem, Thursday, all
speakers defended the right of a people to a peaceful
existence within the State to which they are
attached. The Second Commission of the League
viewed with some satisfaction, Monday, a report by
its director, Alexander Loveday, in which signs of
business recovery throughout the world were noted.
Progress in the United States was described as remarkable by Mr. Loveday, as the gains here are
said to have outstripped those in any other land.
IN CONTRAST with the adherence of almost all
nations of the world to the "tariff truce"
arranged at London last summer, current tendencies
are decidedly toward increased tariffs and the imposition by many countries of more restrictive import quotas. There has never been a time when
more political difficulties were placed in the way
of international trade than at present, but apparently the barriers are to be raised to still higher
levels. Holland denounced early last month the
tariff truce arrangement of the London Monetary
and Economic Conference, and Sweden followed
with similar action last week. It is now reported
from Paris that France will terminate its participation in that agreement before the end of the year,
in order to win complete freedom of action in trade
treaty negotiations. Dispatches from London report grave doubt there that the tariff truce can last
much longer. "It is feared," said a London dispatch
to the New York "Times," "that wholesale repudia-

Volume 137

Financial Chronicle

tion of the tariff truce •by great Powers will be
followed by the erection of new tariff barriers
throughout Europe. The truce is admitted here to
be dead in all but name." France long has taken the
lead in applying new quota restrictions on imports
from other countries, and hardly a week passes
without an announcement of further restrictions by
the French Government. British tariff increases
are admitted in London to have caused the Dutch
and Swedish renunciations of the tariff truce. New
duties on a number of imports were announced by
the German Government last week. A new and
higher Polish tariff is to come into force next
Wednesday. The tendency, indeed, appears to be
well nigh universal.
ANKERS of the City of London were assured
Wednesday by Chancellor of the Exchequer
Neville Chamberlain and Montagu Norman, Governor of the Bank of England, that sound principles
of finance and economics will continue to guide
British policy. In speeches made at the annual
dinner given by the Lord Mayor to London bankers,
emphasis was placed by both authorities on hopeful
factors in the present situation of Great Britain.
Mr. Chamberlain condemned severely the many suggestions now heard on all sides for abandonment of
orthodox methods and the adoption of "imaginative
finance." "That is all very well," he said, "for
people who have no responsibility, but for an old
country like this, whose roots have extended to the
uttermost parts of the earth, the Government must
be very sure that old principles have failed before
they abandon them and that the new experiment is
likely to succeed."
Requirements for world recovery were discussed
by the Chancellor, and his suggestions in that regard were similar to those made on.several previous
occasions. Establishment of an international monetary standard is one of the primary factors in general recovery, Mr. Chamberlain said, while other
requirements are a rise in commodity prices, lowering of excessive tariff and resumption of international lending. "We may play with the idea of
fancy monetary standards which seem theoretically
unassailable," he continued. "But in practice we
must remember that an international monetary
standard, if it is to be workable, must command the
confidence of the people who are going to use it.
There is no standard which can be compared to gold.
It seems likely that we shall, eventually, return to
the gold standard, but we in this country cannot
consent to link our currency to gold until we can
be sure that the conditions prevailing are such as
to permit the gold standard to function efficiently."
Improvement in Great Britain lately has been
steady, the Chancellor said, although it could hardly
be termed spectacular. Decreases in unemployment,
the satisfactory budget position and the high standing of the public credit were mentioned specially as
justifying optimism.
In an address which followed, Governor Norman
agreed with the Chancellor that there was cause for
mild optimism regarding the position of Great
Britain. Mr. Norman suggested that Great Britain
is proceeding steadily along evolutionary lines,
whereas other countries were attempting revolutionary short-cuts. "We have seen on all sides," he
said, "one experiment succeed another, and of none

B




2503

of these experiments can we say that we have yet
seen the end. Having at home, however, so hopeful
and firm a background, we may, I believe, look forward to some gradual improvement elsewhere, but
it will be piecemeal and its course uncertain. We
shall have many difficulties, much criticism and
many disagreements, both at home and abroad, but I
console myself with this thought: 'The dogs bark,
but the caravan passes on.'"
A fitting background for the confidence expressed
by Chancellor of the Exchequer Chamberlain and
Governor Norman is supplied by the British Treasury statement for the first half of the fiscal year,
issue last Saturday. The accounting showed a substantial increase in revenues and the lowest level
of expenditures in a decade. "The gap between
revenues and expenditures has been narrowed to
such an extent that the country's overburdened taxpayers have a real chance of getting relief in next
"April's budget," a London dispatch to the New
York "Times" remarked. The deficit to Sept.30 was
£48,590,155, but this figure is considered very encouraging, since the bulk of the revenue from income
and surtaxes is received in the final quarter of the
fiscal year. Total revenues for the half-year were
£275,736,842, or £7,208,534 more than in the same
period last year, while expenditures were £324,326,997, or £48,309,776 under the corresponding
figure a year ago.
THOUGH French budgetary problems remain
acute, recent reports from Paris indicate an
increased determination by the Daladier Government to avoid recourse to inflation in any form as
a means of solving the difficulties. "Categoric hostility to any inflation is the dominating sentiment
of public opinion," said Finance Minister Georges
Bonnet in a public address last Sunday. "The Government knows its duty and will not fail," he added.
Budgetary estimates for the next fiscal year indicate a deficit of 6,000,000,000 francs, and there has
been ample evidence that Premier Daladier and his
associates will be taken severely to task on this
account when the Parliament meets. M. Bonnet
declared in his address that the Government is preparing to attack the problem of its unbalanced budget, as well as the high cost of living. The recurrent
theme of his remarks, however, was that the French
people are insistent on the protection of the franc.
The Finance Minister outlined a four-point plan as
follows: first, new taxes and reduced public expenditures; second, protection of investors; third,lowered
cost of living; fourth, a public works program.
Details of the French Government program are
being revealed rather slowly, but it is plain that it
includes points of strength as well as weakness.
Indicative of the former was a statement by M.
Bonnet in the Cabinet meeting late last week that
the French Treasury would repay by the end of
October the second half of the £30,000,000 loan extended by British banks last May at 21 2%. The first
/
half of the loan was repaid on Aug. 1. "This evidence of the Treasury's strong condition at the
present time is bound to enhance France's credit
abroad, and it vindicates decisively the Government's financial policies," the Finance Minister was
reported as saying. On the other hand, the French
Government continues to resort to national lotteries in order to bolster its revenues. Tickets for

N

2504

Financial Chronicle

Oct. 7 1933

the second of a series of four lotteries were placed wounded. One American, Robert G. Lotspeich, was
on sale Monday, and all chances were promptly killed by a stray bullet as he watched the battle
sold. So great was the demand that provisional from a nearby dwelling.
The officers were taken to Cabana Fortress in
receipts for the third lottery were placed on sale,
a dispatch to the New York "Times" states. The Havana harbor, after their surrender, and it was
French public works program, which is designed to generally agreed by American correspondents that
placate the labor element, calls for inflationary ex- the incident strengthened the Grau regime to a
penditures, according to a report to the Associated degree. It would hardly seem, however, that the
Press. Full information on the program has not yet action taken was popular with the Cuban people, as
been disclosed, but it is suggested in some dispatches all reports told of extensive firing by civilians on
that it involves the expenditure of 20,000,000,000 the soldiers, as they transported the officers to the
island fortress. Throughout the subsequent night
francs over a five-year period.
armed clashes between soldiers and civilians were
iNDICATIVE of the strain in the Austrian politi- frequent. Thereafter, however, quieter conditions
cal situation was an attempt by a former Nazi prevailed, and the unrest in other parts of Cuba also
adherent, Tuesday, to assassinate Engelbert Doll- was less pronounced. The killing of Mr. Lotspeich,
fuss, the diminutive Chancellor who is attempting who was assistant manager of Swift & Co.'s Havana
to find an amicable solution for the dangerous fac- branch, was investigated by Ambassador Sumner
tional strife now current. The attempt,fortunately, Welles and declared accidental. Mr. Welles's attiwas unsuccessful, but Dr. Dollfuss was wounded tude against intervention by the United States was
by two of the shots fired at him from close range said to be unchanged by the development, and no
as he left a party meeting in the Parliament build- move to intervene was made in Washington. A
ings of Vienna. One bullet inflicted a deep flesh hurricane swept over Cuba on Wednesday, and
wound in his arm, while the second lodged against aided the authorities in their endeavors to restore
a rib and was extracted. An hour after the attack peace. Isolated instances of looting were reported
Dr. Dollfuss announced to the nation over the radio in Havana, and these led to a few clashes between
that he would continue to conduct the business of the culprits and soldiers. Ambassador Welles regovernment without interruption. The assailant, sumed, Thursday, his conferences with leaders of all
Rudolph Dertil, was seized and disarmed, and his important political groups in Cuba, in the hope of
former membership in the outlawed Nazi party was effecting a coalition.
said to have been established the following day. He
HERE have been no changes during the week
claimed, however, that he had not desired to kill
in the discount rates of any of the foreign
the Chancellor but merely to call attention to "a
man who could really save the country." This man central banks. Present rates at the leading centres
later was identified as Dr. Raimund Guenther, are shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
author, who denied any connection with the Nazis.
The attempted assassination is not expected to
PreRate in
ProRate in
Date
inns
Mous ' Country. Effect
Date
Country. Effect
change the political position in any degree. As is
Oct.6 Established. Rate.
Oct. 6 Established. Rate.
usual on such occasions,,Ministers of State through- Austria_ _ _ 5 Mar.23 1933 6 Hungary___ 434 Oct. 17 1932 5
334 Feb. 16 1933 4
1932 234 India
Belgium _ _
.
out the world expressed their sympathy to Dr. Doll- Bulgaria__ 334 Jan. 13 1932 934 Ireland_ - — 3 June 30 1932 334
1334 May 17
334 Sept. 4 1933 4
Chile
434 Aug. 23 1932 534 Italy
3.65 July 3 1933 4.38
fuss and voiced hopes for his early recovery. More Colombia_ _ 4 July 18 1933 5 Japan
414 Aug. 16 1933 5
Java
Czechoelo7
May 5 1932 734
important for the destiny of Austria was an assurvakia_ __ _ 334 Jan. 25 1933 434 Lithuania
Norway — _ 334 May 23 1933 4
July 12 1932 5
Danzig.__ 4
6
Oct. 20 1932 734
Poland _
1
ance by Foreign Minister Joseph Paul-Boncour of Denmark_ _ 3 June 30 1933 334 Portugal
6
Mar. 14 1933 634
1932 234
June
England__
2
Rumania
Apr. 7
1932
7
535
France, in a League Assembly session at Geneva, Estonia__ 5 Jan. 29 1933 1334 South Africa 6 Feb. 21 1933 5
4
1933
Sept. 5
534
Finland__
6
Spain
Oct. 22 1932 634
_
234 Oct. 9 1931 2
Monday, that the Paris Government will protect the France._ ___ 4 Sept. 31 1932 5 Sweden._
3
June 1 1933 334
Germany
Switzerland 2
Jan. 22 1931 234
734 May 29 1933 9
Greece
country and guarantee its independence.
Rolland _ _ 214 Bent. 18 1933 3

T

HE Cuban political situation was clarified to a
slight degree this week, but at a heavy cost in
human lives. There were signs over the last weekend of increasing unrest and growing opposition to
the regime of President Ramon Grau San Martin,
with Communists especially active in the strikes and
demonstrations reported from almost every point
on the Island. This development apparently was
regarded as due in part to the recalcitrance of 525
officers of the Cuban army and navy, gathered in the
National Hotel of Havana. The officers steadfastly
refused to recognize or support the regime of President Grau San Martin throughout the month of its
existence, and the officials of the Government
finally lost patience. The hotel was surrounded by
large groups of soldiers early Oct. 2, and after the
officers again refused to surrender firing began.
A pitched battle, which lasted from 6 in the morning
until 4:15 p. m., resulted in the capitulation of the
officers, but only after 119 persons were killed.
The casualties were not confined to the two military
factions, as a number of civilians were killed and

T




In London open market discounts for short bills
on Friday were 9-16@%%, as against 3/2@9-16%
on Friday of last week and 11-16@%% for three
months' bills, as against 9-16% on Friday of last
week. Money on call in London yesterday was
At Paris the open market rate remains at
231 % and in Switzei•land at 13/2%.
.
HE Bank of England statement for the week
ended Oct. 4 shows a slight gain of £9,645 in
gold holdings, which, however, brings the total up
to the new high mark of £191,776,288. A year ago
the total was £140,400,838. The gain in bullion
was attended by an expansion of £2,958,000 in circulation and so reserves fell off £2,949,000. Public
deposits decreased £6,968,000 while other deposits
rose £13,644,343. Of the latter amount, £11,292,890 was to bankers' accounts and £2,351,453 to other
accounts. The reserve ratio is off from 51.34% a
week ago to 47.46%. A year ago the ratio was 40.05%.
Loans on Government securities increased £7,301,000
and those on other securities £1,740,336. The latter

T

2505

Financial Chronicle

Volume 137

consists of discounts and advances which rose £1,866,086 and securities which fell off £125,750. The rate
of discount is unchanged at 2%. Below we furnish
comparisons of the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Oct. 4
1933.

Od. 5
1932.

Oct. 7
1931.

Oct. 9
1929.

Oct. 8
1930.

£
£
£
£
£
373,712,000 362.521,272 359,324.319 359.559,630 363.840,543
F3rculation a
Public deposits
9,520,000 11,688,989 10,593,724 12,861,301 8,459,324
)ther deposits
154,934,937 120,321,291 130,737,829 100,698,206 104,328,415
Bankers'accounts_ 108,627,073 85,689,527 78,858,671 66,447,014 66,244,273
Other accounts._ 46.307,864 34,632,764 51,879,158 34,251,192 38.084,142
Bovernment secure.. 81,126,963 67,708,094 64,125,906 44,666,247 72,706,855
22.916,685 29,062,812 42,612,846 27,409,221 29,585,933
)ther securities
Disc't & advances_ 11,056,379 11,675,618 16,898.163 4,879,485 8,836,136
11,860,306 17,387,194 25,714,683 22,529,736 20,749,797
Securities
Fteserve notes & coin 78,065,000 52,879,566 52,240,350 59,123,350 28,156,591
Join and bullion
191,776,288 140,400,838 136,564,669 158,682,980 131,997,134
Proportion of reserve
24.96%
52.06%
36.96%
47.46%
40.05%
to liabilities
3%
634%
6%
2%
2%
Bank rate
a On Nov. 29 1928 he 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.

France
THE Bank ofshows a statement for the week ended
further loss in gold holdings,
Sept. 29
this time of 109,242,501 francs. Total gold holdings stand now at 82,095,204,059 francs, in comparison with 82,681,338,914 francs a year ago and
59,813,614,324 francs the year before. French
commercial bills discounted and advances against
securities record increases of 290,000,000 francs and
27,000,000 francs, while creditor current accounts
register a decrease of 1,340,000,000 francs. A large
gain appears in note circulation, namely, 1,978,000,000 francs. The total of circulation is now 82,995,722,050 francs, as compared with 82,459,143,520
francs last year and 81,513,754,850 francs the
previous year. Credit balances abroad and bills
bought abroad remain unchanged. The proportion
of gold on hand to sight liabilities stands now at
79%; a year ago it was 77.02%, and two years ago
55.84%. Below we furnish a comparison of the
various items for three years:

REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.

Sept. 301933. Sept. 30 1932. Sept. 301931.

Reidsmarks. Reichsmarks. Reichsmarks. Reichsmarks.
Assets-+12,962,000 367,182,000 796,339,000 1,300,789,000
Gold and bullion
63,351,000 100,486,000
58,902,000
No change.
Of which depos. abroad
40,083,000 132,899,000 138,751,000
—7,675,000
Rea've in torn currency
+357,161,000 3,319,276,000 3,029,842,000 3,669,494,000
Bills ofexch.& checks
69.252,000
Silver and other coin... —132,299,000 135,197,000 147,237,000
2,454,000
2,225,000
2,927,000
—11,311,000
Notes on other Ger.hs.
+138,412,000 205,199,000 242,008,000 300,504,000
Advances
+483.000 320.315,000 362,361,000 103,075,000
Investments
+13,373,000 549,961,000 790,203,000 944,261.000
Other assets
Liabilities—
+316,895,000 3.624,846,000 3,754,562,000 4,609,813,000
circulation
Notes in
+57,345,000 465,209,000 450,624,000 613,387,000
0th.daily matur.oblig_
—4,134,000 226,934,000 730,502,000 818,643,000
Other liabilities
Propor. of gold & torn
nnr. 1n nne. nironla'n

—1 001-

11 9.1-

95 707

51 207.

consequence has been
CHANGE of
NOreported previouslyanyeffect have been continued
in the New York money market this
in
week. Rates
in every department of the market. Nor do dealers
anticipate any change in the early future, as the
phenomenal ease is being further accentuated every
week by the continued open market operations of the
i%
Federal Reserve banks. Call loans were Y on the
New York Stock Exchange, renewals and new loans
alike being arranged at this figure throughout the
week. In the unofficial street market, call loans
were reported done at M% Monday,/% Tuesday,
and M% Wednesday, Thursday and yesterday.
Time loan rates showed no deviation from former
levels. An issue of $100,000,000 United States
Treasury discount bills due in 91 days was awarded
Monday at an average discount of 0.1%, which also
was the average on a similar issue sold a week earlier.
Both the regular compilations of brokers' loan totals
were made available this week. The comprehensive
New York Stock Exchange tabulation reflected a
decline of $20,619,743 during the entire month of
September. The report of the Federal Reserve Bank
of New York for the week to Wednesday night showed
a decrease of $16,000,000.

BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Wed.

Sept. 291933. Sept. 301932.

Oct. 2 1931.

Francs.
Francs.
Francs.
Francs.
—109,242,501 82,095,204,059 82,681,338,914 59,813,614,324
1,288,265,862 2,895,293,447 13,829,767,820
No change.

Cold holdings
Credit bals. abroad.
a French commercial
+290,000,000 3,474,000,622 2,604,200,069 6,613,226,264
bills discounted
1,345,629.362 2,082,017,792 12,808,411,320
b Mils bought abr'd No change.
+27,000,000 2,765,314,796 2,783,322,811 2,915,855,672
Adv. against smug.
+1,978,000,000 82,995,722,050 82,459,143,520 81,513,754,850
Note circulation_ _
Cred.curr. acets _ _ _ —1,340,000,000 20,027,350,114 24,885,533,905 25,597,784,878
.
Proporn of gold on
55.84%
79.00%
77.02%
—0.59%
hand to sight Bab_

rates
the
in detail with call
31%
DEALINGExchange fromallday loanday, /on has
to
Stock
through the week for
been the ruling quotation

both new loans and renewals. The market for time
money has shown no improvement this week as
practically no business has been reported. Rates
are nominal at %% for 30 days, l/@%% for 60, 90
a Includes bills purchased in France. b Includes bills discounted abroad.
31@1% for five months, and 1@13.%
and 120 days,/
for six months. The market for commercial paper
HE Reichsbank's statement for the last quarter
some extent this week, though a fair
of September shows an increase in gold and moderated to
amount of paper has been available at all times.
bullion of 12,962,000 marks. The total of gold is
,
are 134 % for extra choice names running
now 367,182,000 marks in comparison with 796,- Rates
from four to six months and VA% for names less
339,000 marks a year ago and 1,300,789,000 marks
two years ago. A decrease appears in reserve in known.
foreign currency of 7,675,000 marks, in silver and
HE market for prime bankers' acceptances has
other coin of 133,299,000 marks, in notes on other
been moderate this week with the supply of bills
of 11,311,000 marks and in other
German banks
of 4,134,000 marks. Notes in circulation slightly smaller. Rates are unchanged. Quotations
liabilities
show an expansion of 316,895,000 marks, raising the of the American Acceptance Council for bills up to
total of the item to 3,624,846,000 marks. Circula- and including 90 days are..%% bid, and h% asked;
tion a year ago stood at 3,754,562,000 marks and for four months, N% bid and M% asked; for five
31%
A
the year before at 4,609,813,000 marks. Bills of and six months, 7 % bid and / asked. The bill
exchange and checks, advances, investments, other buying rate of the New York Reserve Bank is 1%
assets and other daily maturing obligations record for bills running from 1 to 90 days, and proporincreases of 357,161,000 marks, 138,412,000 marks, tionately higher for longer maturities. The Federal
483,000 marks, 13,373,000 marks and 57,345,000 Reserve banks' holdings of acceptances increased
marks respectively. The proportion of gold and during the week from $6,681,000 to $7,195,000.
foreign currency to note circulation is now 11.2%, Their holdings of acceptances for foreign correlast year it was 24.7% and the year before 31.2%. spondents however decreased during the week, dropA comparison of the various items for three years ping from $42,407,000 to $40,549,000. Open market
rates for acceptances are as follows:
appears below:

T




T

Financial Chronicle

2506
I8 D
Si•OT0DELIVERY. no Day
aa

no Day
B. Asked. B. Asked. Bid.
disked.
Si
34
Si
Si
34
Si
-90Days- --(30Days- -30DaysBl41.
Ated.

Prime eligible bl'Is

Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks

Si% bid
H% bid

Oct. 7 1933

quotations for the dollar do not indicate much change
since the beginning of September.

On May 6 the

gold value of the dollar was 82.6.

It touched 75.2

on Aug. 1 and has been ranging from 64 and a fraction to slightly better than 65 cents since then.
Meanwhile sterling exchange expressed in French
francs has been moving down from about 84.50 to

HERE have been no changes this week in the

78.77 this week, with strong indications on Thursday

rediscount rates of the Federal Reserve banks.

'T

The following is the schedule of rates now in effect

that the London check rate on Paris would go lower.
This would seem to indicate that for the time being,

for the various classes of paper at the different Re-

at least, the London authorities are no longer so

serve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.

much interested in keeping the pound pegged to
gold, but are paying closer attention to the move-

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Rate in
Effect on
Oct. 6.

Date
Established.

Previous
Rate.

3
234
3
3
314
314
3
3
314
344
314
3

Federal Reserve Bank.

June 1 1933
May 26 1933
Tune 8 1933
June 10 1933
Jan. 25 1932
Nov. 14 1931
May 27 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
June 2 1933

314
3
314
354
4
3
354
354
4
3
4
314

ments of the dollar. At French gold parity the
London check rate on Paris would be 124.21 francs
to the pound. The steady increase in the price of
gold in terms of British money also indicates the
weakness in sterling. The London open market price
went to a record high of 134s. 8d. per fine ounce on
Thursday of this week. On the same day the price
paid for gold by the United States Treasury touched
$32.12 per fine ounce.

FTER early strength sterling bills have moved
distinctly lower this week. Sterling exchange

A

and the United States dollar continue to display
much the same trends as have been in evidence for
weeks past. Both units continue their gyrations and
the slighest of rumors in the thinnest of markets
causes both currencies to fluctuate widely. Sterling
continues easy in terms of francs, or gold, and the
dollar shows comparatively slight changes as measured by the Paris rates for United States. The range
for sterling this week has been between 4.7234 and
4.794 for bankers' Sight, compared with a range of

3

4 and 4.79 last week. The range for
between 4.69
cable transfers has been between 4.73 and 4.804
compared with a range of between 4.69% and 4.794
a week ago. The tables immediately following give
the London check rate on Paris day by day and the
mean gold quotation for United States dollars in
Paris.
LONDON CHECK RATE ON PARIS.
78.718
79.31 Wednesday Oct. 4
Saturday Sept.30
79.00
78.71 Thursday Oct. 5
Monday Oct. 2
78.77
6
Oct.
79.00 Friday
Tuesday Oct. 3
.DOLLAR IN PARIS.
MEAN GOLD QUOTATION U. S.
64.6
65.4 Wednesday Oct. 4
Saturday Sept. 30
65.1
64.5 Thursday Oct. 5
Monday Oct. 2
84.9
Oct. 6
64.5 Friday
Tuesday Oct. 3
Sterling touched its highest points this week in
'
of the dollar in Monday s market. The

When London was on the

gold basis the Bank of England's price was 84s. 10d.,
and the United States Treasury price was $20.67.
It is perhaps well to remember that these prices for
gold under the present circumstances are somewhat
deceptive. Gold has not risen in price in the gold
bloc countries. The existing premiums are based
on the depreciation of the pound and the dollar from
mint parity, and indicate to a certain extent that
the market's conjecture is that when the gold basis
is resumed in either or both countries there will be
a devaluation of the content of the currency of
about 40%.

-es have tradiSuch market conjectu"

tionally influenced former

premiums on gold in

France, England and elsewhere, but when specie
payments were resumed such conjectures frequently
proved wrong and the currencies were reorganized
on a 100% gold par basis. There is no present
justification for believing that in due time Great
Britain will not return to a pound of $4.8665 or
that the gold content of the United States dollar will
not be computed on the basis of gold at $20.67 an
ounce, or the dollar at full gold parity as of April 17
last.
The following table gives the London open market
gold price from day to day and the price paid for

both sterling and the gold currencies was not maintained and rates held steady throughout the day at
quotations well under the opening highs, which were

gold by the United States Treasury:
LONDON OPEN MARKET GOLD PRICE.
1335. id. Wednesday Oct. 4
134s. Od.
Saturday Sept.30
133s. 5d. Thursday Oct. 5
1333. 8Sid.
Monday Oct. 2
1348. 8d. Friday
Oct. 6
1333. lid.
Tuesday Oct. 3
PRICE PAID FOR GOLD BY U. S. TREASURY.
31.46 1 Wednesday Oct. 4
31.79
Saturday Sept.30
31.88 Thursday Oct. 5
31.55
Monday Oct. 2
31.72
32.12 Friday
Oct.6
Tuesday Oct. 3

influenced by the London morning cables. When
London became decidedly easier in terms of dollars

rates are fractionally firmer this week than they have

on Thursday, London dispatches stated that the cause
was extensive bidding on the part of the Continent

any scarcity of funds, but to a concerted effort on

terms

movement was due entirely to transactions on the
In New York the extreme strength in

other side.

for both spot and forward dollars in the London market, with operators apparently covering open positions in fear that stabilization of some kind may be

Money continues to flow to London, but money

been in a long time.

This is due, however, not to

the part of the big London banks to support the bill
market, which has been operating on unreasonably
low rates for more than a year.

The banks are

accepted by President Roosevelt in the near future.
sterling
was
At the same time the Continent

-months' bill rate at
endeavoring to keep the three

in order to convert into dollars. There can be little
doubt that the sound money forces in the United
States are becoming more distinctly articulate and

4%. London advices state that no further appreciable rise can be expected because funds seeking

buying

this fact should tend to curb foreign speculative
drives against the dollar and to induce a return flow
steady
of funds to this side, or at least arrest the
since early in May. This week's
outflow from here




yi%, whereas for a long time the rate was around

employment in the London market remain very large.
This week call money against bills was in demand at
Vi% to

-months' bills were 9-16% to 4%,
Two

-months' bills
three
bills

VI%

11 16% to

3

-months'
4%, four

to 13-16% and six-month& bills 13 16%

Volume 137

Financial Chronicle

to %%. The Continent is still voraciously acquiring gold in the London open market. The table
above indicates the open market rates for gold. On
Saturday last, £100,000 bar gold was taken for Continental account at a premium of 8d. On Monday,
£680,000 was taken for the Continent at a premium
of 6d. On Tuesday, L$350,000 was taken for the
Continent at a 'premium of 5d. On Wednesday,
£365,000 went for Continental account at a premium
of 73/2d. On Thursday, the Continent took £115,000
at a premium of 9d. On Friday, £190,000 was taken
for the Continent at a premium of 7d. (The premium offered each day is a price above the sterlingfranc rate for the day, that is, if the sterling-franc
rate established an open market price for gold at
say 133s. 83/d., as it did on Thursday, the buyers
2
of the metal paid an additional 9d.) On Thursday
the Bank of England bought £666 in gold bars. The
Bank of England statement for the week ended
October 4 shows an increase in gold holdings of
£9,645 the total standing at £191,776,288, which
compares with £140,400,838 a year ago and with the
minimum of £150,000,000 recommended by the
Cunliffe committee. (The Bank of England gold is
computed on the gold par basis of $4.8665.)
At the Port of New York the gold movement for
the week ended Oct. 4, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$13,809,000, of which $13,334,000 was shipped to
France and $475,000 to England. The Reserve Bank
reported a decrease of $13,809,000 in gold earmarked
for foreign account. There were no gold imports.
The Bank also reported an export of 53,577 fine
ounces recovered from natural deposits. In tabular
form, the gold movement at the Port of New York
for the week ended Oct. 4, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK SEPT. 28—OCT. 4 INCL.
Imports.
Exports.
$13,334.000 to France.
None.
475,000 to England.
$13.809,000 total.
Net Change in Gold Earmarked for Foreign Account.
Decrease: $13,809,000.
Exports of Gold Recovered from Natural Deposits.
53,577 fine ounces.

The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. On Friday there were no
imports of the metal, but $6,684,700 was withdrawn
for export, $6,667,200 of which was shipped to France
and $17,500 to England. Gold earmarked for foreign
account decreased $6,468,200. There was also exported 39,168 fine ounces of gold recovered from
natural deposits. 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. On
Saturday last Montreal funds were at a discount of
23/8%, on Monday at 1%%, on Tuesday at 13 %,
4
4
on Wednesday at 17 %,on Thursday at 1 8%,and
on Friday at 2%.
Referring to day-to-day rates, sterling exchange
on Saturday last was firm in a fairly active market,
unusual for a half-day session. Bankers' sight was
4.75@4.77M; cable transfers 4.753@4.77%. On
Monday sterling was again firm with trading limited.
The range was 4.773@4.79% for bankers' sight
and 4.773/@4.801 for cable transfers. On Tues4
2
day the pound was fairly steady in a quiet market.




2507

/
Bankers' sight was 4.781 1@4.79%; cable transfers
4.783/@4.794. On Wednesday sterling worked
2
lower. The range was 4.76@4.77 for bankers' sight
and 4.763/@4.773/ for cable transfers. On Thurs8
day sterling was easier in a quiet market. The
range was 4.72%@4.753/ for bankers' sight and
8
4.73@4.75% for cable transfers. On Friday the
range was 4.72%@4.753 for bankers' sight and
4.73@4.75% for cable transfers. Closing quotations
on Friday were 4.73 for demand and 4.733/8 for
cable transfers. Commercial sight bills finished at
-day bills at 4.723,; 90-day bills at 4.72;
4.723/; 60
2
documents for payment (60 days) at 4.72 and seven
day grain bills at 4.723.i. Cotton and grain for
payment closed at 4.72.
XCHANGE on the Continental countries continues firm with respect to both dollars and
the pound sterling. Gold par of the French franc
is 3.92, and it closed yesterday at 5.99%. The
current statement of the Bank of France as of
Sept. 29 shows a loss in gold holdings of 109,242,501
francs, the total standing at 82,095,204,059 francs,
which compares with 82,681,338,914 francs a year
ago. The record high for French reserves was
reached on Dec. 2 1932, when they stood at 83,359,000,000 francs. The Bank has shown a steady
decrease in gold holdings since Sept. 1, when total
cover was reported at 82,277,000,000 francs. While
French francs are firm with respect to the paper
currencies they have been weak with reference to
the gold bloc currencies, and were it not for the fact
that the British Exchange Equalization Fund has
sent to Paris not less than $220,500,000 of gold since
March the gold holdings of the Bank would be
greatly depleted by reason of the shipments which
have been made to Holland, Switzerland, Belgium,
and even to the German Reichsbank. However,
the Bank of France gold cover is double that • required, standing as it did on Sept. 29 at 79%,against
legal requirement of 35%. The Bank's sight liabilities on Sept. 29 required a minimum of 36,372,000,000
francs of gold cover. Thus, the Bank had 45,723,000,000 francs of gold in excess of legal requirements. In Paris the consensus of opinion seems to
be that the flight of American capital from the
dollar and the depreciation of dollar exchange is
powerless to undermine the gold bloc's defenses.
German marks continue firm, though the quotations are, of course, largely nominal, as the mark
is subjected to strict governmental regulations under
the direction of the Reichsbank. The Reichsbank
continues to add steadily to its gold holdings. The
statement for the week ended Sept. 30 showed an
increase of 12,962,000 reichsmarks, the total standing
at 367,182,000 reichsmarks. The gain in the 'gold
holdings is made largely at the expense of foreign
creditors of Germany, and it would seem that
the Reichsbank is determined not to lift restrictions
on exchange until its gold reserves become greatly
strengthened. Only recently Dr. Hjalmar Schacht,
President of the Reichsbank, said: "Much has been
written about the gold standard, gold parity, and
gold coverage. I want to express clearly whatever
meaning may be given to these words, that the
Reichsbank will keep one goal in mind—to preserve
the stability of the mark. The public should know
that the Reichsbank is unswervingly on guard to
preserve to the working and German people what
they have saved."

E

2508

Financial Chronicle

The London check rate on Paris closed on Friday
at 78.77, against 79.53 on Friday of last week. In
New York .sight bills on the French center finished
4,
4
on Friday at 5.991 against 6.003 on Friday of
last week; cable transfers at 5.99ki, against 6.0134,
and commercial sight bills at 5.983/2, against 6.003/2.
Antwerp belgas finished at 21.34 for bankers' sight
bills and at 21.35 for cable transfers, against 21.43
and 21.44. Final quotations for Berlin marks were
36.49 for bankers' sight bills and 36.50 for cable
transfers, in comparison with 36.64 and 36.65.
Italian lire closed at 8.03 for bankers' sight bills and
at 8.04 for cable transfers, against 8.07 and 8.08.
Austrian schillings closed at 17.35, against 17.25;
exchange on Czechoslovakia at 4.56, against 4.56;
2
on Bucharest at 0.92, against 0.923/; on Poland at
2
17.16, against 17.18, and on Finland at 2.143/,
against 2.15. Greek exchange closed at 0.863/2 for
bankers' sight bills and at 0.87 for cable transfers,
against 0.87 and 0.873/2.
on
XCHANGE on the countries neutral during the
war has been somewhat easier in terms of the
dollar. The Scandinavian currencies move, of course,
in sympathy with the pound sterling, with which
they are allied, while Spanish pesetas endeavor to
keep anchored to the French franc. Holland and
Switzerland have drawn a great deal of gold from
Paris in recent weeks. The current statement of the
Bank of The Netherlands shows a gain in gold holdings of 28,000,000 guilders, and the Bank now has
the largest stocks of gold of any time since early last
May. Gold reserves are now up to 870,000,000
guilders. Most of this recent gold acquisition has
come to Amsterdam from Paris. The guilder is
especially firm in terms of francs. Further shipments of gold are now being arranged. Much of the
confidence in the guilder arises from distrust on the
other side as to developments in this country. Both
Holland and Switzerland have been reported as
selling American securities for some time past. The
Bank of the Netherlands is expected to make a
further reduction in its rate of rediscount any day as
funds are in great abundance in Amsterdam. The
rate has been at 23/2% since Sept. 18, when it was
reduced from 3%. Funds are also abundant in the
Swiss centers, but there will be no reduction in the
Swiss bank rate which has stood at 2% since Jan. 22
1931.
Bankers' sight on Amsterdam finished on Friday
at 61.69, against 61.84 on Friday of last week;
cable transfers at 61.70, against 61.85, and commercial sight bills at 61.55, against 61.60. Swiss
francs closed at 29.69 for checks and at 29.70 for
cable transfers, against 29.79 and 29.80. Copenhagen checks finished at 21.15 and cable transfers
at 21.16, against 21.27 and 21.28. Checks on
Sweden closed at 24.44 and cable transfers at 24.45,
against 24.59 and 24.60; while checks on Norway
finished at 23.80 and cable transfers at 23.81,
against 23.94 and 23.95. Spanish pesetas closed at
12.793/i for bankers' sight bills and at 12.80 for
cable transfers, against 12.803/ and 12.81.

E

XCHANGE on the South American countries
continues purely nominal. There is practically no market for these units in New York and.
exchange operations are under strict government
control in the South American centres. Nevertheless, statistics coming from the South American

E




Oct. 7 1933

countries show business improvement, with higher
volumes and better prices than last year. For
example, Argentine exports of wool for the year
ended Sept. 30 totaled 405,588 bales, compared
with 322,232 bales the year before. Exports of wool
to the United States totaled 47,988 bales, compared
with 15,023 bales in the preceding year. Argentine
prices and purchasing power measured in pesos are
much better than a year ago. Argentina is negotiating a loan from Great Britain which will free
the British credits now frozen there.
Argentine paper pesos closed on Friday nominally
A
at 383i for bankers' sight bills, against 383 on
/
Friday of last week; cable transfers at 3932, against
3932. Brazilian milreis are nominally quoted 834
for bankers' sight bills and 8% for cable transfers,
4
against 7.81 and 81 . Chilean exchange is nominally
quoted 932, against 932. Peru is nominal at 20.75,
against 213/s.
XCHANGE on the Far Eastern countries is of
course affected adversely by the great uncertainties surrounding the world's 'leading exchanges.
Japanese yen appear to be relatively firm in terms of
dollars, as during many weeks. For instance, yen
is now fluctuating around 2834c. Par is 49.85.
For a long time before the United States abandoned
gold in April the Japanese authorities had frequently
asserted that the yen would be pegged around 25
cents. They were able to hold this rate by reason
of the strictest of exchange control mechanisms.
The relatively firmer quotations at this time represent merely the depreciation of the dollar. The
Chinese units appear firmer when reported in cents
or in English pence. These units move with the price
of silver, now ruling around 40 cents an ounce, but
expressed in terms of gold the price of silver has declined steadily since the end of April. On the basis
of the standard gold dollar the price of silver ranges
between 25c. and 26c. per fine ounce. The Indian

E

FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
SEPT. 30 1933 TO OCT. 6 1933, INCLUSIVE.

Country and Monetary
Unit.

Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
Sept. 30.

Oct. 2.

Oct. 3.

Oct. 4.

Oct. 5.

Oct. 6.

$
8
$
$
S
EUROPE$
171750 .173000 .174666 .173125 .172000 .173625
Austria,schIlling
.213941 .216300 .216500 .215569 .213616 .214441
Belgium, belga
013250* .014750* .014750* .014750* .014000 .012500*
Bulgaria. lev
Czechoslovakia. krone .045657 .046025 .046088 .045993 .045E00 .045666
.212608 .213500 .213616 .212736 .211463 .211691
Denmark, krone
England, pound
4.781750 4.784500 4.785000 4.762083 4.739000 4.742589
sterling
.021133 .021140 .021283 .021166 .021091 .021114
Finland, markka
.060095 .060745 .060732 .060571 .060042 .060275
France,franc
Germany, reichsmark .365681 .369553 .369630 .368525 .364808 .366392
.008637 .008737 .008750 .008725 .008590 .008690
Greece, drachma
.619446 .625708 .626016 .624184 .618515 .620809
Holland, guilder
.270333* .274166* .272500 .272750 .271500 .272500
Hungary, Peng°
080660 .081476 .081553 .081040 .080400 .080766
Italy. lire
239245 .240477 .240250 .239254 .237966 .238327
Norway. krone
.172500 .173000 .172875 .172500 .171300 .173300
Poland.zloty
.046380 .046175 .047425 .047020 .046637 .046810
Portugal, escudo
009300 .009562 .009412 .009266 .009275 .009375
Rumania.leu
.128370 .129500 .129861 .129335 .128269 .128757
Spain. peseta
245354 .246700 .246563 .245500 .244263 .244700
Sweden,krona
.297350 .300458 .300883 .299757 .297100 .298338
Switzerland, franc
Yugoslavia. dinar---- .020950 .021266 .021350 .021100 .029933 .021175
ASIAChinaChefoo (yuan) dol'r .306875 .303750 .306250 .306250 .305000 .305000
Hankow (yuan)dol'r .306975 .303750 .306250 .306250 .305000 .305000
Shanghai(yuan)dol'r .307343 .307187 .306875 .306875 .305625 .305625
Tientsin (ylna)dorr .306875 .303750 .306250 .306250 .305000 .305000
Hong Kong dollar-- .341250 .342187 .342187 .340937 .340625 .339843
.357050 .359750 .359800 .357550 .356250 .356937
India, rupee
280156 .281500 .282187 .281312 .279875 .279125
Japan. yen
Singapore(SS.)dolla .554375 .560000 .560625 .556250 .552500 .555000
AUSTRALASIA
13.785000 3S05833 3S05000 3781250 3.770000 3,778333
Australia, pound
New Zealand, pound._ .795000 3.815833 .814166 .787500 3.779166 3.788333
AFRICA
.705000 4.729375 4.728125 .700833 4.683750 ,684375
South Africa, pound
NORTH AMER.Canada, dollar
I 978802 .081145 .982670 .980833 .979375 .980156
.999350 .999100 .099100 .999100 .999100 .999100
Cuba. peso
Mexico, peso (sliver). .281540 .281475 .282380 .282560 .282140 .281860
Newfoundland, dol
.976875 .979000 .980500 .978500 .976750 .977375
SOUTH AMER.Argentina. peso (gold) .888536* .902687* .899639* .897503* .892547* .890542*
Brazil, milreis
.083210* .084637* .083710* .083710* .083710* .083710*
'Mlle, peso
089375* .090000* .090000* .089375. .089375* .089375*
Uruguay, peso
.728333. .740250* .737900* .735833* .728333* .734583*
.684900* .675700* .671100* .675700. .675700* 673400.
Colombia. new
* Nominal rates; firm rates not available.

Financial Chronicle

Volume 137

rupee fluctuates with sterling, to which it is attached
at the fixed rate of is. 6d.
Closing quotations for yen checks yesterday were
28.10, against 281 on Friday of last week. Hong
A
Kong closed at 34M, against. 3431@34%; Shanghai
at 30 8, against 30 11-16@313/s; Manila at 49.95,
3
against 49.95; Singapore at 553 , against 55%;
4
Bombay at 35.70, against 35%, and Calcutta at
35.70, against 35%.
HE following table indicates the amount of gold
bullion in the principal European banks as of
Oct. 5 1933, together with comparisons as of the
corresponding dates in the previous four years:

T

Banks of—
England__
France a__
Germany b
Spain
Italy
Netherrds.
Nat. 13e1g.
Switzerland
Sweden
Denmark..
Norway__ -

1933.

1932.

1931.

1930.

1929.

£
.£
£
£
£
191,776,288 140,400,838 136,564.669 158,682,980 131,997,134
656,761,712 661,450.711 478,508,914 392,806,552 318,273,397
15,414,000
36,649,300
55.985,750 114,660.700 103,108,600
90.404,000
90,281,000
91,061,000 99,007,000 102,597,000
76,061,000
62,190,000
58,220,000
56,587,000
55,807,000
70,096,000
86,225,000
58,540,000
32.549,000
36,919,000
77,311,000
71,203,000
73,742,000
35,644,000
29,221,000
61.583,000
40,140,000
89,164,000
25,585,000
21,306,000
14,044,000
13,454,000
12,071,000
11,443,000
13,441,000
7,397,000
9,536,000
7,400,000
9,566,000
9,586,000
6,569,000
8,114,000
7,911,000
8,138,000
8,153.000

Tot.week 1,267,417,000 1.266,856,849 1,019,944,333
Tvpv ample 1 911 2 155 nem 1 an nIK W. 000 AQA OKA
.

946.680.232

830,409,131

0/11111120 SSA

120K TAO win

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 Dank of Germany are exclusive of gold held
abroad, the amount of wh eh the present year is £2,934,650.

The Question of Minorities—German Refugees
and the League.
In commenting last week upon the proceedings of
the Assembly of the League of Nations, we expressed the opinion that while Germany was disposed to resent an inquiry by the League into the
treatment of Jews in the Reich, it would not necessarily feel called upon to object to League action
in behalf of German Jews who have fled to other
countries to escape the Nazi regime, and whose
numbers and poverty make them a problem to the
countries in which they have settled. The discussion which has gone on at Geneva during the past
week, however, has not only mixed the two questions
and evoked strong protest from the German delegation, but has also raised in a novel form the whole
issue of racial and religious minorities and the attitude of a State toward the minority elements of its
population. As the situation in States, particularly
Great Britain and the United States, in which governmental discrimination against racial minorities
does not exist has been brought prominently into the
debate, it is worth while to examine the points that
have been raised and to scrutinize some of their implications.
On Sept. 29 Jonkheer A. C. D. de Graeff, Foreign
Minister of The Netherlands and head of the Dutch
delegation, offered in the Assembly a resolution
calling for consideration by the Council of the question of German refugees. "A large number of German nationals," he said in presenting the resolution, "have in recent months taken refuge in neighboring countries. Private initiative, which has
hitherto endeavored to lend the help necessary, cannot long continue this task, and the presence of so
large a number of immigrants is bound, very soon,
in view of the existing unemployment, to cause serious difficulties in several countries. In these circumstances it will be neceisary to organize international collaboration in order to take appropriate
measures, among other things to place these refugees
in different countries without adversely affecting
the national economic situations of those countries."
The resolution, after reciting the substance of these




2509

observations, requested the Council "to consider as
soon as possible methods for bringing about a practical arrangement" for the international collaboration proposed, "and to take the measures necessary
for the execution of any plans to which such consideration may give rise." A special appropriation
for the purpose, to be included in the budget for
1934, was also requested.
Under the usual League procedure, a resolution
of this nature would have gone to the political commission of the Assembly. Baron von Neurath, German Foreign Minister, entered strong objection to
bringing up the refugee issue, although intimating
to German correspondents, it was said, a willingness to treat with the refugees through a commission "provided that only economic aspects of this
question are raised." On Sept. 30, accordingly, the
bureau, or steering committee, of the Assembly sent
the resolution to the economic commission of the
Assembly, apparently with the hope that by so doing
it would gain German co-operation. On the same
day, however, Dr. Frangulis, a Greek jurist who
represents Haiti in the Assembly, widened the controversy by introducing a resolution, said to have
been approved by an organization known as the International Diplomatic Academy, calling for a convention, to which all States should be invited to adhere, "to guarantee that every inhabitant of every
State should have the right of full and entire protection of life and liberty, and that all citizens of
all States should be.equal before the law and should
enjoy the same civil and political rights without
distinction of race, language or religion." The
special significance of this resolution appears when
it is remembered that the only minorities treaty to
which Germany is bound is the one with Poland
which concerns the rights of Germans in Upper
Silesia.
The debate which opened on Tuesday showed a
sharp and apparently irreconcilable difference of
opinion between Germany and other members of
the Assembly. Dr. Friedrich von Keller, speaking
for Germany, declared that "it is inadmissible to
link this problem, which is a special race problem,
with the general minority question. The Jews in
Germany are neithera language minority nor a national minority. They do not regard themselves as
such, and have never expressed a desire to be treated
as a minority. The exercise of the Jewish religion
is entirely free in Germany and plays no part in
the settlement of the Jewish problem. The problem
there is a racial and social one which has been
specially aggravated by a strong westward migration of Jews from eastern Europe. It is a special
problem of its kind which, as such, ought to receive a
special settlement." He had noticed, he said, in
listening to other speakers, "that outside Germany
the Jewish question is also regarded as a special one
for which a great many countries are seeking solution." The Geneva correspondent of the New York
"Times," from whose report of the debate the above
quotations are taken, connected this latter allusion
with a discussion the previous day of Palestine,
which is under a British mandate, as a Jewish
.
homeland.
Senator Henry Berenger of France, replying to
Dr. von Keller, argued that the Assembly should
take up the German anti-Jewish legislation as a
whole under the broad powers conferred by Article
III of the League Covenant—an Article which pro-

2510

Financial Chronicle

vides, among other things, that the Assembly may
consider "any question which enters the sphere of
'activity of the League or affects the peace of the
world." He also recalled an Assembly resolution
of 1922 which expressed the hope that countries
which had no minorities treaties would nevertheless
conform to the principles of such treaties. A Polish
delegate submitted a resolution the text of which is
not available, but which appears to have been substantially identical with the resolution previously
offered by Dr. Frangulis.
On Wednesday, in a speech which was much applauded, William G. A. Ormsby-Gore, a British delegate, attacked the theory of "ethnical homogeneity"
which Dr. von Keller had championed, and declared
that the British rejected the theory "absolutely."
The British Empire, he said, "does not conceive of
itself in terms of racial solidarity, but in terms of
free association of free peoples encouraged to develop national consciousness within a greater unity,
and, above all, bound together by what is the real
guarantee for all minorities throughout the world—
free, self-governing institutions." He conceded that
the Jews in Germany "do not form a linguistic or
national minority and in the exercise of their religion they have not been subject to any interference
there, but we must regard the Jews not merely in
Germany but elsewhere quite definitely as a racial
minority. . . . If racialism of the Aryan German
is emphasized, it must be admitted that the Jew
has a racial identity and is bound by the same ties
of blood, kinship and history to all Jews in the
world. . . . I say definitely there is among the
Jews a sense of their historic continuity throughout
their dispersal, and they do form a racial minority
which deserves the same treatment as all other
minorities in all countries. . . . Wherever Jews
have been well and liberally treated they have been
the most loyal and helpful members of the nation."
It is obvious from these remarks, and from those
of similar tenor which followed on Thursday, that
two distinct situations are being confused in the discussions of the Assembly. By minorities, as the
term has been used since the World War, has been
generally understood the national or racial groups,
usually with separate religious affiliations, which
were forcibly separated from their political connections under the old German or Austro-Hungarian
imperial governments, and transferred to a new
status in the new States which the Peace Conference recognized or set up. Czechoslovakia, for example, with a total population in 1930 of 14,726,158,
less than one-half of which was Czechoslovak, had 3,088,530 Germans, 120,277 Jews, 79,067 Poles, 447,182 Ruthenians and 108,950 Magyars. Poland, with
a total population in 1931 of about 32,100,000, had
2,111,300 Jews or more than three times the number
in Germany, 3,900,000 Ruthenians, 1,060,000 White
Ruthenians and 1,059,000 Germans. The Yugoslav
population of 13,930,918 in 1931 included approximately 500,000 Germans, 490,000 Hungarians,
480,000 Albanians and 180,000 Rumanians. It was
for the protection of some of these minorities, whose
position in the new political order was felt to be
precarious, that the so-called minorities treaties
were framed and their execution intrusted to the
supervisory authority of the League. In spite'of the
treaties and the League, however, complaints of
infractions or neglect of the protection that was intended have continued to come before the League,




Oct. 7 1933

and minority agitation and resentment have been
among the chief causes of the political disaffection
which crops out perennially in eastern Europe.
What the Assembly has now before it, on the other
hand, is a proposal to extend the principle of minority protection not only to a racial group in Germany
which has never been regarded as a minority in the
accustomed political sense nor expressed a desire
to be treated as such, but also to peoples or individuals, whether Jews or others, whose political,
civil or social rights or privileges may be deemed
by the League to have been infringed. The new doctrine was formulated by Senator Berenger on Thursday in the remarks with which he accompanied the
presentation of a resolution reaffirming the minorities resolution of 1922. "There is a minority," he
said, "as soon as there is legal discrimination." It
is obvious that such a contention, if it were granted,
would open the way to repeated invasions by the
League of national sovereignty and a wide interference with national governments and their policies.
The proposal might well give the Assembly pause
when it is remembered that the League, dominated
as it is by two or three great Powers, has with rare
exceptions confined its intervention to small States
or those which, like Germany and Austria, are still
assumed to occupy a subordinate place because of
the restrictions of the peace treaties.
The German theory of ethnic homogeneity has
been attacked as untenable on scientific and historical grounds, and its application to the Jews has
stirred widespread pity, resentment and retaliation. Up to the present time, however, it has been
recognized as a national rather than an international matter as far as political action by other
States is concerned. The conviction appears to have
been general that if the Hitler Government elects
to continue its policy of drastic repression of a
small fraction of its population which historically
is as essentially German as any other, it must stand
or fall in world estimation by the results of its
policy of race elimination, and bear on its own
shoulders the burden of any political, economic or
social loss the country may sustain. What the
League Assembly has to consider, in addition to the
danger of applying to new circumstances a principle specially designed for others quite different, is
whether, if it decides to make the Jewish problem
in Germany a League matter, it may not push Germany into withdrawal from the League and incidentally wreck the Disarmament Conference. In
view of the sharp criticisms which have been voiced
in the present session of the Assembly regarding the
failure of the League to accomplish what was expected of it, and the continued aloofness of Japan,
the League is hardly in a position to invite any further weakening of its structure or its influence.
Marconi Pays Tribute to Capital and Industry—
Lawmakers, Courts and Public Need Further Assistance of Scientists.
That was a gracious tribute which Senator Marconi, of Italy, father of the wireless system of communication and of the radio, paid to capitalists and
business men in his speech at Chicago this week.
Without any desire to detract from the aid given
by scientists in raising radio from the level of a
scientific toy to a means of worldwide usefulness
the Senator called special attention to the financial
contributions of business men which made possible

Volume 137

Financial Chronicle

2511

a practicable and most useful service around the recommendations for speedy and more effectual
earth, reaching points heretofore inaccessible by punishment. Since science has done so much to entelegraph or cable, a service which is instantaneous able men to accomplish greater things of benefit to
and as precisely accurate as is the spoken word or mankind and as each discovery and invention is bethe finest note of a musical instrument in the hands ing misapplied by evildoers will it not be well for
the Government to enlist the services of expert
of a dextrous musician.
As an illustration of the practical aid which scientists to endeavor to devise means of protecting
private capital had rendered to him, Marconi cited the just from the unjust? The principal use now
the fact that his first experiment in broadcasting made of the electric current for the punishment of
across the Atlantic cost $200,000. No nation was crime is its application to the electric chair, which
quicker to realize the practical features of the radio simply provides a more humane method of executhan was America. Such well established corpora- tion.
Penitentiaries are overflowing with convicts, leadtions as General Electric and Westinghouse at once
put their laboratory forces at work to make avail- ing to riots within prison walls. Give the scientists
able for the public the discoveries which are still an opportunity to aid the lawmakers and the Courts
in order that punishment may be made to fit the
surrounded with great mystery.
In a marvelously short time Americans were crime. Criminal codes are ancient. They were deusing crude instruments with receivers which were vised before the days of sawed-off shotguns, before
brought in contact with the ear by means of wire machine guns were invented, before cunning minds
inclosed in a flexible tube. Possibilities being fully planned to kidnap helpless children and hold them
conceived, business men with an abundance of capi- for high ransom, before automobiles made possible
tal at their disposal proceeded to perfect the radio the rapid commission of a crime and afforded quick
as it is known to-day and to market the instruments and easy methods of escape.
Crime is moving at a faster pace than is justice.
at prices which have enabled millions of homes to
It is within the province of legislators to speed up
be supplied with radios.
When the discoverer spoke to a large audience in justice and to provide the Courts with greater means
Chicago he must have realized with the greatest of punishment. It is far better to prevent commissatisfaction that his voice was heard not only in sion of crimes than inadequately to punish an ofcity and suburban homes but in countless dwellings fender. Criminals have demonstrated how they can
on the farms and ranches of this wide land and make bad uses of discoveries and inventions. Perthat his voice was broadcasted to foreign lands. No haps the discoverers and inventors can show the way
discovery since the world began has been so infinite to prevent misuse of the results of their wonderful
in its character; it is boundless in its benefaction work and point the way to new means of punishment
which will deter the commission of crimes.
to mankind.
Broadcasting has become as continuous as the
revolution of the earth. Sornewhere at all times of Four Great Railroads Interested inia Test of
Merged Seashore Lines.
the day and night words are now spoken or music
Business affairs are absorbing so much attention
rendered going out into the ether like the waves
formed on the surface of a pool when a pebble is at Washington and throughout the country that
dropped into the water. The Creator gave man ears consideration of other important topics has been
with which to hear, but it has taken ages for man to somewhat sidetracked in recent months. Among
comprehend that hearing may be made almost limit- the almost forgotten plans are those of merger of
the railroads, but a reminder that such a project is
less.
Considering what has been accomplished in ex- not dead comes from Federal Co-ordinator Eastman
tending the zone of usefulness for the ear, of speed who has declared his intention of making an inand endurance as to distance by the substitution of timate study of the whole subject.
A singular development which as yet has called
a motor and rubber tires for legs and the progress
already made in a wider sphere for vision, the future forth little comment is a merger of seashore lines
usefulness of man appears to be unlimited for both of the Pennsylvania and those of the Reading Company in Southern New Jersey, a consolidation which
accomplishment and enjoyment.
As some men are prone to make an evil use of has become effective. It occurs that the Reading
every discovery and all improvements, the duty of has been owned jointly by the New York Central
Government to suppress crime becomes greater and and the Baltimore and Ohio, the larger proportion
greater as time rolls on. The struggle between good of ownership being by the latter company.
Since the Reading's seashore lines in New Jersey
and evil becomes more intense calling for new
methods for the punishment of crime and for the have been merged with similar nearly parallel lines
of the Pennsylvania and are now jointly operated
protection of the just.
Telephones and broadcasting are both used for by the Pennsylvania and the Reading, there has
the purpose of apprehending criminals after the thus been created a tie which binds the New York
commission of crimes. May they not also be util- Central, the Reading, the Baltimore and Ohio and
ized for the prevention of criminal acts? This the Pennsylvania closely together in ownership of
the southern New Jersey seashore lines, serving all
Etruggle between forces of good and evil, of law and
order versus studied commission of crimes of the of New Jersey from the Atlantic Ocean to the Delamost revolting character is becoming too one sided. ware River and Bay from Atlantic City to Camden
The time would appear to have arrived when Gov- and southward to Cape May, touching all of the imernments, both Federal and State, should give portant seashore resorts on the southern New Jersey coast, a complete monopoly of rail transportagreater attention to the suppression of evil doers.
There appears to be a need for the creation of tion in that territory.
The Central Railroad of New Jersey, long used
boards and commissions for the special study of
methods of criminals, ways to counteract them and as a link to connect the Reading with New York City




2512

Financial Chronicle

from Bound Brook, has passed to the control of the
Reading with President Ewing of the Reading also
made President of the Central of New Jersey, but
this development is entirely independent of the
merger of the Pennsylvania and Reading seashore
roads, which has given the public reasonable satisfaction after the tryout during the summer season
just ended, the busiest portion of the year. Some
defects are about to be remedied to the advantage
of passengers and additional readjustments of fares
are under contemplation.
While scarcely an adequate test of the economies
effected in operation, reports of earnings and expenses of the merged lines for the short season are
anxiously awaited as the experiment will throw
some light upon what may be accomplished by
mergers upon a larger scale as provided by more
extensive plans affecting greater systems.
There is a strong desire on the part of investors
and railroad officials to head off Federal ownership and operation of the rail carriers and it is
largely for this reason that the definite results of
the merged Pennsylvania and Reading lines are
awaited with much interest.

Oct. 7 1933

New York City Bank Stocks Lower During September—
Rallied in Last Week of Month.
The September market in New York City bank stocks
was steadily lower until the last week in the month, when
a sharp rally occurred, Hod, Rose & Troster report. From
the month's high of 50.92 on Sept. 1, the weighted average
of 17 leading issues declined to 41.24 on Sept. 20 but rallied
to close Sept. 30 at 44.85, a gain of about 9% over the lows.
Based on closing bid prices, the firm further reported,
the range for September 1933 was as follows:
Bankers Trust
Brooklyn Trust
Central Hanover
Chase
Continental
Chemical
City
Commercial
Corn Exchange
Empire Trust
First National
Guaranty
Irving
Manhattan
Manufacturers
New York Trust
Public
Weighted average
High—Jan. 10
High—Sept. 7

Month's High
Sept. 1.
60X
109
1363
27 X
15j
38%
29%
140
52g
2034
1.420
31634
18',
28%
16'A
97X
35

Month's Low
Sept. 20.
49
98
107
22
13',f
33%
23
128
47
18X
1,170
248
15%
238
,
13'4
82
31 X

50.92
41.24
1933 Range.
62.191Low—April 5

Close
Sept. 30.
52'%
94
120
23%
13 X
33 X
26%
125
47X
18-i
1.250
279
163C
253,1
14
86
32X
44.85

36.53
1932 Range.
70.761Bear market low—May 31_ __ _31.34

e New Capital Flotations in the United States During the Month of
September and for the Nine Months Since the First of January
In presenting our compilations of the new financing done in indebtedness, sold in June of this year, carried an interest
the United States during the month of September there is rate of 4 of 1%. The new certificates, designated Series
3
nothing to be said beyond repeating the comment made TJ-1934, bear the date of Sept. 15 1933 and mature June 15
with reference to the months preceding, namely that the 1934. They were offered at par in exchange for 13%%
new securities brought out were meagre in the extreme. certificates of indebtedness, Series TS-1933, maturing Sept.
The corporate issues which came to market during the month 15 1933 (or rather such of these certificates as had not been
aggregated only $26,765,250, while the amount of State converted at the time of the August financing, estimated at
and municipal issues totaled but $37,410,790 besides which $220,000,000) and the amount of the offering was limited to
there was an issue of $30,000,000 23/2% collateral trud the amount of such maturing certificates tendered and acdebentures of the Federal Intermediate Credit Banks, mak- cepted. The subscriptions, allotted in full, amounted to
ing the grand aggregate of all financing for the month no $174,905,500.
more than $94,176,040, and $30,361,849 of this was for
An offering of $100,000,000 "or thereabouts" of 91-day
refunding purposes, tha is, to take up old issues outstanding, Treasury bills was announced by Acting Secretary of the
leaving the amount of strictly new capital only $63,814,191. Treasury Hewes on Sept. 13. The bills were dated Sept. 20,
As previously explained, the new Securities Act has rendered and will mature Dec. 20 1933. Applications received were
corporate financing virtually out of the question, while $256,720,000 of which $100,015,000 was accepted. The
municipal financing remains under more or less discredit bills brought an average price of 99.973, equivalent to a
owing to the financial embarrassment under which so many rate of 0.11% on a bank discount basis. The issue was used
of the municipalities of the country are laboring. Financing to refund a like amount of maturing bills.
by the U. S. Government continues unabated and in a large
A further offering of $75,000,000 or thereabouts of 91-day
measure these United States issues are pre-empting the field Treasury bills was announced by Secretary of the Treasury
formerly occupied by new security issues of the ordinary Woodin on Sept. 20. The bills were used to retire a like
kind.
amount of maturing bills. This issue was dated Sept. 27
Because of the importance of Federal financing we furnish and will mature Dec. 27 1933. Tenders to this offering
below a summary of the U. S. Treasury issues of all kinds totaled $196,624,000, of which $75,082,000 was accepted.
put out during the month of September and also those put The bills brought an average price of 99.976, equivalent to a
out during the eight months preceding, giving full particulars rate of 0.10% on a bank discount basis, which compares with
of the different issues, and making a complete record in that the previous rate of 0.11% for the bill issue dated Sept. 20.
respect for the calendar year to date.
It is the lowest rate at which Treasury bills have been sold
except for one previous occasion when the rate was.0.09%
NEW TREASURY OFFERINGS DURING THE MONTH for an issue of bills
dated Dec. 23 1932.
OF SEPTEMBER 1933.
A still further offering of 91-day Treasury bills to the
An offering of $75,000,000 "or thereabouts" of 91-day amount of $100,000,000, or thereabouts was
announced
Treasury bills was announced by Acting Secretary of the on Sept. 27 by Mr. Woodin. The bills, however,
were
Treasury Acheson on Aug. 29, but the bills were dated dated Oct. 4 and will mature Jan. 3 1934 and hence
will form
Sept. 6 and will mature Dec. 6 1933, and therefore did not part of the Government's October financing.
Subscriptions
comprise part of the Government's financing for the month to this issue amounted to $247,660,000, of which
$100,of August. Tenders for the issue amounted to $272,935,000, 050,000 was accepted. The average price obtained
was
of which $75,039,000 was accepted. The average price ob- 99.974, equivalent to an interest rate of 0.10% on a
bank
tained was 99.971, the average rate on a bank discount basis discount basis. These bills were offered
to replace a maturbeing 0.12%, or slightly lower than the rate of 0.14% ing issue.
obtained on the issue of bills offered Aug. 23 and dated
In the following we show in tabular form the Treasury
Aug. 30. The proceeds were used to take up maturing bills. financing done during the first nine months of this year,
On Sept. 8 Mr. Acheson announced an issue of Treasury but excluding the issue of Treasury bills dated Oct. 4. The
certificates of indebtedness due in nine months and carrying results show that the Government disposed of $6,963,the record low rate of interest of Yi of 1%. With the excep- 260,250, of which $4,775,551,500 went to take up existing
tion of Treasury bill borrowings, the interest rate on this issues and $2,187,708,750 represented an addition to the
issue is the lowest ever paid by the Government on this type public debt. For September by itself the disposals aggreof loan. The last previous issue of Treasury certificates of gated $425,041,500, all of which comprised refunding.




Financial Chronicle

Volume 137

UNITED STATES TREASURY FINANCING DURING THE FIRST NINE
MONTHS OF 1933.
Date
?tiered. Dated.

Amount
Applied for.

Due.

Amount
Accepted.

Yield.

Price.

an. 4 Jan. 11 91 days
an. 11 Jan. 18 91 days
an. 17 Jan. 25 91 days

$229,845,000
339,567,000
427,740,000

January total
an. 22 Feb. 1 5 years
reb. 1 Feb. 8 91 days
,
1313. 8 Feb. 15 91 days
'eb 16 Feb. 23 90 days
.

7,802,843,600
234,790,000
281,122,000
123,929,000

$230,142,000
277,516,600
100
75,228,000 Average 99.955
75,202,000 Average 99.942
60,074,000 Average 99.864

2.625%
*0.18%
*0.23%
*0.55%

254,283,000
94,101,000
913,593,600
918,222,000
386,906.000
318,206,000

$488,020,600
100,613,000 Average 99.750
75,266,000 Average 98.900
469.131,000
100
473,373,500
100
100,569,000 Average 99.537
100,158,000 Average 99.566

*0.99%
5 4.26%
'
4.00%
4.25%
*1.83%
*1.72%

Febru ary total
reb. 22 Mar. 1 91 days
'
,
far. 3 Mar. 6 93 days
dar. 12 Mar. 15 5 months
dar. 12 Mar. 15 9 months
dar. 15 Mar.22 91 days
vita. 22 Mar. 29 91 days
Marc h total_
tlar. 29 Apr. 591 days
kpr. 5 Apr. 12 91 days
kpr. 12 Apr. 19 91 days
tar. 19 Apr. 26 91 days

$75,090,000 Average
75,032,000 Average
80,020,000 Average

$ 1,319,110,500
383,656,000 100.096,000 Average
75,733.000 Average
404,325,000
75,188,000 Average
348,315,000
80,295,000 Average
290,184,000

99.948 .0.20%
99.941 *0.24%
99.954 *0.18%

99.659
99.806
99.876
99.870

.1.35%
*0.77%
*0.49%
*0.51%

April total
tar. 23 May
tar. 27 May
kfay 3 May
Vfay 10 May
14ay 17 May
%lay 23 May

2 3 years
3 91 days
10 91 days
17 91 days
24 91 days
31 91 days

1,202,043,500
224,691,000
225,173,000
254,685,000
221,557,000
407,553,000

$331,312,000
572,419,200
100
60,655,000 Average 99.877
75,067,000 Average 99.878
75,442,000 Average 99.887
60,078,000 Average 99.893
100,352,000 Average 99.919

2.875%
*0.49%
.0.48%
*0.45%
*0.42%
*0.32%

May total
kitty 31 June
rune 6 June
rune 6 June
Tune 14 June
June 21 June

7 91 days
197,947,000
15 5 years 3,306,415,900
15 9 months 2,353,184,000
21 91 days
240,273,000
28 91 days
209,950,000

5944,013,200
75,529,000 Average 99.932
623,441,800
100
460,099.000
100
100,361,000 Average 99.939
75,697,000 Average 99.931

*0.27%
2.875%
*0.75%
*0.24%
.0.27%

June total
June 27 July
July 5 July
July 12 July
July 19 July

5 91 days
12 91 days
19 91 days
26 91 days

$ 1,335,127,800
242,687,000 100,010,000 Average
75,453,000 Average
220,281,000
75,172,000 Average
228,835,000
259,858,000
80,122,000 Average

July total
July 26 Aug. 291 days
Aug. 2 Aug. 0 91 days
July 30 Aug. 15 8 years
July 30 Aug. 15 2 years
Aug. 9 Aug. 16 91 days
Aug. 16 Aug. 23 91 days
Aug. 23 Aug. 30 91 days

201,409,000
263,679,000
3,224,379,150
1,577,189,300
281,341,000
266,370,000
403,192,000

Augus t total_
Aug. 29 Sept. 6 91 days
Sept. 8 Sept. 15 9 months
Sept. 13 Sept.20 91 days
Sept. 20 Sept.27 91 days

99.92
99.90
99.90
99.90

$330,757,000
60,096,000 Average 99.91
75,142,000 Average 99.91
100
835,036,650
353,865,000
100
75,100,000 Average 99.93
60,200,000 Average 99.945
100,296,000 Average 99.96

*0.2802
.0.3602
.0.39%
.0.3702
2
*0.350
*0.3202
3.2502
1.62502
*0.2602
0.2202
*0.1402

$ 1,559,735,650
272,935,000
75,039,000 Average 99.971 *0.125
0.255
174,905,500 174,905,500
100
256.720.000 100,015,000 Average 99.973 *0.115
75,082,000 Average 99.976 *0.105
196,624,000
5425,041,500

Septe mber to tal
Gran d total_

were only 9 new offerings for a total of $26,765,250, which
compares with 34 offerings totaling only $14,049,613 reported
for August. The corporate total of $26,765,250 consisted
of a single offering for the account of railroads amounting
to $3,862,000 and $22,903,250 for industrial and miscellaneous companies. There was no financing by public
utilities. The September financing included seven new
stock emissions by brewery companies for an aggregate of
,911,250. In August there were 29 stock issues in behalf
of breweries for a total of $12,505,863.
The refunding portion of the month's corporate financing
amounted to $17,854,000 or more than 66% of the corporate
total and comprised $13,992,000 new short-term to refund
existing short-term and $3,862,000 new long-term to refund
existing long-term. There were no refunding operations in
August. In July the refunding portion was $43,061,000 out of
the corporate total of $95,954,807, or over 44% of the total.
In June the refunding portion was $48,296,400, or close to
80% of the month's total. In May it was $12,050,300, or
about 77% of the total. In April it was $18,206,500, or
more than 51% of the total. In March it was $2,247,778,
or about 42% of the total for that month. In February
refunding portion was $36,241,000 or more than 96%
of the total, and in January it was $42,360,000 or over 65%
of the total. In September 1932 the amount raised for
refunding was $4,332,000,or 39% of the total for that month.
No foreign issues were marketed here during September.
During the month there was but one issue floated with
convertible features,or bearing subscription warrants namely:
$13.992.000 American Rolling Mill Co.,5% convertible notes, due Nov.1
1938. Each $1,000 note is convertible into 40 shares of common stock at any time during the life of the note.

Included in the month's financing was an offering of
$30,000,000 Federal Intermediate Credit Banks 2M% collateral trust debentures, dated Sept. 15 1933 and due in
6, 9, and 12 months, offered at price on application.
There were no new fixed investment trust offerings during
the month.
The following is a complete summary of the new financing,
corporate, State and city, foreign Government, as well as
farm loan issues for the month of September and the nine
months ending with September.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL ISSUES.

$ 6.963.260.250

* Average rate on a bank discount basis.

New Capital. Refunding.

USE OF FUNDS.

Dated.

Type of
Security.

Total Amount
Accepted.

Refunding.

$75,090,000
75.032,000
80,020,000

2ik% Treas. notes
Treasury bills
Treasury bills
Treasury bills

8230,142,000
277,516,600
75,228,000
75,202,000
60,074,000

5230,142,000
144,372,000
75,228,000
75,202.000
60,074,000

Treasury bills
Treasury bills
4% Treas. ars.
4)1% Treas. °Us.
Treasury bills
Treasury bills

$488,020,600 5354,876,000
100,613,000
100,613,000
75,266,000
469,131,000 1 695,000,000
473.373,500
100,569,000
100,158,000
100,158,000

New
Indebtedness.

$75,090,000
75,032,000
80,020,000

Jan. 11
Jan. 18
Jan. 25

Treasury bills
Treasury bills
Treasury bills

Total
Feb. 1
Feb. 8
Feb. 15
Feb. 23
Total
Mar. 1
Mar. b
Mar. 15
Mar.15
Mar. 22
Mar. 29
Total
Apr. 5
Apr. 12
Apr. 19
Apr. 26

Treasury bills
Treasury bills
Treasury bills
Treasury bills

Total
May 2
May 3
May 10
May 17
May 24
May 31

5133,144,600

$133,144,600
75,266,000
247,504,500
100,569,000
5423,339,500
100,096,000

51,319,110,500
100,096,000
75,733,000
75,188,000
80,295,000

8895,771,000

2J% Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills

$331,312,000
572,419,200
60,655,000
75,067,000
75,442,000
60,078,000
100,352,000

$231,216,000
239,197,000
60,655,000
75,067,000
75,442,000
60,078,000
100,352,000

$100,096,000
333,222,200

Total
June 7
June 15
June 15
June 21
June 28

Treasury bills
2%% Treas. notes
4% Treas. ctfs.
Treasury bills
Treasury bills

$944,013,200 $610,791,000
75,529,000
75,529,000
623,441,800 1 374,000,000
460,099,0001
100,301,000
100,361,000
75,697,000
75,697,000

$333,222,200

Total
July 5
July 12
July 19
July 26

Treasury
Treasury
Treasury
Treasury

Total
Aug. 2
Aug. 9
Aug. 15
Aug. 15
Aug. 16
Aug. 23
Aug. 3()

bills
bills
bills
bills

75,733,000
75,188.000
80,295,000

$625,587,000
100,010,000
75,453,000
75,172,000
80,122,000

709,540,800

5709,540,800

MONTH OF SEPTEMBERCorporateDomestic
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes
Short term
Preferred stocks
Common stocks

$

$
3,862,000
13,992,000

8,911,250

8,911,250
Total corporate
Canadian Government
Other foreign government
18,000,000
Farm loan issues
.36.902,941
Municipal, States, cities. &c
United States Possessions
11.
•• ‘...ot ‘,..4,11111111111•11
63,814.191
Grand total
sp..",.......10
VIP
NINE MONTHS END. SEPT. 30CorporateDomestic
23,621,000
Long term bonds and notes
16,600,000
Short term
14,717,555
Preferred stocks
80,424,283
Common stocks
Canadian
Long term bonds and notes
Short term
Preferred stocks
133,332
Common stocks
Other foreign
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Imm
135,496,170
Total corporate
Canadian Government
Other foreign government
Farm loan issues
63,900,000
Municipal, States, cities, &c._
a308,766,447
United States Possessions
1,400,000

Total.
$
3,862,000
13,992,000
8,911,250

17,854,000

26.765,250

12.000,000
*507,849

30,000,000
*37,410,790

30,361,849

94,176,040

114,870.500
71,528,700

138,491,500
88,128,700
14,717.555
112,742,061

32,317,778

133.332
1,600,000

1,600,000

220,316,978
60,000,000

355,813,148
60.000.000

12,000,000
75,900,000
a24.380,042 a333,146,489
1,400,000

Treasury bills
'4% Treas. Ms.
Treasury bills
Treasury bills

Total
Grand total_

$330,757,000 5330,757,000
60,096.000
60,096,000
75,142,000
75,142,000
835,036,650 1 700,536,000
353,865,000
75,100,000
75,100,000
60,200,000
60,200,000
100,296,000
100,296,000

488,365,650

* Figures do not include $31,389,721 Federal funds allotted to municipalities
by the Public Works Administration during September 1933.
a Figures do not include an aggregate of $404,144,358 of Federal Government
funds made available to States and municipalities during the first nine months of
POI I
1933, through the facilities of various agencies.

81.559,735,650 $1,071,370,000

Treasury bills
Treasury bills
3)1% Treas. bonds
15 % Treas. notes
4
Treasury bills
Treasury bills
Treasury bills

Total
Sept. 6
Sept. 15
Sept.20
Sept.27

$1,335,127,800
100,010,000
75,453,000
75,172,000
80,122,000

2513

5488,365,650

te
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1933 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed
analysis for the five years of the corporate offerings, showing separately the amounts for all the different classes of
corporations.
Following the full-page tables we give complete details
of the new capital flotations during September, including
every issue of any kind brought out in that month.

75,039,000
174,905,500
100,015,000
75,082,000

75,039,000
174.905,500
100,015,000
75,082,000

$425,041,500

8425,041,500

Cr:rand tntal

•

86.963.260.250 54,775,551.500 52.187.708.750

Referring again to the limited volume of corporate finaneing undertaken during September, we observe that there




FAO ass 017

210 007 090

5911 9A0 AR,

FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
Total.
85.675.000
27.724,400
8,300.000
4,565.000

1930.
New Capital. Refunding.
$
$
177,620.000
49.940,000
44.475,000
7.400,000
26.326,250
35,448,370

1929.
Total.
New Capital. Refunding.
Total.
$
$
$
2
227.560,000 156,644.000
69,795,000 226,439,000
51,875,000
15,550,000
-- ______
15.550,000
2 •,326,250 171,277,500
56.960.000 228,237.500
35,448,370 857,812,514 179,837.000 1,037,649,514

50,000,000
700.000

700,000

176.264.400
20.000.000
117,083,951
500,000
313,648,351

284,569.620
1,750.000
1.000.000
15.000.000
76,093,117
R70 .119 7q7

62,317.000
51,900.000
4,265,000
1154529

nnn

4,977.000

346,886.620 1,201,284,014
1,750,000
52 900.000
8.000,000
15.000.000
80,358,117
99,498,007

306,592,000 1,507,876.014
1,000,000
1,000.000
8,000.000

AOA WM 747 1 Wig /29 4191
.

qnia 109 15/11 nla nnA 121

CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF SEPTEMBER
FOR FIVE YEARS.
1933.
1932.
1931.
1930.
MONTH OF SEPTEMBER.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Long Term Bonds and Notes—
$
$
$
2
$
3
$
3
Railroads
3.i.62,000 • 3,12.62,000
52,037.000
7.963,000
60,000.000
71,277.000
4,977.000
76.254,000
12.250.000
Public utilities
r,E00.000
3,882,000
9.382,000
6,770.000
1,120,000
7,890.000
87,828,000
49.715,000 137,543.000
62,056,000
Iron. steel, coal, copper. &c
Equipment manufacturers
500,000
500.000
Motors and accessories
Other industrial and manufacturing
4.250.000
4,250,000
4,000.000
Oil
50,000.000
Land. buildings, &c
700.000
700,000
66.785.000
66,785.000
13,890.000
13,890,000
5,338.000
Rubber
Shipping
Inv. trusts trading, holdings. &c_
2.000.000
Miscellaneous
500.000
500,000
375,000
600,000
225,000
21,000,000
Total
3.862,000
3.b62.000
6,200.000
3,882,000
10,082,000
126,592.000
9,083,000 135.675.000
177,620.000
54,917,000 232,537.000 156,644,000
Short Term Bonds and Notes—
Railroads
Public utilities
17,500,000
10,000.000
27,500,000
2,700,000
7,250,000
9,950.000
10,850,000
Iron, steel, coal, copper, &c
13,992,000
13,992,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
750.000
150.000
900.000
Oil
1,000.000
Land. buildings, &c
224.400
224.400
1.725,000
1,725.000
200,000
Rubber
Shipping
450.000
450,000
Inv. trusts, trading, holding, &c_
40,000,000
40,000.000
Miscellaneous
3.500.000
Total
13,992.000
13,992.000
450,000
450,000
17.724,400
10,000,000
27,724,400
45.175,000
7,400.000
52,575.000
15.550,000
Stocks
-Railroads
Public utilities
350,000
350,000
6,690.000
6.690.000
24,750.000
24,750,000 163.460,200
Iron, steel, coal, copper, &c
1,750,000
1.750,000
2,007.535
Equipment. manufacturers
568.947
Motors and accessories
2,165,600
Other industrial and manufacturing
8.911.250
8.911,250
1,500.000
800.000
2,300.000
5.123.370
5,123,370 177,938,632
Oil
Land. buildings, &c
962.500
Rubber
Shipping
Inv. trusts, trading, holding, &c..
30.000.000
30.000.000 527,237,100
Miscellaneous
2.125.000
2.125.000
1,901.250
1.901.250 154,749.500
Total
8,911,250
8,911,250
350,000
350,000
12.065,000
800.000
12.865.000
61,774,620
61,774,620 1.029.090,014
Total—
Railroads
3.£82,000
3,862.000
52,037.000
7.963.000
60,000.000
71.277.000
4.977.000
76,254.000
12,250.000
Public utilities
5,850.000
3,882,000
9,732.000
30,960.000
42,080.000
11,120,000
115,278,000
56.965.000 172,243,000 236,366,200
Iron, steel, coal, copper, &c
13.992,000
13.992.000
1,750.000
1,750.000
2.007.535
Equipment manufacturers
500.000
500.000
568.947
Motors and accessories
2,165.600
Other industrial and manufacturing
8,911.250
8,911,250
1,500,000
800,000
2,300.000
10,123.370
150,000
10.273,370 181.938,632
Oil
51,000.000
Land. buildings, &c
700.000
700,000
67,009.400
67,009,400
15,615.000
15,615,000
6,500.500
Rubber
Shipping
450,000
450,000
Inv. trusts, trading. holding, &c_
70.000.000
70.000,000 529.237,100
Miscellaneous
2,625.000
2.625.000
2.276.250
225.000
2.501,250 179.249.500
Total corporate securities
17.854,000
8.911.250
26.765,250
4.332,0001 10.882,000
6,550.000
9A4 RAO 5,41
59917414141 'IAA 21250941 1 9411 94A AlA
156.381.400
19.883.000 176.264.400




530,160

1929.
Refunding.
S
69,270.000
525,000

100,028,167

Total.
2
81.520.000
62.581.000

4.000.000
50,000.000
5,338.000

69,795,000

2.000.000
21.000.000
226,439.000
10.850.000

1,000.000
200.000

a13g10.1113 felOUVLIki

4,977.000

3.500.000
15,550.000
143.44)0.000
88,000.000
5,397,000

306.860,200
90,007.535
568,947
2,165,600
183.335.632
962,500

527,237.100
154,749.500
236,797.000 1.265,887,014
I
r
69.270,000
81,520,000
143.925.000 [380,291.200
88,000.000
90.007,535
568.947
2.165.600
5,397,000 187,335.632
51,000,000
6.500,500
529,237.100
179.249.500
Qna g00 nnn 1 CA', 275 AI,
•
•
•

EEG Z WO

SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL FINANCING
MONTH OF SEPTEMBER.
1933.
1932.
1931.
New Capital. Refunding.
Total.
Corporate-New Capital Refunding.
Total.
New Capital. Refunding.
Domestic—
$
2
Long term bonds and notes
3,862,000
3.862.000
3,882.000
6,200,00C
10,082.000
76.592.000
9.083.000
Short term
13.992,000
13,992,000
450,000
450,000
17.724.400
10.000,000
Preferred stocks
7.500.000
800,000
Common stocks
8.911.250
8,911,250
350,000
350.000
4,565,000
Canadian—
Long term bonds and notes_
50,000,000
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Total corporate
8.911,250
17.854,000
26,765,250
6.550,000
4.332,000
10.882,000
156,381,400
19,883.000
Canadian Government
20,000.000
40.000.000
60,000.000
Other foreign Government_
Farm Loan issues
154,000.000
12.000,000
30,000,000
4.000,000
4.000,000
20.000.000
Municipal, States. Cities, &c
*36,902.941
*507,849 *37.410.790
57,964,730
6.069,736
64.034,466
114,175,934
2,90.4.017
United States Possessions_
500.000
Grand Total
63.814.191
30,361.849
94,176.040
88.514,730
50.401.736 13'4.916.466
271,057,334
42.791.017
•Figures do not include $31,389,721 Federal funds allotted to municipalities by the Public Works Administration during September 1933.




Lrf aU11110A

NINE MONTHS ENDED SEPT. 30 FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE
1929.
1930.
1931.
1932.
1933.
NINE MONTHS END. SEPT. 30.
P.Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Corporate—
S
$
S
S
S
S
$
$
$
$
$
Domestic—
475.285,260 2.030.410,600
893,612.600 660,841,200 1.554.453,800 2,264.398.660 328.568,250 2.592.966,910 1,555,125,340
98.838.500 316.240.800
217.402.300
Long term bonds and notes
23.621.000 114.870.500 138.491,500
43.937,500 187,292.700
143.355.200
65,013.000 464.490.650
399.477.650
87.899.500 365.485.250
277.585.750
26,231.500 149,379,000 175.610.500
88.128.700
71,528.700
16,600,000
Short term
1,350.000 397,878,030 1.346.569.266 150,211,540 1,496.780.806
396.528.030
31.850,000 145,799.667
113.949,667
7,975,2757,975.275
14.717,555
14,717.555
Preferred stocks
13,315,750 1,008.743,671 3.886.429,392 573.573,302 4.460.002,694
995,427.921
131.002.756
131.002,756
6,144.220
1:80.520
4,246,900
32,317,778 112,742.061
80.424.283
Common stocks
214,100,000
Canadian—
38,000,000 211.638,000 214.100,000
173.638.000
140,000,000
140,000.000
Long term bonds and notes_
5.700.000
5,700.000
10.400.000
Short term
10,400,000
13,000.000
13.000.000
18.163.900
Preferred stocks
18,163.900
16.516,340
16.516,340
133,332
133.332
Common stocks
Other foreign
2,000,000 158,260.000
156.260.000
177.992.000
8,977.000
169.015.000
72.800.000
72,800.000
Long term bonds and notes,,,.?88
10,432,717 dp:vs
1,617,283
31,000.000
31.000,000
5.000.000
5.000.000
1,600.000
1.600.000
Short term
102312 2
32.256.347
Preferred stocks
32,256,317
10,060,000
10.060.000
Common stocks
:
41.18 8,71i.p3 gg
7,46Min 1,258:
265.855.975 250.114,820 505.970.795 1,628,950.773 785.590.700 2,414.541.473 4.474.761,601 455,224.000 4.929,985.601
135.496.170 220.316,978 355,813.148
Total corporate
2
56.150,000
7.158,000
48,992.000
50.422.000
9.500,000
40.922.000
62,000.000
40,000.000
22.000.000
64,750,000
60,000.000
60.000.000
Canadian Government
64,750,000
60,080.000 472.386.000
412.306.000
Other foreign Government_
45.500,000
45,500,000
95.600,000
51,000.000
44.600,000
92,500,000 142.500.000
50.000.000
75.900.000
12,000.000
63,900.000
Farm Loan issues
9,305.186 936,398,760
42,226.637 1.056.321.229 927.093,574
19.130,700 1,140.002.546 1,014,094,592
64.185,662 658.175,205 1,120,871.846
1,995.000
593.989.543
Municipal, States, Cities, &c_
*308.766.447 *24,380.042 *333.146.489
1,995,000
9.675.000
9.675.000
795.000
795,000
692.000
692.000
1.400.000
1,400.000
United States Possessions
6.005.329,193 564.688.637 6.570.017.830 8,489,069,502 1.273,745.505 9,762,755.007
922.537,518 446,800,482 1.369.338,000 2,836,139,619 865.221,400 3.701.361.019
509.562.617 316.697.020 826.259.637
Grand Total
Our.ng the first nine months of 1933, through the facil.ties of x aricus agencits.
*Figurts do not include an aggregate of $1i:4,144,35s of k ederal tiot t. iunds made a% alahle to Status anu mun cit.al tits
UNITED STATES FOR THE NINE MONTHS ENDED SEPT. 30 FOR FIVE YEARS
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE
1929..
1930.
1931.
1932.
1933.
Tota'.
I New Capital. Refunding.
.
Totai
Total.
New Capita'. Refunding.
New Capital. Refunding.
Total.
NINE MONTHS END. SEPT. 30. New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
Long Term Bonds and Notes—
696,468,250 222.662.750 919,131,000 301.627,240 181,413.760 483.041.000
302.147,300 154,282,700 456.430.000
9,327,000
9,327.000
92.627.500
80.627.500
12,000.000
782,512.500
Railroads
490,268.500 490.632,000 980.900,500 1,226,306,000 117.262,500 1,343.568,500 530.152.500 252,360.000 126.700.000
89.461,500 302,463.800
213,002,300
43,239,000
32,518.000
10.721,000
Public utilities
3,186,500
123,513.500
21,500,000
21,500.000
6.062.500 109.002.300
102.939,800
1,850.000
Iron, steel, coal, copper. &c
1,850.000
9,040,000
9,040,000
12,934,000
12,934,000
150,000
Equipment manufacturers
150,000
2.075.000 221.628.000
Motors and accessories
219.553,000
27,355,000 235,106,910
207,751.910
88,902.000
5,950,000
82,952.000
1,725,000
84.400.000
1.725.000
Other industrial and manufacturing
15.416,000
68.984.000
6.950.000 149.500.000
142.550.000
2,000,000
2.000,000
Oil
3.929.000 298.679.100
70.000 124.595.500 294,750.100
-- 0
1.22- :6615 99,955,000 124,525.500
98,735.000
3,250,000
50.000
3,200.000
900,000
1,000.000
900,000
Land. buildings, 8,:c
1,000.000
30,000,000
30,000.000
9.100.000
Rubber
- ,
6,000- 666
3,100.000
10.000.000
10.000,000
1.650.000
1,650,000
116.250.000
Shipping
116,250.000
75.250,000
75.250,000
Inv, trusts, trading, holdings, &c_
12.905.000 277.460,000
64,905,000 264,555.000
1.245,000
63.660.000
15,480.000
2,694.000
12.786.000
1,200.000
1.200.000
Miscellaneous
477,285.260 2,402,770.600
98.838,500 316,240.800 1,106,412.600 660,841.200 1,767.253,800 2.607,051,660 375,545.250 2,982,596,910 1.925.485,340
217,402.300
23,621,000 114,870.500 138.491..00
Total
6,860,000
5.360,000
Short Term Bonds and Notes—
1,500.000
14,500.000
2,500,000
12.000.000
47,500,000
12,530,000
34,970,000
34,825.000
23.500,000
11,325,000
7.277.000
7,277,000
80.140,000
Railroads
41.313,717
38,826.283
22.878.000 208.100.000
185,222,000
41,077.500 223.025,000
181,947.500
2,850.000 125,329,000 128,179.000
39.795.200
23,295.200
6.500,000
16,500.000
Public utilities
5,780,000
33.000,000
720.000
5,000.000
28.000,000
4,000.000
3,101,000
899,000
100,000
100,000
19,597,400
19,597,400
Iron, steel, coal, copper, &c
12.000,000
12.000,000
12,000,000
500,000
12,000,000
Equipment manufacturers
10,100.000
500,000
10,100.000
13,150.000
Motors and accessories
89,205.000
13,150.000
17,350.000
71.855.000
55,035.000
33.500,000
21,535,000
5,100,000
5.000,000
2,000.000
100,000
Other industrial and manufacturing
7.250.000
2.000,000
600.000
6.650.000
10.440.000
791,000
9.649.000
61,672,700
Oil
50,385.650
61.672,700
685.000
49,700.650
9.885,250
1,400,000
8,485.250
4,101.000
4,101,000
Land. buildings, &c
18,900,000
15,000,000
3,900.000
5,959.100
5,959,100
Rubber
450,000
450,000
Shipping
41.000,000
41,000.000
500,000
500.000
28.520.000
Inv. trusts. trading, holding, &c_
16,750,000
1.916,500
26.603,500
1.000,000
15,750,000
20,100.000
20,100,000
7.955.500
7.955.500
Miscellaneous
54,370,217 199,342.700
144,972,483
65,013,000 501,190.650
436,177,650
92,899.500 370,485,250
277,585,750
26,231,500 149.379,000 175.610,500
89,728,700
73.128,700
Total
16,600,000
71.107,700
Stocks—
66.055.600
71.107,700
66.055.600
Railroads
12,912,250 703,330.345 1,096,366,101 204,106,590 1,300.472,691
690,478.095
31,050.000 228.278.511
197,228,511
8,359,495
1,897,320
6,462.175
9,147.778
2,147.778
7,000.000
Public utilities
133,351,675 145.034.920 351.020,200 496,055,120
133.351.675
3,390.000
3.390,000
3.011,651
3.011,651
568,947
Iron. steel, coal, copper, Ric
568.947
85,029,162
Equipment manufacturers
5.511,852
4,723.962
79,517.310
4.723,962
859,269
859,269
Motors and accessorles
f,Yff.&56 198,828.565 781.810.605 90,229,220 872.039.825
197,457.065
18.552.872
800,000
17,752.872
2,091,250
2,091,250
30,170.000 111.615,564
81.445,564
Other industrial and manufacturing
58,666,080 143.614.732
84.948.652
82.323,463
82,323.463
3.452.500
3,452,500
1,795,120
Oil
1,795.120
408,500 111,143 330
16.320,000 110.734,830
16,320,000
1,466,500
1.466,500
54,233.534
Land. buildings, &c
54.233.534
2,168,750
2,168.750
Rubber
23,178.000
23.175.000
Shipping
-U5065615 2,016.768,972
112.987,079 2,015,268.972
112,987,079
3.143,750
3,143,750
1,088.566
1,088.566
Inv. trusts, trading, holding, &c_
12,342,400 945,703.934
382,000 128,217,352 933,361.534
127,835.352
18.518,290
18,518.290
1,500,000
1,500.000
75.000
75.000
Miscellaneous
14,665,750 1,446,198.041 5,396.131.105 723,784.842 6,119,915,947
31.850.000 276.802,423 1,431,532.291
244,952,423
14,119.495
1.897,320
12,222,175
32,317,778 127,592.948
95,275,170
Total
Total—
774,523,850 225,162,750 999.686,600 374,234.940 186.773,760 561.008.700
337,117,300 166,812,700 503,930.000
44,152,000
32,827.000
11,325.000
99,904,500
87,904,500
12,000.000
Railroads
869.444,511 562,759,500 1,432.204.011 2,102,006,095 153.052.750 2.255.058.845 1.665.344.884 497,780,307 2,163.125,191
222,314,475 216,687,820 439,002.295
92,181.978
57,960,978
34,221.000
Pubiic utilities
5.000.000 187,851.675 269.268,420 359,986.700 629,255,120
182.851.675
9.163,500 116.392,300
107.228.800
100.000
100,000
22,609,051
19.597,400
3,011.651
Iron, steel, coal. copper. &c
2,418.947
2.418,947
21,040,000
21,040,000
12,934,000
12,934.000
12,000,000
12.000,000
Equipment manufacturers
85.679.162
5
- 11:882
6, 80.167,310
14.823,962
14.823,962
859,269
859,269
Motors and accessories
46:07- :500 523.140.475 1,014.513,605 92,304,220 1,106.817.825
76
477.063,975
40,250,000 162.489,872
122.239,872
2,091,250
2.091.250
36,895,000 118,440,564
81,545.564
Other industrial and manufacturing
74,082,r8 i 230.014.732
155,932,652
7,550.000 239.073,463
231.523,463
791.000
15.892,500
15,101.500
1,795.120
1,795.120
011
4.337.500 471,495,130
755,000 191.301,150 467.157.630
190.546,150
2,620,000 111,306.750
108,686.750
7,351,000
50,000
7.301.000
900.000
900,000
Land, buildings. &c
55,233,534
55.233,534
48,900.000
15.000,000
33.900.000
2.168.750
2,168.750
5,959.100
5,959.100
Rubber
6.000:000 32.278,000
26,278.000
10,000,000
10.000,000
1,650,000
1.650.000
450,000
450.000
Shipping
1.500,000 2.133,018,972
229,237.079 2,131,518.972
229.237.079
3,643,750
500,000
3.143,750
1.088,566
1.088.,*66
Inv. trusts, trading, holding, &c
27.163.900 1,251,683.934
2,627,000 209.872,352 1,224.520.034
207.245.352
54.098.290
2,694.000
51.404.290
10.655.500
10.655.500
75.000
75.000
Miscellaneous
,255.440,319 8.722,029.247
255,855.975 250.114,820 505.970,795 1.628.950,773 785,590.7002.414,541.473 4,474.761.601 455,224.000 4,929,985.601 7.466.588,928
135,496.170 220.316,978 ,355.813.148
Total corporate securities

C.R
I .
C...T1

2516

Financial Chronicle

Oct. 7 1933

DETAILS OF NEW CAPITAL FLOTATIONS DURING SEPTEMBER 1933.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
A mount.

Purpose of Issue.

Railroads
3,862,000 Refunding

Amount.

Price.

To Yield
About.

Company and Issue, and by Whom Offered.

100
5.00 Chicago & North Western Ry. Co. Gen. Mtge. 5s, 1987. Offered to holders of Fremont Elkhorn
& Missouri Valley RR.Co.6% Cons. Mtge. bonds due Oct. 1 1933.
SHORT-TERM BONDS AND NOTES (ISSUES UP TO AND INCLUDING FIVE YEARS).

Purpose of Issue.

Price.

To Yield
About.

Iron, Steel, Coal, Copper. &c.
13,992,000 Refunding
100

5.00

Company and Issue, and by Whom Offered.
American Rolling Mill Co. 5% Cony. Notes due Nov. 1 1938. (Each $1,000 note convertible at any
time into 40 shares ofcommon stock.) Offered to holders of company's 4 % notes due Nov.1 1933
STOCKS.

Par or No.
of Shares.

Purpose of Issue.

(a) Anount Price
To Yield
Involved. per Share. About.

Other Industrial & mfg.*400000 shs Acq.site, construct dc equip plant_

5.500,000

13(

800,000 ohs Construct & equip plant; wkg.cap_
50,000 abs Add'ns,Impts..work. capital, &c_ _

800,000
575,000

1
1134

55.000
895,000
240,000
100,000

371,250
895,000
240,000
530.000

shs Working capital
abs Acq.land & bldgs.;other corp. pur.
abs Expansion; working capital, &c_ _ _
she Addl bldgs.: working capital, &c

Company and Issue, and by Whom Offered.
The Christian Moerlein Brewing Co., Inc., Common stock. Offered by Awe!, Goetz
& Moerleln, Inc., Cincinnati.
Commercial Malt Co. Common stock. Offered by Farrand, Newcomb & Hatch,Detroit
The Genesee Brewing Co.. Inc., Class A Common stock. Offered by G. L. Ohrstrom
& Co., Inc., and F. A. Willard & Co.
Mouquin, Inc.. Common stock. Offered by E. F. Gillespie & Co., Inc.
Oakman Brewing Co., Detroit, Common stock. Offered by company.
"Pros•t" Brewing Co., Detroit. Common stock. Offered by J. M.Butler & Co.. Detroit
Van Nostrand Brewing Co., Boston, Common stock. Offered by William Huke & Co.,
Boston,

6,i
1
1
5.30

8,911,250
FARM LOAN ISSUES.

Amount.

Issue and Purpose.

Price.

To Yield
About.

Offered by
-

30,000,000 Federal Intermediate Credit Banks 234%
Coll. Trust deb. dated Sept. 15 1933 and due
In six, nine and 12 months. (Provide $12,000,000 for refunding balance for additional
loan purposes.)

Price on applica'n Charles It. Dunn, Fiscal Agent, New York.
.
Shares of no par value. a Preferred stocks of a stated par value ar taken at par, while preferred stocks of no par value and all classes of common stocks are
computed at their offering prices.

7

The Drive for Spending Cannot in Itself Pro
vide a Basis for Lasting Business Improvement.

[By RALPH WEST ROBEY, Financial Editor New York "Evening Post,"
October 2.]

Never in history has there been anything comparable to
the current campaign of the Administration to get spending
power into the hands of the public. It seems to have become
the driving motive of the entire Washington program-the
first criterion to 'which all projects are subjected. Announcements of new millions to be poured into the economic
system have become daily occurrences.
Within little more than a week we have had announcements of $75,000,000 for direct purchases of commodities to
be given to the poor; $400,000,000 for loans on cotton at
10 cents a pound; $25,000,000 for the railroads with which to
buy rails and still more millions with which to buy equipment; further large sums to be spent in getting the Civilian
Conservation Corps dug in for the winter; $700,000,000 to
be pumped into the banking system to get it in shape for the
start of the guarantee deposit plans and various other plans
of a less definite character.
All of this, we are told, is to hasten recovery. It is supposed to accomplish this by giving private individuals more
to spend, and by getting the heavy industries started. Once
these things are realized, it is said, the economic machine
will run by itself and, thereafter, not only will need no further help, but will be able to create enough profits to return
these initial Governmental outlays.
There is no question that before there is widespread recovery there will be more purchasing power in the hands of
the public and the heavy industries will pick up. These
facts, nevertheless, do not justify assuming that attaining
such ends by artificial means will make prosperity. The
economic system, as a going affair, is not so simple as that.
Rather, in practical life the methods of creating a condition may be as, or even more, important from the point of•
view of the future than the condition itself.
A good illustration of this has been witnessed in connection with easy money. Historically, easy money usually has
marked the end of a depression. This has been so because
the easy money was a result of the liquidation having been
completed. In the present case, however, the easy money
has been the result of the policies of the Reserve System.
In consequence, it has proved completely inaccurate as a
guide to the end of the depression.
The same will prove true of artificially created purchasing
power and stimulated heavy industries. The Government
cannot pension all of us and subsidize all industry. What
Is needed is private initiative. And private initiative is not
encouraged either by doubts about the currency or policies
of incredible expenditure by the Government.




The Course of the Bond Market.
Bond prices as a whole have marked time this week. Theaverage price level for 120 bonds was not greatly changed
from day to day, although it showed a slightly downward
trend early in the week, followed by an upward movement
beginning Wednesday. High grade railroad bonds sold at
better levels than at any time in the last three weeks, while
other classes of gilt edge bonds were strong. The lower
grade issues improved in price toward the end of the week,
and are now about where they were a week ago.
With the purchase of an additional $35,000,000 of Government bonds, the Federal Reserve banks maintained their
recent open market policy. A seasonal increase in circulation, amounting to $57,000,000, was accompanied by a decline of $73,000,000 in member bank reserve balances. This
brings excess reserves somewhat under the year's highs. At
the same time, Federal Reserve holdings of bills discounted
have been reduced to a new low level for the year and, as a
matter of fact,anew low level since 1917. U.S. Government
bond prices followed the general bond market, dipping down
earlier in the week and improving in price later. Short
term interest rates continued at low levels.
Price trends were confused in the railroad division. High
grade bonds were firm to strong, Atshison Topeka & Santa
Fe 4s, 1995, gaining from 92% to 943. and Union Pacific 4s,
1947,from 98% to 100. In the less secure issues price movements were larger. New York Central 4%s, 2013, declined
from 61% to 60% and Northern Pacific Os, 2047, from 82 to
81%. Erie 5s, 1967, gained from 52% to 54%, Chicago &
North Western 4%s,2037,from 39 to 403% and Southern 4s,
1956, from 50 to 51%. Railroad news was colorless for the
most part and not of a character to make for wide price
changes.
The public utility bond averages held fairly well this week,
although they were off slightly during mid-week. The high
grade issues improved after Tuesday, while the upturn in
the medium grade and the very lowest group was in larger
proportions. Price changes since a week ago show somewhat
mixed results; for instance, Potomac Edison 5s, 1956, lost
2% points, Texas Power & Light 5s, 1956, gained 2 points,
Gulf States Utilities 5s, 1956, lost 1% points, and Illinois
Power & Light 5s, 1956, were up 3% points.
Industrial bonds changed little in price this week. High
grade issues firmed up, while the lower grade bonds followed
the stock market, selling off early in the week and recovering
later. Steel issues are little changed since a week ago,
National Steel 5s, 1956, losing % point since last Friday.
Petroleum bonds likewise changed little, although Atlantic
Refining 5s, 1937, gained 1% points for the week. The
leading tire and rubber bonds were firm, Goodyear 5s, 1957,
gaining % point. National Dairy 5%s, 1948, showed some
3
strength this week; after selling as low as 83, they rallied to-

Financial Chronicle

%
863 on Friday and closed the week at 85%, up 1% points.
Tobacco companies' bonds were again firm. Among miscellaneous issues, St. Joseph Lead 53s, 1941, gained 1%
points, and Loew's 6s, 1941, were up 2 points on the week.
The foreign bond market showed a strong upward movement this week. Advances were seen in Argentine, Finnish,
Japanese and particularly all classes of German bonds.
Sweden 5%8, 1954, gained 33' points for the week. The

MOODY'S BOND YIELD AVERAGES.?
(Based on Individual Closing Prices.)

MOODY'S BOND PRICES..
(Based on Average Yields.)

1933
Daily
Averages.
Oct. 6
5
4
3
2
Sept.30
29
28
27
26
25
23
22
21
20
19
18
16
15
14
13
12
11
9
8
7
6
5
4
2
1
Weekly
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
an. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
......
Year Ago
- .
Oct.6 1932
Two Years Ago
Oct.7 1931

All
120
Domes
tic.

Aaa.

Aa.

A.

86.64
86.38
86.12
85.99
86.12
86.25
86.25
85.99
86.25
86.51
86.64
86.64
86.25
85.61
86.25
87.17
88.10
89.31
89.59
89.86
89.45
89.45
89.31
89.17
89.04
89.17
89.17
89.59

108.78
106.60
106.42
106.07
106.25
106.25
106.25
106.07
106.25
106.07
105.89
105.72
105.54
105.37
105.54
105.89
106.42
107.49
107.67
107.67
107.67
107.49
107.49
107.49
107.31
107.31
107.14
107.31

96.39
96.23
96.08
95.93
95.93
96.23
95.93
95.63
95.48
95.78
91.63
95.48
95.33
94.43
94.58
95.18
96.23
97.78
98.25
98.41
98.09
98.09
98.09
97.78
97.47
97.78
97.78
98.25
Stock
Stock
98.25

84.72
84.47
84.22
84.10
84.47
84.60
84.60
84.47
84.85
85.35
85.61
85.61
84.97
84.22
84.85
85.74
86.51
87.56
87.69
87.83
87.56
87.43
87.30
87.04
86.91
87.04
87.04
87.30
Exeha
Excha
87.83

120 Domestics by Ratings.

89.86 107.14
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
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
57.67

107.67 99.04
107.85 100.00
107.85 100.33
107.67 100.00
107.14 99.52
106.96 99.36
106.96 99.04
106.25 97.62
105.72 96.54
105.54 95.33
105.20 93.85
104.16 94.43
103.82 93.99
103.99 93.26
103.32 92.25
102.30 90.55
99.36 87.30
99.68 85.35
97.78 83.35
Stock
100.00 85.87
99.84 85.10
99.52 84.48
101.64 87.83
102.30 89.17
Stock
99.04 85.48
102.98 89.31
104.51 90.83
105.89 92.68
105.37 92.53
105.54 92.39
105.03 91.81
105.54 92.25
104.85 90.69
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38

Baa.

120 Domestics
by Groups.
RR.

P. U. Indus.

66.73 86.64
66.55 86.51
66.30 86.25
66.04 85.99
66.13 85.99
66.21 86.25
66.47 86.38
66.21 85.99
66.38 86.38
66.81 86.91
67.16 86.91
67.25 86.77
66.73 86.38
66.21 85.35
67.42 86.64
68.58 87.43
69.68 88.50
70.81 90.13
71.09 90.27
71.87 90.55
71.19 90.13
71.38 90.27
70.90 90.13
70.90 89.86
70.90 89.59
71.00 89.86
71.09 90.00
71.87 90.69
nge Clo sad
nge Clo sad
72.26 91.11

77.11
76.78
76.67
76.46
76.67
76.78
77.00
76.78
76.78
77.11
77.44
77.44
76.67
76.25
76.46
77.55
78.66
80.14
80.72
81.42
81.07
81.07
80.60
80.37
80.37
80.49
80.37
80.84

97.94
97.78
97.47
97.31
97.47
97.47
97.31
97.00
97.31
97.31
97.31
97.62
97.31
97.16
97.78
98.41
98.57
99.04
99.04
99.04
98.57
98.57
98.57
98.41
98.41
98.57
98.41
98 73

81.30
82.50
83.97
84.22
85.23
85.48
84.72
85.87
84.72
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06

98 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

AU
120
1933
Daily
DomesAverages. tic.

89.04

77.77

65.29

75.09

86.77

83.97

75.61

89.04

73.35

54_37

69 05

86.51

72.85

120 Domestics by Rat ngs.

Oct. 6__

Sept.30..
29__
28__
27__
28__
25._
23._
22__
21._
20._
19._
18._
16__
15_.
14__

Weekly
Aug.25._
18__
11__
July 28__
21..
14.._
June 30._
23__
16__
May 28..
19._
12._
Apr. 28._
21._
14._
13..
Mar.24._
17__
10._
Feb. 24__
17__
10_.
Jan. 27__
20._
13-

e__

Low 1933
High 1933
Low 1932
High 1932
Yr Ago
Oct. 6 '32
2 Yrs.Ago
Oct. 7 '31

Aaa.

Aa.

A.

4.35
4.36
4.37
4.39
4.38
4.38
4.38
4.39
4.38
4.39
4.40
4.41
4.42
4.43
4.42
4.40
4.37
4.31
4.30
4.30
4.30
4.31
4.31
4.31
4.32
4.32
4.33
4.32

4.98
4.99
5.00
5.01
5.01
4.99
5.01
5.03
5.04
5.02
5.03
5.04
5.05
5.11
5.10
5.06
4.99
4.89
4.86
4.85
4.87
4.87
4.87
4.89
4.91
4.89
4.89
4.86

4.33

4.86

5.82
5.84
5.86
5.87
5.84
5.83
5.83
5.84
5.81
5.77
5.75
1.75
5.80
5.86
5.81
5.74
5.68
5.60
5.59
5.58
5.60
5.61
5.62
5.64
5.65
564
5.64
5.62
Stoek
Stock
5.58

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

4.30
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

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
6.72
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

5.76
5.47
5.36
5.23
5 24
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03

6.06

4.64

5.49

6.41

7.71

6.66

6.61

4.89

5.49

6.83

9.24

7.28

5.67
5.69
5.71
5.72
5.71
5.70
5.70
5.72
5.70
5.68
5.67
5.67
5.70
5.75
5.70
5.63
5.56
5.47
5.45
5.43
5.46
5.46
5.47
5.48
5.49
5.48
5.48
5.45

5.52
5.51
5.51
5.48
5.48
5.55
5.55
5.65
5.77
5.83
5.91
5.92
5.97
6.06
6.15
6.27
6.51
6.72
6.95
Stock
6.77
6.90
6.88
6.59
6.45
Stock
6.96
6.55
6.26
6.08
6 17
6.11
6.12
6.05
6.27
5.47
6.98
6.34
9.23

Bug.

120 Domestics
by Groups.

5.43

98.57

88.63 73.05 91.81
88.77 74.15 91.96
88.77 74.38 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
Excha nge Clo sed
73.95 54.80 71.09
72.65 53.28 70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
Exclia 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 77.66 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58

81.78 101.81
97.78

2517

French "gold currency" bonds made new highs on Thursday,
the 7s, 1949, reaching 160% and the 73/2s, 1941, reaching
160. Australian issues were irregular. Brazilian, Chilean
and Colombian bonds were mixed in price but generally
somewhat lower. The Dominican 2nd 53's, 1940, lost 53i
points on Wednesday.
Moody's computed bond prices and bond yield averages
are given in the tables below:

RR.

7.54
5.67
7.56
5.68
7.59
5.70
7.62
5.72
5.72
7.61
7.60
5.70
7.57
5.69
7.60
5.72
7.58
5.69
7.53
5.65
7.49
5.65
7.48
5.66
5.69
7.54
7.60
5.77
7.46
5.67
7.33
5.61
7.21
5.53
5.41
7.09
7.06
5.40
6.98
5.38
5.41
7.05
7.03
5.40
7.08
5.41
5.43
7.08
7.08
5.45
7 07
5 43
7.06
5.42
6.98
5.37
Excha nge Clo
Excha nge Clo
6.94
5.34
6.86
5.29
6.75
5.28
6.73
5.26
6.65
5.26
5.26
6.60
6.70
5.28
6.51
5.25
6.63
5.35
6.83
5.50
6.96
5.63
7.13
5.75
7.16
5.71
7.29
5.75
7.39
5.84
7.51
5.93
7.67
6.07
8.05
6.34
6.73
8.63
7.03
9.02
Excha nge Clo
9.17
7.06
9.42
7.11
9.32
7.03
8.79
6.80
8.60
6.71
Excha nge Clo
9.27
7.22
8.68
6.85
8.31
6.62
6.41
8.06
8 21
6 55
8.00
6.55
7.98
6.68
7.83
6.60
8.18
6.97
6.42
5.19
9.44
7.22
7.41
6.30
12.96 10.49

40
For
P. U. Indus. Mons.

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Volume 137

4.88
4.89
4.91
4.92
4.91
4.91
4.92
4.94
4.92
4.92
4.92
4.90
4.92
4.93
4.89
4.85
4.84
4.81
4.81
4.81
4.84
4.84
4.84
4.85
4.85
4.84
4.85
4.83

9.22
9.21
9.27
9.32
9.30
9.42
9.39
9.43
9.49
9.52
9.56
9.60
9.82
9.52
9.50
9.45
9.39
9.32
9.36
9.31
9.34
9.37
9.35
9.35
9.34
9 34
9.31
9.28

4.84

9.27

4.83
4.83
4.83
485
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

9.09
9.10
9 09
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.66
1004
10.07
9.89
10.26
10.58

6.05
6.22
6.20
6.03
5.98

10.83
11.02
10.80
10.78
10.73

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

5.88

9.90

6.88

12.69

Notes.-* These prices are computed from average yield on the basis o one "deal" bond (0(% 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 Illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market. t The latest complete list of bonds used in computing these indexes was published In
the "Chronicle" of Sept. 9 1933, page 1820. For Moody's index of bond prices by months back to 1928, see the "Chronicle" of Feb. 6, 1932. page 907.

Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Oct. 6 1933.
There has been a noticeable falling off in business activity
during the week all over the country. Yet the steel ingot
output rose 1 point over the preceding week and electric
output turned upward again. But automobile production
fell off as a result of labor troubles. Difficulties with labor
also caused a falling off in bituminous coal output. In the
meantime while retail trade failed to show a gain, which is
the usual thing at this period of the year, it held fairly steady
to last week's level. Consumers show considerable resistance to higher prices for fall season merchandise as a result
of NRA cost increases and higher raw material charges.
There were some increases in retail sales in those districts
where the "Buy Now" campaign was inaugurated. Cotton,
silk and woolen dress goods, women's and misses' ready-towear and accessories, shoes, millinery,notions and foodstuffs
were the most active in the retail line. Sales of men's clothing were larger. Children and boy's clothing were also quite




active. Millinery and hosiery sold in arger volume, but
jewelry was in less demand. Women's coats were in better
demand and there was a good call for dresses. Sales of
women's shoes were larger. Furniture sales showed a good
volume, especially the more expensive quality. Glassware
met with a good sale. There was a good demand for electrical appliances and also for electrical refrigerators. Wholesale business fell off somewhat. Buyers are more interested
in moving merchandise now on hand and are awaiting more
definite developments before making further commitments.
Hardware, groceries and drugs made the best showing. Orders for holiday goods were freer. Larger orders were
received for women's dresses and some reorders were reported for men's clothing. Plumbers' and steamfitterssupplies moved more freely, and orders for farm implement's
were larger. In the wholesale grocery trade business volume was larger.
Industrial activity has been affected greatly by labor
troubles, although some industries show a slight reversal

of the downward trend. The textile industry and cotton
goods make a less favorable showing. Piece goods were in
good demand. Mills are sold ahead and in some cases were
forced to refuse orders. Producers of rayon have enough
orders on hand to insure current operating schedules and in
many cases are expanding their plant facilities to keep up
with orders. Lumber trade conditions were reported more
satisfactory with inquiries and orders increasing. Cotton
was less active during the week and the failure of the President to announce the Administration's monetary policy led
to heavy selling and lower prices. Grain, too, declined for
the same reason, with liquidation general. Many are holding aloof awaiting the Government reports which will
appear soon. Other commodities declined in response to
the weakness in major markets.
The weather in New York has been generally fair, with
moderate temperatures, except the middle of the week,
when it was rainy and colder. Mexico suffered from rains
and floods caused by the hurricane last week. Florida had
heavy rains and was struck a glancing blow by gales that
swept up from Cuba.
To-day it was 49 to 69 degrees here and fair. The forecast was for fair and slightly warmer. Overnight at Boston
it was 48 to 52 degrees; Baltimore, 52 to 62; Pittsburgh,
46 to 60; Portland, Me., 48 to 50; Chicago, 46 to 60; Cincinnati, 42 to 60; Cleveland, 54 to 60; Detroit, 50 to 62;
Charleston, 60 to 78; Milwaukee, 46 to 58; Dallas, 56 to 80;
Savannah,58 to 80; Kansas City, Mo.,56 to 78; Springfield,
Mo.,54 to 76; St. Louis, 52 to 68; Oklahoma City, 56 to 84;
Denver, 48 to 74; Salt Lake City, 50 to 76; Los Angeles,
62 to 96; San Francisco,58 to 92; Seattle, 52 to 68; Montreal,
48 to 62, and Winnipeg, 28 to 64.
Wholesale Commodity Prices Unchanged During Week
Ended Sept. 30 According to National Fertilizer
Association.
Wholesale commodity prices were fairly steady during the
week ended Sept. 30 according to the index of the National
Fertilizer Association. When computed for the week this
index showed no change from the standing for the previous
week. The latest index number is 69.4. (The three year
average 1926-1928 equals 100.) During the preceding week
the index advanced six points and two weeks ago it advanced
15 points. The latest index number is 22 points higher than
it was a month ago and 74 points higher than it was at this
time last year. Under date of Oct. 2 the Association further
reported:
During the latest week four groups advanced, three declined and seven
showed no change. Fuel, textiles, metals, and fertilizer materials were
higher. Grains, feeds, and livestock, fats and oils, and miscellaneous
commodities were lower. The largest gain was shown in the fuel group due
to advancing prices for petroleum.
Twenty-nine commodities showed lower prices while 19 showed higher
prices during the latest week. During the preceding week there were 32
advances and 19 declines, while two weeks ago there were 47 advances and
21 declines. Important commodities that advanced during the latest week
were cotton, cotton yarns, wool, tallow, eggs, barley, apples, linseed meal,
finished steel, petroleum, and rubber. The list of declining commodities
included burlap, silk, lard, butter, most vegetable oils, raw sugar, corn,
wheat, good cattle, light and heavy weight hogs, tin, silver, and leather.
For the most part, the price changes were relatively small.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928= 100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
10.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0

Oct.

Financial Chronicle

2518

Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All groups combined

Latest
Week
(Sept. 30
1933.

Pre
ceding
Week.

Month
Ago.

Year
Ago.

71.1
69.6
53.0
67.1
69.5
84.4
74.5
79.1
81.6
48.1
87.0
64.6
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

69.5
60.9
52.3
64.7
69.4
84.4
74.7
78.7
78.7
48.2
87.0
64.9
66.7
90.1

63.7
63.4
42.6
47.7
62.8
89.0
71.4
69.8
77.4
42.4
87.4
62.0
69.0
92.1

69.4

69.4

67.2

62.0

Loaded on Lines.
Weeks Ended-

Rec'd from Connections.
Weeks Ended
-

Sept. 30 Sept.23 Oct. 1 Sept.30 Sept.23 Oct. 1
1933. 1933. 1932. 1933. 1933. 1932.
20,218
25,325
16,326
19,009
15,225
1,724
2,608
5,852
15,176
44,707
21,658
57,277
4,118
5,243

Atchison, Top.& Santa Fe Ry _
Chesapeake & Ohio Ry
Chic. Burl. & Quincy RR
Chic. Milw. St. Paul & Pac. Ry Chicago & North Western Ry
Gulf Coast Lines & Subsidiaries
International Great Northern RR
Missouri
-Kansas-Texas Lines
Missouri Pacific RR
New York Central Lines
Norfolk & Western Ry
Pennsylvania System
Pere Marquette Ry
Wabash Ry

21,038
23,232
16,307
18,523
15,312
1,636
2.974
5,943
15,150
43.816
21,157
59,126
4,277
5,603

20,990 5,038 4,841 5,045
22,390 9,516 8,913 8,156
16,659 6.949 6,634 6,255
19,757 6,571 6,522 7,104
15,500 8,866 9,010 9,047
1,790 1,152 1,389 1,053
1,995
1,815 1,644 1,548
5,585 2,512 2,656 2.427
16,392 7,047 7,277 7,374
42,312 56.265 54.232 51.724
17,029 3,564 4,304 3,575
54,030 36,511 35,212 34,672
4,593
5,575 6,573 6,548 6,762

254,466 254,085 244,597 152,379 149,182 144,742

Total

:Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Sept. 30.
1933.

Total

Oct. 1
1932.

21,838
28,597
13,847

24,366
30,456
14,265

64,254

Chicago Rock Island Se Pacific Ry
Illinois Central System
St. Louis-San Francisco Ry

Sept. 23
1933.

21,400
28,864
13,990

Week Ended.

64,282

69,087

Loading of revenue freight for the latest full week-that is,
for the week ended Sept. 23-totaled 652,669 cars, the
American Railway Association announced on Sept. 29.
This was an increase of 653 cars above the preceding week
this year and an increase of 57,065 cars above the corresponding week in 1932. It was, however, a decrease of 85,367
cars below the corresponding week in 1931. Details for
the latest full week follow:
Miscellaneous freight loading for the week of Sept. 23 totaled 236.088
cars, an increase of 4.641 cars above the preceding week and 19,316 cars
above the corresponding week in 1932, but a decrease of 38,207 cars under
the corresponding week in 1931.
Loading of merchandise less-than-carload-lot freight totaled 174.443
cars, an increase of 2,072 cars above the preceding week but 4.210 cars
below the corresponding week last year and 42,368 cars below the same week
two years ago.
Grain and grain products loading for the week totaled 33.697 cars, an
Increase of 2.240 cars above the preceding week but 2.349 cars below the
corresponding week last year and 3,281 cars below the same week in 1931.
In the Western District alone, grain and grain products loading for the week
ended Sept. 23 totaled 22,930 cars, a decrease of 1,472 cars below the same
week last year.
Forest products loading totaled 25.079 cars. 140 cars below the preceding week but 6.502 cars above the same week in 1932. It was, however, a
decrease of 446 cars below the same week in 1931.
Ore loading amounted to 35.689 cars, a decrease of 4.392 cars below the
preceding week but 30.090 cars above the corresponding week in 1932 and
9.883 cars above the same week in 1931.
Coal loading amounted to 119.412 cars, a decrease of 5.393 cars below
the preceding week but 6,265 cars above the corresponding week in 1932.
It was, however, a decrease of 9.303 cars below the same week in 1931.
Coke loading amounted to 6.567 cars, four cars below the preceding week
but 2,867 cars above the same week last year and 1,852 cars above the same
week two years ago.
Live stock loading amounted to 21.694 cars, an increase of 1.629 cars
above the preceding week but 1.416 cars below the same week last year
and 3.497 cars below the same week two years ago. In the Western Districts alone, loading of live stock for the week ended Sept. 23 totaled 17.130
cars, a decrease of 1,195 cars compared with the same week last year.
All districts. except the Centraiwestern and Southwestern, which showed
small reductions, reported increases in the total loading of all commodities
compared with the same week in 1932. but all districts reported decreases
compared with the corresponding week in 1931, except the Pocahontas.
which showed an increase.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1933.

Revenue Freight Car Loadings Slightly in
Excess of Preceding Week.
Loading of revenue freight in the week ended Sept. 30 1933
totaled 661,827 ears, an increase of 9,158 cars over the preceding week, 40,169 cars above the corresponding period in
1932 and 115,885 cars less than in the like week in 1931,
according to the American Railway Association. The first
14 major roads to report loaded 254,466 cars, as compared
with 254,085 cars in the week ended Sept. 23 1933 and 244,597
cars in the week ended Oct. 1 last year. Comparative
statistics follow:




7 1933

REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars.)

Four weeks in January
Four weeks in February
Four weeks in March
Five weeks In April
Your weeks in May
Four weeks In June
Five weeks in July
Four weeks in August
Week ended Sept. 2
Week ended Sept. 9
Week ended Sept. 16
Week ended Sept. 23
Total

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
666,652
571,387
652,016
652,669

2,266,771
2,243,221
2,280,837
2,774,134
2,088,088
1,966,488
2,420,985
2,064,798
561,325
501,537
. 587.246
595,604

2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
759,871
667,750
742.614
738,036

20.761.895

20.351.034

27.943.995

The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Sept. 23. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
Sept. 16. During the latter period a total of 47 roads showed
decreases as compared with the corresponding week last
year. Among the most important carriers continuing to
show increases over a year ago were the Pennsylvania
System, the Baltimore & Ohio RR., the New York Central
RR., the Chesapeake & Ohio Ry., the Norfolk & Western
Ry., the Louisville & Nashville RR., the Chicago & North
Western Ry., the Chicago Milwaukee St. Paul & Pacific
Ry., the Southern Pacific Co.(Pacific Lines), and the Great
Northern Ry.

2519

Financial Chronicle

Volume 137

-WEEK ENDED SEPT. 16.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)

Railroads.

Total Loads Recetted
from Connections.

Total Revenue
Freight Loaded.
1933.

1932.

1931.

1933.

1,006
2,790
7,628
686
2,346
10,297
695

1.389
3.659
9,956
805
3,786
13,409
709

239
4,671
10,194
2.278
2,123
10.892
966

206
4,651
9,242
1,724
2,045
10,334
1,012

27,269

25,448

33,713

31,363

29,214

6,362
9,910
14,637
170
1,721
8,514
696
23,335
1,584
487
498

5.424
8,452
10,961
170
1,402
7,440
1.721
20,064
2,017
423
279

6,547
10,037
13,088
220
1,729
8.561
2,298
26,988
2,140
451
405

6,944
5.659
13,325
2,012
1,003
6,712
52
27,176
2,158
23
269

6.156
5,117
12,329
1.691
832
6,202
39
23.697
1,758
81
253

67.914

58,353

72,464

65,333

58.155

554
1,306
8,257
25
223
237
1,592
3,020
6,842
4,390
4,711
4,350
3,788
653
5,205
3,984

491
1,545
8,701
26
458
193
1,367
2,425
5,582
3,169
4,403
3.968
3,409
1,286
5,156
3,237

590
2,036
9,660
57
341
271
1,474
3,311
6,975
3.484
5.609
5,010
4,495
1,028
6,601
4.020

989
1,671
10.842
76
100
2,073
720
5,369
8,163
216
7.696
3.911
5.285
1,098
6,581
2,679

917
1,853
10,277
52
139
1.426
584
4.368
6,479
219
7.127
3,414
3,951
569
6.416
1.798

49,146

45,416

54,962

57,469

49.589

Grand total Eastern District._ _ 144,329

129,217

161,139

154,165

136,958

30.628
3,850
234
6,014
3
228
103
1,023
61,886
12,562
7,549
72
3,309
1,313

25,650
1,175
151
5,855
1
224
115
965
53.308
11,531
3,124
54
2,891
1,279

34,755
3,057
172
7,799
690
344
108
1,758
73,406
15.739
6,018
32
3.333
e

15.470
1,827
4
10,421
45
19
21
2,271
36,996
4,543
3,802

11,683
910
4
9,482
38
36
7
2,603
31.566
13,108
1.150

4:337
1,367

3:013
1.155

128,774

106,323

147,211

91.653

74,761

Eastern District
Group A:
Bangor & Aroostook
Boston dc Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.& Hartford_._
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Va3ey
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern...
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Cm. Chic az St. Louis...
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line.__
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
Pere Marquette
Pittsburgh az Lake Erie
Pittsburgh & West Virginia...Wabash
Wheeling & Lake Erie
Total

Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek de Gauley
Central RR. of New JerseyCornwall
Cumberland & Pennsylvania...
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
c Penn-Read Seashore Lines...
Total
Pocahontas District
Chesapeake de Ohio
Norfolk & Western
Norfolk az Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlanta Coast Line
Clinehfield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick.& Potom
Seaboard Air Line
Southern System
Winston-Salem Southbound...

22,799
21,019
724
3,131

20,791
16,240
752
3.049

24.031
19.339
948
3.835

8,348
3.860
1,081
511

7,749
3.245
1,141
439

47,673

40,832

48,153

13,800

12,574

7,082
1,152
369
154
43
1,138
435
287
6,331
18,645
158

6,517
932
381
152
52
1,471
508
329
6,180
19.108
186

8.764
1,362
445
164
59
2,082
529
411
7,723
22.880
204

3,924
1,384
682
216
83
839
728
1,855
2.896
11,037
690

3.958
1,122
619
307
76
1,011
660
1,913
2,752
10,526
644

Total Loads Received
from Connections.

Total Revenue
Freight Loaded.
1933.

1932.

1,246
2,780
7.955
1,038
2,941
10,606
703

Railroads.

Group B
Alabama Tenn. & Northern_
Atlanta Birmingham az Coast__
-West.RR.of Ala
Atl.& W.P.
Central of Georgia
Columbus az Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Maeon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chita. az St. Louis
d New Orleans-Great Northern_
Tennessee Central

1932.

1931.

243
657
584
3,306
269
350
754
382
1,358
19,484
18,830
134
186
1,872
2,544

231
577
661
3,401
315
300
912
283
1.520
22,054
16,975
142
208
1,888
2,507

244
783
679
4,091
248
464
1,030
551
21.846
22.678
19,882
165
227
2.230
2,865

1933.

140
395
928
2.059
234
263
1,229
287
692
8.481
3.414
226
334
1,387
1.944

1932.

133
413
937
2,001
191
398
1,221
237
662
8,012
3.215
286
276
1.161
1,917

-iili

-2:88

-ill/

-077

-Sal

51,245

52.262

58,552

22.690

21,691

Grand total Southern District

87.039

88,078

103.175

47,024

45.279

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 South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie..
Northern Pacific
Spokane Portland & Seattle_

759
17,766
2,362
18,057
3,569
12,557
972
4,721
302
16,075
521
1,874
5.861
9,894
934

1,242
14.895
2,386
17.951
3,504
2,322
293
3,065
308
10,204
530
1.881
5.092
9,269
1,226

1,544
21.302
3,165
22.287
4.045
10,859
830
3.830
348
15,055
631
2,437
6,581
11,402
1.071

1.656
8.457
2,463
6.271
2,973
85
396
4,107
142
2,234
309
1.305
2.055
2.270
1.177

1.734
8.141
2,235
6.367
2,981.
83
389
3,189
123
2,125
306
1,411
1,543
2,254
1,064

96,227

74.168

105,387

35,900

33.945

21,149
2,890
199
15,662
11,414
2,666
975
3,151
572
918
724
164
18,820
234
310
12,295
413
1,623

21,189
3,179
132
15,761
13,083
2,505
950
2,799
662
1.196
533
149
16,858
235
288
12,770
498
1.376

25,270
3,791
205
19,648
15,310
2.906
1,247
3.917
735
1.554
1,019
127
21,578
310
305
15,838
699
1.616

4.602
1,594
25
6,463
5.625
1,906
1,070
2,132
13
838
237
22
3,171
376
922
7,706
8
2.470

4,408
1,580
18
5.556
5,981
1.934
898
2,154
9
1,075
245
30
2.666
400
882
7,891
9
1,857

94,179

94,163

116.075

39,180

37,593

190
275
150
2,008

123
249
198
1.741

203
230
171
22,137

3,673
261
135
1,230

2.864
236
182
980

2,030
185
1,600
1,199
373
907
198
5,605
15,292
48
*59
8,432
2,213

2,331
172
1,690
1,357
133
682
114
5,336
15,767
40
95
9.793
3,223

2,403
296
1,849
2,277
212
934
111
6,074
17,395
34
79
9,703
2,948

1,430
950
1,609
880
643
212
349
2,718
7,196
21
107
3,272
1,257

1,303
692
1,411
770
406
192
272
2.270
6,750
19
78
3,239
1,195

6:333
3,866
*1,874
17

5:737
3,866
1,917
21

7:337
4,444
2.344
41

2:459
2,981
1,865
28

2:333
2,418
2,187
34

Total

Total
Central Western DistrictAteh. Top. & Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island az Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Linea
b Houston az Brazos Valley
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & Northern Arkansas.
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louts-San Francisco
St. Louis Southwestern
b San Antonio Uvalde & Gulf..
Southern Pacific in Texas & La.
Texas & Pacific
Terminal RR.Assn.of St. Louis
Weatherford Min.Wells & N.W.

Total

29.726
35.794
33,315
61,474
35.816
54,465
44,623
23,588
24,334
Total
53,795
a Estimated. b Included in Gulf Coast Lines. c Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RE.. formerly pert of Pennsylvania RR.and Atlant e City RR.,formerly part of Reading Co. 1931 and 1932 figures Included Pennsylvania System and Reading Co. d Included
in
in Gulf Mobile & Northern RR. e Included in Pennsylvania RR and Reading Co figures. * Figures of previous week

Moody's Daily Index of Staple Commodity Prices Continues Uncertain Trend.
The week in review saw a continuation of the uncertain

trend which has characterized raw commodity prices since
the July break. A sizable rally on Wednesday was followed
by sharp declines on the following two days. Moody's
Daily Index of Staple Commodity Prices closed the week
at 128.7, compared with 131.5 the previous week, and is
now not far from the lowest levels reached since July 18.
Eight of the fifteen commodities included in the Index
showed net declines for the week, three showed gains and four
were unchanged. Corn, wheat, cotton, and hides registered
the most important losses, with silk, cocoa, scrap steel and
sugar also weak, while hogs were the only commodity to
show an important gain, rubber and silver closing only
slightly higher. Copper, lead, wool tops and coffee were
unchanged. The movement of the Index number during
the week, with comparisons, is as follows:
Fri.
Sept. 29
Sat.
Sept. 30
Mon. Oct. 2
Tues, Oct. 3
Wed. Oct. 4
Thurs. Oct. 5
Fri.
Oct. 6




131.512 Weeks Ago, Sept. 22
131.3 Month Ago, Sept. 6
131.51Year Ago,
Oct. 6
131.011932jHigh, Sept. 6
ILow, Dec. 31
132.21
129.71193311:Ugh, July 18
128.71
ILow, Feb. 4

132.9
129.3
93.7
103.9
79.3
148.9
78.7

New York Federal Reserve Bank's Indexes of Business
Activity-Downward Tendency in First Half of
September.
According to the Federal Reserve Bank of New York,"the
currently available measures of trade and business activity
showed a downward tendency during the first half of September." The Bank states that "the railroad movement of
merchandise and miscellaneous freight increased by less
than the usual seasonal proportions, and electric power output did not show the customary expansion. In addition,"
says the Bank,"reports from department stores in the Metropolitan area of New York indicate that retail trade during
the first half of the month did not hold the gain which
occurred in August." The Bank, in its Oct. 1 "Monthly Review," in presenting its "Indexes of Business Activity," continues:
For the month of August declines occurred in many of this Bank's seasonally adjusted indexes that reflect general business activity and the movement of goods to manufacturers and merchants. Indexes of railway freight
traffic, foreign trade, and the volume of check payments were lower in
August than in July. On the other hand, retail trade was above the previous
month's level; the dollar value of department store sales for the country
as a whole increased 6% over July after seasonal adjustment, and although
a part of this increase reflected higher selling prices, some part probably

Financial Chronicle

2520

was due to an increase in the volume of goods sold. Increases were shown
also in this Bank's indexes of advertising, grocery chain store sales, and
sales of life insurance, but declines, after allowance for seasonal movements,
occurred in sales of mail order houses and chain stores other than grocery
chains.
(Adjusted for seasonal variations, for usual year to year growth,
and where necessary for price changes.)
1933.

1932.
Aug.

June

July

Aug.

Primary Distribution
Car loadings, merchandise and miscellaneous.r__
Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade

51?
43
40
51
33
87

58r
55
47
64
55
100

60r
83
56
75
59
112

Mr
62
479
71p

Distribution to Consumer
Department store sales, 2nd District
Chain grocery sales
Other chain store sales
Mall order house sales
Advertising
Gasoline consumption_r
Passenger automobile registrations

69
73
71
64
54
76?
27

71
60
75
65
54
81?
47

72
58
77
66
53
69r
50p

74
61
75
64
57

Bank debits, outside of New York City

60
60
77
135
229
76
87
60
140
29
99
.52r

62
58
78
82
310
67
69
66
76
19
85
47r

67
64
90
75
375
69
729
72
70
17
83

61
50
80
60
126
74
729
75
71
20

eneral price leve.•
;omposite index of wages*

132
179
139

128
173
128

132
176p
132

132
177p
133

General Business Activity
Bank debits, New York City
Velocity of bank deposits, outside of N. Y. City_
Velocity of bank deposits. New York City
Shares sold on N. Y. Stock Exchange
Life insurance paid for
Electric power
Employment in the United States
Business failures
Building contracts
gew corporations formed in N. Y. State
Beal estate transfers_r

'Ina* nf Ihrinv

109p

49P

y Preliminary. r Revised. • 1913 averag101.1.

Decrease Reported in Wholesale Commodity Prices
During Week Ended Sept. 30 by U. S. Department
of Labor.
The index number of who'esale commodity prices of the
Buteau of Labor Statistics of the U. S. Department of Labor
showed a remotion during the week ended Sept. 30 and
dropped by more than A of 1% from the week prey ous. The
Bureau announced Oct. 4 that its index of the general level
of wholesa'e prices stood at 71.1 as compared with 71.5 for
the week ended Sept. 23. As compared with an index of
59.6, the low of the year reached during the week of March 4,
the present index is higher by more than 19%. The Bureau
further announced:
Radical declines in the wholesale prices of farm products and manufactured foods are responsible for most of the decrease during the past week.
Farm products fell by more than 2% and processed foods dropped 15i %.
Weakening prices in grains, live cattle, cotton, fresh fruits and vegetables,
and foods in general account for the slump in these groups.
Strengthening prices of lumber, cement, and plumbing and heating
supplies caused the grout) of building materials to advance by more than
1%. Housefurnishing goods and metals and metal products also registered
advances during the week. The chemicals and drugs and miscellaneous
groups of commodities showed no change in average prices. A downward
tendency in average prices was recorded during the week for the groups of
hides and leather products, textile products, and fuel and lighting materials.
Of the 10 major groups of related commodities which comprise the 784
separate price series, weighted according to their relative importance and
based on average prices for the year 1926 as 100.0, 5 groups showed a
decrease, 2 no change and 3 an increase as compared with the preceding
week.
The accompanying statement shows the index numbers of groups of
commodities for each of the five weeks endel Sept. 30 1933.
WEEKS OF SEPT. 2,
INDEX NUMBERS OF WHOLESALE PRICES FOR
9, 16, 23 AND 30 1933(1926=100).
Week Ended
Sept. 16. Sept. 23. Sept. 30.

Sept. 2.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities

Sept. 9.

57.1
65.3
92.9
74.2
67.2
81.4
81.0
72.2
77.0
65.2

58.6
65.0
92.8
73.9
67.6
81.7
81.4
72.3
78.6
64.9

55.9
85.1
92.0
75.5
72.5
81.7
82.0
72.1
78.7
64.8

59.3
65.9
92.0
76.4
72.8
18.8
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

69.7

69.7

70.5

71.5

71.1

"Annalist" Weekly Wholesale Price Index Gained
Slightly in Week Ended Oct. 3.
The "Annalist" weekly index of who!esale commodity
prices shows a slight gain of 0.1 point to 106.1 on Oct. 3,
from 106.0 (revised) Sept. 26. Continuing, the "Annalist"
said:
Lower farm and food products prices were offset by gains in textile
products, fuel, metal and building material prices. Uncertainty over the
Administration's plans regarding inflation and the raising of agricultural
prices had an unsettling effect on farm products prices. Hog prices,
however, showed a further advance, as a result of the Government's hog
purchases. Crude petroleum prices have again been advanced; gasoline
prices, however, are unchanged. Because of a drop in the dollar, the
index of a gold basis declined to 68.1, a new low, from 69.4. The dollar
Belgium
on the basis of quotations on France, Switzerland, Holland and
declined 1.3 points to 64.2.




Oct. 7 1933

THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal variation. 1913=100.
Oct. 3 1933. Sept. 26 1933. Oct. 4 1932.
89.6
104.8
a127.3
148.1
108.6
109.8
97.0
85.2

Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
All commodities on gold basis_ b
• Revised. a Preliminary. b Based
Switzerland, Holland and Belgium.

*90.3
105.6
•124.1
145.8
105.2
109.3
97.0
85.2

75.6
98.2
77.9
130.7
97.3
106.0
95.3
81.4

108.1
68.1

•1013.0
69.4

93.1
----

on

exchange

quotations for

France,

Decrease of 0.1 of 1% Reported by U. S. Department of
Labor in Retail Food Prices in United States from
Aug. 29 to Sept. 12.

A decline in the prices of 15 of the 42 food items covered
by the Bureau of Labor Statistics of the U. S. Department
of Labor checked the rise of the retail food index during the
two weeks ending Sept. 12, according to an announcement
made Sept. 29 by the Bureau of Labor Statistics. Following
the sharp advance between June 15 and July 15, and a less
marked advance between July 15 and Aug. 15, retail prices
showed very little change in the two weeks' period from
Aug. 15 to Aug. 29. From Aug. 29 to Sept. 12 the general
level of retail prices fell 0.1 of 1% for the country as a whole.
The weighted index numbers of the Bureau, which uses the
average prices for the year 1913 as 100.0, were 107.0 for
Sept. 12, 107.1 for Aug. 29, 106.7 for Aug. 15, 104.8 for
July 15, and 96.7 for June 15. The announcement further
said:
As compared with September 1932, with an index of 100.3, retail food
prices have risen by 8.7% within the 12 months. The increase since the
low point of the year (April), when the index was 90.4, was more than 18%
and the general level is higher than the 1913 average by 7%. These prices
are based upon reports to the Bureau of Labor Statistics from retail dealers
in 51 cities.
Changes in Retail Prices of Food by Cities.
Decreases in food prices between Aug. 29 and Sept. 12 took place in 27 of
the 51 cities reporting to the Bureau. Cincinnati, Ohio,showed the greatest
decrease with a drop of 2%%. Chicago and Peoria each showed a decrease
of more than 2%. Decreases in other cities reached from 0.1 of 1% for
Portland, Me., to 1.8% in St. Louis. Denver showed the greatest rise in
retail food prices for the two weeks' period by advancing nearly 2%%.
Los Angeles showed a 2% rise with smaller increases taking place in 18 other
cities ranging down to 0.1 of 1% for Seattle. Washington, D. C., showed
an advance of 0.6 of 1%. Louisville, Ky., and Minneapolis showed no
change in the level of food prices. The following table shows the percent of
change in each of the cities covered by the Bureau during the two weeks'
period:
-1.1 Indianapolis
Atlanta
+0.3 Jacksonville
Baltimore
-0.7 Kamm City
Birmingham
-1.3 Little Rock
Boston
-0.2 Los Angeles
Bridgeport
+0.6 Louisville
Buffalo
+0.4 Manchester, N. H.
Butte
Charleston, S. C__ _ +0.6 Memphis
-2.1 Milwaukee
Chicago
-2.5 Minneapolis
Cincinnati
-1.0 Mobile
Cleveland
-0.2 Newark
Columbus
+0.8 New Haven
Dallas
+2.4 New Orleans
Denver
-0.3 New York
Detroit
-0.6 Norfolk
Fall River
-0.4 Omaha
Houston

-1.1
+1.2
-0.9
+0.1
+2.1
0.0
x
+0.3
-0.4
0.0
+0.7
-1.0
-1.4
+1.7
+0.1
+1.0
-1.2

Peoria
Philadelphia
Pittsburgh
Portland, Me
Portland, Ore
Providence
Richmond
Rochester
St. Louis
St. Paul
Salt Lake City
San Francisco
Savannah
Scranton
Seattle
Springfield, Ill
Washington

-2.0
+0.9
-0.4
-0.1
-0.8
-1.0
+1.5
-1.8
-0.2
-1.6

+0.6
+0.9
-0.1
+0.1
-1.3
+0.6

x No comparison made.

As compared with prices In September 1932, 50 of the 51 cities covered
showed an increase in retail food prices. Norfolk, Va., which has consistently averaged lower than the corresponding months of the year previous
is the only city which showed a decline with prices in that city dropping
by 1.2%. Detroit. where food prices rose by 15.6% within the 12 months,
showed the largest increase. Prices in Louisville were 14.2% higher than in
September 1932. The smallest increase reported to the Bureau occurred in
Butte, Mont., where food prices have risen by only 0.1 of 1%. In Washing-month period was 5%. Chanegs over the
ton, D. C.. the increase n the 12
-month period in the cities covered by the Bureau are as follows:
12
Atlanta

Baltimore
Birmingham
Boston
Bridgeport
Buffalo
Butte
Charleston, S. C
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston

+10.2
+6.9 Indianapolis
+4.5 Jacksonville
+6.4
+4.7 Kansas CRY
+7.1
+5.7
+6.4 Little Rock
+10.4
+5.8 1.08 Angeles
+14.2
+8.0 Louisville
+0.1 Manchester, N. H__ +5.7
+5.8
+3.8 Memphis
+7.5
+1.1 Milwaukee
+6.4
+8.5 Minneapolis
+7.4
+10.7 Mobile
+1.2
+11.8 Newark
+5.1
+9.8 New Haven
+6.6
+8.5 New Orleans
+2.9
+15.6 New York
-1.2
+5.8 Norfolk
+5.5
+7.4 Omaha

Peoria
Philadelphia
Pittsburgh
Portland, Me
Portland, Ore
Providence
Richmond
Rochester
St. Louis
St. Paul
Salt Lake City
San Francisco
Savannah
Scranton
Seattle
Springfield, ill
Washington

+7.3

+6.3
5.4
$4 3
0.4
+6.6

+7.6
+9.0
+10.1
+7.6
+6.6
+4.5
+7.3
+7.2
+6.6
+8.9
+5.0

Changes in Food Prices by Commodities.
The average retail price of 15 of the 45 commodities covered by the Bureau
showed a decrease between Aug. 29 and Sept. 12. Of the remaining articles,
19 showed increases and 11 no change in average prices. The largest increase occurred in egg prices, which advanced by 11%. Other items showing
a 2% or more increase were corn meal, navy beans, canned tomatoes,
sirloin steak, pork chops, rice, canned corn, and canned peas. Important
items showing no change in the two periods were butter, flour, sugar,
vegetable lard substitute, and canned pears. Among items decreasing 2%
or more were sliced bacon, sliced ham, lard, onions, potatoes, and cabbage,
the average price of the latter dropping 10%.
Among the 42 articles of food covered by the Bureau on Sept. 12 only hens
and coffee have net shown an increase since the low point of the present

Volume 137

Financial Chronicle

year. The average prices of the remaining 40 commodities show the followin;increases over thelow point reached during the earlier months: Rib roast.
1%; chuck roast, plate beef, vegetable lard substitute and raisins, 3%:
tea, 4%;lamb, 5%; corn flakes and pork and beans. 6%; wheat cereal and
canned peas. 7%; round steak, macaroni and canned corn. 8%; sirloin
steak. 9%; fresh milk, 10%;sliced bacon, canned salmon, margarine, and
bananas, 11%; cheese, 12%; butter and oranges, 13%;sliced ham, canned
tomatoes and sugar, 14%; prunes. 15%; rolled oats and rice, 16%; corn
meal. 18%;evaporated milk, 19%; bread, 20%;cabbage, 24%;lard, 25%;
pork chops, 32%; onions, 50%; fresh eggs and navy beans, 54%; flour.
69%; and potatoes, 107%.

Customary Upswing in Business Looked for After
Labor Day not up to Expectations Says National
City Bank of New York—Inability of Public to
Pay Higher Retail Prices Viewed as Chief Uncertainty in NRA Program—Increase in Labor
Disputes Disturbing.
In its October bulletin the observation is made by the
National City Bank of New York that "the upswing in business that is usually looked for after Labor Day has fallen
short of hopes thus far, and measured against the normal
seasonal movement September has been the second month of
reaction from the peak of the recovery." The bank goes on
to say:

Operations in a number of industries have slackened as compared with
August. Steel ingot production dropped back to 41% of capacity, compared
with 39 the peak in July, before a check to the decline appeared. Railway
carloadings show less than the usual seasonal increase, and the same is true
of the production of coal, which had been speeded up during the summer in
anticipation of strikes and price advances, and the output of electricity,
especially for industrial use. All these are good measures of general business, their activity reflecting conditions in varied lines.
The automobile industry made an exceptionally good showing in August
by turning out more cars than in July, and has done well in September also.
However, seasonal contraction in sales was overdue, and is now forcing some
curtailment. In textiles, and likewise in the tire industry and others making
articles of everyday use, a falling off in operations has been inevitable.
Textile production during May, June and July, according to calculations
by the "Textile World," was 10% above the 1919 boom level and 25%
above the average of 1924-1931. Rubber consumption also broke records.
Naturally the consumer demand, in the present state of purchasing power,
will not support production levels higher than ever before reached. These
industries have had to curtail accordingly, though as a group they continue
at a high rate, supplying the bulk of current business. The primary textile
markets have had a moderate fall pickup, sufficient to support current
operations, and the situation in wool goods particularly continues strung.
Retail trade has slowed down. Beginning with May, retail sales had run
ahead of the 1932 figures by a constantly increasing percentage, until in
August department store sales in dollars were 16% larger than one year
previous. This increase was greater than the price rise, signifying a larger
movement of merchandise. After Labor Day, however, reports turned less
satisfactory, with sales slumping in many sections of the country. In New
York City, during the first half of September, department store sales were
6%% below 1932, and as prices were probably 15% higher the volume of
goods moved was obviously much smaller. Subsequent reports have been
better, indicating that unfavorable weather and other temporary factors
accounted partly for the decline. Nevertheless the figures for the month,
especially as related to the volume of merchandise sold, are unquestionably
disappointing, and business sentiment has been unfavorably affected.

According to the bank, "business men recognize that
ability of the public to pay higher prices at retail, as
higher wholesale prices and increased costs of retailing
passed on to the consumer, is the chief uncertainty in
NRA program." The bank adds:

the
the
are
the

If purchasing power fails to keep pace with the advance in prices the
warning signs will quickly appear in the retail sales figures. There is also
some fear that consumers, mho have been on notice that prices are going up,
are laying in supplies for future use, and accordingly may buy less later on
when the real test of higher prices comes.
A factor in the rise is that retailers' markup must be increased to absorb
their higher costs under the code, and also to offset reduction or elimination
of display and advertising allowances, and quantity and cash discounts,
where required by manufacturers' codes. This should be remembered in
case the price advances required by these new conditions bring out charges
of profiteering, which are a familiar accompaniment of rising costs of living.
There is abundant evidence that retailers are endeavoring to move all the
goods they can, which requires them to keep prices as low as they can, and,
in fact, competition assures that they will do so. Nevertheless, retail prices
must bear the burden of higher raw material prices, of the processing taxes
(in the case of the farm products affected), of the increased costs of each
manufacturer and distributor in the chain between the farmer and the
retailer, and finally of the increased retailing costs themselves. This is a
formidable burden, all of which the consumer must bear, for the argument
that there is a margin out of'which any substantial part of these costs can be
met is not supported by the earnings reports of the industries or businesses
concerned. As for the possibilities of reducing costs other than wages, the
competition during the depression has doubtless operated in that direction
more powerfully than any new influence that can be brought to bear.
Retail food prices have risen in about the same degree as general merchandise, i.e., 19% from the low point. The cost of living in August, as calculated by the National Industrial Conference Board, was 7.6% higher than
in April.
Causes of Uncertainty.
From the slackening of trade and industry the inference is drawn that
business men are assuming more of a waiting attitude than heretofore, and
will continue cautious until there has been a longer test of the price increases
and the outlook is clearer in other respects. The inducements to buy ahead
In the primary markets and at wholesale have gradually lost some of their
force, and since the markets have ceased to move only one way the uncertainties in the economic situation have impressed themselves more strongly
upon the public mind. The increase in labor disputes is disturbing. The
failure of the heavy industries to recover commensurately with those making
consumer goods is arousing greater concern. The question of how producers
can increase their capital expenditures, which are necessary to sustain the
heavy Industries, while there is no market in which they can obtain new




2521

capital, is still to be satisfactorily answered. The disparities between
prices, and principally the fact that prices of farm products and other raw
materials have stood still or declined for many weeks while retail prices
have advanced rapidly, represent an unbalanced condition which is a threat
against the resumption of the upward movement.

Summary of Business Conditions in the United States
by Federal Reserve Board—Decline in Industrial
Production Following Rise in Previous Months—
Employment and Wages Gained in August.
The Federal Reserve Board states that the general level of
industrial production declined in August and the early part
of September, reflecting reductions in activity of industries
in which there had been a rapid rise in previous months.
Employment and wage payments were larger in August than
in July. The Board, in indicating this in its summary of
business conditions in the United States (issued Sept. 24),

further reported:
Production and Employment.
The Federal Reserve Board's seasonally adjusted index of industrial production, which had been rising rapidly for several months, declined from
100% of the 1923-1925 average in July to 92% in August. The principal
decreases were in the primary textile industries, in flour milling, and in
output of steel ingots, which declined from 59% of capacity in July to
49% in August. Average daily output of automobiles declined somewhat
from the level of July. There were increases during the month in production
of petroleum, non-ferrous metals, and cigarettes; and output of lumber and
coal increased seasonally.
During September, reports indicate further reductions in output of steel
and flour; petroleum production slackened under new restrictions, and output of lumber decreased.
Increases in employment between the middle of July and the middle of
August, the latest date for which figures are available, were general in most
lines of industry, and there were numerous increases in wage rates and reductions in working hours. Compared with the low point of last spring there
has been an estimated increase of 2,200,000 in number of industrial wage
workers.
Value of construction contracts awarded, as reported to the F. W. Dodge
Corp., increased in August owing to awards for public works, particularly
highways and bridges; contracts for other types of construction were in
smaller volume than in July.
An increase of $1,000,000,000 in gross income of farmers for the year
1933 is indicated by estimates of the United States Department of Agriculture, primarily as a result of higher prices for certain farm products, notwithstanding small crops of grains, hay and potatoes.
Distribution.
Sales by department stores increased in August, and the Board's index,
which is adjusted for seasonal variations, advanced from 71 to 75% of the
1923-1925 average, the highest level since the spring of 1932. The recent
Increase in dollar sales reflects to a large extent advancing prices.
The volume of freight shipped by rail declined slightly during August,
on an average daily basis, although an increase is usual at this time of year.
Commodity Prices.
The general average of wholesale commodity prices fluctuated within a
narrow range during August and early September at a level about 17% above
the low point of last spring. Prices of individual commodities showed divergent movements, decreases being reported for prices of domestic agricultural
products while prices of many manufactured goods, of coal, petroleum, and
other industrial raw materials increased. During the second and third weeks
of September prices of commodities in organized markets advanced considerably.
Retail prices of food continued to advance.
Foreign Exchange.
In the foreign exchange markets the value of the dollar in terms of the
French franc declined from 75% of its gold parity on Aug. 15 to 65% on
Sept. 22.
Bank Credit.
At member banks in 90 leading cities there was a growth of $200,000,000
in net demand deposits in the four weeks ended Sept. 13, following a decline
of $800,000,000 between the middle of June and the middle of August.
More than half of the recent increase reflected a return of bankers' balances
to New York City banks. The banks gradually reduced their holdings of
United States Government securities following an increase in the week
ended Aug. 16, when a new issue of Treasury bonds was sold, and on Sept. 13
their holdings were in about the same volume as in early August. There
was some increase in commercial loans both at member banks in New York
City and in other leading cities.
Member bank balances at the Reserve banks continued to increase during
August and the first three weeks of September, and excess reserves of member banks reached $700,000,000. This increase reflected primarily additional
purchases of Government securities by the Federal Reserve banks, which
have averaged $85,000,000 a week since Aug. 16. Money in circulation,
which usually increases at this season, has shown little change in the past
month, indicating a continued return from hoards. Money rates in the open
market showed a renewed decline during August and the first half of
September.

Weekly Production of Electricity Higher.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended Sept. 30 1933 was 1,652,811,000 kwh., an increase of 10.2% over the corresponding
period last year when output totaled 1,499,459,000 kwh.
A gain of 9.9% was registered during the preceding week.
The current figure also compares with 1,638,757,000 kwh.
produced during the week ended Sept. 23 1933, 1,663,212,000 kwh.in the week ended Sept. 16 and 1,582,742,000 kwh.
in the week ended Sept.9 1933.
In some of the sections of the country comparisons with
last year were more favorable than in the previous week.

2522

Financial Chronicle

A gain of 8% was reported in the -New England region as
compared with 8.6% in the preceding week, an increase of
5.7% was shown in the Middle Atlantic region as against
4.7%, the Central Industrial area was up 12.7% as compared
with 13.5%, the West Central region was 3% higher as
against 3.5%, the Southern States region 15.8% as against
11.7%, the Rocky Mountain region 29.4% as compared with
28% and the Pacific Coast region was up 1.9% as against
1.3% in the week ended Sept. 23 1933.
The Institute's statement follows:
PER CENT. CHANGES.
Major Geographic
Divisions.

Week Ended
Week Ended
Week Ended
Week Ended
Sept. 30 1933. Sept. 23 1933. Sept. 16 1933. Sept. 9 1933.

New England
Middle Atlantic
Central Industrial.__
Southern States
Pacific Coast
West Central
Rocky Mountain

+8.0
+5.7
+12.7
+15.8
+1.9
+3.0
+29.4

+8 6
+4.7
+13.5
+11.7
+1.3
+3.5
+28.0

+9.5
+9.3
+17.9
+10.7
+1 2
+6.9
+27.6

+10.7
+7.7
+16.2
+8.4
+2.6
+3.7
+26.7

Total United States_

+10.2

+9.9

+12.7

+11.1

Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
Week ofMay 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept.30
Oct. 7

1933.

Week of-

1932.

Week of
-

1,435.707.000May 7 L42902,000 May 9
1,468.035,000May 14 1,436,928.000 May 16
1,483.090.000May 21 1,435,731.000 May 23
1,493,923,000May 28 1,425,151.000 May 30
1.461.488,000June 4 1,381.452,000 June 6
1,541,713.000June 11 1,435,471,000 June 13
1,578,101,000June 18 1,441,532.000 June 20
1,598,136,0C0June 25 1,440,541,000 June 27
1,655,843,000July 2 1,456,961,000 July 4
1,538,500.000July 9 1,341,730,000 July 11
1,648,339,000July 16 1,415,704.000 July 18
1,654,424,000July 23 1.433.990.000 July 25
1,661,504,000July 30
000 Aug. 1
.
1,650,013.000Aug. 6 1,426,986,000 Aug. 8
1,627.339,000Aug. 13 1,415,122,000 Aug. 15
1,650.205,000Aug. 20 1,431,910.000 Aug. 22
1,630,394,000Aug. 27 1,436,440,000 Aug. 29
1,637,317.000Sept. 3 1,464,700,000 Sept. 5
1.582,742,000Sept. 10 x1.423,977,000 Sept 12
1,663,212,000Sept. 17 1.476,442.000 Sept. 19
1,638.757.000Sept.24 1,490,863.000 Sept. 26
1,652.811,0000ct. 1 1,499,459,000 Oct. 3
Oct. 8 1,506,219,000 Oct. 10

1933
Over
1932.

1931.

1,637,296.000
1,654,303,000
1,644,783,000
1,601,833.000
1,593,662,000
1,621,451.000
1,609.931.000
1,634.935,000
1,607,238,000
1,603,713,000
1.644.638,000
1,650,545,000
1,644,089,000
1,642,858.000
1,629.011,000
1,643,229,000
1,637,533.000
1,635,623,000
1,582.267.000
1,662,660,000
1,660.204 000
1,645,587.000
1,653.369,000

0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
1.5.4%
15.6%
15.0%
15.2%
13.5%
11.8%
111%
12 7%
9.0%
10.2%

Corrected figure.
DATA FOR RECENT MONTHS.

Month of-

1933.

1932.

1931.

January __
February__ _
March
April
May
June
July
August
September_ _
October. _
November
December_

6,480,897,000
5,835,263.000
6,182,281,000
6,024.855,000
6.532,686.000
6,809,440.000
7,058,600,000

7,011.736,000
6,494,091,000
6,771,684,000
6.294,302,000
6.219.554,000
6,130,077.000
6.112,175.000
6,310.667,000
6,317,733.000
6,633,865,000
6,507,804.000
6,638.424,000

7,435,782,000
6,678.915,000
7.370,687.000
7,184,514.000
7,180,210,000
7.070,729,001,
7,286.576,000
7,166,086,000
7,099,421.000
7,331,380.000
6,971,644.00
7,288,025,000

l'intra

1933
Under
1932.

1930.

8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000 8.7%
7,416,191,000 4.3%
7,494,807.000 85.0%
7.239.697,000 al1.1%
7,363,730,000 a15.5%
7,391,196,000
7,337,106,000
7.718,787,000
7,270.112,000
7.566,601,000

77 442.112.nno R(1.0(13.9119.0110 89.467.090.600

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%.

Electric Output in August Shows a Gain of 13% Over
Last Year.
According to the Department of the intericr, Geological
Survey, production of electricity for public use in the United
States amounted in August 1933 to 7,645,569,000 kwh., as
compared with 7,466,387,000 kwh. in the previous month
and 6,764,166,000 kwh. in the corresponding period in 1932.
Of the figure for August of the current year, 4,758,713,000
kwh. were produced by fuels and 2,886,856,000 kwh. by
water power. The Survey's report follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT HOURS).

Total by Water Power and Fuels.

Division.

June.

July.

August.

513.031,000 519,210,000 553,227.000
New England
1.884,677,000 1,934.481,000 1,991,729.000
Middle Atlantic__
East North Central_ 1,581,257,000 1.644,827.000 1,671.647,000
West North Central_ 480,955.000 474,185,000 468.662,000
831.710.000 836,101,000 859.252.000
South Atlantic
East South Central_ 341,449,000 323,300,000 342,584.000
West South Central_ 377,632,000 395,664,000 392,210,000
235,904,000 261,640,000 270,503,000
Mountain
984,442,000 1,076,979,000 1,095,755,000
Pacific
Total for U.S

Change in Output
from Previous Year.
July.

Angust.

+25%
+11%
+21%
- 1%
+28%
+14%
+10%
+22%
+ 4%

+23%
+ 9%
+19%
+ 2%
+25%
+11%
+ 4%
+21%
+ 7%

7,231.057.000 7.466,387.000 7.645,569.000 +14%

+13%

The average daily production of electricity for public use In August was
246.630.000 kwh.. 2.4% larger than in July. The normal change from
July to August is an increase of 2.6%•
The increased demand for electricity that started In May is apparently
continuing, as the output for August was 13% greater than a year ago.
The daily production of electricity by the use of water power increased In
August, owing to Increased flow in power streams caused by the heavy
precipitation during the month.
Demand for electricity has shown a marked increase since April.




Oct. 7 1933

TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE

1932.a

1933.

1933
Under
1932.

Kilowatt Hours Kilowatt Hours
January ____ 7.567,081,000 6,932,499,000
8%
February ___ 7,023,473,000 6,245,704,000 68%
March
7,323,020,000 6,673,536,000
9%
5%
April
6,790,119,000 6,461,657,000
May
6,659,750,000 6,999,646,000 c5%
June
6,562,547,000 7,231,057,000 c10%
July
6,545,995,000 7,466,387,000 c14%
August
6,764,166,000 7.645,569,000 c13%
September
6,752,091,000
October
7,073,149,000
November_
6,952,085,000
December
7,148,606,000
Total

____

83,153,02.000

Produced by
Water Power.

1932
Under
1931.

1932.

5%
135%
7%
11%
13%
13%
16%
11%
10%
9°
,
6%
8%

41%
42%
42%
46%
45%
41%
41%
38%
36%
38%
41%
39%

9.4%

1933.
43%
42%
45%
48%
49%
42%
38%
38%
----

41%

a Revised. b Based on average daily production. c Increase over 1932.
Coal Stocks and Consumption.
At the end of August the coal-burning plants reported a total of 5.975.738
tons of coal on hand. Of this amount, 4.710,361 tons was bituminous
coal (Including lignite). and 1.265,377 tons was anthracite.
Consumption of both anthracite and bituminous coal increased in August.
In comparison with the previous month, anthracite consumption Increased
5.2% while consumption of bituminous advanced 3.4%. The total consumption of both anthracite and bituminous coal during the month
amounted to 2.876.675 tons.
At the rate of consumption prevailing in August, the stock of bituminous
coal on Sept. 1 were sufficient to last 53 days and the stocks of anthracite
were equivalent to 293 days' requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10.000 kwh. or more per month, engaged in generating
electricity for public use, Including central stations, both commercial and
municipal, electric railway plants. plants operated by steam railroads generating electricity for traction. Bureau of Reclamation plants, public works
plants, and that part of the output of manufacturing plants which is sold.
The output of central stations, electric railway and public works plants
represents about 98% of the total of all types of plants. The output as
published by the Edison Electric Institute and the "Electrical World"
Includes the output of central stations only. Reports are received from
plants representing over 95% of the total capacity. The output of those
plants which do not submit reports Is estimated: therefore, the figures of
output and fuel consumption as reported in the accompanying tables are
on a 100% basis.
[The Coal Division, Bureau o. Mines, Department of Commerce, Cooperates In the preparation of these reports.]

September Mercantile Failures Drop to Lowest Total
in Years.
The number of business failures in the United States in
September and the losses involved, as indicated by the
total of liabilities recorded, was the lowest of any month in
a great many years. The number shown by the records of
Dun & Bradstreet, Inc. was 1,116, owing $21,846,906 of
indebtedness. The decline since the beginning of the year
has been almost uniformly constant. This is customarily
the case. The past year, however, it has been very marked,
particularly in the past three months, and it was especially
noteworthy for September.
In August this year there were 1,472 business defaults
for $42,776,049. For September the reduction in the
number,compared with the preceding month, was equivalent
to 24.2%, while the decline in liabilities was 48.9%. A year
ago for September, insolvencies enumerated were 2,182,
involving $56,127,634 in liabilities. September failures this
year were below those of 1932 by 49.0% and liabilities in
that month this year were 61.1% less than they were a
year ago.
The monthly and quarterly figures, showing the number
and the amount of liabilities, are contrasted below:
MONTHLY AND QUARTERLY FAILURE FIGURES.
Number.

LlabltitLeo.

1933,
September
August
July
3d quarter_ - June
May
April
2d quarter_ _ _ _
March
February
January
1st quarter_ _ _ _

1932.

1931.

1,116
1,472
1,421

2,182
2,796
2,596

1,936
1,944
1,983

$21,846,906 $56,127.634 $47,255,650
42,776,049 77,031,212 53,025,132
27,481,103 87,189,639 60,997,853

4,009

7,574

5,863

$92,104,058 5220,348,485 $161,278,635

1,648
1,909
1,921

2.688
2,788
2,816

1,993
2,248
2,383

$35,344,909 $76,931,452 $51,655,648
47,971,573 83,763,521 53,371,212
51,097,384 101,068,693 50,868,135

5,478

8,292

6,624 $134,413,866 8261,763.666 $155,894,995

1,948
2,378
2,919

2,951
2.732
3,458

2,604
2,563
3,316

7,245

9,141

8,483 8193,176,882 $275,520,622 $214,602,374

1933.

1932.

1931.

$48,500,212 $93,760,311 $60,386,550
65,576,068 84.900,106 59,607.612
79,100,602 96,860,205 94,608,212

The decline in the falure returns for each geographical
division of the country has been very large, and this applies
especially to the number of business defaults in September,
as well as to the amount of liabilities. Perhaps the West
shows the largest reduction. For the Chicago Federal
Reserve District, the number of failures in September this
year was less than one-half of those reported a year ago,
while the liabilities for that District were approximately
about one-quarter of the amount shown last year.
There were some other districts in which the decline was
fully one-half. These include the Philadelphia District,

Financial Chronicle

Volume 137

Richmond and Atlanta and St. Louis and Dallas Districts.
All of the other six Federal Reserve Districts reported fewer
failures this year, though the reduction is not so large.
The Boston and New York Districts show quite a decline,
as well as Cleveland, Minneapolis, Kansas City and San
Francisco Districts. For all of them the amounts involved
are very much less this year.
FAILURES BY FEDERAL RESERVE DISTRICTS FOR SEPTEMBER.
Number.

Liabilities.

District.
1933.
Boston (1)
New York (2)._
Philadelphia (3).
Cleveland (4)....
Richmond (5).-Atlanta(6)
Chicago (7)
St. Louis (3).-Minneapolis(9)._
KansasCity (10).
Dallas (11)
San Francisco(12)

1932.

1931.

122
268
45
116
72
39
136
47
43
71
17
140

194
417
117
220
150
125
338
95
84
122
65
255

143
355
113
165
102
111
315
102
53
128
93
276

1,116

2,182

1,936

1933.

1932.

31,682,528
5,591,652
922,942
2,330,897
1,644.076
611,687
4,862,858
858,537
460,749
730,876
538,021
1,814,083

34.407,385
14,919,996
4,581,618
4.618,541
2,638,430
2,068,750
12,082,303
1,427,874
1,052,247
1,484,370
1,237,934
5,608,186

1931.
$2,183,270
7,293,419
2,694,239
4,313,896
2,740,714
1,591,880
7,500,601
2,621,575
1,857,512
3,324,257
2,229,515
8,904,772

2523

Of the 29 commodities covered in the forecast, it Is anticipated that 23
will show an increase. They are: Flour, meal and other mill products;
hay, straw and alfalfa; cotton; citrus fruits; potatoes; poultry and dairy
products; coal and coke; ore and concentrates; gravel, sand and stone;
salt; lumber and forest products; petroleum and petroleum products;
sugar, syrup and molasses; iron and steel; machinery and boilers; brick and
clay products; lime and plaster; agricultural implements and vehicles other
than automobiles; automobiles, trucks and parts; fertilizers of all kinds;
paper, paperboard and prepared roofing; chemicals and explosives, and
canned goods which includes all canned food products.
The six commodities for which reductions are estimated are: All grain;
cotton seed and products except oil; fresh fruits other than citrus fruits:
fresh vegetables other than potatoes; live stock, and cement.
Of the commodities for which increases are estimated in the fourth
quarter compared with the same period last year, those showing the largest
increases are: Ores and concentrates, 307.6%; iron and steel, 50.4%;
automobiles, trucks and parts, 49.5%;lumber and forest products. 24.9%;
machinery and boilers, 24.2%; cotton, 23.7%; brick and clay products,
22.5%, and coal and coke. 15.1%•
The estimated carloadings for the fourth quarter of 1933 together with
actual carloadings for the same period in 1932 and the percentage of increase
or decrease for each of the 29 commodities included in the forecast of the
Shippers' Advisory Boards follow:
Carloadinos.

United States_

Estimated Per Cent.

$21.848,908 $56,127,634 $47,255,850
Actual.

Estimated.

Increase.

Decrease.

1932.

1933.

%

%

Commodity.

Freight Traffic of United States Railroads in July
Increased 38.8% Over Same Month of 1932, Measured in Ton Miles.
The volume of freight traffic handled by the Class I
railroads in July, measured in net ton miles, showed an
increase of 38.8% above the same month in 1932, according to reports just received by the Bureau of Railway
Economics and made public Sept. 20.
Freight traffic in July amounted to 26,459,634,000 net
ton miles, compared with 19,065,342,000 net ton miles in
July 1932, or an increase of 7,394,292,000 net ton miles.
Compared with the same month in 1931, however, the volume of freight traffic in July this year was a reduction of
3,815,947,000 net ton miles, or 12.6%.
In the Eastern District the volume of freight traffic
handled in July was an increase of 45.8% compared with
the same month in 1932, while the Southern District reported an increase of 43%, and the Western District an
increase of 28%.
Freight traffic handled by the Class I railroads in the
first seven months of 1933 amounted to 150,189,406,000
net ton miles, an increase of 3,162,529,000 net ton miles
or 2.2% over the corresponding period in 1932, and a reduction of 54,430,086,000 net ton miles or 26.6% under the
corresponding period in 1931.
Railroads in the Eastern District for the seven months'
period in 1933 reported an increase of 2.7% in the volume of
freight traffic handled compared with the same period in
1932, while the Southern District reported an increase of
5.2%. The Western District reported an increase of
three-tenths of 1%.
Estimate of Freight Car Loadings for Fourth Quarter
of 1933 Places Them 15% Above Actual Loadings in
Fourth Quarter 1932
-Expected to Be 4,920,561
Cars as Compared with 4,290,050 Actual Loading
Last Year.
Freight car loadings in the fourth quarter of 1933 will
be nearly 15% above actual loadings in the same quarter
of 1932, according to estimates just compiled by the 13
Shippers' Regional Advisory Boards and made public Oct. 2
by the American Railway Association.
On the basis of these estimates, freight car loadings of the
29 principal commodities which constitute over 90% of the
total carload traffic will be 4,920,561 ears in the fourth
quarter of 1933, compared with 4,290,050 actual loading
for the same commodities in the corresponding period last
year. The estimates also contained the fillowing:
Every one of the 13 Shippers' Regional Advisory Boards, which Include
approximately 20,000 shippers throughout the United States, reported an
increase in the estimated carloadings for the fourth quarter of this year
compared with the same period in 1932.
The tabulation below shows the total loading for each district for the
fourth quarter of 1932, the estimated loadings for the fourth quarter of
1933, and the percentage of Increase:

Shippers' Advisory BoardAllegheny
Atlantic States
Central West
Great Lakes
Mid-West
New England
Northwest
Ohio Valley
Pacific Coast
Pacific Northwest
Southeast
Southwest
-Kansas
Trans-Missouri
Total




Actual Loadings.
1932.

Estimated Loadings. Per Cent.
1933,
Increase.

540,588
508.459
201,701
210,518
642,673
100,664
178.534
615.331
153,706
124,889
396,938
353,448
262,601

705,448
561,716
212,279
287,353
698.231
105,783
233,924
711,323
173,251
147,533
438,913
380,463
264,344

30.5
10.5
5.2
36.5
8.6
5.1
31.0
15.6
12.7
18.1
10.6
7.6
.7

4.290.050

4.920.561

14.7

203,784
Grain, all
205,025
Flour, meal & other mill products
27,204
Hay,straw and alfalfa
109,000
Cotton
44,516
Cotton seed & products,except oil
27,075
Citrus fruits
83,758
Other fresh fruits
40,500
Potatoes
49,422
Other fresh vegetables
252,565
Live stock
30.043
Poultry and dairy products
1,799,325
Coal and coke
52,059
Ore and concentrates
232,098
Gravel, sand and stone
25,414
Salt
229,862
Lumber and forest products
413,634
Petroleum & petroleum products_
36,008
Sugar, syrup and molasses
131.642
Iron and steel
13,397
Machinery and boilers
Cement
66,297
29,848
Brick and clay products
Lime and plaster
17,886
Agricultural Implemls & vehicles
3,045
other than automobiles
Automobiles, trucks and parts
35,560
26,977
Fertilizers, all kinds
Paper. paper board & prepared
57,009
roofing
15,329
Chemicals and explosives
Canned goods-all canned food
products (Includes catsup,Jams,
jellies, olives, pickles, preserves,&c.)
31.770
Total

4.290.050

185,8128.8
214,228
-1
.5
1.4
27,592
134,812
23.7
42,804
-IS
-113
30,672
77.9087.0
41,358
2.1
Ili
43,430
__-_
4.3
241,667-- (3..i
31,895
2,071,073
15.1
212,213
307.8
-3.0
...239,055
4.9
__26,657
24.9
287,156
4.6
432,714
11.7
40,233
197,965
50.4
__16,634
24.2
-7.1
81,800
__36,547
-2275
-13.7
. 20,341
3,568
53,176
30,397

17.2
49.5
12.7

65,607
17,933

15.1
17.0

35,514

11.8

4.920.561

14.7

_-

----

Decrease of 1.8% Reported by National Industrial
Conference Board in Purchasing Power of Individual Wage Earner During August.
The purchasing power of the individual industrial wage
earner, as measured by average real weekly earnings, declined 1.8% in August, according to the data of monthly
changes in wages and cost of living compiled by the National
Industrial Conference Board. The total purchasing power
of the industrial wage-earning population increased in
August, the Board said, because of an increase of 8.6% in
the number of employed workers, but the purchasing power
of the individual wage earner diminished because of the rise
in living costs. While average actual weekly earnings increased slightly, 0.5%, the cost of living rose in greater
degree, 2.3%. The net result was a loss of 1.8% in purchasing power for the individual worker. Under date of
Oct. 5 the Board added:
In the first three months of the business upturn that began in April the
trend of real wages, or individual purchasing power, was upward. Average
real weekly earnings increased 6.2% in April, 7.8% in May and 9.6% in
June, the percentage increase in each case being measured from the level
of the preceding month. The cost of living started to rise in May and
continued upward in June, the increase in each month, however, being
less than 1%.
Meanwhile, the National Industrial Recovery Act, one of the main
objectives of which Is to build purchasing power by raising wage levels and
spreading employment, became effective June 16. although the first code
was not approved till one month later, July 16. The President's reemployment agreement was launched July 27.
In July the advance of real wages, or Individual purchasing power, was
checked. Average real weekly wages remained practically stationary in
July, registering a negligible increase of 0.2%. The cost of living rose
3.2% in July. In the next month, August, the upward trend of real wages
was reversed, and for the first time since March the Conference Board
figures showed a decline in average real weekly earnings.
Briefly, what has happened to individual earnings and purchasing power
of industrial workers is this: Living costs, rising steadily, have overtaken
and passed weekly earnings in the upward movement of wages and prices.
the rise of weekly earnings having been checked by reduction of working
hours. As a result, average real weekly earnings have declined. The
average industrial wage earner was worse off in August than in July. so
far as the purchasing power of the contents of his weekly pay envelope
was concerned.

Farm Price Index of United States Department of
Agriculture Lower on Sept. 15 When Compared
with Aug. 15
-Higher than Sept. 15 1932.
The index of prices of farm products on Sept. 15 was
-70,
compared with 72 on Aug. 15, with 76 on July 15, with_49

2524

Financial Chronicle

at the low point last February, and 59 on Sept. 15 a year
ago, reported the Bureau of Agricultural Economics, of the
U. S. Department of Agriculture, under date of Sept. 29.
•
The Bureau further said:
The index of prices paid by farmers for the articles they buy was 116 on
Sept. 15, compared with 112 on Aug. 15, with 107 on July 15 and with 106
on Sept. 15 a year ago.
The decline in prices offarm products during the past month was selective
and seasonal in part, and due chiefly to a lowering of prices on fruits.
vegetables, and grains.
Farmers' purchasing power, measured by the ratio of prices received to
prices paid, was 61 on Sept. 15 compared with 64 on Aug. 15. A year ago,
on Sept. 15, the purchasing power figure was 56 compared with 49, in
February, the low point this year.
Prices received by farmers for dairy and poultry products advanced
seasonally from Aug. 15 to Sept. 15, and prices of oats, barley, rye, flax.
calves, and wool improved slightly; but these advances were more than
offset in the index by sharp declines in prices of potatoes, sweet-potatoes,
and cottonseed and further reductions in local market prices of wheat, corn.
hogs, cattle, sheep, lambs, chickens, horses and apples. Cotton and hay
prices were unchanged.
Prices of fruits and vegetables were down 19 points in the index; grains
were down 3 points; cott3n and cottonseed down 2 points; meat animals
down 1; dairy products up 4 points and chickens and eggs up 10 points.
Compared with Sept. 15 a year ago, the price of grains was up 37 points in
the inde c; fruits and vegetables were up 33 points; cotton and cottonseed
up 12 points; dairy products up 9 points; meat animals down 5 points,
and chickens and eggs down 7 points.
Hogs were bringing farmers an average of $3.73 per 100 pounds on
•
Sept. 15, or five cents a hundred less than a year ago.The price reduction
under Aug. 15 this year is attributed to continued heavy marketing's and
large storage accumulations of pork and pork products. The farm price of
corn was down about 5% from Aug. 15 to Sept. 15, due to heavy commercial
sto:ks, relatively poor feeding demand, and a slight improvement in crop
prospects. sass the bureau.
Wheat prices to farmers went down to 71.1 cents a bushel from Aug. 15
to Sept. 15. Relatively high potato prices brought out heavy shipments
during the month, and there was a slight improvement in crop prospects.
The price went down to 100.8 cents per bushel as of Sept. 15, but this
compared with only 38 cents a bushel a year ago.
Egg prices went up about 23% from Aug. 15 to Sept. 15 as contrasted
with an average seasonal advance of about 15% during this period in the
last five years. The increase is attributed to a slightly more than usual
production decrease, and the reduction of storage holdings to near-average
proportions.

William Green Estimates 815,000 Returned to Work
in August—A. F. of L. Head Sees Unemployment
Cut by 2,800,000 Since March—Finds 11,001,000
Still Idle and Warns of Great Need for Relief
This Winter.
An estimate that 815,000 persons had returned to work in
the United States in August was made on Sept. 27 by William
Green, President of the American Federation of Labor.
Mr. Green added that 2,800,000 have gone back to work since
March and that unemployment has been reduced by 20%
since its peak in that month. The number of unemployed
in August was estimated at 11,001,000, compared with
13,689,000 in March. Mr. Green warned in his statement
however, that relief needs were more intense and were likely
to continue so during the coming winter because results of
four years of unemployment are now being experienced.•
Mr. Green said:
The President's re-employment program in its first month brought greater
progress in employment than in any month since the depression. Reports
of the Labor Department show that in the 17 industries covered by their
figures, 750.000 persons went back to work from July 15 to Aug. 15, and
when other industries are added to this total, the Federation estimate
shows that in all 815,000 men and women went back to work in the month
of August.
Trade union reports for the first part of September indicate that the
re-employment program is still going forward. They show a larger employment gain in September than in August, the largest gain, in fact for any
month since March 1933, except June.
In September 22.6% of the membership were out of work, compared
with 23.7% in August, 24.1% in July and 26.6% in March. The gains
were chiefly in full-time work, for part-time work did not increase. Of
our 24 cities, 20 reported a gain in employment.
Only one of the trade groups—theatres—reported an increase in unemployment, and there were substantial gains of employment also in
building, metal trades, manufacturing, service, street transportation, water
transportation and railroads.
Unemployment has been reduced by 20% since its peak in March.
The largest gain was in factory employment, where more than 1,500,000
went back to work; re-employment in other Industries was: wholesale and
retail trade 300.000. building 200,000, railroads 100,000, farms 100,000,
service 35.000. mines 27,000. others 500.000.

In stressing the growing need of unemployment relief,
Mr. Green said that the number of families on relief rolls
in principal cities in August was 85 to 90% above August
1932. He added:
The desperate condition of our unemployed families is cumulative.
We are now feeling the results of four years of unemployment. If two or
three million are better off by having jobs, eleven million are worse off from
their long struggle for existence; their resources are exhausted,and hundreds
are weekly applying to the public relief offices for the first time.
Relief needs this winter will be greater than ever before. Three and a
half million families were on the public relief rolls In August,and this number
may increaso to 4,500.000 before the winter is over. Care for those who
are without resources is our first duty, and every American citizen with
spark of human sympathy will stand firmly behind National and State
relief programs this winter, even when they mean higher taxes.

The following is the Federation's estimate of the total
number unemployed each month this year:




1933.
January
February
March
April
May
June
July
August
September
•Preliminary.

Oct. 7 1933
Total Unemployment
Estimate of Total
Number Unemployed in
the United States.
13,100,000
13,294,000
13,689.000
13,256,000
12,896.000
12,204,000
11,781.000
.11,001,000

Trade Union Unemployment.
Per Cent of Membership
Un'yrd.(Wtd.)

Part Time.

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

Evidence of World Recovery Reported to League of
Nations—Industrial Production Up 70% in United
States Since July 1932—Year's Gain in France
was 22%, with Advance of 18% in Germany and
Japan and 11% in Canada—World Trade Decline
Arrested.

World-wide gains in industrial production, commerce and
employment were reported to the League of Nations on
Oct. 2 by Alexander Loveday, Director of the League's
Financial Section, in a survey submitted to the second
economic commission of the League Assembly at Geneva.
Mr. Loveday found an increase of 70% in the volume of
industrial production in the United States in July as compared with July 1932, and an advance during the same
period of 22% in France, 18% in Germany and Japan, and
11% in Canada. He cited the calculation of a scientific
institute in Germany that between June 1932 and July
1933 the growth of industrial production of the world as a
whole, excluding the Soviet Union, has risen by over 30%.
Further details of his report are given below, as contained
in Geneva advices of Oct. 2 to the New York "Times":
"The rapid contraction of international trade would appear to have
been checked, at any rate for the moment," said Mr. Loveday. "The
monthly trade returns for July 1933, of 49 countries representing ninetenths of world trade shotv that the value of such trade, calculated in good
currencies, is greater than during the corresponding month of the preceding
year, a statement which could not be made of any earlier month since
the beginning of the depression."
World Exports Rose 10%.
The value of world exports, he continued, rose by as much as 10%
between April and July this year. The greatest increase was in the exports
of countries producing materials and crude foodstuffs.
Mr. Loveday warned there would probably be some seasonal slumps
during the winter, and he stressed the importance of recognizing this
as "perfectly normal."
The International Labor Office, in its quarterly unemployment statistics
covering July. August and September, issued to-day, said that "for the
first time since the beginning of the economic depression" they showed
improvement. Compared with a year ago and with seasonal movements
eliminated, there was "a substantial diminution in the number of unemployed recorded, particularly in Australia, Belgium, Canada, Chile.
Denmark, France, Germany, Great Britain, Ireland, Italy, Portugal and
Rumania."
The United States' employment index, the report said, showed in July
"a considerable improvement" which seems since to have been accentuated.
Unemployment increased only in Austria, Bulgaria, Czechoslovakia and
Yugoslavia. Figures compiled on different bases in Holland, Sweden and
Switzerland showed contradictory tendencies, and "in France employment
statistics apparently give the lie to the improvement indicated by unemployment statistics."
Comparing September 1932, with last month, the reports show unemployment dropped in Great Britain from 2,946,808 to 2.458,744, in
Germany from 5,233.810 to 4,127.584, and in France from 298,479 to
265.902 and rose in Austria from 269,179 to 291,224.
Comparing August 1932, with August 1933, unemployment fell in Italy
from 931.291 to 824.195 and in Poland from 218,059 to 215,017 and rose
in Czechoslovakia from 460.952 to 621,000.

Strike Situation Improves in Metropolitan New York
Area—NRA Committee Mediates Successfully in
Many Walkouts Including Strikes of 10,000 Truck
Drivers, 5,000 Toy Workers and 1,200 Bushelmen.
The labor situation in the New York City area quieted
to an appreciable extent this week, so far as strikes were
concerned. A great part of the improvement was the result
of mediation by the city National Recovery Administration
Committee, which successfully ended a strike of 5,000
bakery drivers and 5,000 furniture drivers, who returned
to work on Oct. 3 on conditions demanded by the Teamsters
Union after they had been out one day. On Sept. 30 the
local NRA Mediation Committee settled a five-weeks' strike
of 5,000 toy and doll workers, which had involved an estimated loss of $1,500,000 to that industry. Two additional
strikes were settled by the committee on Oct. 4. A walkout
of 500 flour truckmen and their helpers was settled by
arbitration, with the strikers gaining a five-day week for
48 hours, with the maintenance of present wage scales.
Representatives of 1,200 bushelmen working in the city's
retail clothing stores also came to an agreement with their
employers, after a walkout which began on Oct. 3. This
agreement involved a wage scale of $42 for a 40-hour week,
compared with a previous scale of $40 for a 44-hour week.
Terms of settlement of the toy strike were described as
follows in the New York "Times" of Oct. 1:

•

Volume 137

Financial Chronicle

The settlement provides for recognition of the union. a 10% increase in
wages to take effect immediately, limitation to eight hours a week of over-hour week.
time work to be paid for at the rate of time and a half, a 40
elimination in principle of home work and establishment of an adjustment
board immediately to be composed of three representatives of the employers
and three representatives of the union. Work is to begin immediately on
a permanent wage scale to be effective Jan. 1 1934.
In the settlement the employers acted through the Toy and Plaything
Industry of the U. S. A.. Inc., while the workers negotiated through the
Toy and Doll Workers Union, Local 18,230, an affiliate of the Ameircan
Federation of Labor.

In the settlement of the strike of furniture truck drivers,
the employees won their demand of a five-day, 44-hour week,
with retention of the present wage scale. The wage provisions were noted as follows in the "Journal of Commerce"
on Oct. 3:
They will be paid $47.50 a week and their helpers will receive $42.50.
Polishers will get $52.50 a week and clerks will receive $42.50. The demand that clerks be restricted to clerical work and must not do any of the
trucking was won. Pay for overtime will be at the rate of pay and onehalf, with such extra work limited to six hours weekly.

Late this week the NRA Committee was mediating a
strike of 2,500 window cleaners, members of the Window
Cleaners Union. The workers demand a 40-hour week, a
wage scale of $40 and recognition of the union.
Increase in Factory Employment Continued Through
August According to Wells Fargo Bank & Union
Trust Co. of San Francisco.
The upswing in California factory employment, which
began in June, accelerated sharply in August as the result
of expansion in virtually all branches of industry, according
to the "Business Outlook" published monthly by the Wells
Fargo Bank & Union Trust Co. of San Francisco, which
also noted:
As compared with the preceding month, August employment increased
21%, July 7%, and June 4.2%. The July-August increase of 21% compares with the usual seasonal increase of 8%. As compared with a year
ago, August employment was 15% greater and total payroll was 7.7%
higher.
Further broadening in employment is anticipated if and when the
Eighteenth Amendment is repealed. It is reported that many long-idle
wineries will reopen this year, that some new plants will start and that
some of the larger plants have substantially increased their capacities.
The quantity of wine under bond in California on July I was relatively
small-22,243,394 gallons, of which 60% was light table wine and 40%
the heavier, sweet type. In the ten years, 1909-1918, world consumption
of California wine averaged 38,500,000 gallons annually.

Exports Index of United States Department of
Agriculture Shows Drop During August as Compared with July—Is Still Above Year Ago.
The index of exports of agricultural commodities stood at
66 for August, compared with 80 in July, and with 64 in
August a year ago, according to the Bureau of Agricultural
Economics, U. S. Department of Agriculture. Heavy
exports of cotton and a drastic reduction in exports of wheat
and flour were outstanding features in August, the Bureau
said on Oct. 2, continuing:
Farm

Exports of cotton normally fall off at this season of the year. but heavy
buying by Japan and the United Kingdom raised the August index to 79,
the highest in more than two decades. But the index of exports of wheat
and flour was only 20 as compared with 65 in August a year ago.
The index for exports of fruits was 208, and represented a gain over the
four preceding months. The fruit index is the same as a year ago. Other
August exports index figures are: animal products, 56 against 50 in August
last year; dairy products and eggs, 59 against 81 last year; grains and grain
products, 22 compared with 64 last year; unmanufactured tobacco. 75
against 74; hams and bacon, 33 against 18; and lard, 90 against 89.

The Bureau says that excluding cotton, the composite
exports index figure in August was 50, or the third smallest
monthly index during the period covered by the Bureau's
study, started in 1909.
New England Industry Continuing at High Levels
According to National Shawmut Bank of Boston—
Textile Industry Especially Active.
In its current "Summary of New England Business" the
National Shawmut Bank of Boston reports that despite the
slight reduction in productive activity during August the
rates of operation in New England remain at high levels.
This higher rate of production in New England than in
other sections of the country, the bank states, reflects the
impetus given to industries producing consumers' goods by
the anticipation and realization of the NRA program. The
textile industry of New England was especially benefited
by the elimination of low cost competition by mills in other
sections of the country. The bank further reported:
The first phase of the NRA program in New England during August
was reflected in gains in employment, payrolls, department store sales
and in the volume of building contracts. The rise in department store
sales in Now England indicated substantial improvement in the distribution
of goods to the ultimate consumer. The trend of commodity prices since
August has been upward. A sharp increase in building contracts during
August was mainly the result of projects for water supply systems in
Connecticut, although increases are also reported in contracts awarded
for residential and non-residential construction throughout New England.




2525

Industrial Activity Declined Moderately During August
from July in Boston Federal Reserve District—
Was Higher Than in Any Month Since Late 1931
Except July 1933,
The Federal Reserve Bank of Boston stated that "the
upward course of industrial activity in New England, which
rose sharply in May, June, and July, was halted during
August, and a moderate decline from the July level occurred.
When allowances for usual seasonal changes had been made,
however," the Bank continued, "aggregate industrial
activity in the New England District during August was
higher than in any month since the latter part of 1931, with
the exception of July 1933." In its "Monthly Review" of
Oct. 1 the Bank further said:
According to the Massachusetts Department of Labor and Industries,
there was an increase of about 6% in employment and a gain of 8% in
aggregate payrolls between July and August in manufacturing establishments in Massachusetts. In comparison with August 1932, a gain of more
than 29% occurred in the number of persons employed in manufacturing
Plants in Massachusetts, while payrolls in these plants had increased over
40%. Increases in employment and payrolls were also reported in Rhode
Island and Connecticut.
The building industry in this District became More active in August, with
the total value of new construction contracts awarded larger than in any
month since late in 1931. The largest part of the increased awards occurred
in the public works and utilities group, with little change in residential and
commercial and industrial construction between July and August. The
volume (square feet) of residential contracts awarded in New England
about
during August was 31% of the 1923-24-25 average, as compared with
14% in April and 17% in May.
August declined
Activity in the textile industry in New England during
amount of
from the level of July, with moderate decreases recorded in the
but the amount
raw cotton consumed and the volume of wool used in mills,
1932. Retail trade in
in each case was considerably greater than in August
substantially
several New England textile centers is reported to have gained
corresponding
during the first part of September in comparison with the
result of increased
period a year ago; this Increase may have been a direct
aggregate payrolls in manufacturing establishments during August.
New England, which had been mainProduction of boots and shoes in
from
tained at an unusually high level during the three-months' period
equal to
May through July, decreased in August to a level approximately
of 1933 shoe
that of August a year ago. During the first eight months
period
Production in this District exceeded that during the corresponding
in 1932 by about 10%•
Retail trade in New England reporting stores during August was 16%
establishments
higher than in August 1932. The sales volume of these retail
the corresponding
during the first six months of 1933 was 18% lower than in
eight months of the
period in 1932. The cumulative sales for the first
current year to about 13% below that period of last year.

Decrease Noted in Industrial Production in Philadelphia Federal Reserve District in August and
Early September by Philadelphia Federal Reserve
Bank—Unusual Increase Reported in Retail Trade
Sales During August—Wh,olesale Trade Declined.
According to the Oct. 2 "Business Review" of the Federal
Reserve Bank of Philadelphia, "industrial production in the
Third (Philadelphia) District declined in August and in the
first part of September, following an exceptional rise for
four months ending in July." We quote further from the
"Review" as follows:
considerably
General employment and payrolls, on the contrary, have risen
decreases in worksince July, reflecting largely increases in wage rates and
real estate activity,
ing hours under the industrial codes. Building and
relative to other
while showing some improvement, continued at low levels
years.
showed an unusual increase
Retail trade sales, after a sharp drop in July,
the rate of gain
in August and continued fairly active in September, though
Wholesale
as compared with the previous month has not been as rapid.
September.
business, on the other hand, declined in August but increased in
by larger
Stocks of goods at retail and wholesale establishments increased
advanced
than the usual amount. Both retail and wholesale prices have
further.
Manufacturing.
early
The demand for manufactured goods has fallen off somewhat since
the
August. While there have been gains in sales of individual products,
total volume has been smaller than in the previous month; the comparison
with last year, however, continues quite favorable. Prices quoted by local
manufacturers have continued to rise steadily, and at present they are at an
appreciably higher level than they were last year. Collections have held
well and show increases over a year ago.
Unfilled orders for factory products have declined in the month, but have
remained larger than a year ago. Stocks of finished goods held by reporting
factories show some reduction during the month and generally are smaller
than they were last year. There also has been a decrease in stocks of raw
.
materials after increasing for several months.
Factory employment and payrolls in this District increased considerably
from July to August, continuing the upward trend which began in April.
In Pennsylvania, for instance, there was an additional gain of 7% in the
number of wage earners, according to reports from 68 manufacturing industries which in August employed over 376,000 workers. . This was the largest
monthly increase this year, involving an addition of almost 60,000 to the
working forces. In the five months following March, which was a record
low month, the number of factory wage earners in this State increased
approximately 150,000, so that in August the estimated number of wage
earners in all manufacturing was about 760,000 as compared with the average of 610,000 in March.
The increase in payrolls from July to August amounted to almost 17%,
which was the largest gain thus far this year, and as compared with the
same period in the past nine years. Between March and August factory
payrolls increased 63%. These unusual increases in employment and payrolls during August reflect partly the readjustment of wage rates and working hours under the industrial codes which were adopted by manufacturers
in that month.

2526

Financial Chronicle

Total employee-hours worked in August, as measured by three-fourths of
the current reports, showed a gain of 4% over July, indicating a further
expansion in productive activity. The level of operation rose steadily for
five months, and in August was 59% higher than in March in point of total
employee-hours actually worked by wage earners.
Incomplete reports for September indicate that there was a further increase in employment and payrolls, but a marked decrease in employee-hours
worked in Pennsylvania factories. It is stated that probably a large part of
the increase in employment and payrolls reflected further readjustments
under the industrial codes, while the declines in operating time were due
largely to slackened activity in the textile, and iron and steel industries.
This Bank's index of factory output, which is adjusted for the number of
working days and the usual seasonal change, dropped from 74.2 in July to
71.5 in August, a decline of almost 4%. Most of the manufacturing groups
reported recessions, particularly since the middle of August. In several
lines production has been greatly hampered by strikes and lockouts. The
trend, which had been upward for four consecutive months, has thus been
interrupted in the past few weeks.
Compared with a year ago, the August index of output was 25% higher,
the largest gains occurring in metal products, building materials, chemicals
and related products, textile and leather products. Activity in transportation equipment and foods alone showed declines. In the first eight months
of this year as compared with last year, aggregate production showed a gain
of over 3%, most of which occurred between April and July. The sharpest
Increases took place in the output of metal, textile and leather products.
Most of the individual lines shared in the gain since March. As indicated
by the accompanying chart (this we omit.—Ed.), the increase in the output
of durable or capital goods, which are generally used as means of production, amounted to 78%, while production of consumers' goods rose 26%
between March and August. The chart also shows clearly that the drop in
the output of capital goods since early 1930 was very much more drastic
than the decline in consumers' goods.
Consumption of raw materials and semi-manufactured goods has fallen off
in the past few weeks. The use of electric power in industries also declined
almost 8%, when allowance is made for the number of working days and
seasonal variation. Sales of electricity to municipalities for lighting and to
street cars and railroads for power show gains over July. The adjusted
index of total output of electricity increased 3%; compared with a year
ago, it continued 9% higher.

With regard to distribution in the Third District, the
"Review" noted:
Retail trade activity in this District lately has increased further. Sales
in August were 14% larger than in July, indicating an improvement of 5%
when compared with the usual seasonal increase. This improvement was
due to exceptional gains in the sales of department and women's apparel
stores. Increases at men's apparel and credit stores were less than usual,
while decreases in the shoe business were larger than was to be normally
expected.
The August index of dollar sales rose to 61% of the 1923-1925 average
volume. It was 15% higher than a year ago, all reporting lines sharing in
this gain with the exception of men's apparel in Philadelphia. In the first
eight months this year, total sales were still 12% smaller than in the same
period last year. This unfavorable comparison is due partly to industrial
conditions and partly to lower prices prevailing in the early months of this
year. Since April, however, retail prices have advanced from 15 to 20%,
both in the case of general merchandise and of foods, so that in August and
September they were higher than a year ago. This change naturally is
reflected in current sales since they are measured in dollars.
Stocks of merchandise in retail establishments were increased further by
9% from July to August, all lines except men's apparel stores adding more
than usual to their inventories. Compared with a year ago, stocks were
larger at department and women's apparel stores, while men's apparel,
shoe and credit stores had smaller inventories. The rate of stock turnover
was 4% higher this year than last, reflecting an improvement in business
conditions in recent months. Collections declined seasonally, but they were
12% more prompt than a year ago.
Wholesale and jobbing,trade has been fairly active, as it usually is in
September. Sales in August failed to measure up to the usual seasonal
change, so that the adjusted index number, which is based on reports from
eight lines, decreased 3% from July.
Exceptionally large gains occurred in the sale of shoes and jewelry, but
these were more than offset by declines in such lines as drugs, dry goods
and electrical supplies. In comparison with a year ago, however, the dollar
sales were 29% larger, all lines except drugs reporting substantial gains.
Wholesale business in the first eight months this year also was 3% above
that in the same period last year, reflecting partly the influence of advancing
prices.
Inventories in warehouses rose 7% from July to August; this increase
was about 5% greater than usual. Compared with a year ago, however,
stocks remained almost 10% smaller. The rate of stock turnover has been
17% higher this year than last. Collections in August were at a more rapid
rate than in the previous month, and the rate was 13% higher than a
year ago.
The shipment of commodities by railroad freight fell off in August,
after a steady increase in the earlier months. Gains in the loadings of
coal, livestock and ore were more than wiped out by declines in the movement of other commodities; but total loadings were 36% larger than a
year ago. Transportation by motor freight showed further increases in
August, but since that month there has been considerable interruption resulting from labor difficulties.
Sales of new passenger automobiles in August were well maintained for
the District as a whole, and they increased in eastern Pennsylvania. The
drop in the number of cars sold was much smaller than usual, so that there
was an improvement of about 3% during the month. About 73% more
cars were sold in August this year than last. Ordinary life insurance sold
showed but a small drop from July, so that, when allowance is made for
the seasonal change, there was an improvement of nearly 13%.

Most Lines of Industrial Operations in Cleveland
Federal Reserve District Declined During Late
August and Early September—Employment and
Payrolls Reported Higher—Sales of Department
Stores Increased—Conditions in Tire and Rubber
Industry.
The Federal Reserve Bank of Cleveland, in its "Monthly
Business Review" of Oct. 1, stated that "an increase in consumer buying, but a contraction in most lines of industrial




Oct. 7 1933

operation was apparent in the Fourth (Cleveland) District
and other parts of the country in the latter part of August;
a falling-off in both was evident in early September." The
Bank added:
The Federal Reserve Board's index of industrial production, after correcting for seasonal fluctuations, dropped from 100 in July to 92% of the 19231925 average in August, while the adjusted retail trade index for the entire
country rose from 68 to 71% of this same average.
Of the important industries, the most pronounced decline occurred in steel
Ingot production as buying was sharply curtailed. Although the drop in
Fourth District steel centers was substantial, the fact that the automobile
industry continued to specify for materials in fairly satisfactory volume
maintained local plant operations at a level somewhat above the average for
the entire country. In fact, slight increases in steel operations were shown
for Cleveland and Youngstown in late September as specifications against
contracts which expire Oct. 31 were increased.
In view of the drop in industrial activity, the increase in employment
and payrolls in August was somewhat of a paradox. In the Fourth District,
employment gains averaging 10% in industrial centers and of over 5% in
the entire section were reported between July 15 and mid-August. Payroll
figures are not available, but the sharp increase in retail buying in the
period suggested considerable improvement in this field.
Department store sales in leading cities of the Fourth District had a 40%
larger dollar volume in August than a year ago, and, while part of the
gain was due to higher prices, these advances were insignificant in comparison with the sharp upturn in sales. Although usually there is an increase in
sales from July to August, the expansion in the past month was much
more than seasonal, and the adjusted index rose from 64 to 72.6% of the
1923-1925 monthly average. Value of stocks also increased more than seasonally, but the gain was largely due to higher prices.
Coal production increased more than seasonally in August, the improvement from the same month last year being 77% at mines in this District.
Although a moderate slackening occurred in early September, the later
weeks of the month showed that output was still much higher than in the
preceding year. Tire production in August and early September was down
somewhat from the high levels reported earlier this year, but production
and sales were still materially above last year at this time. Automobile
assembling in August exceeded July and held up quite well in the first
part of September, whioh was of particular benefit to local parts and accessory companies. A moderate improvement in the construction industry and
its allied lines were reported in August, due entirely, however ,to increased
public works and utility building.
Crop prospects improved in many localities as a result of more normal
weather conditions, but yields of principal crops are still reported much
below the 10-year average. Prices of goods farmers buy have advanced
recently at a faster rate than agricultural prices and the improvement in
farm purchasing power reported earlier this year has been partially canceled.

As to the tire and rubber industry in the Cleveland Federal Reserve District, the Bank noted:
The manufacturing end of the rubber industry experienced a falling-off in
sales and production in August and the first part of September, although
both were materially above the levels reported a year ago at this time.
These declines were seasonal to a degree, but in addition, were a reaction
from the high rate of production and buying in May, June and early July.
Improvement from early 1933 is still substantial, and output in July,
according to the Rubber Manufacturing Association figures, which represent about 80% of the industry, was up 58% from a year ago, but was down
slightly from June. Excluding June of this year, production was larger in
July than in any month since May 1930. The sharp gain from last year
is partly accounted for by the fact that output a year ago was unusually
small following the heavy production of June, prior to the enactment of the
Federal tax on tire sales. Shipments in July and August, according to
reports, have held up quite well, and inventories are lower now than at
the beginning of the year.
Employment at 22 rubber factories in this District increased almost 8%
in August from July, a contra-seasonal gain brought about largely through
operations of the NRA and the adoption of a four-shift system of six hours
each. Compared with a year ago, employment in this industry was up 38%,
and the first eight months averaged about 3% better than the same period
of Consumption of crude rubber by manufacturers in the United States was
lg32.
down about 12% in August from July, but, at 44,939 long tons, it was 89.4%
above August 1932. Consumption was only slightly larger than crude rubber
imports in the latest month and domestic stocks of crude rubber on Aug. 31
were estimated at 825,418 long tons. This was slightly lower than a year
ago, but rubber stocks continue unusually large.
In the mechanical goods division of the industry, sales have been increasing for several months, and recently they have been running close to 50%
above the same period of 1932. Footwear sales lagged somewhat in the
first six months of the year, but current orders for fall delivery have been
running heavier.
The trend of finished goods prices has been distinctly upward for some
time, due to the increasing cost of crude rubber and other materials entering
into the manufacture of these products. The recent increases in selling
prices have raised tire prices to the levels prevailing about six months ago.
Costs of raw materials entering into the manufacture of this product have
increased from 75 to 100% in recent months and are very much above last
year. In the third week of September crude rubber was quoted at 7%c. a
pound and cotton was a little better than 10c. One year ago these prices
were about 4c. and 6.6c. a pound, respectively.

In reporting wholesale and retail trade conditions in the
Cleveland District, the Bank said:
Retail.
Increased consumer buying in August was reflected in the reports on
retail trade for this District, and indications that purchasing held up fairly
well in early September have been received. Dollar value of sales at reporting department stores in August was 40% higher than a year ago, the increase from July being considerably more than seasonal. The adjusted
index of sales advanced from 61% in July to 72.6% of the 1923-1925
monthly average in August, and was higher than since December 1931.
Despite the fact that considerable improvement has occurred in recent
months, dollar sales for the first eight months of this year were still 7.1%
under the corresponding interval of 1932.
Not all the gain reported was due to improved buying, for prices in
August, according to the Fairchild retail price index, showed an unusually
sharp increase. The average gain for the month was 8.4%, and this fol.

Volume 137

Financial Chronicle

lowed an increase of 5.2% in July and smaller gains in preceding months,
the total advance from the May 1 low point having been 19%, with a gain
of 12% being shown from Sept. 1 1932. Prices on many individual items
have advanced more than 25% from the low; these include cotton goods,
furniture, hosiery and luggage.
Dollar value of stocks rose about 12% In August from July, and a gain
of 1.4% from last year was shown, the first advance from the preceding
year since 1928. Here again the price increase was a factor, but buyers for
many departments are adding to their stocks.
A greater proptrtion of the total sales reported in August were credit
sales than in July or a year ago, the increases being entirely in instalment
buying. Deferred payment sales represented 9.8% of total sales, whereas
last year they amounted to only 7.1%. Accounts receivable were only
1.3% smaller than a year ago, a rather insignificant change compared with
the large reductions reported in earlier months of this year. Collections
Improved somewhat and the ratio of collections in August to accounts receivable on July 31 was 30.2%, whereas last year it was 26.1%. Payments
on both regular and instalment accounts have increased.
Decided improvement in furniture buying from the unusually low levels
reported last year and earlier months of 1933 has been shown recently by
reports from co-operating firms. August sales were almost double those
reported last year, and the recent gains have been sufficient to cause an
Increase of 7.2% to be shown in sales in the first eight months of 1933
from the same period of 1932. As has been previously pointed out, the improvement in retail buying has been most pronounced in home furnishing
geode, dre., although in August some of the clothing and ready-to-wear
departments of department stores showed very sizable gains from last year.
Wholesale.
A somewhat more-than-seasonal increase in sales of wholesale drugs,
groceries and hardware occurred in this District in August, according to
reports received. All four reporting groups, including dry goods, showed
larger dollar sales in August than in the corresponding month of 1932.
Hardware sales were up 46% from last year, but were still only 57% of
the 1923-1925 monthly average; dry goods sales increased 52% from
August 1932, and amounted to 44% of the three-year average; wholesale
grocery sales were 18% larger in August than a year ago, and they totaled
66% of the 1923-1925 average, and wholesale drug sales were 2.2% greater
than last year, but they totaled 73% of the base period. Price increases
were an important factor in the larger volume, although in general some
retail stocking-up was reported in most lines.

Business Conditions in St. Louis Federal Reserve
District-Slightly Slowing Tendencies Noted, but
Volume Still Considerably Larger Than Year Ago.
"While continuing in considerably larger volume than a
year ago, general business in the Eighth (St. Louis) District
during the past 30 days developed slightly slowing tendencies," stated the Federal Reserve Bank of St. Louis
in its Sept. 29 "Monthly Review" (compiled Sept. 22).
"This was true particularly of the heavy industries," the
Bank said, which continued:
Distribution of commodities made a relatively better showing than
production, and greater activity was noted in retail than in wholesale and
jobbing lines. Of the wholesaling and jobbing lines investigated, drugs
and chemicals, hardware, furniture, and groceries recorded increases In
August sales over both a month and a year earlier. Dry goods and electrical supplies showed a substantial increase over a year ago, but a decrease under the July total this year. Boots and shoes, an important
Industry in this area, recorded a smaller volume of sales in August than
the preceding month and last year. In the case of dry goods and boots
and shoes, the contrary-to-seasonal decrease in sales from July to August
was attributable to the fact that much purchasing which is usually done
in August was accomplished earlier in the year, largely in anticipation of
price advances.
Activities in the iron and steel industry decreased moderately during
the ast half of August, and have receded further since that time. Shipments of pig iron and scrap to meiters in the district during August were
slightly below the July peak, but still about one-fourth larger than in
August 1932. Production of bituminous coal in all fields of the district
was in excess of the August 1932 total, also in considerably larger volume
than in July th s year. Production and shipments of lumber were slightly
under the high rate of the two preceding months. Industrial employment
and payrolls, which had been steadily increasing since the late spring,
Showed no marked change as contrasted with the preceding 30 days, increases in certain lines being offset by defections elsewhere. The movement of seasonal merchandise has been retarded to some extent by the
unseasonably high temperatures prevailing during the first half of September. On the other hand clearance of summer goods has been more
thorough and satisfactory than during the two preceding seasons.
The Sept. 1 report of the U. S. Department of Agriculture tended to
confirm earlier estimates of Eighth District crops. Slightly higher yields
than indicated a month earlier were forecast for corn, oats, hay, tobacco.
Mee. apples and some other less important crops, while the forecast for
cotton and potatoes indicated slightly smaller outputs. Taken as a
whole, the season was unfavorable for feed crops, yields of which are
considerably below average. As contrasted with last year, farm incomes
this season are expected to show a substantial increase, due to higher
market prices for the principal products. Under mainly favorable weather
conditions, harvesting of cotton has made rapid progress, but the movement out of producers' hands is in measurably smaller volume than at the
corresponding period last year.
Gauged by sales of department stores in the principal cities of the district, the volume of retail trade in August was 22% larger than in the
same month last year and 40.2% greater than the July total this year;
for the first eight months this year the volume fell 9.3% below that of
the comparable period in 1932. Combined sales of all wholesaling and
jobbing firms reporting to this Bank were smaller by 4% in August than
a year ago and 22% below the July total this year;for the first eight months
this year the cumulative total was 18% greater than for the same time
in 1932. The dollar value of permits issued for new buildings in the five
largest cities of the district in August was 7% greater than in July and
more than eight times as large as in August 1932; the aggregate for the
first eight months this year was 127% in excess of that for the comparable
period in 1932. Contracts let for construction in the Eighth District In
August were 4% larger than in July and 33.2% less than in August 1932;
cumulative total for the first eight months was 28.9% smaller than for
the corresponding period in 1932. Debits to checking accounts in August
fell 11.6% below July, but were 8.5% greater than in August 1932; the




2527

cumulative total for the first eight months this year was smaller by 20%
than during the same time in 1932.
Freight traffic of railroads operating in this district continued in substantially larger volume than at the corresponding time a year ago and
the decrease in passenger business was less than in preceding months.
A particularly favorable showing was made in the movement of ore, forest
products, coal and coke, and livestock. For the country as a whole.
loadings of revenue freight for the first 35 weeks this year, or to Sept. 2.
totaled 18,885,823 cars, against 18.666,647 cars for the corresponding
period in 1932 and 25,795.595 cars in 1931. The Terminal Railway
Association, which handles interchanges for 28 connecting lines, under
its revised system of records, reported 75,980 loads interchanged in August,
against 79.492 loads in July and 62.130 loads in August 1932. During the
first nine days of September the interchange amounted to 20.824 loads.
against 17,981 loads in the same period in 1932. Passenger traffic of the
reporting lines decreased 1.5% in August as compared with the same
month a year ago. Estimated tonnage of the Federal Barge Line between
St. Louis and New Orleans in August was 113,000 tons, which compares
with 132,893 tons in July and 123,122 tons in August 1932.
The general status of collections in the district during the past 30 days
showed a continuance of the steady improvement which has been in effect
since the late spring. While there is still some irregularity and spottiness.
the average in all lines investigated reflected moderate betterment as
contrasted with the preceding 30 days, and measurable improvement over
the corresponding period a year and two years earlier. Payments to retail
merchants in the winter wheat areas have picked up in noticeable degree
since the marketing of the crop, and there has been considerable liquidation
of loans with banks in these sections. Collections of retailers in the cotton
districts have also showed decided improvement, a considerable part of
the funds paid farmers for crop removal having been used to pay debts.
Wholesalers in the large distributing centres report September settlements
above expectations. Somewhat greater than the usual improvement in
collections was noted by department stores in a number of centres.

Business improvement in Richmond Federal Reserve
District Continued Through August and Early
September
-A Gain in Employment Since NRA
Drive for Re-Employment Began-Less Than
Anticipated.
"The improvementin business which has been in evidence
for the preceding two months continued in August and early
September," according to the Federal Reserve Bank of
Richmond, "but there was a moderate sag in August, much
of which was probably a natural reaction from the rather
high level of July. In spite of the slowing down in some lines,
however, trade and industry were much above the 1932
levels." The Bank, in its "Monthly Review" of Sept. 30,
added:
In spite of the slowing down in some lines, however, trade and industry
were much above the 1932 levels. Rediscounts at the Federal Reserve Bank
of Richmond decreased between the middle of August and the middle of
September, member banks being able to care for seasonal demands for
credit by merchants for discounting fall bills without further assistance from
the Reserve Bank. The circulation of Federal Reserve notes rose as usual
last month with the opening of the crop marketing season. The Reserve
Bank increased its investments in Government securities between Aug. 15
and Sept. 15. Reporting member banks in leading cities moderately increased their commercial loans and also invested further in securities, chiefly
Government obligations. Demand deposits rose between the middle of
August and the middle of September, but time deposits declined by approximately the same amount. Debits to individual accounts figures in five
weeks ended Sept. 13 1933, showed a 10% decrease in comparison with the
preceding five weeks, ended Aug. 9, but made a favorable comparison with
debits for the corresponding five weeks last year, 17 of 23 reporting cities
showing higher figures for the 1933 period. Commercial failure figures for
August were much better than for August 1932 in both number of insolvencies and liabilities involved, and the Fifth District record compared
favorably with that of the nation. The employment situation in the District
is much better than in the first half of this year, and appears to be still
improving. Coal production in August showed a seasonal increase over
July production, and exceeded August 1932 production by a wide margin.
Thetextile industry did not operate quite so actively in August as in July.
but the recession was moderate and the industry still ran far above the level
of August last year. Construction work continues in very small volume, but
there has been some improvement in recent weeks even in this field. Retail
trade in August, as reflected in department store sales, made an excellent
record in the Fifth Reserve District, averaging more than 20% above sales
In August 1932. and wholesale trade also showed marked improvement in
comparison wilt the volume of trade in August last year. Wholesale trade
has improved so much during the past three months that cumulative sales
for the eight elapsed months of this year in groceries, dry goods, shoes and
hardware have passed total sales for the corresponding eight months of
1932. In agriculture, prospects for yields in the Fifth District are good this
year. and much larger money returns to farmers seem assured. Tobarco
markets in the lower section of the District opened in August, with prices
slightly better than those of 1932. The tobacco crop in the Fifth District
is so much larger than last year's crop that even if no further advances are
made in prices the farmers will receive a much larger money return from this
year's sales. The District's cotton crop is about 3% smaller than that
of 1932. but this year's price at the middle of September Is 25% higher than
the price last fall, and cotton farmers will therefore receive more money for
this year's crop. Weather throughout the entire summer was more favorable
for farming operations this year than for several years, taking the District
as a whole, although a severe storm which struck the upper half of the
District on Aug. 22 and 23 damaged some crops quite seriously. On the
whole, the outlook for fall and winter business appears notably better than
It was a year ago.

In reviewing employment conditions the Bank said:
Employment conditions in the Fifth Federal Reserve District have distinctly improved since the NRA drive for re-employment began, but on the
whole the reduction in the number of idle workers is less than some people
anticipated. Merchants on the whole appear to have taken on additional
help, many industrial plants have done the same, and increased demand for
coal has given miners more work, but very little progress has been made in
construction fields. However, even in building there has been sufficient
gain in employment to make it difficult for some relief projects to obtain
building tradesmen at the wages paid on made work. Cities, counties and
States are still spending considerable sums in relief of workers unable to
provide for their needs.

2528

Financial Chronicle

Business Conditions in Kansas City Federal Reserve
District-Improvement Noted in Both Wholesale
and Retail Trade During August as Compared
with July and with August Last Year-Rains
Aided Drouth Conditions.
The Federal Reserve Bank of Kansas City, in reviewing
conditions in the Tenth (Kansas City) District, stated that
"general and generous rains in recent weeks have relieved
the drouth conditions prevailing throughout the Tenth
District." The Bank added that "moisture supplies arrived too late to enhance crop yields materially but improved
pastures and ranges and late feed crops, replenished water
supplies and alleviated a deficiency of soil moisture generally." In its Oct. 1 "Monthly'Review" the Bank further
said:
Wheat seeding, which WM delayed by dry soil, Is now progressing rapidly
under favorable planting conditions. Crop prospects, notably spring
grains, corn, potatoes and fruit are, with few exceptions, the poorest
in years for all States in the District.
Trade at both wholesale and retail improved in August, both as compared to July this year and August last year. The st.asonal gain in wholesale trade over July was somewhat smaller than usual, but the increase
of 38.5% in department store sales was the largrst ever reported. For
the fourth cons.eutive month, wholesale and rt tail salts were larger than
s year ago, increas'ng 13.2 and 21.6%, respectively.
Agricultural commodity prices showed little change during the month.
Most livestock values were off slightly, with sheep the only class to sell
above 1932. Butterfat was lower, eggs higher, and poultry unchanged
for the month, eolling at or below last years levels. All classes of grain,
except wheat, which showed a fractional loss for the month, were somewhat
higher on Aug. 31 than July 31 and closed considerably above a year ago.
Cotton prices showed a loss for the month but a gain for the year. Prices
of commodities farratrs all dropped four points and prices of things they
buy advanced five points between July 15 and Aug. 15, resulting in a
reduction of 10%. or seven points in the exchange value of farm products.
The Department of Agriculture's index of farm prices as of Aug. 15 stood
at 72% of the 1909-1914 average, and the purchasing power of the farm
dollar at 64%,compared to 71% on July 15 this year and 55% as of Aug.
15 1932.
Arrivals of,all classes of grain at primary markets declined abruptly in
August, reflecting short crors and a tendency on the cart of farmers to
hold their grain rather than sell at current prices. Marketings of livestock
were somewhat heavier for the month but, with the exception of horses
and mules, and the rush of hogs, mostly pigs, to market under the Government program, were lighter than a year ago or for several years. The
cattle and hog divls'ons of meat packing establ!shments were more active
In August than is usual at this season.
Flour production declined sharply during the month to unusually low
levels, as was also true of cement. Output of bituminous coal increased
by more than the usual seasonal rate and exceeded the total for August
1932 by 24.4%. Crude oil production made a slight gain as compared
to July and was substantially larger than a year ago. Shipments of zinc
ore and lead ore were considerably heavier in August than In July this
year or August last year. Building activity remains quiet.

Wholesane and retail trade conditions in the District were
reviewed as follows by the Bank:
Retail trade in leading cities throughout the Tenth District, as indicated by dollar sales of 32 department stores, showed an increase of
38.5% over July and of 21.6% over August 1932. The seasonal increase
over July was the largest ever reported by these stores and compares
with a normal increase of about 20%. The comparison with August
of the preceding year is also unusually good and marks the fourth consecutive and largest increase for the month under review over the like
month of the previous year. May, with an increase of 0.8%, was the
first month in four years to show a gain over the previous year and was
followed by increases of 1.8% for June and 6.2% for July, compared
to June and July 1932.
Department store inventories also showed an increase for the month
somewhat larger than usual. Merchandise stocks on hand Aug. 31 were
13.9% larger than on July 31 and with a gain of 0.8% were, for the first
time in five years, larger than on the same date one year earlier.
Composite figures for the reporting stores showed a collection percentage
for August on amounts outstanding July 31 of 32.5%. which compares
with a July figure of 34.2% and an August 1932 figure of 29.7%.
Wholesale trade also improved In August. both as compared to the
preceding month this year and the corresponding month last year. Dollar
sales of five representative lines combined increased 2.9% for the month
and 13.2% for the year. Sales of dry goods were 6.7 and of hardware
2.2% under the July totals, but sales of groceries, furniture and drugs
increased 11.4, 25.4 and 9%. respectively. The five lines showed the
following percentage Increases over August 1932: Dry goods, 4.8; groceries. 12.4: hardware, 26.8: furniture, 60. and drugs, 3.5%.
Inventories of dry goods and furniture as of Aug. 31 were larger, and
of drugs smaller, than one month or one year earlier. Stocks of groceries
and hardware were reported slightly larger than on July 31 1933, and
slightly smaller than on Aug. 31 1932.

New Models Announced by Nash and Studebaker
Corporations,
The Nash Motors Co. is making the first public showing
of its new 1934 line in its exhibit at the Century of Progress,
a Chicago dispatch stated. The new line includes three
new series.ranging in price from $745 for the twin ignition six,
to $1,055 for the 142-inch wheelbase Ambassador 8. The
sixes range in price from $745 to $795, the Advanced Eight
from $1,015 to $1,085, with the Ambassador Eight ranging
from $1,575 to $2,055.
The Studebaker Corp. will introduce new models in three
complete lines at the lowest prices in its history, or approximately $200 below previous models. The new models will
be in the following lines: Dictator, Commander and President. They are streamlined and equipped with a new system of interior ventilation.




Oct. 7 1933

Production of Automobiles During September by
Members of National Automobile Chamber of
Commerce Estimated to Be Below August.
The National Automobile Chamber of Commerce, in its
preliminary estimate of production of motor vehicles by its
members (issued Oct. 3), noted that during September
139,153 units were produced. This preliminary estimate,
based upon the reports of factory shipments of manufacturers belonging to the Chamber, and including the figures
of all but one major producer in the industry, represents an
increase of 190% over September last year and a decrease
of 20% under August 1933. During the first nine months
of this year the output totaled 1,294,582 units, an increase
of 54% over the output for the corresponding period last
year, the Chamber said. The following table was also issued
by the Chamber:
Production by Auto Chamber Members.
September 1933
139,153 Nine months 1933
September 1932
47,897 Nine months 1932
August 1933
173,172

1,294,582
841,552

Rubber Up in London on Control Plans-British and
Dutch Growers Appoint Committees to Work Out
Plan-Colonial Officials Confer.
In a cablegram from London, Oct. 1 to the New York
"Journal of Commeree," it was stated that British rubber
circles again are wagering that rubber resrtictions will be
imposed before the turn of the year. It was noted that the
growing industries of Holland and Great Britain, controlling
more than 90% of annual production, have appointed committees to confer on details, and the plan also has been
discussed, according to reports, between officials of the
governments involved. The cablegram added:
Yesterday the Amsterdam "Telegraaf" stated that as a result of conversations between Mr. Cunliffe-Lister and Mr. Colijn, the Colonial
Ministers, respectively, of Great Britain and Holland, an official statement
outlining the pro ress made thus far on the rubber control plans will be
issued within a week or two. Speculative buying based upon this development has sent the rubber market in London from well below 4d. per pound
to 4 5-32d.
The influential Rubber Growers' Association, embracing the British
producing industry, announced yesterday that a Council of Fourteen had
been appointed as a regulating committee in the present negotiations with
the Dutch.
In the meantime, it is learned that members of the Dutch Rubber Association were coming to London shortly to confer with the regulating Connmittee of the British.

Malaya Governor Warns on Rubber-As Shares Rise
in London, He Says Output Restriction May Not
Come Soon-Dutch Move Held Vital.
From London, Oct. 2, a cabalgram to the New York
"Times" said:
A sharp advance in rubber shares on the London market, resulting from
a change in the attitude of the Dutch, who now regard as practicable a
restriction on native output, was followed to
-night by an implied warning
from Sir Cecil Clement', Governor of the Federated Malay States, in the
Malay Legislative Assembly,
Sir Cecil warned against assuming too readily that an effective restriction
scheme was likely to be agreed upon soon. It is recalled that the Malayan
authorities about two years ago explored the possibility of obtaining international co-operation in restricting production, but had to desist because of
the reluctance of the Dutch to give assurance of effective co-operation.
The changed attitude of the Dutch, however, led the Rubber Growers
Association to appoint a negotiating committee to discuss the subject and
it is held there now is a better basis for discussion than has existed hitherto.

Advices on the same date (Oct. 2) from Singapore said:
Governor Sir Cecil Clement'said to-day,in defining the Malayan Government's rubber policy, that any arrangement for restriction in output must
be comprehensive and include alternatives for rubber raising.
"The Administration adheres to its determination not to initiate proposals, because the main crux is native production in the Dutch East Indies,"
he said. "Therefore, until a solution Is pronounced practicable by the
Dutch. it is premature for Malaya to take action.
"If the Dutch formulate an equitable scheme." he added, "and guarantee
that it will be effective in Dutch territory, then the Malayan Administration would have every desire to co-operate. But it is essential for the scheme
to comprise all producers, Including the French and Belgian. The Malayan
Administration still believes the ultimate solution Is to be found only in
Improved world trade and the invention of new uses for rubber."

Imports of Rubber Products Into Greece Reduced
Due to Domestic Manufacturing of Product.
The development of a rubber manufacturing industry in
Greece in the last five years has resulted in increased imports
into that country of crude rubber and a sharp decline in
imports of finished rubber products,according to Commercial
Attache K. L. Rankin, in a report to the United States
Commerce Department. The report, announced by the
Commerce Department on Sept. 30, further stated:
In 1932 crude rubber imports into Greece were 12 times larger than those
of the preceding year and the total for the current year will probably be still
higher. On the other hand, imports of all kinds of rubber goods, except
tires and tubes, declined from about $185,000 in 1931 to $60,000 in 1932
and 828,800 in the first half of 1933. In addition to domestic competition
and reduced purchasing power, imports of rubber goods were further curtailed by the quota system in force since May 1932.
At the present time there are three rubber manufacturing plants in
Greece, the annual output of which is estimated at approximately 8100.000.

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Financial Chronicle

Volume 137

The equipment in these factories for the most part is primitive, but an increasing interest in modern machinery is evident.
By far the most important items produced by the Greek industry are
rubber footwear, tubing and hose. Remarkable progress has been made
in these lines in the last two years, and at the present time practically no
rubber shoes are imported while imports of rubber hose are limited to a
few special'grades and sizes. The quality of these domestic products is
considered satisfactory, and they can be sold at from 25% to 50% less
than would have to be asked for imported articles.

Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 512 mills as 32.326,000 feet, shipments 26,032,000 and
new business 28,151.000. Production was 40% and orders 35% of capacity,
compared with 38% and 33% the previous week. The 173 identical mills
reported production 147% greater and new business 13% less than for the
same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 21 mills as 854,000
feet, shipments 1,191,000 and orders 770,000 feet. Orders were 10% of
capacity, compared with 22% the previous week. The 10 identical mills
reported an increase of 1% in orders, compared with the same week
set year.

Lumber Orders at the Mills Heaviest Since Mid-July.
Lumber orders booked at the mills during the week ended
Sept. 30 1933 were higher than during any week since mid- Orders for 250,000,000 Feet of Lumber to Be Placed
July and production was slightly above that of the previous
Shortly by Director of Emergency Construction
Work—Will Be Used to Build Camps for Civilian
week, according to telegraphic reports received by the NaConservation Corps Workers.
tional Lumber Manufacturers Association from regional
Within the next few weeks Robert Fechner, Director of
associations covering the operations of 1,106 leading hardwood and softwood mills. Production totaled 192,164,000 • the Emergency Conservation Work, will place orders for
feet; shipments, 195,306,000 feet and orders, 187,022,000 250,000,000 feet of lumber to be used throughout the country
feet. During the nine months ended Sept. 30, production for the construction of 1,466 winter camps for the Civilian
was 25% above that of similar period of 1932; shipments were Conservation Corps workers. "This is one of the largest
14% above those of the 1932 period and orders received were single orders ever placed for lumber in the history of the
16% in excess of last year. The Association's report further country and will give an active stimulus to the lumber industry, in which 1,000,000 men are normally employed," Director
adds:
Fechner said on Sept. 28. "Bids for the purchase of this
During the week ended Sept. 30 1933, all regions but West Coast and
Northern Hemlock reported orders below production. West Coast orders
lumber are being called for by the commanding officer of
were 6% above output; total softwood orders were 1% below production
the nine Corps Areas," he added.
and hardwood orders were 13% below output. The softwood record was
the best since July.
Production during the week was 34% greater than that of the corresponding week of 1932: shipments were 6% less and orders 9% below those of the
1932 week. West Coast and the northern regions reported orders greater
than last year.
Unfilled orders at the mills on Sept. 30 took another drop to the equivalence of 15 days' average production, compared with 18 days' a year ago.
Forest products carloadings during the week ended Sept. 23 of 25.079 cars
were 140 cars below the preceding week but 6,502 cars above the same week
of 1932.
Lumber orders reported for the week ended Sept. 30 1933, by 594 softwood mills totaled 158.101,000 feet. or 1% below the production of the
same mills. Shipments as reported for the same week were 168,083,000
feet, or 6% above production. Production was 158,984,000 feet.
Reports from 533 hardwood mills give new business as 28,921,000 feet,
or 13% below production. Shipments as reported for the same week were
27,223,000 feet, or 18% below production. Production was 33.180,000 feet.
Unfilled Orders.
The 523 identical mills (softwood and hardwood) report unfilled orders
as 430,312,000 feet on Sept. 30 1933, or the equivalent of 15 days average
production, as compared with 518,845,000 feet, or the equivalent of 18
days' average production on similar date a year ago.
Last week's production of 391 identical softwood mills was 142,366,000
feet, and a year ago it was 112,576,000 feet; shipments were respectively
149.065,000 feet and 159,514,000; and orders received 138,583.000 feet
and 151,885,000. In the case of hardwoods. 183 identical mills reported
production last week and a year ago 18,092,000 feet and 7.115,000: shipments 15,231,000 feet and 16,021.000; and orders 15,776.000 feet and
18,033,000 feet.
West Coast Movement.
The West Coast Lunabermen's Association wired from Seattle the following new business, shipments and unfilled orders for 331 mills reporting for
the week ended Sept. 30:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery
24,795,000 delivery _
117.985,000 intermastal 33,331,000
Export
25,668,000 Foreign
93,588,000 Export
18,035,000
Rail
26,850,000 Rail
68,978,000 Rail
30,892,000
Local
11,108,000
Local
11,108,000
-

Total
88,421,000 Total
280,551,000
Production for the week was 81.620,000 feet.

Total

93,366,000

Southern Pine.
The Southern Pine Association reported from New Orleans that for 103
mills reporting, shipments were 1% below production, and orders 17%
below production and 15% below shipments. New business taken during
the week amounted to 21,872.000 feet (previous week 22,051.000 at 103
mills); shipments 25,859,000 feet (previous week 24,786,000): and production 26,216,000 feet (previous week 26,399,000). Production was 45%
and orders 37% of capacity, compared with 44% and 37% for the previous
week. Orders on hand at the end of the week at 96 mills were 54.803.000
feet. The 96 identical mills reported an increase in production of 23%,
and in new business a decrease of 36%, as compared with the same week a
year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
132 mills reporting, shipments were 6% below production, and orders 5%
below production and 2% above shipments. New business taken during
the week amounted to 44,843,000 feet (previous week 43,412,000 at 121
mills); shipments 44.158.000 feet (previous week 43,813,0001: and production 47,172.000 feet (previous week 46,866,000). Production was 31%
and orders 29% of capacity, compared with 33% and 31% for the previous
week. Orders on hand at the end of the week at 108 mills were 93.109,000
feet. The 106 identical mills reported an increase in production of 29%,
and in now business a decrease of 14%. as compared with the same week a
year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported
production from 7 mills as 3,807,000 feet, shipments 3,480,000 feet and
new business 2.189.000 feet. The game mills reported production 389%
greater and new business 20% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshosh. Wis., reported softwood production from 21 mills as 169,000 feet,
shipments 1.220.000 and orders 776,000 feet. Orders were 7% of capacity
compared with 10% the previous week. The 10 identical mills reported an
increase of 90% in new business, compared with the same week a year ago.




The specifications call for No. 2 common lumber. These specifications
were drawn up in consultation with experts of the United States Government
and the National Lumber Manufacturers' Association, with a view to effecting every possible saving and at the same time providing for adequate
housing facilities for the men.

Director Fechner further said:
We want air-dried lumber properly grade-marked or supported by offidal
Association certificates of grades. The use of dry lumber will eliminate
shrinkage of material. It is a gigantic construction project, reminding one
of war conditions. Three hundred thousand men must be provided with
shelter before the cold weather sets in. Two hundred and fifty thousand
men will live in lumber-built houses and 50,000 men in tents. The latter
group will be located in the southern part of the country, where climatic
conditions are less severe. Each house built will accommodate 50 men,
and there will be 200 men to each camp.
It is particularly fitting that these forestry workers should live in lumberbuilt houses. These men will help the nation to restore its forest resources,
and the practical Importance of their work will be demonstrated to them
through the use of building materials manufactured from trees. The houses
will be built by outside labor, and this work will require 30 carpenters
per camp.

Construction of the camps will furnish a market for many
other building construction articles as well as electrical and
plumbing supplies, it was stated. Among items to be purchased in quantity are sheeting material, hardware, piping,
cement and roofing materials. All camps are to have electric
lighting.
September Flour Production Exceeds That for August,
But Continues Below Figure for Corresponding
Period Last Year.
General Mills, Inc., in presenting its summary of flour
milling activities from figures representing approximately
90% of all flour mills in the principal flour milling centres
of the United States, reports that production of flour in
September 1933 amounted to 4,978,094 barrels, compared
with 4,533,433 barrels in the preceding month and 5,932,620
barrels in the corresponding period in 1932.
During the quarter ended Sept. 30 1933 flour output by
the same mills amounted to 15,030,249 barrels as against
16,879,194 barrels in the same two months last year. The
summary follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS).
Month of September.
1933.
Northwest
Southwest
Lake central and southern_
Pacific Coast
Grand total

1932.

Three Mos.End. Sept. 30.
1933.

1932.

1,248,341
1.715,146
1.703,611
312,966

1,465,419
2,068,703
2,083,702
314.796

3,915,786
5,122,107
5,114,4!8
877,858

4,183,033
5,942,197
5,841,241
912,723

4.978.094

5,932,620

15,030,249

16,879,194

Smaller World Wheat Crop Favorable to Higher Prices
According to U. S. Department of Agriculture—
Continuation of Materially Higher Prices in
United States Than in World Markets Expected.
Some advance in world wheat prices from recent low
levels—when expressed in terms of gold—and continuance of
materially higher prices in the United States than in world
markets through most of the remainder of the present season,
are to be expected, says the Bureau of Agricultural Economics, U. S. Department of Agriculture, in its current report
on world wheat prospects. "The smaller world crop for
the current season and the constructive nature of the London
wheat conference," and governmental aid in removing the

2530

Financial Chronicle

pressure of the export surplus from the Pacific Coast markets
are mentioned as favorably factors in the market. An
announcement issued Oct. 3 by the Department of Agriculture added:
It is pointed out that although "there appears to be some surplus of hard
red winter wheat east of the Rocky Mountains available for export, storage
facilities are ample for carrying this quantity of wheat over into another
year, and it is only in the Pacific Northwest that the export surplus has
been pressing upon the market and tending to depress prices to an export
basis."
The wheat crop in European importing countries this year is estimated to
be only slightly larger than last year despite large crops in France and
Germany, and the Bureau sees "prospects that the European and nonEuropean importing countries will absorb all of the quotas, totaling 462,000,000 bushels, alloted the four principal overseas exporting countries
at the London Wheat Conference."
No large Russian exports of wheat are expected this year despite reports
of excellent crops from that country, says the Bureau,explaining that the
high yields of this year appear to be primarily in regions not favorably
situated for exporting, and that furthermore, it is to be expected that last
year's famine conditions may result in a more cautious policy in regard to
exporting needed cereal supplies.
Total wheat production in 41 Northern Hemisphere countries is estimated
by the Bureau at 3,001,000,000 bushels compared with 3,228,000.000
bushels last year, and in the Southern Hemisphere "conditions continue to
point to less than average yields."

FCA Raises Interest Rates to Farmers National Grain
Corporation—Narrows Functions and Orders
Appraisal of Properties.
The functions of the Farmers National Grain Corporation
of Chicago were narrowed, an appraisal of its properties
orderd, and interests rates to the Corporation were raised,
under a program formulated by the FCA on Oct. 4. This
program, made public by Governor Henry Morgenthau Jr.
of the FCA, represented a complete reversal of the policy
exercised by the former Farm Board toward the Corporation,
which was formed as a super-co-operative for grain marketing
in 1930. Associated Press advices of Oct. 4 from Washington described future plans as follows:
Governor Henry Morgenthau Jr., of the FCA. said that, under a refinancing arrangement with the Corporation, its debt of $15,312,000 to
the Board with interest at the rate of 3 of 1%, will be split into two parts
with interest at 4 and 436%.
,
The first part, $6,962.000, represents sums the Corporation advanced
for purchases and construction of country elevators and other loans to
member associations. These loans will be taken over from the Corporation
and refinanced through regional banks for co-operatives, now being established in the 12 Federal Land Bank cities. The interest rate will be 431%
and appraisals of the properties will be made.
The function of the Corporation in making loans to member associations
other than loans for gram purchases or operating capi..al will be suspended.
The rest of the amount owed by the Corporation, about $8,349,000, will
be refinanced for a 10
-year period with interest at 4% through the central
bank for co-operatives here. This sum is represented by loans made by
the Farm Board on properties, exchange memberships, terminal facilities
and operating capital of the Corporation. An appraisal will be made of
these properties, Mr. Morgenthau said.
The Corporation's own appraisal, Mr. Morgenthau said, lists its property,
the Hall-Baker Grain Co. of Kansas City, as worth $3.377,022; its memberships on grain exchanges at $147,143; its terminal facilities at Chicago.
Minneapolis, Sr. Paul, and other cities in the grain belt at $2,393.545, and
current assets $5,917.000.
Mr. Morgenthau said he expected appraisals of properties on which the
Corporation made loans would be less than the outstanding indebtedness.
In such cases the new loans would be reduced to appraisal limits but he
added:
"I don't know who will assume the losses; I won't cross that bridge until
I come to it."

Vancouver Grain

Discontinues Futures
Quotations.
Canadian Press advices from Vancouver, B. C., Sept. 30,
stated:
Exchange

The Vancouver Grain Exchange announced to-day thaffuturee'quotations
would be discontinued for the present because of lack of trading.

Shipment of Rye, Sent to Europe, Is Returned to
Canada in Expectation of Higher Price in United
States—Rye Futures Break Day's Limit of 5 Cents.
A shipment of 7,000 tons of Canadian rye, originally sent
to Rotterdam last season, has been brought back to Montreal
for discharge into an elevator in that city prior to being
shipped to the United States. After lying at Rotterdam
until late in September it was decided to bring it back from
the Netherlands because of an enhanced demand for rye in
the United States. Meanwhile grain prices in Chicago have
been falling this week and yesterday (Oct. 6) rye futures
broke the day's limit of five cents a bushel. Cash rye was
reported to have suffered an even broader decline.
AAA Ends Hog Buying with More Than 6,000,000 Purchased in Course of Campaign.
The AAA completed its hog-buying program on Sept. 29,
with final purchases bringing its total takings of animals
weighing less than 100 pounds to more than 6,000,000.
Purchases of sows soon to farrow approximated 200,000,
according to preliminary estimates. The conclusion of the
Government purchasing plan did not result in any substantial




Oct. 7 1933

decline in hog prices, however, and quotations at Chicago
scored new gains this week and were close to the best levels
of the year.
Governor Morgenthau of FCA Expects All Cotton
Pledged as Collateral for Seed and Crop Production
Loans Prior to 1933 Crop to Be Sold Out Entirely
by Nov. 30.

Cotton pledged as collateral for seed and crop production
loans prior to the crop of 1933 is being sold from day to day
and will be entirely closed out by Nov. 30, it was announced
Sept. 23 by Henry Morgenthau Jr., Governor of the Farm
Credit Administration. The sales are being made in pursuance of a plan to liquidate seed and crop loan cotton announced by Governor Morgenthau Sept. 10. An announcement issued by the Administration, Sept. .24, continues:
Sales are to be evenly distributed throughout the period ending Nov. 30,
but for every bale of spot cotton sold one bale of long futures will be purchased for the use of the Secretary of Agriculture in carrying out the
acreage reduction program under the Agricultural Adjustment Act. Hence,
there will be no net sales or net purchases.
Approximately 560,000 bales of cotton is involved in the operation, and
the sales proceeds will be pooled for the accounts of the borrowers. Each
borrower will thus share in any price advances which may occur up to
Nov. SO.
The amount to be credited to each individual grower will be whichever
of three amounts is the highest in his case: the average net sales proceeds,
the collateralized value of his cotton at the time of collateralization, or the
amount of 9%c. per pound on the basis of middling %-inch cotton on the
July New York futures market.
In connection with the announcement, Governor Morgenthau pointed out
that additional payments will be made to borrowers where either the net
sales proceeds or the value of the pledged cotton at 9%c. exceeds the amount
of the note.

AAA Holds Hearings on Question of Imposing Compensatory Assessment on Products Competing
With Cotton—Processing Tax Is Condemned—
Paper and Jute Representatives Deny Their Industries Have Prospered at Expense of Cotton
Since Levy on the Latter.
Opposition to the cotton processing tax, and arguments
for and against the extension of that tax to cover other
materials, were expressed on Oct. 2 and 3 at hearings called
by the Agricultural Adjustment Administration on the
question of a compensatory assessment on products competitive with cotton. At the initial hearing Southern Congressmen demanded the abolition of the tax, with Senator Smith,
Chairman of the Senate Agricultural Committee, leading
the fight for abolishment. Several members of the House
gf Representatives predicted that unless a compensatory
tax is levied against other fibers, the cotton textile industry
-will suffer a decline in demand, with the farmer bearing the
ultimate loss. On Oct. 3 representatives of paper and jute
industries offered rebuttal testimony, in which they denied
that their industries had prospered at the expense of cotton
and said that there has been no increase in the sale of their
goods since the levy against cotton has been imposed. They
also contended that in the major fields the various products
of paper, jute and cotton do not compete. Describing the
testimony before the AAA on Oct. 2 Washington advices of
that date to the New York "Journal of Commerce" said,
in part:
Representative Doughton, Chairman of the House Ways and Means
Committee, insisted that it was not the intent of the Agricultural Adjustment Act that cotton should be placed upon an unfair competitive basis
with other fibers. He predicted that unless a compensatory tax is levied
against such commodities the cotton textile industry will suffer a decline in
demand, with the farmer ultimately bearing the loss.
These policies had the concurrence of Representatives Bulwinkle (Dem.),
North Carolina, and McSwain (Dem.), South Carolina.
George A. Sloan, President of the Cotton-Textile Institute, led the
mill-men in their fight for the compensatory tax on paper, jute, hemp,sisal
and other fibers, pointing out that increased costs, which he attributed to
the processing tax, have given the competitive products an advantage
over cotton goods.
Pleading for an understanding of the correlation of one business with
another, Senator Smith declared that the processing tax is a "false principle
that will work itself out in disaster." He contended that the levy is "payint the farmer for cotton destroyed," instead of bringing about farm price
parity.
"I stand ready with a number of my colleagues to ask Congress to appropriate funds necessary to make adjustment payments provided the Administration will suspend this tax," he declared.
Abatement of the processing tat on cotton products meeting compeittion
from other commodities was advocated by Norman B. Eisas, President of
the Fulton Bagging Co., Atlanta, Ga., who insisted that no formula could
be used to gauge competition because competitive products ranged from
"tobacco tins to flour sacks."

We quote from a Washington dispatch to the "Wall
Street Journal" on Oct. 4 regarding the testimony offered
on the preceding day:
H. V. Howes, representing Bemis Brothers Bag Co., stated the markets
for woven open net paper bags has been developed at the expense of the
grate, basket and burlap bag industries, and that cotton has only within
the past few years entered this field. He stated that at the present time
cotton has made no noticeable inroads into the woven bag field. Mr.

Volume 137

Financial Chronicle

*Howes also said that in the consumer size bag field, which is now dominated
by cotton, paper is making only negligible gains.
H. T. Austern, of the Lublow Associates, of Boston. representing the
jute industry, stated that in the major fields cotton and jute products
are not in competition. He said that cotton is not used at present to any
extent in the manufacture of upholstery webbing, carpet webbing and
cotton bagging.

3,000 Cotton Pickers on Strike in Arizona Protest
"Starvation Wage" State Board Refused to Raise.
United Press advices from Phoenix, Ariz., Sept. 30, are
taken as follows from the New York "Herald Tribune":
More than 3.000 cotton pickers were reported on strike in Arizona to-day.
protesting what they termed "starvation wages." Clay Neff, local executive of the Agricultural Workers Industrial Union, said the 2.500 members
of his organization, augmented by 500 non-members, had struck.
The strike followed refusal of a State arbitration board to increase the
present wage scale of 60 cents for each 100 pounds of short staple and $l
for long staple cotton.

Completion of Transactions Involving Donation of
Government's Stabilization of Wheat and Cotton
to American National Red Cross for Relief—
$4,025,116 Returned to Treasury—Offices of Grain
and Cotton Stabilization Corporations Closed
85,000,000 Bushels of Wheat Delivered to Red Cross.
All transactions involving the donation of stabilization
Wheat and cotton to the American National Red Cross for
relief have been completed, it was announced on Sept. 28
by Governor Henry Morgenthau, Jr., of the Farm Cred4
Administration. Out of funds available for distributing the
relief wheat and cotton, $4,025,116 has been returned to the
Treasury. In its announcement the FCA also said:
The offices of the Grain and Cotton Stabilization Corporations have been
closed, with the completion of this transaction. Under various Congressional authorizations, a total of 85.000,000 bushels of wheat and 844.063
bales of cotton have been delivered to the Red Cross. These were the
stocks acquired by the Stabilization Corporations as a consequence of the
stabilization activities of the Federal Farm Board.
The saving to the United States Treasury was effected as a result of the
program of budgeting carefully the normal deliveries to the Red Cross.
In co-operation with Chairman John Barton Payne of the American National
Red Cross a schedule of deliveries was worked out and followed. Delay
in deliveries without such a schedule would have occasioned heavy costs
to the Government in carrying and other charges which,it had been estimated, would not only exhaust the special funds set aside to handle the relief
distribution of wheat and cotton but would also deplete the revolving fund
set up by the Agricultural Marketing Act.
From the funds appropriated to handle the distribution of these commodities, the President, by his Executive Order of March 27 1933. impounded $2,000,000.
The donation of the wheat and cotton was covered in two Congressional
resolutions and one Act. The first resolution, approved March 7 1932,
set aside 40,000,000 bushels of wheat. The lied Cross received its first
deliveries of this wheat commencing March 12, and its last delivery from
this authorization was made Oct. 20 1932, or in a total of 211 days.
On July 5 1932 a resolution was approved which provided for the distribution of another 45.000,000 bushels of wheat and 500,000 bales of cotton.
First deliveries of wheat from the new allotment began Nov. 7 1932 and
the last delivery was completed June 27 1933, taking 232 days. Deliveries
of the cotton commenced Oct. 6 1932 and ended Feb. 25 1933, and were
handled in 142 days.
An Act approved Feb. 8 1933 provided that the remainder of the cotton
stabilization stocks, but not to exceed 350.000 bales, should be given to
charity. The Red Cross received its first cotton from this authorization
on March 29 1933, and its last on June 15 1933, or the 344,063 bales in
78 days.
With the delivery of this wheat and cotton the entire stocks of the
Stabilization Corporations were exhausted, and the operations of the
corporations terminated except for final adjustments, which will now be
handled directly by the FCA.
The Red Cross followed the plan of making agreements with wheat and
cotton mills whereby they furnished processed articles in return for the
commodities.

Money Received by Southern Farmers from Government for Cotton Acreage Reduction not Used by
Them to Buy Fertilizer for Use on Remaining
Acreage.
The following statement was issued under date of Sept. 29
by the National Fertilizer Association:
Articles have recently appeared in the press stating that Southern farmers
used money received from the Government as benefit payments to buy
fertilizer for use on the acreage remaining in cotton. Had such action been
taken it would have violated the contract made with the Government and
would reflect seriously on the integrity of farmers.
Nothing could be
farther from the truth, as will be shown conclusively.
Cotton 18 planted in late March. April, and early May, and the main
application of fertilizer is made before or at planting time. Most farmers
in the southeastern States apply a side-dressing of nitrogenous fertilizer at
"chopping" or thinning time, usually between May 15 and June 15. Later
application produces rank growth, delays maturity, and discourages boll
formation.
The Agricultural Adjustment Administration was unable to make
benefit payments until September, or two months after fertilizer could be
effectively used. Furthermore, the plan to reduce acreage was not declared
in effect until July 19, or more than a month too late to use fertilizer.
These facts are matters of public record and ample to refute the absurd
claim that has been made.
But if further proof is desired it Is to be found in the monthly record of
fertilizer sales in the Southern States. All fertilizers sold in the South and
In some other States must have a tax tag attached to each bag, the tax
being used to finance an inspection service. These tags must be purchased
by manufacturers in advance of making shipments. These records are
obtained monthly by the National Fertilizer Association from the control
officials of the various States and published.
If there had been any increase in sales of fertilizer in the South, it would
have been shown by the tax tag sales in June and July. But June sales were




2531

no larger than June sales in 1932. Sales in July were less than 4,000 tons
larger than in July a year ago. The U. S. Department of Agriculture
estimates that 1.219,000 tons of fertilizer were used on cotton this season
and only 61.000 tons were purchased in June and July in the entire South
for use on all crops. This is only 5.000 tons more than was purchased in
June and July 1932. and half of it was used in Florida and Virginia—States
that grow very little cotton.
Furthermore, prominent agricultural leaders in the South have stated
that the facts are as set forth above.

More than $40,000,000 Distributed Up to Sept. 27 to
Cotton Growers in Acreage Reduction Plan.
Rental payments totalling $40,199,041.02 have been distributed to cotton producers of the South who participated
in the 1933 acreage adjustment program, it was announced
Sept. 27 by the Agricultural Adjustment Administration.
This amount, the total of 345,034 checks, had been sent out
by 7 a.m. that day. The announcement added:
The units disbursing these checks reached their high production Sept. 26
when the three shifts engaged in this activity completed and mailed 35,277
cotton checks.
Checks are now being sent out at a rapid rate and it is expected this
speed will be maintained until all of the approximately 1,037,000 contracting producers have received their checks.

Tokay Grape Pact Signed by Secretary of Agriculture
Wallace—Restriction and Also Proration of Shipments Planned to Avert Glut of Market.
Secretary of Agriculture Wallace has signed a marketing
agreement covering the Tokay grape industry of California
to become effective at once, it was announced on Oct. 1,
according to Washington advices to the New York "Journal
of Commerce," which added:
Restriction and proration of shipments among shippers is provided
whenever it appears that the market will be overburdened to such extent
that returns to growers will be excessively low.
The proration committee of seven members is to include at least four
growers or representatives of co-operative organizations, but it membership is to be elected by shippers. It is expected by the Agricultural Adjustment Administration that the proration plan will be put into effect at
once, as the harvesting season has already begun. It was pointed out that
a voluntary quota plan has been in effect in the industry until now.
An executive committee consisting of each shipper whose shipments in
previous years have been more than 250 carloads, and three additional
members elected by a majority of those who individually shipped less than
250 cars, is to administer the agreement. It was explained that a large
proportion of the Tokay grape crop is handled by co-operative marketing
organizations.

Latest Sale of Farm Credit Administration's Holdings
of Brazilian Coffee Brings Higher Prices.
The Farm Credit Administration announced, Oct. 3, that
the New York coffee office of The Grain Stabilization Corporation on Oct. 3 1933 sold 62,500 bags of Santos coffee,
at prices ranging from 9.5 cents to 8.86 cents per pound.
The announcement said that this sale constitutes the regular
allotment for the month of October offered to the trade on
sealed bids of coffee acquired from the Brazilian Government
in 1931 in exchange for American wheat.
The September sale, at which 62,500 bags of Santos coffee
was sold, brought prices ranging from 8.76 cents to 8.90
cents per pound.
Green Coffee Association to Discuss Possibility of
Giving Government Owned Coffee to Unemployed
This Winter,
The Board of Directors of the Green Coffee Association
in session Oct. 5 passed a motion to call a membership
meeting to discuss the advisability of making a suggestion to
the Federal Relief Committee in Washington that the remaining quantity of Government owned coffee be turned over to
the unemployed this winter. This was indicated in the
New York "Journal of Commerce" of Oct. 6 which added:
The membership meeting may be held either on Oct. 10 or 11.
One hundred and seventy-five thousand bags remain of the 1,050.000
bags which the Government received for 25,000.000 bushels of wheat in a
swap with Brazil. Since last September the total quantity has been liquidated at the rate of 62,500 bags monthly.

Tobacco Futures to Be Traded in New York—New
Exchange to Offer Such a Contract to Growers
and Dealers.
Plans to add another exchange to New York's commodity
and security trading media are well under way, it was
learned on Sept. 28 (said the New York "Journal of Commerce"), with the announcement that tobacco futures contracts will be traded on the New York Tobacco and Commodities Exchange, Inc., which was chartered under New
York State laws in July as a membership corporation.
The paper from which we quote added:
At 80 Broad Street, where an office has been temporarily established.
inquiries were referred to Edward A. Brown, one of the organizers, who
was in Washington yesterday presumably in the interests ofthe new commodity exchange.
Tobacco will be the principal product traded, it was learned, although
incorporation papers for the new project list a wide description of agricul-

2532

Financial Chronicle

tural and mineral products, including precious metals and securities, as
falling within the scope of its trading plans. Efforts will be made to induce
growing interests and others in using the tobacco contract or contracts for
hedging purposes, it was indicated in the literature prepared by the exchange.
Adoption of this recognized method of marketing has been slow, it was
stated. "because of the evolution of successful grading of tobacco has been
tardy, almost a century being required to perfect the process."
"It is the integrity of these contracts, not their volume," according to
its announcement,"which is important. Hence, the large volume of future
trading in wheat and cotton or other commodity has no possible evil effect
as long as the integrity of the contracts are rigidly maintained. The
large volume merely indicates that the trading is in contracts, not in the
commodity itself."
Hedging will offer the largest single service, it was said, because such
operations limit losses, protect profits and safeguard bank credit. "It is
evident that the dealer, the manufacturer and the banker all work on lower
margin when the commodity is hedged in the future market. l3ut how about
the farmer? Evidence shows that the savings are in part passed on to the
farmer in higher prices for his product."

September Raw Silk Imports Higher-Deliveries to
American Mills Again Decline-Inventories Increase Sharply.
According to the Silk Association of America, Inc., raw
silk imports showed a gain during the month of September
1933, amounting in that period to 49,470 bales. This
compares with 46,683 bales in the preceding month and
56,859 bales in the corresponding period last year.
Approximate deliveries to American mills in September
totaled 31,185 bales, as against 42,852 bales in August last
and 59,694 bales in September 1932.
Raw silk stocks increased sharply (18,285 bales) during
the month under review, or from 55,515 bales at Aug. 31
1933 to 73,800 bales at Sept. 30 1933. The latter figure also
compares with 49,393 bales a year ago. The Association's
statement follows:
RAW SILK IN STORAGE.
(As reperted by the principal public warehouses in New York City and Hoboken.)
Total.
All Other.
Japan.
European.
Figures in Bales55,515
5,339
46,885
3,291
In storage Sept. 1 1933
1,900
49,470
48,870
700
Imports, month of September 1933_1_
Total available during September 1933 3,991
3,940
In storage Oct. 1 1933_a
Approximate deliveries to American
mills during September 1933_ y__ _

51

93,755
64,545

7,239
5,315

104,985
73,800
-

29,210

1,924

31,185

SUMMARY
Imports Dwing the Month.:

Storage at End of Monih.s
1931.

1933.
January
February
March
April
May
June
July
August
September
October
November
December
Total
hap's.... monthly.

1932.

1931.

1933.

1932.

53,114
23.377
22,289
41,134
44.238
47.435
62,348
46,683
49,470

52,238
53.574
38.866
30,953
34.233
31,355
36,055
61,412
56.859
58.775
47,422
45,453

49,294
47,827
57.391
29,446
42.264
46,825
37,315
58,411
48,040
70,490
67,999
50,817

69,747
60,459
43,814
43,038
40,125
33.933
51,684
55.515
73.800

62,905
70,570
62,675
57,849
59,159
53.048
50,721
52.228
49.393
54.465
57,932
62,837

51.814
45,399
47,407
35,497
32,888
37,352
29.921
41.878
36,099
49,921
67.275
69,480

390,088
45.943

547.195
4%,son

605.919
no.4n3

52.457

57,515

45,393

AVM:dilate Deliceries
to American Mills.y

Approximate Amount of Japan
Silk In 7'ransU at Close
of Month.

1933.
January
February
March
April
May
June
July
August
September
October
November
December

1932.

1931.

1933.

1932.

1931.

46,204
32.665
38,934
41,910
47,151
53.627
44.597
42,852
31,185

58,793
45,909
48,761
35.779
32,923
37,466
38.382
59.905
59.694
53,703
43,955
40,548

55,910
54,242
55.383
41.356
45.073
42,161
44.746
46,454
53,819
56.668
50,645
48,432

25.700
28,100
39,100
40,200
42.300
41.500
38,600
48.800
48,300

48,500
31,000
28,800
34,800
30.800
31,100
42,200
43,400
42,800
44,700
50.200
51,400

37,700
37,700
21.300
24.800
36.900
33,400
41,600
40,500
53.200
59,700
50,800
53.900

379,125 553,818 594.889
Total
40.055
40,958
39.178
49,574
46.151
Monthly average_ - 42,125
:Covered by European manifests Nos. 40 to 44 inclusive: Asiatic manifests Nos.
y Includes re-exports. e Includes 2.584 bales held at terminal
176 to 199 Inclusive.
at end of month. Stocks at warehouses Include Commodity Exchange, Inc., certified
stocks, 1,480 bales.

Petroleum and Its Products-Price-Fixing Seen Receding Into Background as Favorable Court Decision Strengthens Ickes' Control of Oil Industry
-Detailed Reports Asked by Administration
Pennsylvania Crude Oil Prices Advance-Adjustments Posted for Other Fields.
With Secretary Ickes' control of the oil industry strengthened by' the decision of Federal Judge Randolph Bryant at
Tyler, Texas, early in the week denying an application filed
by the Panama Refining Co., asking an injunction against
Department of the Interior agents who required reports of
oil received, refined and transported, oil circles felt that
Federal price-fixing will recede into the background and will
not be revived except as an emergency measure.
Oil men hailed the decision as affording means by which
the Government can keep a close watch over operations
in the East Texas area, long the stormy petrel of the oil
industry.




Oct. 7 1933

"While I have the gravest misgivings," commented
Judge Bryant in his decision,"regarding the constitutionality
of the recovery legislation as applied to the refining business,
I realize that from a more or less intimate connection with
parallel cases that Congress had full and plenary powers
over all inter-State commerce that the Supreme Court had
extended this power into many lines of commerce and industry, and that the presumption of the validity of the acts
of the Interior Department agents compels me to deny the
injunction."
Inasmuch, as Secretary Ickes has previously said that the
Administration is not anxious to enter the price-fixing field
under the authority granted under the Petroleum Code,
until forced to, oil circles feel confident that such steps
would be resorted to only as a last resort.
A full schedule of reports covering operatings of the industry was ordered by Secretary Ickes with operators required to
furnish regular specified reports to him on crude oil and gasoline.
All persons or corporations holding crude oil in storage
are required to file a report on total crude inventory at the
close of each calendar month,including net stocks of crude in
their holdings together with domestic crude oil in transit.
Operators holding crude oil stooks of 100,000 barrels or more
also were ordered to report their total stocks not later than
9 a.m. on Tuesday of each week.
Under the schedule, refineries were directed to file (1) a
monthly crude oil report that will cover crude petroleum
received, together with a balanced statement of supply and
demand and (2) a general monthly refinery report, including crude oil refined for the account of other companies.
All operators of oil and gasoline pipe lines were ordered to
file, within 25 days after the end of each month, a monthly
crude petroleum report such as called for now by the United
States Bureau of Mines. All persons or corporations controlling or holding gasoline in storage likewise were directed
to file a monthly report of gasoline in storage. Operators
of gasoline pipe lines must report on all gasoline receipts
deliveries and stocks.
While much of this data already is being filed with the
U.S. Bureau of Mines,under the new ruling it will be manda,
tory instead of voluntary and will be filed much earlier. The
date will be used to guide the advisory committee in compiling oil production allowable statistics.
The tenth consecutive advance in the price of Pennsylvania
grade crude oil since May 22 this year was posted by major
buyers Wednesday with prices moving up to a top of $2.45
for New York Transit and Bradford District oil. Earlier In
the week the South Penn Oil Co. boosted Corning crude
•
12 cents a barrel to $1.32.
The increases followed the general advance posted in other
fields last week with increased demand also a potent factor
in advancing these prices. Monday brought forth a further
advance in the price of Somerset crude, which rose to $1.23
a barrel as the Ashland Oil & Transportation Co. moved
the price up 11 cents a barrel.
Texas and Oklahoma oil regulation authorities accepted
the reductions in their daily allowable output., under the
October production schedule released by Secretary Ickes
‘
last week although some complaints were hearkthat the cuts
were too sharp.
Major holders of stored oil in California, however, decided
to forego their permitted withdrawal of 15,000 barrels daily
from storage as provided in Ickes'ruling which gave California
oil producers increased quotas of that amount and placed
the October production quota for the State at 455,000 barrels,
according to the Central Committee.
Early in the week the Magnolia Petroleum Co., subsidiary
of the Socony-Vacuum Corp., and the Texas Co., adjusted'
crude oil price schedules to conform to that posted by the
Humble Oil & Refining Co. which were slightly,higher.
Last Saturday brought the last of the major refiners into
line with the higher price level instituted by Texaco with Shell
Petroleum and the Standard Oil of Louisiana posting similar
advances. The Ohio Oil Co. posted an increase of 11 cents
a barrel in Wyoming oils. Sunburst, Mont., crude was
boosted 10 cents to $1.35 a barrel.
Price changes follow:
-The Standard Oil Co. of Louisiana, subsidiary of
Saturday, Sept. 30.
a barrel,
Standard a New Jersey, advanced crude oil prices 7 to 11 centsposted by
levels
effective Sept. 29, bringing prices into line with the higher
Into line.
late last Thursday .Shell Petroleum also swungoil prices
the Texas Co.
11
-The Ohio Oil Co. advanced Wyoming
Saturday. Sept. 30.
10 cents to $1.35
cents a barrel. Sunburst, Mont., crude was advanced
a barrel.
Texas Co. posted adjustMonday, Oct. 2.-Magnolla Petroleum and the
them conform with
ments in their price schedules in Texas fields making
Refining Co.
the levels posted by the Humble Oil &

Volume 137

Financial Chronicle

2533

Monday, Oct. 2.
-South Penn Oil Co. advanced Corning crude 12 cents
a barrel to $1.32.
Monday, Oct. 2.
-The Ashland Oil & Transportation Co. advanced
Somerset crude 11 cents a barrel to $1.23.
Wednesday. Oct. 4.
-All Pennsylvania grade crude oils were advanced
10 cents a barrel by leading buyers to $2.12 a barrel for Southwest Pennsylvania crude: $2.07 for Eureka: $1.92 for Buckeye: $2.45 for New York
Transit. and $2.45 for Bradford District.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
81.07
$2.45 Eldorado. Ark., 40
Corning,Pa
1 20 Rusk. Tex., 40 and over
1.03
Illinois
.87
i.08 Dant Creek
Western Kentucky
.90
1.23 Midland District, Mieh
Mid-Coot., Okla., 40 and above... 1.08 Sunburst, Mont
1 35
Hutchinson, Tex., 40 and over.... 1.03 Santa Fe Springs, Calif.,40 and over 1.30
Spindietop, Tex., 40 and over
1.03 Huntington. Calif., 26
1.04
Winkler. Tex
1.82
.75 Petrolla. Canada
Smackover, Ark., 24 and over
.70

excess of the allowable figure set by Secretary of the Interior
Ickes. This compares with 2,487,000 barrels per day
produced during the previous week, a daily average of
2,557,300 barrels during the four weeks ended Sept. 30 and
an average daily output of 2,172,000 barrels during the
week ended Oct. 1 1932.
Stocks of motor fuel increased 513,000 barrels during the
week under review, or from 49,944,000 barrels at Sept. 23
to 50,457,000 barrels at Sept. 30. In the preceding week
inventories showed a gain of 323,000 barrels.
Imports of crude and refined oil at principal United States
ports totaled 406,000 barrels for the last week in September,
a daily average of 58,000 barrels, compared with a daily
REFINED
BY
PRODUCTS
-LOCAL MARKET SUSTAINED
STRONG TONE OF SOUTHERN EXPORT MARKETS
-FORaverage of 87,179 for the last four weeks.
EIGN DEMAND FOR GASOLINE GAINS AND PRICES
Receipts of California oil at Atlantic and Gulf ports totaled
STRENGTHEN
-HEAVY
DEPRESSING
STOCKS
HELD
377,000 barrels for the week ended Sept. 30 1933, a daily
WESTERN MARKETS
-HEATING OILS FIRM HERE.
average of 53,857 barrels, compared with a daily average of
With increased demand from abroad as Soviet Russia is 34,821 barrels for the last four weeks.
reported unable to fulfill needs of European nations preReports received for the week ended Sept. 30 1933 from
viously supplied from that source, the strong tone of the refining companies controlling 92.2% of the 3,586,900 barrel
Southern export market as prices rose aided in sustaining a estimated daily potential refining capacity of the United
firm market locally. The seasonal decline in gasoline was States, indicate that 2,312,000 barrels of crude oil daily
held responsible for easiness shown here earlier in the week were run to the stills operated by those companies, and that
but continued reports of strong demand from abroad for they had in storage at refineries at the end of the week,
American gasoline pushed prices in the Gulf Coast upward 28,078,000 barrels of gasoline and 131,566,000 barrels of gas
and fuel oil. Gasoline at bulk terminals, in transit and in
and aided sentiment here.
Early in the week tank car prices of gasoline moved up a pipe lines amounted to 18,704,000 barrels. Cracked
95.1% of the
full cent a gallon at Jacksonville, Tampa and Savannah with gasoline production by companies owning units, averaged
potential charging capacity of all cracking
Mobile prices moving up a quarter of a cent a gallon Wednes- 469,000 barrels daily during the week.
day. This strength has been reflected in a fairly stable price
The report for the week ended Sept. 30 1933 follows
list here despite a seasonal letdown in demand from buyers.
in detail:
DAILY AVERAGE CRUDE OIL PRODUCTION.
Mid-West trade circles point out that the failure of the
(Figures In Barrels.)
wholesale market in Chicago and other Mid-West points to
Actual Production.
strengthen following the recent advances, in crude oil prices
Average
1Veek
Week
4 Weeks
Week
Federal
is due to the large stocks of motor fuels in bulk plants, retail
Ended
Ended
Ended
Ended
Agency
stations and tank cars on sidings.
Allowable Sept. 30 Sept. 23 Sept. 30 Oct. 1
1933.
1933.
1932.
Sept.8-30 1933.
These stocks have mounted to an extremely high total
540.000 527,650 578,550 546,150 386.550
Oklahoma
following the recent buying wave of jobbers and brokers in
111,000 121,650 127,150 126,550 100,150
Kansas
anticipation of price fixing by the Federal Government.
44,000
45.600
43,700 44,900
Until these stocks are worked off, it is felt that the market Panhandle Texas
53,100
53,500 49,450
53,100
North Texas
22,100
24,200
21,800
21,850
West Central Texas
will be irregular.
127,700 128,600 137,100 170.350
West Texas
46,300
46,100 51,100
52.050
East Central
Seasonal factors are favorably influencing fuel oil demand. East Texas Texas
476,600 470,600 527,600 379,200
The recent sharp drop in temperature in the metropolitan Conroe
14,200
73,500
79,100
73,400
44,700
48,000 54,450
Southwest Texas
46,750
area stimulated demand for spot water-white kerosene. Coastal Texas (not Incl. Conroe)
112,100 111,550 118,900 127,500
Although the price holds unchanged at 53I to 5% cents a
Total Texas
975,200 1,003,350 993,700 1,082,300 915,400
gallon, refinery, trade factors would not be surprised to see a
25,700
25,850 30.100
North Louisiana
25,800
moderate advance made in prices in the near future. Export Coastal Louisiana
48,500
48,150 33.600
47,850
demand for kerosene is also picking up somewhat.
63,700
74.000
Total Louisiana
70.000
73,650 74,200
Buying in bunker fuel oil continues to move along in Arkansas
32,650
31,750 34,400
33,000
32,450
98,250
routine fashion with refiners hoding grade C at $1.10 a Eastern (not incl. Michigan)
94,200
99,600
94,600 96,450
29,750
23,650
30,000
28,750
30.000
barrel, refinery, with Diesel oil moving along in a steady Michigan
30,900
30,650
30.050
30,950 31,000
Wyoming
7,600
6.950
7,150
Montana
6,450
6,600
way at $1.95 a barrel, refinery.
2,950
2.450
2,400
Colorado
2,350
2,400
41,900 31.450
41,400
42,000 41,900
Demand for Pennsylvania lubricating oils is holding up New Mexico
California
480,000 476.600 475,100 488,250 477,000
fairly well with the price list firm.
Total
2 413.700 2.446.850 2.487.000 2.557.300 2.172.000
Price changes follow:




Daily Refining Capacity
of Plants.

Crude Runs
to Salts.

Dtstria.
Reporting.
Potential
Rate.
East Coast
Appalachian....
Ind., Ill., Ky..
Okla., Kan., Mo.
Inland Texas_ _ _
Texas Gulf
Louisiana Gulf__
North La -Ark
Rocky Mountain
California

Total.

%

q9,1,1t:qqc
c......01.0000.No09.1
=00.0.noomr-0
.
.

Weekly Crude Oil Production Continues to Fall Off
But Still Exceeds Quota Allowable by Secretary of
-Imports Again Decline.
the Interior Ickes
The American Petroleum Institute estimates that the
daily average gross crude oil output for the week ended
Sept. 30 1933 was 2,446,850 barrels, or 33,150 barrels in

Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS. FOR WEEK ENDED SEPT. 30 1933.
(Figures in Barrels 01 42 Gallons Each.)

%
Daily OyerAverage. aged.

a Motor
Fuel
Stocks.

Gas and
FuelOil
Stocks.

1

Monday. Oct. 2.
-Tank car prices of gasoline were marked up 1 cent a
gallon to 7( cents at Jacksonville, Tampa and Savannah.
Wednesday, Oct. 4.
-Tank car price of gasoline was advanced 3i-cent
a gallon at Mobile to(I% cents a gallon.
Gasoline Service Station, Tax Included.
New York
Denver
$ 185
Philadelphia
$ 195
$.14
Atlanta
1934 Detroit
156
San Francisco:
Baltimore
203
Houston
185
Third grade_ _.- .166
Boston
185
Jacksonville
20
Above 65 octane_ .21
Buffalo
193
Kansas City
14
Premium
23
165
Chicago
Louisville
.19
St. Louis
145
Cincinnati
21
Minneapolis
159
21
New Orleans
Cleveland
193
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
Chicago
$.0234-.0334 New Orleans,ex..-$.0334
.$.0314
(Bayonne)
$ 0514 Los Ang.,ex_ .04,4-.06
Tulsa
0434-.0334
North Texas
.03
Fuel 011, F.O.B Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
$ .95
Dunker C
81.10
8.75-1.00'Chicago 18-22 D .42)4-.50
Diesel 28-30 D____ 1.95 New Orleans C
.80 Philadelphia C
.85
Gas Oil, F.O.B. Refinery or Terminal.
N. Y.(Bayonne):
Chicago:
Tulsa
801)4
28 plus G 0_3.03)4-.04
32-36 G 0
3.0154
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
8.05-.0535
Standard Oil N.J.:
Shell Eastern Pet.$.0675 New Orleans,ex_ .04-.04Si
New York:
Motor, U. 6_8.07
Arkansas
04-.04y,
62-63 octane_ .... .0625
Colonial-Beacon__ 0650 California
.05-.07
•Stand. 011 N. Y__ .07
:Texas
0675 Los Angeles, ex_ .04%-.07
Tide Water 011 Co .07
Gulf
0625 Gulf ports____ .06%-.0734
:Richfield 011(Cal.) .07
Republic 01
.0650 Tulsa
05-.0534
Warner-Quin. Co.. .07
Sinclair Refining_ .0634 Pennsylvania_ __
.0534
:Richfield 'Golden.' a "Fire Chief,' 3.07. •Long Island City.

582,000 582,000
150.800 139,700
436,600 425,000
462,100 379,500
274,400 161,100
507,500 497,500
162,000 162,000
82,600
76,500
80,700
63,600
848,200 821,800

477,000 82.0 13,541,000 9,209,000
842,000
89,000 63.7 1,894,000
330,000 77.6 6,593,000 5,774,000
266,000 70.1 5,215.000 4,354.000
88,000 54.6 1,325,000 1,813,000
447,000 89.8 5,545,000 7,039,000
1,860.000
93,000 57.4 1,262,000
663,000
49,000 64.1
225,000
723,000
34,000 53.5
805.000
439,000 53.4 14,052,000 99,289,000

Totals week:
Sept. 30 1933. 3,586,900 3,308,700 92.2 2,312,000 69.9 c50457000 131,566.000
Sept. 23 1933_ 3.586.900 3.308.700 92.2 2.339.000 70.7 49.944.000 130.951.000
a Below are set out estimates of total mo or fuel stocks on U. S. Bureau of Mines
basis for week of Sept. 30 compared with certain Septetrber 1932 Bureau figures:
A. P. I. estimated on B. of M. basis, week Sept. 30 1933.1s
52,300,000 barrels
U.S. B of M. motor fuel stocks. Sept. 1 1932
57,592,000 barrels
U.S. B. of M. motor fuel stocks. Sept. 30 1932
52,289,000 barrels
b Estimated to permit comparison w'th A. P. I. Economies report, which Is on
Bureau of Mines basis.
c Includes 28.078.000 barrels at refineries, 18.704.000 bulk terminals, in transit
and pipe lines. and 3,675,000 barrels of other fuel stocks.

Shell Petroleum Corporation Meets Increase
in Crude Oil Prices.
The Shell Petroleum Corporation on Sept.30 met the crude
oil price advances initiated Sept. 28 by the Texas Company
and which became effective Sept. 29. The advances, which
was met by several leading companies on Sept. 29, was referred to in our issue of Sept. 30, page 2369.

2534

Financial Chronicle

Pennsylvania Crude Oil Raised Ten Cents a Barrel.
Announcements of a 10 cent a barrel advance in the prices
of all grades of Pennsylvania crude oil were made on Oct. 4
by the Tide Water Line Co. and the South Penn Oil Co.
The Tide Water Company is now posting a price of $2.45 a
barrel for Bradford Allegheny oil, while the South Penn
Company is posting $2.12 for Pennsylvania oil in the Southwest Pennsylvania Pipe Line Co.'s lines, $2.07 a barrel for
oil in the Eureka lines and $1.92 a barrel for oil in the Buckeye
lines.
Corning Crude Oil Price Increased by
South Penn Oil Co.
The price of corning crude oil was increaesd 10 cents a
barrel on Oct. 2 by the South Penn Oil Co. (Pittsburgh).
The new price now posted by the company is $1.32 a barrel.
Somerset Crude Oil Advanced Eleven Cents a Barrel.
The Ashland Oil & Transportation Co. (Ashland, Ky.)
has advanced the price of Somerset crude oil 11 cents a barrel
to $1.23 a barrel.
Federal Judge in Texas Court Upholds Oil Regulation
Under NIRA-Secretary Ickes Terms Decision a
Sweeping Victory for Recovery Legislation.
Judge Randolph Bryant of the Eastern District of Texas
on Oct. 3 handed down a decision that Secretary of the
Interior Ickes, as Administrator of the oil code, described
as "a sweeping victory for the National Industrial Recovery
Act." Judge Bryant denied an injunction sought by the
Panama Refining Co. to prevent regulation of the petroleum
industry under the NIRA. The company attempted to
restrain agents of the Department of Interior from requiring
periodic reports on oil received, refined and shipped. The
Judge admitted that he doubted the constitutionality of
portions of the recovery legislation as applied to the refining
business, but said that Congress has full and plenary powers
over inter-State commerce; that the Supreme Court had
extended this power into many branches of commerce and
industry, and that the presumption of the validity of the
acts of the Interior Department must necessitate a denial
of the injunction. The case was noted as follows in a Dallas
d.spatch to the New York "Times":
Judge Bryant based his decision on the same factor that caused another
refining company to lose a similar suit before the Supreme Court of the
District of Columbia some weeks ago, namely presumption of validity of
the acts of constituted authorities.
The defendants were Marshall, A. D. Ryan, Chief Investigator for the
Department of the Interior, and S. D. Bennett, United States Attorney
at Beaumont.
J. Howard Marshall, Assistant United States Attorney-General, asserted
defense counsel could show that 80 to 85% of all oil produced in Texas
went into inter-State commerce and that prevention of inter-State shipment
of that part produced in violation of regulations of the State Railroad
Commission would assist the citizens of Texas by preventing loss of royalties
and taxes on oil.
He quoted from cases of Chicago and California packing companies
and the Chicago Board of Trade to show that acts which were purely local
affected the flow of inter-State commerce and would come within the
province of Congress to regulate.
In rebuttal an attorney for the plaintiffs asked, "Where would the
end be?" if a limit were not placed on activities of Federal agencies in
State matters. He objected to a declaration of defense counsel that Interior
Department agents were merely co-operating with State authorities.
Judge Bryant observed that instances of such co-operation were not
Jacking, citing the prohibition amendment.
The attorney raised the question of whether the Federal Government
could deny drilling permits with a view to curtailing oil production.
Regarding the right of agents to go on the property of refiners, concerning whose operations there is no State statute, Mr. Marshall contended
that unless Department agents had the right to check the information it
obtained,it was valueless and the power to gather facts was no power at all'

The statement of Secretary Ickes, commenting on the
Court's decision follows:
The refusal of the Federal Court for the Eastern District of Texas to
grant a temporary injunction against the United States Government is a
sweeping upholding of the National Recovery Act. By its action the
Court maintains the right of Government agents to full information on
purchases and production of petroleum from refineries,
The decision is naturally a great satisfaction to me,as it involved not only
the orders against "hot oil" but also the entire petroleum code.

Tin Consumption Continues to Maintain Steady Upward Trend Reports International Tin Research
& Development Council-During Year Ended
July 1933 World Consumption Increased 11,200
Tons as Compared With Previous Year.
World consumption of tin continues to maintain a steady
upward trend, according to official figures prepared by The
Hague (Holland) statistical office of the International Tin
Research and Development Council, contained in a dispatch
cabled to New York Oct. 5, which also noted:
For the year ended July 1933 tin consumption throughout the world
was 111.200 tons, representing an increase of 11,200, compared with con-




Oct. 7 1933

sumption during 1932. The amount consumed in July is estimated at
13,000 tons, compared with 9,382 tons consumed during the first month
of 1933.
Monthly consumption figures during 1933 are given as follows: Jan.,
9.382 tons; Feb., 8,251 tons; Mar., 9,512 tons, April, 9,399 tons; May,
10,715 tons; June, 11,500 tons (preliminary); July, 13.000 tons (preliminary)
Notable advances were made in the United States and France, where
increases in the use of tin amounted to no less than 32%, or 11,400 tons,
and 12%, or 1,100 tons, respectively.
Other countries which show augmented consumption during the period
include the Netherlands, with an increase of 18%, or 200 tons; Japan,
with an increase of 4%,or 150 tons; Sweden, with a 6% increase, or 70
tons; and Italy with a 1 % increase, or 60 tons. Decreases on the other
hand are noted in the case of British India, which used 15%, or 400 tons
less tin, compared with 1932; Canada, which used 15%, or 230 tons lees;
Germany, 2%,or 200 tons less; Russia, 3%.or 130 tons less; and Belgium,
12%, or 100 tons less.
The United States tinplate industry, the world's largest tin-consuming
industry, used 25%, or 4,000 tons, more tin during the period reviewed
than in 1932. There was the same proportionate increase in the French
tinplate industry and almost the same
-24%-in the German tinplate
output.

As regards tin production, the analysis of the International
Tin Council points out that during the seven months ended
July 1933 the production of restricting countries fell by
10,000 tons to 40,000 tons, compared with production in the
corresponding period of 1932. The production of nonrestricting countries increased 2,600 tons to 9,800 during
the same period.
Steel Operations at Lower Rate.
Steel ingot production in September, according to the
report of the American Iron & Steel Institute, was 589,629
tons lower than in August and 892,828 below the peak for
the year reached in July. The actual output of all companies in September was 2,310,982 tons, in August 2,900,611
tons and in July 3,203,810 tons. The production in September last year was only 991,858 tons. In September, which
had 26 working days, the average daily output was 88,884
tons and in August, with 27 working days, 107,430 tons.
For the 26 working days in September 1932, daily output
averaged only 38,148 tons. Below we show the figures for
the months since January 1932:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1932
SEPTEMBER 1933
-GROSS TONS.
Reported for 1932 by companies which made 93.71% of the Open-hearth and
Bessemer Steel Ingot Production In that year and for 1933 by companies
which made 96.57% In 1932.

Months.
1932.
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
9 mos
Oct
Nov
Dec
Total
1933.
Jan
Feb
Mar
Apr
May
June
July
August.,._
4ept

OpenHearth.

1,230.907
1,230,970
1,149,193
1,036,163
950,838
755.068
653.039
698.122
804,470

Calculated No.of
Monthly
Monthly Work
Output
Bessemer. Companies Output AU ing
Reporting, Companies. Days,
160,633
157,067
193,944
144,197
103,593
100.249
102.916
97.323
124,970

1,391,540
1,388,037
1,343,137
1,180,360
1,054,431
855,317
755,955
793,445
929,440

1,484,991
1,481,253
1,433,337
1,259.629
1,125,243
912,167
806,722
846,730
991,858

28
25
27
28
26
28
25
27
26

Approx. Per
Daily
Cent.
Output OperaAll Cos. tion.x
57,115
59.250
53,087
48,447
43,279
35,106
32,269
31,360
38,148

26.41
27.40
24.55
22.40
20.01
16.23
14.92
14.50
17.64

9,691,662 10,342,520 234

44,199

20.44

1,018,649 1,087,058
967,263 1,032,221
806,849
881,034

26
26
26

41,810
39,701
33,117

19.33
18.36
15.31

10,955,879 1,528,544 12,484,423 13,322,833 312

42,701

19.75

39,618
45,286
33.699
54,514
74,148
99,904
128,152
107,430
88,884

18.23
20.83
15.50
25.08
34.11
45.96
58.95
49.42
40.89

8,506,770 1,184,892
885,773
838,419
724,917

885,743
922,806
784,168
1,180,893
1,716,482
2,211,657
2,738,083
2,430,750
1,991,242

132,876
128,844
81,932

109,000
126,781
94,509
135,217
218,841
296,765
355,836
370,370
240,473

994,743
1,049,587
878,677
1,316,110
1,933,323
2,508,422
3,093,919
2,801,120
2,231.715

1.030,075
1.086,867
909,886
1,362,856
2,001,991
2,597,517
3,203,810
2,900,611
2,310,982

26
24
27
25
27
26
25
27
26

9 mos_ _ 14,861,824 1,945,792 16,807,616 17,404,595 233
74,698 34.36
The figures of "per cent of operation" In 1932 are based on the annual capacity
as of Dec. 31 1931 or 67,473,630 gross tons for Bessemer and Open-hearth steel Ingots.
and In 1933 on the annual capacity as of Dec. 31 1932 of 67,386.130 gross tons.

Steel Bids Asked on 844,525 Tons-Co-Ordinator
Eastman Lists 47 Railroads as Ready to Buy Rails
Under NRA Program-Price Under $35 Hinted
245,221 Tons of Fastenings Are Also Wanted.
The Administration sent to executives of four large steel
companies on Oct. 4 a list of 47 railroads ready to buy
844,525 tons of steel rails and 245,221 tons of fastenings. Bids
on rails at the earliest possible moment are asked. Several
of the commitments listed are contingent upon a base price
of not more than $35 per ton for rails, although the largest
individual offer, that of 100,000 tons sent in by the Pennsylvania RR., did not stipulate a reduction from the present
$40 level. The present action, announced by Joseph B.
Eastman, Co-ordinator of Transportation, grew out of a
conference which President Roosevelt held Sept. 25 with
steel executives. Mr. Eastman, in a letter to the steel companies, asks that-bids first be submitted only on the rails,
and added that the available information "warrants a con-

Volume 137

Financial Chronicle

elusion that the base prices to be submitted should be below
rather than above $35 per ton. If this conclusion is challenged," he said, "I suggest that the way to clear up the
point is to afford the Government accountants an opportunity to examine the books and records of the steel companies."
The text of the letter from Mr. Eastman to the steel companies reads as follows:
October 3 1933.
Mr. Myron C. Taylor, Chairman U. S. Steel Corporation, 71 Broadway,
New York, N. Y.
Mr. Eugene F. Grace, President Bethlehem Steel Corp., 25 Broadway,
New York, N. Y.
Mr. L. E. Block, Chairman Inland Steel Co., 285 Dearborn St., Chicago, Ill.
Mr. Arthur Roeder, Receiver Colorado Fuel & Iron Co., Continental Oil
Bldg., Denver, Oolo.
Gentlemen: In accordance with the understanding reached at the conference with the President on Monday, Sept. 25, at which all of you were
present with the exception of Mr. Roeder, it is my pleasure to inform you
that the steam railroads of the country are prepared, under certain conditions discussed below, to purchase at least 844,525 tons of steel rail and
245,221 tons of fastenings. It is quite possible that the amounts will exceed these figures.
As was also the understanding, I shall be glad if each of you will inform me by letter, as soon as possible, what the base price (f. o. b. mill, or,
In the case of rails carried by water from any Atlantic Coast or Gulf port
to any Gulf or Pacific Coast port, c. 1. f., the port of destination) of your
company, including any subsidiary companies, will be for standard Tee
rails of more than 60 pounds per yard, in the event of the purchases mentioned above. The letters will be treated as confidential, until all are in.
Five Standard Weights Studied.
The Railroad Rail Committee, composed of representatives of the American Railway Engineering Association and of Division IV of the American
Railway Association, has under consideration the establishment of five
standard weights for Tee rails, each to be rolled in only one section, and
I am informed that agreement has been reached upon the two most important of the proposed standards, namely, the 112-pound and 131-poung
weights. While I do not understand that these standards have yet been
adopted by the railroad industry, I shall impress upon the purchasing railroads the desirability of submitting specifications in accordance, so far as
Possible, with these standards and with standard specifications of rail
quality. It will be understood, however, that if specifications are later
submitted which in customary trade practice have called for extras or
deductions over or under the base price, such extras or deductions will be
those which have been approved by the Board of Directors of the American
Iron and Steel Institute under the Code of Fair Competition of the iron and
steel industry.
Fastenings Price to Come Later.
At the present time I am not asking for prices on the fastenings, because
It is my understanding that whereas only the four companies which I am
now addressing, or subsidies thereof, manufacture standard Tee rails of
more than 60 pounds per yard, rail fastenings are sold by numerous other
concerns. Inasmuch as there are some uncertainties, mentioned below, with
respect to the purchase of rails, it has seemed advisable to leave the matter
of the fastenings in abeyance until the rail questions have been determined.
Thereafter, all concerns selling fastenings will be given an opportunity to
submit prices therefor.
It is my understanding that under the Code of Fair Competition the base
price named by any company will ultimately be known and may be met by
any other company. I shall assume, therefore, unless advised to the contrary, that the lowest oase price submitted in response to my request will
become the prevailing base price for all companies. In accordance with the
understanding reached at the President's conference, and proceeding upon
this assumption, I shall, upon receipt of the prices, undertake the allocation
of the orders among the steel companies. This will be done
after consultation with the railroads concerned and with the object of obtaining
the rails
at the point of use at the lowest total cost, including transportation.
Where costs are equal, preference will be given, as between two or
more
steel companies, to the one which submitted the lowest base price
in response
to my request.
Commitments !Veit on Price.
As you know, it was the understanding at the President's
conference that
base prices would be submitted, in response to my
request, by the steel
companies independently of each other and without
collusion or consultation. In this connection there are certain
circumstances which I believe
should be called to your attention. These are as follows:
(1) The commitments of the railroad companies
for orders are very
largely upon condition that there shall be a reduction in
the base price
below the now prevailing price, which is understood to be
$40 per ton f.o.b.
mill. The only exception is the Pennsylvania RR.,
which is willing to
purchase 100,000 tons but desires to place its own orders
and
stipulate a price reduction. Certain railroads, contemplating does not
important
orders, make it a condition that the base price shall not
exceed $35 per ton.
(2) In the case of 452,785 tons, and perhaps 502,785
tons, out of the
total of 844,525 tons now proposed to be purchased,
the orders are contingent upon loans from the Public Works Administration
on the basis of a
note from the borrower, due in 10 years, bearing interest
at the rate of 4%,
no interest to be charged for the first year, and the
borrower to have the
option of paying off the note in part or in full at any time.
These are very
favorable terms, far more favorable than can be obtained
commercially at
the present time, and are only offered because of the
Government's desire
In the existing emergency to stimulate business and
employment, particularly
In the steel industry. The purpose of the loans must
be approved by the
Inter-State Commerce Commission before they can be
made.
(3) The Government believes that the contribution
which it is thus
making to the common good in the emergency should
be met in like spirit
by the industries affected, and unless such a spirit is
manifested in the base
prices submitted, there can be no assurance that the
loans will be made.
(4) In this connection, permit me to make certain
personal observations.
The fact is that for 11 years, 1922-1932, the base price
of steel rails in the
country remained static at $43 per ton, while the prices of
most other steel
products were steadily declining.
The Course of Rail Prices.
Whenever the railroads found it necessary under the Clayton
Anti-Trust
Act to secure competitive bids, the base price uniformly
submitted by all




2535

companies was always $43. In 1932 there was a reduction of about 7%
to a figure, likewise uniform, of $40 per ton. Since 1926, also, an international agreement among steel rail producers has prevented the importation of steel rails into this country. Prevailing prices of steel rails in other
countries, however, have declined more in line with the prices of other
steel products. While certain improvements in the specifications of steel
rails have been made by the railroads since 1922, they are not changes
which have added very materially to costs; and what small increase in
cost there may have been on this account has been more than offset by
technological improvements in the production of steel all the way from the
mine to the mill.
While the Code of Fair Competition of the iron and steel industry has
added somewhat to the labor costs prevailing immediately prior to the code,
I am not informed that such costs now exceed those which prevailed prior
to the depression. Moreover, the steel companies have now the prospect of
large, concentrated orders which can be produced under favorable conditions,
and the probability of a material reduction in the number of separate rail
weights and cross sections.
Expects Price Below $35.
These are a few of the salient facts. The available information warrants
a conclusion that the base prices to be submitted should be below rather
than above $35 per ton. If this conclusion is challenged, I suggest that the
way to clear up the point is to afford Government accountants an opportunity
to examine the books and records of the steel companies.
•
These circumstances are recited in order that nothing may be withheld
of which you should be advised before prices are submitted. It is my belief
that you will arrive at your prices in all good faith and in full realization of the emergency by which the country is confronted and of the extent
to which your action may contribute to the relief of that emergency.
A list of the railroads desiring steel rails and of the purchases which
they contemplate, under the conditions stated, is appended. In the list,
the tonnage of fastenings has been estimated at 30% of the rail tonnage,
except where a higher figure was specified. My understanding is that the
railroads are prepared to take early delivery, except that the Southern
Pacific will want a part of its order delivered in 1934, the Lackawanna
will want 2,000 tons in 1933 and 10,000 tons in 1934, the Western Maryland
will want 2,000 tons in 1933 and 2,000 tons in 1934, and the Northern Pacific
will want 5,000 tons in 1933 and 5,000 tons in 1934.
Sincerely yours,
(Signed) JOSEPH B. EASTMAN.
TENTATIVE COMMITMENTS LISTED.
Name of Railroad-

(prin.. Fastening,.
)

Atchison Topeka az Santa Fe
50,000
15.000
Atlantic Coast Line
10.000
3.000
Baltimore & Ohio. Central RR. of N. J., Reading, Alton
50.000
15.000
Boston & Maine, Maine Central
40,000
12.000
Bangor & Aroostook
3,500
1,050
Clinchfield
3,000
900
Chicago & North Western
65,000
14,364
Chicago Great Western
12,000
3.600
Central Vermont
5,000
1,500
Chicago & W.Ind., Belt Ry. of Chicago
3,000
900
Cotton Belt
9.000
2,700
Chicago Burlington & Quincy
25,000
3.000
Chicago az Illinois Midland
1,750
525
Chicago Rock Island & Pacific
20.000
6,000
Delaware az Hudson
5.000
1.500
Delaware Lackawanna & Western
12,000
3,600
Denver & Rio Grande Western
10,000
3,000
Erie
30,000
9.000
Gulf Mobile & Northern
5,000
1,500
Illinois Central
20,000
6,000
Louisiana & Arkansas
12,000
3,600
Lehigh & New England
3,285
985
Louisville az Nashville
25.000
7,500
Missouri-Kansas-Texas
4,500
1,350
Monon
3,000
900
Mobile & Ohio
3,000
900
Mo.-Pacific, Gulf Coast Lines, International-Gt. Northern_ 25,000
7,500
Milwaukee
50,000
15.000
New York New Haven & Hartford
20,000
7,500
Nashville Chattanooga & St. Louis
3,490
1,047
Northern Pacific
10,000
3.000
Norfolk & Western
10,000
3,000
Pennsylvania
100,000
30.000
Richmond Fredericksburg & Potomac
500
150
St. Louis-San Francisco
26,000
7.800
Seaboard Air Line
17,000
5.100
Southern
50.000
15.000
Soo Line, Wisconsin Central
7.500
2,250
Southern Pacific
25,000
7,500
Tennessee Central
2.500
750
Toledo Peoria & Western
5.000
1,500
Texas & Pacific
500
150
Union Pacific
25,000
7.500
Western Maryland
4,000
1.200
Western Pacific
20,000
6,000
Wabash
10,000
3,000
Central of Georgia
3,000
900
Total
844.525
245.221
Grand total
1 089,746

Pig Iron Production in September Shows Sharp Decline
from August Rate.
Production of coke pig iron in September totaled 1,522,257
gross tons, compared with 1,833,394 tons in August, reports
the "Iron Age" of Oct. 5. Output per day in September, at
50,742 tons, showed a drop of 14.2% from the August daily
rate of 59,142 tons. The "Age" further states:
There were 89 furnaces in blast Oct. 1, making iron at the rate of 48.215
tons a day, compared with 98 active stacks on Sept. 1 with a daily operatifig
rate of56,070 tons Eleven furnaces were blown out or banked in September,
while two, both of them merchant stacks, were lighted. The Steel Corp.
showed a loss of four furnaces, while independent steel companies put out
seven.
Among the furnaces blown out or banked are the following: One Isabella.
of the Carnegie Steel Co.; one Eliza and one Aliquippa. Jones & Laughlin
Steel Corp.: one Sparrows Point, Bethlehem Steel Co.; One Haselton,
Republic Steel Corp.; one Campbell, Youngstown Sheet & Tube Co.; two
Lorain furnaces, National Tube Co.; one South Chicago (old), Illinois
Steel Co.. and two Weirton furnaces of the National Steel Corp.
Furnaces blown In Include: the Brooke furnace of the E. & G. Brooke
Iron Co., and the Jim)furnace of the Jackson Iron & Steel Co.

Financial Chronicle

2536

PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS).
Pig Iron. x

Ferromanganese.7
1933.

1932.

1933.

1932.

January
February
March
April
May
June

568,785
554,330
542.011
623.618
887,252
1,265,007

972 784
964,280
967.235
852.897
783,554
628.064

8,810
8.591
4.783
5.857
5.948
13.074

11.250
4,010
4,900
481
5,219
7.702

Half year
July
August
September
October
November
December

4,441.003
1.792,452
1,833,394
1.522,257

5.168,814
572.296
530.576
592.589
644.808
631,280
548.080

47,063
18,661
16,953
13,339

33,562
2.299
3,414
2,212
2.302
5,746
7.807

57.342
8.686.443
Year
x These totals do not Inc ude charcoal lug iron. The 1931 production of this
ron was 46.213 gross tons. y Included in pig Iron lgure3.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS
STATES BY MONTHS SINCE JAN. 1 1928
,.
January
February
March
April
May
.
Jim,
First six months_
July
August
September
October
November
December
12 MOM. average_.

1928.

1929.

92,573
100,004
103.215
106,183
105,931
102.733
101,763
99,091
101.180
102,077
108,832
110,084
108,705
103,382

111.044
114.507
119.822
122,087
125,745
123.908
119,564
122,100
121.151
116,585
115,745
106.047
91,513
115,851

1930.
91.209
101,390
104,715
106.062
104,283
7.804
100,891
85,148
81.417
75,890
69,831
62,237
53.732
88.025

1931.

1932.

1933.

55,299
60.950
65,558
67,317
64,325
54.621
61,356
47.201
41.308
38.964
37.848
36,782
31.625
50.069

31,380
33,251
31,201
28,430
25.276
20.935
28,412
18,461
17,115
19.753
20.800
21,042
17,815
23.772

18.348
19.798
17,484
20,787
28.621
42,166
24.536
57,821
59,142
50,742

Steel Recovery Impeded by Labor Troubles as Code
Perplexities Are Clarified, Says the "Iron Age"
Steel Production Shows Slight Gain-Operations
Now at 41% of Capacity-Finished Steel Prices
Higher.
Labor troubles in the plants of both steel makers and
consumers are now threatening to impede the progress of
the industry, states the "Iron Age" of Oct. 5, adding:
Coming at a time when steel companies were just beginning to function
satisfactorily under the commercial provisions of the code, the rapid increase in strikes throughout the metal-working industry is particularly
disheartening. A major steel plant in the Wheeling district has been
forced to suspend operations entirely and picketing is growing more prevalent at nearby Pittsburgh mills.
The strike of coal miners in western Pennsylvania has apparently been
settled by an agreement between the United Mine Workers and steel companies operating their own mines, which, however, does not include formal
recognition of the union. The flow of steel into the automobile industry
is threatened by labor difficulties in the die and tool making industry at
Detroit which is now engaged with orders for prospective new models.
The quick intervention of the Government in these and other cases indicate
the threat of the entire National Recovery Administration program embodied in such disturbances.
The placing of fourth quarter contracts for heavy hot-rolled steel products brought considerable tonnage to order books in the past week, and
general adherence to the new form of buying agreements, which do not
permit cancellations by consumers, defined probable consumer requirements
more accurately than heretofore. Expiration of old contracts for sheets
and strip steel also brought heavy specifications which will occupy mills
for the greater part of October. Tin plate backlogs are adequate for the
month, although production has been curtailed by strikes.
The larger steel consuming industries are generally curtailing their
requirements and give promise of little sustained improvement in the next
two months. Motor car production is declining gradually and output
this month is tentatively estimated at 145,000 units, against a probable
175.000 in September. Increased steel takings, however, are unlikely,
as automobile companies have been stocking heavily in anticipation of
higher prices. This tendency is also noticed among many other consumers
of steel, and the extent to which fourth quarter requirements have been
discounted will have an important bearing on new buying in the next two
months.
The trend of production in November and December also depends largely
upon the efforts of the Federal Government to stimulate business. With
more than half of Public Works Administration's fund now allocated.110Me
large projects are beginning to reach the contracting stage. Approximately
52.000 tons of cast-iron segments and steel castings have been placed
for the Midtown Tunnel at New York, and Cleveland has awarded 12,000
tons of cast-iron pipe for water-works extensions. Bridges over the Niagara
River at Grand Island, N. Y., have taken 12,000 tons of structural steel
and the Calument breakwater at Chicago, requiring 8,000 tons of sheetsteel piling, has been let.
Promise of Government aid to the railroads to finance rail purchases has
developed estimated requirements from a number of carriers, amounting
to 280,000 tons. Most of this indicated tonnage comes from the Western
roads, the larger Eastern systems not having made public their possible
needs. Practically all of the prospective purchases are based upon the
expectation of a lower rail price. Buying of freight cars and locomotives
under similar financial arrangements is still being condidered.
Despite a sharp decline in the Wheeling district, occasioned by the strike.
steel ingot production this week has risen one point to 42% of capacity.
With output unchanged at Chicago, Cleveland and Birmingham, operations
have been advanced six points to 35% at Pittsburgh and two points to
60% in the Valleys, while the Philadelphia and Buffalo districts have curtailed production one and six points, respectively.
Pig-iron output during September dropped to 1,522,257 tons, or 50,742
tons daily, compared with 1.833,394 tons, or 59,142 tons daily in August.
The decline of 14.2% followed a 9.4% drop in ingot output during August,
while pig-iron production was rising 2.2%. Eleven furnaces were blown
out or banked during August and two were blown in, a net loss of nine.
Finished steel prices under the code are rapidly becoming clarified.
and, with advances of $3 a ton on bars and $2 on plates and shapes now
effective, the "Iron Age" composite price has been raised to 2.036c. a
pound, compared with 1.992c. last week. The pig-Iron composite. affected




Oct: 7 1933

by freight rate adjustments. is 10c. a ton lower at $16.61, while the composite for scrap is down Sc. to $10.96 a ton.
THE "IRON AGE" COMPOSITE PRICES.
• Finished Steel.
JBased on steel bars, beams, tank Plates
Oct. 3 1933, 2.0360. a Lb.
1 992c. wire, rails, black Pine and sheets.
One week ago
1.9790. These products make 85% of the
One month ago
1.9770. United States output.
One year ago
Low.
High.
1.867o. Apr. 18
2.036c. Oct. 3
1933
1.9280. Feb. 2
1.9770. Oct. 4
1932
1.945c. Dec. 29
2.0370. Jan. 13
1931
2.0180. Dec. 9
2.2730. Jan. 7
1930
2.283e. Oct. 29
2.3170. Apr. 2
1929
2.217c. July 17
2.2860. Dec. 11
1928
2.212c. Nov. 1
2.402o. Jan. 4
1927
Pig Iron.
Based on average or baste iron at Valley
Gross Ton.
Oct. 3 1933, $16.61 a
$16.71 furnace foundry irons at Chicago.
One week ago
Philadelphia, Buffalo, Valley, and Blr16.71
One month ago
13.64 mingham.
One year ago
Low.
High.
$13.56 Jan. 3
516.71 Aug. 29
1933
13.56 Dec. 6
14.81 Jan. 5
1932
15.79 Dec. lb
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Based on No. 1 heavy melting steel
Oct. 3 1933, 210.96 a Gross Ton.
$11.04 quotations at Pittsburgh. Philadelphia,
One week ago
11.75 and Chicago.
One month ago
7.67
One year ago
Low.
High.
$6.75 Jan. 3
$12.25 Aug. 8
1933
6.42 July 5
8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 6
15.00 Feb. 18
1930
14.08 Dee. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927

"Steel" of Cleveland, in its summary of the iron and steel
markets, on Oct. 2 stated:
Already harassed by enormous complications in writing contracts under
the new code and pressed to ship material specified against expiring. lowprice contracts, producers of steel last week passed under the deepening
shadow of labor difficulties.
Automotive consumers without exception, parts makers largely financed
by them, and other users in lesser degree ordered out steel which, when
delivered, will make consumers' stocks as a whole the largest since 1929.
These inventories, motivated originally by advancing mill prices, appear
the more attractive as the labor situation becomes more tense and threatens
a possible interruption of production and foreshadows further price increases. Oct. 15 is the official deadline on these shipments, but an extension
is probable.
Meanwhile, users of bars, plates and shapes, with automotive interests
still dominant, last week were placing their fourth quarter requirements
on the old basis of 1.60c. Pittsburgh, prior to the Sept. 30 advance of $2
in plates and shapes and $3 in bars.
Offered four forms of contract, each ironclad, the trade generally favored
a commitment for a percentage of requirements within a stated maximum.
Firm extras and differentials disturbed users more than higher bases. The
industry being a unit under the code,the market became a sellers' one.
The influx of specifications, which producers put on their mills immediately, held last week's decline in operations to 2 points, the rate being
38%. Had production not been retarded by strikes in the Wheeling and
Pittsburgh districts, the rate would have held at 40%.
Youngstown mills gained 6 points to 54%.and Chicago 4 to 48. Cleveland
was steady at 54 and Buffalo at 48. But Pittsburgh slipped 4 points to
30%, eastern Pennsylvania 4% to 314. Wheeling 16 to 56, New England
11 to 75, Birmingham 16 to 34, and Detroit 9% points to 45%. Henry
Ford is threatening to reopen his steelworks.
While agitators succeeded in closing many departments of the mill at
Weirton, W. Va., were picketing some Carnegie mills in the Pittsburgh
district, and fomenting trouble at other plants, including Detroit, steel's
chief difficulties originated in fuel. Striking miners were attempting to
disaffect western Pennsylvania steel workers, while rises of El to $1.50 Per
ton in coke seemed the certain sequel to the higher coal prices announced
late last week.
Apart from the hypodermic administered by expiring contracts and rising
prices, the iron and steel markets are more active, in some measure traceable
to government-financed projects. Bethlehem Steel Co. has won the competition for 51,800 tons of castings for the mid-town tunnel in New York.
Cleveland has placed 12,000 tons of cast iron pipe, with 6,000 tons to
come. Sacramento, Calif., votes Nov.7 on a water project requiring 20.000
tons of plates.
California Highway Commission has lot projects taking 1.200 tons of
shapes and 800 tons of bars. Ohio River barge inquiries, involving 12,000 to
15,000 tons of plates, have been revived. Bids have been opened at Chicago
on Mississippi River dams and Great Lakes breakwaters taking 25,000
tons of steel, Inland Steel Co. being awarded 7,809 tons. Structural awards
last week totaled 27,231 tons.
New business in pig iron is light in view of previous contracting, but
shipments continue heavy. Many 'miters have held up shipments of
scrap, due to strikes for one reason, and the market is easy and nervous.
Buying of Japan. Poland and Italy in the eastern markets has mildly offset
weakness as far inland as Pittsburgh. Prospects are that this will be a
25,000.000 ton ore year on the Great Lakes. against 3,500,000 tons in 1932.
Rail mill executives this week may submit prices on a tonnage, loosely
estimated at 700,000, for the railroads, to be partly financed by the government. An accompaniment would be 30% of the tonnage in fastenings.
Washington expects mills to concede $2 to $5 a ton for the business, on
which basis some roads would finance their own purchases; the trade talks
of a $2 reduction.
This week new levels on plates, shapes, bars, strip and some grades of
sheet are in effect. Cold-finished bar and ferroalloy prices have been
extended. Rail steel bars are up $2. Advances also are noted In refined
iron bars, and staybolt and engine bolt iron. Gary is now a base for steel
pipe.
The net effect is to lift "Steel's" iron and steel composite 37 cents to
$31.60, the iron and steel composite 70 cents to 849.20. The scrap index,
however, is off 13 cents to s10.58.

Steel ingot production for the week ended Oct. 2 is placed
at slightly under 37% of capacity according to the "Wall
Street Journal" of Oct. 3. This compares with a shade
over 40% in the previous week and about 40% two weeks
ago. The "Journal" adds:

United States Steel is estimated to be running at about 37%, against a
Ittle over 37% in the week before and 38% a fortnight ago. Independents
.are credited with about 39%, compared with 42% in the preceding week
and a fraction over 41% two weeks ago.
Specifications toward the end of September were at a somewhat higher
rate, but interruptions to production, due to labor differences, particularly
affecting plants of the National Steel Corp. at Weirton and Clarkson,
W. Va., and Steubenville, Ohio, were responsible for the reduction in
.output last week.

Industrial Consumption of Bituminous Coal up 2.7%
-Inventories Increased
During Month of August
by 4,541,000 Net Tons.
According to the United States Bureau of Mines, Department of Commerce, industrill stocks of bituminous coal
increased at the rate of more than a million tons a week
-during August and on Sept. 1 stood at 24,356,000 tons.
Compared with the quantity on hand at the beginning of the
previous month, this represents a net gain of 4,541,000 tons.
With the exception of the cement mills, all classes of industrial consumers added to their reserves during the month,
but the heaviest additions were made by the stsel works,
by-product coke ovens, and railroads.
At the same time, consumption increased slightly. The
total consumption in August was 20,793,000 tons, a gain of
2.7% in comparison with July. All consumers except the
steel works and cement mills shared in the increase. The
Bureau's further reports as follows:
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS COAL,
EXCLUDING RETAIL YARDS (NET TONS).
August 1933
(Preliminary).

July 1933
(Revised).

Percent
of Change.

Stocks End of Month at
Electric power uttlities_a
By-Product coke ovens_ b
Steel and rolling mill_ b
Coal-gas retorts_b
Cement mills_b
Other industrial_ c
Railroad fuel (class DA

4,710,000
5,465,000
1,150,000
464,000
262,000
6,800,000
5,505,000

4,458,000
3,949,000
811.000
450,000
266,000
5,840,000
4,041,000

+5.7
+38.4
+41.8
+3.1
-1.5
+16.4
+36.2

Total industrial stocks

24,356,000

19,815,000

+22.9

Industrial Consumption by
Electric power utilitles_a
Hy-Product coke ovens_b
Beehive coke ovens_b
Steel and rolling mills_b
Coal-gas retorts- b
Cement mills_b
Other industrial_c
Railroad fuel (class I).d
Total industrial consumption
Additional Known Consumption
Coal mine fuel
Bunker fuel, foreign trade

2,742,000
4,235,000
111,000
1,005,000
189,000
393,000
6,130,000
5,988,000

2,653,000
4.057,000
107,000
1,026,000
187,000
426,000
5,950,000
5,833,000

+3.4
+4.4
+3.7
-2.0
+1.1
+3.0
+2.7

20,793,000

20,239,000

+2.7

285,000
112,000

247,000
109,000

+15.4
+2.8

Days Supply.
Days Supply End of Month at
Electric power utilities
BY-Product coke ovens
Steel and rolling mills
Coal-gas retorts
Cement mills
Other industrial
Railroad fuel (class I)

53 days
40 days
38 days
76 days
21 days
:A days
28 days

52 days
30 days
25 days
75 days
19 days
30 days
21 days

+1.9
+33.3
+40.0
+1.3
+10.5
+13.3
+33.3

Total industrial
36.3 days
+19.4
30.4 days
a Collected by the U. S. Geological Survey. b Col ected by U. S Bureau of
Mines. c Estimates based on reports collected jointly by the National Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected 1st of 2,000
representative manufacturing plants. The concerns reporting are chiefly large
consumers and afford a satisfactory basis for estimate. d Collected by the American
Railway Association.
At the rate of consumption prevailing in August, the stocks of bituminous
coal in the hands of industrial consumers on Sept. 1 were sufficient to last
36.3 days, if evenly divided. Stocks are rarely evenly distributed, however, and there were wide variations in the reserves of individual consumers.
The largest reserves on Sept. 1 in terms of days supply were held by the
coal-gas retorts with 76 days. Heavy reserves were also carried by the
electric public utilities which reported a supply equivalent to 53 days.
For other classes of consumers the stocks in terms of days supply were
generally much lower. The stocks held by class I railroads, for example,
were sufficient to last 28 days, while only 21 days requirements were on
hand at cement mills.
In part the increase in industrial reserves that occurred in August may
be regarded as seasonal, since stocks characteristically advance with the
approach of the heating season as consumers prepare for colder weather.
This year, however, the additions to stocks during the third quarter have
been somewhat above normal due to the prospect of higher prices. In
spite of this, the present stocks are only slightly higher than a year ago and
are at approximately the same level as in August 1931. Measured in terms
of days supply, the total industrial reserves on Sept. 1 were higher thanin
1929 and 1930, but were less than in 1927, 1928 and 1932.
Stocks not only vary widely with different classes of consumers, but there
are also wide variations in the reserves in different localities. Localities
which have experienced difficulty in obtaining coal may build up very heavy
reserves in anticipation of a strike or other cause of interruption and, when
the cause disappears, permit their stocks to decline to normal. It is likewise well known that consumers in localities remote from the mines customarily carry much heavier reserves than those in close proximity to the
producing fields.
As previously indicated, the stocks of bituminous coal at electric utilities
on Sept. 1 were considerably higher than for most groups of consumers,
being sufficient to last 53 days if evenly distributed among all electric
power plants. A breakdown by regions shows, however, that the stocks
held by the utilities ranged from a low of 33 days for the plants located in
the Lower Missouri Valley to a high of 140 days for those in Michigan. In
addition to Michigan, exceptionally heavy reserves were also carried by the
plants in the New England States and Ohio, while in other regions the stocks
were much lower than the average for the country as a whole. On the other
hand, the stocks at cement mills were not exceptionally large in any section
of the country. The largest reserves were held by the mills in New England,




2537

Financial Chronicle

Volume 137

but at the mills located in the Illinois-Indiana, Michigan, Lower Missouri
Valley, Lake Dock, and Southwest. Mountain and Pacific regions less than
20 days requirements were on hand.
On Sept. 1 the roads operating in the Northwest. with 46 days supply on
hand, showed the most substantial reserves. In other regions the stocks
carried by the railroads ranged from 21 to 30 days. Heavy purchases were
made for storage in August by the railroads operating in all regions except
the Pocahontas and Central Western.
Stocks of anthracite at electric public utilities increased slightly in August,
while stocks in the hands of the class I railroads declined. Consumption of
hard coal by both the electric utilities and the railroads in August was somewhat higher than in the month preceding. The tabulation below sum arises
the available information on industrial stocks and consumption of anthracite
for the past two months.
Myna:
(Preliminary).
1,265.000
134.000

Electric Utilities
Stocks end of month
Consumption
Railroads
Stocks end of month
Consumption

July
(Revised).
1,250.000
127,000

153,000
108.000

163,000
107,000

Bituminous Coal and Anthracite Production Lower.
According to the United States Bureau of Mines, Department of Commerce, the total production of bituminous coal
during the week ended Sept. 23 1933 was estimated at
6,680,000 net tons, compared with 7,195,000 tons in the preceding week, 6,325,000 tons in the corresponding week last
year and 7,510,000 tons in the same.1931 week. Anthracite
output in Pennsylvania is estimated at 1,111,000 net tons,
as against 1,251,000 tons in the week ended Sept. 16 1933
and 980,000 tons in the week ended Sept. 24 1932.
During the calendar year to Sept. 23 1933 there were produced a total of 224,531,000 net tons of bituminous coal
and 34,251,000 tons of anthracite as compared with 203,285,000 tons of bituminous coal and 33,206,000 tons of
anthracite during the calendar year to Sept. 24 1930. The
Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.

Week Ende
Sept. 23 Sept. 16
1933.d
1933.c

Sept. 24
1932.

1933.

1932.

1929.

Bitum. coal a:
Weekly total 6,680.000 7,195,000 6,325.000 224,531,000 203,285,000 377.286,001
906,000 1,679,000
1,028,000
Daily avge_ _ 1,113,000 1,199,000 1,054,000
Pa. anthra. b:
Weekly total 1,111,000 1,251,000 980,000 34,251,000 33,206,000 50.495,000
153,900
149.200
226,900
Daily avge_ _ 185.200 208,500 163,300
Beehive coke:
594,100
510,000 5,020,000
17,000
11,700
Weekly total
9.700
1,950
2,617
2,247
22.115
2,833
1,617
Daily avge-a Includes lignite, coal made into coke, local sales, and colliery fuel. b Include'
Sullivan County, washery and dredge coal, local sales and colliery fue • c Subject
to revision. d Revised since last report.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
•
Week Ended.
Stole.
Sept. 16
1933.

Sept. 9
1933.

Sept. 10 Sept. 17
1932.
1932.

Sept. 19
1931.

Sept.
1923
Average.a

406.000
Alabama
216,000 188,000 132,000 148,000 210.000
33,000
28,000
76,000
96,000
56,000
Arkansas and Okla
67,000
214.000
125,000 108,000 107,000 117,000 134,000
Colorado
Illinois
644,000 541,000 475,000 590,000 732,000 1,587,000
550,000
255,000 226,000 188,000 233,000 255,000
Indiana
63,000
51,000
50,000
117,000
38,000
21,000
Iowa
86,000 100,000 111,000
168,000
75,000
Kansas and Missouri
92,000
Kentucky-Eastern _ 686,000 639,000 565,000 619.000 639,000 713,000
248,000
145,000 131,000 169,000 199,000 157,000
Western
20,000
25.000
36,000
40,000
24,000
25,000
Maryland
7.000
5,000
3.000
27.000
2,000
2,000
Michigan
43,000
47,000
42,000
68,000
37,000
40,000
Montana
23,000
25,000
56,000
20,000
20,000
22.000
New Mexico
24,000
22,000
26,000
27,000
27,000
26,000
North Dakota
861,000
443,000 380,000 222,000 271,000 422,000
Ohio
Penna. (bituminous) 1,682,000 1,755,000 1,241,000 1,508,000 1,738,000 3,585.000
59,000
54,000 62,000
95,000
119,000
60,000
Tennessee
17,000
26,000
16,000
15,000
11,000 14,000
Texas
103,000
57,000
54.000
52,000
55.000 83,000
Utah
176,000 170,000 165,000 177,000 197.000 245,000
Virginia
58,000
22,000
27,000
28,000 32,000
15,000
Washington
W. Va.-Southern_b 1,662,000 1,425,000 1,245,000 1,363 I5N. 1.665,000 1,474,000
857,000
598,000 465,000 297,000 347.000 453,000
Northern_ c
78,000 86,000 106,000
165,000
95,000
67,000
Wyoming
2,000
10,000
6,000
3,000
3,000
4,000
Other States
Total bitum. coal_ 7,195,000 6,510,000 5,304,000 6,148 00)7,320,000 11,814,000
714,000
Penna. anthracite
1,251,000 1,019,000 633,000 84,00) 894,000
Total all coal
8,446,000 7,529,000 5.937,000 7,02 .003 8.214,000 12,528,000
a Average weekly rate for entire month. b Includes operations on the N.dr W.
C. dr 0.; Virginian, K. air, M., and B. C. dr G. c Rest of State, including Panhandle

50,000 Miners Still on Strike-Only 20,000 of 75,000
Idle in Western Pennsylvania Return to Jobs,
Despite Orders of Union Officials and Demands
by NRA-Ask Union Recognition for "Captive"
Mines-Steel Plants Picketed and Scattered Violence Is Reported.
More than 50,000 coal miners, employed in so-called
"captive" mines of steel companies, were on strike late this
week, despite efforts made by union leaders and officials
of the National Recovery Administration to hasten their
return to work. About 20,000 of the 75,000 who have been
idle returned to the pits in the district east of Pittsburgh
on Oct. 3, but others in Pennsylvania remained firm in their
declaration that they would remain out until the steel com-

2538

Financial Chronicle

Oct. 7 1933

pany subsidiaries would recognize the United Mine Workers to the National Bituminous Coal Labor Board and the Administrator of
of America. Picketing continued at the plants affected, the National Industrial Recovery Act).
On the same clay (Oct. 2) Mr. Murray told representatives
many of which were closed. Clashes between miners and
workers who were attempting to enter mills were frequent, of the miners that the President of the United States "has
commanded" the men to return to their jobs in the western
and several cases of violence were reported.
It had been hoped that President Roosevelt's approval, Pennsylvania mines, and he added that union officials reearly in the week, of the agreement whereby the steel fusing to obey the command "will not live very long."
companies accepted the wage and hour provisions of the His order was followed by the return of about 20,000 of the
soft coal code, so far as it applied to the "captive" mines, men to work on Oct. 3, as previously noted, but the main
would mark the end of the strike. The miners them- body still remained on strike. We quote from a Pittsburgh
selves, however, rejected repeated pleas by officials of the dispatch of Oct. 3 to the New York "Journal of Commerce"
United Mine Workers to return to their jobs and also failed describing conditions in that area:
While over 20,000 of
to heed a similar direct appeal by General Hugh S. Johnson, district east of here thethe 75,000 striking miners returned to work in the
miners in the extreme western section remained
Recovery Administrator, which he issued on Oct. 2. General out to-day and there was no indication when the soft coal mines there would
be reopened.
Johnson's demand was voiced in a telegram to Philip Murray,
Insurgent miners in Fayette County to-night refused to heed the plea
Vice-President of the United Mine Workers, which read as of United Mine Workers' officials that they end the three-weeks' strike.
They said they would not return until the union is recognized by the
follows:
On Saturday afternoon Eugene Grace,- Myron Taylor and Governor
Nathan Miller, representing owners of the captive mines, agreed to have
Thomas Moses, President of the II. C. Frick Coke Co., meet with you
and discuss all matters affecting the workers in the captive mines.
As a result of your conference I am advised Mr. Moses has handed you
a letter, addressed to you in your official capacity as Vice-President of the
United Mine Workers of America, confirming the acceptance of the coal
code through agreement with the President on the 29th day of September,
and agreed to maintain working conditions, wages and hours as prevailing
under agreements between other operators and the United Mine Workers
of America in the several districts where mines are located.
I am telegraphing you with the authority of the President of the United
States urging that the United Mine Workers of America and its membership accept this settlement to become effective forthwith and the mines to
Immediately resume operation. This request is made in the National
interests and I trust that each affected member of your organization will
continue his part to the necessity of an immediate resumption of work.
(They are advised that under the provisions of the bituminous coal
code the men will have the right of appeal for the protection of their interests

H. C. Frick Coke Co. The union officials asserted that recognition of the
union had been obtained from the operators of the "captive mines" and
that the miners were required to return to work in compliance with the
signed contracts.
Steel Plants Picketed.
After it had appeared that the siege of the Carnegie Steel Co. plant at
Clairton would be lifted, there was a change of heart, and now new picket
lines have been formed outside the plant. The pickets are also outside
the two plants of the National Steel Corp. at Weirton, W. Va., and
Steubenville, Ohio. Pickets were also posted at the mines of the H. C.
Frick Coke Co., United States Steel division.
Few reports of violence were heard, but strikers stopped trucks heading
toward the plants and prevented men from returning to work.
Several manufacturing plants near here closed and workers in other
factories walked out. Approximately 1,800 tow boat employees quit
work and tied up coal shipments, in sympathy with the soft coal miners.
E. T. Weir, Chairman of the National Steel Corp., said to-day that the
Weirton plant would soon reopen despite the pickets. Some of the 13,000
strikers have indicated a desire to return to work, it was reported to-day.

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. 4, as reported by
Federal Reserve banks, was $2,426,000,000, an increase of
$34,000,000 compared with the preceding week, and of
$184,000,000 compared with the corresponding week in 1932.
After noting these facts, the Federal Reserve Board proceeds as follows:
On Oct. 4 total Reserve bank credit amounted to $2,449.000,000, an
increase of $28,000,000 for the week. This increase corresponds with
Increases of $57,000.000 in money in circulation and $2,000,000 in unexpended capital funds, non-member deposits. &c., and a decrease of $41,000,000 In Treasury currency adjusted, offset in part by a decrease of
$73,000,000 in member bank reserve balances.
Bills discounted decreased $3,000,000 at the Federal Reserve Bank of
Philadelphia and $10,000,000 at all Federal Reserve banks. Holdings of
United States Treasury notes increased $34,000.000, and of Treasury
certificates and bills $2,000.000. while holdings of 'United States bonds
decreased $1.000.000.

Increase (+) or Decrease (—)
Since
Oa.4 1933. Sept. 27 1933. Oct. 5 1932.
Bills discounted
Bits bought
U. S. Government securities
Other Reserve bank credit

123,000,000 —10,000,000
7,000,000
2,309,000,000 +35,000,000
10,000,000 +3,000,000

TOTAL RES'VE BANK CREDIT...2,449,000,000
4,324,000,000
Monetary gold stock
1,907,000,000
Treasury currency adjusted
Money In circulation
5,652,000,000
Member bank reserve balances
Unexpended capital funds, non-mem-2,523,000,000
505,000,000
ber deposit, arc

+28,000,000

—210,000,000
—26,000,000
+453,000,000
—13,000,000

—41,000,000

+208,000,000
+123,000,000
+28,000,000

+57,000,000
—73,000,000
+2,000,000

+3,000,000
+239,000,000
+117,000,000

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
Beginning with the statement of May 28 1930, the text
the Reserve banks themselves, and for the same week, instead
accompanying the weekly condition statement of the Federal
of waiting until the following Monday, before which time the
Reserve banks was changed to show the amount of Reserve
statistics covering the entire body of reporting member banks
bank credit outstanding and certain other items not included
in the different cities included cannot be got ready.
in the condition statement,such as monetary gold stocks and
Below is the statement for the New York City member
money in circulation. The Federal Reserve Board's explanabanks and that for the Chicago member banks for the
tion of the changes, together with the definition of the differcurrent week, as thus issued in advance of the full statement
ent items, was published in the May 31 1930 issue of the
of the member banks, which latter will not be available until
"Chronicle" on page 3797.
the coming Monday. The New York City statement, of
The statement in full for the week ended Oct. 4, in comcourse, also includes the brokers' loans of reporting member
parison with the preceding week and with the corresponding
banks. The grand aggregate of brokers' loans the present
date last year, will be found on subsequent pages, namely,
week shows a decrease of $16,000,000, the total of these
pages 2592 and 2593.
loans on Oct. 4 1933 standing at $790,000,000, as compared
Beginning with the statement of March 15 1933, new
with $331,000,000 on July 27 1932, the low record for all
items were included as follows:
time since these loans have been first compiled in 1917.
1. "Federal Reserve bank notes in actual circulation." representing the
Loans "for own account" decreased from $697,000,000 to
amount ofsuch notes issued under the provisions of paragraph 6 of Section 18
$677,000,000, but loans "for account of out-of-town banks"
of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund—Federal Reserve bank notes," representing the
increased from $102,000,000 to $107,000,000, while loans
amount deposited with the Treasurer of the United States for the redemp"for account of others" decreased from $7,000,000 to $6,tion of such notes.
000,000.
3. "Special deposits—member banks," and "Special deposits—nonmember banks." representing the amount of segregated deposits received
member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.

from

Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Oct. 4 1933 were as follows:




CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES,
New York,
Oct. 4 1933. Sept. 27 1933. Oct. 5 1932.
Loans and Investments—total

6,728,000,000 6,698,000,000 6,779,000,000

Loans—total

3 365,000,000 3,344,000,000 3,425,000,000

On securities
All other

1,699,000,000 1,731,000,000 1,669,000,000
1,666,000,000 1,613,000,000 1,756.000,000

Oct. 4 1933. Sept. 27 1933. Oct 5 1932.
Investments—total

3,363,000,000 3,354,000,000 3,354,000,000

U. S. Government securities
2,271,000,000 2,297,000,000 2,350,000,000
Other securities
1,092,000,000 1,057,000,000 1,004,000,000
Reserve with Federal Reserve Bank
814,000,000 381,000,000 946,000,000
Cash in vault
39,000,000
38,000,000
39,000,000
Net demand deposits
5,195,000,000 5,244,000,000 5,277,000,000
Time deposits
766,000,000 763,000,000 843,000,000
Government deposits
388,000,000 388,000,000 267,000,000
Due from banks
69,000,000
83,000,000
75,000,000
Due to banks
1,155,000,000 1,122,000,000 1,354,000,000
Borrowings from Federal Reserve Bank_
Loans on secur,to brokers & dealers:
For own account
677,000,000 697,000,000 402,000,000
For account of out-of-town banks-- _ 107,000,000 102,000,000
18,000,000
.
For account of others
6,000,000
6,000,000
7,000,000
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Investments—total

790,000,000

806,000,000

426,000,000

516,000,000 531,000,000 281,000,000
274,000,000 275,000,000 145,000,000
Chicago.
1 204,000,000 1,215,000,000 1,217,000,000
698,000,000

701,000,000

756,000,000

343,000,000
355,000,000
503,000,000

342,000,000
359,000,000
514,000,000

437,000,000
319,000,000
461,000.000

U. S. Government securities
293,000,000 299,000,000 264,000,000
Other securities
213,000,000 215,000,000 197,000,000
Reserve with Federal Reserve Bank__ _ 357,000,000 374,000,000 223,000,000
Cash in vault
32,000,000
33,000,000
17,000,000
Net demand deposits
1,006,000,000 1,031,000,000 852,000,000
Time deposits
347,000,000 347,000,000 324,000,000
Government deposits
61,000,000
61,000,000
31,000,000
Due from banks
200,000,000 199,000,000 215,000,000
Due to banks
272,000,000 268,000,000 300,000,000
Borrowings from Federal Reserve Bank_
4,000,000

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, Sept. 27, with comparisons for
Sept. 20 1933 and Sept. 28 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 Sept. 27:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Sept. 27 shows decreases of $63.000,000 in loans and investments and $14,000,000 in net demand deposits
and an increase of $53,000,000 in reserve balances with Federal Reserve
banks.
Loans on securities declined $11,000,000 at reporting member banks
In the New York district, and $16,000,000 at all reporting member banks.
"All other" loans declined $20,000.000 in the New York district and increased $6,000,000 In the Boston district, all reporting banks showing a
net decrease of $4,000,000 for the week.
Holdings of United States Government securities declined $17,000.000
in the New York district, $11,000,000 in the Boston district and $30.000,000 at all reporting member banks. Holdings of other securities declined $8,000,000 in the Chicago district, $7,000,000 in the New York district and 213,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $22.000,000, an increase of $2,000,000 for the week.
Licensed member banks formerly included In the condition statement of
member banks In 101 leading cities, but not now included in the weekly
statement, had total loans and investments of$884,000,000 and net demand,
time, and Government deposits of $903,000,000 on Sept. 27, compared
with $885.000.000 and $912,000,000. respectively, on Sept. 20.
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are included In the statement, together
with changes for the week and the year ended Sept. 27 1933, follows:
Increase (+) or Decrease (—)
Since
Sept. 27 1933
Sept. 20 1933
Sept. 28 1932
$
Loans and investments—total._ _16.529,000,000
—63,000,000 —327.000,000
Loans—total
On securities
An other

8,540,000,000

—20,000,000

—.712,000,000

3,687.000.000
4,853,000,000

—16.000.000
—4,000,000

—297.000,000
—415,000,000

7,989,000,000

—43,000,000

+385,000.000

U. S. Government securities...._ 5,056,000,000
2,933,000,000
Other securities

—30,000,000
—13,000,000

+377,000.000
+8,000.000

1,936,000,000
205,000,000

+53,000.000
+16,000,000

+214.000,000
+25.000,000

10,505,000,000
4,501,000,000
863,000,000

—14,000,000
—1,000,000
—2,000.000

—10,000,000
—83.000,000
+312,000,000

1,171,000,000
2,531,000.000

—28,000,000
—64.000,000

—150,000,000
—275,000,000

22,000,000

+2,000,000

—53,000,000

Investments—total

Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks




2539

Financial Chronicle

Volume 137

Statement of Bank for International Settlements for
Sept. 30—Cash on Hand Totals 40,766,033.91 Swiss
Gold Francs, Compared with4,306,547.80 on Aug.31.
The following is from the New York "Times" of Oct. 5,
according to Associated Press advices from Basle, Switzerland, Oct. 4:
The Bank for International Settlements issued to-day (Oct. 4) the
following statement of its condition as of Sept. 30, in Swiss francs at par:
ASSETS.
August.
September.
5,147,422.15
5,147,422.15
I. Gold in bars
4,306,547.80
Cash on hand & on current account with banks_ 40,766,033.91
14.310,943.13 22,926,970.95
IL Sight funds at interest
Rediscountable bills and acceptances:
1. Commercial bills & bankers' acceptances-218,486,491.21 234,551,539.57
139.861,486.99 167,838,588.77
2. Treasury bills
Total
IV. Time funds at interest:
Not exceeding three months
V.Sundry bilis and investments:
1. Maturing within three months:
(a) Treasury bills
(b) Sundry investments
2. Between three and six months:
(a) Treasury bills
(b) Sundry investments
3. Over six months:
(a) Treasury bills
(h) Sundry investments

358,347,978.20 402.390,128.34

Total
VI. Other assets

169,847.949.80 159,978,521.58
1,722,484.14
1,709,415.85

79,299,004.98

123,578,021.44

13,181,845.44
71,938,671.79

25.159.862.05
59,943,072.07

40,992,530.52
35,950,487.58

19,169.418.71
47.923,546.76

7,190,097.52
594,316.95

7,188,532.02
594,089.97

669.428,748.02 720,050.096.40

Total assets
LIABILITIES.
I. Capital paid up
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Total
III. Long term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund

125,000,000.00 125,000.000.00
2,021,691.48
3,894,823.45
7,789.646.89

2,021,691.48
3.894,823.45
7,789,646.89

13,706.161.82

13,706,161.82

154,622.500.00 154.246,250.00
77,311.250.00 77.123,125.00
44,824,186.92 48,029,699.10

Total
IV. Short-term and sight deposits:
(Various currencies)
1. Central banks for their own accounts:
(a) Not exceeding 3 months
(b) Sight

276,757,936.92 279,399,074.10

Total
2. Central banks for the account of others:
Sight
3. Other depositors:
Sight
V. Sight deposits (gold)
VI. Miscellaneous items

179,658,027.27 232,614,912.98

Total liabilities

110,641,625.95 128.783.522.77
69,016,401.32 103,831,390.21

11,195,846.80

11,512,420.78

3,247,329.36
5,147,422.15
53,966,023.70

3,150,943.24
5,147,422.15
49.519,161.33

669.428,748.02 720,050,096.40

New Seat Created in the League of Nations Council.
The League of Nations Assembly adopted on Oct. 2 its
Committee's proposal provisionally adding a 15th seat to
the Council. When the vote was taken only 12 delegates
remained in the hall said Geneva advices Oct. 2 to the New
York, "Times," which added:
Previously, the Assembly, with 53 States voting, had elected Argentina,
Denmark and Australia as Council members for three years, succeeding
Guatemala. Norway and the Irish Free State.
With Germany abstaining, the Assembly referred the Dutch proposal
for aiding Jewish refugees from Germany to its second commission, which
deals with technical matters.
In the political commission, it was urged that the refugee problem be
solved by opening Palestine fully to the emigrants.

Sir John Simon Tells League of Nations Disarmement
Conference Must Not Be Delayed—British Foreign
Minister Says Political Issues Cannot Be Kept
in Suspense—Chancellor Dollfuss of Austria
Pleads for Danube Unity.
Need for speed in furthering disarmament negotiations
was stressed by Sir John Simon, British Foreign Minister,
in an address before the Assembly of the League of Nations,
at Geneva, on Sept. 27. He decried any attempt to postpone
the opening of the disarmament conference, and said that
"political issues cannot be kept indefinitely in suspense and
are not necessarily made easier by delay." The same session
of the Assembly heard Dr. Engelbert Dollfuss, Chancellor of
Austria, plead for Austrian independence and Danubian
unity. Recording these two addresses, Geneva advices of
Sept. 27 to the New York "Times" said, in part:
"We are dealing with political issues which cannot be kept indefinitely
in suspense and are not necessarily made easier by delay," said Sir John in
his address. "We must press forward and do our utmost not only to promote
a convention in the form which suits the present situation, but we must
proceed quickly."
tie stressed the need of a disarmament agreement to speed economic recovery, of which, be said, there were now "undoubtedly" some signs.
He stressed the value of the technical work of the League in various fields
and defended the League generally against charges of failure in political
matters.
"The true view," he said, "is that the nations and governments that compose the League have not been able even with the help of this machinery
and influence to compose their vital differences."
Dr. Dollfuss closed his 1,000-word statement with the words:
"After arduous years of struggle for her existence Austria to-day asserts
more than ever before her freedom and independence—not so much by virtue
of formal treaties as essentially to the free will of her people. Our history,

Financial Chronicle
our geographical position and our culture confer the right and impose the
duty on our little Germanic country of remaining a useful member of the
community of nations."
Not once in his firmly-spoken speech did he allude to Germany and Austria's difficulties with her. The speech, however, was shot through with
allusions to this "grave and troublous time," and the danger of "fratricidal
strife."
"Austria is determined to follow the path that offers her the possibilities
of independent existence and economic development," he said. He removed
any ambiguity from this by adding: "It is plain and it has been acknowledged in every quarter that this involves not merely the economic consolidation of Austria herself, but also the reconstruction of the Danube basin,"
and by stressing that this must be done through the League. He explained:
"Austria is one of the countries that is convinced of the necessity and high
value of the international centre of Geneva. Austria's example demonstrates
that the financial and monetary situation of a country can be restored even
in the most dif.icult circumstances, and, while severe lack of confidence
prevails, by close co-operation with the League.

Dr. Wellington Koo Predicts Far Eastern War Within
Five Years—Asks League to Co-operate with China
in Non-Recognition of Japanese Conquests.
Predicting war in the Far East within five years, Dr. V. K.
Wellington Koo, of China, told the Assembly of the League
of Nations, on Sept. 29, that the European situation is only
slightly less dangerous. Both sources of possible major conflict, he declared, may be traced to the Japanese policy in
armaments and in violating treaties. He said that Japan is
now bringing strong pressure to induce China to adopt the
principle of "Asia for the Asiatics," and he asked that the
Assembly continue to co-operate with China as outlined in
its report of February 1933, when it adopted a report condemning Japanese action in Manchuria. His address was
reported, in part, as follows, by the Geneva correspondent
of the New York "Times," on Sept. 29:
"The Assembly report, in predicting that Japanese occupation of Manchuria would be incompatible with peace, spoke grim truth," he said. "A
race in armaments has .begun, with huge naval and air maneuvers, fleet
concentrations and enormous increases in war expenditures.
"The strongest naval power in Asia and one of the strongest in the world
has already given official notice of its intention to make its navy still
stronger on expiration of the existing treaty limitations," he went on, "and
her leading statesmen publicly refer to what they call the greatest crisis
in their country's history within the next five years. It is useless to disguise
the fact that the present increases in military and naval armaments indicate
abuse of them."
Turning to the European situation, which he considered only less dangerous, Dr. Koo traced it to Japan's continued violation "with impunity" of
"the only valuable legacy from the great war," for "if a covenant is a scrap
of paper east of Suez, how can it become a reality in Europe?"
"Premium on Aggression."
The world's failure to enforce such solemn instruments as the League
covenant, the Kellogg-Briand pact and the Nine-Power treaty against "glaring" violation, he said, "placed a premium upon aggression," blocking economic and military disarmament forever.
"We cannot hope to get something for nothing," Dr. Koo concluded.
"If we wish to enjoy the fruits of peace we have to pay for them, too. We
have arrived at the crossroads of the world's destinies. Our choice is between
armed peace, which is based upon a precarious balance of power, is most
costly to every nation, and postulates war as inevitable, and peace based
upon collective responsibility, which is most economical for all because it
is maintained by joint efforts and common sacrifices, and which is stable
because it accepts justice as the final arbiter of nations. That means disarmament or rearmament, economic recovery or continuance of the world
crisis; it means, in fact, war or peace."

League of Nations Council Asked to Consider Problem
of German Refugees—Resolution Presented to
Assembly by Dutch Foreign Minister.
The League of Nations was asked to study the problem of
refugees from Germany, in a resolution presented to the
Assembly on Sept. 29 by Jonkheer Andrieas Cornelis Dirk de
Graeff, Dutch Foreign Minister, who requested the Council
"to consider as soon as possible methods for bringing about
a practical arrangement for solving the economic, financial
and social problems raised by refugees from Germany." Before introducing his resolution, the Dutch Foreign Minister
said:
A large number of German nationals have in recent months taken refuge
in neighboring countries. Private initiative, which has hitherto endeavored
to lend the help necessary, cannot long continue this task, and the presence
of so large a number of immigrants is bound, very soon, in view of the
existing unemployment, to cause serious difficulties in several countries.
In these circumstances it will be necessary to organize international collaboration in order to take appropriate measures, among other things to
place these refugees in different countries without adversely affecting the
national economic situations of those countries.

The following is the resolution:
The Assembly, having regard to the situation created by the fact that a
great number of German nationals have taken refuge in recent months in
several countries;
Considering that their presence in these countries constitute, in proportion as the means of relief from private sources are exhausted, an economic,
financial and social problem which can be solved only by international collaboration ;
Requests the Council to consider as soon as possible methods for bringing
about a practical arrangement for this purpose and to take the measures
necessary for the execution of any plans to which such consideration may
give rise.




Oct. 7 1933

Besides, in accordance with Article XVI-A, Paragraph 1, of its financial
regulations, to include a special item for this purpose in its budget in 1934.

The resolution was received by the Bureau of the Assembly, which will send it to the appropriate commission, which
will eventually determine the action of the League Council.
Great Britain's New Conversion Loan 20%
Oversubscribed.
Under date of Oct. 3 a cablegram from London to the
New York "Times" said:
Great Britain's latest conversion operation has been completely successful, the cash applications for the new issue of E150.000,000 204%
conversion loan being 20% in excess of the requirements. The loan,
dated 1934 to 1949. was offered last week at 94 and conversion rights
given holders of £50,757.000 of 404% Treasury bonds due for repayment
on Feb. 1 next.
The saving on these bonds amounts to nearly £1,000,000. It is expected that the result of the loan will have a stimulating effect on British
gilt
-edge and other investment securities.

The new conversion loan was referred to in our Sept. 30
issue, page 2374.
London Treasury Bill Rates Higher—Sharp Advance
in Bids Follows Decision of Discount Houses Not
to Buy Below Y2%.
From its London bureau the "Wall Street Journal"
published the following in its Sept. 30 issue:
There was a sharp Jump In the rate at which this week's offerings of three
months' British treasury bills were allotted, after a new record low had
been established last week. This week's offering of £45,000.000 was
allotted at an average discount of 12s. 4.61d. per £100 compared with
45. 9.15d. last week. Expressed in terms of percentage, this is a Jump to
roughly , % from a shade under h% last week. Current rate Is the
5
4
highest since Feb. 24 when the offering was allotted at an average discount
of 14s. 5.59d., or slightly under 54%.
The marked improvement in the rate this week is due mainly to the
decision which was reached by the clearing banks earlier in the week not
to buy bills below 54%. In addition, this week's offering of bills will
mature in January, which makes the issue less popular than last week's
with the clearing banks. December maturities had been in demand by
the banks to be included in portfolios at the end of the year for window
dressing purposes.
Some discount houses are still doubtful if the Improvement in the discount rates will be held. It Is recalled that a similar attempt was made.
at about the same time last year but the higher rates failed to be maintained.

Last week (page 2374) we noted that the British bill
rate was the lowest on record.
Great Britain's Hope of a Return to Gold Indicated
by Neville Chamberlain—Says He Also Seeks Price
Rises, Lower Tariffs and World Lending.
The establishment of an international monetary standard
was one of four objects named on Oct. 3 by Neville Chamberlain, Chancellor of the Exchequer, when reviewing the
possibilities of a revival of international trade.
The other aims, he told a gathering of bankers around
the Lord Mayor's dinner table (said a cablegram from
London Oct. 3 to the New York "Times") were a rise in
wholesale prices, the removal or lowering of oppressive trade
barriers and the resumption of international lending. From
the cablegram we also quote:
"There is no monetary standard which can command such confidence
as gold; therefore it seems likely that ultimately we shall return to the
gold standard," he said. "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 the gold standard to function efficiently. These
conditions do not yet exist."
He said he would be "very disappointed" if Britain did not have a budget
surplus.
Montagu Norman. Governor of the Bank of England, making one of
his rare speeches, said Darwin's theory of evolution, although biological
was largely analagous to the process of evolution adopted by the London
banking community.
"It would not be far wrong to say evolution has been succeeded by
revolution," he continued.
Nevertheless, he thought there would be some gradual improvement,
though it would be piece-meal and Its course uncertain.

Great Britain's Revenues in Half-Year Reported as
Showing Gain of £7,208,534 Over the Same Period
of 1932—Expenses Drop £48,308,776.
In a cablegram Sept. 30 to the New York "Times" it
was said that the soundest financial position in many years
is revealed by Great Britain's half-yearly revenue returns,
a statement on which was issued by the Treasury that
night. The cablegram went on to say:
With the help of tariffs and better business throughout the country,
the Government's revenue has increased substantially while expenditures have fallen to the lowest levels in a decade as a result of drastic
economies and a steady reduction in unemployment. The gap between
revenues and expenditures has been narrowed to such an extent that
the country's overburdened taxpayers have a real chance of getting relief
In next April's budget.
Deficit Usual in First Half.
The first half of the British budgetary year always ends in a deficit
as the bulk of the revenue comes from income taxes and surtaxes in the
final quarter, from January to March. Occasionally the excess expenditures reach alarming proportions, as they did in 1931, when they soared
to £118,176,655.

Volume 137

Financial Chronicle

Even in prosperous years, like 1928 and 1929. the figures were well
above £70,000,000. This year the usual Sept. 30 deficit has been reduced to .C48.590,155—a figure which the Treasury officials interpret tonight as the most encouraging in years. [The pound was quoted yesterday at $4.761i.i
The total revenues in the half-year were £275.736.842, or £7,208,534
ahead of the same date last year, while expenditures totaled £324,326.997. or £48.309,776 loss than last September's figure. This decrease, however, is not quite as spectacular as it appears, for it includes last year's
payment of £13,179,583 to the sinking fund, which has not been made
from the revenue this time.
The efficacy of Britain's new tariffs as revenue raisers is demonstrated
by an increase of £6,939,000 over last year's customs receipts. Even
such an ardent protectionist as Neville Chamberlain, Chancellor of the
Exchequer, budgeted for an increase of only E730,000 for the whole year.
Death duties, too, produced an unexpectedly large revenue, yielding
£5,260,000, an increase in the six months, although the official estimate
-month period.
scheduled a decrease of £2,390,000 for the 12
Unemployment Cut Helps.
On the expenditure side the improvement has been due to the cheapness
rates and the decline in the demands which unemployment
of money
insurance had made on the Government. Not only have the rates of unemployment benefits been cut, but unemployment itself has been diminishing month by month.
A saving of £28,883.291, as compared with the first half of last year,
was made on interest and management of the national debt—a figure
which takes no account of last June's drastically reduced war-debt payment, since the debt to the United States was not provided for in the
budget. The army, navy and air force, which were budgeted for an
increase of .C6,000,000 in expenditures, as compared with last year, show
a reduction of £1,060,000 in the first half.

British Laborites Oppose Return to Gold.
In a cablegram (Associated Press) from Hastings, Eng.,
Oct. 3, it was stated that the British Labor Party's opposition to Great Britain's return to the gold standard was
registered there on that date at the party's annual conference. The cablegram continued:
The convention passed a resolution moved by David Kirkwood, Laborite
M. P., which, besides declaring the party opposed to any return to the
gold standard, called upon the Government to organize a national banking
system.
"Montagu Norman," the Clydesider declared in moving the resolution,
"Is a more effective dictator to-day than is Hitler in Germany or Mussolini
in Italy."
Dr. Hugo Dalton, for the party executor, said that group was prepared
to accept Kirkwood's resolution, which then was passed.
The conference unanimously referred to a committee for consideration and report a program of strong measures for the party to pursue when
it assumed power again. In this way it was belleved a clash between the
radical and moderate factions was forestalled.
The proposition, advanced by Sir Stafford Cripps, head of the Socialist
League, included authority for the Government to take over financial
operations, abolishment of the House of Lords, the safeguarding of food
supplies and similar commodities,and taking over,or socializing,of industry.
Sir Stafford did not press for a vote after outlining the program, saying
the executive committee had indicated readiness to consider the suggestions.

New Zealand £5,000,000 Loan Floated in London.
From the New York "Herald Tribune" we take the following (Canadian Press) from London Oct. 5:
Latest of a series of big conversion loans offered on the London market.
New Zealand's £5,000,000 31i% bonds, was snapped up in half an hour
to-day, duplicating the success achieved by Canadian, Australian and
British Treasury loans in recent weeks.
The New Zealand issue is for converting a similar amount of 5% bonds.
Due in 1949 and 1954, the new loan was issued at 97.

In earlier Canadian Press accounts from London (Oct. 3)
to the same paper it was stated that following successful
loan flotations in London by Canada, Australia and the
British Government it was announced that arrangements
were progressing for a £5,000,000 conversion loan for New
Zealand. It was also noted that the London market in
recent weeks had speedily absorbed a £15,000,000 loan for
Canada, £21,000,000 loan for Australia and a £150,000,000
issue for the Treasury, all being oversubscribed.
British Labor Party Votes Refusal to Participate in
Any Future War—Would Call General Strike, if
Necessary, to Prevent Hostilities—Arthur Henderson Says Party Will Enact Legislation Legalizing
Pacifism When It Returns to Power.
The British Labor Party at its annual conference in
Hastings, England, on Oct. 4 unanimously passed a resolution to take no part in any future war and, if necessary,
to adopt a general strike to prevent hostilities. This action
implied both a defiance of conscription and of legislation
outlawing general strikes which was enacted in 1926. The
party also resolved that when it is next in power it will bring
about the adoption of a British national law to legalize
pacifism under all circumstances, except in case of actual
aggression whieh must be repelled. The convention went
on record as favoring world-wide disarmament and the
creation of an international police force, following a speech
by Arthur Henderson, President of the Geneva Disarmament
Conference, who said that the menace of another war is
rapidly becoming the most urgent of all problems. Mr.
Henderson's address, and other activities of the conference,




2541

were described in part as follows in a dispatch to the New
York "Times" from Hastings:
"We want the United States and Russia in the League," Mr. Henderson
said. "I am happy to say the United States during the last two years has
maintained active and sympathetic contact with the League in all its undertakings for improving the world. The only statesman who carried home
any successes from the recent London World Economic Conference was
the Soviet Foreign Minister, and he was enabled to do that because of
preliminary work he had done at Geneva.
"But it would be impossible for Great Britain under any government,
even if desirable, to achieve an exclusive alliance with either the United
States or Russia. For us the road to Washington and the road to Moscow
lies through Geneva."
"This peace act of the British Parliament," he continued,"would provide
that, in all cases without exception, our government should submit its
international disputes to one of the peaceful methods of settlement to which
we are already agreed. The Act will also provide that neither while a dispute is under consideration nor at any other stage, the government will not
mobilize its armed forces or take warlike action of any kind except for the
purpose ofrepelling actual aggre salon.
"The Act will give the Government full powers to take all economic,
financial and other measures required to enable it immediately to fulfill
all our national obligations under the covenant, the Locarno Treaty and
other instruments by which we are bound."
The anti-war general strike resolution passed at to-day's session was
presented by Sir Charles Trevelyan, one of the leaders of the Extreme
Socialist wing of the Labor Party. It was placed before the delegates after
long consideration by the executive committee. The debate was full
of peace fervor.
An amendment proposed by the Divisional Labor Party of Kings Norton
followed the example of the Oxford students. It pledged the Labor Party
"not to fight for its King or country." This resolution was killed in committee. The same treatment was accorded to a resolution that the next
Labor government totally disarm this country, regardless of the action_of
other nations.
World Disarmament Asked,
The Conference, however, did pass unanimously a resolution demanding
the total disarmament of all nations and the creation of an international
.police force. The same resolution calls on the present British Government
"to abandon its retrograde attitude at Geneva on the question of air bombing
and to submit proposals for a large immediate reduction in the armament
expenditures of all nations, for general abolition of all weapons, denied to
Germany, for abolition of military aircraft, for international control of civil
aviation and for supervision of the execution of the disarmament treaty."

Debt Parley between Great Britain and United States
Begins in Washington—Sir Frederick Leith-Ross
to Direct Conversations for British—Dean Acheson
Heads Treasury Group Which Will Control Talks.
Debt discussions between the United States and Great
Britain began.in Washington on Oct. 5, after the arrival of
Sir Frederick Leith-Ross, Chief Economic Adviser to the
British Government, who opened the conversations as the
head of the British debt mission. The discussions on behalf
of the United States will be conducted principally by Treasury Department officials, Secretary of State Hull said on
Sept. 28, Dean Acheson, Under-Secretary of the Treasury,
will direct the conversations, while the State Department will
be represented by Frederick Livesey, assistant economic
adviser. Washington advices to the New York "Times" on
Sept. 28 included the following comments incident to the
negotiations:
In asking for the forthcoming debt discussions the British Government
did not intimate that it wished to push the conversations any further than
the subject of the intergovernmental obligations, Mr. Hull said. Nevertheless, reports persist that the debt discussions may occupy only a minor
part in the conferences, which are expected to concern themselves with
major questions of future monetary and financial policy, with attention
given to the possibility of stabilization of the dollar and pound.
Co-operation Seen as Aim.
It is understood that there is strong support in the British Cabinet of
movement to seek closer relations of this kind with the United States Government. Such co-operation, which might involve linking the dollar and
pound In the exchange markets of the world, is believed here not to be to
the liking of Montagu Norman and other officials of the Bank of England.
but broader considerations of policy may prevail in London over the purely
financial aspects.
The construction generally placed on the assignment of the debt problem
to the Treasury is that political considerations will be removed as far as
possible from any settlement that may be worked out. Placing the debt
question on a purely business basis would not, it was pointed out to-day.
preclude progress in harmonizing fiscal policies, however, since these are
admittedly more in the province of the Treasury than of the State Department.
Mr. Liveeey, an expert of recognized ability in his field, is a native of
Auburn, N. Y., and a graduate of Harvard College and of the Harvard
Business School. He was appointed assistant economic adviser to the State
Department in 1928. He served as a technical expert at the London conference of 1931 on the moratorium for intergovernmental debts and has
long been thoroughly versed in the intricacies of the foreign-debt problem.

During the course of the negotiations, Sir Frederick will be
assisted by Sir Ronald Lindsey, British Ambassador to the
United States, and T. K. Bewley, financial counsellor of the
British Embassy in Washington. The British debt negotiators arrived in New York from England on Oct. 3, and when
interviewed by reporters declined to make any formal statement regarding their mission. In reply to a question as to
whether the issue of cancellation would be raised during the
discussions in Washington, Sir Ronald was reported to have
said that he did not "doubt but what it will come in, butt
will probably go out again."

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Financial Chronicle

Switzerland Fifth Nation to Forsake Tariff Truce
Set Up at World Economic Conference in London.
A cablegram Sept. 29 from London is taken as follows
from the New York "Journal of Commerce":
Complete collapse of the tariff truce was forecast in London official
circles to-day on the announcement from Geneva that Switzerland had
withdrawn from the agreement reached at the London Economic Conference earlier in this year. Switzerland is the fifth natiqn to denounce
the tariff truce, and others, including Germany, are expected to follow
suit within a month.
The London agreement on tariffs was an emergency measure designed
to hold rising tariffs the world over in check, pending further negotiations
among the nations toward a more lasting economic agreement. Reservations insisted upon by a number of countries impaired its effectiveness,
however, and withdrawals followed.
The truce is hardly more popular in Great Britain, where an influential
section of the press has been assailing it and calling upon the Government
to withdraw from the agreement. It is probable that such an eventuality
will be discussed when Parliament convenes early in November. With
Great Britain also out of the truce, some believe an intense economic
strife between the trade powers would follow.

The withdrawal of Sweden was noted in these columns
a week ago, page 2379.
Holland Balances Budget-267,000,000 Florin Deficit
Met by New Taxes and Economies—Cold Standard
to Be Maintained.
In the London "Financial News" of Sept. 20 it was
noted that Holland is to balance her budget, which shows
a deficit of 267,000,000 florin, by prolonging temporary
taxation and duties which should expire next year, by
imposing new taxation and by economy measures. In
the same paper it was stated that Dr. Oud, the Finance
Minister, in presenting the budget on Sept. 19, said the gold
standard must be maintained. The Government refused
to make experiments with the currency. But to maintain
the gold standard it was necessary that the country should
adjust itself to a lower standard of living. The "Financial
News" at the same time reported the following from its
correspondent at The Hague:
An estimated deficit of 267,000,000 llorin is shown in the Netherlands
budget for 1934, which was presented to-day to the Lower Chamber of
the States-General by the Minister of Finance, Dr. Oud. Revenue is
estimated at 463.000,000 florin and expenditure at 730,000,000 florin.
In order to meet this deficit, the Government proposes first to renew
the temporary taxation and increased duties which should expire in 1934.
These are expected to produce 76.000,000 florin and will reduce the deficit
to 191,000,000 florin.
Increased Taxes and Economies.
Further measures are being taken, or will be taken, to increase receipts
by 106,500,000 florin and the balance of the deficit will be met by economies.
The new taxation will consist of the newly adopted sales tax of 4%,
estimated to yield 85,000,000 florin: the coupon tax, the crisis income tax.
the tax on property "held in dead hand," the increase of duties on tobacco
and coffee, amounting to 20,000,000 florin, and the modification of the
Income tax, which will produce 1,500,000 florin.
The balance of the deficit, 84,000,000 florin, will be met by various
economy measures, among which are the new temporary cut in the salaries
and wages of Government employees, amounting to 15,500,000 florin,
and the reduction of expenditure on education, defense, public works and
municipal funds.
A Big Sacrifice.
Dr. Oud said that these measures involve a big sacrifice by the nation,
but the economic situation forced Holland to adapt herself to new conditions.
Defense of Gold—No Currency Experiments.
The Minister further said that it was necessary to maintain the gold
standard. The Government declined to make experiments with the
currency.
These might perhaps prove a temporary success, but in the long run
they would result only in new and greater difficulties.
To maintain the gold standard, however, it was absolutely essential
that the country should adjust Itself to a lower standard of living
Wages Must Be Adjusted.
The Government felt it could not support a policy ikely to check the
economically necessary fall of wages which was unavoidable in consequence of the general decrease in the value of goods and services.
The Government would, however, do its utmost to avoid inequalities
In the process of adjustment.
Favorable Reception.
Comments on the budget proposals are favorable, as they show that
the Government is to continue the policy of balancing income and expenses.
The principal point of the policy is the maintenance of the gold standard
Indicated by reference to "no risky experiments with currency." The
Intended further salary reduction of officers and the curtailment and reorganization of the Government's services, although regretted, are considered necessary, just as the imposition of new duties is necessary.
It is understood that the Government's trading policy points to a desire
to enlarge exports by concluding treaties of reciprocity.

Holland Makes Up Gold Losses—New Budget Proposals
Important Factor in Maintaining Strength of
Guilder.
From the "Wall Street Journal" of Oct. 4 we take the
following:
Showing a net gain of 28,000.000 guilders in its gold reserves for the
past week, the Bank of Netherlands now possesses the largest stocks of
gold of any time since early lest May. Imports of metal have been heavy
for the past two weeks, a net gain of 40,000.000 guilders being shown,
which brings the gold reserves up to approximately 870.000,000 guilders.
During the last sharp attack on guilder exchange, which lasted from
the end of May until the middle of July, the gold reserves dropped just
about 100,000,000 guilders to the low of 736,904,000 on July 10. Return




Oct. 7 1933

of metal to Holland has been steady since that date, but the movement
has been accelerated during the past fortnight.
Most of the gold is believed to be coming from the Bank of France
in Paris. French francs have continued at a sharp discount in terms of
guilders and the guilder in Paris persists above the gold export point from
that centre. The guilder as yet has shown no disposition to weaken against
the French Maim, and cables from Amsterdam state that further shipments of gold are being arranged.
New Budget Figured Importantly.
The new Dutch budget which was introduced in Parliament on Sept. 19
has been an important factor in the improvement in guilder exchange,
although the proposals have not yet been adopted. The proposals will
be debated over the coming weeks and will not come up for final adoption
until some time late in December. Little difficulty Is expected on that
score, however, because Premier Colijn has a large majority and it is
believed that he will be able to get his proposed new taxes and economies
through Parliament without difficulty.
Coupled with the confidence arising from the budget proposals has
been the Dutch mistrust of developments in this country. On a number
of occasions in the recent past, foreign circles reported that Europe was
selling American securities, and particularly Holland and Switzerland.
This was reflected directly in strength in the guilder rate against French
francs.
A movement of funds from New York to Amsterdam affects more than
those two centres. London and Paris both feel the strain. This Is because under present conditions there is not a large guilder market in New
York, but there is a good sterling market. Consequently, the first step
is the sale of dollars against sterling. In London there is a better franc
market than guilder, so the sterling is then converted into French francs.
Paris is the big market for the minor continentals and there the francs
finally are changed into guilders.
With the United States and England off the gold standard and with
the foreign exchange market generally upset, this means that Paris is
compelled to bear the brunt of whatever gold shipments are made. When
the dollar dips against the pound now, in response to Dutch operations.
nothing happens except lower dollar quotations. The same is true of the
pound against the franc. But when the franc dips against the guilder
It means that the Bank of France is compelled to lose gold as the result
of a transaction originating in New York.
Roundabout Method Necessary Now.
Under normal conditions and with New York on the gold standard together with Amsterdam, no such roundabout route Is necessary. The
very fact that both Amsterdam and New York figure in terms of gold gives
each centre a common measuring tape for values, which is lacking now.
In other words, both centres actually would be dealing In a common commodity—gold—which would be expressed in terms of guilders and dollars.
The operation would tend to be direct to Amsterdam from New York
because the ability to obtain all the gold necessary automatically makes
the market sufficiently broad to take care of the demands of the moment.
As matters are now, however, such accounts are settled largely through
Paris and the Bank of France is the loser, as far as gold is concerned, because
the franc is the largest of.the remaining gold currencies. The full effect
of these movements upon the reserves of the Bank of France have been
offset by receipts of other metal, particularly gold, which formerly had
been held in New York under earmark for British account.
The first substantial net loss by the Bank of France in response to these
circumstances was during the week ended Sept. 22, when gold reserves
dropped to 82.204.000,000 francs from 82,261,000,000 francs. The
statement for week ended Sept. 29 will not appear until Thursday, but
It is quite possible that a further reduction will be shown at that time

France Will Repay Loan to Britain—Second Half of
£30,000,000 Fund to Be Returned at End of October.
Paris advices to the New York "Times" stated that
Finance Minister Georges Bonnet on Sept. 29 informed his
colleagues in the Cabinet that the second half of the loan of
£30,000,000 sterling British banks had extended France last
May at 23/2% would be reimbursed by the end of October,
with a tidy profit from the transaction for the French
Treasury as a result of the pound's depreciation. It was
further stated:
Although the loan was not redeemable before the end of six months, half
of it was repaid by France on Aug. 1.
This evidence of the Treasury's strong condition at present "Is bound to
enhance France's credit abroad, and it vindicates decisively the Government's financial policies," said M. Bonnet.
During the discussion of the program for financial recovery and balancing
of the budget, which the Government will go before the Chamber of Deputies next month. M.Bonnet further cheered Premier Daladier by reporting
that tax collection was "proceeding normally."

France Finds Tax on Rich Drying Up—Number of
Franc Millionaires Drops from 851 in 1929 to 494
in 1932—Levied on at High Rate.
Writing under date of Sept. 29 the Paris correspondent
of the New York "Times" said in part:
With a declared deficit of 6,000.000.000 francs on the forthcoming
budget in prospect all interest in France just now Is centered on how the
Ministry is going to get out of its difficult financial situation. . .
France, like every other country, has, during the past few years, declined in taxable fortune. Indeed the situation is a very direct reply to
those, like the Socialists, who seem to believe the taxability of the rich In
favor of the poor is unlimited.
Rich Lost in Crisis.
At least, statistics published this week by the Finance Ministry showing
direct taxation tend to prove the rich In France,
the Incidence and result of
as elsewhere, have lost a good part of their riches during the crisis of the
past few years, while money has been lavished on public servi e. In all
the higher categories of income tax there has been a serious decline in the
amount collected. These figures are interesting as showing the distribution of wealth of the country.
•
During the year 1932 there were 494 taxpayers who declared they were
French millionaires: that is to say, they had incomes of more than a million
francs, $40,000 at par. These 494 conscientious citizens paid in taxation
more than 307,000.000 francs out of a total taxable income of 1.014.000.
There were 1.625 citizens who declared incomes of between 500,000 and
1,000,000 francs. These paid 245,000,000 out of a total income of 1,073,-

Volume 137

Financial Chronicle

000. There were 10.778 citizens who declared incomes of between 200,000
and 500.000 francs and paid 435.000,000. These 10,778 people had among
them Incomes totaling 3,156,000,000.
Next in the scale came 28,622 persons with incomes between 100,000 and
200.000 francs, aggregating 3,881.000,000, who paid 308.000.000, while
89.591 citizens with incomes between 50,000 and 100,000 francs totaling
more than 6.000,000,000 paid 242,000.000.
There were 1.429.000 persons who declared incomes of between 10.000
and 20,000 francs, their total incomes amounting to more than 19.500,000.000. But, owing to the low tax on small incomes these contributed only
75,500.000 to the Treasury.
While to some extent the changes in the income tax, including the raising
of the taxation level from 7,000 to 10,000 have affected the situation. It is
noticeable that during the last three years the revenue from large incomes
has dropped considerably, showing the incomes themselves to have diminished. What is called the import general has declined steadily from nearly
2,500,000,000 in 1929 to 1,800.000,000 in 1932.
In 1929 there were 851 citizens who were franc millionaires. By 1930
this select community had fallen to 806. In 1931 there were 702, while
last year the number declined to 494.
In the same way total number of taxable persons has declined from
2,813,000 in 1928 to 2.080.000 last year. This year's prospects are that a
further decline will occur.
Decline in Incomes.
These figures refer only to the payer of the general impost and do not
include those who pay a salary tax or tax on industrial, commercial or
agricultural profits or incomes from the Ii eral professions.
It is the decline in taxable revenue which, more than anything else, is
worrying the Finance Ministry, for these returns show that it is only by
economy and still more stringent economy that the 6.000,000.000 francs'
deficit can be met. And this economy is going to be difficult to obtain,
for the civil service and State pensioners, who take most of the national
revenue, refuse pointblank to accept any further cuts. It is when the
financial problem becomes a social one that the situation may become
serious.

French Minister Opposes Inflation—Finance Secretary
Bonnet Says Country Is Determined in Hostility
to Step—Urges Balanced Budget.
A Paris wireless message to the New York "Times" from
which we quote, reported him as stating further France's
opposition to any measure of inflation was again stressed on
Oct. 1 by Finance Minister Bonnet, speaking to a political
gathering at Perigueux.
"The dominant sentiment of the country," he said, "is determined
hostility to all inflation. For myself. I am very glad, for that is a policy
Which I have always defended. Our attitude is very Clear and has resulted
not only in a large amount of foreign capital seeking a sure refuge in France
but French savings have also shown confidence.
"When the last loan was floated the public in a large measure answered
our appeal and a large part of the loan was covered by money which had
been hoarded. There has resulted a better Treasury situation, different
from that of the first days of this year."
At the same time M. Bonnet warned that the position would not be
without danger as long as the budget was not properly balanced.
"We have already filled up a large part of the deficit." he said, "but we
must now face the final stage and get the budget into a sound balanced
state. The Government is prepared to do its duty and will not fail."

Coalition Urged to Help France Vote Budget Cut—
Former Finance Minister Advises Party Alliance
to Keep Franc on Gold Basis.
A bid for a coalition Cabinet to save the franc from going
off the gold standard was made on Sept. 29 by Pierre-Etienne
Flandin, who was Finance Minister under former Premier
Andre Tardieu, in an article in the "Agenee Economique et
Financiere." The foregoing from a Paris cablegram (copyright) Sept. 29 to the New York "Herald Tribune", which
continued:
M. Flandin says he believes that Premier Edouard Daladier and some of
his associates want to balance the budget, the deficit of which is estimated
by Budget Minister Lucien Lamoureux at 6.000,000,000 francs ($360,000,000 currently), without resorting to inflation. Unfortunately, the party
policies of the majority, composed of Socialists and Radical Socialists.
make it impossible for them to carry out the necessary economies, M.
Flandin considers, as the Socialists especially are pledged to fight against
any reduction of the sal ries of State employees.
The ex-Finance Minister points out that the Government has been saved
from financial catastrophe through the fall of the pound and dollar, which
has attracted short-term funds to the Paris money market, thus enabling
the Treasury to finance its needs. "This situation may last a few months
longer," he writes, "but the day will come when the State's ability to
borrow, even in the form of a lottery, will end. The rise in interest rates
proves this.
M. Flandin further points out that the economies called for by a balancing of the budget have not been made, and that the only way of really
enforcing economies and raising new revenue Iles In an alliance between
Premier Daladier and the parties to his immediate right, including, notably,
M. Flandin's.
"The situation is serious," M. Flandin writes, "that a mere combination of politicians would not recreate that confidence in the country which
Is necessary for recovery. Only agreement on a program strictly limited to
financial and economic problems is possible. Such a program and its implacable application can stimulate business to such an extent that increases
in taxation can be avoided."
This bid for co-operation is nicely timed to come before the notice of the
Radical Socialist party congress, which meets at Vichy next week.

French Lottery List Filled on First Day—Advance
Subscriptions Close.
A wireless message from Paris Oct. 2 is taken as follows
from the New York "Times":
The French public to-day enthusiastically took advantage of a new
arrangement whereby it is possible to subscribe in advance to the French
national lottery. Tickets for the second of this year's series of lotteries will




2543

be delivered Oct. 5 in exchange for provisional receipts, which went on sale
to-day.
-offices
Lines began forming early this morning outside branch post
throughout the city hours before their doors were due to be opened. It
was announced at the main post
-office at 11 o'clock this morning that the
second lottery had been completely subscribed in advance. Thereafter
reservations for tickets in the third lottery, which will not be delivered
before Oct. 16, were being bought up eagerly.
Tickets for the fourth and last of the series authorized for this year will
be delivered Oct. 29. It is now certain that these will all be sold in advance
within a few days.

The new French lotteries were referred to in:our issue:of
Sept. 30, page 2375.
French Lay Works Plans—Premier Daladier and Aides
Discuss Public Projects to Cost $783,580,000.
From Paris Oct. 3, a wireless message to the New York
''Times" said:
The French Government's public works plan came nearer to realization
to-day when several Ministers, headed by Premier Daladier, discussed its
details.
As far back as Andre Tardieu's 1931 Premiership, a vast scheme of public
works was mapped, but neither money nor a Parliamentary majority
could be raised to put it into effect. Premier Daladier, with enthusiastic
Socialist support, now has the necessary majority, and it is believed the
public will subscribe the necessary funds.
According to reliable reports, the program involves the expenditure of
20,000,000,000 francs labout $783,580,000 at Parl over a period of five years.
The most important works would be a series of automobile roads from
Paris to Marseilles, Toulouse, Bordeaux. Le Havre, Lille and Strasbourg.
Another important part concerns the region of Paris proper, particularly
the widening of streets.

French Paper Assails War Debt View of Former Ambassador Edge—Article by Latter Cited as Presaging Failure of Negotiations Now—United States
Opinion Ties Hands of Roosevelt, Says Editor of
"Le Temps."
The article by former Ambassador Walter E. Edge in the
New York "Herald Tribune" of Sept. 24, setting forth his
viewpoint on the war debts aroused much comment in Paris,
said copyright advices from that city Sept. 30 to the paper
indicated. It was cited by the newspaper "Le Temps" as
an indication that the tbre was never worse than now for
reopening war debt discussions, said the cablegram, which
likewise stated:
According to "Le Temps," difficulties arising from the present American
recovery plan make it almost certain that no satisfactory settlement will
be reached, especially since the possibility of thereby smoothing the path
for the last summer's World Economic Conference was not sufficient to
evoke popular approval of a settlement.
The French, according to "Le Temps," stand on the position taken
by the Chamber of Deputies last December and are determined to pay no
more proportionately than the Lausanne agreement allows them to collect
from Germany—that is to say, about 10%.
"If th3 article by the former Ambassador (Mr. Edge)."says"Le Temps,"
"may be explained by aspirations of his to a Presidential nomination in
1936, then we must realize the state of mind now prevailing in America,
which paralyzes President Roosevelt entirely so far as a sound policy of war
debt settlement is concerned. Hence, the Anglo-American debt negotiations about to open run a serious danger of ending in a fresh deadlock."
The newspaper "Le Matin" also commented on Mr. Edge's article over
the signature of Stephane Lauzanne. the newspaper's' editor in chief.
M. Lauzanne expressed the viewpoint adopted by A L. Jeune. in "ParisMidi," that Mr Edge's statements are not based upon an accurate interpretation of foreign trade statistics.

French Cut Ratio on British Trade—Exports 110,000,000
Francs Under Imports in Two Months-129,000 000
a Year Before—Drop in Bank of France's Gold
Laid to Shipments to Holland and Switzerland.
Stating that the depreciation in sterling since June did not
affect trade between Franco and England very much, a
wireless account Sept. 30 to the New York "Times" added:
Imports from Great Britain into France in June and July totaled in value
357.000,000 francs and French exports to England were 247,000.000 francs,
compared with 414,000.000 of imports and 285,000,000 of exports in the
same period in 1932. Thus the deficit in French exports reached 110.000,000, compared with 129.000,000 in 1932.
The decrease in the deficit is ascriblable to French measures of protection, including the compensation surtax for exchange depreciation and the
licensing of imports.
Guilders and Swiss francs both continued very firm on bear covering
and saa result also of the influx of foreign capital from Holland and Switzerland. Both currencies remained virtually at the export gold point here.
The Bank of France's decrease in gold reserve by 58,000,000 francs In
the week ended on Sept. 22 is laid to the shipments of gold to Holland and
Switzerland. A further outflow has occurred since then.

Worker Parents Get Extra Pay in France—New Law
Applying to Key Industries Will Soon Affect All
Trades,
Commencing Oct. 1, parents who work in certain key
industries are to receive extra pay for every child they have.
Indicating this Oct. 1, a wireless message to the New York
"Times" went on to say:
This far-reaching social law, which will soon go into effect for all French
Industries, requires employers to contribute to a fund that will be divided
among working parents according to the number of chIldem in their families.
It is estimated about 3.500,000 workers will benefit in the industries affected
to-day.
The French hope by this and several similar laws to encourage larger
famines so as to correct France's falling birthrate. The law also forma part

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Financial Chronicle

ofa large body ofsociallegislation favoring and protecting the worker against
employer.

Hitler Government Creates Peasant Aristocracy Based
on Inalienable Protection of Estates of Aryan
Farmers—New Law Designates Heirs.
• A new "peasant aristocracy," based on the absolute protection of the ancestral estate and its inheritance by one
principal heir, was created by a law published by the Government of Chancellor Adolph Hitler of Germany on Oct. 2.
It was said that the law had been designed by Chancellor
Hitler himself, and continues the agrarian reform legislation designed to remove the peasantry from the capitalistic
system. Berlin advices of Oct. 2 to the New York "Times"
outlined the law as follows:
The"new peasant aristocracy" is to consist of peasants who are"German,
Aryan and honorable." They must prove their families have been free of
Jewish or Negro blood since Jan. 1 1800. They must possess estates able to
support a family, but not above 300 acres. Only the owners of such estates
shall be entitled to be known as peasants. All other owners of agricultural
property are to be called farmers.
Under the new law, the owners of peasant holdings registered as hereditary homesteads cannot be dispossessed for debt, and their entire possessions, including their crops, are to be exempt from seizure by private
creditors. The "peasant aristocrat," however, must be competent and
"honorable enough to pay his debts" if the proper administration of his
estate permits this. If he doesn't pay his debts he runs the risk of losing his
estate to his principal designated heir.
The principal heir is to be determined for purposes of this law by local
custom, which in some parts of Germany selects the oldest and in other
parts the youngest of the peasant's sons. Where no such local custom exists
the owner may select any one among his sons.
Tpe other children of peasant owners will be entitled to professional
education and equipment commensurate with the size of the father s estate.
If they get into distress without fault of their own, they are to have the
right of refuge at the ancestral homestead.
1 Special inheritance courts will be created to supervise the administration
of this law and to decide the many disputes that are bound to arise under it.

Soviet Expels German Newspaper Men from Russia
in Retaliation for Alleged Mistreatment of Russian
Journalists in Germany.
A controversy between Germany and Soviet Russia, arising out of alleged "persecution" of Soviet newspaper correspondents in Germany, was stimulated on Sept. 26 when the
Soviet Embassy at Berlin informed the Foreign Office that
all German newspaper men would be expelled from Soviet
territory within three days as a measure of retaliation. On
the same day all Soviet journalists in Berlin were instructed
to leave Germany for an indefinite period. The German Foreign Office on Sept. 29 acted to protest the order expelling
German correspondents from Moscow, and in its note expressed regret at Russia's having acted without first receiving a German explanation of abuses against which the Soviet
journalists in Germany had complained.
Decree Amends German Civil Service Act to Favor
Nazis and Others Who Aided "Cause of National
Revolution"—Strikes at Pensions of Political
Opponents.
In a decree supplementing the German Civil Servants'
Act, the Nazi Government on Sept. 30 granted a privileged
position to persons who had aided "the cause of national
revolution," and provided for protection against those who
are regarded as unworthy of exercising power because of
political nonconformity. The decree was described as follows, in a Berlin dispatch to the New York "Times":
The amendment provides that pensions of widows or other surviving
family members of pensioners of the republic may be curtailed or stopped
If the original pensioners were not sympathetic to Nazidom. This means,
In effect, that, for example, the widow of Foreign Minister Stresemann or
of Friedrich Ebert, the first German President, might be lawfully deprived
of their pensions.
The new law permits the payment of 60% of pensions even to persons
objectionable politically or racially.
The order gives definite protection to those Government employees who
"prior to Jan. 30—when Adolf Hitler was made Chancellor—belonged to a
part/ or organization supporting national resurgence." They will be sure
of keeping their jobs even if they do not have the proper training or qualifications for them. The supplementary decree nullifies the original Civil
Service Act in favor of this privileged group.
Henceforth no one will be admitted to the Civil Service, not even as 11
laborer, who is "not politically reliable, not of Aryan descent or is wedded
to a non-Aryan wife."

Chancellor Dollfuss of Austria Slightly Wounded by
Nazi Youth—Secretary Hull Congratulates Him
on Escape.
Chancellor Engelbert Dollfuss of Austria was slightly
-year-old former adherent of the
wounded on Oct. 3 when a 22
Austrian Nazi party attempted to assassinate him, but
succeeded in causing only a minor wound on the upper arm.
Two shots were fired at the Chancellor in the entrance hall
of the Austrian Parliament, but one of the small-caliber
bullets was deflected by a button on his vest. Although the
attack provoked intense excitement throughout Austria.




Oct. 7 1933

Dr. Dollfuss announced over the radio a few hours after the
incident that he was able to carry on Government business as
usual. After the news of the attempted assassination was
published, many Foreign Ministers sent telegrams congratulating the Chancellor on his escape. Secretary of State
Hull on Oct. 3 sent the following cablegram to Dr. Dollfuss:
"On behalf of the Government of the United States I congratulate you
on your happy escape from the effects of the dastardly attempt on your life.
I hope that the effects of the wound you received will soon pass and that
you will long be spared to give your services to the Austrian people."

We quote from Vienna advices of Oct. 3 to the New
York "Times" regarding the attack:
Accompanied by Minister of Commerce Stocldnger and a detective, the
Chancellor had left a Christian Socialist Party meeting in the Parliament
Building to-day when a young man approached and tried to hand him two
letters. When a detective took the letters, the young man stepped back,
drew a revolver and fired twice.
Herr Stockinger knocked down the assailant before he could fire a third
shot. He was roughly handled by a group of politicians and newspaper men
before the police could intervene.
As the shots struck him, Dr. Dollfuss cried, "I am hit," and threw
open his coat. Seeing his shirt soaked with blood, he said,"No excitement,
please. Don't call an ambulance. My car will take me to a hospital."
At the hospital X-ray pictures taken by Professor Donk, a surgeon
who recently attended Frau Dollfuss, revealed that the first shot passed
through the Chancellor's right upper arm, inflicting a deep flesh wound.
The second bullet, which had entered the breast above the heart, had been
turned upward by a waistcoat button and lodged against a rib. It was
extracted.
An hour later the Chancellor, pale and with his arm in a sling, drove
back to his home, replying with smiles to ovations by a crowd which had
already assembled before the hospital.
Meanwhile his assailant, Rudolf Donn, had admitted to the police
that he had been waiting all day to attack the Chancellor. "I did not
intend actually to murder him," he told the police, "but of course I had
to reckon his death might occur."
According to one eye witness, Dertil shouted: "You dog!" as he fired.
The Christian Social organ, "Neuigkelt Weltblatt," issued this afternoon
an extra edition with the allegation that Dort!l was a Socialist. This was
promptly denied by the Socialist Party. The Vienna police meanwhile
refused to reveal his party affiliations for fear, apparently, of causing
political disturbances.
Inquiry established that Dertil had been employed for three years as a
clerk by the Clerical Property Owners' Association, a semi-political body.
He then enlisted in the army, where he became known as a devoted adherent of the Austrian Nazi'Party and a member of the brown shirt Soldiers'
Union.
k A fellow-Nazi named Sander with whom he had carried on propaganda
was dismissed from the army and Dertil resigned to escape dismissal.
According to the "Frele Presse," Dertil's brother and sister are both
fanatical Nazis, the brother having been arrested while trying to escape
across the Autstro-Bavarian frontier to join the Austrian Legion.

Italy Will Keep Lira Stabilized Pending Loan—Plans
Issue of $300,000,000 to $375,000,000 and Exchange
of Morgan Liens.
Rome (Italy) advices (Associated Press), Sept. 30, are
'
?
taken as follows from the New York "Herald Tribune:
The World Economic Conference at London having failed to settle the
question of currency stabilization, Italy, in the opinion of many bankers,
will remain at her present rate of stabilization at least until late autumn.
In the autumn, the bankers say, she will float a 4,100.000,000 to 5,000.000.000 lire loan (about $300,000,000 to $375.000,000). It 113 understood
she will accept in exchange at full par value, at the full dollar rate, the 7%
dollar bonds of the $100,000,000 Morgan loan.
Financial circles believe no action on the lira will be taken until after
this loan is floated. lest Italian investors be disturbed by talk of restabilization and not react favorably toward the new issue.
The Italian investor now has the greatest confidence in Government
bonds, as evidenced by the fact that the $30.000.000 issue in July for the
electrification of the State railroads was subscribed to the extent of $50.000.000 within 10 hours after subscriptions were opened. A similar reception met an identical loan floated two months tefore.
The autumn loan will probably be issued on the same basis as the electrification issue, that is, at a selling price of 94, bearing 43% interest.
Part of the proceeds will be used in retiring 9
-year Treasury bonds to
the amount of 1,920.500,003 lire (about $153,640.000) eypiring nest May.
The acceptance of Morgan bonds in exchange for the new Government
bonds would be in the nature of a bargain for both sides. The Morgan
loan has been averaging around $90, which would be worth about 1,200 lire
(approximately $96)•
The Government, it is said, will agree to accept them, however, at par
and at the former dollar rate, making each bond worth 1,900 lire (about
$152). In exchange for the 7% bond the Government offers a 4)%
debenture, with a resultant saving of 23i% interest yearly, or about
40,000,000 lire (approximately $3,200,000).
From a technical position the lira is stronger than ever, with 53% gold
coverage, and a few lire abroad for speculators to play with. But there
Is no doubt that Italy is suffering as a result of the inflated dollar.
Her exporters and manufacturers are dismayed, her foreign tourist
traffic has fallen sharply, despite the Holy Year, and her immigrants'
remittances are decidedly down.

An earlier reference to the proposed loan appeared in our
issue of Aug. 12, page 1154.
Second Loan for Electrification of Italian State Railways Heavily Oversubscribed—Issue of 600,000,000
Lire Taken by Almost 200,000 Investors.
—Almost 200,000 persons subscribed to the secon- loan of
d
600,0007000 lire forthe electrification ofthe Italian Staia
Railways, according to the magazine entitled "News Notes
on Fascist Corporations," issued by the Ministry of Corporations at Rome. The loan was in the form of 43% premium bonds, and the total subscription amounted to 1,651,590,000 lire, while subscribers numbered 199,886. The

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137

Financial Chronicle

periodical mentioned, commenting on the success of the loan,
said:
These striking and rapid results represent a fresh mobilization of national
capital, in which an important part was played by the small investor.
The above-mentioned loan of 600,000.000 lire, together with the former
for an equal amount, amounts to a total sum of 1,200,000.000 lire granted
by the Credit Consortium to the State Railways Administration, in accordance with the Royal Decrees of May 21 1933 and July 2 1933, respectively, and will be used for carrying out the series of works of electrification on the State Railways, for which expenditure was authorized
by Royal Decree of Oct. 27 1932, which was converted into law on Dec. 22
n the same year.

Oct. 1 Coupons of San Paulo 7% Coffee Realization
Loan Paid—Part of Bonds Drawn for Redemption.
Speyer & Co. and J. Henry Schroder Trust Co. paid on
Oct. 2 the Oct. 1 coupons of the State of San Paulo 7%
Coffee Realization Loan and drew $1,453,000 bonds for
redemption at par, in accordance with the notice of redemption previously published. This notice was referred to in
our issue of Sept. 23, page 2189.
Cash Available for Purchase Through Sinking Fund
of Portions of Two Issues of Argentine Bonds.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine nation external sinking fund 6% gold bonds,
issue of Oct. 1 1925, due Oct. 1 1959, that 8254,291 in cash
is available for the purchase for the sinking fund of so many
of said bonds as shall be tendered and accepted for purchase
at prices below par. Tenders of such bonds, with subsequent
coupons attached, should be made at a flat price, below par,
before 3 p. m. Nov. 2. If tenders so accepted are not
sufficient to exhaust the available moneys, additional purchases upon tender, below par, may be made up to Jan. 2
1934.
The same bankers are notifying holders of Argentine Government Loan 1926- external sinking fund 6% gold bonds
public works issue of Oct. 1 1926, due Oct. 1 1960, that
$136,911 in cash is available for the purchase for the sinking
fund of so many of these bonds as shall be tendered and
accepted for purchase at prices below par. Tenders of such
bonds, with subsequent coupons attached, should be made
at a flat price, below par, before Nov. 2. If tenders so
accepted are not sufficient to exhaust the available moneys
additional purchases, upon tender, below par, may be made
up to .Tan. 2 1934.

2545

be redeemed and paid on and after the redemption date
upon presentation at the office of the bankers and interest
will cease after Dec. 1 1933.
Dutch East Indies to Pay on Gold Basis Coupons,
Due Nov. 1 on 30-Year External Sinking Fund
5M% Gold Bonds,
Guaranty Company of New York has received a cable
from its European representative stating that the Dutch
East Indies Government has issued an official announcement
that it will purchase for payment on Nov. 1 at the rate of
guilders 2.46 per dollar, the coupons due Nov. 1 1933, on
-Year External Sinking Fund 532% Bonds due Nov.
its 30
1 1953, which are delivered to the Nederlandsche Handel
Ma.atschappij in Amsterdam, Holland, on or before Oct. 23
1933.
Lottery Plan to Stimulate Retail Sales in Dutch East
Indies Reported.
The following was issued Sept. 26 by the United States
Department of Commerce:
A unique method of stimulating business by which the purchase price of
merchandise is refunded has been inaugurated by two department stores
in the Dutch East Indies Port of Medan, according to a report from ViceConsul W. D. Thorne, made public by the Commerce Department.
The new plan takes the form of what is called a "gratis day" each month.
All purchases made at the stores during the month are recorded on a cash
slip, a copy of which is given to each individual purchaser. There is no
limit on the number of purchases nor their value.
On the first day of the following month, some disinterested person is
chosen to draw in lottery fashion one slip from a number representing
each day in the month the store transacted business. The date on the
slip drawn indicates the "gratis day" and all customers are entitled to have
their sales slips for purchases on that date redeemed for cash.
The managers of both of the stores which have adopted the system declare
the results have been satisfactory, the report states.

American Investments in Cuba Not Responsbile For
Economic Disaster Which Has Overtaken Island,
Says National City Bank of New York—Effect of
War Upon Sugar.
The upheaval in Cuba, and attendant circumstances, are
discussed by the National City Bank of New York in its
October letter under the head "Cuba and Sugar." While
we take occasion to refer here to what the bank has to say in
furtherance of its stand that American investments and
American operations in Cuba are not responsible for the
disturbances, it may be noted that the bank's remarks deal
chiefly with the Cuban sugar industry, and incidentally the
effects of the World War on the price of sugar. In part the
bank says:
The reciprocity treaty went into effect In December 1903. It gave Cuban
Tenders Invited for Sale of $128,671.68 of Bonds of
sugar a concession of 20% from the duty levied upon all other foreign sugar
State of New South Wales (Australia).
into the United states, in exchange for satisfactory concessions
Holders of the State of New South Wales, Australia,. coming Cuba on importations from this country. On the strength of this.
made by
external 5% sinking fund gold bonds, due April 1 1958,are large sums of Cuban. American and other foreign capital were invested in
being notified that the Chase National Bank of the City of Cuba in various enterprises, but especially in the rehabilitation and development of the sugar industry, which seemed to have been placed on a sure
New York, successor fiscal agent is inviting tenders for the basis. It may be fairly said that the treaty was intended to establish a persale to it at prices not exceeding their principal amount and manent basis for intimate business and political relations. . . .
American Investments Not Responsible.
accrued interest of a sum of these bonds sufficient to exhaust
Representations that American investments and American business
the sum of $128,671.68. Tenders should be presented before
operations in Cuba have been responsible for the economic disaster which
12 o'clock noon, Oct. 6 1933, at the office of the fiscal agent, has befallen the Island, have no warrant in the facts. The reciprocity treaty
seemed to afford the promise of a new era in Cuba. and foreign capital,
11 Broad St, New York City.
Ruling on Bonds of Dutch East Indies by New York
Stock Exchange.
The following announcement was issued by the New
York Stock Exchange, through its Secretary, Ashbel Green,
on Oct. 5:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Notice having been received that the Dutch East Indies Government
has issued an official notification that it will purchase, for payment on Nov.
1 1933 at the rate of guilders 2.46 per dollar, coupons due Nov. 1 1933, of
Dutch East Indies 30-Year External Sinking Fund 53i% Gold Bonds, due
Nov. 1 1953, which are delivered to the Nederlandsche Handel Meatschapplj, Amsterdam, on or before Oct. 23 1933:
The Committee on Securities rules that beginning Friday, Oct.6 1933. to
and including Saturday Oct. 28 1933, the said bonds, in addition to the
regular method of trading (with next duo coupon attached,"and Interest")
may be dealt in "ex" the Nov. 1 1933 coupon, transactions made in that
manner to be "Flat," and to be a delivery to carry the May 1 1934 and
subsequent couPons•
Unless otherwise specified, transactions in the said bonds shall be deemed
o have been made with the Nov. 1 1933 coupon attached.
ASHBEL GREEN, Secretary.

Portion of Bonds of Kingdom of Italy Drawn for
Redemption on Dec. 1.
J. P. Morgan & Co., as sinking fund administrator, is
notifying holders of Kingdom of Italy external loan sinking
fund 7% gold bonds, due Dec. 1 1951, that they have drawn
by lot for redemption at the principal amount thereof on
Dec. 11933, out of moneys in the sinking fund, $2,408,600
principal amount of these bonds. The drawn bonds will




chiefly from the United States, flowed into the Island as never before, in
response to the applications and invitations of the Cuban people. Railroads
were built, public utilities constructed or rehabilitated, the sugar industry
was reconstructed and expanded, new industries were established, the cities
were paved, provided with moslern sanitation and adorned with fine
business structures and public buildings. Naturally, property values increased. wages advanced and despite some vicissitudes the outlook for
the future was promising until the great war came on with its world-wide
effects.
A part of the American capital which went to Cuba took the form of
loans to Cuban borrowers, but much more of it was employed in fixed
investments under corporate ownership, in which in many instances Cubans
participated to some extent by accepting securities for old properties, in
whole or part. In other cases old enterprises were bought out for cash, and
usually at prices that now seem very high. At the present time a very large
amount of American capital appears to be hopelessly sunk in Cuba. It has
met this fate in pursuance of a perfectly rational purpose to produce a great
staple article of food as cheaply as it could be produced anywhere in the
world and more cheaply than it could be produced in its natural market, the
United States.
The foreign banks represented in Cuba—American, Canadian and others
—went there to do the usual banking business, responding to the prospect
that there would be need for increased banking facilities to handle the business of the Island. Anyone competent to write upon the subject at all
should know that banks do not acquire real estate or industries if they
can avoid it, and that the National Bank Act, of the United States, under
which the New York banks were operating in Cuba, does not permit such
investments. Unfortunately these banks have been obliged to take over
from debtors certain plantations and other properties in Cuba, as thousands
of banks have been obliged to take over farms and other properties in this
country. Any representation that the banks have desired such acquisitions,
or have any prospect of profiting by them is a travesty of the facts. No
acquisition of this kind is included in the stated assets of this bank.
The larger part of the public debt of Cuba has been incurred since the
depression in sugar began, the expenditures being for public works and
prompted in large part by the importance of affording work for the unemployed. Other countries have thought themselves justified in large expenditures for similar reasons. The loans for these purposes were not forced

2546

Financial Chronicle

upon the Cuban government and there is no reason for representing the
lenders as plunderers.
To sum up. the American investments in Cuba have been made for
legitimate business purposes, were expected to increase the wealth and
income of the Island, serve the needs of its people and serve the special
needs of the trade between Cuba and the United States. Obviously the
tariff upon sugar has affected American interests in Cuba the same as
Cuban interests there.
It goes without saying that the tariff policy of the United States has not
been determined by enmity or malicious intent toward Cuba, but by what
the Government at Washington has conceived to be the interests of the
people of this country. Nobody would claim that the intersts of American
investors or businesses in Cuba should prevail in such legislation over
the interests of this country as a whole. The National policy should be
determined upon broad considerations. The only criticism of the policy
ever offered in this publication has been that the determination has been
made without proper consideration for all the conditions which have concerned the United States. The attitude of this bank on the subject has been
the same ever since the adoption of the reciprocity treaty. It accepted the
policy so cogently advocated by President McKinley, President Tbeodore
Roosevelt and Secretary Root, and has stood by it ever since, believing it
to be in the interest of both countries.
Whether the tariff upon sugar would have been advanced as it has been,
three times since the reciprocity treaty was adopted, if there had been no
war, cannot of course be known, but probably not. The war resulted in the
large production for this market in Puerto Rico and the Philippines. It was
the violent changes in the production and prices of sugar occasioned by the
war which caused, first the extravagant rise of prices and then the extravagant rise of production and consequent fall of prices, followed by the defensive increase of tariffs in this and other countries with its final spur to
production—which accomplished the ruin of Cuba.

Cuban Banks Again Open for Business—President
Grau San Martin Orders Inquiry Into Sugar Mill
Disorders, Pledging Respect for Owners' Rights.
Havana advices to the "Wall Street Journal" of Oct. 4
said:
All Havana Clearing House banks were open Tuesday, having been
closed Monday on account of disorders.
President Grau San Martin issued a decree appointing a commission to
consider the problem created by the strikes in the sugar mills. A representative of the Government, a lawyer experienced in sugar matters, a
representative of the mills affected by the strikes and a Cuban laborer
will form the board.
The Cuban Government will back the managers of the sugar mills on
their full rights and will study the petitions made by the labor to the mills,
attempting to reach an agreement with the owners, with mutual guarantee
to both sides.

Oct. 7 1933

The Department of Commerce at Washington issued the
following in the matter on Sept. 27:
partially free exchange system was established in Colombia on Sept..25,
according to cabled advices to the Commerce Department from Bogota.
Under the new regulations it will still be necessary for purchasers of
foreign currencies to obtain permits from the Exchange Control Commission it is pointed out. Holders of foreign drafts, however, may henceforth sell freely 85% of the value of such drafts at a rate to be agreed upon
between buyer and seller. The remaining 15% must be sold to the Bank of
the Republic for the needs of the Government at the rate of 1.13 pesos
to the dollar.

Bill Approved"in Colombia By House Authorizes
Government to Coin Additional Silver Pesos.
From a cablegram, Sept. 27, from Bogota (Colombia) to
the New York "Times" we quote:
The House has approved a rust reading of a bill authorizing the government to coin an additional 7,000,000 silver pesos and making silver money
legal tender up to 50% of every transaction. The present outstanding
gold coin amounts to 13,500.000 pesos.

Bogota Eases Gold Curb—Move to Stimulate Colombian
Production Is Seen.
Under date of Sept. 20, a cablegram from Bogota to the
New York "Times" said:
The Board of Control of Exchange and Exports decided to-day to permit
foreign mining companies to remit abroad payments for dividends, machinery and supplies, apparently as part of a plan to stimulate the production
of gold. The remittances are limited to 40% of the normal production, the
basis being production in the first half of 1933, and to 50% of future production exceeding the base output.
Also the Bank of the Republic decided to raise the 55% premium established this month to 70% for gold bullion.

Proposed Measure for Colombian Bonus—Bill Would
Pay $200,000 to Letitia Veterans.
From the New York "Times" of Sept. 24 we take the following (special correspondence) from Bogota Sept. 15:
Although Colombia's recent conflict with Peru over the Amazon River
port of Letitia was not a regular war, a bill for bonus payments to veterans
of the expeditionary force has already passed first reading in Congress.
The bill provides for payment of $200 to each petty officer and $150 to
each enlisted man. The total cost is estimated at approximately $200,000.
although actual figures as to strength of the expeditionary force are not
available.
So far no mention has been made of reward for the commissioned officers
who served in the campaign.

Colombia Modifies Exchange Control—Curb on Imports
Avoided With Free Market for 85% of Export
Drafts—Spur to Dollar Seen in New Rules.
In a Bogota cablegram,Sept. 27,to the New York "Times"
Cuban Unrest Reflected in All-Day Battle at National
it was stated that dollar exchange was expected to rise to
Hotel in Havana—More Than 100 Killed and 200
150 pesos for $100 when the banks there resumed exchange
Wounded Before Besieged Officers Surrender to
Grau San Martin Troops—American Among the
operations the next day under new regulations issued Sept.
Dead—United States Maintains Aloof Attitude in
27 by the Exchange Control Board. In the local market
Desire to Avoid Intervention.
the dollar was quoted on Sept. 27 at 140 bid, 159 asked,
Growing unrest among political groups in Cuba, opposing
with one legitimate sale at 148. A plan for the modification
of exchange control in Colombia was announced on Sept. 25, the Gran San Martin regime, found an outlet early this week
said a cablegram on that date from Bogota to the "Times," when a pitched battle occurred at the National Hotel in
'Havana between several hundred officers, who had been
which went on to say:
ousted from the army when the present Government asIt avoids restrictions on imports and opens a free exchange market for
85% of the drafts from exports. Exports will continue to require licenses
sumed power, and troops supporting the Administration.
and the resulting drafts must be deposited in the Bank of the Republic.
More than 100 were killed and 200 wounded before the surThe Bank is to buy 15% of the total drafts for the Government at the rate
viving officers, barricaded in the hotel, surrendered. One
of 113 pesos per $100. Owners of drafts are permitted to sell the balance
at the free market rate, but purchasers must have a permit from the Control
American, watching the battle from the roof of an apartBoard to buy.
ment building, was shot and killed. It was said that the
Taxes of 20% on non-students' living expenses abroad and 1% on all
outbreak which culminated in the battle had been fomented
drafts continue.
The board will issue permits for the purchase of 250.000 pesos weekly
by the ABC revolutionary organization. These recent events
above the current weekly applications approved. This is exrected to cover
have not caused the Department of State at Washington to
in seven months the present unfilled applications, part of which is owed to
alter its expressed attitude of non-intervention, and AmeriAmerican exporters. About 4, 00.000 pesos of unfilled applications repre,
sent obligations not yet due. The control of gold exports is unchanged.
cans living in Cuba have been warned to seek the protection
According to the Bogota cablegram, Sept. 27, to the of United States warships at nearest ports if their lives are
"Times" under the new regulations, certificates of the Bank endangered. Secretary Hull has indicated, however, that
of the Republic, representing 85% of the foreign exchange
marines will not be ordered ashore except under the most
deposited in that institution, are endorsable to private banks severe provocation.
to meet exchange requirements of their clients holding
Indications that the sparks of revolt which had been
purchase licenses. If the foreign exchange is unsold 30 days smouldering for weeks might soon burst into flame were
after it has been deposited in the Bank of the Republic, the
seen on Sept. 29 when six persons were killed and 27 were
latter will appropriate the deposit, paying the depositor 113.
wounded in riots in Havana, after police had broken up a
Communist demonstration. One of those injured was an
The cablegram further said:
This regulation is expected to force foreign exchange into the open
American newsreel photographer, who was shot while standmarket. Permits to buy exchange covering imports will be approved regarding on a hotel balcony, taking pictures of the riot. The riotless of the date on which the obligation is due. A rise is expected, but the
ing followed attempts of the Communists to demonstrate at
October coffee crop returns in Antioquia and Calder; may slightly ease the
rate later.
Fraternity Park in honor of Julio Antonio Melia, a Cuban
Communist student who was killed in Mexico and whose
Earlier advices (Sept. 23) from Bogota to the same paper
ashes were brought to Havana. The Government refused a
stated:
permit for a parade, but several parades were formed, and
Retail sales of imported merchandise were at a standstill here to-day
while merchants awaited the outcome of conferences of the Exchange
when they refused to disperse the police and soldiers fired
Control Board, the Bank of the Republic and the Minister of Finance
into their ranks. After the crowds finally fled from the
Jaramillo in an attempt to solve the exchange problem.
The rate of exchange has increased recently, and the situation is acute
scene, guards were reinforced at strategic points throughas a result of a heavy increase in the demand for drafts, in addition to large
out the city.
unfilled applications. It is reported that the probable solution will be early
The Government began to militarize the Havana police on
legislation authorizing the abrogration to the present pegged rate under
contract with the Bank of the Republic. This is expected to end the present
the following day (Sept. 30) as part of the policy to mainsystem of exchange control, while the embargo on gold exports will be maintain order by force of arms. Several high officers in the
tained with some form of control of imports, with necessities receiving prefPolice Department were removed, and their positions filled
erence over luxuries.




Volume 137

Financial Chronicle

by army officers. Headed by Lieutenant Ulcencio Franca,
Commander of Principe Fortress, who said that the police
would immediately begin disarming civilians, whether or
not they were adherents of the Government. He also warned
the students that they would not be permitted to conduct
searches of automobiles or homes. Additional drastic measures to surpress rebellion were taken on Oct. 1, when orders
were issued to the army and police not to permit more than
three persons to assemble in public. Despite the semblance
of quiet in Havana, however, reports were received from the
interior of Cuba of further labor difficulties, particularly
as evidenced by strikes in American-owned sugar mills.
The long-expected conflict between the enlisted men of the
Cuban army and the 500 officers who had been barricaded
in the National Hotel in Havana since the middle of August
broke out on Oct. 2. For more than three weeks the hotel
had been surrounded with machine gun detachments and a
growing .number of troops, while during that period the
officers had assembled arms and had been preparing to resume control of the army in the event of an overthrow of
the Grau San Martin regime. Firing between those besieged
In the hotel and the surrounding troops which started early
in the morning of Oct. 2 quickly developed into a sustained
offensive, with a bombardment which lasted throughout the
day and which ended after more than ten hours with the
surrender of the surviving officers. Casualties were placed
at almost 125 dead and more than 200 wounded. Included
among the dead was an American: Robert G. Lotspiech of
London, Ohio, who had lived in Cuba for 28 years and was
the assistant manager of the Havana branch of Swift & Co.
Mr. Lotspiech was instantly killed when shot through the
chest after he and a score of other Americans had gone to
the roof of an apartment building to watch the battle. It
was said that soldiers fired on the crowd on the roof in the
belief that they were snipers.
After the bombardment of the hotel had continued until
nightfall, the officers occupying the hotel flew the white
flag of surrender because of lack of ammunition. Ten of
the officers who surrendered were killed by the soldiers
while they were being marched out of the building and shots
were fired from an upper floor of the hotel. The others were
transported to Cabanas Fortress under guard. Even after
this conclusion of the assault on the hotel, sporadic firing
continued in various parts of Havana, and many minor conflicts between soldiers and civilians, in which others were
killed or wounded, were reported during the night. Colonel
Fulgencio Batista, the former sergeant who is now chief of
staff, communicated to Sumner Welles, the United States
Ambassador, the terms on which the officers surrendered.
They were that the officers must leave the hotel in groups
of five every ten minutes, that they were to be taken into
custody, that their lives would be guaranteed and their
persons treated with respect. Causes of the day's outbreak
were varied, but the entire situation resulted from the opposition to the student group controlling the Government,
which had been expressed openly by the ABC revolutionary
organization, as well as by former officers in the army and
navy.
The news of the day's events was received in the State Department at Washingtott with the announcement that the
Administration's policy of permitting the Cubans to work
out their own settlement remains unchanged. Secretary of
State Hull said that the desire of the United States to avoid
any intervention had not been modified, and he warned that
this Government expected Americans in Cuba to exercise
caution and care to avoid danger when it appeared imminent. Mr. Hull expressed deep regret at the death of Mr.
Lotspiech, but added that the American had walked out on
to a roof or other needlessly exposed position. Meanwhile
the State Department on Oct. 2 cabled congratulations to
Mr. Welles for extricating 24 United States citizens who
were endangered during the fighting at the hotel. This was
accomplished during a truce arranged by Mr. Welles and
Consul-General P. F. Dumont.
We quote in part from Havana advices of Oct. 2 to the
New York "Times" regarding the battle at the National
Hotel and other disturbances in Havana on that day:
At 6 a. m. a shot was fired and two rockets set off as a signal for starting the battle. Immediately the rat-a-tat of machine guns and rapid-firers
reached a tremendous crescendo, which could be clearly heard throughout
the city. The people of Havana who had been expecting such a move from
the army for the past twenty days, rushed to vantage points, scene going
to housetops and others as near the immediate scene of action as possible.
In a radius of three or four blocks from the hotel bullets could be heard
whizzing and singing in the air.
At the same time civilians on roofs pear the hotel sent a rain of bullets
‘
down on the soldiers, which caused a diversion of troops to clean out




2547

snipers, evidently sympathizers with or relatives of the entrapped officers.
Some twenty-five civilians were wounded and thousands of lives endangered
as the soldiers raked the housetops and windows of all large buildings looking down on the National Hotel for several blocks.
The firing continued steadily through the morning. The officers, from
their vantage point in the hotel, perched on a high cliff at the spot where
the old Santa Clara battery stood in Spanish days, took a heavy toll from
among the soldiers, who sought shelter in the huge Carreno building directly
opposite the hotel, or back of lamp posts, marble posts and seats in Maine
Park and on roofs and balconies of houses near the National Hotel.
At about 10:30, machine gun and rifle fire apparently proving ineffective, Colonel Batista, who was personally directing operations, ordered
artillery rushed to the scene. French 75s were moved into a vacant lot and
unlimbered for action.
The southeast corner of the hotel soon showed the telling effect of the
artillery fire. Large gaping holes appeared in the walls. Entire rooms
were blown out by direct hits.
Thirty-seven millimeter guns on the roof of Havana University also soared
many hits, while other small artillery kept up an incessant fire which drove
the officers from the east wing of the building. The damage to the hotel,
owned by the Plaza Hotel Corporation of New York, was tremendous.
Americans living in the danger zone near the hotel frantically appealed
to United States diplomatic representatives, demanding evacuation. One
resident of the Lopez Serrano Building told this correspondent over the
telephone his entire family was lying flat on the floor to escape bullets
crashing through windows into the ceilings as soldiers below raked the
building with rifle and machine-gun fire in the belief snipers were posted
there.
A noon-hour truce was arranged by Ambassador Sumner Welles and
Consul-General F. F. Dumont to remove Americans from the battle zone.
During the truce Red Cross workers entered the hotel to take away
wounded officers, seventeen being removed. The truce lasted until 3 p. m.,
when the firing again commenced and continued for scene time after a white
flag was run up at the hotel.

The sequel to the battle at the National .Hotel was a
methodical search for members of the ABC revolutionary
organization, accused by the Grau San Martin regime of conspiring against the Government. Many of the leaders were
said to be in hiding. Some of the chiefs of opposition groups
were arrested, while others escaped from Havana. Colonel
Fulgencio Batista, the Chief of Staff, issued a statement in
which he said that the officers who had been taken prisoner
after the bombardment were safe and would not be harmed.
Proof that unrest and incipient revolt.were still present was
seen in an attempt on Oct. 3 to assasinate President Grau
San Martin, when a volley of bullets was fired at the automobile in which he was riding. None of the persons in the
President's car was struck. President Grau San Martin
made public a statement in which he disclaimed responsibility for the battle at the National Hotel, and expressed his
regret that the outbreak had occurred. He also voiced his
sorrow at the death of an American citizen. His statement
read as follows:
The Cuban Government regrets it has been forced to repel an aggression
to which its soldiers were subjected yesterday.
It is deeply regretable that an American citizen, who happened to be
watching, should have met his death. We are taking drastic steps to enforce law and order, and shall give added protection to both national and
foreign life and property.
The aggressive movement against the Republic has been definitely
crushed.
Peace prevails throughout the island.

Death of Samuel F. Streit, President of-Stock"Clearing
Corporation—Had Served as President Since
Organization in 1920—Was Former Governor of
New York Stock Exchange—Also Served on Many
Committees of Exchange.
Samuel F. Streit, President of the Stock Clearing Corporation ever since its organization in April 1920, died at his
home in New York City, Oct. 3. He was 63 years old, having
been born in Newark, N. J., in 1870. Upon his graduation
from school, Mr. Streit entered his father's firm, Samuel
Streit & Co., wine importers. An announcement issued by
the New York Stock Exchange, with regard to Mr. Stxeit's
career, said, in part:
Since 1899 Mr. Streit devoted all his time to Wall Street. In April of
that year he left his father's firm and bought a seat on the New York Stock
Exchange. A month later he became a general partner in the brokerage
firm of H. T. Carey & Co. Twenty-five years later he sold his seat and
became a special partner in the same firm.
During the years of 1906-1922 Mr. Streit was a Governor of the New York
Stock Exchange. In all these years he was quite active, having served on
such committees as Foreign Delegates' Chamber of Commerce; Margins and
Rehypothecation ; $4 Tax Bills; Dealings Outside of Exchange; Clearing
House Methods; Closing of Exchange; Minimum Prices; Nominating;
Mortimer Building Purchase; Finances of Exchange; Joint Account Arbitration; Liquidation of Clearing House; Employees' Benefit Association ; Foreign Exchange and Securities; Ways and Means; Pension; Records of Exchange; Survey; Executive Committee of Stock Clearing Corporation ;
Records and Investigations; Wages; Centralization of Stocks;
Clearances;
Arbitration; Clearing House; Admissions; Law and
Conference.
While Mr. Streit had always manifested a broad grasp and interest in
every phase of the work of the Exchange, his most
important contribution
to its progress was in the development of its clearance system.
Shortly after his election to the Governing Committee he
was appointed
to the Clearing House Committee on account of his especial
mastery of clearance methods. In 1914 he visited, at the request of
the Governing Committee, the principal bourses of Europe in an intensive
study of foreign
clearance practice, with a view to the adoption of whatever
features might
prove of benefit to the American system.

2548

The onset of the war delayed the application of these studies until
April 1920, when the Stock Clearing Corporation was formed. Mr. Streit
was elected President and had continued in that office ever since. The
Stock Clearing Corporation took over the function of the Old Clearing House,
which became known as the Night Branch of the Corporation. The new
feature, that of clearing money in much the same way that stocks were
cleared, became the day branch of the Corporation. Gradually, as the Street
became familiar with the operations of the Stock Clearing Corporation, its
scope was broadened to embrace a central delivery of securities, the issue
of receipts for stocks in transfer and other labor saving services.
On July 31 1914 Mr. Streit was appointed one of the Committee of Five,
by President Noble, to act on the closing of the Exchange. The pending
outbreak of the World War caused the Exchange to close for four and one-half
months. During that time the power of handling the affairs of so important
a market place was entrusted in this Committee.

Richard Whitney, President of the New York Stock Exchange, read the following from the rostrum of the Exchange
on Oct. 4:
At a special meeting of the Governing Committee of the New York Stock
Exchange, held at 2 p. in. on Oct. 4 1933, the following resolutions were
unanimously adopted:
In the sudden death of Samuel F. Streit the Exchange has lost one of its
most valuable and experienced advisers, and the Governing Committee of
the Exchange a tried and trusted friend.
From the time he became a member of the Exchange in 1899 until the
day of his death Mr. Streit was wholeheartedly devoted to the Exchange,
and labored constantly to advance its objects and to improve its methods.
He devoted himself particularly to the department of the Exchange dealing
with the clearing and settlement of transactions. Upon his election to the
Governing Committee in 1906 he interested himself in the work of the
Clearing House Committee of the Exchange, and it was largely due to his
vision and ability that the formation of the Stock Clearing Corporation was
made possible in 1920. He became the first President of this institution
which he had, in large measure, created, and remained its President until
the day of his death. Although the Stock Clearing Corporation is a monument which will preserve his memory in the Exchange, only those who
worked with Mr. Streit in time of crisis know the great personal qualities
which he contributed to the Exchange. As an instance was his untiring
service as a member of the Committee of Five during the crucial days at
the beginning of the great war in 1914. He was courageous and versatile
in meeting every unforeseen contingency. The great loyalty which he inspired in his subordinates and the confidence which the entire Street placed
in him made it possible for the Stock Clearing Corporation to render outstanding service throughout periods of panic and stress. In less active
periods, he was constantly alert to improve and extend the functions of the
institution over which he presided, and the rapid development of Stock
Clearing Corporation is a tribute to his foresight.
His unfailing cheerfulness, his frankness and his loyalty endeared him to
his friends and won him the respect and admiration of all who served
under him.
Be it therefore resolved, That the Governing Committee do hereby record
their gratitude for the many outstanding services rendered to the New York
Stock Exchange by Samuel F. Streit and express their sense of bereavement
in the loss of a tried and trusted friend.
Further resolved, That copies of these resolutions, suitably engrossed, be
presented to his family and to Stock Clearing Corporation.

Hearing on NRA Code for Stock Exchange Firms
to Be Held in Washington Oct. 17.
The National Recovery Administration announced on
Sept. 29 that a public hearing will be conducted in Washington on Oct. 17 on the code for Stock Exchange firms filed
by the Association of Stock Exchange Firms. References
to the proposed code appeared in these columns Aug. 26,
page 1498, and Sept. 9, page 1851. The hearing will be
in charge of Deputy Administrator A. D. Whiteside. The
code submitted by the Association of Stock Exchange Firms
is confined to the operation of the firms. Associated
Press advices Sept. 30 from Washington said:
The code upon which hearing is scheduled fixed a maximum week of
-hour week average over a period of four months. No
40 hours, with a 44
overtime payment would be allowed for this. A minimum wage of $15
in cities of more than 500.000 is fixed. This is scaled down to $12 a week
in towns of less than 2,500.

Market Value of Listed Stocks on New York Stock
Exchange Oct. 1, $32,729,938,196, Compared with
$36,669,889,331, Sept. 1
-Classification of Listed
Stocks.
As of Oct. 1 1933 there were 1,212 stock issues aggregating 1,292,528,228 shares listed on the New York Stock
Exchange, with a total market value of $32,729,938,196.
This compares with 1,207 stock issues aggregating 1,290,307,508 shares listed on the Exchange Sept. 1, with a total
market value of $36,669,889,331, and with 1,206 stock issues
aggregating 1,281,035,555 shares with a total market
value of $32,762,207,992 on Aug. 1. In making public
the Oct. 1 figures on Oct. 6 the Exchange said:
As of Oct. 1 1933 New York Stock Exchange member borrowings on
security collateral amounted to $896,595,531. The ratio of security
loans to market values of all Hated stocks on this date was therefore 2.74%.

As of Sept. 1 1933 New York Stock Exchange member
borrowings on security collateral amounted to $917,215,274.
The ratio of security loans to market values of listed stocks
on that date was therefore 2.50%,
In the following table listed stocks are classified by
leading industrial groups, with the aggregate market value
and average price for each:




Oct. 7

Financial Chronicle

September 1 1933.

October 11933.
Market
Value.
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing-Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U. S. companies operating abroad....
Foreigncompanies(incl. Cuba & Can.)
All listed stocks

$
19.34
15.10
45.83
17.38
19.44
33.37
26.16
30.76
9.31
8.11
20.37
21.42
20.26
11.03
24.53
32.49
33.64
18.98
26.46
11.69
71.17
18.73
9.54
22.02
5.09
8.07
15.58
33.62
58.54
11.74
19.33
18.71

Market
Value.

Aoge.
Price.

2,044,874,119
840,751,821
3,281,499.913
270,367,435
794,637,060
2,415,618,027
264,572,954
378,666,517
151.833,083
40,354.171
976,784,696
1,185.711,396
3.708,370,834
185,419,439
1,488,943,921
3,742,923,042
1,324,186,447
213,129,052
1,836,104,633
1,124,385,025
2,875,765,136
159,871,436
186,336,088
234,094,020
10,653,344
27,246,343
69,662,503
231,745,561
1,517,353,335
15,273,479
640,451.261
692,319,102

1933

Awe.
Price.

$
$
2,404,862,422 22.74
963,112,103 17.40
3.536,943,124 50.14
326,294,698 20.98
979,186,397 23.95
2,632,007,391 36.52
298,750,201 29.54
423,297,354 34.39
159,997,883 9.85
47,647,544 9.51
1,110,767,102 23.07
1,192,891,007 21.49
3,776,182,425 20 75
228,533,093 13.60
1,632,190,472 26.89
4,530,882,107 39.31
1,589.907,363 40.41
230,706,366 2051.
2,204,590,730 31.77
1,432,352,585 14.92
2,846,209,136 75.70
169,358,163 16.66
232,979,808 11.93
272,199,083 25.60
13,058,653 6.24
34,655.704 10.27
71,251,249 15.89
268,361,106 38.93
1,584,288,879 61.12
18,179,034 13.93
743,707,446 22.45
714,538,703 19.30

52,729,938,196 25.32 36,669,889,331 28.42

New York Stock Exchange Eases Marginal Requirements on Stocks Selling Under 65-Removes
Objection to Carrying These Securities on Margin
if Eligible for Bank Collateral in Call Loans.
The New York Stock Exchange on Oct. 3 revised its ruling
made on Aug. 2 pertaining to marginal requ rements for
member firms on stocks selling below $5 a share. In that
ruling, which was part of the plan of the Stock Exchange to
curb speculation and which was given in our issue of Aug. 5,
page 955, member firms were prohibited specifically from
carrying stocks under $5 except on a cash basis. With regard to this, the ruling (Aug. 2) said:
The market value of active securities listed on any recognized exchange
shall be used in computing the amount of margin except that no value shall
be allowed on any stock selling at less than $5 a share or on any bond
selling at less than 10% of face value.

The Exchange's announcement of Oct. 3, sent to members
by Ashbel Green, Secretary, follows:
NEW YORK STOCK EXCHANGE.
Committee on Business Conduct.
Oct. 3 1933.
IMPORTANT.
To Members:
Having regard to Circular 0-5221, issued by the Committee on Business
Conduct on Aug. 2 1933, concerning the margining of accounts, the practical working out of the requirements stated therein appearing to have
militated against stocks selling below $5 a share and a number of financial
institutions having agreed to make loans against certain securities in this
category, the Committee now revises its requirements to the extent that
there will be no objection on its part to the carrying of so-called low-priced
securities on margin in cases where the same are acceptable to banks as
collateral in call loans.
ASHBEL GREEN, Secretary.

Outstanding Brokers' Loans on New York Stock
Exchange Decreased $20,619,743 on Sept. 30 as
Compared with Aug. 31-First Decline Reported
Following Five Consecutive Advances-Total Sept.
30, $896,595,531.
The New York Stock Exchange reported on Oct. 3 that
outstanding brokers' loans on the Exchange on Sept. 30
amounted to $896,595,531; $20,619,743 under the Aug. 31
total of $917,215,274. This is the first decline reported in
brokers' loans since March 31, at which time the total was
$310,961,581. The Aug. 31 total represented an increase of
$971,340 over the July 31 total of $916,243,934, which figure
in turn was $135,857,814 over the June 30 total of
$780,386,120.
In the Sept. 30 statement demand loans are shown as
$624,450,531, compared with $634,158,695 Aug. 31, while
time loans on Sept. 30 are reported as $272,145,000 against
$283,056,579 Aug. 31. The Sept. 30 figures, as made public
by the Exchange, follow:
Total net loans by New York Stock Exchange members on collateral.
contracted for and carried in Now York as of the close of business Sept. 30
1933. aggregated $896,595,531.
The detailed tabulation follows:
Demand Loans. Time Loam.
(1) Net borrowings on collateral from New York banks
8534,657,107 $270,922,000
or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City
89,793,424
1,223,000
of New York
$624,450,531 8272,145,000
Combined total of time and demand loans $896,595,531.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.

Financial Chronicle

Volume 137

Below we give a compilation of the figures since January
1931:

2549

Samuel Shaw, Vice-President of the Chemical Bank & Trust Co., New
York, testified as the representative of a group, which, he said, was of the
opinion that the minimum wage scale of from $12 to $15 was too high.
Mr. Shaw said that the minimum would not apply to more than 10% of
the persons employed in American banks. It was, he argued, a serious
problem for the small banks which are under Government pressure to
reduce overhead costs.
Mr. Shaw suggested $50 per month for messengers and from $40 to $50
for page boys, the wage to be increased as they gain in experience.

Demand Loans.
$1,365.582,515
1.505,251.689
1.621,863,494
1,389,163,124
1,173.508,350
1.102.285,060
1,041,142,201
1,069,280,033
802.153.879
615,515,068
599.919.108
502,329,542

Ttme Loans,
$354.762.803
334.504,369
278,947,000
261.965,000
261,175,300
289,039,862
302.950,553
284,787,325
242,254.000
180,753.700
130.232,800
84.830,271

Total Loans.
81.720.345,318
1.839,756,058
1.908,810,494
1,651,128,124
1,434.683,650
1,391.324,922
1,344.092.754
1.354.067,350
1,044,407.879
796.268,768
730,151.908
587,159.813

452.706.542
482.043,758
496,577.059
341,003,662
248,937,972
189,343,845
189,754,643
263,516,020
269.703,583
201,817.599
213.737.258
226,452,358

59.311,400
42,620,000
36,526.000
38,013,000
53,459,250
54,230.450
51,845,300
68,183,300
110,008,000
122,884,600
123,875,300
120,352.300

512,017,942
524,663,758
533,103,059
379.015,662
300,397,222
243.574.295
241,599,943
331,699,320
379,801,583
324.702,199
337,612.558
346,804,658

Question Application Abroad.
J. A. Stevenson Jr., counsel, and B. C. Hart, Vice-President of the
National City Bank of New York, raised the question of the code's application to Puerto Rico and other American insular possessions and the territories of the United States. Because of foreign bank competition in these
areas, Mr. Stevenson asked that the code be clarified where necessary.
Mr. Whiteside said that the matter would be taken care of.
J. R. Geis, Chairman of the Board of the Farmers National Bank of
Saline, Kan., discussed the service charge provisions of the code. He
stressed the importance of the proposal to require every bank customer to
compensate his bank for services rendered by maintaining an adequate
balance or else paying a reasonable service charge. He said that a survey
of the situation developed that the average bank account is carried at
a loss and that this was a contributing factor to many bank failures in

255,285.758
222,501,556
207.601.081
207.385,202
398.148,452
582,691.556
679,514.938
634,158.695
624,450,531

104.055.300
137.455.500
103.360,500
115,106.986
130,360.986
197,694,564
236,723.996
283,056.579
272,145,000

359,341,058
359.957.056
310,961,581
322.492.188
528,509,438
780,386,120
916,243.934
917.215.274
896,595,531

recent years.
Miss Rose Schneiderman, speaking for the Labor Advisory Board.
many
urged the bankers "to do something for the white collar workers."to
the
of whom are out of employment, she said, and whose wages prior
increase of $5 to the
depression were "notoriously low." She suggested an
minimum rates proposed in the code.
Miss Annabelle Glen, speaking for the American Federation of Labor,
also asked for more pay and shorter hours for bank personnel.

In our issue of April 8, page 2336, we gave the monthly
figures back to January 1926.

Separate Code for Savings Banks.
Fred N. Oliver of New York, counsel for the National Association of
Mutual Savings Banks, presented a separate code for mutual savings
banks. The National Association, he said, has in its membership 522 of
the 565 mutual savings banks of the country. . . .
At the close of the afternoon session Mr. Whiteside announced that
the hearings were adjourned. The committees will begin immediately
the writing of the code in the form it will go to the President.
New York bankers at the hearing included Percy H. Johnston, President
of the Chemical Bank & Trust Co.; Philip A. Benson, President of the
Dime Savings Bank of Brooklyn; Benjamin J. Buttenweiser of Kuhn.
Loeb & Co., and George V. McLaughlin, President of the Brooklyn
Trust Co.
Other bankers present were Robert V. Fleming. President of the Riggs
National Bank of Washington; 0. Howard Wolfe of the Philadelphia National Bank; Carl Spencer, President of the Home Savings Bank of Boston,
and Abner J. Stilwell, Vice-President of the Continental Illinois National
Bank & Trust Co. of Chicago.

1931—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1932—
Jan. 30
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1933—
Jan. 31
Feb. 28
Mar.31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30

NRA Code for Banks Approved by President Roosevelt
—Representatives of American Bankers'Association
Present at Hearing—Separate Code for Savings
Banks.
The banking code is reported as among the NRA codes
signed by President Roosevelt on Oct. 3. In our issue of
Sept. 9, page 1883, we indicated that a code for banks had
been adopted at the Annual Convention on Sept. 7 of the
American Bankers' Association, and indicated that a hearing
on the code would be held in Washington later. The hearing
was held before the National Recovery Administration on
Sept. 28, and on that date it was stated that as no substantial opposition had developed the code would be whipped
into shape, with the probability that it would be ready for
the President's approval before the end of the present week.
-hour week, except when the
The code provides for a 40
-hour week, the minimum
peak demand may require a 48
wage ranges from $12 to $15 per week, according to the
population of cities in which banking institutions are located.
In a Washington dispatch Sept.28 to the New York "Times"
it was stated:
For the first time the banking business officially sanctions the organization of its employees into unions for the purpose of collective bargaining.
The code when approved will be administered by a committee, the
membership to be named by the American Bankers' Association. Other
members, who will be non-voting, may be named by the President.
In opening the hearing to-day Deputy Administrator A. D. Whiteside.
speaking for the NRA,commended the bankers for the spirit of co-operation
and accommodation which has marked, he said, all preliminary conferences
bearing on the code. Every viewpoint advanced by the NRA had been
promptly met, he added,by representatives of the bankers and that harmony
had been the keynote of all the preliminary conference, lie indicated that
the bankers of the country were generally in agreement as to the provisions
written into the code.
Bankers Welcome General Code.
The first witness was Ronald Ranson, Executive Vice-President of the
American Bankers' Association. Mr. Ranson, who is Chairman of the
Board of the Fulton National Bank of Atlanta, presented the code and
said he thought it necessary to state that many bankers were of the opinion
that the banks should be brought under a code, for the reason that all are
now subject to Federal or State banking laws. After careful consideration
the American Bankers' Association, regardless of the fact they are closely
regulated by law, decided that the banks should present a code.
Under the President's re-employment program, Mr. Ranson estimated
that bank forces throughout the country have been increased about 5%•
The low figure is explained, he added, by the fact that most of the banks
had not found it necessary during the depression to reduce the number of
their employees.
Answering a question by Mr. Whiteside, Mr. Ranson said he was inclined to think that bank employment to-day is probably a little less than
in 1929.
When asked if he thought banks now In the hands of Federal conservators
should be brought within the scope of the code, Mr. Ranson replied that
the general view among bankers was that these institutions should not be
Included. Personally, he was of the opinion that they should be included
for the reason that they compete with other banks. Mr. Whiteside indicated
that a provision would be written bringing such institutions within the code.
Each State to Have Committee.
Frank W. Simmonds of New York, Deputy Manager of the American
Banking Association, explained the administrative features of the code.
Ile said that in putting into effect, on short notice a code involving 1,600
banking institutions, it would be necessary to use existing agencies and
associations,and that for this the code sets up in each of the States a banking
code committee with State jurisdiction.
Local administration, Mr. Simmonds said, will be controlled by Clearing
house Associations in all cities where such agencies exist. In a great many
instances country bankers, Mr. Simmonds pointed out, have effected regional or district organizations and these will also be utilized.
Local committees will operate subject to the approval of the National
and State code committees of the Administrator of the NIRA.




A 40-hour week for bank clerks is provided in the code
of the National Association of Mutual Savings Banks,
according to an announcement made on Sept. 28 by John W.
Sandstedt, Executive Secretary of the Association. His
announcement also said:
Under the terms of this code no employee of mutual savings banks, which
than an
average
serve 13,500,000 depositors in 18 States, can work more
week of 40 hours, determined by periods of 13 weeks. Unusual emergencies
or bank examination periods would be excepted. A minimum of $15 a
week is established for employees in cities of 500,000 or more; $14.50 in
cities between 500,000 and 250,000 and $14 in any community down to
2,500. Employees are given the right to organize and bargain collectively
concerning terms of employment.
The mutual savings banks, holding the largest accumulation of small
capital ever brought together in one class of banks, had assets of $10.938,stockholders.
249,520 at the time of their last report on July 1. Having no
they operate without profit to anybody except depositors and on July 1
held 23% of deposits in the active banks of the United States. According
groups
to the terms of their code they will become one of the two banking
is
operating under their own constitutions. The National Association
made a clearing house for all matters pertaining to the code.

President Philip A. Benson of the Association, who also.
is head of the Dime Savings Bank, Brooklyn, stated on
Sept. 28 that mutual institutions were already co-operating
with the movement. Mr. Benson is quoted as saying.
The mutual savings banks of the country are thoroughly in sympathy
with the NRA and will do everything in their power to support its purposes.
The National Association will see that the spirit of the contract is observed
in every way. Certainly no group of institutions has more sympathy
which
with the co-operative aims of the NRA than mutual savings banks,
have been conducted for more than a hundred years upon that basis.

Resumption of Senate Inquiry into Stock Exchange
Trading—Program Outlined for Continuance of
Hearing.
As we indicate in another item, the subcommittee of the
Senate Banking and Currency Committee resumed, on
Oct. 3, its inquiry into Stock Exchange trading. Clarence
Dillon, of Dillon, Read & Co., was the first witness to be
heard by the Committee with the re-opening of the hearings,
and his testimony will be found elsewhere in these columns.
The intention to hear Mr. Dillon at the outset was made
known on Oct. 2 by Senator Fletcher of Florida, Chairman
of the Senate Committee, following a conference with Ferdinand Pecora, counsel to the Committee. In a dispatch from.
:
Washington, Oct. 2, to the New York "Times," it was stated
Pecora spent the greater part of the day with Chairman Fletcher
arranging agenda. The program agreed upon is to delve into the operations
of the following firms and corporations, in the order listed:
1. Dillon, Read & Co.
2. Chase SecUrities Corp.
3. Associated Gas & Electric Co., recently added to subjects for inquiry.
4. New York and all other Stock Exchanges.
5. Resumption of inquiry into the general operation of J. P. Morgan &
Co., and Kuhn, Loeb 5; Co., as private banking firms.

2550

Financial Chronicle

Terrning the Associated Gas & Electric Co. a public utility whose "corporate labyrinth" appeared to be even more complicated and intricate in
"structural formation" than the Instill Utility interests, Mr. Pecora said
evidence would be sought as to how its securities were issued and sold to
the public. The flotations, he added, appeared to be around $800,000,000.
Present prospects, Mr. Peccra said, were that the affairs of the New York
Stock Exchange would not be reached until November.
"We are going into the general activities of the Exchange and into the
bull market of 1933," Mr. Pecora said, adding that all other Stock Exchanges
would be covered in this phase of the inquiry.

United States Asks Tax Data on Trading Accounts—
Stock Exchange Firms Told to Prepare Information
on Customers for 1929-32 Period.
Indicating that the Government may shortly require detailed information relative to brokerage accounts covering
the 1929-32 years, members of the New York Stock Exchange, it was stated in the "Wall Street Journal" of Oct. 5,
have received a second letter dated Sept. 28 from J. R. Baradel, U. S. Internal Revenue Agent in Charge at New York.
The letter asks location of brokerage offices, name of the
firm under which business was conducted and the approximate number of customers on the books in each year. The
account from the paper quoted, continued:
A previous letter under date of Aug. 8 advised brokers that under the
Revenue Act of 1928, the Internal Revenue Department had authority to
secure detailed information on all accoums. Data concerning all accounts
was asked at that time, with the alternative to brokers of giving the department privilege of examining books in lieu of furnishing the information.
Many brokers at that time, advised the department that access to the
books could be had at all times.
The letter of Sept. 28 follows:
"Treasury Department, Internal Revenue Service,
"New York. Sept. 28 1933.
"It is expected that in the near future the Commissioner of Internal
Revenue will issue an order, addressed to all brokers, requiring certain
information relative to each customer for whom any business was transacted
during the years 1929-1932, Inclusive. In general the information desired
calls for the name and address of the customer, the amount of debit or
credit balance at the close of each year. the names and addresses of guarantors and or, others with power to issue, buy and sell orders or make withdrawals from the account. In this connection it will be necessary to know
In advance whether:
"1. Your firm is the successor to a firm which did business during the
years 1929-32 Inclusive, and if so the name of such predecessor and the
name and address of the person now in control of its records.
"2. If you had more than one office, giving the location of each for the
respective years.
"3. The approximate number of customers (including branch offices
customers) for whom you transacted any business during the years1929-32
inclusive, stated separately by years.
•
"It will be appreciated if you will co-operate to furnish the desired information at your earliest convenience.
"J. R. BARADEL,
"Internal Revenue Agent in Charge."

Inquiry into Stock Exchange Trading—Interest of
Dillon, Read & Co. in Corporations Through
Directorships.
A list of all corporations in which any partner or representative of the firm of Dillon, Read & Co.,or any of its agencies,
is a director or officer was placed in the record of the subcommittee of the Senate Committee on Banking and Currency to-day conducting the inquiry into Stock Exchange
trading. The list was furnished by the company in response
to a questionnaire from the committee, said a Washington
dispatch Oct. 2 to the New York "Times," which gave the
list as follows:
Armada Corp.
Beneficial Industrial Loan Corp.
Brazilian Traction, Light & Power Co., Ltd.
Broadway Department Store, Inc.
Commercial Investment Trust Corp.
Consolidated Cigar Corp.
Educational Pictures, Inc.
Empire Safe Deposit Co.
Equitable Office Building Corp.
Goodyear Tire & Rubber Co.
Louisiana Geophysical Exploration Co.
Louisiana Land & Exploration Co.
Loew's. Inc.
Nederiandsche Crediet en Financiering Maatschappii.
Panhandle Eastern Pipe Line Co.
St. Louis
-San Francisco Ry. Co.
A. G. Spalding & Brothers.
Tubize Chattillon Corp.
United New Jersey Railroad & Canal Co.
United States and Foreign Securities Corp.
United States & International Securities Corp.
Union Oil Co. of California.
Victor Chemical Works.
Warner Co.
Names of corporations in which any employee or representative (other
than a director) of Dillon, Read St Co. or any of its agencies is a director
or officer were listed as follows:
Ault-Wiborg. Ltd.
Ernesto Brada Co.
Cespedes Sugar Co.
Commander-Larabee Corp.
419-435 Flatbush Avenue Extension, Inc.
General Cable Corp
German Credit & Investment Corp.
International Printing Ink Corp.
International Water Co., Inc.
International Water Co., South America.




Oct. 7 1933

Layne
-New York Co., Inc., of Delaware.
National Cash Register Co.
San Francisco Bridge Securities Corp.
Societe d'Electricite de La Region de Nalmedy.
Societe d'Etude d'Execution des Grands Travaux.
The lists, it was explained, do not include names of corporations the
securities of which were not offered or sold to the public, or names of
corporations from which directors, employees or representatives of Dillon,
Read & Co. or its agencies have resigned, or names of corporations in which
employees of Dillon. Read & Co. or its agencies are directors or officers in
a purely personal capacity.

Resumption of Senate Inquiry into Stock Exchange
Trading—Testimony of Clarence Dillon, of Dillon,
Read & Co., Regarding Firm's Investment Enterprises—Formation of United States & Foreign
Securities Corp. and United States & International
Securities Corp.—Firm's $5,100,000 Shown Controlling Two Companies with $90,000,000 Total
Capital.
Following the summer recess, the Senate inquiry into
Stock Exchange trading was resumed this week by the SubCommittee of the Senate Banking and Currency Committee.
The first to be called upon with the re-start of the hearings on October 3, was Clarence Dillon, head of the banking firm of Dillon, Read & Co., the Committee centering its
attention on the investment trusts promoted by Mr. Dillon's
firm. From Washington Oct. 3 the New York "Herald
Tribune" reported that through questions and documents
obtained from Dillon, Read & Co. files Ferdinand Pecora,
Counsel for the Committee, sought to develop a picture suggesting huge profits by delving into two investment trusts,
as follows:
1—That by an investment of $5,100,000 Dillon, Read & Co. and individual
partners in 1924 financed and controlled the United States and Foreign
Securities Corporation with a total capital of $30,000,000.
2—That the public to whom $25,000,000 of first preferred stock was sold,
was given no voting rights.
3—That individual partners of Dillon, Read & Co. by the payment of
$100,000 obtained 600,000 shares of common stock, which represented an
investment of 20 cents a share.
4—That this stock was quoted on the Stock Exchange as high as $72 a
share in 1928 and 1929 and some of it was disposed of by members of the
film at average prices of from $55 to $60.
5—That a second investment trust known as the United States and International Securities Corporation later was formed by the first trust with
total capital of $60,000,000.
6—That the United States and Foreign Securities Corporation by subscribing $10,000,000 of its earnings to second preferred stock of the United
States and International Securities Corporation together with bonus common
stock controlled this second investment trust. This use of earnings in a
speculative enterprise drew criticism from Senator Couzens.
7—That $50,000,000 of first preferred stock was sold to the public in the
same manner as $25,000,000 of first preferred stock of the first trust, this
stock carrying no voting rights.
8—That Dillon, Read & Co. thus was able to control the two investment
trusts with aggregate capital of $90,000,000 by an initial contribution of
only $5,100,000.

In the same account it was stated that Mr. Dillon, a willing
witness, contributed all the information at his command.
We also quote therefrom:
He conceded the correctness of the details of the story as unfolded by
Mr. Pecora but objected at times to the latter's interpretation. According
to Mr. Dillon, the $100,000 transaction involving 500,000 shares of common stock should not be considered separately but as part of the arrangement by which Dillon, Read & Co. and its individual partners secured a
total of 750,000 shares of common stock together with 50,000 shares of
second preferred stock for $5,100,000. Viewed in this light the purchase
price of the common stock would be much higher than 20 cents a share.
Mr. Dillon took pride in declaring that investors in first preferred stock
of the first investment trust had been paid $11,000,000 in dividends, that
their capital was still intact and that investors in first preferred stock of the
second investment also had suffered no appreciable loss. . . .
Has Sold None of His Common.
So far as he personally was concerned, Mr. Dillon said that he had not
sold any of his common stock and that he had not made as much as 6%
on his investment. . . .
Pecora Tells of Full Co-operation,
Mr. Pecora, at the outset of the hearing, had testified to the co-operation
accorded the investigating staff by the officials of Dillon, Read St Co. Complete access to its files was given Mr. Pecora said, no effort being made
at any time to obstruct the inquiry or hold back any information.
The large caucus room in the Senate Office Building, where the hearing
was held, was not filled at any time during the day. The overflow crowds
which were on hand when J. P. Morgan and other financial luminaries
were heard last spring were lacking.
Members of the Committee present included Senator Duncan U. Fletcher,
of Florida, Chairman of the full Banking and Currency Committee as well
as of the sub-committee, and Senator Alva Adams. of Colorado, Democrats;
and Senators Peter Norbeck, of South Dakota, James Couzens, of Michigan,
John G. Townsend, of Delaware, and P. L. Goldsborough, of Maryland, Republicans. Senator Carter Glass, Democrat, of Virginia, who clashed with
Mr. Pecora in the hearings of last spring did not appear.
The Dillon, Read & Co. partners who are to follow Mr. Dillon on the witness stand include R. E. Christie Jr. and R. 0. Hayward.
The facts relative to the organization of the two investment trusts were
brought out through a series of letters which revolved around J. Perry Olcott,
a bookkeeper in the office of Dillon, Read & Co. . . .
Describes Company Set-Up.
Before going into a discussion of the organization of the two investment
trusts, Mr. Dillon, in response to questions by Mr. Pecora, furnished considerable information about the operations of his company. He said Dillon,

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Volume 137

Read & Co. was a joint stock association organized under the laws of New
York. There also is a Connecticut corporation of a similar name which
handles foreign business as well as a Maryland corporation quite recently
formed with its exact province somewhat indefinite. The first investment
trust was organized under the laws of Maryland, which, according to Mr.
Pecora, permitted the adoption of policies which could not have been followed under the laws of New York.
Mr. Dillon said that he owned a majority of the stock of his company.
1Vhile he was willing to disclose the stock interests of the different partners, he said he preferred not to and was excused under the precedent established during the Morgan inquiry.
Dillon, Read it Co., as investment bankers, deal in long-term credits for
industries which produce durable goods as distinguished from consumption
goods, Mr. Dillon explained. The commercial banks, he said, deal in shortterm credits for consumption goods.
"To-day business financed by commercial banks is functioning reasonably
well, but the business financed by investment bankers is far from it," said
Mr. Dillon. "The manufacture of durable goods declined 65% from July
1929, to July 1933, while consumption goods declined only 15%. About
seven out of eight men who are unemployed belong to the durable goods in.
dustries."
Does Not Receive Demand Deposits.
Dillon, Read & Co., Mr. Dillon said, does not receive deposits payable on
demand, as it has no use for the money in its business. A few years ago, he
said, it had more than $5,000,000 on deposit in 17 accounts, but it has gradually closed these out and does not accept any new accounts of this character.
"That business grew up without any solicitation on our part," said Mr.
Dillon. "After 1927 we discouraged such accounts because we had no use
for the money in our type of business. It was simply a responsibility to
keep money liquid so it could be withdrawn."
150 Million Dodge Deal Cited.
In connection with its financing operations, Senator Couzens inquired
what benefit there was to the public when there was merely a transfer from
one group to another as in the case of Dillon, Read 8; Co.'s $150,000,000 deal
involving the automobile firm of Dodge Brothers.
"I think when a business of that size is in control of one family there
are certain benefits, in a shift of ownership, to the public," said Mr. Dillon.
"A company is on a sounder basis when the ownership is distributed among
the public."
Mr. Pecora asked if it were not true that regardless of sale of stock to the
public, the control remained usually in a few individuals who might own a
minority of the stock.
"When the management is satisfactory," replied Mr. Dillon, "it is customary for stockholders to leave control in the hands of those."
Mr. Pecora alluded to testimony last spring that the Van Sweringens
gained control of a railroad by acquiring 15% of the stock.
"I think it is correct that control is often held by holders of a small
amount of stock," said Mr. Dillon. "I think that unless the criticism of a
management was very serious, it would be difficult for stockholders to organize to oust the management."
Calls Price a Long Story.
Senator Couzens asked how he determined the price at which he would
buy a corporation for refinancing, such as Dodge Brothers. "That is a long
story," said Mr. Dillon.
"I just want to know principles on which you base it if there are any
principles in it," returned Senator Couzens. "The past earning power largely
controls," explained Mr. Dillon.
Questioned as to directorships held by members of his firm, Mr. Dillon
said that he had been a director of the Central Hanover Bank and the Chase
National Bank, and that other partners had also held similar places, but
that they had resigned with the enactment of the Glass-Steagall banking
act, which prohibited private bankers from occupying such positions.
"Did you find it of any advantage to you to be on those boards?" asked
Mr. Pecora.
"We served on those boards on the invitation of the companies," said Mr.
Dillon. "I assume they asked us because it would help them. As far as
our own business is concerned we did not find it of any advantage. From
our own point of view we do not like to serve on boards and we were
glad
enough to get off when the banking bill was passed."
Mr. Pecora placed in the record a list of corporations on whose
boards of
directors Dillon. Read & Co. have been represented. The list
was furnished
by the company in response to one query in a questionnaire
previously submitted by Mr. Pecora.
"What would you say from the standpoint of public policy
about investment bankers sitting on boards of industrial corporations
with whose securities they have been identified?" asked Mr. Pecora.
"From our point
of view," answered Mr. Dillon, "we have never felt
it necessary to sit on
boards for the sake of looking after our securities. It has
been our experience
that we were often in a better position to criticize
the management it we
were not identified with boards."
Taking up the question of investment trusts, Mr.
Dillon said that prior
to 1924 he had been attracted by the successful
operation of companies of
this character in England and Scotland. As early
as about 1860, he said,
Investment trusts had been formed in England with a
view to giving investors a chance to make a diversified investment.
The experience in
England, he said, had been highly successful and investment
trusts had been a
popular and accepted form of investment.

Some of Mr. Dillon's testimony, as furnished to the
Committee, was detailed as follows in part in Washington
advices Oct. 3 to the New York "Times":
Under questioning by Ferdinand Pecora, Counsel for the
Market Inquiry
Committee, Mr. Dillon, the only witness heard to-day,
testified that with
the initial investment of $5,100,000 the Dillon, Read
group of 1924 formed
the United States and Foreign Securities
Corporation, capitalized at
$30,000,000.
Later in 1924 the group formed a similar and
larger investment trust
known as the United States and International Securities
Corporation, capitalized at $60,000,000, with no further original
investment by members of
Dillon, Read & Co.
First Trust's Surplus Used.
Mr. Dillon testified that the second trust was
formed by using $10,000,000
of the undivided surplus built up in the first one.
The public, he said,
subscribed $25,000,000 toward the United States
and Foreign Securities
Corporation, and $50,000,000 toward the United
States and International
Securities Corporation.




Evidence was developed that Dillon, Read & Co. and their associates obtained 500,000 shares of common stock of the United States and Foreign
Securities Corporation for 20 cents a share. Later it sold in the market
for as much as $72 a share. They also obtained 250,000 shares of common
stock in this investment trust as a sort of "bonus" and thereby obtained
750,000, or 75%, of the 1,000,000 shares of common, giving them voting
control. Only the common stock had voting rights. . . .
A "Joint Stock Partnership."
At the outset of his testimony Mr. Dillon described Dillon, Rend & Co.
as being a "joint stock partnership" since Nov. 11 1922. Before that it
was a co-partnership. The members of the firm, besides himself as President, are W. M. L. Fiske, Roland L. Taylor, William A. Phillips, James
Forrestal, Ralph H. Bollard, Dean Mathey, William S. Charriley, Robert 0.
Hayward, Henry G. litter 3e1 and Harry II. Egly, all Vice-Presidents, and
Robert E. Christie Jr., who is Secretary and Treasurer.
Mr. Dillon said the stockholders are himself, the Abbott Trading Corporation, the Beekman Company, Ltd.; E. J. Bermingham, Isabelle Bollard,
R. II. Bollard, W. S. Charnley, W. M. L. Fiske, W. A. Phillips and Roland
L. Taylor.
When Senator Couzens asked what percentage of stock each holds in
the banking firm Mr. Dillon said he did not object to giving any information "that you feel will be helpful, but I am wondering if a public statement of the interests of the various members is something you want me to
tell publicly."
Mr. Pecora recalled that the apportionments of interest of the partners
of J. P. Morgan & Co. had been recited to the Committee in confidence.
Senator Couzens said he would be satisfied if informed who controls the
Dillon, Read joint stock association.
Chief Stockholder in Firm.
"I own the majority of the stock," responded Mr. Dillon.
"How much stock is out?" asked Senator Couzens.
"There are between 73,000 and 74,000 shares," was the reply. "I
haven't just the exact figures, but can furnish them later. The par value
of the stock is one dollar."
"How many shares do you own, Mr. Dillon?"
"We haven't that figure here but we can get it for you."
Mr. Dillon said the firm was in the investment banking business, and
did not engage in commercial bunking. The firm does not receive deposits,
but has some small ones in the nature of sinking fund moneys.
"We at times in the past have had substantial deposits that were subject
to withdrawal," Mr. Dillon continued.
"When did your firm discontinue the practice of carrying deposit accounts payable on demand for the account of customers?" Mr. Pecora asked.
"That," the witness said, "has been a gradual process. We take no
new accounts, and have been eliminating them, going back for the last
three or four years."
Mr. Dillon said no members of Dillon, Read & Co. sit on the boards of
member banks of the Federal Reserve System, although Mr. Christie was
on the board of "a country bank at Hartsdale." Mr. Mathey, he said, was
on the board of a similar bank in Princeton, and is a member of the board
"of the Empire Trust in New York." For years, the witness added, he
himself had been on the board of the Central Hanover Bank and Trust
Company and on the board of the Chase National Bank, and Mr. Phillips
had served on the board of the Chemical National Bank, but immediately
after the enactment of the Glass-Steagall law, requiring private bankers
to resign from such boards, they did so "at once."
"From our point of view as investment bankers," he said, "we have not
felt it necessary to sit on boards for the purpose of looking after the securities which we have issued. It has been our experience that we were often
in a better position to criticize the management or policy if we were not
members of the board, than if we were."
Replying to Senator Couzens the witness said he is not a member of the
board of any industrial corporation, and put in evidence the names, submitted in response to a questionnaire, of all corporations in which any partner or representative of Dillon, Read & Co. or any of its agencies is a
director or officer.
Among these corporations were the United States and Foreign Securities
Corporation and the United States and International Securities Corporation,
the two investment trusts around which the testimony pivoted for the rest
of the day.
Financial Set-Up Explained.
In the set-up of the United States and Foreign Securities Corporation,
Mr. Dillon testified, the amount offered to the public was $25,000,000
of
first preferred stock of no par value, while members of Dillon, Read
& Co.
took 50,000 shares of second preferred stock for $5,000,000.
In addition
1,000,000 shares of common were issued.
"When we determined to have the common stock in order
to give the
first preferred stock some interest in the equity, which they would
not have
had had we just bought 5,000,000 common for our junior money,"
said Mr.
Dillcn, "we took 5,000,000 second preferred stock and created
a million
shares of common stock, of which a quarter of that equity
was given to
the first preferred stock. With their first preferred
stock they got one
share of common. The balance of that equity of that
million shares, that
750,000 shares, went to the purchasers of the second
preferred stock."
Allotment Certificates Issued.
The subscribers to the first preferred,
the witness explained, received
an allotment certificate calling for one share
of common stock with each
share of first preferred stock.
Q.—This investment trust also sold to the
organizers, Dillon, Read & Co.,
its 50,000 shares of second preferred 6%
dividend cumulative stock? A.—
Yes. The 50,000 shares of second preferred
were sold to Dillon, Read with
250,000 shares of common, for a total of
$5,000,000.
was coming to that. With that 50,000
shares of second preferred
stock, Dillon, Read & Co. acquired 250,000
shares of the common stock,
did it not? A.—That is correct.
Q.—So that with each share of second
preferred 6% stock, there went
five shares of the common stock?
A.—You can put it that way. But the
actual substance of it was that men that
subscribed the junior money, that
Is, the $3,100,000, received 750,000
shares of the common stock.
Senator Couzens—Then in effect, that
is complete control? A.—That is
complete control.
Q.—In spite of the fact that they
collected $25,000,000 from the public?
A.—That is correct.
Q.—They controlled it for $5,000,000?
A.—That is correct.
Mr. Pecora—They controlled it
through the ownership of 75% of the
common stock? A.—Yes.

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Q.—Which went with the second preferred stock? A.—They controlled
it by the fact of putting up $5,000,000 junior money to the $25,000,000
preferred stock.
Q.—The common stock was the only stock that had voting power at that
time? A.—That is correct.
Transferred Through Bookkeeper.
"You have indicated," Mr. Pecora continued, "that in a practical sense
Dillon, Read & Co. purchased the entire issue for $5,000,000 of 50,000 shares
of second preferred stock, also received 750,000 shares of the common
stock in connection with that purchase." Mr. Dillon replied:
"The group that put up that junior money of $5,000,000 of the second
preferred and $100,000, or $5,100,000 total, received the second preferred
stock and 75% of the common stock. Some of that second preferred went
to the directors."
Q.—Wasn't there a subsequent transaction whereby the United States
and Foreign Investment Corporation sold 500,000 shares of its common
capital stock for the sum of $100,000? A.—There was not. I think you
will find that record shows that 500,000 shares was sold by J. Perry Olcott
later to me and my associates.
Q.—Well, now, Olcott was a mere dummy, wasn't he, for Dillon, Read
& Co. in the transaction? A.—I don't know what you mean by "dummy."
He is a bookkeeper in our office through which the legal machinery of this
thing was carried out. The Securities Company sold its first preferred
stock for $25,000,000, less $1,000,000 for expenses of selling. They actually received $24,000,000. Then Olcott bought the second preferred and
750,000 shares of common for $5,100,000. And the result of that was that
the corporation issued all of its capital stock and received $29,100,000.
That is the substance of it."
$339,000 to Banking Firm.
"Now of that $1,000,000 (for expense of selling) is it not a fact that
Dillon, Read & Co. retained for its own part in that commission in that
selling operation something like $339,000?" asked Mr. Pecora.
"Dillon, Read & Co. sold some 94,000 shares and received 839,000 odd
dollars," was the reply.
When Mr. Dillon testified that 600.000 shares of the common stock of
the investment trust were bought for himself and his associates for $100,000,
Mr. Pecora remarked:
"That would mean 20 cents a share?"
"Yes," the witness rejoined, "if you figure it that way."
• The common stock, Mr. Dillon said, which had a "minus" value when
Issued in October 1924, by the end of 1928 had a "book" value of $48 and
reached a market value on 'the New York Stock Exchange of as high as
$72 a share.
"We do not claim any magician's wand," Mr. Dillon added. "That was
in this very fast advancing market that those great profits accrued."
The book value now said the witness "was, $3 or $4." Mr. Pecora interposed that its present market value "is about $9 or *10."
$13,000,000 Paid in Dividends.
About $11,000,000 in dividends has been paid to the holders of the first
preferred stock of the trust in the eight years of its operations, Mr. Dillon
testified. In the same time about $2,000,000 went to members of the banking firm and their associates as holders of the second preferred.
"That company has been in operation for eight years and has been successful, paying the public 6% through good times and bad," he remarked.
Mr. Pecora developed that of the 50,000 shares of second preferred stock
of the United States and Foreign Securities Corporation originally acquired
by Mr. Dillon and his associates, 500 shares each went to F. H. Ecker of
the Metropolitan Life Insurance Company, John Sherwin of Cleveland,
Robert C. Schaffner, a Chicago banker; Herbert Fleischacker of San Francisco and Anson W. Burchard of the General Electric Company; 100 shares
to George IV. Wickersham of New York and the balance, 47,400 shares, to
Dillon, Read & Co.
The original board of the securities corporation, LW. Dillon testified,
consisted in October 1924, of Anson W. Burchard, Clarence Dillon, Frederick H. Ecker, Herbert Fleischacker, John W. Horner, William A. Phillips,
Robert C. Schaffner, John Sherwin, George W. Wickersham, Harrison Williams and Edward G. Wilmer, Chairman.
Mr. Dillon testified that the preferred stock of the United States and
Foreign Securities Corporation was distributed to the public by Dillon, Read
& Co. with the assistance of some 300 other dealers in investment securities,
Its "regular list of dealers." The names of these dealers were put in the
record. The selling commission of the dealers was 4%.
Controlled the Second Trust.
Turning to the formation of the second investment trust known as the
United States and International Securities Corporation, Mr. Pecora developed that it was organized by the United States and Foreign Securities
Corporation, but with 80% of the control of the voting stock owned by
Dillon, Read & Co. or their associates.
The second investment trust, Mr. Dillon testified, had $50,000,000 of
first preferred stock, which was sold to the public and floated by a syndicate
headed by Dillon, Read It Co. There also was a second preferred stock in
the amount of $10,000,000.
The firm, said Mr. Dillon, bought none of the second preferred stock
of the United States and International, but this second preferred was all
subscribed for by the United States and Foreign Securities, which the Dillon,
Read group controlled.
Three million shares of common stock were issued by the second investment trust. The first preferred stockholders received 500,000 shares of this
common and the entire balance of 2,500,000 shares of common went to the
purchasers of the second preferred stock.
The witness testified that the United States and Foreign Securities Corporation paid $10,000,000 cash for the second preferred stock, plus 2,000,000 shares of the common stock of the United States and International
Investment Corporation.
"Why," said Mr. Pecora, "was it more desirable to go through all the
burden and expense of organizing a second investment trust with a total
capitalization of $60,000,000, when you already had an investment trust
qualified and equipped to transact the same kind of business that the second
investment trust conducted and operated?"
To Expand the Operations.
"It was simply to expand the operations, to make it on a little larger
scale," replied Mr. Dillon.
"Now," asked Mr. Pecora, "is it not a fact that Dillon, Read & Co.,
through an original investment of $5,000,000 which it paid for the second
preferred stock of the first investment trust—the United States and Foreign




Oct. 7 1933

Securities Corporation—plus the $100,000 that was paid for the block of
500,000 shares of the common stock of the first investment trust, acquired a
control measured by the ownership of a large majority of the common stock
of the first investment trust and through the medium of the first investment trust buying for $10,000,000 all of the authorized second preferred
stock of the second investment trust, phis 2,000,000 shares of its 2,500,000
shares of common stock actually issued and outstanding, were enabled to
acquire control of both of these investment trusts having a total capitalization of $90,000,000?
Paid Out of Earned Surplus.
"The $10,000,000 was paid out of earned surplus into the treasury of
the second investment trust?"
"That is correct," said Mr. Dillon.
Senator Couzens—So you sacrificed the common stockholders of the
first trust to create a second trust by taking $10,000,000 of cash out of
the first trust to buy common stock in the second trust? A.—We could
have taken that $10,000,000 and invested it in something else, in this company, rather than investing it in Steel common or anything else."
"I know you did not buy Steel common," the Senator continued. "You
bought something which you yourself controlled. So I do not think it is
quite comparable."
"It enabled them to get control of $60,000,000 more," said Chairman
Fletcher.
"Certainly," said Senator Couzens.
"To manage for the public, Senator," Mr. Dillon remarked. "It was no
advantage to us. We have never received anything on it. I have worked
for eight years and have never received any salary or compensation of any
kind."
Mr. Pecora developed that Dillon, Read & Co. received an aggregate of
"approximately" $1,065,000 for its participation in the sale of the first
preferred stock of the second investment trust.
Senator Couzens suggested that the $10,000,000 that had been paid out
of the earned surplus of the United States and Foreign Securities Corporation for the second preferred stock of the United States and International
Corporation should have been used to pay dividends to the common stockholders of the United States and Foreign Securities Corporation.
"Had that been done," said Mr. Dillon, "you realize that Dillon, Read
& Co. would have received $7,500,000."
Ethics Challenged by Couzens.
• "You would have made much more off that $60,000,000 than on this
$5,000,000 even if you had done that," Senator Couzens contended. "But
the question is not how much you made. The point, I think, is that it is
rotten ethics to take $10,000,000 out of an investment trust you own, or
which you control, rather, its ownership being in the public hands, and put
it in another investment trust to further augment your own profits. I think
that is reprehensible."
"Oh, that was not the fact," Mr. Dillon protested.
"Certainly it augmented it, because you controlled this and the other
$60,000,000 you sold to the public, and you also had common stock from
which you might have earned dividends."
"From which we might have," said Mr. Dillon. "The public has been
taken care of."
"Mr. Dillon, you understand that I am not attacking your good faith,"
said the Senator. "I still insist that you were speculating and using the
stockholders' money in another corporation, which you had no right to do."

Senate Inquiry into Stock Exchange Transactions—
Robert E. Christie Jr., of Dillon, Read 8c Co.,
Reports Profits of $6,819,000 Accruing to 11
Members of Firm on Sale of Common Stock of
United States and Foreign Securities Purchased
at $24,110.
Following the testimony by Clarence Dillon, of Dillon,
Read & Co., with the resumption, on Oct. 3, of the hearing
in Washington into Stock Exchange trading, the subcommittee of the Senate Banking and Currency Committee on Oct. 4
heard Robert E. Christie Jr., also a member of the firm.
Mr. Christie is reported as stating during the inquiry that
11 members of the firm realized in the boom market of 1928
and 1929 a profit of $6,819,270.26 on the sale of common
stock of the United States and Foreign Securities Corp. for
which they paid $24,110.40.
Seven other members, among them Clarence Dillion, head
of the firm, refused to part with their common stock in the
Investment trust which the firm created in 1924 and which
It still controls, according to the account of the testimony
contained in a Washington dispatch to the New York
"Times," from which we also take the following:
Mr. Dillon testified that he did not have anything to do with the other
members' transactions. Those besides Mr. Christie who sold their common
stock were C. N. Miller, H. G. Riley III, W. Wilcox Jr.. R. II. Bollard,
E. J. Bermingham, Dean *fathey, IV. A. Phillips, the Beekman Co., Ltd.,
R. 0. Hayward and W. A. Reed. . . .
Christie Tells of the Operations.
Mr. Christie testified that 120,552 shares of the stock were sold in 1928
and 1929 for $6,843,380.66, an average of $52 a share. When the trust
was formed in 1924 it received 20c. a share.
Mr. Christie said 74,198 shares were sold through two accounts operated
by Dominick & Dominick for more than $4,000,000, and that the remaining
46,354 shares were sold by members of Dillon, Read & Co. in the open
market.
To-day's hearing was enlivened by a tilt between Senator Carter Glass, a
member of the Committee, and Ferdinand Pecora, its counsel. Senator
Glass, who was unable to attend yesterday's session, and did not arrive
to-day until Clarence Dillon had again testified, charged that Mr. Pecora
was proceeding without taking the Senator into his confidence.
Mr. Pecora replied that he had outlined his plans in detail to the Committee yesterday during an executive session "attended by all except
yourself."

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Financial Chronicle

Mr. Pecora sought to establish from Mr. Christie that the two joint
accounts handled by Dominick & Dominick were in reality a "pool" for
"unloading" this stock on the market at a huge profit.
"IVhat percentage of the people who trade on the stock market," Senator
Glass asked Mr. °bristle, "actually know the true financial status of your
company or of any other company in the matter of stocks in which they
trade?"
"This investment trust," said Mr. Christie, referring to the United States
and Foreign Securities Corp., "publishes annually a complete statement;
also publishes semi-annually a statement of its general operations and income account."
"That I know," interrupted Senator Glass. "I am not suggesting that
you have been guilty of any concealment. I am trying to test the intelligence
of the people who gambled in stocks on the Stock Exchange."
Senator Adams said he had bought four or five stocks and lost money
on them, all except the "one I knew nothing whatever about."
"Then," exclaimed Senator Glass smilingly, "you belie your experience
and gamble in stocks."
"Four years ago," said Senator Glass, "I suggested putting a United
States Government tax on stocks that are clearly in the gambling category,
rather than in an investment category, but everybody in Congress got
frightened to death because of the statements and claims made by brokers
and stock speculators.
"And Mr. Untermyer tried the same thing in New York the other day,
and the Stock Exchange proposed to move the whole 'dad bum caboodle' over
to New Jersey; and very likely they would have moved over to New Jersey,
but they bluffed him out of his position, and he recanted, and there you
are. But if they had done it here in Congress they would not have had
anywhere to move."
Would Let Canada Have Exchange.
"They might have gone to Canada, they say," iatairposed Chairman
Fletcher.
"Well," Senator Glass remarked, "I would rather they would be in
Canada than ruining all of us in this period of distress that we have had;
and that is what brought it on. And if Canada wants to be ruined, why,
that will be Canada's affair."
Mr. Pecora recalled testimony before the Committee last year that the
officials of the New York Stock Exchange disclaimed any responsibility on
the part of the Exchange for gambling operations.
`II fully agree, Senator Glass, with your views in respect to that," Mr.
Pecora continued. "And in that connection I recall testimony given here
last June by Mr. Taplin, who stated, as I remember it, that in his opinion
not one investor in a thousand knew anything at all about the security that
he traded in."
"Those," Chairman Fletcher remarked, "are really not investment trades,
but speculation and gambling." . . .
Dillon for Bank Publicity.
Greater publicity as to the operations of banks and corporations as a
protection for the investing public, and the enactment of legislation to
require banks to publish lists of securities they hold in their portfolios were
advocated by Mr. Dillon during the hour in which he occupied the witness
stand
"Those of us who deal in the more seasoned securities," Mr. Dillon
testified, "are apt to be a little smug. We are apt to think our record of
mistakes is very small in our total, and take that as a virtue unto ourselves. As a matter of fact, I am not at all sure that the courageous
financier who raises money for industries, securities such as we do not buy,
and who raises money for industries where there are real risks, is not
rendering just as great, if not a greater service to his country, as the smug,
conservative bankers like ourselves.
"Take, for example, the automobile industry. We would have been
'holier than thou.' And would have said,'We don't sell that; that is a new
Industry. It is too speculative. We do not handle those securities.' If
you had relied on houses like ourselves you probably would not have had the
automobile industry in this country.
"There were men who would take those risks and ask the public to give
their money to a new industry that was risky, with the result that we do
have a great industry in this country. And we, the smug, conservative bankere, now are very pleased to handle automobile securities."
"Once safety has been established and the experimental stage passed?"
suggested Mr. Pecora.
"Exactly," responded Mr. Dillon. "We must not, in fairness, criticize
the man who took the initial risks—although probably many went wrong."

With reference to the story of the sale of common stock
of the United States and Foreign Securities Corp. brought
out during Mr. Ohristie's testimony with the aid of documents obtained from Dillon, Read & Co. files, the Washington
advices, Oct. 4, to the New York "Herald Tribune" said in
part:
Story Told by Mr. Christie.
The story as told by Mr. Christie was that in the latter part of 1928 representatives of Dominick & Dominick, a well-known Wall Street firm, had
come to Dillon, Read & Co. in connection with the stock of the United
States and Foreign Securities Corp.
"Dominick & Dominick said that they had made a study of investment
trusts and that they liked the United States and Foreign Securities Corp.,"
said Mr. Christie. "They said they would like to be able to sell stock in
the Corporation to their clients. They wanted to make some money on it
themselves. Their idea was to buy a quantity of stock at a price below
the market.
"Our firm had no stock for sale, and we told them so. They still
were
insistent on getting some stock. I personally checked with other
members
of the firm with the result that 11 were willing to sell some of the
common
stock held by them individually, while seven or eight, including Mr. Dillon,
were not willing to sell any." .
Sales Over Year Period.
A summary of the operations as made by Mr. Pecora showed that the
11
members of the firm had contributed 120,552 shares of common stock,
which
was sold during a period of about a year. Of this total 74,198
shares were
sold through Dominick & Dominick, while the balance, or a little
less than
50,000 shares, was sold in open market transactions.
The total realization for the 120,552 shares was $6
,843,380.66. The
original cost of this part of the 500,000 shares allotted to
members of the
firm for $100,000 in 1924 was $24,100 on the basis of 20c. a share.
While Mr. Christie admitted the correctness of Mr. Pecora's
figures, he




2553

pointed out that he personally had not acquired any of the stock at 20c. a
share, but had bought 5,000 shares at $10 a share from one of his associates.
Of this block Mr. Christie sold 2,900 shares through Dominick & Dominick,
which at an average price of $53 meant a profit to him of about $125,000.
Mr. Christie pointed out that during the five years between 1924 and
1929 the common stock, which originally had had no book value, had
acquired a book value of $48 a share, and consequently its status had changed
materially.
The stock sold through Dominick & Dominick totaled 74,198 shares and
brought a total of about $4,000,000, the original coat being less than $15,000.
The average price at which these shares were sold was $58.19.
Firm Served as Agent in Deal.
The sales were handled through two accounts. Option agreements involving the two accounts were placed in the record by Mr. Pecora. They consisted of letters written by Dominick & Dominick to Dillon, Read & Co.
confirming the agreements. While Dillon, Read & Co. had refused to sell
any of its block of 250,000 shares of common stock, it acted as the agent
in the deal involving individual holdings of members of the firm.
The first option agreement was dated Dec. 20 1928. It gave Dominick &
Dominick the right to buy 30,000 shares of common stock of the United
States and Foreign Securities Corp. in three blocks. The first block of
10,000 shares, which might be called for at any time between Dec. 20 1928
and Feb. 20 1933, was to be sold for $47.50 a share. The second block of
10,000 shares was to bring $50 a share, and the third block of 10,000
shares at $55. At the time of the signing of the agreement the stock was
selling on the Curb Market for about $54 a share.
The agreement also gave Dominick & Dominick the right to borrow the
shares to cover short sales. This provision as -well as a similar one in the
second agreement caused Mr. Pecora to question Mr. Christie's contention
that the stock was intended for sale to customers of Dominick & Dominick
as an investment. Mr. Pecora insisted the transaction was a pool for manipulating the market.
The first agreement subsequently was amended to provide for a total
option of *40,000 shares, of which only 25,000 shares actually were sold.
The amount received by the 11 participants in the syndicate from Dominick & Dominick for the 25,000 shares was $1,290,125. This amount of
stock cost about $5,000 originally.
The second option agreement, which was originally for 19,198 shares at
$52 a share, was dated June 22 1929. Under the second agreement Dillon,
Read & Co. was given a participating share for 25% of the profits realized
by Dominick & Dominick.
Senator Glass, who was absent during yesterday's hearing on account of
elections in Virginia, first showed his displeasure when Mr. Pecora asked
Mr. Christie if the syndicate operation was not a pool. Mr. Christie talked a
moment to associates sitting with him.
"Mr. Christie," demanded Mr. Pecora, "was it necessary for you to get
advice from your counsel?"
"He is entitled to advice from counsel if he wants it," broke in Senator
Glass.
"I haven't objected to the witness getting advice from counsel if he
needs it, but I merely wanted to know it he needs it," retorted Mr. Pecora,
raising his voice.
Later on Senator Glass, becoming irritated because Mr. Pecora dwelt at
length on the question of a pool, renewed his complaint of last spring that
the counsel was not taking Committee members into his confidence.
"There isn't a member of this Committee except one who knows what
this is all about," said Senator Glue angrily. "While I'm firing off here, I
want to say I'm opposed to pools and I'd like to break them up, and I could
if Congress would legislate sanely. But I don't want to come here as a
spectator. I want to know what Mr. Pecora is trying to prove." . . .
Senator Couzens went after Mr. Christie in connection with the stock
selling operations somewhat roughly.
"Do you think this was a constructive job for an investment trust?"
asked Senator Couzens.
"The investment trust wasn't in it," replied Mr. Christie.
"I know, but it seems hardly an ethical thing for you to do as trustees
of funds invested by the public," said Senator Couzens. It had been brought
out that Mr. Christie served as Vice-President and Treasurer of the investment trust at different times, and that its management was under complete
control of Dillon, Read & Co.
"You accumulated $10,000,000 of profits in the investment trust and
instead of using it to pay dividends on the common stock you invested it
In a second-class security in another investment trust," went on Senator
Couzens. "Meanwhile you were playing the market in this common stock,
including short selling."
Mr. Christie protested that the trading operations had nothing to do with
the investment trust.
"You say it was not the policy of the company to pay dividends on the
common stock," continued Senator Couzens, referring to a statement by
Mr. Christie that no dividends had been paid on the common stock and that
it was not intended that they should be unless there were sufficient profits
after paying dividends on the first and second preferred stock.
Unloading on Public, Says Senator Cowen..
"You had inside information about the common stock and yet you were
unloading this stock on the public. It seems to me that the public should
have the right to rely upon the integrity of the men who conduct the affairs
of an investment trust."
At this point Mr. Pecora brought out the fact that Mr. Christie had been
nominated for President of the Investment Bankers' Association. This
offered a new line of attack for Senator Couzens.
"As head of the Investment Bankers' Association, do you approve of such
practices?" asked Senator Couzens.
"I hope when I am head of it that neither the Association nor I individually will sponsor any policies you would consider unethical," replied
Mr. Christie.
In proof of his contention that Dominick & Dominick were operating in
the market rather than merely supplying the stock to their customers,
Mr. Pecora said that during the period of the two accounts 145,800 shares
of
the stock had been dealt with on the buying and selling sides on
the New
York Curb Exchange. Of this amount 129,650 shares, or 90%
of the total,
were handled by Dominick & Dominick.
At the beginning of his testimony Mr. Christie said
that he had been
connected with Dillon, Read & Co. and its predecessor company since July
1919, and a member of the firm since Jan. 1 1927. Tie said he
was not a
stockholder, but had an interest in the profits of the firm and
also drew a
salary.

Another week we will refer to the further testimony of
Mr. Christie at the later hearings during the
current week.

2554

President Roosevelt Reported as Planning Special
Advisory Committee to Draft Legislation to Curb
Violent Fluctuations on New York Stock Exchange.
In Associated Press advices from Washington, Sept. 29, it
was stated that a special Advisory Committee is being
planned by the Roosevelt Administration to work out legislation by which it hopes to put a curb upon violent price fluctuations on the New York Stock Exchange. The advices
continued:
Plans for establishing the Committee were being formulated quietly
to-day by Roosevelt aides in several Federal agencies. They said that
Congressional action would be necessary for the step.
Control of the Exchange was described by several Administration key
men as necessary to prevent speculative excesses which, they said, wrought
havoc with commodity values and shattered public confidence.
Under the tentative proposals the Committee would study stock market
practices and work out a legislative remedy for presentation to the next
Congress.
No names have been chosen for the Committee as yet, it was said, but
thought was being given to the selection of a group representative of the
Government, business and finance and investors.
The recent threat of the New York Stock Exchange to move from New
York into New Jersey was cited by the experts in support of the contention
that the Exchange's transactions were not local but inter-State.

With reference to the appointment of the Committee,
which President Roosevelt is expected to announce shortly,
it was reported in the New York "World-Telegram" of
last night (Oct. 6) that the following will be among the
members:
Arthur H. Dean, member of the New York law firm of Sullivan &
Cromwell.
A. A. Berle, Jr., member of the President's so-called "brain trust."
John Dickinson, Assistant Secretary of Commerce.
Dean Acheson. Under-Secretary of the Treasury.
Arthur J. Richardson, member of the District of Columbia Bar.

The appointments, it is said, were made by Daniel C.
Roper, Secretary of Commerce, at the request of President
Roosevelt.
,—.
—4
Bancamerica Blair Corporation Reports.
The report of the Bancamerica Blair Corporation, published Sept. 28 in San Francisco, showed as of June 30 total
assets of $19,072,208. The corporation reported marketable
securities of $12,033,169; other investments of $182,864; syndicate participations of $341,932; syndicate notes and advances of $521,112, and other net receivables of $582,520.
The New York "Times" of Sept. 29, reporting the above, continued:
The Corporation, which is controlled through stock ownership by a majority of the shareholders of the Bank of America, California, had no borrowings from affiliated banks, but owed $1,000,000 to others on secured loans.
It owned no stocks of affiliated banks, but held stocks of other banks carried at $162,556. Bank deposits of the Corporation amounted to $782,380,
of which about $110,000 was on deposit with affiliated banks.
Capital of the Corporation amounts to $1,458,769; surplus as of June 30
was $5,647,942, and profit and loss surplus $2,750,475. Its syndicate commitments for securities bought amounted to $6,488,547.

Transamerica Bank Holding Co. Owns 1,993,290 of
Bank of America's 2,000,000 Shares.
Reporting as an affiliate of the Bank of America National
Trust & Savings Association (bead office San Francisco),
the Transamerica Bank Holding Co. shows holdings of
1,993,290 shares of the 2,000,000 outstanding shares of Bank
of America; 440 shares of the 500 shares of First National
Bank of Grass Valley; 15,858 shares of First National of
Portland; 430 shares of 500 shares of Placerville National,
and 940 shares of the 1,000 shares of Vallejo Commercial National Bank. San Francisco advices to the "Wall Street
Journal," on Sept. 28, from which this is learnt, goes on
to say:
Stock of affiliated banks owned was carried at $105,876,857 as of June 30,
and stocks of other banks owned at $89,120,403. The holding company had
no deposits with affiliates and no borrowings from them. Profit and loss
surplus was $1,840,445 and paid-in capital surplus $130,089,457.

National City Bank of New York Sees Need for Confidence in Currency—Economic Situation Would
Be Immeasurably Benefited by Declaration by
Administration Giving Assurance of Reasonable
Stability of and Firm Control over Currency.
The need for confidence in the currency is pointed out by
the National City Bank of New York in its October "Monthly
Letter," from which we quote as follows:
More aggressive agitation on the part of inflationary groups in favor of
Government paper money issues has been met by a mounting opposition in
the press generally, and from leading public men all over the country. In
Administration circles, Secretary Wallace, whom we have quoted as reporting
the demand for inflation, has also stated (referring to inflation, pricefixing and dumping plans) that "without production control they are only
a patchwork on a structure that is badly off balance at its base." This puts
the responsibility for the trouble where it belongs, on the lack of balance
in the economic structure rather than on gold or the currency. President
Roosevelt has announced that the Government will lend to cotton farmers




Oct. 7 1933

Financial Chronicle

10c. a pound on their holdings of this year's crop on condition that they
accept the Agricultural Adjustment Administration program for reducing
acreage in 1934 and 1935. Coming at a time when demands for inflation
were at their height, this is in the nature of an answer, and implies adherence to the principles of organized readjustment rather than to the doctrines
which explain the depression in terms of money.
That the economic situation would be immeasurably benefited by some
assurance of declaration of policy which would establish confidence in a
reasonable stability of the currency, and in firm control over it, is a proposition from which there can scarcely be dissent. Rightly or wrongly there
is distrust of the situation, and not only because of the political pressure
that the advocates of inflation can exert. Even neutral observers fear that
the effort to put people back to work and raise prices more rapidly than
the natural pace of recovery will lead to the exercise of a stimulus, to wit,
fear of the money, in order to start speculative or protective forward buying
again. Evidence of growing uneasiness on the part of investors concerning
the likelihood of inflation has appeared during the past month in the
sharpest reaction in high grade bond prices since last April.
It is evident that there is everything to gain from the removal of this
distrust and the restoration of confidence, which is essential to revive the
flow of capital and the purchase of capital goods, and thus to effect the
necessary increases in purchasing power. Uncertainty is the greatest obstacle
to revival.
It is not in the interest of anyone that the recovery program should be
pushed so rapidly as to make it impossible to maintain balanced relations,
order and confidence. The principle involved is that the program will succeed to the extent that it harmonizes with and accepts the guidance of the
natural economic forces which have accomplished all of the progress of the
past, and acts only to supplement and facilitate their operation. There
have been abundant indications for more than one year that the natural
forces are operating in the direction of recovery, and given a program in
step with them, and monetary security, there is every reason for confidence
that the instincts of business men to do business will keep the recovery
going in enduring fashion.

Solution of Currency Stabilization Urged by League
of Nations Assembly to End That World Economic
Conference Might Reconvene With Hope of Success.
There can be no lasting improvement in the world's
economic situation, the Economic and Financial Commission
of the League of Nations Assembly reported to-day, unless
the countries are prepared to abandon "the system of closed
national economies." Associated Press accounts from
Geneva Oct. 5 indicating this added that the report, which
held the view that conditions are improved in a number of
ways over the last year, urged a solution of the currency
stabilization question so the World Economic Conference
might reconvene with hopes of success.
Interpreting the resolutions adopted at the London parley,
the Geneva report set out the chief object as affirming:
First, that it is in the interest of all to secure the stability of the international monetary field;
Second, that gold should be reestablished as the national measure for
exchange values,"the time and parity being for each country to determine:"
Third. that it is undesirable to put gold coins and gold certificates into
international circulation: and
Fourth, that a greater elasticity should be given to the central bank
legal reserves provisions.

The further Associated Press account from Geneva Oct. 5
is quoted as follows from the New York "Times":
The closed systems of national economy were described in the report
as tending to become more general and threatening to stifle international
trade.
For Better Collaboration.
The report added that it was most important to attempt to promote
better international collaboration in the economic and financial spheres.
"It should be emphasized," the document continued. "that although
the immediate practical results of the World Economic Conference are not
in proportion to the expectations which were entertained, it accomplished
important work, the value of which will appear in the future."
The report insisted it was unfair to say the world parley abandoned its
attempts to abolish the restrictions on international trade.
"It should rather be said the efforts to attack and thoroughly Investigate
thaw problems had to be suspended," it was said, with the explanation
that the tariff truce to which sixty-one States had adhered is still in force
despite some denunciations. It was emphasized the truce was made for
the period of the World Economic Conference, which period has not yet
ended.
"The truce means that all the countries realized the necessity of ending
at the earliest possible moment the daily warfare the object of which is to
reduce imports by all costs and by measures of every kind," the commissioners said.
"The truce affords a happy augury of the outcome of the future discussions
of commercial policy."
Concerning quotas and customs duties, the report made the point that
all the delegations at the World Economic Conference were agreed in
principle on the abolition of quantity restrictions and the necessity of the
reduction of excessively high tariffs.
On the question of the most-favored-nation clause the document said:
"The last part of the proposals submitted toward the ond of the conference
by the American delegation has assumed considerable importance."
Coordination Work Cited.
It stressed that the work of the subcommittee on "the co-ordination of
the production and sale of certain important products had assumed an
importance which exceeded all expectations."
"The difficulty in the lowering of trade barriers during the period of
depression, unless efforts first were made to establish a better equilibrium
between the production and the consumption of certain basic commodities,
although not shared by every one, was apparent in the earnestness with
which the countries concerned urged an examination of the conditions of
the production and trade in important foodstuffs and raw material," the
report stated.
The possibility of co-ordinating the production and sale of dairy products, sugar, wino, coffee and cocoa will be studied, it was announced,
with discussions also probable for copper, coal, timber and tin.

Volume 137

Financial Chronicle

American Legion at Annual Convention Declares in
Fayo,t-'of Sound Dollar—Urges Study By Federal
GovgAment of Dangers of Inflation.
One of the resolutions adopted by the American Legion
at its Annual Convention in Chicago on Oct. 5 declares n
favor of a sound dollar. It reads as follows:
Be it resolved by the American Legion in national convention assembled
that we favor a careful study by our Government of the dangers of inflation
and that we favor a sound American dollar.

Incident to the adoption of the resolution Chicago advices
Oct. 5 to the New York "Times" said:
The liveliest discussion of the day took place when Joseph Edgar of New
Brunswick. N. J., Chairman of the Resolutions Committee, urged the
convention to take a stand on currency inflation. But in that case, too,
despite a husky shout of "no" by a large group of delegates, the ayes were
so much stronger that Commander Johnson held that the resolution had
been adopted and that a roll call was unnecessary.
Compromise on Inflation.
The resolution on inflation was adopted as a compromise after a long
and bitter debate in the Resolutions Committee by proponents and opponents of various schemes to depreciate the dollar.

Continuation of Sound Currency Urged in Resolution
of National Association of Life Underwriters—
Debasement of Currency Would Work Great Injustice to Policy Holders.
Holding that tinkering with the currency would work to
the disadvantage of life insurance policy holders, members
of the National Association of Life Underwriters, in their
annual convention at the Stevens hotel in Chicago, on Sept.
29 passed resolutions opposing any money debasement and
commending President Roosevelt for resisting inflationary
measures. We quote from the Chicago "Tribune" of Sept.
30, which gave as follows the text of the resolution adopted
by the convention:
Whereas, this convention is vitally interested in the welfare of millions of
policy holders and annuitants and is also deeply interested in the furtherance of thrift and investment effort in fixed obligations, and
Whereas, the assats of American life insurance companies now total 20
billions of dollars, or about one-fifteenth of the wealth of the nation, representing almost entirely cash and Government obligations, mortgages and
bonds, the value of which vitally affects the welfare of such policy holders
and annuitants and their families, and
Whereas, this convention believes that any proposed debasement of
our currency would be a great injustice to existing policyholchrs and
annuitants and would prove harmful to the cause of thrift and investment
in fixed obligations;
Therefore, be it resolved. That this convention records itself as commending
the President of the United States for resistance pressure in favor of unsound monetary policies and as favoring the continuation of a sound currency.

From the same paper we also take the following:
The convention, which closed last night, heard a number of speakers
discuss problems and subjects of moment to the 4,000 insurance producers
who attended it.
Contrary to general belief, the big companies do not look with favor on
$1.000.000 policy holders, according to John M. Laird, Vice-President of
the Connecticut General Life Co., Hartford. The reason for the
dislike
Is not fear that holders ofsuch policies are more prone to suicide than
others,
he sale', but because it has been found the mortality rate among
them is
higher than with the average policy holders.
Mortality High in "Palmy" Days.
Mr. Laird said that while some attributed the high mortality rate among
holders of large policies to the depression, statistics show the deaths among
this class were high in the "palmy" days before the market collapse.
"Experience includes a period of generally favorable mortality and excludes practically all the depression," lie said. "Nevertheless, the mortality
of persons insured for $1,000,000 or more was 169% of the normal.
Clearly,
there was somsthing wrong even before the depression.
Asking whether an applicant who passes a good medical examination
and has a favorable inspection report should be allowed to secure
all the
insurance for which the man himself, his relatives, business associates
and
creditors could pay, Mr. Laird suggested that the limit should be determined
by his actual financial value.
Placing Limit on Total.
"Some think that over-Insurance is a product of the depression, but more
than ten years ago underwriters were watching this problem and trying to
form a reasonable measuring rod for determining the upper limit
which
might safely be granted. By 1930 more information had become available
and companies were limiting "personal' insurance to the amount
which
could be purchased on the ordinary life plan by 20% of the man's income."
Roger B. hull, Managing Director and General Counsel of the Association, asserted that life Insurance, with its 20 bilious of assets, gathered
through the co-operation and out of the toll and effort of more than half
the country's citizens, represented America's first defense against coinmunism. He expressed the opinion that communism hasn't a chance in
America.

Danger in Further Inflation of Breaking Down Public
Confidence in Country's Money According to Prof.
Kemmerer—Effect on Workers.
The following inflation statement by E. W. Kemmerer,
research professor of International Finance, Princeton University, is published in "The Literary Digest" to-day, Oct. 7:
Further inflation of our already greatly inflated money and deposit
currency would be in danger of breaking down public confidence in our
money, of causing a strong flight from the dollar, and an accelerating decline in its value. This would reduce greatly the values of the dollars in
which are payable all life-insurance policies, bank deposits, pensions, and
all bonds and mortgages, including those constituting most of the endowments of our schools and colleges, hospitals, libraries, and other public
welfare institutions. It would harm most laborers by raising their costs
of living more rapidly than their wages.




2555

History teaches emphatically that inflation once well started In both
politically and economically exceedingly difficult long to control. Under
present conditions in the United States, people advocating further inflation
are playing with dynamite in a crowded street.

High Liquidity Shown by Many New York Banks Which
Publish Voluntary Condition Reports as of Sept.
30, Despite Non-Issuance of Calls by Comptroller
of Currency or State Banking Superintendent.
Although neither the Comptroller of the Currency nor
the New York State Banking Superintendent has issued a
call for reports of condition as of Sept. 30, a number of New
York banks and trust companies have published reports
during the current week. No calls have been issued by the
State Superintendent thus far in 1933, while the Comptroller
has issued only one, that for June 30. Most of the voluntary
reports made public within the past few days indicated a
continued high degree of liquidity, but a decrease in holdings
of United States Government securities as a result of the
purchases made by the Federal Reserve Banks. In most
eases there was little substantial change in deposits from the
figures reported for June 30.
New York Chamber of Commerce Urges Legislature to
Register Opposition to Ratification of Great
Lakes-St. Lawrence Waterway Treaty.
The Legislature is urged to definitely place the people
of New York State on record as opposed to the proposed
Great Lakes-St. Lawrence waterway, in a joint report
approved by the Chamber of Commerce of the State of
New York at its meeting on Oct. 5. The report also urged
other Chambers of Commerce in the State to take action
which will show that the people of the State are opposed
to the State or Federal Government engaging in the water
power business.
The Chamber has repeatedly voiced its opposition to
the waterway project, having adopted an adverse report
on the proposal as far back as 1920. The report acted upon
this week, however, asks that the State take official action
against the project and work to defeat the treaty. The
report, which was drafted by the committees on Internal
Trade and Improvements and on the Harbor and Shipping,
said in part:
On April 6 1933 this Chamber urged upon the Senate of the United
States that action on the Great Lakes-St. Lawrence Waterway Treaty
be held in abeyance until official and up-to-date data had been made
available by a competent non-partisan body upon the expenses of operation,
the amount of traffic, the savings to the United States and other economic
questions involved in the St. Lawrence project.
It was pointed out that the report on this subject prepared by employees
of the Bureau of Foreign and Domestic Commerce and printed in 1926 was
of very meager scope. The statistics assembled were for the years between 1920-1924; and since that date revolutionary changes have occurred.
not only in the volume of foreign trade, but in transportation methods
and economic conditions in general.
In the opinion of your committees, the Legislature and other State
authorities, as representatives of the people of this State, should officially
indicate their opposition to the St. Lawrence project and use their influence
against ratification of the Great Lakes-St. Lawrence Waterway l'reaty.

Terms of Two Directors of Federal Reserve Bank of
New York Expiring Dec. 31 1933—Election to be
Held to Choose Successors.
An election will be held under the provisions of Section 4
of the Federal Reserve Act to choose successors to those
directors of the Federal Reserve Bank of New York whose
terms expire on Dec. 31 1933,it was announced by the Bank
on Oct. 5. The directors, whose terms expire on that date
are David C. Warner, President of the Endicott Trust Co.,
Endicott, N. Y., a Class A director, and Samuel W. Rey- •
burn, President of the Associated Dry Goods Corporation
of New York, N. Y. City,a Class B director. Both directors
were elected by banks in Group 3 and their successors will
be chosen by this group, the New York Reserve Bank
announced.
Tenders Totaling $247,660,000 Received to Offering of
$100,000,000 or Thereabouts of 91
-Day Treasury
Bills Dated Oct. 4—$100,050,000 Accepted—Average
Rate 0.10%.
Dean G. Acheson, Acting Secretary of the Treasury,
announced Oct. 2 that tenders totaling $100,050,000 have
been accepted to the offering of $100,000,000 or thereabouts of 91-day Treasury bills dated Oct. 4, to which
bids were received at the Federal Reserve banks and the
branches thereof up to 2 p. m. Eastern Standard Time,
that day. The announcement said that the total amount
applied for was 8247,660,000. The announcement of the
offering was made on Sept. 27 by Secretary Woodin and was
noted in our issue of Sept. 30, page 2384.

2556

Financial Chronicle

The bills were sold at an average rate of 0.10% per annum
on a bank discount basis; the same rate at which the previous
offering of bills (dated Sept. 27) was sold. Other recent
offerings brought rates of 0.11% (bills dated Sept. 20);
0.12% (bills dated Sept. 6); and 0.14 %(bills dated Aug. 30).
the average price of the bills to be issued is 99.974.
The accepted bids, Acting Secretary Acheson's announcements said, ranged in price from 99.980, equivalent to a rate
of about 0.08% per annum, to 99.965, equivalent to a rate
of about 0.14% per annum, on a bank discount basis. Only
part of the amount bid for at the latter price was accepted.
-Day Treasury Bills to Amount of
New Offering of 91
$75,000,000 or Thereabouts—To Be Dated Oct. 11
1933.

Announcement of a new offering of 91-day Treasury bills
amounting to $75,000,000 or thereabouts, was announced
on Oct. 4 by Dean G. Acheson, Acting Secretary of the
Treasury. Tenders to the bills, which will be sold on a
discount basis to the highest bidders, will be received at the
Federal Reserve banks, or the branches thereof, up to 2
p. m., Eastern Standard Time, Monday, Oct. 9. Tenders
will not be received at the Treasury Department, Washington. The bills will be dated Oct. 11 1933, and will
mature Jan. 10 1934, and on the maturity date the face
amount will be payable without interest. They will be
used to retire an issue of bills amounting to $74,453,000
which matures on Oct. 11. The Acting Secretary's announcement said in part:
The bills will be Issued in bearer form only, and in amounts of denominations of 81,000, 810,000. 5100,000. 8500,000. and $1.000,000 (maturity
value).
No tender for an amount less than 81.000 will be considered. Each
tender must be in multiples of 81.000. 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 investmentsecurities. 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. 9 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 leas than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised fo the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
funds on Oct. 111933.
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.

Postal Service Nearly in the Clear for First Time in
"Many, Many Years," According to Letter to
Postmaster-General Farley from W. A. Julian,
Treasurer of U. S.

Postmaster-General Farley on Sept. 21 received from
W. A. Julian, Treasurer of the United States, a letter which
showed that the Administration's promise to make the
postal service pay for itself was not "just talk." A dispatch
from Washington to the New York "Times" indicating this
quoted the letter as follows:
In looking over a Treasury statement of Aug. 31 I note for the first time
In many, many years that the PostoffIce is in the clear, and for this year,
since the 1st of July, there Is less than a 83,000 deficit.
You certainly are to be congratulated and should have the Croix de
Guerre bestowed upon you for your excellent management.

The dispatch continued:
The actual postal deficiency on Aug. 31, as shown by the Treasury
daily statement. was $2,997.37. For the corresponding two months of
the fiscal year 1932-33 the deficiency was 315.078,597 and for 1931-32
it was 520.000,000.
For the full fiscal year which ended on June 30 1933 the deficiency was
8117.380.192, and for the previous fiscal year it was 8202,876.340. For
the fiscal year 1930-31 the deficiency was 8145.643.613.
The deficiency represents expenditures by the Postoffice service in excess
of the amount which it collects each year in postal revenues. The deficiency is paid out of the Treasury, or, in other words, by the taxpayers.

Holder of $200,000 in Gold Bullion Indicted as Hoarder
—New York Attorney Had Filed Suit to Test Constitutionality of Act and of Executive Orders—
Cited Fifth Amendment in Support of His Claims—
Case to Be Speeded in Court—Second Indictment
Returned.
The first prosecution to be instituted by the Federal Government under the Gold-Hoarding Act will be conducted by
United States Attorney George Z. Medalie, following an in-




Oct. 7 1933

dictment which was returned by a grand jury in New York

City on Sept. 27 against Frederick B. Campbell, an attorney
of 20 Exchange Place, and a director of English and Amer-

ican insurance companies. Mr. Campbell was indicted on the
charge of holding gold bullion of the value of $200,574.34, on
which, according to the Act of Congress and the Executive
Order by President Roosevelt on Aug. 28, he should have
filed a declaration with the Treasury Department on or before Sept. 18. Instead of filing such a declaration, Mr.
Campbell on Sept. 26 began suit in the United States District
Court to test the constitutionality of the orders against gold
hoarding. His suit was brought to compel the Chase National Bank to return to him 27 bars of gold bullion, 13 of
which were handed to the bank of Oct. 11 1932 and 14 on
Jan. 25 1933. Mr. Campbell contended in his suit that he
.entrusted this bullion to the care of the bank as its custodian
for hire, and that vehen he requested its return on Sept. 15 he
was told it could not be delivered to him because of the
President's Executive Order of April 5 to 20, and Aug. 28
1933. He argued that both the Act and the President's proclamation are violations of the Fifth Amendment to the Constitution, prohibiting confiscation of property without due
process of law.
After the suit was flied Mr. Campbell sought from Judge
Frank J. Coleman a temporary order restraining the Chase
National Bank from delivering the gold to the Federal Reserve Bank. Mr. Medalie appeared to oppose issuance of the
temporary injunction, which was refused. On Sept. 27 the
grand jury returned the indictment against Mr. Campbell,
under the Gold-Hoarding Act, and on the following day he
was held in nominal bail of $1,000 by Federal Judge T. Blake
Kennedy. Mr. Medalie asked that speedy disposition be
made of the case, in order that a decision as to the constitutionality of the gold-hoarding measures might be handed
down. Describing the indictment of Mr. Campbell, on
Sept. 27, the New York "Times" of the following day said,
in part:
Mr. Medalie offered the legal concept that the Constitution empowered
Congress to make laws on coinage and to authorize the President to carry
out its Acts. The temporary injunction was denied by Judge Coleman,'so
that Mr. Campbell lost his first skirmish against the Government.
Mr. Medalie soon afterward communicated with Mr. Cummings in Washington, and was ordered to proceed with an indictment against Mr. Campbell.
All Tuesday night Thomas E. Dewey, Mr. Medalie's first assistant, wrestled
with 12 points of law involved in drafting such an indictment, and by
morning had succeeded in answering all 12 to his own satisfaction and in
drawing a document that he hoped would be acceptable to the Supreme
Court, where, all sides were sure, the case eventually would go.
Technically, Mr. Campbell is not yet a gold hoarder, although his unwillingness to surrender the metal without further ado would make him one
by next Monday. At that time the 15-day extension given to persons holding
gold will expire.
In the Federal Building it was predicted by persons in authority that
another indictment might be handed up against Mr. Campbell after next
Monday, the new one charging not only failure to file a report on his holdings, but also failure to turn the gold over to the proper authorities.
Although he was confident that the indictment and prosecution of Mr.
Campbell would be upheld on constitutional grounds if it ever reached the
Supreme Court, Mr. Medalie, seeing a long and hard fight ahead, was not
particularly happy at the prospect.
Mr. Campbell, equally determined to fight it out, also was not especially
pleased at the prospect, but the Chase bank officials were frankly relieved
by developments.
Officials at the hank pointed out that if they had turned the gold over
to the Government, they would have made themselves liable to the owner
for having disposed of property entrusted only for safe-keeping. At the
same time, the bank would be liable to prosecution if it refused, or failed,
to turn it over on time, in violation of the Executive Order.
Officials of the bank had decided to retain the gold, but to keep the Government informed. At the time reports were required of banks, the Government had been notified of Mr. Campbell's holding.

We quote from the "Times" of Sept. 29 regarding the
arraignment of Mr. Campbell, and additional plans of the
Government for the prosecution of gold boarders:
Mr. Medalie told the Court the case was the first prosecution under the
Gold-Hoarding Act. Mr. Baldwin, a former Assistant United States Attorney, replied that no question of turpitude was involved and that there should
be no attempt at "railroading." He said he had hoped for at least two
weeks to make motions.
"The Government's interests," said Mr. Medalie, "call for an early disposition of any motions that may be made. This defendant is an exceedingly
able lawyer, and no doubt understood his position before the indictment
was thought of. As he contends that both the law and the Executive Order
are unconstitutional, I presume that he will demur.
"If he does, the Government wants the argument to be held as speedily
as possible. All over the country this situation is of interest and the outcome of the proceedings will be watched. We have concluded that the law
and the Presidential order under it are constitutional, legal and accordingly
binding. If we should happen to be wrong, we should know the fact as
speedily as possible."
Mr. Baldwin said there had been talk of another indictment charging his
client with hoarding, and that he should have additional time to move
against suoh a bill. Mr. Medalie said that if another indictment were
returned a sufficient time allowance would be made.
Prosecutions will not be held up to await the outcome of the New York
case, Attorney-General Cummings said to-day. Mr. Campbell was said to be
the largest holder of gold on the Department of Justice list.

Volume 137

Financial Chronicle

"We are proceeding in the New York case at once, since the individual
involved had no intention of returning his gold," Mr. Cummings said. "In
fact, he has entered proceedings to recover it."
The Attorney-General said the Government did not look on the New York
case as a test, but as one in which a conviction should be made. In case of a
conviction sustained by the higher courts, the gold would be claimed by the
Government and Mr. Campbell would be paid in other legal money.
A second indictment against Mr. Campbell was returned on Oct. 5 by
the Federal Grand Jury for violation of the Act of Congress of March 9
1933 and the later order of President Roosevelt prohibiting the hoarding
of gold. The first count of the new indictment supersedes the earlier
indictment against Mr. Campbell and charges him with failure to file a
return as to his ownership of $200,574 in gold bullion deposited in the
Chase National Bank. The second count of the indictment charges him
with ownership of the gold bullion without a license issued by the Secretary
of the Treasury.

Canadian Government Warns Against Melting Gold
Coin to Secure Higher Prices—Action Subject to
Penalty.
A warning to those who might be tempted to melt down
gold coin in order to secure the high price now prevailing for
the raw metal is contained in a statement issued by the
Canadian Department of Finance, on Sept. 19, according to
Canadian Press advices from Ottawa, which also said:
Heavy penalties await those who might be tempted to take advantage of
the market in that manner. The statement, put out RS a general answer to
inquiries being received from holders of gold coin, was as follows:
"Gold coin, which is legal tender in Canada, that is to say, Canadian $10
and $5 pieces, British sovereigns and half-sovereigns, and United States $20,
$10 and $5 pieces may not be melted, broken up, or used otherwise than as
currency. Section 25 of the Currency Act provides that the penalty for
illegally dealing with such gold coin shall be a fine not exceeding $250, or
Imprisonment for not more than 12 months, or both fine and imprisonment,
and furthermore the articles in respect of which the offense was committed
may be forfeited. Legal tender gold coin is not accepted as a deposit by
the Royal Canadian Mint."

Australia Increases Gold Output.
Australian gold output in the first half of the current year
amounted to 384,760 ounces compared with 331,660 ounces
recorded in the corresponding period of 1932, according to
advices to the Commerce Department from its Sydney office.
Production in the first six months of 1931 amounted to
259,406 ounces, says the Department, which on Sept. 29 also
said:
Western Australia, the chief gold-producing State in the Commonwealth,
strengthened its position in 1933, the report shows, accounting for nearly
800,000 ounces in the six months' period, or approximately 80% of the total
production. Its large mines, notably Lake Viey and Siluna, are reported
maintaining output on a large scale.
Victoria has dropped from second to third position in the list in favor of
Queensland, which now has the advantage, because the Mount Coolon and
Mount Morgan have reached the regular producing stage.

Rand Gold Miners Demand Wages Be Increased—
Enormous Gain in Profit Brings Public Support of
Claims.
The following London cablegram, Sept. 30 (copyright), is
from the New York "Herald Tribune":
With gold commanding record prices, it is hardly to be Wondered
at that
Rand miners are demanding higher wages. Last week this claim,
which was
accompanied by unofficial strikes at two mines, gave the South African
share market rather a jolt from which it partially recovered this week
when
it appeared that pacific solution of the problem was likely. White
miners
first raised the subject of increased wages last winter, soon
after South
Africa abandoned the gold standard and mines began to
benefit from the
gold premium. They were turned down sharply,
however, by the Transvaal
Chamber Mines, which controls questions of labor
conditions and appeared
to take the rebuff meekly.
It was obvious, nevertheless, that workers were only
waiting a favorable
opportunity. Their claim jumped, however, in May, when the
South African
Government enormously increased the taxes on mines, securing
a large proportion of increased profits accruing from gold premium. The
recent rise in
the price of gold has partially compensated mines
for rapacity of the tax
gatherer, and hence miners considered this a favorable opportunity
to raise
claims once again.
Chambers Mines are still inclined to take the view, that since miners
are
the best paid workers in South Africa, while the cost of
living is 10% below
the level when wages were last fixed, the position should be
left unchanged.
But public opinion favors the men's claims and many
mining shareholders
would prefer a moderate increase in wages to the
possibility of a strike
epidemic. It is considered likely, therefore, that while the men's
full claims
will not be admitted, a compromise will be reached
perhaps by granting a
wage bonus varying with the price of gold.

Modification of Federal Securities Act and Banking
Act of 1933 Asked by Federal Advisory Council to
Promote National Recovery.
Recommendations for amendment of the Federal Securities Act and the Glass-Steagall Banking Act in so far as
necessary to allow industry to obtain capital funds in the
investment market are contained in a resolution of the
Federal Advisory Council. It is pointed out that the resolution regards parts of both acts as restricting the flow of
capital and as a force interfering with the progress of national
recovery efforts.
The "Wall Street Journal" of Oct. 5, which reported the
foregoing in advices from its Washington bureau noted that




2557

in Washthe Council adopted the resolution at
.—
inmid-September, but, following the usual custom,
neither the Council nor the Federal Reserve Board has
made any public announcement. From the same advices
we quote:
The resolution says that liabilities imposed by the Securities Act are inter.
fering with the flotation of refunding and new securities and that because
of this sound companies may be forced into receivership and industrial
progress requiring new capital will be prevented.
The resolution observes that under the banking act banks are prohibited
from underwriting capital requirements, either directly or through affiliates.
Officials of the Federal Reserve Board observe that the resolution does
not necessarily represent the attitude of the Board or of the Reserve system.
The Advisory Council meets in Washington regularly four times each year
and its function is, as its name indicates, advisory. It can demand any
data or information and adopt what recommendations of policies seem wise
to it. However,the board is under no obligation to follow these policies.
Officials of the securities administration take the attitude that the criticism of the Act practically the same as those which come from other quarters. Notwithstanding these, the administration has held that the state of
the capital market rather than the Securities Act is holding up issuance of
new securities.
The text of the resolution follows:
Recommendation of the Federal Advisory Council to the

Federal Reserve Board.
Sept. 19 1933.
Recommendation:
Since the Securities Act of 1933 came into operation, the normal issue of
corporate securities by responsible corporations has almost ceased. It has
become evident that large corporations, with responsible boards of directors,
will not undertake capital issues because of the liabilities which the act
imposes upon them and the individual members of their boards of directors
in regard thereto. It has also become evident that responsible investment
bankers will not act as underwriters of corporate issues, because of the liabilities imposed upon them under the terms of the Securities Act of 1933.
That this is so. is clearly established from the fact that no nationally known
industrial or public utility company has undertaken any new financing
under the Securities Act of 1933.
This situation presents a grave problem in connection with the NRA program and with the orderly restoration of credit operations of financial institutions. Unless this situation is changed, companies with maturing obligations will not have the usual facilities provided for the refunding thereof,
and many sound companies may be faced with receivership because of inability to obtain capital funds for refunding purposes. Similarly. industrial
Progress requiring new capital will be prevented through inability to obtain
capital funds, even though sought by sound and seasoned enterprises.
There is nothing which will help so much in increasing employment and
aiding in the consumption of capital goods as the possibility of carrying on
adequate capital financing. The banks of the country could not undertake
to lend their depositors' funds to corporations to enable them to discharge
their maturing capital obligations or to make capital additions, because the
volume of loans required for refunding and new capital requirements would
be beyond the capacity of the banks to meet.
Under the Banking Act of 1933, banks are in effect prohibited from underwriting the capital requirements of the industries of the country, either
directly or through affiliates. This provision has restricted, in a great
measure, the investment banking facilities of the country.
It is essential that the industries of the Country (including public utilities)
be enabled to finance their ordinary capital requirements either for refunding
or for new capital in the investment markets, and it is apparent that amendments to the law must be made,so that it will not stifle the legitimate flow
of capital into industry.
Accordingly, it is hereby
Resolved that, in aid of the National Recovery program, the Securities
Act of 1933 and the Banking Act of 1933, should be amended in such respects as may be necessary to enable industries of the country to obtain
capital funds in the investment markets, retaining in such laws such provisions as may be necessary properly to safeguard the interests of the investing
public.

Mortgage Holiday Backed by New York Supreme Court
Justice Untermyer—Decides Legislature's Law
for Moratorium Is Valid—Holder of Prudence Co.
Bonds of $500 Each to Receive Interest Only.
The first decision in the local courts upholding the validity
of the mortgage moratorium law passed at the recent specia
session of the New York Legislature was handed down
on Sept. 21 by Supreme Court Justice Irwin Untermyer.
Setting out the Court's conclusions the New York "Times"
of Sept. 22 said:
The ruling was made in a suit by Bertha Mayer against the Prudence
Bonds Corp. for the face value of two overdue $500 mortgage bonds in
which the plaintiff asked summary Judgment on the ground that there
was no defense.
Justice Untermyer held that the moratorium law covers the case and
that the defendant is required only to pay interest on the bonds, which it
already had tendered to the plaintiff. The decision affects many similar
pending suits. In a like action, Supreme Court Justice Aron Steuer granted
a summary Judgment recently.
In asking the Court to apply the moratorium to the case, Harry E.
Merriam. Vice-President of the Prudence company. said:
"The fact that many thousands of defendant's bonds involving many
millions of dollars are outstanding in the hands of various holders renders
the importance of this motion of far-reaching significance."

Plaintiff Quoted Constitutions.
Justice Untermyer's opinion stated that the "plaintiff disputes the defendant's right to avail itself of these laws" on the ground that they "are
repugnant" to both the State and Federal Constitutions "in that, as It is
claimed, they impair the obligation of the plaintiff's mortgage contract."
The Court quoted the statement by the Legislature as to the emergency
which led to the statute and said that "this declaration, though not conclusive in determining the validity of the statute, is in complete accord
with facts of which the Court must take Judicial notice."
"The question presented." said Justice Untermyer, "is whether in
the light of these facts, which might almost be called history. the Legislature
was helpless, even for a limited period. to Protect the mortgagor
of real
property against foreclosure of the mortgage and against action on the

2558

bond,in the expectation that in the meantime business and finance, and the
conditions of real property in particular, might rectify themselves.
"If it was powerless to accomplish this then the foreclosure of mortgages
and the enforcement of the bonds secured thereby must be permitted to
continue, regardless not only of the consequences to the mortgagor but
regardless also of the disastrous consequences to the business of the Nation
resulting from the sacrifice of so much property at forced sale. I think
the Constitution is not so limited in scope as to render impossible appropriate
legislation to avert the danger which threatened the community."
Final Ruling in Higher Courts.
Justice Untermyer said that the courts of last resort must say the final
word in the case, but pointed out that the Supreme Court of the United
States and the State Court of Appeals had upheld the emergency rent laws.
His opinion continued:
"That which is true of land, when there is a scarcity of shelter, is true
of money in a critical period of financial disturbance. If under extreme
conditions the owner of land may temporarily be deprived of the possession
of his property, may not the Legislature temporarily deprive the lender of
the right to maintain an action for the principal of his loan?"
Commenting on United States Supreme Court decisions cited for the
plaintiff in which the question of the impugning of contracts was raised,
Justice Untermyer said that "these decisions were concerned with legislation enacted in ordinary times when the rights of the parties and the
public Interest were not affected by unusual conditions.
"But that which is ordinarily the subject of private treaty, and which
ordinarily constitutes a strictly private right may, in moments of emergency, become of vital public interest justifying interference by the State."

Mortgage Moratorium Law in New York Does Not
Cover Interest Default,Supreme Court Judge Rules.
The scope of the Nunan Mortgage Moratorium Law is
limited to cases where payment of principal is involved and
does not affect cases where no interest payments have been
made, according to a decision handed down on Sept. 28 in
the Supreme Court in Queens, New York, by Justice John
H. McGooey Jr. The decision was rendered in connection
with a motion to dismiss a foreclosure action. , The law
provides that mortgage foreclosures for default of payment
of principal or any part thereof may be stayed until July 1
1934, provided taxes, assessments and interest have been
paid. The New York "Times" of Sept. 29 outlined the case
as follows:
The foreclosure action was brought by Sigmund Levine, who holds a
second mortgage on an apartment house in St. Albans, Queens. Mr.
Levine's counsel said that $265 of a $1.530 interest payment due March 1
was still unpaid. The defendants in the foreclosure action—the Marble
Development Co., Inc., the Big Three Construction Co., Inc., and the
construction firm of Emil Eric—petitioned to have the complaint in that
action dismissed under provisions of the Nunan Mortgage Moratorium Law.

William Green Pledges Backing of Labor in Fight
Against Inflation—President of American Federation of Labor, Opening Largest Annual Convention Since 1917, Demands that Wages Be
Paid in "Honest Dollars" and Cites Suffering of
European Nations Where Inflation Has Been
-Hour Week Under
Adopted—To Seek Universal 30
NRA.
A demand that wages be paid in "honest dollars" and vigorous condemnation of currency inflation were coupled with
a plea for a 30-hour work week and the unionization of all
• workers, in the speech by William Green, President of the
American Federation of Labor, at the opening session of the
fifty-third annual convention of the Federation in Washington, on Oct. 2. More than 500 delegates, representing the
largest meeting held by the organization since 1917, heard
Mr. Green attack proposals for inflation of the currency and
cite the disastrous effects of inflation on labor in European
nations which had adopted it. The delegates present represented 92 international unions, four departments, 32 States,
and thousands of local unions, while visitors attended from
the British Trade Union Congress and the Canadian Trades
and Labor Congress. Mr. Green, in his keynote address, declared that wages always lag behind rising prices, and said
that labor would stand unflinchingly against inflation. He
praised the recovery program instituted by President Roosevelt, but criticized the hours nf work and minimum wages
fixed by most of the NRA codes. Declaring that while purchasing power had been increased generally by new employment, 11,000,000 persons still remained unemployed, be
added that the average monthly income of the individual has
advanced only 6.9% while living costs have increased 7.1%.
"The hours of labor in many of the codes are so high as
not to absorb a single new worker," Mr. Green said. His
speech, in part, follows:
Labor fully realizes that the hours of labor and the minimum rates of
pay established in the industrial codes are unsatisfactory. The maximum
hours of labor are too high and the minimum rates of pay are too low. This
is the case if we hope to attain, to realize the real objective of the NIRA.
Labor realized long ago that unemployment could be overoome only
through one or both or two approaches, one or both or two methods must be
employed.
First, we could overcome unemployment to a degree by creating new
work opportunities. That is, new work opportunities could be created
through the appropriation of huge sums by the Federal Government to be
utilized in the furtherance of public projects. Labor contended for liberal




Oct. 7

Financial Chronicle

1933

appropriations of Government funds for the purpose of carrying on a building construction program, the building of roads and of dams, of widening
and deepening of rivers and harbors of the country, and so Congress appropriated $3,300,000,000 to be used for the purpose of launching and carrying
forward new work projects.
Then labor contended that the only other method that could be employed
was to reduce the hours of labor and the number of days' work a week, so
that the amount of work available could be equitably distributed among all
who were able, willing and ready to work. Those who framed the NIRA, the
Administration itself, accepted this philosophy because it is the basis of the
NIRA of overcoming unemployment by launching a building program, a
public works program, and shortening the hours of labor, increasing wages,
so as to find new work and new work opportunities for millions who are
unemployed.
Thus, in our judgment, in our mature judgment, in our honest judgment,
the hours of labor in many of these codes are so high that in operation they
will not absorb a single new worker into industry. They fall short of the
mark. Three million workers taken beck, with 11,000,000 still idle, and
most of all the labor codes now completed and applied.
We are convinced that the eight-hour day and 48-hour week and the 50hour week have gone. The four years' experience has shown that through
the introduction of mechanical devices you cannot find work for all who are
ready and willing to work on the basis of a 48-hour or 50-hour week, and
yet, in spite of these overwhelming facts, many of the codes carry a 40, a
48 and even a 54-hour work week.
Can labor remain quiet, can it fail to measure up to the situation? No, it
cannot do that. It must press with all the vigor it possesses upon the
Administration the necessity of reducing the hours of work to the point
where men and women, willing and ready to work, shall be accorded an
opportunity to do so.
I am going to voice my personal opinion. It is an opinion arrived at after
careful and mature deliberation. I will express it enthusiastically here.
It is my opinion that unemployment will not be overcome, that the 11,000,000
of workers who are begging and pleading for an opportunity to work cannot
get back until we face this issue boldly, uncompromisingly, and establish
in these industrial codes of fair practice the six-hour day and the five-day
work week.
We are witnessing a sight that even the old and tried veterans in our
movement never saw before. From every city and every town and every
hamlet, all the way from the Canadian border line to the Gulf, and from
historic Boston to the Golden Gate, the workers are marching, organizing,
keeping step, coming with us into the great American Federation of Labor.
There are some of our critics who have said that we are taking advantage
of an unusual situation, the NIRA, to bring the men in. That is not the
case. They are coming in -because they realize that there is a new deal
and a new day. The door of opportunity has been thrown open. They have
been held back by persecution, by the threat of discharge, by the company
union and the "yellow dog" contract, and now they reason that, somehow
or other, that has gone, and they are coming in, and nothing is going to stop
them frorn coming in.
It is the duty of this convention, and I know it will discharge that duty
manfully and magnificently, to sound the clarion call sincerely and enthusiastically, so that the workers of the nation may hear an invitation to come
on and stand with us, and the full force and power and economic strength
of the American Federation of Labor will be thrown around every worker
who cares to step out and join our ranks.
They talk about suffering industry because of the immoral action of unscrupulous employers and business men. They say that the majority cannot
pay decent wages, maintain decent hours, under the old order, because a
minority persists in selling under cost, in pursuing unfair trade practices
and in tearing down the business structure. Well, just change your point
of view. Look at the worker: the union has established decent standards,
decent wages, decent hours, through the exercise of its economic strength.
Here are those who are kept from coming in and joining with them because
the employer insists upon carrying out some foolish philosophy, or because
he threatens them with discharge if they come in, or because he forces
them, either directly or indirectly, to join a company union. I hold that
that is an unfair practice to the workingmen of the nation, and the only
way it can be eliminated is through the complete unionization of the workers
of the nation, standing together, protecting themselves against the unfair
trade practices engaged in by a minority.
Currency In/lotion.
There is another subject that is bothering us considerably: it is the question that is now occupying the attention of thinking representatives of labor.
It disturbs them greatly. It is the new movement, this new development
in favor of unrestrained and unregulated inflation of the currency. Labor
knows that this is a problem that affects us very vitally, because we know
that when dollars are cheapened, commodity prices rise, but wages stand
still. Until we can assure labor that we will get more of these cheap dollars
for the day's work we perform, so that it will conform to the increase of
commodity prices, it is any judgment that labor will stand unflinchingly
against inflation.
We have not forgotten how our workers in other nations in Europe suffered
because it required on some occasions an amount of money that would fill a
bushel basket in order to buy just an ordinary commodity. We do not want
to go through that because, as I have said, the record shows that wages
remain static, stationary, while commodity prices go up. I do not mean
that we will not favor credit expansion, the development of a wise financial
policy that will tend to increase the volume of money in circulation so that
business can be carried on in a proper and business-like way. But, my
friends, when the worker earns a dollar, he wants to be sure that that
dollar is a real dollar and it does not represent to him a reduction in
buying power.

Government Bonds Interest Exempt—Commissioner of
Internal Revenue Rules That Interest Is Not
Subject to the Excess Profits Tax—"Net Income"
Defined—Term in NIRA Bears Same Meaning as in
Revenue Law of 1932.
Interest on Government bonds is not subject to excess
profits tax, Guy T. Helvering, Commissioner of Internal
Revenue, ruled on Sept. 29.
The announcement, according to a Washington dispatch
to the New York 'Times," was made as a result of many
inquiries relative to computation of the net income of a
corporation in connection with Section 216 of the National

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Industrial Recovery Act and determination of the adjusted
declared value of the capital stock. In the same account
Commissioner Helvering was quoted as follows:
The term "net income" as used in Section 216 of the NIRA has the
same meaning as it has as used in the Revenue Act of 1932.
As defined in Section 21 of the Revenue Act of 1932, the net income
means the gross income determined or computed under Section 22, less
the deductions allowed under Section 23, although it is necessary in that
connection to take into account the fact that certain portions of Section23
as originally incorporated in the Revenue Act of 1932 were repealed by
Section 218 of the NIRA.
Interest received on obligations of a State or political subdivision thereof,
including interest received on municipal bonds. is wholly exempt for income
tax purposes under Section 22 and such interest is therefore exempt and
not to be included in the netincome of a corporation for the purpose of the
excess profits tax.
The foregoing is also applicable to interest received on obligations of
the possessions of the United States, as well as obligations of the United
States issued on or before Sept. 1 1917.
While interest received on certain obligations of the United States
issued after Sept. 11917. is exempt only to a limited extent for the purpose
of the surtax imposed upon individuals and other entities taxable on the
same basis as individuals, such interest is wholly exempt for the purpose
of the normal tax.
A corporation is, of course, not subject to the surtax imposed upon
individuals by Section 12 of the Revenue Act of 1932, and no excess profits;
or war profits tax is imposed by the Revenue Act of 1932. Such interest
Is therefore not included in the net income of a corporation for the purpose
of the income tax imposed upon corporations by the Revenue Act of 1932.
In accordance with the foregoing it is therefore held in the ruling of the
Commissioner that the interest received on all present outstanding bonds
and similar obligations of the United States is not to be included in the
net income of a corporation for the purpose of the excess profits tax imposed
by Section 216 of the NIRA.

A. F. of L. Membership Has Increased 1,300,000 Since
Enactment of NIRA, According to William Green—
Total Union Personnel in United States Placed at
5,000,000—In Report to Executive Council Before
Opening Convention, Membership Goal is Set
at 25,000,000.
The total membership of the American Federation of
Labor on Oct. 1 was about 4,000,000, an increase of 1,300,000
since the enactment of the National Industrial Recovery
Act, according to a report made by William Green,President,
to the Executive Council, preliminary to the opening of the
Federation's annual convention at Washington. It was said
that the recent gain in membership was the largest ever
experienced within a similar period. Mr. Green said that if
the strength of the unions outside the Federation membership were included, the total membership of organized labor
in the United States is 5,000,000. The report of the Executive
Council also issued on Oct. 1, was summarized as follows by
the Washington correspondent of the New York "Times":
Labor's complete acceptance of the Recovery Act as the instrument
that will create a new industrial America on a basis of democratic control
was coupled in the Council report with frank criticism of the working out
of the Act in some particulars.
In this connection the Council argued that hours of work were too long
to absorb the idle millions and that minimum wages were so low that purchasing power was lagging behind production.
Some codes, it was said, had "perverted the purpose of the Act" so as
actually to increase hours and lower wages. The most flagrant instance
of such "perversions" were said to lie under modifications of the President's Re-employment Agreement.
It was hold that in some cases codes proposed a longer work week than
the prevailing figure and earnings lower than those existing prior to the
formulation of the codes.
At the same time the report attacked differentials in wage rates established
North and South as something that would encourage migration of industries
seeking lower labor costs.
Equality in Code Authority.
Emphasis was placed on the representations for labor in code authority.
On this point the report states:
"Wage earners, although co-equal with capital as a producing essential,
are In almost every code ignored in setting up the continuing code authority
for the industry with power to legislate.
"As codes will provide industrial government, the significance of this
situation is very grave. Workers as such should have representation on the
code authority on an equal footing with all other members."
Envisaging the Recovery Act as a law which frees trade associations and
trade unions from the legal shackles previously preventing constructive
action, the Council calls for co-operation between industry and labor to
carry out the purposes of the Act.
New Control of Industry.
The Council approves the idea of National economic planning with
the Recovery Act and the Recovery Administration as a starting point.
Only a balanced control of industrial life, It is held, would assure against a
repetition of the "disastrous industrial breakdowns of the past."
Through its report, the Council definitely aligns itself with the movement
for a closer governmental connection with industry.
"The NRA marks a new industrial era in which we must deal with the
problems of individual and social progress under controlling agencies,"
the report further declares.
"We must develop the agencies and principles of associated activity.
Organization of wage earners in unions is the first step for labor's participation in national planning and economic control, as it has ever been the first
step in labor's progress.
"The NRA institutes a definite change from the formulation of industrial
policies by individuals to collective control and organization upon an
industry-wide basis. The act provides one of the most fundamental
changes ever initiated in an industrial country."
Organizing in Basic Industries.
In reporting on the progress of union organization activity, the council
announces that the federation has concentrated its activities especially




2559

upon organizing workers in the basic industries: Steel, automobiles,
textiles, oil and rubber.
Nearly $52.000.000 was paid out in sickness, death and other benefits,
exclusive of unemployment benefits, by the trade unions last year, as compared with close to $40,000.000 during the previous year.
That phase of the 128 page report dealing with public works notes "a
distressing situation" growing out of the governmental announcement that
only 332.000 workers were engaged on public roads for which appropriations were made, while a mere 50,000 building tradesmen have obtained
work on six Federal building construction contracts.
"We urge in the name of humanity that the machinery be speeded up so
that there may be work for building tradesmen before Winter is upon us."
the report adds. "Vigorous promotion of construction works is essential
to our plans for recovery. We urge action."
In its section on the German labor movement the Council deplores "the
complete destruction of what was one of the largest and most aggressive
national labor organizations in the world" and expresses "profound regret
and indignation at such ruthless treatment of German labor and union
organizations."
"The utter destruction of the independent trade union movement of
Germany by those now in control of the German Government has been
equaled only by the ruthless persecution of Germany's Jewish population,"
the report continued.
"Persecution of this kind arouses intense feeling among the membership
of organized labor. Our great movement rests upon the broad principle of
racial tolerance and of no discrimination because of creed or nationality.
We abhor racial persecution and we protest vigorously against the persecution of the Jewish people of Germany."

In his announcement that the membership of the Federation totaled 4,000,000, Mr. Green said that the next goal
to be sought is 10,000,000 "and after that we shall advance
it to 25,000,000, which will bring the majority of Americans
genuinely and actually within the trade union family." His
report to the Executive Council read as follows:
"The statistical report of membership for the fiscal year in no way
represents the true situation.
"In the first place, the fiscal year, which ends Aug. 31, takes us back
through the worst period of depression and unemployment and does not
include this year's period of greatest growth.
"In the second place, 'average paid-up membership' does not include
those who retain active membership but who are exempted from dues
because of unemployment and for other reasons, a group that may total
75,000 and possibly more.
"We have chartered 584 new directly affiliated Federal unions since
June 1, and the total membership of these unions is, roughly, 300.000.
We have memberships in such unions of as high as 5,000. These new members are not shown in our report, because the report is based upon per
capita tax actually collected, not on members as such.
"National ind international unions affiliated with the A. F. of L. have
Issued 2,953 new charters upon which we have no per capita tax collections
at this time. These represent, as near as we can discover, fully 500,000
members.
"Thus far I have spoken of new unions. Last year we had 26,362 local
unions in affiliation through the national and international unions. These
have grown in tremendous numbers, but these new members are not yet
paying per capita tax to the A. F. of L., and consequently they have not
figured in the report as printed for the convention.
"But these, according to the best available reports, have added fully
450,000 members. We had 307 Federal unions in direct affiliation last
year, and these have grown, adding no less than 50,000.
"The printed report shows an 'average' for the year of 2,126,796. This
means that during the bottom of the depression last year and early this
Year the membership was much lower, while at the time the report was
compiled, in August, it was much higher. We must add at least 400,000 to
show the 'present worth' of that figure. That would make the figure 2,526,796 to begin with.
"If we recapitulate now with that base figure we find the membership as
follows:
2,526,796
Reported as paying tax
100,000
Exempt from dues
300.000
In New Federal unions
500,C00
In new international union locals
450,000
Recruits in old international union locals
50,000
Recruits in old Federal unions
3,926,796
Total present membership
"True figures, if they could be had, would, I have no hesitation in
saying, bring that total to more than 4,000.000. a tremendous growth
since July 1, which would be shown in our bookkeeping report if our fiscal
year had closed one month later."
"We cannot omit from any true calculation of our union strength those
bona fide unions, such as the railroad brotherhoods, which are not in
affiliation and yet which are as stanch and true as labor men can be. In
the various units of this type there are approximately 1.000,000 members,
Including those who are paying dues and those who remain union men and
women but are exempted from dues for various reasons.
"The trade union strength of America to-day is 5,000,000 in membership. In spirit, multiplying by the customary five, we have a trade union
family strength of 25,000.000 Americans and we have but begun to organize.
"The convention which opens to-morrow will issue a clarion call to
all America to organize and will provide the authority and the instructions
for an organizing campaign such as we have never known.
"Our next goal is 10,000,000 and after that we shall advance it to 25.000.000, which will bring the majority of Americans genuinely and actually
within the trade union family.
"We are preparing at last for an orderly conduct of industry on a basis
approximating service to our people and our country, and the convention
of the American Federation of Labor which opens to-morrow will write into
the record one of the greatest pages in all our history in this preparation for
the new deal and the new day."

William Green Presents General Johnson with Evidence
of Alleged "Forced Unions"—Declares EmployeeRepresentation Plan is a Fraud and NIRA is
Violated.
William Green, President of the American Federation of
Labor, on Sept. 19 presented to General Hugh S. Johnson,
Recovery Administrator, documents which he asserted
proved that many corporations were coercing employees to
join company unions in violation of Section 7-A of the

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National Industrial Recovery Act. Mr. Green issued a
statement in which he said that the National Recovery
Administration should do its part to see that the law is
obeyed and declared that industrial employers were paying
spokesmen for the company unions while absent from their
duties and that they were insisting that union meetings be
held on company property. Mr. Green voiced his views
as follows:
The documents offer clear evidence that employers all over the nation
are doing their best to encourage a spurious form of "employee representation."
Most of the plans provide for a company representative on the joint
committees or councils. They also provide that the committees or council,
shall meet on company property during working hours and that the employees attending shall be paid for their time.
Of course no real trade union would do business that way. Trade
unions meet outside working hours. They do not meet on company property. There are no representatives of the employers present at these
moetings.
It is absurd to think that workers are organized of their own free will,
as provided for in Section 7-A of the NIRA when they meet under conditions established by the company union plans. The "employee representation" plans are a fraud from start to finish and labor holds they are in
direct violation of the spirit and letter of the NIRA. We shall continue to
fight them, pointing out that they have nothing in common with trade
unions organized by voluntary action of the workers.
It has been said by persons not familiar with the facts that labor has
slowed up the NRA's efforts by strikes and by demands for codes that
respect the law as it was written, but I have presented to General Johnson
the definite, documentary evidence of astonishing evasions by great employers, some of those so bold and so hostile to the letter and spirit of the
law that I am certain the Administrator must take immediate and very
drastic action.
Labor has given the NRA full and unqualified support, because labor
believes the Act and its effects absolutely necessary to the preservation of
our Nation. There have been some strikes, but it is some indication of
the character of these strikes and their causes to find that in every ease
abor has been sustained by the National Labor Board. We have had to
strike to compel obedience to the law and we expect we shall have to do
so again.
In the Labor Advisory Board we have insisted that there be no qualification, modification or amendment of the labor provision of the NIRA
in industrial codes. • I think it fair to say that that Industry Advisory Board
agrees with us. General Johnson agrees with us. The law is clear,specific
and beyond any questioning as to its meaning. It means that labor is
free. and "free" is a word that cannot be qualified even in the slightest
degree without destroying its meaning completely.
I have presented to General Johnson a mass of evidence showing that
corporations are forming, or seeking to form, company unions and to force
their employees to join. I expect that the NRA will do its part. General
Johnson has been so clear in his statements of the meaning of the law, so
firm in his determination to enforce it as written and so unyielding in his
stand against all of the attempts to weaken the law and thus diminish its
effect, that I have every confidence in the outcome of my submission of
evidence to him.

Among the companies which Mr. Green listed as violating
the NIRA through employee-representation plans were
E. I. du Pont de,Nemours Co. of Delaware, the Pittsburgh
Plate Glass Co., the Delco-Remy plant at Anderson, Ind.,
the R. C. A. Victor Co. plant, the Kohler Co., Kohler,
Wis.; the Jones & Laughlin Steel Corp., Aliquippa, Pa.;
Sinclair Refining Co., Marcus Hook, Pa.; Grays Harbor
Pulp & Paper Co., Hoquiam, Wash.; Pharis Tire & Rubber
Co., Newark, Ohio; Newport News Shipbuilding & Drydock
Co., Newport News, Va.; Lamson & Sessions Co., Kent,
Ohio; Frigidaire Corp., Dayton, Ohio; Market Street
Railway Co., San Francisco; Louisville Gas & Electric Co.,
Louisville, Ky.
President Roosevelt Tells American Legion He Opposes
Class Favors—Speaking at Opening Session of
Convention in Chicago He Asserts That Only WarDisabled Are Entitled
to Federal Aid—Bans
Veteran Benefits in Non-Service-Connected Cases.
President Roosevelt made a flying trip to attend the
opening session of the American Legion in its national convention in Chicago on Oct. 2, and received a stirring ovation
when he addressed an audience of 30,000 at the Chicago
stadium, despite the fact that he declared that veterans are
entitled to no special consideration for having worn their
country's uniform in time of war and that they would
receive none from him unless they had been disabled as a
result of their service. To this latter class, however, the
President pledged the assistance of the Federal Government,
and he recognized a similar responsibility with respect to
the dependents of those who died while enrolled in the
armed forces of the United States.
It was reported that the President made the trip to
Chicago against the advice of friends and political counsellors,
who feared that his program with regard to economy in
veterans' expenditures would be resented by the delegates
to the convention. Mr. Roosevelt took a special train from
his home at Hyde Park, N. Y., arriving at Chicago on the
morning of Oct. 2 and proceeding immediately to the convention hall. After his address he made a brief visit to the
Century of Progress Exhibition and to the tomb of the
late Mayor Anton Cermak. With Mrs. Roosevelt he left




Oct. 7 1933

again for New York on the same afternoon. Newspaper
correspondents said that his greeting en route, as well as
that from hundreds of thousands of people in Chicago,
rivaled the warmth of any reception accorded him since he
assumed office. Even the legionnaires appeared won by his
personality and his outspoken frankness,although his declaration that war veterans who have not suffered disability as a
result of service are entitled to no preferential status conflicted markedly with the Legion's own policy as expressed
in the past.
In his address, President Roosevelt outlined three major
principles of action:
Adequate relief for war-disabled veterans and their dependents.
The correction of inequities in the present system of compensation
payments. .
Federal aid, as a final resort, to the destitute and suffering, but only as
to any other citizen in a period like the present.

As to the last of the three principles, the President asserted
that veterans who are suffering from non-service-connected
disabilities should be treated exactly the same as "other
cases of involuntary want or destitution."
"In other words," Mr. Roosevelt said, "if the individual
affected can afford to pay for his own treatment, he cannot
call on any form of Government aid. If he has not the
wherewithal to take care of himself, it is the first duty of his
community to take care of him and next the duty of his
State. Only if under these circumstances his own community and his own State are unable, after reasonable effort,
to care for him, then, and then only, should the Federal
Government offer him hospitalization and care and the
Federal Government stands ready to do that."
In the course of his address the President explained his
intention of balancing the Federal budget and asked the
co-operation of the Legion, both in maintaining governmental economies and in furthering the recovery program.
The President's address follows:
Commander Johnson, Fellow Members of the American Legion:
I am glad to come here as your guest and I am glad to have the right
to come here as your comrade. I have come because I have faith in the
American Legion and in all other veterans of our wars. The right which
I have to come here works both ways, because as long as I am in the White
House you have the right to come and see me there.
But my relationship with you is not a matter of the past six months;
it dates back to the war days when I participated with you not only in this
country, but also on the North Sea and in the Channel and on the actual
fighting front in France.
I want to talk with you about the problem of Government,the difficulties
which you and I as Americans have faced and solved and those which we
still face. I recognize and appreciate, and the nation recognizes and
appreciates the patience, the loyalty and the willingness to make sacrifices
shown by the overwhelming majority of the veterans of our country during
the trying periods from which we are beginning successfully to emerge.
I want to talk to you about national unity. Let us look at it as a living
thing—not a mere theory resting in books, or otherwise apart from everyday business of men. It means that we all live under a common Government, trade with each other, pay common taxes, give to and receive from
a common protective Government. To recognize national unity, to hold
It above all else, seeing that upon it depends our common welfare, Is just
another way to say that we have patriotism.
National Unity as Essential in Time of Peace as in Time of War.
You and I who served in the World War know that we representeda
united nation in a time of danger to world civilization. But you and I
know also that national unity is as essential in time of peace as in time of
war. If this country is worth living In, if this flag of ours is worth living
under, if our social order means anything to us, then this country of ours
is worth defending every day and every year of the life of every individual
one of us.
It is because I am unwilling to live myself, or to have my children or
grandchildren live, under an alien flag or an alien form of government that
I believe in the fundamental obligation of citizenship to don the uniform
of our country to carry arms in its defense when our country and the things
it stands for are attacked.
But there are two enemies of national unity, sectionalism and class,
and if the spirit of sectionalism or the spirit of class is allowed to grow
strong, or to prevail, it means the end of national unity and the end of
patriotism.
Some people who visit us from other lands still find it difficult to credit
the fact that a nation sprung from many sources, a nation 130,000,000
strong, a nation stretching 3,000 miles from east to west, is, in all the
great essentials of its civilization, a homogeneous whole; for not only do
we speak one language, not only are the customs and habits of our people
similar in every part of the Continent, but we have given repeated proof
on many occasions, and especially in recent years, that we are willing to
forego sectional advantage where such advantage can be obtained only by
one part of the country at the expense of anIther.
The other enemy of national unity is class distinction, and you-and I
are well aware of the simple fact that, as every day passes, the people of
this country are less and less willing to tolerate benefits for any one group of
citizens which must be paid for by others.
You have been willing to fight for the benefits of American life. You
have been willing to live for American unity. You have understood that
this Is the very foundation of the Americanism for which you stand, in
which you believe, and to which you and I swore allegiance when we became Legionnaires.
For several years past the benefits of American life were threatened.
The crisis came in the spring of this year. It was necessary to meet that
crisis. Again it was necessary for all of us to go back to fundamentals.
Millions were out of work, the banks were closed, the credit of the Government Itself was threatened.
The car was stalled. Obviously, the first objective was to get the engine
running again. It is true that we succeeded in reopening the great majority

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Financial Chronicle

of the banks, but this would not have been possible if at the same time
we had not been able to restore the credit of the Government.
National Credit Dependent on National Unity.
In speaking of national credit we are again dealing with a real thing,
not a theory in books. There is such a thing as national credit. It depends
upon national unity. Without it the Government cannot get the money
to give. You and I depend upon it, and in a right sense your welfare and
mine rests upon it.
That is not just an academic proposition. Industry cannot be restored.
people cannot be put back to work, banks cannot be kept open, human
suffering cannot be cared for, if the Government itself is bankrupt. We
realize now that the great human values not for you alone but for all
American citizens, rest upon the unimpaired credit of the United States.
It was because of this that we undertook to take the national
Treasury
out of the red and put it into the black. And in the doing of it we laid
down two principles which directly affected benefits to veterans—to you.
and to veterans of other wars.
The first principle, following inevitably from the obligation of citizens
to bear arms. Is that the Government has a responsibility for and toward
those who suffered injury or contracted disease while serving in its defense.
The second principle is that no person because he wore a uniform must
thereafter be placed in a special class of beneficiaries over and above all
other citizens. The fact of wearing a uniform does not mean that he can
demand and receive from his Government a benefit which no other citizen
receives.
Attitude Toward Veterans.
It does not mean that because a person served in the defense of his
country, performed a basic obligation of citizenship, he should receive a
pension from his Government because of a disability incurred after his
service had terminated and not connected with that service.
It does mean, however, that those who were injured in or as a result
of their service are entitled to receive adequate and generous compensation
for their disabilities. It does mean that generous care shall be extended
to the dependents of those who died in or as a result of service to their
country.
To carry out these principles, the people of this country can and
will
pay in taxes the sums which it is necessary to raise. To carry out
these
principles will not bankrupt your Government nor throw its bookkeeping
into the red.
Every person who has made honest study knows that mistakes, many
of them, have been made during the course of 15 years. I personally
know that mistakes in individual cases and inequalities affecting various
groups have occurred during the past six months. But at the same time
there stands out the fact which you know—that many of these mistakes
have been rectified and that we have the definite purpose of doing Justice
not only to the mass but, in so far as possible, to every individual as well.
Furthermore, it is my hope that in so far as justice concerns those whose
disabilities are, as a matter of fact, of war service origin, the Government
will be able to extend even more generous care than is now provided under
existing regulations. It is to these men that our obligation exists.
To these two broad principles the time has come. I believe, for us to add
a third. There are many veterans of our wars to whom disability and sickness unconnected with war service has come. To them the Federal Government owes the application of the same rule which it has laid down for the
relief of other cases of involuntary want or destitution.
In other words, If the Individual affected can afford to pay for his own
treatment he cannot call on any form of Government aid. If he has not
the wherewithal to take care of himself it Is first of ail the duty of his community to take care of him and next the duty of his State. Only If under
these circumstances his own community and his own State are unable, after
reasonable effort to care for him, then, and then only, should the Federal
Government offer him hospitalization and care, and the Federal Government stands ready to do that.
The young men of this country who to-day. In the event of war, would
bear the first brunt of national defense, think of us of the American Legion
as middle-aged people. You and I are not ye: ready to admit that we have
"one foot in the grave." We think of ourselves, and with some Justification perhaps, as people of some experience, of some maturity of judgment,
of a position in the community which carries responsibilities.
We believe we have influence as individuals and we believe that as an
organization the American Legion has enormous power for the good of
the country for many years to come. It is not enough that you have
helped to write the history of America. It is a fact that much of the future
history of America will be a history which you will help to make. Your
future interests are insepable from those of other citizens, and, granting
that your interest in the disabled and dependent comrades Is first upon
your program. I ask in addition your co-operation in the great program
of national rehabilitation in which you and I are equally engaged.
The charter of the Legion keeps it out of partisan politics. The strength
and the very existence of the Legion depend on the maintenance of that
principle. You are not here as Republicans or Democrats. You are here,
as you should be. as Americans to work with your Government for the good
of the average citizen. I am grateful to the Legion for the splendid stand
It has taken—for the "battle order" it has issued.
Efforts Toward National Recovery—Freezing of Credits Stopped.
The realization of our national program cannot be attained in six months.
Re-employment has proceeded only a part of the way. From week to
week there will be ups and downs, but the net result is a consistent gain.
The freezing of credits has been stopped and the ice Is definitely melting.
Farm income has been increased; It must be further increased. Industry
has picked up. but an increased purchasing power must stimulate it further.
Your task and mine are similar. Each one of us must play an individual
part in our own field in dealing with these many problems, but at the
same time we must realize that the individual part belongs to a closely
related whole—the national unity of purpose and of action.
I ask your further and even greater efforts in our program of national
recovery. You who wore the uniform, you who served, you who took the
oath of allegiance to the American Legion, you who support the ideals of
American citizenship, I have called to the colors again. As your Commaner-in-Chief and your comrade, I am confident that you will respond.

President Roosevelt Declares Hardest Task Is Still
Ahead—Tells Catholic Charities Delegates in
New York Meeting that No Program Can Suddenly
Bring Recovery—Urges More Aid for Needy, and
Stresses Importance of Spiritual Values.
President Roosevelt, speaking in New York City on
Oct. 4 for the first time since he assumed office in Washington, declared at the final session of the National Conference
of Catholic Charities, meeting at the Hotel Waldorf-Astoria,




2561

that the country has proceeded part way on the road to
recovery, but that the harder portion is still ahead. "It is
for us to redouble our efforts," the President said, "to care
for those who must still depend upon relief, to prevent the
disintegration of home life, and to 3tand by the victims of
the depression until it is definitely past." Mr. Roosevelt
outlined rel.ef measures which have been inaugurated by
the Federal Government, but he warned that it cannot
and does not intend to assume the entire burden. He
repeated his demand that every community and every
State must do its own share of the relief work. The complete text of the President's address, in which he stressed
the importance of spiritual values, follows:
In the midst of problems of material things—in the machine age of
invention, of finance, of international suspicion and renewed armament—
every one of us must gain satisfaction and strength in the knowledge
that social justice is becoming an ever-growing factor and influence in
almost every part of the world. With every passing year I become more
confident that humanity is moving forward to the practical application
of the teachings of Christianity as they affect the individual lives of men
and women.
It is fitting that this annual National Conference of Catholic Charities
should celebrate also the centennial of the Society of St. Vincent de Paul.
I like to remember the taunt of atheists and enemies of the Christian religion in the Paris of 1833. when they demanded of the churches. "Show
us your works." I like to think of the acceptance of that challenge and
the decision to show that Christianity was not dead, and that the deeds
of Christians were in accordance with their faith. When I realize that this
one society, last year, in their task of visitation and relief of the poor in
their own homes, in hospitals and institutions, aided more than 150.000
families; and that other great organizations of men and women connected
with all the churches in all the land are working with similar unselfishness
for the alleviation of human suffering and the righting of human wrong.
I am confirmed in my deep belief that God is marching on
Seven months ago this very day, standing at the portals of the Capitol
at Washington, about to assume the responsibilities of the Presidency, I
told the people of America that we were going to face facts, no matter how
hard or difficult those facts might be, and that it was my firm belief that
the only thing we had to fear was fear itself.
I believed then—and 1 know now—that our people would support definite
action that sought the goal of giving every man his due. Leadership I have
tried to give, but the great and most important fact has been the response
—the wholehearted response—of America. We have recaptured and rekindled our pioneering spirit. We have insisted that this shall always be
a spirit of justice, a spirit of teamwork, a spirit of sacrifice, and, above all,
a spirit of neighborliness.
We have sought to adjust the processes of industrial and agricultural
life, and in so doing we have sought to view the picture as a whole. Reviva' of industry, redemption of agriculture, reconstruction of banking.
development of public works, the lifting ofcrushing debt—all these in every
part of the nation call for a willingness to sacrifice individual gains, to work
together for the public welfare, and for the success of a broad national
program of recovery.
Longer. Harder Part Lies Ahead.
We have to have courage and discipline and vision to blaze the new
trails in life; but underlying all our efforts is the conviction that men cannot
live unto themselves alone. A democracy must be bound together by the
ties of neighborliness.
That tie has been the guiding spirit of your work for the sick, for the
children in need, and for the aged and friendless. And you who have
participated in the actual day-to-day work of practical and useful charity
understand well that no program of recovery can suddenly restore all our
People to self-support. This is the time when you and I know that though
we have proceeded a portion of the way, the longer, harder part still lies
ahead; and that it is for us to redouble our efforts to care for those who
must still depend upon relief, to prevent the disintegration of home life,
and to stand by the victims of the depression until it is definitely past.
The Federal Government has inaugurated new measures of relief on a
vast scale, but the Federal Government cannot, and does not intend to.
take over the whole job. Many times I have insisted that every community and every State must first do their share.
Out of this picture we are developing a new science of social treatment
and rehabilitation—working it out through an unselfish partnership between
all church and private social service agencies with the agencies of government itself. From the point of view of the fixing of responsibilities, the
prevention of overlapping and of waste, and the co-ordination of efforts,
we are making enormous strides with every passing day. But back of the
co-operative leadership which is showing itself in every part of the country
there are two other vital reasons for the maintenance of the efforts of the
churches and other non-governmental grouPs.
The first of these is that as much as we strive for the broad principles
of social justice, the actual application of these principles is of necessity
an individual thing, a thing which touches individual lives and individual
families. No governmental organization in all history has been able to
keep the human touch to the same extent as church and private effort.
Government can do many things better than private associations or citizens,
but in the last analysis success in personal matters depends on the personal
contact between neighbor and neighbor.
The other reason lies in the fact that the people of the United States still
recognize. and, 1 believe, recognize with firmer faith than ever before, that
spiritual values count in the long run more than material values. Those
who have sought by edict to eliminate the right of mankind to believe in
God and to practice that belief, have, in every case, discovered sooner or
later that they are tilting in vain against an inherent, essential, undying
quality, and indeed necessity, of the human race—a quality and a necessity
which in every century have proved an essential to permanent progress.
Clear thinking and earnest effort and sincere faith will result in thoroughgoing support throughout the whole nation for efforts such as yours. The
spirit of our people has not been daunted. It has come through the trials
of these days unafraid. We have ventured and we have won; we shall
venture further and we shall win. The traditions of a great people have
been enriched. In our measure of recovery and of relief we have preserved
all that is best in our history and are building thereon a new structure—
strong and firm and permanent.
I can never express in words what the loyalty and trust of the nation
have meant to me. Not for a moment have I doubted that we would
climb out of the valley of gloom. Always have I been certain that we
would conquer, because the spirit of America springs from faith—faith
in the beloved institutions of our land, and a true abiding faith in the divine
guidance of God.

2562

Financial Chronicle

Policy of RFC in Making Loans to Assist Business and
Industry in Co-operation With NRA Program.
On Sept. 30 the Reconstruction Finance Corporation
made public a circular interpreting its policy in making loans
for the purpose of assisting business and industry in cooperation with the NRA program. The circular outlines
at length the procedure whereby applicants for loans may
obtain Government assistance through banks, trust companies and mortgage-loan companies. In a Washington
dispatch Sept. 30 to the New York "Times" it was stated:
Direct Method Devised.
The plan and policy set forth in detail by the RFC to-day is said to be
the quickest and most direct method of providing short-term capital for
private industry yet devised by the Federal experts. It would utilize all
financial institutions eligible to borrow from the RFC as intermediaries
and underwriters in the effort to diffuse Federal credit to industry generally.
For their services, the participating financial institutions would be
allowed a commission of 2% on all transactions through the provision for a
spread of that amount in the rates at which the RFC's funds are made
available so the intermediary banking houses and the actual borrower.
The banking concerns would guarantee repayment by endorsing the notes
of the borrower but would not have to put up actual collateral, as is required
of them by the RFC in former transactions.
Two types of loans are provided in the procedure as outlined in the RFC
circular. The first is of a short-term character, made for any part of six
months for the purpose of providing working capital. The rate on this type
of loan is 3% to the underwriting bank and 5% to the ultimate borrower.
Long-Term Loans Provided.
The second type is a long-term credit running for as long as three years
and extendable to the intermediary banking firms at 4% and to the ultimate
borrower at 6%. Under the policy as outlined the long-term loans are
expected to be used for more general purposes than merely working capital.
The RFC circular Indicates only a few restrictions on loans as related to
their purpose. In one of these few cases it sets forth a policy against the
financing of real estate development projects "unless special circumstances
are definitely established."
The circular added that the RFC does not intend to make loans for any
one purpose and advises against the organization of mortgage-loan companies for the purpose of serving a single borrower.
The "mortgage-loan" companies eligible to handle the loans are those
empowered by charter to make loans secured by either real estate or chattel
mortgages (including loans for industrial purposes), the principal business
of which is the making of such loans.
The essential requirement for all loans under the new scheme is that
the applicants be members of the NRA, either through fair competition
codes of their own or through signature of the President's Re-employment
Agreement.
The notes of borrowers would be secured to the RFC by "a valid assignment of an unconditional order for the manufactured product, and (or)
mortgages, real or chattel, on plant, equipment, real estate, raw material or
manufactured product, or in any other manner acceptable to the lending
bank, trust company or mortgage loan company and to the RFC."
Under the RFC's previous policy banks have had to make loans of RFC
funds somewhat upon their own risks. They could not absolutely be sure
of rediscounting any paper they might accept.
For Simultaneous Rediscounts.
Under the new plan, however, a simultaneous rediscount will be possible,
leaving no doubt of the replenishment by the RFC of the money lent. In
fact, it is a part of the procedure that the RFC pass finally upon industrial
loan applications before the money actually is extended.
"Generally speaking," the circular states, "the RFC will make loans to
such mortgage-loan companies, when properly secured, up to five times the
capital of such companies."
The requirements of the RFC act as to collateral cannot be abridged by
the new policy, the circular states. Therefore, for each loan made in this
new plan a margin of security will be required, either from the applicant
or from the intermediary bank.
The circular sets out the requirements for data to be filed with each
application, outlines the method of filing the application and contains
such other information as the RFC officials deem essential to an immediate
start of operations under the new credit.
The circular in effect is an announcement that the RFC is ready to receive
applications for NRA loans at its 32 regional agencies throughout the
country.

The text of the circular follows in full:
INFORMATION REGARDING LOANS TO ASSIST IN THE
NATIONAL RECOVERY ADMINISTRATION PROGRAM.
1. LOANS TO ASSIST IN THE NATIONAL RECOVERY PROGRAM.
For the purpose of assisting business and industry in co-operation with
the National Recovery Administration program, the Reconstruction
Finance Corporation will make loans to banks, trust companies, and
mortgage-loan companies for periods of six months or less, with interest
at the rate of 3% per annum, to enable the borrowing banks, trust companies. and mortgage-loan companies to make loans—
(a) For the purchase of materials for manufacture;
(b) To cover the actual cost of labor in the manufacture and processing
of material: or
(c) To assist merchants and others especially affected by the National
Recovery Administration program.
2. CONDITIONS.
Such loans will be made by the Reconstruction Finance Corporation
en the following conditions:
(a) That the proceeds thereof be reloaned by the applicants* for any
part of six months at a rate of interest not in excess of 5% Per annum;
(b) That the notes of borrowers.* tendered to the Reconstruction Finance
Corporation as collateral, be secured by a valid assignment of an unconditional order for the manufactured product, and/or mortgages, real or
chattel, on plant, equipment, real estate, raw material or manufactured
product, or in any other manner acceptable to the lending bank, trust
company, or mortgage-loan company and to the Reconstruction Finance
Corporation;
(c) That satisfactory evidence be furnished that the borrowers, whose
notes are tendered as collateral security, have complied with all provisions
* The term "applicants" is used herein to refer to the banks, trust companies
and mortgage-loan companies borrowing from Reconstruction Finance Corporation,
and the term "borrowers" to refer to those obtaining loans from such applicants.




Oct. 7 1933

of the applicable approved code offair competition for the trade or industry,
or subdivision thereof concerned, or if there be no approved code of fair
competition for the trade or industry of such borrower, then with the
provisions of the President's Re-employment Agreement promulgated
under authority ofsection 4(a) of the National Industrial Recovery Act;and
(d) That the application be accompanied by satisfactory evidence that
the borrower to whom the proceeds of the loan will be lent will use the funds
for one or more of the purposes outlined in (a), (b), and (c) in paragraph 1
hereof.
Loans described in paragraphs 1 and 2 are of a short-term character and
for the purpose, essentially, of providing working capital.
3. OTHER LOANS TO ASSIST RECOVERY.
General Purpose.
The Corporation will also make other loans of a sound character for which
the necessity can be definitely established. Should the local banks or other
usual financial channels be unwilling to undertake this type of financing,
it is suggested that local mortgage-loan companies, either already existing
or newly organized, be used for making such loans. The Corporation wants
to make its facilities available quite generally in order to assist in carrying
out the recovery program. Such facilities are available, through mortgageloan companies or other eligible applicants, for any sound and worthy
purpose in keeping with the law.
While it is not the intention to restrict the general purpose for which
the facilities of this Corporation may be used, as outlined in the preceding
paragraph, nevertheless in order to answer inquiries which have been
received from numerous sources, it is necessary to make some comment
upon loans to finance construction and loans to finance real estate development projects.
Construction Loans.
While loans to finance repairs will be considered, loans will not be encouraged which are intended to provide for new construction unless a real
need for such new construction can be established. The test as to whether
such construction will be approved will be whether satisfactory evidence
can be produced showing a need and a volume of business, actual or assured,
sufficient to warrant such financing and to assure repayment within a
reasonable time. It should also be shown that the transaction would not
result in unnecessarily duplicating or adding to existing facilities.
Financing Real Estate Development Projects.
It is not deemed desirable, unless special circumstances are definitely
established, to make loans for financing real estate development projects.
Terms.
Loans made by the Reconstruction Finance Corporation to such mortgageloan companies (or banks or other eligible borrowing institutions) for
financing this type of borrowing will bear interest at the rate of 4% per
annum and may have a maturity up to three years. The applicant will
not be permitted to charge borrowers to whom the proceeds of the Corporation's advances are loaned a greater rate of interest than 6% per annum.
Loans made by mortgage-loan companies (or other eligible borrowing
institutions) under paragraph 3 must be secured in a manner acceptable
to the applicant and to the Reconstruction Finance Corporation. While
the maturity of such loans is not limited to a six months' period as is the
case of loans under paragraphs 1 and 2, the borrowers obtaining such
loans must be able to demonstrate their ability to liquidate them within
a reasonable period of time out of profits or through the sale or liquidation
of assets or by means of a refunding program.
4. MORTGAGE-LOAN COMPANIES.
Definition.
The term "mortgage-loan company" as used in this circular includes
corporations having charter power to make loans secured by either real
estate or chattel mortgages (Including loans for industrial purposes), the
principal business of which is the making of such loans. The term "chattel
mortgages" shall not include conditional sales agreements and installment
sales contracts or contracts of a similar character. The chattel mortgages
should be on property owned by and in the possession of the borrower
from the mortgage-loan company. If in certain communities credit require
ments cannot be met by banks and it is deemed necessary or advisable to
employ an existing mortgage-loan company or to organize a new mortgageloan company, it is contemplated that, as a general rule, such comilany
will be a community enterprise and that it will hold its facilities open,
not to just one or two borrowers, but to all worthy borrowers in the community requiring the type of accommodations discussed in this circular,
or at least to all such worthy borrowers of a sufficiently large group.
The Reconstruction Finance Corporation does not intend to make loans
to a "one purpose" mortgage-loan company, that is, a mortgage-loan
company which has been organized to serve a single borrower.
Capital.
Generally speaking, the Reconstruction Finance Corporation will make
loans to such mortgage-loan companies, when properly secured, up to
five times the capital of such companies. The ratio may be varied or
increased, however, depending upon the character of the loans made by
the mortgage-loan companies. The capital of the mortgage-loan companies
must be represented by cash or assets of sound value.
•

Organization.
Where new mortgage-loan companies are to be organized, it is suggested
that where practicable they be organized as community or trade enterprises. The prospective borrowers themselves may subscribe in whole
or in part for the capital of such mortgage-loan companies. It is hoped
that local banks, clearing houses, and chambers of commerce will assist
In the organization of such mortgage-loan companies, either by subscribing
for or assisting in obtaining capital, or by grouping borrowers and facilitating
contacts among them in order that such borrowers may co-operate in the
organization of the mortgage-loan company.
5. SECURITY REQUIREMENTS.
Section 5 of the Reconstruction Finance Corporation Act requires that
all loans made thereunder shall be fully and adequately secured. Therefore,
in connection with all loans made pursuant to the provisions of this circular,
it will be required either that a margin of collateral be pledged by the
applicant or that the notes tendered as collateral be secured by an ample
margin of sub-collateral.
6. ONLY SOUND LOANS CONSIDERED.
It is the desire of the Reconstruction Finance Corporation to render
genuine assistance, in so far as it legitimately can, to fundamentally sound
enterprises to which, for one reason or another, normal credit either is not
available from or will not be extended by the usual banking and financial
channels. Enterprises of a promotional nature will not be considered.
nor enterprises which have no reasonable hope of success or for which
there appears to be no real economic need.

Volume 137

7. CHARGES, COMMISSIONS, BONUSES, FEES, ETC.
No charges or commissions in any form not fully disclosed and reasonable
for actual services rendered may be charged to any applicant or to any
borrower from any applicant. Payment of bonuses, special fees, or commissions for the purpose of, or in connection with, obtaining loans is
prohibited,
•

8. INFORMATION TO BE FILED WITH APPLICATION.
With respect to each note of a borrower offered by a bank,trust company,
or mortgage-loan company. complete information in duplicate should be
furnished by the applicant, and should include the following:
(a) Balance sheet and income account for the past two years. Information
as to scope of the borrower's present operations, including the present
number of employees.
(b) If the loan comes within the provisions of paragraphs 1 and 2 of
this circular, the amount of materials to be purchased and additional
labor to be employed as a result of the loan.
(c) If the loan comes within the provisions of paragraphs 1 and 2 of
this circular, unfilled orders on the books or in prospect or other satisfactory evidence that the borrower will be able to operate successfully
and to pay the loan.
(d) If the loan comes within the provisions of paragraph 3 of this circular,
adequate information must be furnished regarding the use to which the
proceeds of the loan will be put.
(e) If the loan comes within the provisions of]paragraph 3 of this circular,
evidence must be furnished of the ability of the borrower to operate successfully and to liquidate or refund the loan within a reasonable time. This
will involve information regarding the economic need for the borrower
in the community.
(f) Information showing compliance with paragraph 7 of this circular.
9. METHOD OF FILING APPLICATION.
The proper application forms may be obtained from the Loan Agency
of the Reconstruction Finance Corporation serving the territory in which
the applicant is located. (See list of such Loan Agencies on page 5 of this
circular.)
The application should be accompanied by a schedule of the borrowers
to whom the proceeds of the loan will be or has been lent and the amount
of each loan: also by a duly executed agreement by the applicant that
the proceeds of the loan will be lent to such borrowers at a rate not to exceed
5% or 6% per annum, as the case may be.
Applicants will be required to furnish full and adequate credit data as
well as complete information relative to the security offered. In the event
all of the notes offered as collateral are not available for delivery at the time
the loan is to be closed pursuant to approval of the application by the
Board of Directors of the Corporation, disbursement will be made in part
in accordance with existing regulations covering this subject.
LOAN AGENCIES OF THE RECONSTRUCTION FINANCE
CORPORATION.
Loan agencies of the Reconstruction Finance Corporation are located
in the following cities:
Omaha, Nebr.
Houston, Tex.
Atlanta, Ga.
Philadelphia, Pa.
Jacksonville, Fla.
Birmingham, Ala.
Portland, Ore.
Boston, Mass.
Kansas City, Mo.
Richmond, Va.
Little Rock, Ark.
Charlotte, N.0.
Salt Lake City, Utah.
Los Angeles, Calif.
Chicago, Ill,
San Antonio, Tex.
Louisville, Ky.
Cleveland, Ohio.
San Francisco, Calif.
Dallas, Tex.
Minneapolis, Minn.
Seattle, Wash.
Nashville, Tenn.
Denver, Colo.
Spokane, Wash.
Detroit, Mich.
New Orleans, La.
St. Louis, Mo.
El Paso, Tex.
New York, N. Y.
Oklahoma City, Okla.
Helena, Mont.
Acts of Congress.
The following sections of the Reconstruction Finance Corporation Act,
as amended,applicable to loans are quoted for the information of applicants:
Sec. 5. To aid in financing agriculture, commerce,and industry,including
facilitating the exportation of agricultural and other products, the corporation is authorized and empowered to make loans, upon such terms and
conditions not inconsistent with this Act as it may determine, to any
bank,savings bank, trust company, building and loan association, insurance
company, mortgage loan company, credit union, Federal land bank,
joint-stock land bank, Federal intermediate credit bank, agricultural
credit corporation, livestock credit corporation, organized under the laws
of any State or of the United States, Including loans secured by the assets
of any bank, savings bank, or building and loan association, that is closed,
or in process of liquidation, to aid in the reorganization or liquidation
of such banks, or building and loan associations, upon application of the
receiver or liquidating agent of such bank, or building and loan association,
and any receiver of any National bank is hereby authorized to contract
for such loans and to pledge any assets of the bank for securing the same.
All loam made under the foregoing provisions shall be fully and adequately secured. The corporation, under such conditions as it shall prescribe. may take over or provide for the administration and liquidation
of any collateral accepted by it as security for such loans. Such loans may
be made directly upon promissory notes or by way of discount or rediscount
of obligations tendered for the purpose, or otherwise in such form and in
such amount and at such interest or discount rates as the corporation
may approve: Provided. That no loans or advances shall be made upon
foreign securities or foreign acceptances as collateral or for the purpose
of assisting in the carrying or liquidation of such foreign securities and
foreign acceptances. In no case shall the aggregate amount of advances
made under this section to any one corporation and its subsidiary or affiliated
organizations exceed at any one time 2%% of (1) the authorized capital
stock of the Reconstruction Finance Corporation plus (2) the aggregate
amount of bonds of the corporation authorized to be outstanding when
the capital stock is fully subscribed.
Each such loan may be made for a period not exceeding three years, and
the corporation may from time to time extend the time of payment of any
such loan through renewal, substitution of new obligations, or otherwise,
but the time for such payment shall not be extended beyond five years
from the date upon which such loan was made originally. The corporation
may make loans under this section at any time prior to the expiration of
one year from the date of the enactment hereof; and the President may
from time to time postpone such date of expiration for such additional
period or periods as he may deem necessary, not to exceed two years from
the date of the enactment hereof.* . . . •
Sec. 6. Section 5202 of the Revised Statutes of the United States, as
amended is hereby amended by striking out the words "War Finance
Corporation Act" and inserting in lieu thereof the words "Reconstruction
Finance Corporation Act." . . . .
Sec. 16. (a) Whoever makes any statement knowing it to be false, or
whoever wilfully overvalues any security, for the purpose of obtaining
for himself or for any applicant any loan, or extension thereof by renewal,
deferment of action, or otherwise, or the acceptance, release, or substitution
of security therefor, or for the purpose of influencing in any way the action
of the corporation, or for the purpose of obtaining money, property, or
anything of value, under this Act, shall be punished by a fine of not more
than $5,000 or by imprisonment for not more than two years, or both.
(b) Whoever (I) falsely makes, forges, or counterfeits any note, debenture, bond, or other obligation, or coupon, in imitation of or purporitng
to be a note, debenture, bond, or other obligation, or coupon issued by
the corporation, or (2) passes, utters, or publishes, or attempts to pass,
utter, or publish, any false, forged, or counterfeited note, debenture, bond,
or other obligation, or coupon, purporting to have been issued by the corporation, knowing the same to be false, forged, or counterfeited, or (3)
falsely alters any note, debenture, bond, or other obligation, or coupon,
* By proclamation of the President. Dec. 8 1932, the power of Reconstruction
Finance Corporation to make loans under provisions of sec. 5 was extended to "any
time prior to the 22nd day of January 1934."




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Financial Chronicle

issued or purporting to have been issued by the corporation, or (4) passes.
utters, or publishes, or attempts to pass, utter, or publish, as true any
falsely altered or spurious note, debenture, bond, or other obligation, or
coupon, issued or purporting to have been issued by the corporation,
knowing the same to be falsely altered or spurious, or any person who
wilfully violates any other provision of this Act, shall be punished by a
fine of not more than $10,000 or by imprisonment for not more than five
years, or both. . . .
provisions of sections 112. 113, 114, 115. 116. and 117 of the
Is)
Criminal Code of the United States (U. S. C., title 18. ch. 5, secs. 202
and 207, inclusive) in so far as applicable, are extended to apply to contracts
or agreements with the corporation under this Act, which for the purposes
hereof shall be held to include loans, advances, discounts, and rediscounts;
extensions and renewals thereof; and acceptances, releases, and substitutions
of security therefor.
The following section of Public Act No. 35, Seventy-third Congress,
p applicable to loans referred to in this circular:
Sec. 4. The Reconstruction Finance Corporation shall not make, renew,
or extend any loan under toe Reconstruction Finance Corporation Act.
as amended, or under the Emergency Relief and Construction Act of
1932. (1) if at the time of making, renewing, or extending such loan any
officer, director, or employee of the applicant is receiving compensation
at a rate in excess of what appears reasonable to the Reconstruction Finance
Corporation, and (2) unless at such time the applicant agrees to the satisfaction of the Corporation not to increase the compensation of any of its
officers, directors, or employees to any amount in excess of what appears
reasonable to the Reconstruction Finance Corporation while such loan is
outstanding and unpaid. For the purposes of this section the term "compensation" includes any salary, fee, bonus, commission, or other payment,
direct or indirect, in money or otherwise for personal services.

President Roosevelt Seeks to Push Credit Expansion
Through Sale of Preferred Stocks by Banks to
RFC—New York Clearing House Banks Discuss
Action to Be Taken Here.
An additional effort to expand credit by encouraging the
sale by banks of preferred stock to the Reconstruction
Finance Corporation was indicated on Oct. 1 when a letter
from President Roosevelt to Chairman Jesse H. Jones of
that Corporation was made public. This letter is given
elsewehere in these columns to-day.
Most New York City bankers who have commented informally on the plan have indicated their opposition to the
sale of preferred stock in local banks to the RFC. Member
banks in the New York Clearing House Association met
both on Oct.3and yesterday (Oct.6), while a similar meeting
of the Clearing House Committee was held on Oct. 5. At
these conferences the bankers discussed various phases of
the Administration plan with regard to a drive for increased
capital funds. It was anticipated that next week counsel
for several large banks would render an opinion on the
legality of increases in capital by some banks. After this
opinion is received, a full meeting of the Clearing House
will be called to decide the position of New York Institutions.
President Roosevelt in Advices to Chairman Jones of
Reconstruction Finance Corporation Approves
Suggestion that Interest Rate Paid by Banks on
Preferred Stock or Notes Purchased by Corporation be Reduced from 5% to 4%—President Denies
that Government Seeks to Control Banks.
It was made known on Oct. 2 that President Roosevelt
has approved a suggestion by Jesse H. Jones, Chairman of
the RFC that the interest rate payable on preferred stock
of banks which the Corporation may purchase be reduced
•from 5 to 4%, through a refund of 1% per annum. In his
letter Mr. Jones stated that he understood that "the question has been raised in some quarters that the Government
wants to control the banks through the ownership of preferred stock." "Nothing," said the President, "could be
farther from the truth. The Government only wants to
help provide banking capital adequate to meet the credit
needs of the country and, through buying and lending upon
preferred stock and capital debentures, it accomplishes this
without undue demand upon present stockholders:
In a Washington dispatch, Oct. 1, to the New York
"Times" it was stated that this liberalization of policy is
one of the administration's moves to aid in the reopening
of closed or restricted banks, make them eligible for membership in the Federal Deposit Insurance Corporation and place
the solvent banks in a stronger position to grant loans to
help in business recovery. The dispatch also stated:
. followed the announcement made yesterday by Mr.
The policy
Jones of vigorous plans which the RFC is making to expand credit by
granting 3% loans to banks which pass them on to industry, and urging
the formation of community mortgage loan companies to supplement the
activities of the banks where it appears necessary.

The details of the plan to extend Government loans at
3% to industry through banks, trust companies and mortgage loan companies, were given in a circular issued Sept. 30
by the RFC, which we give in full in another item in this
issue of our paper. The following is the letter of President
Roosevelt to chairman Jones of the RFC,—which although
dated Sept. 26, was not released for publication until Oct. 2.
The White House—Washington.
Sept. 26 1933.
Dear Chairman:
I am entirely agreeable to your suggestion that preferred stock or capital
notes which the RFC may subscribe for in banks and trust companies.

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Financial Chronicle

bearing a 5% dividend or interest rate, that is retired within three years.
be allowed a refund of 1% per annum, making a net of 4%•
t On this basis, a bank can afford to increase its capital by issuing preferred stock to the RFC or its own stockholders and If it is found the added
capital cannot be profitably employed, the stock can be retired.
appreciate that many banks are much more liquid than they would
like to be. and that they want to make loans, but for one reason or another
are hesitant. No one wants them to make unsound loans, but they should
provide the normal credit requirements for business. Otherwise the Recovery Program must suffer.
Certainly no class of our citizenship is more interested in the recovery of
business than the bankers, and we need their confident co-operation in
restoring seetted. livable conditions for all of our people. Through participation in the RFC preferred stock plan, all banks will be aiding in an extra
effort to provide credit. Each bank will be equally recognized as co-operating to meet the demands of commerce and industry, and at the same time
to establish a strong nation-wide banking system, capable of withstanding
any demands that may be placed upon it.
I understand the question has been raised in some quarters that the
government wants to control the banks through the ownership of preferred
stocg. Nothing could be farther from the truth. The government only
wants to help provide banking capital adequate to meet the credit needs of
the country, and through buying, and lending upon preferred stock and
capital debentures, it accomplishes this without undue demand upon
present stockholders.
The sole purpose is to strengthen our entire bank capital structure so
that all banks will be in better position to assist in the Recovery Program,
as well as to qualify for deposit insurance as provided in the Glass-Steagall
Act of 1933. If all banks participate, each encouraging the other, local
rivalries because of the advantages or disadvantages, will be eliminated.
Sincerely yours,
FRANKLIN D. ROOSEVELT.
HONORABLE JESSE H. JONES,
Chairman, Reconstruction Finance Corporation,
Washington, D. C.

Oct.

7 1933

HOLC Reports Decline in Real Estate Foreclosures
=
6.1% Less in August Than in August 1932.
A decrease in foreclosures of 6.1% in August of this year
as compared with August 1932 was announced at Washington
last week by the Division of Research and Statistics of the
Federal Home Loan Bank Board and the Home Owners'
Loan Corporation, which made public an analysis of reports
from 1,114 communities that include 53% of the population
of the United States. The analysis also reported "a noticeable
strengthening in the real estate market as indicated by
reports on both rental and sales of properties in many
sections of the country." An announcement issued with regard to the report said:
For the 60-day period of July and August, a decrease of 11.6% was
reported over the immediately preceding 60
-day period in May and June,
although a comparison with the corresponding periods of 1932 indicated
a decrease of only 0.6%.
In August 1933 the number of foreclosures was 18,015. while for August
1932 it was 19,176. In 1933 the combined July and August figure was
35.773, while the combined May and June figure was 40,455. In 1932
the corresponding figures were 37,220 and 37,440 respectively.
Decreases were noted in August of this year in 23 States as compared
with July, and 6 of the 12 Federal Home Loan Bank Districts showed
decreases in August as compared with July of this year. These were reported in the Districts served by the Federal Home Loan Bank of Boston,
Newark, Pittsburgh, Topeka, Portland and Los Angeles.
The figures reported cover foreclosures on all types of properties including
farms and commercial properties as well as homes. An analysis of the reports
submitted to the Board indicates that something over half of the total
number of foreclosures represent homes.

The announcement quoted the report as stating:
$14,021,775 Loanbd by 12 Federal Land Banks During
September—Amount During Month Totaled More
Than Half That Loaned During 1932 and Nearly
Half as Much Loaned in First Eight Months This
Year.
The 12 Federal Land Banks during the month of September
1933 made loans totaling more than half as much as was
loaned by them during the entire year of 1932, according to
an announcement made Oct. 3 by Henry Morgenthau, Jr.,
Governor of the Farm Credit Administration. Loans numbered 4,390 for an aggregate of $14,021,775. This amount also
equaled nearly half of the total of all loans closed during the
first eight months of this. year, from January to August,
inclusive. An announcement issued by the Administration
on Oct. 4 further said:
I The progressive increase in the volume of loans closed during the last
four months shows that the number in June was 1,079 for $3.906,290;
July. 1.132 loans for $3,985.718; August, 2,140 for $7,240,370 and September. 4,390 loans for $14,021,775. Loans closed in September are thus
more than twice the number of those closed in August.
I Mr. Morgenthau announced that during the last four days of September
the banks reached a volume of more than $1,000,000 of loans a day.
The greatest volume of loans closed during the month ending Sept. 30
was handled by the Omaha Bank, totaling $3,432.700. followed by Berkeley. Calif., with $2.042,400: Louisville, Ky., $1.358,300: Houston, Tex..
$1,215.300: St. Louis. $1.183,500; Baltimore. $1,104,700: Spokane, Wash.,
$886,550; St. Paul. $810,700; Wichita. $789.300; Columbia. S. C.,$678.125;
Springfield, Mass.. $468,000 and New Orleans. $52,200.
I The number of appraisers actually In the field appraising properties and
,
those recommended for appointment on Sept. 27 was 2.724, an increase of
476 during the week The number of appraisers in training was 2,323 on
Sept. 27 or an increase of 780 from the week previous.

Work of Establishing a Production Credit Corporation,
Bank for Co-operatives and Regional Office of
FCA in St. Paul (Minn.) to Begin Oct. 10.
Officials of the Farm Credit Administration will commence
the work of establishing a Production Credit Corporation,
a Regional Bank for Co-operatives, and the regional office
of the Farm Credit Administration in St. Paul, Minn., the
week of Oct. 10, it was announced by Governor Henry
Morgenthau, Jr., on Oct. 3. In noting this, an announcement issued by the Administration on Oct. 4, added:
1 When this work is completed. the St. Paul Federal Land Bank District,
comprising North Dakota, Minnesota, Wisconsin. and Michigan, will be
served by agencies comprising a complete agricultural credit system of the
FCA. Long-term farm mortgage loans will be available from the Federal
Land Bank. The Production Credit Corporation will help establish numerous production credit associations from a hfch farmers may borrow for
crop and livestock production purpose*, discounting farmers' notes with
the Federal intermediate Credit Bank of St. Paul. There will be a Regional
Bang for Co-operatives in St Paul to lend to co-operative marketing and
purchasing associations of that District. The two new Institutions are the
Production Credit Corpoartion and the Regional Bank for Co-operatives.
t. All of these institutions will be under the supervision of a general agent
of the FCA located in St. Paul.
t Five officials will leave Washington for St. Paul, Oct. 10. They are
Dr. William I. Myers. Deputy Governor of the FCA: Albert S. Goss,
Land Bank Commissioner; Francis W. Peck, Co-operative Bank Commissioner; 8. M. Garwood, Production Credit Commissioner. and George
M. Brennan. Intermediate Credit Bank Commissioner. Mr. Peck Is on
leave of absence front his position as Director of Agricultural Extension for
the University of Minnesota.
Governor Nlorgeuthau wid be In St. Paul on Oct. 12.
The organization of the FCA unit at St. Paul is the fifth of those to be
made so far. Other units have been established at St. Louis, Mo.: Berkeley,
Calif.; Columbia, S C.. and Baltimore.

The formation of the units at Columbia and Baltimore
were referred to in our issue of Sept. 23, page 2206.




Since the survey covers 55.3% of the population of the United States
It is reasonable to assume, therefore, that In May and June of this year,
foreclosures on homes were taking place at the rate of 20,000 per month.
That there has been a marked decrease In the number of foreclosures on
homes doubtless reflects a growing measure of influence on the part of
the remedial acts that have been devised by the Federal Government.
Evidently, there is a growing inclination on the part of mortgagees not
to force foreclosures and to work out their problems with mortgagors in
such manner that the mortgagee either continues to carry the mortgage
or else is willing to exchange It for bonds Issued by the BOLO, and in
either event foreclosure and loss of the property by the mortgagor is
avoided.
This is further reflected by the noticeable strengthening in the real
estate market as indicated by reports on both rentals and sales of properties
In many sections of the country.

H. I. Ickes Urges Speed in State Construction Projects
—Public Works Administrator Defends Anti-Waste
Regulations-31,653,591,410 Allotted Up to Sept. 30
—May Withdraw Road Fund from 14 States if
They Fail to Start Work.
Additional speed in the expenditure of public works
allotments to increase•employment was demanded on Oct. 1
by Harold I. Ickes, Public Works Administrator, in a
statement in which at the same time he denounced critics
who have urged the relaxation of anti-graft and waste
restrictions for the purpose of placing the $3,300,000,000
construction fund into more immediate circulation. Mr.
Ickes decried "any such unrestricted orgy of flinging millions
of public dollars toward unknown destinations," and said
he would not be a party to any such program. The Public
Works Administration announced on the same day that
allotments up to the end of September totaled $1,653,591,410,
and of this amount Mr. Ickes remarked that 85% will go
into wages. Of the total allotted, $1,478,963,841 is for
Federal projects and $174,627,569 non-Federal. Most of
the remainder of the fund is to be assigned to State and
municipal projects, it was indicated.
In a further effort to hasten the use of funds already
allotted by the PWA, the Cabinet Advisory Board on
Sept. 28 approved a resolution asking the General Counsel
of the Administration whether allocations to 14 States for
highway construction could be withdrawn because of delay
in beginning work. The States to which funds have been
allocated for this purpose but which had not started actual
construction comprised Alabama, California, Connecticut,
Florida, Georgia, Illinois, Indiana, Kentucky, Maryland,
Mississippi, New Jersey, Oklahoma, Pennsylvania and
Tennessee. Mr. Ickes said that if the funds could be recalled they would be made available to sponsors of other
projects qualifying under the National Industrial Recovery
Act.
In his statement on Oct. 1 Mr. Ickes said, in part:
Since the PWA in Its present form started from nothing allotments
have been made at the rate of $137,799.284 per week—an enviable record
for speed even in this day of great Federal generosity for a great purpose.
inspired agitation to knock off all shackles. Including safeguards wisely
written in the law by Congress,and to permit unregulated spending under
the guise of thus hurrying the re-employment program will continue.
This has and will be resisted.
I do not deem it the intent of Congress. as shown by the Act under
which the PWA functions, that any such unrestricted orgy of flinging
millions of public dollars toward unknown destinations be tolerated.
I will not be a party to any such program. I do not believe citizens wish
me to aid such schemes.

Volume 137

Financial Chronicle

r Those seeking to get huge blocks of the public's $3,300,000,000 fund
for recovery under irresponsible control for perfectly obvious reasons have
fostered a propaganda that the PWA is so afraid of scandal, graft and
misuse of funds that it has been unable to free itself for action. This selfserving statement is met by the vast total of allotments already made
with celerity.
I am unwilling to subscribe to the surprising doctrine, now openly
advocated, that 15 to 20% of waste or misuse of funds or graft is reasonable
in the public works program and should be permitted by abandonment
of regulations.
The PWA story has been and will be kept an open book. Where public
money has been allotted we insist the public is entitled to a first-hand
report on the use of its funds and this has been mad3.
To that end all allotments from the $3,300,010,000 fund have been
announced in detail from day to day as the allotments were made. We
invited Inspection. I have caused the allotments thus far made to be
summarized for the information of any citizen who wishes to examine them.
Under the course the PWA has chosen we are assured about 85% of
the total fund will go into wages—and that is where we want it to go.
I also know that if the entire $3.300,000,000 had been dissipated without
care and consideration fewer projects could have reached the construction
stage or men have gone to work than under the plan we follow, which has
cumulative effect. However, we know that if reckless blanket allotments
of the total fund had been condoned there would have been no chance
of any large proportion of the public works dollars ever going into pay
envelopes.

Part of $200,000,000 Fund Appropriated By Congress
Under Emergency Farm Mortgage Act Made Available For Jersey Farmers—Bankers to Co-operate
in Securing Loans.
As the result of conferences recently held between members
of the Agricultural Committee of the New Jersey Bankers'
Association, Henry Morgenthau, Jr., Governor of the Farm
Credit Administration in Washington, and E. H. Thomson,
President of the Federal Land Bank of Springfield, Massachusetts, in which district New Jersey is located, part of the
$200,000,000 fund recently appropriated by Congress under
the Emergency Farm Mortgage Act is now made more
readily available for the refinancing of farm mortgages and
debts. Announcement to this effect is made by L. A.
Chambliss, Chairman Publicity Committee, of the New
Jersey Bankers' Association, who also had the following to
say:
Where it formerly took several months from the time of application to
the granting of a loan from the Administration, through the co-operation
of the Bankers' Association and its member banks, the time will shortly be
reduced to a matter of a few weeks or a month at most.
Briefly, the Act permits the Commissioner to make loans to farmers up
to $5,000 upon the security of first or second mortgages on hand and
buildings, farm implements, livestock and In some instances crops. Loans
are limited strictly to refinancing of existing mortgages or other debts,
this with the exception of small amounts which may be loaned to provide
capital for farm operations. Loans may be made by the Commissioner up
to three-fourths of the value of the security offered, based upon normal value
and using the average price of farm commodities for the ten-year period
prior to the World War as a principal factor, and allowing for changes in the
relative economic position of some commodities
In the event that the debts of a farmer exc3ed three-fourths of the appraised value of the property offered as security. if the creditors are willing
to scale down their claims, the loin may b3 granted on this basis. This
opens the way for creditors to secure the immediate payment of their claims
provided they are willing to make a reasonable reduction.
Intaest on loans of the Administration is at the rate of 5%. Payable
annually or semi-annually, and during the first three years borrowers will
not be required to reduce the principal of the loan if they are not otherwise
In default. Full payment of principal may be extended over a period offrom
10 to 40 years, depending upon the type of loan.
Much more 11133ral in its term of extension and repayment than the more
familiar Federal Land Bank Loans, it is expected that farmers throughout
New Jersey will seek this means of securing Government credit on this
manifestly liberal basis for the refinancing of their indebtedness. Members
of the Bankers' Association are prepared to give further information and to
file applications for appraisal through the Federal Land Bank at Springfield.
Assurance has been given of an increased force of agents who will be available for the Immediate examination of the property offered as security for
loans.

Surplus Relief Corporation Created to Distribute Food,
Clothing and Coal to Unemployed—H. L. Hopkins
and Secretaries Ickes and Wallace on Board—Will
Fight Malnutrition—$700,000,000 May Be Spent by
All Relief Agencies this Winter—Statement Issued
by President Roosevelt.
Harry L. Hopkins, Emergency Relief Administrator, on
Oct. 4, announced the formation of the Federal Surplus
Corporation, based on suggestions made by President
Roosevelt, to assist in dealing with the needs of the destitute
unemployed. On Sept. 30, after a conference with the
President at Hyde Park, N. Y., Mr. Hopkins had broadly
outlined a Federal relief program to feed, clothe and provide
coal for the needy during the coming winter. He estimated
that the total sum of $700,000,000 available to the Federal
Government, States, counties and municipalities for the relief program would be needed. On Oct. 1, at Hyde Park,
N. Y., a statement by President Roosevelt was given out
by Stephen T. Early, Secretary to the President (following
the latters departure for Chicago to attend the annual
convention of the American Legion) in which it was indicated that the President had instructed Mr. Hopkins "to
take the leadership in the prompt organization of a non-




2565

profit corporation of which Mr. Hopkins is to become
chairman." The statement follows:
The President announced to-day he has instructed Harry L. Hopkins,
Federal Relief Administrator, to take the leadership in prompt organization of a non-profit corporation, of which Mr. Hopkins is to become Chairman, for the purpose of buying the necessities of life and distributing them
among the needy unemployed. The President anticipates that in co-operation with Secretary Wallace and George Peek, the Agricultural Adjustment
Administrator, the plan will be speedily worked out so as to result In an
effective and combined attack upon the relief problem and upon surpluses
of agricultural.and other products which have been holding down farm
prices.
' The President has determined upon an Emergency Relief Corporation as
the most effective instrument for accomplishment, promptly and on a big
sale of this service to the unemployed and to farmers.
In order to assure speed and effectiveness in the movement of huge supplies, the President has directed not only that the corporation be equipped
with adequate funds but also that it should be given wide powers in the
purchasing and distributing of surplus food and other commodities. The
President believes the corporation can be organized quickly and in such
manner as to become the Net agent for decisive action in the emergency.
Mr. Hopkins has canvassed with the President the relief situation in
the country as a whole. The President is convinced that in many States
relief allowances now made by State and municipal authoriti s are far from
adequate and must be substantially increased as rapidly as possible.
increased
The President asserted that while farmers' buying power
to an encouraging degree, agricultural prices still remain substantially below
the level needed to hasten on the country the road to economic recovery.
The new effort worked out by Mr. Hopkins and Secretary Wallace to
make maximum use of surpluses that have been burdening the commodity
markets is part of intensified plans to taise farm prices to economic levels.
The AAA's efforts to control production of supplies too great to be used
are to be continued.
The President indicated details of the corporate form to be adopted by
the relief corporation will be worked out in a few days.
The corporation will have powers to purchase directly from farmers, when
ever desirable, in such a way as to carry out the purposes of the AAA.

In his statement of Oct. 4, Mr. Hopkins said that the
corporation would be directed by a board composed Of himself, Secretary Wallace and Secretary Ickes. Among the
commodities which will be distributed are dairy products,
beef, coal and clothing, including shoes. Eggs, rice and
sugar will also be included, he added. Other details in the
announcement are given below,as quoted from a Washington
dispatch to the New York "Times":
Secretary Wallace and George N. Peek, the Agricultural Adjustment
Administrator, are at work on plans for the application to additional farm
products of processing and compensatory taxes, and the acquisition of
farm surpluses for distribution. Emergency relief officials are studying
surveys of supplies of surplus goods on hand with an eye to their diversion
to Immediate use.
Mr. Ickes was included on the board because "he Is a good man to have
around." Mr. Hopkins said to-day.
"What we have first to decide is how to buy the things we need, and
then how to distribute, after processing, the surplus farm products." he
said.
In the meantime, a work relief program has been undertaken by the
Relief Administration in a campaign against the menace of malaria by
mosquito control. Co-operating with the Relief Administrators will be
the officials of the Public Health Service. Men for the work will be chosen
from unemployment relief lists. A conference will be held In Richmond
to-morrow of directors of unemployment relief from the Southern States.
The unemployed, it is planned, will be assigned to drainage, brush
cutting and the like, under the supervision of men trained by the Public
Health Service.
"The need for a vigorous fight against malaria in many areas is clear,"
Mr. Hopkins said. "The need of relief by thousands in these communities
Is equally apparent. By permitting those in need of relief to work on the
control projects we make a double gain."
No Federal Funds to Be Used.
Federal unemployment relief funds will not be used to subsidize public
health work. Mr. Hopkins explained. The men to be placed on control
Projects are now on relief lists, and are receiving allowances for which
they work a given number of days. according to the amount of relief their
families need.
Malnutrition, which will be the subject of intensive consideration by
150 experts on child health called to meet here Friday under the auspices
of the Children's Bureau, also will be fought by the emergency relief administrators in every State.
Instructions were tuned to-day that undernourished children are to
be provided with one meal a day at the schools in which they are enrolled,
and that milk and other foods are to be supplied to needy pre-school children
in their homes.
Mr. Hopkits will be one of the speakers at the Child Health Recovery
Conference, which will be opened by Secretary Perkins.
Grants from the $500.000,000 rell fal.,.1 flaw aggregate $182.584.422,
leaving unexpended $317.415.578. Allotments for the first and second
quarters of this year totaled abut $140.000.000. and matching grants
now being ma ie In reimbursement for relief expenditures by the States.
will amount to about $60.000.001.
After Nov. I the matching system will be abandoned. Total relief
needs were estimated by Mr. Hopkins at over $1,000.000,000 a year.

S. M. Garwood of Arkansas Appointed Production
Credit Commissioner in Farm Credit Administration—All Executive Positions in Administration
Now Filled—Charter Issued to Production Credit
Association, Champaign, 111.—Latter First Mutual
Credit Association of Farmers for Short-Term and
Intermediate Production Credit—Formation of
Production Credit Corporations.
President Roosevelt on Sept. 25 appointed S. M. Garwood
of Little Rock, Ark., to be Production Credit Commissioner
in the Farm Credit Administration, the Administration has
announce I. The appointment of Commissioner Garwood
fills the last vacancy in executive positions in the Farm

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Financial Chronicle

Credit Administration made subject to Presidential appointment by the Farm Credit Act, it was said. Other appointments were: Albert S. Goss of Seattle, Wash., Land Bank
Commissioner; G5orge M. Brennan of Berkeley, Calif.,
Intteprmauel,
diateCredit Commissi
ThePeckof
nd FrancisW.
St.
Minn., Co-operative Bank Commissioner.
Administration's announcement continued:

Oct. 7 1933

opened in Pierre, S. D. It was further stated by the
Administration:
In addition to these two, offices have been opened in the storm and
flood areas of San Benito and Dalhart, Tex., and in Orlando, Fla.
A survey was made during the last few days in the storm-stricken counties of Carteret. Craven and Pamlico in North Carolina, and it was decided
that the applications for loans in these three counties will be accepted
by the county agricultural agents in each county and prompt action on
them has been assured by the Federal Land Bank of Columbia, S. C.
The FCA Is not an emergency relief organization, but it is co-operating
with Harry L. Hopkins, the Federal Emergency Relief Administrator,
and tendering its services through its various local units in making loans
to farmers who have collateral warranting such loans, thus supplementing
the type of relief afforded through the Emergency Relief Administrator.

Following the appointment of Commissioner Garwood, Henry Morgenthan, Jr., G vernor of the Farm Credit Administration, announced that
he had granted a charter to the Production Credit Association of Champaign, Ill. This is the first mutual credit association of farmers for shortterm and intermediate production credit to be chartered under the terms
of the Farm Credit Act of 1933, passed in the closing days of the special
A further announcement was issued as follows on Sept. 29
session.
"The appointment of Mr. Garwood as Production Credit Comm'ssioner
by the FCA.
and the granting of the first charter to a production credit association,"
The Federal Land Bank of Columbia, S. C., has arranged to have a
said Governor Morgenthau, "are steps of great significance toward the
temporary office at New Bern, N.C. to assist farmers in the storm-stricken
creation of a permanent system of agricultural credit not based on Governcounties of Carteret. Craven and Pamlico, N. C., to make applications for
ment bounty, but within the control of the farmers themselves. The new
loans from the Land Bank or the Land Bank Commissioner, the FOA
system represents long-time planning as distinguished from emergency measannounced to-day (Sept. 29).
ures for the relief of agriculture. It is designed to supply a gap in the system
County agricultural agents in these counties will assist farmers to make
of farm credit that has been a serious handicap to Ameni an agriculture,
applications for loans from the Regional Agricultural Credit Corporation,
has ruined m ny individual farmers through the payment of unequal and
Raleigh. N. C. Every effort will be made to expedite loans to farmers
often extortionate rates of interest, and has led to the enactment ofexpensive
where they have security which the bank or the corporation is empowered
measures for temporary relief.
to accept. It is contemplated that the Federal Emergency Relief Ad"I look upon this first production credit association charter as in a broad
ministration will be represented at New Bern to see what aid can be given
sense a new charter of economic independence for the American farmer."
to these without security for loans.
The Farm Credit Act of 1933 authorized the formation by the Farm
Credit AA:ministration of one production credit corpor. tion for each Federal Land Bank District. All of the capital of each of these corporations
Workers in "Captive Mines" of Steel Companies Given
is suppliel from a fund of $120.000.000 made available to the Farm Credit
Same Wages and Hours as in Soft Coal Code,
Administration. Three of the corporations tam) already been set up, one
Under Agreement Signed by President Roosevelt—
at St. Louis, Mo., another at Berkeley, Calif., and the third at Columbia.
Most Large Companies Approve Agreement—
S. C. A fourth is to be formed at Baltimore this week for the Second Land
President Sees Last Obstacle Removed to Making
Bank District and eight others are to be incorporated in succeeding weeks.
Each of those formed has a capital of $7,600.000.
Coal Pact Effective.
The production credit corporations in turn will subscribe to the Class A
President Roosevelt on Sept. 30 approved an agreement
capital of production credit associations and will supervise their operation. These will be associations of farmers and will have the privilege of , specifying the same wages and working hours for employees
discounting notes for agricultural production loans with the Federal Interin mines operated by steel companies for their own conmediate Credit banks. These anks, whose initial capital was supplied
sumption as are accorded to miners under the coal code.
from Government funds, obtain additional loa resources by the sale of
their debentures, secured both by the notes they hold and the remainder
The agreement, affecting the so-called "captive mines," was
of their assets. Their rediscount raters at present 3% and their most recent
formulated in Washington and brought to the President at
Issue of debentures was sold to yield an average of approximately 1 ,
)
6%.
his home in Hyde Park, N. Y., by Donald Richberg, General
The ultimate source of loan funds of the production credit associations will
thus be the sale of Intermediate Credit bank debentures to the investing
Counsel of the NRA. It was anticipated by Administration
public.
officials that its signing would end strikes in the bituminous
The rate to be charged the farmer-borrower from a production credit
coal fields of Western Pennsylvania, participated in by apassociation Is not permitted under the law to be more than 3% higher than
the Intermediate Credit Bank discount rate, which makes the present limit
proximately 75,000 miners and 25,000 other employees of
6%. The rate for an individual association will depend upon the efficiency
iron and steel companies. After signing the agreement
and economy with which it is able to do business.
President Roosevelt issued a statement in which he said that
Each borrower from an association must be a member and Is required to
invest 5% of his loan in Class B stock of the ass-ciation. This stock will
this action removed the final obstacle to placing the coal
share earnings ratably, dollar for dollar, with the Class A stock, but will be
code in effect on Oct. 2. The text of the agreement approved
subject in advance of the Class A to any losses due to bad debts. There is
no additional liability, however.
by the President on Sept. 30 follows:
Ten or more farmers in any locality wishing to borrow for production
Agreement Under Section 4 (a) of the NIRA.
purposes may form a production credit associati n. The area each may
cover is not expressly limited in the law and will depend on local conditions
The undersigned (hereinafter sometimes called the employers) are memand needs. While in some cases an association's loan territory may be
bers of the code of fair competition of the iron and steel industry approved
limited to one county or a part of a county,in ther cases, such as in the
by the President of the United States Aug. 19 1933 (hereinafter called the
live stock range regions of the West, it may cross State lines and cover a
steel code), or are subsidiary or affiliated companies of such members.
wide area.
Such members of the steel code or their said subsidiary or affiliated comThe Farm Credit Administration contemplates that several hundred
panies own and operate mines of bituminous coal for the production of such
of these associations may be formed before Jan. 1. The National farm loan
coal for the use of the employers or their subsidiary or affiliated companies
associations, which operate on a somewhat similar plan in the field of first
in operations in or related to the iron and steel industry.
mortgage credit through Federal Land banks, now number nearly 5.000.
The President of the United States on Sept. 18 1933 approved a code of
It is contemplated that in many c.
,ses the officers of farm loan associations,
fair competition for the bituminous coal industry (hereinafter called the
including a paid se.retary-treasurer, may also act as officers of,roduction
coal code).
credit associations.
The employers desire to co-operate with the President and the NRA in
S. M. Garwood, the newly appointed Production Credit Commissioner,
order to effectuate the policy of Title I of the NIRA, and to that end hereby
has been until recently Vice-President and Manager of the Regional Agriagree with the President and between and among each other as follows:
cultural Credit Corporation of St. Louis. A native of Georgia, he has had
Each employer in the operation of any bituminous coal mine operated by
extensive experience as a banker specializing in farm credit. As Secretary
It will comply with the maximum hours of labor and minimum rates of pay
of the Agricultural Credit Board of Arkansas, he took a leading part in 1930
which are or shall be prescribed under or pursuant to the coal code for the
In organizing under a Sate law 67 agricultural credit co-porations o supply
district in which such mine is located so long as the coal code shall remain
credit facilities lacking because of the failure of rural banks and the inability
in effect.
of others to make production loans. In 1931 he was called on to advise
the Legislature of Mississippi on plans to ere te similar associations in
This agreement is entered into pursuant to Section 4 (a) of the NIRA as
that St te.
approved by the President June 16 1933, and subject to all the terms and
As acting Production Credit Commissioner under designation by Govconditions required by Section 7 (a) and Section 10 (b) of said Act.
ernor Morgenthau, he participated in the formation of the production credit
In witness whereof, the employers have caused this agreement to be signed
corporations in St. Louis. Berkeley and Columbia. His duties as Comin their respective corporate names by their respective officers or representamissioner will be general supervision of the formation and operation of the
tives thereunto duly authorized, and the President of the United States has
system of production credit corporations and production credit associations.
endorsed his approval hereon as of the 21st day of September 1933.
Approved:
The establishment of the Production Credit Corporation
with the understanding that under this agreement hours, wages and workat Columbia, S. C., was noted in our issue of Sept. 23, ing conditions throughout these mines will be made as favorable to
the
page 2206.
employees as those prevailing in the district in which such mines are located.

Office Opened Temporarily in Bismarck, N. D., by
FCA for Extension of Aid to Farmers Suffering
from Drouth—Similar Offices in Storm and Flood
Areas in Texas and Florida—Loans for Storm
Stricken Territory in North Carolina.

The Farm Credit Administration announced on Sept. 28
that an office was being opened temporarily in Bismarck,
N. D., for the purpose of extending whatever aid can be
supplied, within the powers of the Administration, to the
farmers in that district who are suffering from drouth.
The announcement stated that applications for Land Bank
and Land Bank Commissioner's loans would be taken
directly by this office and action on them would be expedited
by the Federal Land Bank of St. Paul. It was recently
announced by the Administration that a similar office was




After signing the agreement, the President issued the following statement:
The President late to-night approved the agreement between himself and
the so-called captive mine coal operators, these being the companies which
mine coal for industries such as the iron and steel companies and are owned
by said companies.
These operators are already bound by the iron and steel code. They agree
to comply with the maximum hours of labor and pay at least the minimum
rates prescribed by the coal code already signed by the other coal operators.
They agree to subject themselves to all the terms and conditions required
by Section 7A of the NIRA—the section relating to labor representation and
collective bargaining.
In approving the agreement the President has done so "with the understanding that, under this agreement, hours, wages and working conditions
throughout these mines will be made as favorable to the employees as those
prevailing in the district in which such mines are located."
This condition imposed by the President means that the conditions of
employment in the captive mines will be in all respect similar to the conditions in other mines throughout the country.

Volume 137

Financial Chronicle

Agreements relating to these conditions have already been entered into
between the operators and the United Mine Workers in most
of the coal
producing areas.
In addition to the above agreement, the President has also signed
two
Executive orders, one completing the schedule of basic minimum
rates,
rounding out the rates previously approved on Sept. 18, the other appointin
g
the Administrator, Hugh S. Johnson, temporarily to serve as a member
of
any code authority with power to appoint an agent to act in
his behalf.
The machinery for putting the coal code in operation is therefore
completed so far as is at this moment necessary, so that the code
may become
effective next Monday, Oct. 2.

The agreement was signed by the following iron and steel
companies and subsidiaries:
Republic Steel Corp., by T. M. Girdler, President.
Inland Steel Co., by L. E. Block, Chairman.
Jones & Laughlin Steel Corp., by George G. Crawford, President.
Wheeling Steel Corp., by W. W. Holloway, President.
Crucible Steel Co. of America, by F. B. Hufnagel, President.
Interlake Iron Corp., by C. D. Caldwell, President.
Mather Collieries, by Pickands Mather & Co., operators.
Pittsburgh Steel Co., by II. D. Williams, President.
The Corrigan McKinney Steel Co., by Donald B. Gillies.
The Youngstown Sheet & Tube Co., by H. G. Dalton, Chairman.
Columbia Steel Co., by W. J. Filbert, director.
Gulf States Steel Co., by L. E. Geohegan, Vice-Presi
dent and General
Manager.
H. C. Frick Coke Co., National Mining Co., Hostetter
Connellsville Coke
Co., Sharon Coal & Limestone Co., United States
Coal & Coke Co., United
States Fuel Co., by Thomas Moses, President.
Tennessee Coal, Iron & Railroad Co., by W. J.
Filbert, director.
Bethlehem Mines Corp., by E. G. Grace.
Weirton Coal Co., by E. T. Weir, Chairman.

United States Steel Corp. Subsidiaries
to Comply
with Hours and Wage Provisions of
in "Captive" Mines—Statement by Coal Code
Myron C.
Taylor Pledges Adherence to NIRA.
Subsidiaries of the United States Steel Corp. operatin
g socalled "captive" coal mines, whose output is
consumed by the
parent company, will adhere to the provisions of
the NIRA,
and will also abide by the provisions of the
steel code, according to a statement issued on Sept. 30 by Myron
C. Taylor,
Chairman of the Corporation. Mr. Taylor said
the company
had also signed the agreement providing
that "each employer
in the operation of any bituminous coal
mine operated by it
will comply with the maximum hours of
labor and minimum
rates of pay which are or shall be prescribed
under or pursuant to the coal code for the district in which
such mine is
located." His statement added:
This company will continue its long-estab
lished policy of paying as high
wages and maintaining as favorable
hours of labor and working conditions
as prevail in the districts where
its respective operations are conducted
, and
will observe all of the provisions
of the NIRA applicable to them.

Electrical Manufacturers' Association
mands of Organized Labor—Resolu Opposes Detion Declares
Aims of Unions Far Exceed
Cites NRA Interpretation of Provisions of Code—
Collective Bargaining.
The National Electr(cal Manufac
turers' Association on
Oct. 1 issued

a resolution which expressed the determi
nation
of its members "collectively to resist"
what was characterized as the "unjustiled and illegal
encroac
unions" against members of the Associat hment of labor
tion indicated strong opposition to the ion. The resolumethod of collective
bargaining used by the American
Federation of Labor as
the only method to be followed in
the industry. The Association represents 700 companies, said
to comprise 85%
of the electrical manufacturing industr
y. Quoting from the
resolution the New York "Times" of Oct.
2 said:
Asserting that "the

tenets laid down by certain
labor leaders have led
to conditions which threaten the success
of the National Recovery Administration program in so far as the electrical
cerned," the Association declared that it manufacturing industry is conwould oppose demands by
such as have been made upon its members
labor
since approval of the industry's
code by the President.
"These demands," the Association
declared, "represent an organized
effort by certain agents of labor to gain
advantage
beyond the limits of the provisions of the code." s for their unions far
It was announced that the Association
had appointed a committe
e
to investigate complaints by companies of
their employees and to
support
"such complaints in their resistance to unfair
tactics employed against them
in the name of labor."
The question of collective bargaining and
the method whereby it Is
to be exercised was especially stressed by the
Association. In this connection it emphasized the following
interpretation placed jointly upon
the collective bargaining provision of the
electrical code by the Administrator and the General Counsel of the NRA:
"The law requires in codes and agreement
s that 'employees shall have
the right to organize and bargain
collectively through representatives
of their own choosing.*
"This can mean only one thing, which is
that employees may choose
any one they desire to represent them, or
they can choose to represent
themselves. Employers, likewise, can make
collective bargains with
organized employees or Individual agreements with
those who choose to
act individually; provided, of course, that no
such collective or individual
agreement is in violation of any State or Federal
law. But neither employers nor employees are required by law to agree
to any particular contract. whether proposed as an individual or
collective agreement."
In the light of this interpretation, the Associatio
n objects to demands
of certain labor unions that they be recognize
d as such "as sole representa-




2567

tives of employees for collective bargaining purposes, with consequent
strikes, or threat of strikes, for failure to agree to such demands, and intimidation of. violence and threats of violence to employees not members
of the unions involved."
Such demands, the Association declared, are in violation of the electrical code and would subject an assenting employer to prosecution and
would prevent employees not members of such union from enjoying the
rights granted by the National Industrial Recovery Act.

Hearing on Code for Aluminum Industry Provokes
Clash on Price-Fixing Provision for Fabricated
Product—Independents Term Provisions Discriminatory.

The National Recovery Administration had before it for
consideration this week a code of fair competition for the
aluminum industry, following public hearings on Sept. 28
at which differences of opinion within the industry over
methods of establishing a fair sale price for the fabricated
product were voiced by several witnesses. The tentative
code provides minimum wages of 35 cents an hour for a 40hour week, with a wage of 25 cents an hour for bauxite
labor, against the 30-cent rate which it is paying under the
blanket re-employment agreement. Describing the hearing
on Sept. 28, Associated Press itdvices from Washington said:
Tentative codes, on which public hearings began, included two proposed
agreements, one for the aluminum and alloys industry. George B. Haskell,
representing the aluminum fabricating industry, declared the tentative code
was discriminatory against independent fabricators. He suggested an •
amendment to provide no member of the industry shall sell any product
fabricated from aluminum for less than the sum of the market value of the
aluminum used and the cost of fabricating.
Mr. Haskell objected also to the section in the aluminum industry code
setting up as the administrative body the board of directors of the Association of Manufacturers in the Aluminum Industry. He charged such a
body would be controlled by the Aluminum Company of America.
The code for the aluminum industry provides a maximum week of 40
hours and a minimum wage of 35 cents an hour for male workers in the
North. 30 cents for female workers in the North and 30 cents for all Southern labor.
The fabricators' code specifies a 35
-hour week and a minimum of 50 cents
an hour. Boris B. ShIshkin, representing all unions of aluminum workers
affiliated with the American Federation of Labor, urged a minimum of
70 cents an hour for ordinary productive workers and 90 cents an hour for
workers in aluminum bronze powder.

Minimum-price Provision Provides Obstacle to Agreement on Copper Code—Controversy Between Large
Producers and Custom Smelters May Result in
Formulation of Pact for the Industry by NRA.

Disagreement between large copper producers and custom
smelters over the minimum-price provisions in the codes
of fair competition which the two groups have submitted to
the National Recovery Administration may result in the
formulation of a code for the industry by the NRA, it was
indicated this week. Trade circles reported that the NRA
had sent a questionnaire to each company asking certain
data, including the amount of copper on hand at the present
time. It was believed that this information was sought
in order to assist m the calculation of the weighted average
cost of production for the industry, below which the metal
is not to be sold, according to one of the specifications in the
production code. Discussing some of the difficulties experienced in reconciling controversial viewpoints in the
industry, the New York "Times" of Oct. 1 said, in part:
The question of establishing a minimum price for copper based on the
average weighted cost of production is understood to be the chief difficulty
in the way of an agreement, especially with the custom smelters. The
large producers are in favor of a minimum price, but the custom smelters
are opposed to this on the ground that they must sell the metal as they refine
it. If they hold the metal, they argue, they would be speculating.
For
this reason, they maintain, they cannot be bound not to sell below
the
price as established by the primary producers.
The three large producing companies, Anaconda, Kennecott and Phelps.
Dodge, and the American Smelting & Refining Co., a custom smelter,
it is said,own most of the fabricating capacity of the country. If
a minimum
price should be included in the code, it would be possible for producers
with
fabricating units to sell to these units copper at the minimum
price and
in turn the fabricators could cut the price of their fabricated
products.
In that way, it is pointed out, producers with fabricatin
g outlets could
take the market away from those without such units,
especially if production was greater than the demand. If consumption increased
and remained
above production, it is argued, there would be
no need of a minimum price.
If, however, there should be an oversupply of
the metal, it is asserted that
producers without fabricating units would be
"left with the bag to hold."
The attitude of the small producers and custom smelters
is that if a minimum price were adopted, there should be
an equalization of sales such as
was in effect when the price of metal was
pegged at 18 cents in 1929 and
1930. It is understood, however, that this is
strongly opposed by one of
the large producers which has an excess
of fabricating capacity. This
company maintains that it should be permitted
to fabricate its own metal
without making any outside purchases. The
company in question also
has large stocks of the metal on hand,
part of which was acquired from
others to support the market when the price
was pegged at 18 cents a pound.
The code of the custom smelters, which was
signed by American Smelting
& American Metals, is described as being
essentially a labor code. The
other important custom smelter in
the United States is a subsidiary of
Phelps Dodge. which has signed the
code of the large producers. Besides
,
Phelps Dodge, the signers of the producers
' code are Anaconda and Kennecott. It is estimated that these three producers
control about 75% of the
productive capacity of the country and more
than 50% of the copper and
brass fabricating capacities.

2568

Financial Chronicle

New Motion Picture Code Formulated By Deputy
Administrator Rosenblatt — Revised Document
Contains Many Changes from Agreement on Which
Hearings Were Held Last Month—Protects Small
Exhibitors, While Wage Rates Are Set at High
Level—Conferences to Continue.
A revised code of fair competition for the motion picture
industry, containing marked changes from many provisions
in the agreement on which public hearings were held last
month, was presented to motion picture producers, exhibitors
and distributors on Oct. 4 by Sol. A. Rosenblatt, Deputy
Recovery Administrator, who announced that several major
additions are still to be made. Conferences between Mr.
Rosenblatt and leaders of the industry will continue, in
order that objections to the revised code may be offered
and a final pact completed. The new code was said to protect
the rights of small independent motion picture houses,
eliminating previous obstacles which prevented them from
obtaining needed and wanted pictures, or having too many
films forced upon them. Other features of the new code
were described as follows in Washington advices to the
New York "Times":
The code authorizes high wages for common labor employed in the
industry, and would prevent such practices as discharging a man receiving
certain pay and then employing him at a minimum rate.
The new code provides a 40-hour week for white-collar workers in the
-hour week for studio mechanics
• production end of the industry and a 36
In the same class. Hours of news reel camera-men would be limited to
in any eight-week period.
320
Under the wage clauses no employee of any class would receive less than
40 cents hourly, with white-collar workers receiving 50 cents. For studio
mechanics some of the highest rates yet submitted to the Recovery Administration are provided, the scales ranging from 60 cents for laborers to 32.25
hourly for scenic artists. Weekly wages for employees on "distant location"
range from $37.75 to $161.75.
Extras at $7.50 a Day.
"Extras" are put down for $7.50 daily. Class A "dress" people would
receive $15 daily, and $25 daily If the part called for a role or a bit with
essential dialogue. To "atmosphere people" and "crowds" $5 daily would
be paid. No extra woul.: be employed who was a dependent member of
the immediate family of a regular employee of a motion-picture company,
nor any person not dependent upon extra work as a livelihood.
"Grievance committees" to work out difficulties between producers
and exhibitors of motion pictures would be set up and one member of the
grievance board would be tantamount to a Government official, for he
would be named by the Code Authority with the advice of the Deputy
Administrator.
The Code Authority is not yet named in the code, but the Academy of
Motion Picture Arts and Sciences has been eliminated as the enforcement
body. An equal representation of the producers, exhibitors and distributors is expected to make up the Authority.
Morality in motion pictures will be controlled by regulations "promulgated by and within the industry." which is said to allow acceptance of
any regulations needed. These may or may not follow the principles of
the present Will Hays board.
As for one great source of contention, movie houses will be permitted to
run "double features," or two principal films, at one show. The question
of the "right to buy" has been solved by preventing any exhibitor from
buying more pictures than he can reasonably use, but stipulating a reasonable over-purchase to guard against delays. This is designed to prevent
one movie house from monopolizing pictures to the detriment of other
houses.
Hollywood "first camera men" and technicians, who are very highly
paid and who have been asking for definite hours, will not find all their
demands acceded to, but wql get one day off with pay.
Sections dealing with elimination of abuses on the part of agents for
stars are not yet included in the code, Mr. Rosenblatt expecting the moving
picture producers to submit suggestions at an early date.
$25 Winimum in the Chorus.
Because of the peculiar nature of the vaudeville business, no minimum
hours are set for principal artists appearing on the movie house bill. The
minimum salary of performers Is set at 540 weekly for those with more
than two years' experience and $25 with less than two years. Minimum
daily wages are $7 SO.
"Chorus persons" would receive $30 weekly In "de luxe" theatres,
Dorothi
$35 on tour and $25 in other than "de luxe" theatres. Mrs.
Bryant. Executive Secretary of the Chorus Equity Association, was studying the code to-night, and as a result her expected conference with the
exhibitors was postponed.
I The unfair practice provisions of the code are lengthy and detailed.
but broadly speaking, are written to abolish many evils. Producers must
not "aid, abet or assist" In the voluntary release of any author, dramatist
or actor employed exclusively In connection with a legitimate attraction.
No distributor shall "threaten or coerce or intimidate" any exhibitor to
enter into a contract for pictures.
Bristling with technical terms, the code specifically sets forth that Its
clauses do not relate to actors In "rep, tab, tent, wagon, truck, or medicine"
shows, "show boats or burlesque"

Public Hearing on Code for Food and Grocery Industry
Set for Oct. 9 as AAA Indicates Advance Opposition
to Controversial Mark-up Feature.
Although hearings on a master code for the food and
grocery industry have been seheduled to start Oct. 9, recent
pronouncements by the Agricultural Adjustment Administration indicate serious advance opposition to certain features
in the proposed agreement, particularly as regards the
controversial provisions for minimum mark-ups in wholesale
and retail food prices. The code provides for a minimum
wholesale mark-up of 2I4% and a minimum retail mark-up
George N. Peek. Administrator of the Agriculof 7
Adjustment Act, however, said on Sept. 29 that he was
tural




Oct. 7 1933

interested in the prices the farmers received for their products
and pointed out that the law "does not provide for the
guaranty of profits to any distributing agency." On the
same day, Fred C. Howe, consumers' counsel of the AAA,
declared the cost-plus provision of the code was injurious
to the farmers as consumers and represented "an additional
burden to the 80,000,000 other consumers" in the country.
We quote the following from a statement issued Sept. 29
by the AAA.
Strong demand for the mark-up provisions has come from some branches
of the wholesale and retail grocery trades. while others are opposed. Those
who favor the provisions maintain that they would eliminate the use of
"loss leaders." which are held to be destructively competitive, and that
they would bring about a more whoesome condition in the industry.
Economists and food distribution specialists in the AAA who have studied
these provisions are not convinced, however, that they would have the
effect desired by the members of the trade, or that they would be workable
and enforceable.
One possible result of these provisions which these men foresee is the
crowding out of many small independent merchants. They are inclined
to believe that the minimum mark-up provided for would In effect become
the maximum. Furthermore, large organizations which have the benefit
of quantity buying would be able to undersell their small competitors and
still keep within the provisions of the code, they point out.
The tendency would be for prices on staples which have a rapid turnover,
such as sugar, flour, butter, canned milk and others, to be Increased to
the consumer, they believe. Dealers now work on an extremely small
margin in handling these staples, and the minimum mark-up might actually
On other articles, which do not turn over rapidly,
Increase this margin
the customary mark-up is much higher. Under the code. these mark-ups
might be reduced. On the average, consumers might not pay any more
for their groceries than they do now, but consumers in the lower income
brackets who depend largely on the staples would pay higher prices. Administration officials believe.
They regard the task of enforcement as /40 huge as to be almost impossible.
An army of accountants and police officials would be required to check
UP on the dealings of each individual grocer, to make certain that he is
not evading the provisions of the code by some indirect means, they contend.
Other portions of the proposed code provide for open-price competition,
prohibit secret rebates and spilt commissions, require that any special
advertising or distribution services provided by manufacturers or wholesaiers to their trade buyers shall be distinct from cdes prices and shall not
be used to reduce these prices, and prohibit "free deals." invoicing of fall
prices, misleading advertising, defamation of competitors. deliberate substitution of another product for the one ordered. and other uneconomic
and unfair practices.
A paragraph originally contained In the code as submitted, providing for
regulation by the control committee of shipments on consignment, has
been eliminated.
In addition to the provisions for minimum mark-ups, one paragraph In
the agreement prevents the use of loss leaders The paragraph reads:
"No grocery manufacturer shall engage in destructive price cutting."
Administration of the code would be handled by separate committees for
of
each product-manufacturing division and each major distributing division
the food and grocery industry, membership of which would be subject to the
approval of the Secretary of Agriculture. As originally submitted, the code
provided for enforcement by a "food and grocery conference committee."
The present version provides that this committee would act as the contact
agency between the respective administrative committees. In order to bring
about co-ordination of their activities, and to act as a planning and research
agency for the food and grocery industry.
Fred C. Howe, consumers' counsel is one of the AAA executives's who
opposed the mark-up provision. In a report to Administrator Peek,
Dr. Howe said:
"The distributors of food and groceries appearing before the AAA have
stated that the total volume of their industrydn 1932 was approximately
$9 000.000.000. In that year the farmer received slightly more than
$5.000.000.000 for everything that he produced including cotton, tobacco
and other commodities not covered by this industry. This suggests the
spread which marketing involves, as It indicates how much it costs the
farmer to market his produce.
"The industry is now demanding a fixed mark-up of approximately 10%
as a base figure on which to establish prices. This obviously makes an
additional burden to the consumer. it makes an additional burden to the
farmer, for the farmer is also a consumer. lie consumes the very things
he sells. And there are 40.000.000 such farm consumers, or one-third
of the population of the country
"Quite obviously this mark-up means an additional burden to the 80,000.0110 other consumers.
"In addition. It Is to be borne in mind that the farmers of the country
appeared before the last Congress and urged just such a price-fixing protection for agriculture. And if anybody was entitled to it the farmers were,
for they had been feeding the country at a loss for many years. Congress,
however. refused to fix the price of food on the farm, and it would be the
height of absurdity for the AAA to guarantee a mark-up to the processors
such as they are demanding." Dr. Ii.swe concluded.
In view of the differences of opinion that Os mark-up provision has
aroused. Mr. Peek said he considered it important to give It the benefit of
a full discussion In open public hearing.
"The Agricultural Adjustment Act is designed primarily to obtain parity
prices for farmers." Mr. l'eek said. "It does not provide for the guarantee
of profits to any distributing agency."

Meanwhile the National-American Wholesale Grocers'
Association this week sent to President Roosevelt a long
letter repeating its advocacy of the mark-up feature of the
code. Similar letters have been sent by other grocers'
•
organizations.
Tire Industry Submits Revised Code to NRA—Newton
D. Baker Not Named as Arbitrator in New Draft.
A revised code of fair competition for the tire manufacturing industry was submitted to he National Recovery
Mm nistration on Oct. 2. Its detai'ed provisions were not
made public, pending conferences with'n the NRA, but
it was said that t had been agreed to by 70% of the .ndustry
after several days of negotiations in New York City. A

Volume 137

Financial Chronicle

tentative code has been under discussion for many weeks
and several agreements have been filed and later withdrawn.
The latest code covers the tire industry alone, and does not
apply to other rubber manufactures. Newton D. Baker,
former Secretary of War, who had been named in the original
code as arbitrator to set le trade disputes, is not mentioned
in the revised document, whichinstead provides•a steering
Committee of 11 members, with not more than three representing NRA. It is further specified that no two members
of the Committee shall be affiliated with the same company
in the industry. The NRA said on Oct. 3 that the labor
provisions in the new draft are substantially the same as
those originally submitted, except that employees are permitted to work only 104 hours annually in excess of the
maximums, to meet peak production demands, instead of
124 hours as previously specified.
Sale Under Cost of Production and Distr•bution Prohibited by Rubber Manufacturers' Code—Agreement Filed With NRA Excludes Tire Industry—
Defines Fair Trade Practices.

Sale of rubber products at less than the cost of production
and distribution, as determined by standardized methods
of cost accountirg, is prohibited under the terms of a tentative code of fair competition filed with the National
Recovery Administration on Oct. 3 by the Rubber Manufacturers' Association. The code would include manufacturers of automobile fabrics, proofers and backers, rubber
f.00ring, rubber footwear, hard rubber, rubber heels and
soles, mechanical rubber goods, sponge rubber, rubber
sundries and rainwear. Tire manufacturers are not covered
by the code, since they have submitted a separate agreement.
The proposed rubber code establishes a maximum work
day of eight hours and a work week of 40 hours, with a
provision i or 120 hours work above the maximum during
the course of a year. Minimum wages of $14 for a 40-hour
week or 35 cents an hour are specified, with a separate
minimum of 40 cents an hour for male workers and 30 cents
for female facto'y workers in sole and heel and rubber
sundries plants. Minimum weekly pay for salaried employees
would range from $15 in cities of more than 500,000 population to $12 in towns of less than 2,500. Other provisions
of the code, as given in the "Wall Street Journal" on Oct. 3,
follow:
Under the code, the industry would be divided into nine divisions based
on the nine principal types of products manufactured. For administration,
the code proposes the formation of a Rubber Code Authority consisting
of the chairmen of each of the Divisional Code Authorities and not more
than three representatives of the NRA, the latter to be without voting
power. The President and General Manager of the Rubber Manufacturers'
Association would be members ex-officio of the Code Authority, without
voting power, and the latter would also act as chairman of the Authority.
Members of the Divisional Code Authorities would be elected by vote of a
majority of the companies in number and volume of production.
The chapters of the code dealing with the various divisions of the industry
set up detailed definitions of fair and unfair trade practices in relation to
selling prices, terms of payment, discounts, advertising. &c.
In addition to the labor guarantees required by the NIRA, the proposed
code contains a section permitting employers to "exorcise their right to
select, retain, or advance employees on the basis of individual merit,
without regard to their membership or non-membership in any organization."

Cotton Textile Code Amended to Provide for Regulation of New Machinery—General Johnson Approves
Section Recommended by Committee for the Industry.
A new section of the code for the cotton textile industry,
requiring the monthly registration of productive equipment
and the issuance of certificates of permission for installation
of additional machinery, became effective on Oct. 2, following its approval on Sept. 29 by General Hugh S. Johnson,
Recovery Administrator. The regulations were recommended by the committee for the industry under that
portion of the original agreement which authorizes such
recommendations in order to further the operation of the
code and the policies of the National Industrial Recovery
Act. The new section approved.by General Johnson reads
as follows:
1. All persons engaged or engaging in the cotton textile industry shall
register with the Cotton-Textile institute. Inc.. 320 Broadway. New York
City, an inventory of their productive machinery as defined in said code,
in place on Oct. 1 1933, or then under contract but not installed. such
Inventory to be duly certified to as to its completeness and correctness.
2. On and after Nov. 1 1933 all persons engaged or engaging in the cotton
textile industry shall file a report monthly with the Cotton-Textile I mit Ilute.
Inc., 320 Broadway. Now York City, setting forth any Installation of
additional productive machinery (now or second-hand) as defined In said
code. Installed by them, and specifying the extent to which such installation Is for the replacement of a similar number of units of productive
machinery or for the purpose of bringing the operation of existing productive
machinery into balance, and an explanation of the same, all duly certified.
3 After Oct. 1 1933 all persons engaged or engaging in the cotton textile
Industry, prior to the installation of additional productive machinery, as




2569

defined in said code, not theretofore contracted for, except for such replacement and such balancing of operation of existing productive machinery, shall file application with the Cotton-Textile Institute. Inc.. 320
Broadway, New York City, for transmission through the cotton textile
industry committee to the Administrator, stating the circumstances of
and reasons for such installation, and shall secure a certificate from the
Administrator that such installation will be consistent with effectuating
the policy of the N IRA during the period of the emergency: and
4. The cotton textile industry committee shall examine into such application for such certificate and the facts as to the circumstances of and
reasons for such proposed installation. It shall transmit to the Administrator such application with any statements submitted by the applicant.
with its report of such examination of the facts and with its recommendation
as to the granting or withholding by the Administrator of such certificate
to such applicant.

Federal Planning and Co-ordinating Committee
Approves State Marketing Committees for
Petroleum Code—List of State Chairmen.
The Federal Planning and Co-ordinating Committee,
established under the petroleum code, on Oct. 3 approved
a list of State marketing committees for effecting the provisions of the code. The names of chairmen of the committees for the various States follow:
Maryland-District of Columbia—P. S. Cochran, Sun Oil Co., Baltimore;
Pennsylvania-Delaware—R. D. Leonard. Atlantic Refining Co.. Philadelphia; New Jersey—K. R. Ware, Sun Oil Co., New York City; Rhode
Island—E, E. Cowie, Standard Oil Co. or New Yo.k. Providence; Connecticut
--N. C. Dodge, Cities Service Refining Co.. New Haven; Vermont
—B. 0. Foster, Standard Oil Co. of New York. Burlington; Maine—D. G.
Smith, Standard Oil Co. of New York. Portland; New Hampshire—R. F.
Lybeck, Colonial Beacon Oil Co., Boston; Massachusetts—J. C. Richdale,
Jr., Colonial Beacon Oil Co.. Boston.
New York—George P. Macdonald, Richfield Oil Co., N. Y. City; West
Virginia—John Wright, Elk Refining Co.. Charleston; Alabama—D. L.
Gilland, Wofford 011 Co.. Birmingham; Arkausaa—T. M. Martin. Lion
Oil Refining Co., El Dorado; Florida—T. N. Asbury. Seaboard Oil Co.,
Jacksonville; Georgia—G. E. Millican. Gulf Refining Co.. Atlanta; Louisiana—J. A. Welch, Louisiana 011 Refining Corp., Shreveport; Mississippi
—M. H. Utley, Standard Oil Co. of Kentucky. Jackson; North Carolina—
E. R. Burt, North Carolina Independent Oilmen's Association. Biscoe.
South Carolina—W. J. Keenan, Columbia Petroleum Co.. Columbia;
Tennessee—W. D. Hudson, Tennessee Oilmen's Association, Nashville;
Virginia—E. J. Schul. Virginia Oil Jobbers' Association, Norfolk: Colorado •
—W. E. Thomas, Navy Gas & Supply Co.. Denver; Montana—J. M.
Anderson. Shell Oil Co., Missoula; Utah—A. EL Brown. Utah Oil Refining
Co., Salt Lake City; Wyoming—George H. Goohs, Standard 011 Co.,
Cheyenne.

Declares Retail Code Will Be Unworkable if Price
Fixing is Included—R. H. Macy & Co. Asserts
Pact Would Impose Burden on Public and Place
Consumers at Mercy of Manufacturers.
The retail code will prove unworkable if provisions for
price-fixing are incorporated in the agreement, it was asset ted in a statemeut issued on Sept. 29 by It. H. Macy & Co.
of New York. The statement pointed out that the code as
drafted for consideration by the NRA would compel the consumer to pay not less than the highest wholesale cost plus
10%, and also. in tile case of branded drugs, cosmetics and
personal hygiene supplies, to pay not less than 21% below
the manufacturers' retail price list. The statement said:
The real dangers to the public of such price-fixing attempt are the
following:
I. The certain danger of further increased prices beyond the new prices
asked to cover fair NRA labor.
2. Such increased prices place the consumer at the mercy of the manufacturer, no matter what may be the policy of the retail store in giving its
customers the lowest prices.
3. Such price-iixing will seriously cripple the small retailer because his
stock is smaller. Because of his small stock he cannot make as wide a
variety of moderate price offers to the public as the large store.
4. Under the proposed code the small retailer will be compelled to sell
branded goods at high fixed prices. The big retailer has plenty of low-cost
pri%ate brands he can offer.
5. There are some 1,800,000 retail stores which must obey the code. The
big stores will be easy to check up. But for the million and more small
stores, there must be a new national "prohibition" police force of expert
spies, snoopers and accountants to make sure the code is obeyed on hundreds
of thousands of items.

New York City NRA Reorganized with Six Bureaus—
Paid Executives to Assist Grover A. Whalen—
Committee of Ten Lawyers Included in Personnel
of Bureau of Complaints.
The NitA orgatiiikaiion in New York City was given the
semblance of a semi-permanent structure this week,
following its reorganization effective Oct. 2. Grover A. Whalen,
local Administrator. continues at the head of the new group,
assisted by a Deputy Administrator. Six bureaus, each in
charge of a Chairman assisted by a paid executive, are contemplated under the new setup, which provides for a board
of compliance with Advisory and Finance Committees and a
Committee of the Bar. In addition, the New York City NRA
will inelude bureaus of complaints, interpretations. public
relations and industrial co-operation, as well as a board of
mediation of industrial disputes which will he under the
jurisdiction of the National Labor Mediation Board, of which
Senator Robert F. Wagner is Chairman. Further descrip-

Financial Chronicle
tion of the framework of the organization is quoted below
from the New York "Times" of Oct. 1:
The personnel of the Board of Compliance will consist of the City NRA
Aeministrator, Deputy Administrator and the Chairmen of the other boards
and bureaus, also two representatives of labor, and a committee of three,
with one member representing labor. This board will certify exceptions and
complaints to the NRA in Washington.
The Advisory Committee of the Board of Compliance will be made up of
the five borough Chairmen of the Compliance Board to be,representative of
labor and employers, and the Chairman of the Complaint Bureau, ex-officio.
The Finance Committee will be responsible for the provision of funds
necessary to carry on the work of the local NRA and its Chairman will
appoint a comptroller.
The Committee of the Bar will be composed of six members, whose function will be to supply lawyers to take care of the legal work of the NRA.
An office manager will be included in the personnel of the board.
The Bureau of Complaints will have a Chairman, and a paid Vice-Chairman to look after organization and routine, also a Bureau of Investigation
with not less than 25 field men working under a director.
In the Bureau of Complaints will be a group of 10 lawyers to be supplied
by the Committee of the Bar to hear, investigate and report to the Board
of Compliance on all complaints. In addition, there will be a Labor Board
of three representatives of labor, selected from the executives of the American
Federation of Labor, to advise on and assist in Investigations of complaints
affecting labor.
To Handle Prosecutions.
The Bureau of Interpretations will work under a Chairman and a paid
Vice-Chairman, and attached to it will be 10 full-time lawyers to advise
the public and all NRA Committees on Interpretations of the NIRA, all
temporary modifications of the NRA, and all matters involving legal obligations and rights. This Bureau also will recommend and, when requested,
assist in prosecutions under Federal and State statutes.
A division to pass upon applications for exceptions under Paragraph 14
of the President's Agreement, allowing stays for employers able to show
that compliance would work an undue hardship, and to report and make
recommendations through the Board of Compliance, will be included in
the Bureau.
The Bureau of Public Relations will function under a Chairman, assisted
by a paid Executive Secretary. It will include the following subcommittees,
each with a separate Chairman: Consumers', Publicity, Speakers', and any
other committees which may be considered necessary to carry on its
activities.
The Bureau of Industrial Co-operation will be organized with a Chairman
and a paid Executive Secretary, and may add any assistants that the Chairman may require.
The Board for Mediation of Industrial Disputes, under the jurisdiction
and supervision of the National Labor Mediation Board, will be headed by
a Chairman, assisted by a paid Executive Secretary.
This Board will be organized with a Committee of Preliminary Investigation of three members and the Board Chairman, ex-officio; to make preliminary contacts with disputants in labor controversies, to hold preliminary
conferences of employers and employees and prepare the way for mediation.
The Board of Mediation for Industrial Disputes will include the nine
mediators, at present constituting the local NRA Mediation Board, with
three each representing the employer, labor and public groups. They may
be designated by the Chairman of the National Labor Mediation Board.

Great Lakes Shipping Interests Agree on NRA Code.
George A. Marr, Secretary of the Lake Carriers' Association, announced on Sept. 27 that a code for operation
of the Great Lakes shipping interests under the National
Recovery Administration had been agreed upon at a general
meeting of shippers at Cleveland on that day. Associated
Press advices from Cleveland in reporting this added:
Mr. Marr said provisions of the code would not be made public until
It was presented to the NRA, Friday, Joseph S. Wood, President of
the Association; Newton D. Baker. Association General Counsel; H. S.
Noble. of Buffalo. representing package freight carriers, and P. J. Swartz,
of Cleveland. representing passenger lines, were named a committee to
present the code.
Whether the code would be acceptable to the Great Lakes members
of the International Seamen's Union, Marr was uncertain. The seamen
have threatened to strike unless the code is satisfactory to them.

President Roosevelt Signs 17 New Codes in One Day—
Only Two Major Industries for Which Agreements
Have Not Yet Been Approved Are Motion Pictures
and Retail Trade—President and General Johnson
Discuss Code-Enforcement Plan.
President Roosevelt on Oct. 3 signed 17 new industrial
codes, several of major importance, which affected hundreds
of thousands of workers. Among the principal industries
affected by the codes thus approved were banks, the retail
motor vehicle trade, retail lumber merchandising and boot
and shoe manufacturing. The 13 other agreements signed
were boiler manufacturing, knitting, braiding and wire
manufacturing machinery, women's belts, electric storage
and wet primary batteries, glass containers, laundry and
dry-cleaning machinery, the lime industry, farm equipment
manufacturing, builders' supplies, saddlery manufacturing,
luggage and fancy leather goods and the ice industry. It
was announced by the National Recovery Administration
that this action by the President completes the formulation
of all major codes except those governing motion pictures
and retail stores. The President signed the 17 codes at his
home in New York City, shortly after returning from Chicago and after a conference with General Hugh S. Johnson,
Recovery Administrator, in which they discussed the question of a permanent organization to enforce code provisions.




Oct. 7

193.7

General Johnson said later that the NRA code-enforcement
project provides basically for supervision of code administration by industries themselves, with a division to receive com,
plaints and a semi-judicial body to adjudicate labor disputes
under the direction of General Johnson. The New York.
"Times" on Oct. 4 described the interview with General
JOhnson as follows:
General Johnson told newspaper men, emphasizing that he was speaking
for himself and not for the President, that the enforcement program was
the third phase in the evolution of "the new philosophy" of business coordination.
"Under the new theory of business," he said, "you can't deal with 20,000,000 separate establishments."
The first step, he declared, was the "Blue Eagle," or the voluntary signing of the President's Agreement by employers; the second was the formulation of codes and the holding of hearings to perfect them, and the third will
be the establishment of a permanent set-up for business under the code plan.
"We are trying to get a perfect framework on which to build the perfect
code administration," he added.
This involves expansion first in General Johnson's own staff, with the
addition of four assistants sharing the Administrator's authority.
The basis of the permanent organization has been formed under the codes,
he explained, through the creation of self-governing boards for each industry, with whom sit in each case three Government members, acting as
spokesmen for the public but without power to vote or bind the Government in any industrial decision.
"If our program is carried out properly," General Johnson said, "we will
have, in the end, practically all business and industry organized in that
way."
The next step, he went on, would be to divide all the industrial codes
into four divisions of related industries, each under one of the assistants
to General Johnson who would be charged with supervising codes and keeping the policies of NRA and industries consistent.
All complaints, except those involving labor, arising under this administration would be filed with a regular division of complaints, which
would advise General Johnson and presumably act as a mediation board in
cases of complaints by one industry against another.
The settlement of labor disputes, General Johnson said, "is a separate
function." Ile would like to have all these placed eventually in the hands
of the committee headed by Senator Wagner.
"Now, that isn't easy to work out," General Johnson declared. "It's
like building a new bridge under a railroad while the trains are running
over it, and you know the trains sure are running. It may take three or
four months, maybe more or maybe less."
"Have you been working on the plan long?" he was asked.
"We've been building up to It ever since we started," the Administrator
replied.

Wage Rate Is Set for Laundry Industry in New York
State—Order Applying to 20,000 Women Workers
Is First Promulgated Under Minimum Wage Act.
The first wage order to be issued under the Minimum
Fair Wage Act of the State of New York became effective
Oct. 2, following its promulgation by Elmer F. Andrews,
State Industrial Commissioner. The order fixed the
minimum wages which may be paid to women and minors
employed in laundries throughout the State, and it was
estimated that it affects 20,000 women. The new minimum
wages were recommended by a wage board consisting of
representatives of laundry owners, employees and the
public, and were adopted after public hearings were held
in Buffalo, Syracuse, Albany and New York. In approving the recommendations of the wage board, Commissioner Andrews said on Oct. 1:
I feel that the minimum rates established for laundry work are by no
means as high as might be desired at the present time, but it must be
remembered that even these rates will mean an increase in wages for more
than 80% of the women employed In laundries in New York State.

The minimum rate established by the order is 31 cents
an hour in the New York City area and 273/2 cents an
hour in other parts of the State. A bonus of 10% on the
hourly rate must be added to the minimum rate for short
working time. Overtime beyond 45 hours a week must
be paid for at the rate of time and a half for those persons
earning the minimum.
Secretary Ickes Issues Regulations for Filing Petroleum

Data—Order Provides for Periodical Reports on
Crude Petroleum and Gasoline—Code Specifies
Penalties for Violation.
Secretary of the Interior Ickes, acting in his capacity as

Fed. Oil Administrator, called upon the petroleum industry
this week to furnish him with regular specified reports on
crude oil and gasoline. His regulations, which were issued
under Section 6 of Article 7 of the oil code, are mandatory,
and failure to meet their provisions would subject the offender
to definite prescribed penalties. All persons holding crude
oil in storage were ordered to file a report on the total crude
inventory the last of each calendar month. Those holding
crude petroleum stocks of 100,000 barrels or more were instructed to report total stocks not later than 9 a. m. each
Tuesday. Refineries were directed to file a monthly crude
report showing receipts and a balanced statement of supply
and demand, as well as a general monthly refinery report
including crude refined for the account of other companies.

Volume 137

Financial Chronicle

Monthly reports were also asked from operators of oil and
gasoline pipe lines, as well as those controlling or holding
gasoline in storage at bulk terminal plants. It is expected
that these various reports will accurately picture the conditions in the industry and the effect of compliance with
production allocations. The required reports were listed as
follows in Secretary Ickes' order:
A' 1. Crude petroleum stocks report: All persons, natural or artificial.
holding crude petroleum in storage shall complete and return to the United
State Bureau of Mines, Washington, D. C., not later than the 15th day
of each and every calendar month a report of total crude inventory on
hand the last day of each calendar month, including net stocks of crude
petroleum held in the custody of the reporting natural or artificial persons,
regardless of ownership, as well as all domestic crude petroleum in transit
by water or tankcars, as prescribed on Form No.A-947 of the Petroleum
Administrative Board of the Department of Interior.
All such persons doing business east of California holding crude petroleum
stocks of 100,000 barrels or more shall report weekly the total stocks indicated by (X) on the aforesaid Form A-947, which information shall be
forwarded by telegraph or transmitted by air mail, special delivery letter
or otherwise, so as to be received by the United States Bureau of Mines,
Washington, D. C., not later than 9 o'clock each Tuesday morning. All
such persons doing business in California and holding crude petroleum stocks
100,000 barrels or more shall report weekly the aforesaid stocks, which
information shall be forwarded by telegraph or transmitted by air mall,
special delivery letter, or otherwise, so as to be received by the office of the
United States Bureau of Mines, Custom House Building, San Francisco.
Calif.. by 9 o'clock on each Tuesday morning.
2. Crude petroleum report by refineries: All refineries shall complete
and return to the United States Bureau of Mines, Washington. D. 0..
within 15 days after the close of each and every calendar month a report
of crude petroleum received at each and every refinery owned, operated,
or controlled by the reporting company, together with a balanced statement
of supply and demand, as prescribed on Form A-943 of the Petroleum
Administrative Board of the Department of Interior.
3. Monthly crude petroleum report: All persons, natural or artificial, in
any manner operating or controlling pipe lines for the transportation of
crude petroleum and all other persons, natural or artificial, holding stocks
of crude petroleum on leases or tank farms shall complete and return to
the United States Bureau of Mines, Washington, D. C., within 25 days
after the close of each and every calendar month,a monthly crude petroleum
report, as prescribed by forms No. 947 and 947A of the United States
Bureau of Mines.
4. Monthly refinery report: All persons, natural or artificial, in any
manner owning, operating or controlling petroleum refineries shall complete
and return, within 25 days after the close of each calendar month, a report
of refinery operations as prescribed on Form No. 943 of the United States
Bureau of Mines. Crude oil refined for the account of other companies
must be included in this report but with special notation to this effect.
5. Gasoline storage at bulk terminals: All persons, natural or artificial,
owning,controling, or otherwise, holding gasoline in storage at bulk terminal
plants shall complete and return to the United States Bureau of Mines.
within 15 days after the close of each and every calendar month, a report
of gasoline so stored as prescribed on Form No. 943C of the United States
Bureau of Mines.
6. Transportation of gasoline by pipe lines, including gasoline stocks
held in storage or transit: All persons, natural or artificial, in any manner
Owning, controling, or operating pipe lines for the transportation of gasoline
shall prepare and return to the United States Bureau of Mines, Washington,
D. C., within 15 days after the close of each and every calendar month
a complete report of all gasoline receipts, deliveries and stocks, as prescribed by Form No. 943D of the United States Bureau of Mines.

2571

more than consumers in Springfield, Ill,, or Omaha, Neb., have to pay.
New Haven and Bridgeport, Conn., charge an average of 14 cents a
quart for milk; in the neighboring city of New York the price is two cents
less. Butter and cheese are also more costly in these cities.
Cities in which, on Aug. 29, the highest prices were charged for the
14 food articles listed, were: Milk-Bridgeport, New Haven, Jacksonville.
Fla.; Butter
-New Haven; Cheese-Bridgeport; Eggs
-Boston; Flour
New Orleans; Bread-Scranton. Pa.; Potatoes
-Dallas, Tex.; Hens
Los Angeles and New Haven; Leg of lamb-Cincinnati; Round steak
-Boston;Pork chops
-Los Angeles; Lard-Seattle; Rice-Dallas;Prunes
Peoria, Ill.
CHANGE IN RETAIL PRICES OF REPRESENTATIVE FOODS IN THE
UNITED STATES FROM FEB. 15 TO AUG. 29.
CommodityButter
Cheese
Milk
Eggs
Hens
Round steak
Leg of lamb
Pork chop
Flour
Bread
Lard
Potatoes
Macaroni
Rice
Primps

Unit.
pound
pound
quart
dozen
pound
pound
pound
Pound
pound
pound
pound
pound
pound
pound
nimml

Estimated Average
%
Feb. 15. Aug. 29 a Change. Seasonal Change.b
Cents.
24.8
21.3
10.3
21.4
21.3
242
21.7
17.6
2.9
6.4
7.7
1.5
14.6
5.8
RS/

Cents.
27.9
23.2
10.9
25.5
203
28.5
23.1
21.2
4.8
7.6
9.8
3.3
15.6
6.5
10.1

12.5
8.9
5.8
19.2
-4.7
9.5
6.5
20.5
185.5
18.8
27.3
120.0
6.9
12.1
ra 8

-2.9
-1.2
-0.4
4.2
-2.2
9.8
2.5
24.4
-1.6
1.8
10.3
-02
0.2
17

a Manchester and Rochester omitted from *he usual list of 51 cities. b Mean
of average percentage change, 1925-1929, from Feb. 15 to Aug. 15 and of average
percentage change, 1925-1929, Tom Feb. 15 to Sept. 15.
"Consumers' most immediate and effective protection against unreasonable prices and price increases lies in their own hands," Dr. Howe
stated. "What we are trying to do is to give a fair picture of price movements,so that consumers will have some basis for judging the reasonableness of their prices. Protection against unfair prices is first of all a
community responsibility. Many communities have already recognized
this and have organized consumers' councils to support fair merchants
in their efforts to maintain honest prices and to discourage unfair merchants.
"In general, advances in consumers' prices are reflected in better farm
prices. But dealers who have raised their prices to consumers much
beyond the average may not be playing fair with either the farmers or
the consumers.
"Consumers owe it not only to themselves but to the many millions
of farmers who have suffered for years from starvation prices to be on
their guard against price increases to processors and distributors which
are out of line with gains by farmers."

List of Companies Filing Registration Statements of
New Issues with Federal Trade Commission Under
Federal Securities Act-Securities Registered Total
$253,000,000.
Fourteen registration statements involving more than
$10,000,000 in securities issues were made public on Oct. 5
by the Federal Trade Commission, bringing the total
amount of securities registered to date to upward of $253,000,000. In this group are three mining, two oil investment,
two manufacturing, two distillery, one brewery and one
investment trust company. There are also a protective
committee for reorganization of a large canned goods comReport on Increases in Food Prices by Dr. F. C. Howe, pany, a cemetery organization, and a racing club. The
Consumers' Counsel of AAA-Payments to Farmers Commission's announcement of Oct. 5, in making public the
Increased 50% Due to Payment of an Additional list, said:
20% for Foods by Consumers.
In no case does the act of filing with the Commission give to any security
By paying an additional 20% for the representative foods the approval of the Commission or indicate that the Commission has
that go into the typical family market basket, consumers passed on the merits of the issue or that the registration statement itself
Is correct.
have made possible a 50% increase in payments to farmers,
Effective dates of these statements will be announced later.
Dr. Fred C. Howe, Consumers' Counsel of the Agricultural
The list of registration statements is as follows:
Idaho Springs, Colo.,
American Gold Mines, Inc.
Adjustment Administration reported Sept. 29. An an- corporation engaged in mining, (2-256).and concentrating ore, a Colorado
milling,
Proposes to
nouncement issued by the Administration said that the offer $69,803 par value of ore production requisitions with which 11,634
increases in retail and farm prices which occurred between shares of common stock are to be given as a bonus. Registration fee paid
L. McCabe, Idaho Springs, Colo., is President,
the
February and Aug. 29 are announced in the second issue of and Commission is $25. J.City, Mo., Secretary.
J. S. Marloy, Kansas
the "Consumers' Guide," a bulletin issued every two weeks,
American Royalties, Inc. (2-257), New York, a Delaware corporation
showing where consumers' food dollars go. The announce- organized to provide a medium for investment in a carefully selected group
of diversified oil royalty deeds, leases and other securities, proposes to
ment continued:
issue 200.000 shares American Royalty Ownership Certificates, paying a
II In the drop in retail prices which occurred from 1929 up to April of
this year. the margin between farm prices and retail prices shrank only
slightly because processors' and distributors' charges were harder to deflate. The farmers "took the rap" in steadily lower prices. With retail
prices on the increase, there has been little change in the processors' and
distributors' margin. So far the extra dollars that consumers are paying
are going almost entirely to the farmers.
Into this monthly family market basket go: 12.4 pounds of beef;
6.2 pounds of pork; 0.7 pounds of lamb; 1.9 pounds of chicken; 5.1 dozen
eggs; 28.1 quarts of whole milk; 6.4 pounds of evaporated milk; 5.5 pounds
of butter; 1 pound of cheese; 2.9 pounds of rice; 58.7 pounds of potatoes;
22 pounds of flour; 44.2 pounds of bread; 1.9 pounds of macaroni.
"This definite indication of higher prices to farmers is a welcome sign
of an upturn for the 32,000,000 farm people," Dr. Howe commented,
"but against this gain must be balanced the increases that have occurred
I prices of the things farmers must buy. Farm price advances are far
from being a net gain.
"The farmer's dollar was only 64 cents in August and on Sept. 13, as
compared with its 1910-1914 value. This is an improvement over the
exceedingly low level in March when the farmer's dollar was worth only
half of its pre-war value. Nevertheless, the goal of a pre-war dollar is
still a long way off. Furthermore, the Sept. 13 figure was under that
of July, when the farmer's dollar had a value of 71 cents."
• Retail price advances have not been equal in all cities, Dr. Howe reports, and consumers in some cities are having to pay considerably above
the average prices for the foods covered in his survey, which is based on
the figures of the Bureau of Labor Statistics.
For instance, in Boston, eggs average 15 cents a dozen higher than the
average of 253i cents for the 49 cities covered. They are 23 cents a dozen




registration fee of $25, which indicates total aggregate pro,eeds not to
exceed $250,000. James G. Lyons and R. V. Edwards, both of New
York, are President and Secretary, respectively.
Buttes Ohjields, Inc. (2-255), Oakland, Calif.. a California corporation
developing an oil, gas and mineral lease. Amount of offering is $300,000
in common stock. Registration fee paid the Commission. $30. Among
officers are: 0. G. Green, President, and M. J. Bergen, Secretary, both
of Oakland.
Cummins Distilleries Corp. (2-253), Louisville, a Delaware corporation
manufacturing and distilling alcoholic liquors, proposes to issue 00.000
shares of capital stock at $2.50 per share, and also to register 112,515 shares
already issued at $1 per share. Registration fee paid the Commission Is
3211.25, indicating total aggregate proceeds are not to exceed $2,112,515.
Leslie I. Stutts and Al F. O'Donnell, both of New York City, are President
and Secretary-Treasurer, respectively. Underwriters are Rackliff, WhIttaker & Co., Inc., New York City,
Distilled Liquors Corp. (2-249), New York City, a New York corporation
engaged in distilling fruit brandies, proposes to issue 150,000 shares common
stock, 45,000 of which are reserved for warrants. Registration fee paid
the Commission is $225, which indicates total aggregate proceeds are not
to exceed $2,250,000. Walter H. Hildick is President, and Harry Semlear
Jr., Secretary-Treasurer, both of New York City, Redden, Farwell &
St Co., In
New York City, are underwriters.
Distributors Group,Inc.(2-246), New York,depositor of "North American
Trust Shares 1958," an unincorporated investment trust, with City Bank
Farmers Trust Co. as trustee in the amount of $2,800,000 divided into
approximately 1,000,000 trust shares; amount of registration fee, $280.
Person authorized to receive service and notices is John Sherman Myers.
Chairman of the Board. Distributors Group, Inc.

2572

Financial Chronicle

Oct. 7 1933

Frerichs Mining Co. (2-250), Chicago, a South Dakota corporation organized to develop mining properties owned by the corporation, proposes
to issue 37.500 shares of common stock of no par value, the company
paying a registration fee of $46.88. Among officers are: D. A. Frerichs,
President: George C. Johannsen, Vice-President and Financial Officer:
and E. H. N all. Secretary-Treasurer and Accounting Officer, all of Chicago.
Gyro Air Lines, Inc. (2-248). Denver. an Arizona corporation building
and manufacturing airplanes and establishing commercial air lines, proposes
to issue corporate capital stock in the amount of $18,839.53. Registration
fee paid the Commission is $25. H. M. Little and 0. D. Clarke Jr.,
both of Denver, are President and Secretary-Treasurer, respectively.
Kenilworth Brewing Co. (2-259), Beaver Heights, Md., a Maryland corporation manufacturing beer and malt beverages, amount of offering,
$900,000 in common stock, registration fee paid the Commission is $90.
Among officers are; Henry Levin, President. and Philip Rosen, Secretary,
both of Beaver Heights. Md. Alan L. Jamison, Baltimore, is underwriter.
Lock Nut Corp. of American (2-247), Chicago, a Delaware . orporation
manufacturing common bolts, rivets, lag screws, lock nuts and nut locks,
proposes to issue 308,000 shares of common stock of a par value of $1 a
share, paying the Commission a registration fee of $30.80. Harley E.
Burns and C. J. Johnson of Chicago are President and Secretary,respectivel v
A. R. L. Dohme, Baltimore, Chairman of the Board. Arthur Bancker
& Co.. New York. are underwriters.
Philadelphia Protective Committee Van Camp Products Co. (2-252), Philadelphia, calling for deposits in the reorganization or readjustment of Van
Camp Products Co.. Indianapolis. selling agent and financial broker for
Van Camp Packing Co., the issue comprising 7% preferred stock in the
amount of $989.450 and 8% 2d preferred stock in the amount of 5400.000.
Registration fee paid the Commission is $25. The committee consists of
the following: Henry S. Morris, President of Henry S. Morris, Inc.,
Philadelphia: Earl L. Klopp. President of Wright Mfg. Co., Philadelphia,
and H. J. Morris, Secretary-Treasurer of Henry S. Morris, Inc., Philadelphia.
Rose Hills Memorial Park (2-251). Whittier, Calif., a California corporation engaged in a general cemetery business, proposes to issue first
mortgage bonds in the amount of $150.000. Registration fee is $25.
Among officers are: A. Wardman, President, and J. L. Seppi, SecretaryTreasurer, both of Whittier, Calif.
Shenandoah Valley Jockey Club (2-254). Charlestown, W. Va., a West
Virginia corporation organized to build and operate race tracks for horse,
dog and other kinds of racing and to conduct pari-mutuel wagering, proposes
to issue 1,F00 shares of preferred stock of a par value of $100 a share and
35,000 shares of no par common stock. Registration fee is $25. Among
officers are: Harry B. Langdon. Charlestown, W. Va., President;
Joseph B. Boyle, Baltimore, Md.,and Thomas K.Lynch, Baltimore underwriters and Secretary and Treasurer, respectively.
Sullivan Gold Mining Co. (2-258). Spokane, Wash., a Montana corporation engaged in the extraction and concentration of mineral ore. Amount
of offering is 93.250 shares of common stock. Registration fee of $25
paid the Commission indicates total aggregate proceeds are not to exceed
$250,000. M. L. Savage. Helena, Mont., is President, and Lee Thorpe,
Spokane. Wash., Secretary-Treasurer. Balch-Russell Co., Spokane,
Wash.. are underwriters.

is $25. F. W. Miller and C. H. Jennings, both of Denver, are President
and Secretary, respectively.
Nevada Pacific Ranches, Inc. (2-234), Salt Lake City, a Delaware corporation operating sheep and cattle ranches, proposes to offer $1,500.000
preferred stock, paying the Commission a registration fee of $150. Officers are: Dr. E. R. McClure and Dr. W. M. Griffith, Salt Lake City,
President and Secretary-Treasurer.
Penn-York Oil &Gas Corp. (2-243), Olean, N. Y., a Delaware corporation
producing crude oil,-proposes to offer 200,000 shares of class A preferred
stock of $1 par value, paying the Commission a registration fee of $25.
Principal underwriter is Robert W. Morris, New York. Officers are:
M. M. Fulkerion, Olean, N. Y., President, and H. A. Meldrum, Buffalo,
Secretary.
Luther E. Todd and Others (2-239), St. Louis, a committee calling for
deposits in the reorganization or readjustment of Condie-Bray Glass &
Paint Co., St. Louis, manufacturer of paint, glass and kindred products,
the issue comprising 6% first mortgage serial gold bonds in the amount of
$61,000 par value now outstanding out of original issue of $175,000 par
value. Registration fee, $25. Committee members are: L ther E. Todd,
Secretary of the Board of Finance of the Methodist Episcopal Church,
South: H. Guy Study, architect, and Richard T. Dunn, drug manufacturer,
all of St. Louis.
The Trinity Corp. (2-233), Kittery, Me., a Maine corporation, engaged
In mining and treatment of gold, silver and copper-bearing ores. The
company owns property in California and Maine. Amount of offering,
$260,000 in common stock. Fee paid the Commission,$26. Among officers
are. Richard Pinksohn, Brookline, Mass., President, and Richard J.
Burton, Boston, Secretary-Treasurer. Underwriters are: Richard J.
Burton & Co., Boston.
United Capital Corp. (2-244), Augusta, Me.. a Maine corporation engaged
in general financing, especially rediscounting the accounts of, lending
money to, and selling securities of. and assisting small loan or "personal
finance" companies, Amount of offering is 51,200.000 In $3.50 dividend
cumulative preferred stock and class A common stock. Fee paid the
Commission, $120. Richard Stockton 6th, Trenton, N. J., and P. G.
Moehringer, New York, are President and Secretary, respectively.
United Investors Corp. (2-235), Des Moines, an Iowa corporation, an
investment company holding a diversified list of securities. Amount of
offering, $1.254.736 in common stock. Fee paid the COMMISSioll is $125.47.
Officers are: Luther L. Hill, President; D. J. McMurray, Vice-President-.
Treasurer, and S. M. Lorenz, Secretary, all of Des Moines, McMurray
Hill & Co., Inc., Des Moines, are underwriters.
Western Reserve Brewing Co. (2-230), Warren, Ohio, an Ohio corporation
engaged in the manufacture and sale of beer, proposes to issue 550,000
shares of no par common stock at $1 a share, having paid the Commission
a registration fee of $55, indicating total aggregate proceeds are not to
exceed $550,000. Among officers are: Peter J. Corti, Youngstown,
Ohio, President, and J. K. Anderson, Warren. Ohio, Secretary. M. B.
Bowman & Co., Toledo, Ohio, are underwriters.

The filing of 16 registration statements under the Securities
Act and representing more than $18,000,000 in new securities
issues, was announced on Oct. 3 by the Federal Trade
Commission. On that date the total amount of securities
registered totaled upward of $243,000,000. The list of
registration statements announced Oct. 3 follows:

Monetary Inflation a Danger to Workers, According

Alpha Distributors. Inc. (2-231), New York, a Delaware corporation,
dealers in securities of every kind and nature, propose to issue 200,000
shares of participating preferred stock of a par value of $10 a share, and
20.000 shares of common stock or voting trust certificates representing
common stock at a par value of $10 a share. Registration fee paid the
Commission is $220. Among officers are: R. C. Russum, Forest Hills.
L. I., President, and E. W. Korsmeyer, Forest Hills, L. I., SecretaryTreasurer.
Basin Goldfields, Ltd. (2-242). Butte, Mont., a Montana corporation
engaged in mining, proposes to issue 553,793 shares of common stock which
Is expected to net the company $85.379. Fee paid the Commission is $25.
Among officers are: A. P.Peake, President, and Ernest Dorais, SecretaryTreasurer, both of Butte, Mont. Underwriters are: .
Butte Copper
Consolidated Mines, Butte, Mont.
James B. Beam Distilling Co. (2-245), Clermont. Ky., a Kentucky corporation maintaining and operating distilleries, proposes to offer 50,000
shares of preferred stock at $20 per share, having paid a fee of $100 for
registration. Kerfoot, Leggett & Co., Chicago. are the principal underwriters; James B. Beam, Bardstown, Ky.. is President; T. J. Beam.
Clermont, Ky., Secretary-Treasurer.
Bloom Lake Consolidated Mines, Ltd. (2-237), Toronto, Canada, an Ontario
corporation, miners of gold: amount of offering, $225.000, fee paid the
Commission, $25. Among officers are: J. H. Dixon, President, and
B. S. Sheldon, Secretary-Treasurer, both of Toronto.
Cariboo Amalgamated Gold Mines, Ltd. (2-240). Vancouver, B. C., a British
Columbia, Canadian, corporation operating mining properties, proposes
to offer 500,000 ordinary shares of stock, the company paying the Commission a registration fee of $25, which indicates total aggregate proceeds
as not to exceed $250,000. Principal underwriters are: Gold Securities,
Ltd., Vancouver, B. C. Officers are: William Marr Crawford and
Walter Fitz Osborne, both of Vancouver, President and Secretary. respectively.
Chattanooga Brewing Co. (2-232). Chattanooga, Tenn., a Tennessee corporation engaged in brewing and selling beer, proposes to offer 265.000
shares of common stock at $1.25 per share. Registration fee paid the
Commission is $33.13. Officers are: Charles Reif, Lookout Mountain,
Tenn., President, and Harry Winer, Chattanooga, Secretary-Treasurer,
City Farmers Fund (C), Inc. (2-236), New York, a Delaware corporation
investing in stocks, bonds and mortgages, proposes to offer stock subscriptions at a price which will not exceed $2,000,000: bonds. $5.764,200.
Registration fee is $777. James H. Perkins and George C. Barclay. both
of New York, are President and Secretary-Treasurer, respectively.
Fifteen West 81st. Si. I3ondcnoners Elected Committee (2-238), New York,
a committee calling for deposits in the reorganization or readjustment of
Webster Investing Corp.. New York, a New York real estate corporation,
the issue comprising first mortgage fee 6% sinking fund gold bond certificates in the amount of $2,500,000. Registration fee paid the Commission is $77.50. The committee consists of the following: Charles K.
Kerby, real estate dealer; Samuel H. Kaufman, attorney; Louis Karasik,
attorney, and Harry Merdinger, accountant, all of New York City.
Miller-Ryan Trading Corp. (2-241). Denver. a Colorado corporation buying
and selling securities listed on the New York Stock Exchange, proposes
to offer $25,000 common stock. Registration fee paid the Commission




The last previous list of registration statements filed with
the Commission was given in our issue of Sept. 30, page 2390.
to H. H. Heimann of National Association of
Credit Men.

Salary and wage earners must bear the brunt of any
monetary inflation program, thus vitiating the proposed
benefits of such movements at the very start by clipping
the purchasing power of this great class, according to a statement issued Oct. 2 by Henry H. Heimann, Executive Manager of the National Association of Credit Men, in his
monthly letter to the nearly 20,000 members of his organization distributed in every State in the Union. Warning
of the danger of inflation, Mr. Heimann likened the general
scheme to the chase of the hounds after thermechanical
rabbit, the mechanical "bunny" being the rainbow of hopes
embodied in the inflationary plans and the hounds being
the salary and wage workers trying to make ends meet as
they face rapidly advancing prices. He declared:
Even those who are friendly to the idea of money inflation recognize
that such a program does contain many dangers. If we could be certain
that inflation would bring about the desired results, we might accept the
chance of facing the dangers. There is no assurance, however, that inflation will cure the ills which it is designed to cure. The usual history of
Inflation movements has been that those who seemed at first to benefit
have ultimately suffered In the reaction which is so likely to follow. For
that reason, if for no other, money Inflation projects should be looked upon
as no more than a last resort to be considered for use only after all other
methods of stimulation have definitely failed. We are seeing some credit
expansion, but it is well to remember that there are certain principles of
sound credits which must be followed if we are to avoid later unfavorable
reactions.

Warning of the danger of high taxes as a deterrent to the
business program, Mr. Heimann said that it is not even
now too early to call attention to need for drastic reductions
in government expenditures. Continuing, he said:
Unless government drastically reduces its budget appropriations in the
next fiscal year. we are headed for trouble. Expenditures such as have
been made this year must be paid for in future years and a program looking
towards their payment must be initiated as quickly as a sound foundation
has been laid for a normal recovery.

He ventured the opinion that returns on capital investment in the next few years will be much more conservative
than in the last decade, but through the NRA and the
elimination of certain unfair trade practices, this reduced
capital earning will be much more stable. Long range
planning will be one of the factors in stabilizing business,
he said, but this does not mean governmental direction of •
business but rather business must do most of this far range
thought for itself. He also observed:
Such planning will involve a better balance between production and

consumption, provision for checking wlld and unreasonable expansion

Volume 137

Financial Chronicle

projects and a greater recognition of the nature and importance of sound
and reasonable credit standards. If nothing else should come out of the
emergency recovery program han an education of business leaders to the
value of this type of business planning, the recovery program will not
have been in vain.

NRA "Buy Now" Campaign to Begin Oct. 9—Drive
Will Stress "Self-Interest" in Purchasing Before
Prices Rise—Will Avoid Use of "Ballyhoo."
The National Recovery Administration "buy now" campaign, originally scheduled to start about Sept. 20, but later
postponed, will be officially inaugurated on Oct. 9, according to an announcement from NRA headquarters in Washington, on Oct. 1. The drive will have as its slogan "Now
Is the Time to Buy !", and the Committee in charge plans to
use statistics based on analyses of current conditions and
the operations of various codes to prove that "self-interest"
should induce consumers to "buy to the full extent of prudent
needs in the face of rising markets." Thousands of men are
returning to work, the announcement said, and pointed out
that the increased cost of production factors "must quickly
be reflected in higher prices if recovery is to be permanent."
The NRA stated:
Without the ballyhoo, red fire and hoorah of the ordinary drive, every
available medium—newspapers, magazines, radio and motion pictures—will
be utilized to reiterate that the inevitable result of a successful program to
put men back to work will be higher prices.

The NRA said that undue price increases will be closely
watched, and that public bearings will be held to investigate
charges that some manufacturers begin to "skyrocket" prices
on goods produced before codes or agreements become
effective. The Government's part in the "buy now" campaign was outlined in a letter to NRA committees throughout the nation, which said:
The efforts of the Federal Government in this buying campaign will be
largely directional and educational, with a view of correlating the great
merchandising capacity of American industry in a mass movement to stimulate trade.
It will act as a clearing house for the best ideas and plans initiated by
local communities, so that other communities may have knowledge of such
ideas and plans and make use of them if they so desire.
In other words, the Government will undertake to create a national psychology which will make the work of the local merchandising efforts easier
and more certain of success. But the actual job of stimulating trade in a
given community is the responsibility of that community.

Consumers' Advisory Board Against Price-Fixing Without Rigid Government Regulation—NRA Agency
Says Consumer Must Be Protected By Public
' Control of Competitive Industries—Forms Committee to Co-ordinate Agency Work—Statement
Outlines Policies and Functions.

Determined opposition to price fixing without rigid public
regulation for the industry concerned was expressed by the
Consumers' Advisory Board of the National Recovery
Administration in a comprehensive statement on its functions
and policies issued on Oct. 4. The Board stated that there
is reason for price fixing in the so-called "natural resource"
industries where there is adequate public regulation, but
declared that as to industry and business in general price
fixing is adverse to the consumers' interest. The statement
explained in detail the functions of the Board within the
framework of the NRA, and also announced a general
program of consumer education. The Board also announced
the formation of a committee from Government and other
standard-setting agencies, to plan a better utilization of
their facilities for the benefit of the consumer. In checking
the reasonableness of prices the Board will call on Government agencies to aid in preparing cost of living and wage
schedules as indexes of the Nation's purchasing power.
After mentioning the dual activity of the consumer as earner
and spender, the statement continued, in part:
"Reasonable prices, then, are the tonic to stimulate large volume of
sales; runaway prices are a poison to kill trade. If industries greedily gulp
overdoses of the tonic, convalescent business will have a relapse. .
"The function of the Consumers' Advisory Board is to see that attainment of a balance between industry and labor does not involve hardship
to the buying public."
On price fixing and related subjects the statement said:
"In some so-called 'natural resource' industries, consumers' long-run
interests have been poorly protected by entrusting prices to determination
by cut-throat warfare. There is a strong case for limiting competitive
price determination in these industries. But whenever there is a major
elimination of competitive safeguards for the consumer, it should be absolutely subject to one condition—that there be established adequate public
regulation for the industry concerned.
"As an approach to adequate public regulation, the Board has in mind
provisions for full and continuous access to records of prices, costs and
production by public representatives; and a code mandate to these public
representatives to report publicly to the President any fixation of prices
which they find to be unreasonable.
"There is a widespread feeling, both outside and within the NRA. that
the Recovery Act should be used for experiments with variants of price
adjustment falling between competition as practiced in the past and some-




2573

thing closely akin to public utility regulation. The Board's advisors are
asked to be open-minded in dealing with such proposals, to make the most
careful study possible of the peculiarities of the industry to which they
apply, and in gauging them, to give great weight to their potentialities in
generating greater consumption and output. It is more important now to
get goods produced and consumed than to insist upon minor details of
procedure.
"Since they are interested in National recovery, consumers do not
profit by cut-throat price wars. The CoAsumer's Advisory Board shares
the aim of industry to prohibit such practices. However, it distrusts pricefixing as an ostensible means to this end. The prohibition of sales below
cost, though less objectionable, involves such great technical difficulties
that the Board prefers that the specific cut-throat practice prevalent in
each industry be defined and forbidden. When cost-accounting systems
are provided as a basis for price regulation the Board insists that they be
gradually developed, subject to review by the Administration, and that
they be carefully scrutinized for hidden elements of monopoly and for
efforts to support the idle equipment of plants operating below capacity.
"The Board contends that minimum selling prices should not be based
on the average cost to the entire industry, since this would guarantee
excessive profits to the efficient. Such tendencies are decidedly contrary
to consumers' interests, and we believe that codes which prohibit sales
below cost of production should define cost specifically in terms of cost
to the individual concern. . . .
"Proper protection to the consumer obviously demands public representation on the authority, independent of both the labor and the industrial
groups there represented. The Consumers' Advisory Board not only asks
that public participation be guaranteed in future code administrations,
but also seeks to have approved codes amended to include it.
"In addition to this code work the Board has undertaken a project to
promote better commodity standards. To this end it has set up a special
committee, representing the Board itself, the Bureau of Standards, the
Bureau of Home Economics of the Department of Agriculture, the American
Bureau of Home Economics and the consumers' counsel of the Agricultural
Adjustment Administration. The aims of this committee are:
"(1) To study the adequacy of existing standards.
"(2) To make a survey of Governmental and industrial standardsetting agencies.
"(3) To formulate a policy on the place of the Government in regulating
consumer standards.
"In every phase of its work—pre-code, code administration, and consumer education—the Consumers' Advisory Board is motivated by the
conviction that the full effectiveness of the recovery program depends
largely on the concerted effort of industry to give consumers the fairest
prices and the best quality possible."

Railroad Credit Corporation to Make Third Repayment on Oct. 16—Represents 2% or $1,473,000—
After Oct. 16 Payment Total Repaid Amounts to
$5,205,449.

The Railroad Credit Corporation, which was set up by
the railroads to administer funds derived from emergency
rates granted by the Inter-State Commerce Commission
under Ex • Parte No. 103, and which is now engaged in
liquidating its affairs, will make another repayment of 2%
to participating carriers on Oct. 16, the Corporation
announced Oct. 4, adding:
This repayment will amount to $1,473,000, of which $607,000 will be in
cash and $866,000 will be in credits.
Including the repayment to be made on Oct. 16, there have been three
authorized distributions so far made by the Railroad Credit Corporation
amounting to $5,205,449 or 7% of the fund contributed by the participating carriers.
The report showing financial condition of the Corporation as of Sept. 30
1933 was filed with the Inter-State Commerce Commission to-day.
In a letter addressed to the chief executives of the participating carriers
and accompanying the report, E. G. Buckland, President of the Railroad
Credit Corporation. said:
The Board of Directors has authorized, as distribution No. 3, a repayment to the participating carriers of 2% of the contributed fund as of Sept.
30 1933. This distribution, to be made Oct. 16 1933, will, in round figures,
amount to $1,473,000. of which $607,000 will be in cash and $866,000 will
be credits.
The three authorized distributions are equivalent to 7% of the fund or a
repayment to the participating carriers of $5.205,449; cash repayments
totaling $2.147,302 and the remainder, or $3,058,147. being creditable on
obligations of carriers indebted to the fund.

The Corporation's statement of condition as of Sept. 30
follows:
REPORT TO INTER-STATE COMMERCE COMMISSION AND
PARTICIPATING CARRIERS AS OF SEPT. 30 1933.
Net
Change During
Balance
Sept. 1933.
Sept. 30 1933.
Assets—
Investment in affiliated companies (loans
outstanding)
—$25,000.00
$70.068.671.36
Clash
806,731.20
726,061.58
Petty cash fund
25.00
Special deposit (reserved for taxes, &c.)
—807,812.50
695,762.50
Miscellaneous accounts receivable (due
from contributing carriers)
—27.73
91,946.34
Interest receivable
—78.470.92
413,187.55
Unadjusted debits
188.824.88
52,895.00
Expense of administration (Jan. 1 to Sept.
30, including 1933)
102,745.04
11,820.31
Total
—$120,534.26
$72.367,893.87
Liabilities—
Non-negotiable debts to affiliated cos
—$271,596.62 470,631,395.13
Unadjusted credits
438,743.57
52,894.19
Income from funded securities (interest accrued on loans to carriers)
1,210,231.26
94.114.34
Income from unfunded securities and accts.
(Interest on bank balances, &c.)
86,323.91
4,053.83
Capital stock
1,200.00
Total
$72,367,893.87
—$120,534.26
(a) Emergency revenues to Sept. 30 1933.375,425,428.51 — Denotes dec.
Less refunds for taxes_ _$1.061.858.93
Less distributions Nos.
1 and 2
3,732,174.45 4.794.033.38
$70,631.395.13
Approved:
Correct;
E. It. WOODSON, Comptroller.
A. B. CHAPIN, Treasurer.
Washington, D.0., Oct. 1 1933, No. 19.

2574

Financial Chronicle

Selected Income and Balance Sheet Items of Class I
Steam Railways for July.

The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of July.
These figures are subject to revision and were compiled from
145 reports representing 150 steam railways. The present
statement excludes returns for Class I switching and terminal
companies. Data for this class of roads were included in all
published statements prior to January 1933. The report
in full is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS).
Income Items.
For the Month of July.
1933.

For the Seven Months.

1932.

1933.

Net railway operating income. 64,307,074 11,287,402
Other income
16,513,111 15,086,820
Total income
Rent for leased roads
Interest deductions
Other deductions

216,737,483
104,309,835

1932.
$
120,900,234
119,871,145

80,820,185 26,374,222 321,047,318 240,771,379
11,380,223 10,817,286
76,528.105
74,697,413
44.305,587 44,181,142 310,480,032 307,645,678
d4,393,544 2,183,795
7,196,506
14,550,385

Total deductions
51,292,266 57,182,223 394,204,643 396,893,476
Net income
29,527,919 d30,808,001 d73,157,325 d156,122,097
Dividend declarations (from
income and surplus):
On common stock
639,969
20.000
27,859,478
41,541,251
On preferred stock
509,835
570,735
7,263,814
10,233,542
Balance Sheet Items.
Balance at End of July.
1933.

1932.

Selected Asset Items—
Investments in stocks, bonds, dtc., other than those of
affiliated companies

744,744,843

Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets

278,369,820 246,516,029
41,708,208
34,489,367
41,910,582
25,054.274
21,390,109
27,597,887
10.543.609
19,385,880
53.491,311
44,034,915
47,385,918
36,702,582
134,639,854 145,843,474
291,900,763 340,557,302
35,368,272
31,339,976
2,042,204
2,010,368
6,445,677
7,074,690

Total current assets

$
762,692,355

965,196,327 960,606,744

Selected Liability Items—
Funded debt maturing within six months*
Loans and bills payable_a
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
TInmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities

101,010,702

93,326,908

338,790,657 270,754,834
72,979,342 62,146,892
198,825,984 211,134,390
55.496,590
55,554,398
188,743,551 146,473,538
7,782,651
9,566,499
98,249,746
50,405,818
967,617
1,218,323
108,511,766 106,424,496
23,291,845
23,875,202
15,400,797
15,601,737
1,109,040,546

953,156.127

•Includes payments which will become due on account of principal of long-term
debt (other than that in Account 764. Funded debt matured unpaid) within six
months after close of month of report. a Includes obligations which mature less
than two years after date of issue. d Deficit.

State Bank Supervisors Endorse Insurance of Deposits
—Senator Vandenberg in Defending Proposal
Criticizes Opposition Voiced at Convention of
American Bankers' Association.
In annual convention at Chicago on Sept. 12 the National
Association of State Bank Supervisors, representing the 48
States, reversing the stand taken by the American Bankers'
Association at its convention earlier in the month, went on
record as being in sympathy with a temporary deposit insurance plan. The Chicago "News," reporting this, said:
The action was taken as an amendment to a resolution to send a committee to Washington to urge that State Bank Commissioners or other
local officials be given the power to determine what nonmember banks
shall be admitted to the Depo,it Insurance Corporation.
Both the resolution and the amendment were passed after the latter
had been offered by J. S. Love, Mississippi State Bank Commissioner.

The action of the Supervisors followed an address by
Senator Arthur H. Vandenberg of Michigan, who denounced
bankers for their objection to such insurance. From a
Chicago account Sept. 12 to the New York "Journal of
Commerce" we quote:
Scores Bankers.

Senator Vandenberg denied that several thousand banks now operating on
a restricted basis would be disqualified from joining the deposit guaranty
and stated that requirements would not be so stringent as to exclude many
State banks as was initimated at the A. B. A. convention. Continuing,
the Senator said:
"The State guarantees had no backlog of resources and credit for the
hour of stress. The Federal insurance is capitalized with truly prodigal
reserves. The initial fund is 5290,000.000 before a single penny of insurance premiums is paid. Its temproary borrowing capacity will exceed
31.000,000,000."




Oct. 7 1933

'While the final action of the Supervisors expressed their
sympathy with a temporary deposit insurance plan, they
were reported in the Chicago "News" as outspoken on Sept.
11 against the proposal. In part that paper in its Sept. 11
issue, said:
The Supervisors, in session in Chicago to-day, have not yet taken a vote
on the deposit guaranty features of the 1933 Banking Act. but Robert C.
Clark, Montpelier, Vt., the President of the Association, in his opening
address at the Congress Hotel, minced no words in his criticism.
"Certain changes meet with the full approval of all of us. Others create
grave misgivings. The guaranty of deposits has been a dismal failure
wherever tried. Is there any reason to believe that membership in the
Federal Reserve System and the resulting control by the Federal Reserve
Board at Washington will make possible the elimination of most of our
bad banking and incapable bankers?
"It is to be expected, of course, after the thorough purging process
through which our banks are now being put, that there will be a period
of freedom from serious banking trouble. But it seems almost too much
to expect of human beings that the Federal Reserve officers will be able
constantly to detect mismanagement and hishonesty with sufficient promptness to save us from crippling failures in future years.
Depositors' Doubts Indicated.
"That membership in the Federal Reserve System is no guaranty of
soundness or of good management, the banking holiday and its succeeding events prove. Will there be better results for the depositors under
Federal insurance of deposits than there has been without any guaranty
or with the numerous State guaranty funds?
"If not, there will be an attractive field for the bank which voluntarily
withholds itself from participation in the insurance plan and appeals to the
public on some other basis of safe operation. When the depositors realize
that the guaranty is conditional on the right of unlimited assessment
on the good banks to make up the losses of poorly managed banks, there
are many of them who will prefer to trust the bank officered by men well
known in the community as honest, prudent and endowed with good judgment.
"Partnership in bank deposit guaranty with bankers far removed from
home may not look attractive to the depositor in its last analysis. The
uninsured banker will, however, be forced to adopt an ultraconservative
policy and take his depositors unreservedly into his confidence as to the
nature and security of his investments. Safety and ample reserves will
have to be his constant watch-words and quality of investments must be
put before size of deposits.
"Will it be possible for the smaller State banks to function normally
under deposit guaranty as now outlined, without danger of larger numbers
of them being eliminated?" he was asked privately.
"Yes, if the Act is fairly administered," he said.

As to the action taken by the Supervisors, on Sept. 12
the Chicago "Daily Tribune" had the following to say:
Expressing alarm at the possible consequence if the State non-member
banks are not given "sympathetic" consideration under the deposit guaranty
plan, the Association named a committee of 13 members to represent the
interests of the State banks in Washington.
Cummings Asks Co-operation.
The Commission was named following the receipt of a telegram from
Walter J. Cummings. Chairman of the FDIC, urging the State officials to
co-operate with the Corporation and suggesting the appointment of such a
committee.
Speakers at the convention declared that many State banks would be
denied admission to the FDIC if they were examined by Federal authorities
without consideration of local conditions.
One of the speakers who warned against the dangers of "hard boiled"
examinations under the deposit plan was Frank H. Schrenk, President of
the North City Trust Co.. Philadelphia, and Chairman of the National
Depositors' Committee.
Sounds a Warning.
"On Jan. 1," he said. "the Federal deposit guarantee of deposits goes
into effect. If a substantial proportion of the 8,000 commercial State
banks not members of the Federal Reserve System are not approved for
insurance by the FDIC, we will undoubtedly witness another bank panic."
In promising co-operation with the Federal authorities the supervisors
announced they would furnish the FDIC, the Federal Reserve banks,
and the Reconstruction Finance Corporation all available information "to
enable them to fairly and intelligently pass on the qualifications of the
State bank desiring to come under the insurance provision of the National
Banking Act."
Members of Committee.
The committee of 13, all State bank supervisors, including one representative from each Federal Reserve district, Is as follows:
William H. Kelly, New Jersey, Chairman,
William D. Gordon. Pennsylvania.
E. H. Luikart, Nebraska.
Howard H. Hansen, Washington,
L. J. Love. Mississippi.
R. E. Reichert, Michigan.
Arthur Guy, Massachusetts,
Gilbert Semingson, North Dakota.
I. J. Fulton, Ohio.
M.E. Bristol, Virginia.
J. S. Brock, Louisiana.
W. J. Barnett, Oklahoma.
Joseph A. Broderick, New York Commissioner, as committeeman-atlarge.
J. S. Brock, Baton Rouge, La., was elected President of the Association,
succeding Robert C. Clark of Montpelier, Vt. Other officers named are
R. E. Reichert, Michigan, First Vice-President; Dr. D. W, Gordon, Pennsylvania, Second Vice-President; Howard H. Hansen, Washington, Third
Vice-President. and B, N. Sims, New Orleans, La., Secretary Treasury.

Senator Vandenberg declared that "what this country
needs to-day more than anything else on earth is a restoration
of normal banking functions." "Without it" he said "the
NRA sooner or later confronts a stone wall." He added:
"Deposit insurance is the most important of all our National recovery movements. It is the paramount necessity."
Senator Vandenberg, it may be noted, had a part in the

Volume 137

Financial Chronicle

•
drafting of the legislation, and a reference thereto appeared
in his address as follows:
We must avoid the vice of competition for these insured deposits. Indeed, the elimination of this vice will protect the undertaking from its one
greatest danger. The so-called "Vandenberg Amendment:" under which
the $2,500 formula will be initiated on Jan. 1. contained a mandate of this
proposition in the form in which it originally passed the Senate. It disappeared in conference between the House and Senate. I am sure it can
reappear, however, in the regulations promulgated by the FDIC.

In response to a request that we publish Senator Vandenberg's defense of Federal deposit insurance, we give his
address in full herewith:
I propose this morning to defend the general principle of bank deposit
Insurance as established in the Banking Act of 1933 with the almost unanimous bi-partisan approval of the American Congress. More particularly
I shall undertake to demonstrate that the so-called emergency insurance
formula which becomes effective next New Years is a National necessity
from every standpoint of sound public policy and of a just regard for the
rights and security of 40,000,000 depositors. My text is this: "The
savings of America must be made safe." Incidental to this discussIcn
but illuminating the type of often ill-advised and short-sighted opposition
which this progressive movement has had to battle from the first hour
of its inception, I shall analyze the static attitudes of the American Bankers'
Association as disclosed in its fruitless and futile National Convention
in Chicago one week ago.
Let there be no mistake about my prospectus. I freely recognize that
bank deposit insurance is a controversial subject upon which sincere
opinions may honestly and prayerfully differ. I have every tolerance
for the clinic which probes for authenticated facts however hostile in
their proven challenge. I emphatically applaud constructive criticism
which would protect this great social experiment against the hazards of
erroneous administration. It is no sinecure. Its formula is not even
remotely sacrosanct. But I confess to impatience with those obstructive
viewpoints which merely chant the thread-bare litany of traditional objections that might have been respectable in B. 0. days—which is to say,
Before the Crash—and that make no apparent effort to understand how
earnestly and, we hope, successfully the authors of this new banking
dispensation have protected the new program against these ancient ills.
One spectre dominates all others and is forever the chief horror in this
frightening parade of ghosts. At the outset, therefore, let me hasten
to say that I completely concur in any and all the complaints which may
be resurrected against the colossal and tragic failures that were registered
in every State which launched itself upon the treacheries of a State guaranty
of bank deposits. I should incorrigibly oppose any 111-starred efforts
to renew these calamitous State guarantees. They contained the seeds
of their own destruction. But let me also hasten to add, lust as emphatically, that there is no logical relationship between these old State
guarantees and this new Federal insurance: no analogy: no parallel, and
no reason to confuse the mortality of the former with the vitality of the
latter. Indeed, I shall undertake to demonstrate that the fatal infirmities
of the one are conspicuous only by their total absence in the other.
In the first place, the State guarantees involved purely localized and
concentrated risks which thus geographically invited the collapse of all
if there was a collapse in one. Federal insurance, on the other hand,
faithfully reflects the cardinal principle of diffused risks which is the
time-honored and approved re I mce of all sound insurance in all other fields.
In the second place, the State guarantees involved complete protection
for all banking resources thus largely eliminating the crucial element of
direct and individual banking responsibility from the banks and bankers
themselves. Federal insurance, on the other hand, leaves the individual
bank and banker so seriously responsible for such a preponderance of
their resources that there is no appreciable immunity at all.
In the third place. the State guarantees were loosely administrated and
were freely opened to multitudes of new and needless banks which produced a fatal orgy of unrestricted competition. Federal insurance, on the
other hand, will be firmly handled and is but one factor in a new statutory
regime which alms at enforced soundness both in bank popylation and
In bank practice.
In the fourth place, the State guarantees had no back-log of resources
and credit for the hour of stress. Federal insurance, on the other hand, is
capitalized with truly prodigal reserves. The initial fund is $290.000.000
before a single penny of insurance premiums are paid. Its temporary
borrowing capacity will exceed a billion dollars.
These and other pertinent distinctions separate the two contemplations
as completely as the poles. Yet Federal insurance is lynched for the sins
of the old State guarantees every time the problem is adversely dissected.
It would be as logical to say that because some old State bond issues once
defaulted, there can be no integrity in the bonds of the Government of
the United States.
It will greatly facilitate our healthy thinking if we can clear away all such
debris and assess this tremendous new problem—born of new necessities
which it is simply silly to ignore—upon the wholesome basis of reality and
truth. By all means let us take advantage of every lesson that was painfully learned hi the crucible of these earlier experiments. I shall myself
point out presently one such lesson in this immediate connection which still
remains to be observed. But the still larger and still more poignant banking
lessons of the last two years also cry out to us that they, too, shall not be
Ignored. They cry out to us for a new element of depositor protection to
the end that the savings of America shall be made safe. They cry out to us
for "bread." At our peril, we shall still give them the same old "stone."
Let us be sure that we understand precisely what it is that we discuss.
Here is a quick summary of the new Section 12B of the Federal Reserve
Act as created in the second half of Section 8 of Public No. 66 of the 73rd
Congress, approved June 16 1933, and known as the "Banking Act of 1933."
It creates the FDIC to be managed by the Comptroller of the Currency
and two other directors who are nominated by the President and confirmed
by the Senate. The immediate personnel of this Directorate is as follows:
Comptroller J. F. T. O'Connor who already has demonstrated his sturdy
loyalty to the deposit insurance idea; Walter J. Cummings of Chicago who
has been an executive assistant to the Secretary of the Treasury in charge
of bank reorganizations since March 4th and who has shown a distinctly
refreshing liberality of vision in dealing with his responsibilities; and E. G.
Bennett of Ogden, Utah, whom I am reliably informed, is a banker of
experience and vision. Into these non-partisan hands is committed the
organization of the Corporation and the management of the Fund.
The Corporation is initially capitalized with an appropriation of $150,000,000 from the Federal Treasury to be represented by 6% cumulative
dividend stock: and with one-half of the surplus of the 12 Federal Reserve
banks as of Jan. 1 1933, to be represented by non-dividend stock. This
surplus totaled $278.500.000. Therefore the subscription is $139,299,500.
For simple figuring call it $140,000.000. Thus the complete initial capitalization furnished by the Treasury and the Federal Reserve is $290.000.000
After July 1 1934, all insured banks become stockholders In the Corporation, paying therefor % of 1% of their total deposit liabilities, the




2575

actual call being for one-half of this sum. Banks receive a 6% cumulative
dividend stock in the amount of this subscription which is adjusted from
year to year to reflect the Increase or decrease in deposits. On the other
hand whenever the net debit balance of the Insurance Fund exceeds % of
1% of the total deposit liabilities of all insured banks, these banks are liable
to another assessment of % of 1%. But the corporation is authorized to
borrow three time the amount of its capital—a truly enormous sum—if
necessary to conduct its operations at any given time: and it Is a reasonable
expectation that the normal cost of deposit insurance will not ask of insured banks in excess of % of 1% per annum. I shall presently demonstrate
that the cost is likely to be less rather than more.
Now when an insured bank is closed—I am omitting technical details for
the sake of this bird's-eye view—the Corporation acts as Receiver. Promptly
it provides the necessary cash and credit to open a new bank which immediately releases the insured deposits; and within two years this new bank
does one of two thing: (1) liquidates and goes out of existence or (2) expands its capital through the public sale of stock and embarks upon a
general banking business, or transfers its complete set-up to another going
bank. Meanwhile the Corporation is the receiver for all closed insured
banks and the management of this trust permits it, on the one hand, to
reduce to a minimum the net debit liability in each closed bank, and on the
other hand to earn the fees which, with the earnings on the Corporation's
enormous capital funds, will produce ultimate dividends upon the Corporation's stock. But these particular dividends, whether apparent or
not, are utterly secondary to those deeply significant and utterly precious
dividends which are embraced within an effective protection against bank
runs, against hoarding, against those banking fears which prevent a normal
profit-producing flow of bank credit to bank borrowers, and against the
social tragedies which plague communities in the wake of banking calamities.
So much for the general structure and the modus operand!.
The actual operation of the deposit insurance law falls into three separate
periods or eras. I ask you to pay particular attention to these divisions
because they become particularly significant in my subsequent analysis.
The first era is from Jan. 1 1934 to July 1 1934. unless either or both
of these dates are advanced by Presidential proclamation. During this
first six months, the Corporation operates what is termed a temporary
insurance fund. It is created in the spirit of the Nation's emergency and
it is the intent of Congress that it shall be administered with that rational
liberality which the successful defeat of emergencies requires. Every
member bank in the Federal Reserve System which has been licensed by
the Secretary of the Treasury automatically becomes a member of this
temporary fund. Any non-member State bank becomes a member of the
temporary fund when certified as solvent by its own State banking authority
"after examiniation by, and with the approval of, the Corporation." It is
my own view that it is the intent of Congress at this point that the certification by State authority shall constitute prima facia eligibility. This
temporary fund, during this six months, insures deposits only up to $2.500.
The insured banks pay % of 1% upon their insured deposits only (one-half
of this sum being actually called) and are liable for one additional assessment
of similar size. Any excess in the fund is returned pro rata to its subscribers
when the temporary fund merges into the general Corporation on July 1.
This, then, is the first era. Six months from Jan. 1 1934. Insurance on
$2.500 of deposits only. Federal Reserve member banks and non-member
banks eligible.
The second era is from July 1 1934 to July 1 1936. Banks now must
become stockholders in the Corporation on the basis previously outlined.
All such banks, whether members of the Federal Reserve System or not must
pass an examination to qualify; and this examination must disclose assets
sufficient "to meet all liabilities to depositors and other creditors." The
insurance in this second era covers all deposits up to $10,000; 75% of additional deposits up to $50,000; and 50% of deposits in excess of $50.000.
The third era starts on July 1 1936. The general provisions are the same
as during the second era. The difference now is that all insured banks
must be members of the Federal Reserve System. As the legislation was
originally drawn this compulsion would have started July 1 1934. The
additional two years was ultimately ordained in order to permit more adequate and more orderly attainment of Federal Reserve elegibility before
the banking of the Nation shall be unified, virtually by force, through the
Federal Reserve as the compulsory melting pot.
This, then, is the picture to which we address our consideration. I say
to you frankly that I am less concerned at the moment with the second and
third eras—which is to say, with the permanent formula which is effective
subsequent to July 1 1934—than I am with the first era and with the
emergency formula which takes life next New Years. There may be a
personal reason for this attitude; namely, the fact that I was the author of
the emergency formula and that it is known as the so-called "Vandenberg
Amendment" to the "Banking Act of 1933." But there also are impersonal
reasons which I believe are invincible. I refer to the fact that the emergency
formula, applicable only to deposits up to $2,500, is a more limited experiment and therefore proportionately less vulnerable to whatever valid objections may be raised against the general principle. Indeed, under all
existing circumstances in the Nation's banking perplexities, I dare to say
that no valid objections can be sustained against this limited experiment.
It is decidely limited in total insurable risk because, on the basis of Federal
Reserve statistics, it will apply only to 23%% of the banking resources of
the country. Yet in numbers of accounts it will apply to 963 % of all
the bank depositors in the United States. In other words, it will cover
the deposits of the great mass of our citizenship where hysteria most easliy
generates the deadly bank run, and where the crucifying social tragedies
occur when banks suspend and their deposits freeze and then disintegrate.
As respects this mass of common depositors—this reservoir of America's
savings—the very lifeblood of the Nation and the hearts and hopes of its
vast sustaining citizenship are at stake. In the presence of such a contemplation I do not care the snap of my finger for the personal prides or preferences of any banker or any set of bankers however formidable. It is the
obligation of the Federal Government to make these mass savings of mass
America immutably safe. Otherwise we might see a black day when not
even the Government itself is safe. We dare not impose too imprudently
upon the glorious patience of the American people. I am chiefly interested
In the limited emergency formula because it represents a maximum answer
to this social responsibility; yet a minimum speculation in terms of fiscal
risk.
4
Frankly, it is my view that the emergency formula would fully answer
the challenge of the hour if it were to become permanent formula, and
if it never graduated into those second and third eras to which I have
referred. At least, I should be quite content to let the emergency formula
develop a much larger and longer body of experience than will be possible
in six months before attempting subsequent enlargement. If such an
attitude had been voiced by the American Bankers' Association in its
convention last week in Chicago, it would have been a tenable request,
indicating some slight conception of the harrowed feelings which millions
upon millions of our people have suffered with amazing fortitude. It
would have suggested a far more sympathetic understanding of the purposes of those of us who are just as strongly wedded to the fundamentals
of sound banking as any of these irritated conventionalities.

2576

Financial Chronicle

I glory in the swift and conclusive answer that came promptly from the
new Comptroller of the Currency—I quote the Associated Press out of
Chicago on Sept. 7—that this deposit insurance is for these bankers' own
good whether they realize it or not, and that it is above all else for the
public good, and that opposition which seeks to postpone that which it
cannot defeat will be of no avail. Let a convention of depositors—instead
of a convention of a few of their larger bankers—meet and resolve upon
this problem, and the answer will be still swifter and still more conclusive;
and it ought to be.
I never discuss motives. None of UB has a monopoly on virtue. Furthermore, it would be utterly silly to pretend that there are not two perfectly
legitimate schools of divergent thought in respect to this deposit insurance
problem. I have complete respect for the opinions of others, however
hostile. I would not for the world be understood as quarreling with those
of you In this or any other convention who disagree with me upon the
basic merits of this detabable issue. That is not the point. The point
is that this Government is committed by legislation and by an overwhelming public opinion to some kind of a new warrant to make the savings
of America safe. Only an improbable special session of the Congress
could intervene—if it would, which I profoundly doubt—to stop the inauguration of the emergency insurance formula next New Years. I ask
that we shall face these realities with candor; that we shall leave offshadowboxing; that there shall be no more "vicious, unwarranted and untruthful
propaganda" (to quote the exact language of Comptroller O'Connor)
about this business; that we shall seek constructively to make this January
adventure as safe and as effective as is humanly possible for all our solvent
banks whether they are in or out of the Federal Reserve System; and then—
with experience instead of theory as a teacher—that we shall mold our
permanent insurance formula, in the second and third eras to which I
have referred, on the basis of developed facts. This, I submit, is the
constructive prospectus as distinguished from those destructive futilities
which still would like to defeat all efforts at deposit insurance, however
circumscribed and safeguarded. It is the reason, I repeat, why I am
solely interested, at the moment, in the so-called emergency formula—
the $2.500 formula, presumably open to all solvent banks—to which I
exclusively confine my defense and my appeal.
There is no doubt about the existence of powerful and perfectly understandable opposition, chiefly metropolitan, to all deposit insurance ideas
which might rob size of its hope to monopolize the psychology of safety.
There is no doubt about the existence of the movement. which Comptroller
O'Connor has defined, to scare the smaller banks upon the countryside
into a fear that they are to be forced out of business by the ruthless rigidity
of the deposit insurance eligibility requirements. As long ago as last
July 15, the so-called "Bankers Service Letter," published by the Rowley
Service Bureau at Madison, Wis., said the following to its clients:
"The big bank members of the Federal Reserve System have served
notice that they will not stand for a guarantee of deposits and if it is forced
on them they will leave the Federal Reserve System. The President never
did like it and he has set the machinery in motion to get rid of it. All
of the best informed bankers believe the guarantee of deposits will be
repealed by May 1st, next."
I immediately asked the Comptroller about that "machinery" and he
vehemently denied any semblance of its existence. Yet these reports
persist—without warrant and without authenticity, yet undoubtedly
originated, in the first subtle instance, by bankers who know exactly what
they want. I was even assured—solemnly and confidently—that the
directorate of the FDIC would be "stacked" with members who would
ruin the Bank Deposit Bill by their ruthless rules and regulations precisely as the administrators of the recent so-called Economy Bill blackeyed
it with their unanticipated and insufferable assault upon actual battle
casualties. Such a thing could be done. But I submit that our constructive task is to prevent such a catastrophe, If it were remotely to
Impend, rather than to conjure up the fear of it as a reason to desert the
entire undertaking.
The American Bankers' Association's hostile resolutions pontifically
announce that most of 2,700 banks now operating on a restricted basis
could not qualify for the emergency insurance and that nearly all of them
would be forced to suspend. I deny it—if the rules and regulations of
the FDIC respond to the spirit of the emergency formula as its authors
intend. Such banks do not need insurance upon their restricted deposits;
and I know of no reason why they should not have it on their unrestricted
portions of their deposits if they are solvent in respect thereto. Why
pretend that the question is already settled to the illogical disadvantage
of all concerned?
These resolutions declare that many unrestricted banks "are making
rapid gains in strength and liquidity"—mark that tell-tale word "liquidity"
—but that they "have little prospect of being able to qualify under rigorous
examination for deposit insurance." Who, speaking authentically for
the FDIC, has said anything about the resurrection of that horrible,
expensive and lethally deflationary "liquidity" test which needlessly
precipitated so much needless calamity last Spring? I fought such illogical
"rigors" then. I would fight them now. They, more than any other
single factor, are responsible at this present moment for drying up the
bank credit facilities so sorely needed to implement the NRA. Why
self-servingly presume that these "rigors" are to be renewed and at the
very moment when the President of the United States and all his fiscal
spokesmen are urging a renewal of these bank credit facilities—and therefore urging, by every implication, that the "rigors" of "liquidity" shall
be abandoned? What did Chairman Jesse Jones of the RFC say to these
bankers just a few moments before they paraded their ghosts? I quote:
"With deposit insurance"—I beg of you to get that implication in this
connection—"there will not be the occasion for such extreme liquidity."
Why,I respectfully but insistently inquire, should the American Bankers,
Association prefer to attack all deposit insurance on the theory that their
Government will use it to precipitate renewed "liquidity rigors" upon them
when one of the highest spokesmen for their Government has just told them
that deposit insurance will obviate all pressure in this malignant direction?
Again quoting Chairman Jones:
F "There is inconsistency in one branch of the Government asking the
.
banks to lend and to co-operate in the recovery program, while another
branch insists upon further liquidation."
Amen and again Amen. There are enough victims—and the poor depositors are always the final victims—already nailed to the bitter cross of
that brutal paradox. But why complacently assume that the "inconsistency" is to be renewed and perpetuated in the Insurance Corporation, at
the very moment when the paradox is condemned by one of the President's
spokesmen? Why attack the principle through the medium of an attack
upon its perversion? Why not constructively defend the principle and concentrate our offensive against the perversion? I agree that any such
perversion would be sheer suicide. But I disagree that any such perversion
is necessary—unless the conspiracy against this great progressive experiment unthinkably extends into the very realm of its highest management.
I take it that the A.B.A. did not intend that implication.
Again these hostile resolutions indicate that the only alternative to these
deadly "rigors" would be "lax and superficial examinations" which would




Oct.

7 1933

insure many institutions that "cannot rightfully qualify." I deny not only
the premise but the alternative conclusion. As an abstract proposition I
should say that any bank to-day which can "rightfully qualify" for the
privilege of receiving deposits should also be able, in kindred degree, to
qualify for this emergency insurance with its limited risk. Otherwise you
cannot escape from the correlary that we are more tender ofthe resources
of the Insurance Corporation—which is to say, the resources of our integrated banks—than we are of the resources of our depositor-citizens. Let
him embrace such a doctrine who may please. I decline the invitation. I
never have understood why the only safe banking is banking at the risk
and the expense of the depositor.
I want to be entirely practical about the matter. I realize that our 48
different State banking systems may represent 48 different standards of
liberality in assessing the eligibility of banks to operate; and thus that a
general Federal acknowledgment of all open banks would involve hazard.
Yet hazards, like everything else, are relative to-day; and for my own part
I should deem the hazard of a liberal rule—at least so long as we are dealing solely with this limited $2,500 formula—infinitely less than the hazards
either of an illiberal rule or of no insurance at all
Again, I stress the same old point. It is the course of highest wisdom and
loyalty to point out all the possible jeopardies inherent in this great adventure in behalf of some 40.000,000 depositor-citizens of the United States.
Nor would I ignore a single warning. But let them be stressed for the purpose of protecting the adventure rather than for the purpose of trying to
postpone or prevent the adventure.
Yes; there are some sincere and earnest souls troubled about it all. But
I beg of them so seek perspective in concluding an opinion.
A very fine banker with a very fine institutien in one of the smaller cities
of the country said to me the other day: "I abhor this deposit insurance
idea because, after I have spent 50 honorable years in proving my right to
be trusted in my community, this insurance robs me of this heritage and
promptly puts me and all my competitors on a common level and the public
hereafter can trust us all alike."
That is a perfectly human reaction. Perhaps there is an element of
inequity to this individual banker when he loses an earned advantage over
his less dependable competitor. But obviously his individual loss is the
universal and common gain for all of the depositors in all of the banks in
his community; and the time has come when banking, though left initially
in private hands, has come to be clothed with a paramount public interest.
It is a public trust long before it is a private business, and the elements
inherent in its latter character are completely subordinate to the common
weal. Furthermore. is not this so-called strong banker finally at the mercy
of the general banking situation in his community and ultimately at the
mercy of the banking situation in the country as a whole? How long can
he be immune to general trends? What happened to him last March?
In spite of his vaunted strength, did he not find himself reduced to a dead
level with all his competitors when the National moratorium took him by
the throat? Would he not be well advised to look first of all to the general
situation for his own immediate security?
And who, in the midst of our travail and uncertainties, cares to boast
with too much self-assurance that, though he may have escaped the baneful
vicissitudes of yesterday, he is entirely immune to the jeopardies of tomorrow? There Is a scriptual pride that goeth before a fall, and there is a
haughty spirit which precedes destruction.
Have not some of our so-called strongest banks been in desperate trouble?
Are not some of them still closed? In the moment of stress and crisis was
there any hesitation in turning to the Federal Government for aid? Was
there any unwillingness to use our common resources? Why,then, is it so
revolutionary for the Government to mobilize these common resources in
advance and dedicate them to a prevention of calamity? Just because we
happily are in a moment of comparative banking calm—although much
wreckage still remains to be cleared away—shall we complacently forget
the Ides of March?
A few weeks ago a staff writer on one of the great Chicago newspapers
headed a critical column of fiscal comment regarding the deposit insurance
law with this question:
"Will the sound banks of the Chicago District be drained to prop up
banks in other sections of the country?"
If my memory is not at fault these "sound banks of the Chicago District"—speaking in distinctly local Chicago terms—were very glad to accept
a "prop" from all the rest of us and to lean heavily upon our common
resources in an hour of critical emergency. That was as it should be. I
do not complain. But I do complain if the moral of that lesson and experience shall be forgotten the moment the emergency is past. It is a poor
"prop" that does not work both ways. Nothing but selfish and unreliable
opportunism would embrace a reliance upon our common rseources, and then
deny its use to others. American banking will not be left much longer at
the mercy of any such expedient equivocation.
Former President Sisson of the American Bankers' Association really
wrote last week's A. B. A. resolutions three months ago when he called
his colleagues to arms "to fight against deposit insurance to the last ditch."
I am quoting his message of June 15. "The strong banks should not be
assessed," he said, "to pay a premium for mismanagement." It is the
familiar theme song of this entrenched opposition. Always an emphasis
upon "strong banks." Always the inevitable implication that all others
are "weak banks." I shall not pursue a clinical analysis of these tensile
relationships. It might be illuminating or it might be dissillusioning.
I am content to say that the time has come when all banks which, under
the supervision of public authority, invite the deposits of the American
people must be "strong enough banks" to justify that sacred confidence;
and since we cannot hope that any human institution may be infallible,
we have no rational alternative but to provide a minimum of insurance
for the innocent victims if and when these human institutions occasionally
shall fail.
"Strong banks should not be assessed to pay a premium for mismanagement." I agree. But I respectfully rejoin that we have had entirely
too much banking "mismanagement" without any such "premium" as
that to which Mr. Sisson presumes to refer. A change in "premium"
is not calculated abstractly to be a change for the worse. On the contrary, no less conservative a banking authority than the eminent Senator
Glass vehemently insists that this deposit insurance program puts all
"management" under mutual surveillance, and creates a mutual vigilance
and censorship, in respect to management, which will put not a premium
but a powerful restraint upon "mismanagement" wherever it may exist.
Certainly the limited emergency formula—the $2,500 formula which
is the sole necessity for some time to come as I view the problem—leaves
banks and bankers amply responsible for their Own individual acts to a
formidable and significant degree. I repeat that although this formula
insures 963.6% of our depositors (using Federal Reserve criteria) it insures only 23%% of our banking resources. It leaves our banks and
bankers themselves responsible for the other 763e% of their resources.
It would be a strange derangement indeed which would drive a banker
into the abandonment of cautious management simply because he might
ultimately escape one quarter of his ultimate liability. The contingency
Is too remote for serious consideration.

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Financial Chronicle

Frankly, I do not believe that most of these critics have given close
analysis to the virtues of the emergency insurance formula. I believe
they are fighting against the subsequent and permanent formula which,
if need be, can be changed to suit the lessons of our experience after next
Jan. 1. I believe they are contending, rather ostrich-like, against the
general principle without open-mindedly attempting to determine whether
this initial and limited application of the theory may not be entirely safe
and entirely practical. I believe they are so imbued with that "last ditch"
idea that they have neglected to survey the more immediate terrain; and
I am persuaded that they have, wittingly or otherwise, entirely insulated
themselves against the righteous mandates of American public opinion.
In my view, such attitudes are as unfortunate as they are unwise. I
do not believe they are commended even by enlightened self-interest.
Let me illustrate this latter point. Bankers universally condemn the
postal savings competition. They correctly urge that these postal banks
sterilize the free funds of a community and completely withdraw them from
essential credit uses. Postal savings money is hoarded money, to all intents and purposes, so far as industrial and agricultural credit uses are concerned. It is dangerous competition for the normal and essential banking
functions of the Nation. The average banker would make almost any
reasonable concession to free himself from this competition. Yet—strange
anomoly—when he gets into convention he not only inveighs and resolves
against the postal savings but also just as enthusiastically he inveighs and
resolves against the only practical means for his relief therefrom!
When ordinary bank deposits are insured up to 32.500 (which is the
postal savings limit) as provided in the emergency insurance formula for
which I plead, there is no further excuse or necessity for the maintenance
of another warranted depositary. The demonstrated success of the former
will effectually argue for the discontinuance of the latter. On no other
basis—and you can set this down as an axiom—will the American people
or the American Congress ever curb or eliminate the postal savings system.
Nor is that all. There is a pronounced and growing school of thought which
wants to take all limit off of postal savings and then to open the system to
direct checking accounts. The safety trend, consulting the need to sanctify
the savings of the American people, is distinctively in this direction. In
my view, this is one of the only two alternatives with which American
banking ultimately will be faced. Deposit insurance upon the one nand:
or unlimited Government banking through the postal system, on the other
hand. Why not candidly face these realities and make a rational choice?
One ofthese days there will be no middle ground. It will be one or the other.
Gentlemen who oppose both will simply have no place to go. They will
exhaust themselves on the tread-mill of their own impotence. Would it
not be more sensible to choose the preferable alternative to-day, and then to
build wisely in the desirable direction? Is anything to be gained by ignoring
the realities? I cannot escape the conviction that the best thing for all
concerned is sympathetic and constructive co-operation in this initial deposit insurance adventure upon which the Government has determined
to embark and from which it will not be turned back.
There are those who fear the insufficiency of these proposed insurance
resources. Let me bring them a word of consolation. In my initial studies
of the problem: I caused some calculations to be made on the basis of insuring 75% of the time deposits of our banks. Here was the amazing disclosure, based upon the experience of Federal Reserve member banks for
.
the 17% years of the System's existence from 1914 to June 1932, which
Included two years of heaviest mortality. Figuring an average liquidation
recovery of 55%, which is extremely conservative, it would only have required an annual premium of about 1-16th of I% on deposits to have
paid all the losses. Was there ever a greater bargain overlooked in all
our history?
Suppose we undertake to translate that same calculation into the terms
of the pending emergency formula for the sake of whatever instruction it
may afford. The total resources of closed member banks were 51.800.000,000. If the deposits under $2,500 represented 23%% of these resources,
the insurable risk (on the basis of the pending emergency formula) would
have been $423,000,000. With a 55% recovery in liquidation, the net loss
to the insurance fund would have been 45% or $190,000,000 This would
have been an average of less than $12,000.000 per year. The capital structure of the new Federal Deposit Insuranre Corporation would earn that much
each year without any subsequent assessments at all. I repeat: was there
ever a greater bargain overlooked in all our history?
Perhaps these figures will be called fantastic in the light of our deadlier
banking experience since June 1932. Yet It may be said for them that 17%
years of experience, including nearly three years of the depression, ought
to be something of an average, normal criterion. Furthermore, these
losses would have been even less if we had had deposit insurance, because
any needless bank failure which was caused by an hysterical run (as many
are) would have been obviated. Undoubtedly the figures would be less
favorable if enlarged risks in the banking field outside and beyond Federal
Reserve member banks were assessed
Yet this contemplation is somewhat
offset by the fact that we now have run a ruthless banking laundry for
some time; that most bank values have been shaken down to bed rock:
that most of the major leases already have been assimilated; and that
there never could be a clearer or more favorable opportunity to accept the
deposit insurance risk. With the more rigid supervision bound hereafter
to be exercised, and with the protection against bank runs inherent in the
very nature of the deposit insurance law, I cannot escape the conviction
that there is a sound actuarial basis for this great enterprise in behalf of
the mass of America's depositors. I believe it will be a boon rather than
a burden to the banks themselves even as it is a benediction upon the people.
Whatever it costs. It will cost less than the price we have paid or the price
to be paid again some day for the lack of it. Indeed, no man can put a
price upon the incalculable value of banking security for the mass of our
depositors. No man can put a price on the value to the Nation of justified
and dependable banking confidence.
It is lack of banking confidence—no matter what the reason—which
drives money into hoarding; which thus forces the banker himself to be a
hoarder lest he be unable to meet his restless depositors' demands; which
thereupon dries up normal credit and strangles industry and agriculture
and employment; and which finally exhausts our bank credit currency—a
medium of exchange that is at least 100 times more important and pregnant
than our actual physical money. What this country needs to-day more than
anything else on earth is a restoration of normal banking functions in all
these interlocking phases. Without it, the courageous NRA sooner or
later confronts a stone wall. Without it, there can be no substantial
recuperation. Uncle Sam cannot substitute as the discount teller to serve
all the needs of commerce. The Federal credit itself would disintegrate
long before it had underwritten all of these requirements. We may temporize and experiment as we please, but the pre-requisite to America's
emancipation is the restoration of this banking function; and, in the last
analysis, It can spring only from depositor confidence, and this confidence
must be the substance rather than the shadow. Deposit insurance is the
most important of all our National recovery movements. It is the paramount necessity. This is my profound conviction. Therefore, I may be
pardoned the expression of my amazement that any great gathering of
leaders in any branch of American activity should resolve against the coming




2577

of this better day and urge that it be put off as long as possible. This is
vastly more than a study in banking technique. It is a study in the life
and livelihood of the Republic.
I plead, therefore, with this convention of State Banking Commissioners.
as I plead with all my fellow citizens everywhere, that the deposit insurance
problem be given the benefit of constructive and sympathetic suggestion to
the end that the rules and regulations under which this great adventure soon
shall be launched may be as wise and as useful as is humanly possible.
It does no good to stubbornly resist the principle. The principle is here.
I believe it is here to stay. Our problem is to inaugurate the principle under
the most favorable auspices. I say again that I am speaking of the so-called
$2,500 emergency formula which starts New Years and which may well
prove wholly sufficient and adequate because it protects 96%% of our depositors and does it at minimum risk and on an impregnable basis. If the
later sections of the deposit insurance law subsequently deserve amendment
or repeal, there will be ample opportunity to canvass that development in
due and orderly season. But let none hinder or embarrass the initial and
all-important undertaking.
Let me illustrate what I mean by constructive suggestions. I now address myself to the Directors of the new FDIC—men in whose hands and
upon whose judgments desperately depends the success of this movement.
I urge that the rules and regulations shall insist upon a uniform rate of
interest to be paid by insured banks upon their insured deposits. I suggest
that this rate be 2)4%. This is slightly less than the average rate of 3%
which is more or less standard throughout the country. It would mean
that the depositor will contribute to the cost of his insurance. He should
contribute. Ordinarily the insured pays all the cost of his insurance. The
depositor will not object to paying a small fee in return for absolute safety.
My guess is that he gladly would pay much more than % of I% rather than
to lose this comforting and sustaining sanctuary.
But whatever the rate, let it be uniform. That is the vital point. And I
deem it absolutely vital. We must avoid the vice of competition for these
insured deposits. Indeed, the elimination of this vice will protect the undertaking from its one greatest danger. The so-called "Vandenberg Amendment," under which the $2.500 formula will be initiated on Jan. 1, contained
a mandate on this proposition in the form in which it originally passed
the Senate. It disappeared in conference between the House and Senate.
I am sure it can reappear, however, in the regulations promulgated by the
FDIC. I urge it with all possible emphasis. In my view it is indispensable.
We must not have different insured banks in the same city bidding for
insured deposits at rival rates of interest. They all have the same protection
and they should all be similarly uniform in respect to the rates of interest
paid. Next to a rule of reason in determining eligibility for insurance—an
arbitrary rock upon which the Directors of the Corporation can cause this
whole great plan to fail if they trespass upon rational liberality of appraisals
—it is my view that a failure to standardize these rates of interest would
involve us in our greatest jeopardy.
I have not meant to be dogmatic in this discussion. I hope my earrestnese may not be misunderstood. But I would be less than faithful to my
own convictions if I did not seek to make it plain that I consider Federal
deposit insurance one of our paramount national necessities. I believe it is
necessary for the banks themselves—and thousands of bankers agree thereto.
I believe it Is necessary for the Nation's credit structure—and the paralysis
of 1932 and 1933 is my unanswered witness in this behalf. I believe it is
necessary if we shall discharge the solemn responsibility of sound public
policy in respect to 40,000,000 bank depositors in the United States who have
a right to new and conclusive dependabilities in their banking relationship.
I believe it is necessary not alone for the sake of economics but even more
emphatically in the name of the humanities. I believe it is safely and adequately achieved on the basis of the New Year's formula in the "Banking
Act of 1933."

Second Inquiry Into Closing of the Guardian National
Bank of Commerce, Detroit, to Be Held.
A new investigation into the affairs of the closed Guardian
National Bank of Commerce, of Detroit, Mich., at which
it was indicated Senator James Couzens, who declared he
had been prevented from giving complete testimony at a
previous inquiry, will be asked to testify, was agreed upon
yesterday, Oct. 6. Detroit advices by the Associated Press,
•
authority for the above, continuing said:
The inquiry was requested by former Governor Alex J. Groesbeck,
receiver for the holding company of the bank, Circuit Judge Adolph F.
Marschner agreed to conduct the inquiry to determine whether there was
any "wrong-doing connected with the operation of the bank."
The hearing, attorneys for Groesbeck said, is a part of a program for
reorganization of the bank, which closed Feb. 14 in the Michigan bank
holiday and, along with the First National Bank-Detroit, failed to reopen.
A public one-man Grand Jury investigation of the two banks found they
were solvent when they closed.

All National Banks in First (Boston) Federal Reserve
District Either Reopened or Are in Course of
Reorganization.
By Sept. 20 last, every national bank in the First Federal
Reserve District—which includes the States of Massachusetts, Maine, New Hampshire, Vermont and part of Connecticut—had either been reopened or had had its plan acted
upon by the Reorganization Division of the Comptroller's
Office, J. F. T. O'Connor, Comptroller of the Currency,
announced Oct. 4.
• There were 92 banks in this District, the Comptroller said,
which failed to receive licenses at the conclusion of the
Bank Holiday. Of these, 64 are now reopened; 25 are working on approved reorganization plans, and 3 have been
recommended for receiverships. He continued:
Thirty-seven of the reopened banks made corrections shortly after the
holiday, and were reopened without having their plans handled by the
Reorganization Division; while reorganization plans for the other 55 institutions were handled by that division.
The record made in the rehabilitation of national banks in the First
Federal Reserve District is one of the best for any part of the country.
Much of the credit for the speed in working out reorganization plans for
banks in this District is due to F. D. Williams, Chief National Bank Examiner, and to D. F. Murphy of the Reorganization Division.

2578

Financial Chronicle

Reopening of Closed Banks for Business and Lifting
of Restrictions.

Since the publication in our issue of Sept. 30 (page 2401),
with regard to the banking situation in the various States,
the following further action is recorded:
CALIFORNIA.

Reorganization plans have been approved for the following
national banks in California: Oilfields National Bank, Brea;
Citizens' National Bank, Colton, and the First National
Bank, San Gabriel.
DISTRICT OF COLUMBIA.

• According to Associated Press advices from Washington,
D. C., on Oct. 2, the First National Bank of Williamsport,
Pa., was licensed to open for business on that day by the
Comptroller of the Currency.
KENTUCKY.

A small Kentucky bank—the Farmers' Bank & Trust
Co. of Hardinsburg, reopened recently. In noting the
proposed reopening of this bank, the Louisville "CourierJournal" of Sept. 23, had the following to say:
A delegation of Louisville bankers will take part Saturday (Sept. 23)
In the reopening at Hardinsburg of the Farmers' Bank & Trust Co., the
first bank in the country to be reopened under authority of State law
providing for such a course.
Judge John P. Haswell, attorney, who proscuted the case through the
Breckinridge Circuit Court, the Franklin Circuit Court, the Kentucky
Court of Appeals and a three-judge Federal Court during two years of
litigation, will head the Louisville delegation. The various courts upheld
the validity of the 1932 State law providing for the method of reopening
banks.
Judge Haswell said inquiries had been received from various parts of
the United States relative to the case and several officials were planning to
fight for similar laws in their States. The Kentucky case was interesting to
lawyers, he pointed out, because the law has stood the tests of the various
courts. ...
The bank will be prepared to distribute $50,000 to depositors shortly
after the reopening order is issued Saturday morning. It has $500,000 In
assets, Judge Haswell said.
Officers of the new bank are: President, Tice McCoy; Vice-President.
H. M. Hook; Cashier, J. D. Lyddan; and Assistant Cashier, C. L. Hurt.
LOUISIANA.

Reorganization of the Bank of Winnfield at Winnfield,
La., under the title of the Bank of Winnfield & Trust Co.,
has been completed. The institution had been on a 5%
restricted basis since April 17 last. Winnfield advices on
Sept. 26 appearing in the New Orleans "Times-Picayune,"
from which this is learnt, continuing said:
Stockholders of the old bank have released all rights and all assets of
the old bank have been transferred to the new institution, which has a
capital of $50.000 and a surplus and reserve fund of $113,000. J. E.
Carter is President of the new institution.
MARYLAND;

Advices from Leonardtown, Md., on Sept. 30 to the
Washington "Post" stated that the conservatorship of the
First National Bank of St. Mary's County at Leonardtown
had been terminated on that day by order of the Comptroller
of the Currency. The dispatch continuing said:
Assets and control of the bank will be returned to its directors, and
the bank will be permitted to resume its operations under a license approved
by the Secretary of the Treasury.
Notice also is given that after Oct. 15 the provisions, with respect to
the segregation and use of deposits received during the conservatorship
of the bank, will no longer be effective.
It was learnt here to-day (Sept. 30) that R. Bascome Broun, Jr., formerly of Washington,who has been conservator,expects to le made Cashier,
and Linwood Sterling, former Cashier, will be Assistant Cashier.
The unrestricted opening of this, the largest bank in St. Mary's County,
will greatly stimulate business here.

Announcement was made on Oct. 2 by John J. Ghinger,
State Bank Commissioner for Maryland, that the Carroll
County Savings Bank at Uniontown, Md., was authorized
to reopen for business on an unrestricted basis. The reorganization was effected by the raising of $10,000 new
capital funds, the depositors receiving 25% of their deposits
in certificates of beneficial interest. The Baltimore "Sun"
of Oct. 3, in reporting the matter, went on to say:
Total deposits of the reorganized institution approximate $350,000 with a
capital of $25,000 and surplus and undivided profits of approximately
$40,000.
Dr. Jacob J. Weaver, Jr., is the President of the institution; Jesse P.
Carner, Treasurer, and J. Fielder Gilbert, Secretary.
MASSACHUSETTS.

In regard to the affairs of the Western Massachusetts
Bank & Trust Co. of Springfield, Mass., the Boston "Transcript" of Sept. 27 contained the following:
State Bank Commissioner Arthur Guy announced to-day (Sept. 27)
that the plan for release of deposits of the Western Massachusetts Bank &
Trust Co. of Springfield has been successfully fulfilled and will result in
the release of approximately $750.000. Nine thousand depositors will be
paid in full and at least 40% will be paid to the remaining 3,000 depositors
commencing to-morrow.
The remaining assets of the trust company will be held for the benefit
of depositors not receiving payment in full under the plan and will be
administered at the least possible expense under the direction of the Bank-




Oct. 7 1933

rg Department by Henry Haeberle, State bank examiner, who has been
appointed liquidating agent. The trust company will be moved to smaller
quarters as soon as practicable.

The doors of the Millbury Savings Bank, Millbury, Mass.,
which has been closed since March 14 1932, were opened
on Oct. 2 for the resumption of business, according to Associated Press advices from Millbury on that date.
The Millbury Savings Bank of Millbury, Mass., which
had been closed since Mar.14 1932, was reopened for business
on Oct. 2, according to Associated Press advices on that date,
which added:
John R. Quarles, agent of Bank Commissioner Arthur Guy of Massachusetts, in charge of the bank during the past eighteen months, stated
that the first person to enter the bank made a deposit. Withdrawals
were light during the forenoon.
The newly-appointed Treasurer, Charles L. Wald, and E. W. Witter.
the new President, were on hand.
MICHIGAN.

The directors of the Reconstruction Finance Corporation
have authorized the purchase of $500,000 preferred stock
in the Peoples National Bank of Grand Rapids, Grand
Rapids, Mich., a new bank which will succeed the Grand
Rapids Savings Bank.
The preferred stock authorization is contingent upon the
subscription of common stock by those interested in the
organization of the new bank.
MINNESOTA.

The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $25,000 preferred
stock in the Lake Crystal National Bank, Lake Crystal,
Mimi., a new bank being organized to succeed the First
National Bank of that place.
The preferred stock authorization is contingent upon the
subscription of common stock by those interested in the
organization of the new bank.
MISSISSIPPI.

The Bank of Greenwood, Greenwood, Miss., a new institution which replaces the closed Greenwood Bank &
Trust Co., was opened on Sept. 27, according to Associated
Press advices from Greenwood reporting the opening said:
Greenwood citizens to-day celebrated the opening of the new Bank of
Greenwood in a series of entertainments including a parade.
Senator Hubert Stephens, Congressman Will M. Whittington and
others delivered addresses at the high school auditorium.

B. F. Dulweber is President of the new bank.
Concerning the affairs of the Merchants' Bank & Trust
Co. of Jackson, Miss., a dispatch from that city by the
Associated Press on Sept. 27, contained the following:
Another effort to reorganize the Merchants Bank & Trust Co. of Jackson, Mississippi's largest bank, before it closed last April, may be made
shortly, the Jackson "Clarion-Ledger" said to-night.
The paper said it learned to-day that Harvey Couch, director of the
RFC, has made several contacts in Jackson recently, and "from this start
may come a reorganization and reopening of the Merchants' Bank &
Trust Co."
In line with the more liberal policies dictated for the RFC,the "ClarionLedger" said, local business leaders believe that the Merchants' bank
might be granted a loan sufficient to reopen and pay common depositors
50 cents on the dollar immediately.
"In connection with the Merchants' bank affairs," the paper said, "It
Is understood Mr. Couch has talked with Judge V. J. Stricker, Chancellor
for this district, who is the legal authority in charge of the bank's liquidation, and .1. S. Love, State bank superintendent, whose efforts at liquidation of the bank as reported In a current statement, have been good.'
MISSOURI.

A dispatch by the Associated Press from Jefferson City,
Mo., on Sept. 30 stated that D. H. Harrison, former State
Finance Commissioner of Missouri, had resigned that day
as Deputy State Commissioner, to become President of the
Missouri Bank & Trust Co. of Kansas City, Mo., a reorganization of the Missouri Savings Bank & Trust Co. of
that city. The dispatch added:
Harrison was appointed Finance Commissioner by ex-Governor Henry
S. Caulfield after the resignation of S. L. Cantley, When 0, H. Moberly
was appointed Commissioner by Governor Park, Harrison again became
Deputy Commissioner.
A successor to Harrison has not been appointed.
NEW JERSEY.

In regard to the affairs of the First National Bank of
Secaucus, N. J., now in the hands of a conservator, the
"Jersey Observer" of Sept. 28 contained the following:
Proceeding with the first step of the modified Spokane Plan, the depositors' committee of the First National Bank of Secaucus last night.
voted to offer five directorships in the proposed new bank.
To qualify for a directorship, the prospect must subscribe $3,000. When
the five prospective directors are secured, their names will be sent to the
Federal Comptroller, whose approval of the plan will be sought.
Under the modified plan, the RFC has indicated that a $447,000 loan
will be granted. This amount will assure an initial dividend of 55% to
depositors. The plan calls for a new bank, with capital of $100,000 and
surplus of $20,000.

Early reopening of the Palisades National Bank of Fort
Lee; the Cliffside Park National Bank at Cliffside Park,

Financial Chronicle

Volume 137

and the First National Bank of Fa irview, all in Bergen
County, N. J., through the establishment of a new institution to be known as the United National Bank and
located at Cliffside Park, is indicated in a dispatch from
Washington, D. C., under date of Sept. 28, which said
in part:
. . . The progress of plans already approved by the Comptroller's
office has now reached a point where success would seem assured.
In the case of the Palisade National, Conservator Martin S. Corr has
been busily engaged in obtaining waivers of depositors, In addition to other
important features for strengthening the bank's position.
The sale of stock in the plan of the Fairview First National has made
considerable headway under the guidance of Conservator W. H. DeVeer.
Waivers of depositors have been an important feature in the new plans
for the Cliffside Park National and Conservator F. W. Jacoby has shown
much skill In carrying out this plan.
Early reopening of the three institutions WU forecast to-day by Treasury
officials under the above plan.
According to William DeVeer. Conservator of the First National Bank
of Fairview, signed waiver agreements representing 55% of the net deposits
have been secured. This shows an increase of 5% over last Friday, when
the percentage report was given out. "I believe the people of Fairview
will put this plan over the top, thus completing the first phase of the reorganization plan, within the next week," said Conservator DeVeer.
"It is equally important that the depositors of the Cliffside Park National Bank of CliffsIde Park, and the depositors of the Palisade National
Bank of Port Lee, sign their waiver agreements as quickly as possible so
that these banks, too, may obtain the required amount to complete the
first stage of the reorganization plan. When this has has been completed
the new bank will proceed at once.
The second phase of the plan provides for the sale of the stock of the
new bank at $35 per share. Selection of directors and management for
the new institution will then follow. The Institution will be known as the
United National Bank, and will be located at Cliffside Park. The new
bank will have deposits of approximately $2.000.000. This will provide
the eastern section of Bergen County with a strong banking Institution.
The capital of the United National Bank is to be $150,000, with a surplus fund of $50,000 and undivided profits of $10,000." concluded Mr.
DeVeer. . . .
NEW YORK STATE.

That the Kings Park National Bank, Kings Park, L. I.,
has been authorized to reopen is indicated in the following
dispatch from Washington, D. C., on Sept. 30 to the Brooklyn "Eagle":
The Kings Park National Bank at Kings Park. L. I., is one of the institutions closed since the bank holiday which the Administration has
authorized to reopen after a reorganization plan is put into effect, it was
announced to-day.
NORTH CAROLINA.

The Reconstruction Finance Corporation has authorized
the purchase of $30,000 preferred stock in the National
Bank of Sanford, Sanford, N. C., a new bank.
The preferred stock authorization is contingent upon the
subscription of common stock by those interested in the
new bank.
OHIO.

2579

The new bank will be called the Crafton National Bank and will serve
Crafton, Ingram, Thornburg and parts of Pittsburgh, R. A. MacGregor.
Chairman of the Depositor's Committee, said.
Dr. I. B. Reed. President of the First National Bank. said the reason
the bank did not open after President Roosevelt's bank holiday was that
new rules were laid down by the Federal Reserve System whereby a community of 6,000 could not adequately be served by a bank with $50,000
capital. . . .

The Philadelphia "Ledger" of Sept. 30 stated that Joseph
A. Batton, Vice-President and Trust Officer of the Northwestern National Bank & Trust Co. of Philadelphia, Pa.,
which is operating on a restricted basis, on Sept. 29 made
the following statement:
A plan for the reorganization of the Northwestern National Bank &
Trust Co. has been accepted by officials of the Treasury Department in
Washington. but has not yet been approved by them pending the completion of certain matters with the Federal Reserve Bank of Philadelphia.

Plans have been approved by the Pennsylvania State
Banking Department for the reorganization of 18 Statechartered banking institutions in Pennsylvania, now
operating on a restricted basis, and they will be granted
licenses to resume normal operations when they have consummated their respective plans. The Philadelphia
"Ledger" of Oct. 1, from which the above information is
obtained, named the banks as follows:
Bessemer State Bank, Bessemer.
Citizens Saving & Trust Co., Mount Pleasant.
Farmers' and Mechanics' Bank of Sharpsburg, Sharpsburg.
First Savings & Trust Co., Derry.
Freeport Bank & Trust Co., Freeport.
Glassport Trust Co., Glassport.
Linesville State INA, Linesville.
Lycoming Trust Co., Williamsport.
McKees Rocks Trust Co., McKees Rocks.
Mohnton Trust Co., Mohnton.
The Pennsylvania Trust Co., Reading.
People's Savings & Trust Co., of New Castle, New Castle.
The Ranking Bank, Rankin.
The Shillington Bank, Shillington.
Sinking Spring Bank, Sinking Spring.
The State Bank of Elizabeth, Elizabeth.
Turtle Creek Savings & Trust Co.. Turtle Creek.
West End Savings Bank & Trust Co., Pittsburgh.

According to the same paper, the following 15 Pennsylvania State-chartered banks will be liquidated because of
their inability to submit acceptable plans and to make substantial progress in effecting reorganizations:
North City Trust Co., Broad and Chew Streets, Philadelphia,
Guardian Bank & Trust Co., 22nd and Market Streets, Philadelphia.
Media-69th Street Trust Co., Media and Upper Darby (Philadelphia).
Conshohocken Trust Co.. Conshohocken.
American State Bank, of Erie.
Bank of Wesleyville, Wesleyville.
Citizens' Bank, St. Clair.
Coraopolis State Bank, Coraopolis.
Erie Trust Co., Erie,
The Fifth Avenue Bank of Pittsburgh, Pittsburgh.
Indiana County Deposit Bank, Indiana.
Miners' State Bank, Minersville,
State Bank of Beaver Falls, Beaver Falls.
State Bank of Salina, Salina.
Victory Banking Trust CO., Girardville.

The Scioto Bank at Commercial Point, Ohio, which had
been operating on a restricted basis since the banking
holiday, was I censed to reopen on an unrestricted basis on
Sept. 30 by Ira J. Fulton, State Superintendent of Banks
for Ohio, according to advices by the Associated Press from
Columbus on that date.
Plans for a new national Bank for Porstmouth, Ohio, to
take the place of the First National Bank of that place,
which has been operated since the banking holiday by a
conservator, were discussed at a meeting of the depositors'
committee on Sept. 27,according to Associated Press advices
from Portsmouth on that date, which went on to say:

We learn from the Pittsburgh "Post-Gazette" of Sept.
29, that reorganization plans for the following Pennsylvania
banks have been approved by the Comptroller of the Currency and that if the plans are carried out the institutions
will reopen: First National Bank of Charleroi; Farmers'
National Bank of Somerset, and the Grange National Bank
of Spartansburg.

Conservator C. A. Brown said the new bank, if opened, would be capitalized at 3200,000, with a surplus of $50.000. Of this amount the public
would be asked to purchase 175,000 In stock. The Bancohio Corporation
would invest in the remaining stock, Brown said. The plans call for payment of a 40% dividend to depositors.

A receiver has been appointed for the Bank of Bristol,
Bristol, Va:, according to a dispatch from that place on
Sept. 28 to the Washington "Post," which read:

A plan for the reopening of the First National Bank of
St. Mary's, Ohio, has been approved by J. F. T. O'Connor,
Comptroller of the Currency, and the directors will now take
action on the plan. A dispatch from St. Mary's on Sept.
27, appearing in the Toledo "Blade," from which this is
learnt, continuing said:
Sixty-five per cent of the bank's deposits will be released at once, it is
understood, while the remaining 35% will be held in trust until the bank's
assets become liquid.
OREGON.

Plans for the reorganization of the following Oregon
national banks have been approved: First National Bank
of Clatskanie; First Inland National Bank of Pendleton and
the First National Bank of Salem.

VIRGINIA.

The Bank of Bristol, closed in April 1932. and then reopened, yesterday
(Sept. 27). was back in receivership, trustees surrendering control they
secured through a plan evolved by depositors to liquidate over a period
of seven years.
In a creditors' bill asking Chancellor S. E. Miller to close the trust,
the trustees Indicated the plan was not workable.
Chancellor Miller appointed J. J. Young receiver of the bank.
WASHINGTON.

Reorganization plans for the following national banks in
the State of Washington have been approved by the Comptroller of the Currency: First National Bank, Bremerton;
First National Bank, Medical Lake; Security National
Bank, Palouse; First National Bank, Reardan; First National Bank, Ritville; Old National Bank & Union Trust
Co., Spokane and the First National Bank, Sprague.

PENNSYLVANIA.

WISCONSIN.

That a new bank is being organized in Crafton, Pa., as a
successor to the closed First National Bank of that place,
is indicated in the following taken from the Pittsburgh "PostGazette" of Sept. 26:

Plans for the establishment of a new institution to succeed
the closed First National Bank of West Allis, Wis., have
been approved by the Federal authorities in Chicago and
are now under consideration by the Comptroller of the
Currency at Washington, according to 0. L. Hollister,
conservator of the bank. The Milwaukee "Sentinel" of
Sept. 28, authority for the above, continuing said:

Supporting efforts to organize a new bank In Crafton, for which a
charter has been obtained and 60% of the stock subscribed, 500 depositors
of the closed First National Bank of Craton met last night in the Craton
high school.




2580

Financial Chronicle

Meanwhile, work of raising necessary local capital for the new institution
has been started.
The plan calls for organization of a new bank with capital of $100,000
and surplus and reserve of $25,000. Of the total amount $75,000 is to
be raised locally, the sum comprising half the capital and all the surplus.
The Government will subscribe, through the RFO, for $50,000 of preferred stock. The stock held locally will be common.
The old bank will be liquidated through organization of the new.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
At a meeting this week of the Board of Directors of Grace
National Bank of New York, Harvey V. Delapena was
elected Assistant Vice-President.
The Federation Bank and Trust Company of New York,
in its statement of condition as of Sept. 30, is reported to
show a gain in both cash and deposits during the third
quarter. Cash on hand, in Federal Reserve and due from
other banks is shown as $1,214,949 compared with $1,137,828
on June 30, while total assets appear as $7,462,917 against
$7,173,142. Deposits totaled $5,825,492 against $5,555,300.
Steps were taken on Oct. 5 to conform to the provisions of
the Glass Act requiring the separation of security affiliates
from member banks, with the sale of the assets and good will
of the Bancnorthwest Co., Minneapolis, Minn., principal
security affiliate of the Northwest Bancorporation (head
office Minneapolis), to Thrall West & Co.,a new corporation
organized to engage in the investment securities business ad
consisting largely of former executive officers of the Bancnorthwest Co. Minneapolis advices to the "Wall Street
Journal" yesterday, Oct. 6, from which this is learned, went
on to say:
In the sale contract the right was reserved to the Northwestern National
Bank to engage in the securities business to whatever extent is permitted
by the Banking Act of 1933. Northwestern National Bank (Minneapolis)
will operate a bond department dealing in United States Governments and
other authorized securities.

The Guaranty Trust Company of New York in its statement of condition as of September 30 1933, Oct. 4, shows deposits, including outstanding checks, totaling $1,031,012,304,
which compares with $1,002,027,143 on September 30 1932,
and $1,087,621,195 at the time of the last published statement, June 30 1933. The company's capital, surplus fund
and undivided profits total $267,963,616, consisting of $90,000,000 capital, $170,000,000 surplus, and $7,963,616 undivided profits. The latter figure it is stated shows an increase of $697,346 since June 30 1933. The company's total
resources are $1,399,406,384.
The statement of Sterling National Bank & Trust Company of New York as of September 30 1933, shows deposits
of $13,845,601, compared with $10,538,201 on September 30
1932. Total resources amounted to $18,390,924, as compared
with $14,036,985 a year ago. Cash on hand and due from
banks aggregated $2,108,753, against $1,949,141; Ti. S. Government bonds and certificates amounted to $7,186,899, compared with $3,641,797; State, municipal and corporate bonds
totaled $3,386,586, as compared with $3,738,903. Surplus
and undivided profits on September 30 amounted to $1,004,917, against $1,019,013 in 1932. Reserves stood at
$224,019, compared with $224,933, but showed a sharp stepup from the figure of $122,969 reported as of June 30 1933.
The two offices of Manufacturers Trust Company of New
York City in the Borough Hall section of Brooklyn were
amalgamated on Sept. 30, when the office at 45 Willoughby
Street was discontinued and its business transferred to the
office at 32 Court Street.
The statement of condition of Manufacturers Trust Company of New York for September 30 1933, shows deposits of
$347,191,607 as against $368,460,994 for June 30. Cash at
$53,712,270 and U. S. Government Securities at $91,507,106
compare with $75,558,731 and $94,631,937 for these respective
items for the June quarter. On March 31 deposits were
$317,021,507, cash $55,173,946 and U. S. Government Securities $66,900,523. It is announced that the capital of $32,935,000 and surplus and undivided profits of $20,297,483
have remained unchanged since the beginning of the year
when the bank adopted the policy of crediting earnings to
reserves, which latter figure has increased from $14,131,253
on June 30 to $15,595,104 on September 30.
A statement of condition of the Brooklyn Trust Company
as of Sept. 30 1933, issued Oct. 4, showed moderate increases
in both cash and demand loans and decreases in holdings of
bankers' acceptances and Government securities as compared




Oct. 7

1933

with the last previous statement on June 30. Deposits it is
stated were slightly lower, and small gains were shown in
undivided profits and reserves. Surplus was unchanged.
Cash on hand and due from banks (including the Federal
Reserve of New York) is reported as $22,081,281 against
$20,982,027 on June 30, while demand collateral loans were
$24,963,497 against $21,838,022. United States Government
securities were $8,071,740 against $8,541,990, and bankers'
acceptances were $6,146,466 against $11,041,458. Deposits
on Sept. 30 were $93,620,858 against $95,232,011 on June 30.
Undivided profits were $1,374,407 against $1,364,869, and reserves $9,990,327 against $9,870,258. Total resources were
$119,401,260 against $121,610,492.
The National Bank of Calais, Calais, Me., was chartered
by the Comptroller of the Currency on Sept.26. The new bank,
which succeeds The Calais National Bank, is capitalized at
$134,000, of which $50,000 is preferred stock and $84,000
common stock. Walter L. Cobb is President of the new institution, while Frank W. Gatcomb is Cashier.
Four former officers of the defunct Industrial Bank &
Trust Co. of Boston, Mass., were acquitted on Oct. 2 of
charges of violating the banking laws by Judge Patrick M.
Keating in the Suffolk Superior Criminal Court. They were
Charles B. Strout, former President; Anders Tellstrom,
former Vice-President; William J. Wallace, Discount Clerk
and Teller, and Ulysses J. Silva, former Assistant Treasurer.
Associated Press advices from Boston on Oct. 2 reporting
the above, added:
The indictments charged misapplication of funds and aiding and abetting
others in misapplication of funds of the closed Federal National Bank.

Howard B. Tuttle, Chairman of the Board of Directors
of the Naugatuck National Bank at Naugatuck, Conn., and
a former State Senator, died at his summer home in Middlebury, Conn., on Sept. 29. Mr. Tuttle, who was 70 years old,
graduated from the Sheffield Scientific School of Yale in
1897. He was Chairman of the Board of the Tuttle & Whittemore Malleable Iron Co. which later merged with the Eastern Malleable Iron Co., a trustee of the Naugatuck Savings
Bank, President of the Grove Cemetery Association and a
director of the Colonial Trust Co. of Waterbury, Conn. Mr.
Tuttle was elected a State Senator for Connecticut in 1917.
Gilbert L. Morse was appointed President of the Bank of
Montclair, Montclair, N. J., to succeed the late Thomas W.
Stevens at a meeting of the directors of the institution on
Sept. 29. Advices from Montclair to the New York "Herald
Tribune" in noting Mr. Morse's election, said:
Mr. Morse, a resident of Montclair, is Vice-President of the Manufacturers'
Trust Co. in charge of its Bowery and Grand Street office. A mining engineer for many years, chiefly with the New Jersey Zinc Co., Mr. Morse
entered banking in 1925 with the Chatham Phenix National Bank, going
with the Manufacturers' when the latter absorbed the Chatham Phenix....
Directors announced that John A. Barben will continue as Vice-President
and Cashier of the Bank of Montclair.

Henry D. McCarthy, a Vice-President and a director of
the Tradesmens National Bank & Trust Co. of Philadelphia,
Pa., died at his home in that city on Sept. 29 in his eightyfourth year. The deceased banker, who was born in Ireland,
had been associated with the bank since 1872. He served as
Cashier of the institution from 1903 until 1918. In 1916 he
had been given the additional position of Vice-President and
this office he continued to hold until his death. Among
other interests, Mr. McCarthy was one of the organizers and
a director of the Philadelphia Morris Plan Co. and a former
Vice-President and a director of the Philadelphia Association of Credit Men.
According to the Washington "Post" of Sept. 23, a total
of $1,030,601.70, representing 20% of proved claims, was to
be paid on Sept. 26 to depositors of the closed Commercial
National Bank of Washington, D. C. This dividend, it was
stated, is the first to be received by the depositors since the
bank closed on Feb. 28 last. The paper mentioned furthermore said in part:
In its last report to the Comptroller of the Currency, Dec. 81, the bank
had deposits of $11,802,625.56. Heavy withdrawals were given as reason
for closing.

On Sept. 23 a charter was granted by the Comptroller of
the Currency to the First National Bank in Marlinton,
Marlinton, West Va. The new bank, which replaces The
First National Bank of Marlinton, is capitalized at $50,000,
made up of $25,000 preferred and $25,000 common stock.

Volume 137

Financial Chronicle

F. T. McClintic heads the new institution with J. A. Sydenstricker as Cashier.
The West Toledo National Bank, Toledo, Ohio, with capital
of $200,000, went into voluntary liquidation on Sept. 18 1933.
The institution was absorbed by The Toledo Trust Co.
Morton Lamb, receiver of the First National Bank of
• Shelbyville, Ind., on Sept. 25 sent checks to all depositors of
the institution representing 20% of their deposits, according to Shelbyville advices on that date to the Indianapolis
"News," which added:
The total amount of the distribution approximated $90,000, Lamb said.
A previous dividend of 25% was paid.

2581

in 1905 and in 1912 was made Chairman of the Board. Upon
the union of the Merchants' National Bank and the First
National Bank of St. Paul in 1929, Mr. Prince became Chairman of the Board of the enlarged institution. At the time
of his death, in addition to the Chairmanship of the First
National Bank, Mr. Prince was Chairman of the Board of
Directors of the First Bank Stock Corporation; Chairman
of the First Trust Co.; Vice-President and a Director of the
First National Bank of Cloquet, Minn., and held directorships in the Consolidated Elevator Co. of Duluth, St. Paul
Fire & Marine Insurance Co., Archer-Daniels Midland Co.,
First Bank Credit Corporation and the First National Bank
of Minneapolis.

The Citizens' National Bank of Madelia, Madelia, Minn.,
On Sept. 29 1933, The Stone City National Bank of Bedford, Bedford, Ind., was chartered by the Comptroller of the was chartered by the Comptroller of the Currency on Sept.
Currency. The new bank succeeds The Stone City Bank of, 23. The institution, which is capitalized at $50,000, repreBedford and is capitalized at $100,040. H. D. Martin and sents a conversion of the State Bank of Madelia. W. J.
R. 0. Martin are President and Cashier, respectively, of the McCarthy is President and J. G. Olson, Cashier.
new bank.
The Montgomery County National Bank of Red Oak, Red
A payment of 10%, aggregating $25,500, was to be paid
Oak, Iowa, with capital of $50,000, was chartered by the
Oct. 5 to depositors of the Kenwood State Bank of Chicago, Comptroller of the Currency on Sept. 26. It succeeds The
Chicago, Ill., according to the Chicago "Tribune" of Sept. 27, Red Oak National Bank. William Cochrane and F. E.
which added:
Crandall are President and Cashier, respectively, of the new
It will be the first dividend to be paid by the bank, which closed in
institution.
June 1932.,

Edward J. Barrett, State Auditor of Illinois announced
on Sept. 26 that he had authorized payment of a 10% dividend to depositors of the Kenwood State Bank of Chicago,
according to the Chicago "Journal of Commerce" of Sept. 27,
which continuing said:
This payment amounting to approximately $25,000 is the first to be
paid by the bank, which closed on June 22 1932. Payment will be made
about Oct. 5.

Concerning the affairs of the Fidelity Bank & Trust Co.
of Detroit, Mich., which closed its doors on Oct. 7 1931, a
dispatch from Lansing on Sept. 21 contained the following:
The Administrative Board (Sept. 21) approved a plan to terminate the
receivership of the Fidelity Bank & Trust Co. of Detroit, and place all
assets under the control of trustees. The State became a party to the agreement because of a deposit of $240,000.
Gerald O'Brien, Deputy Attorney-General, explained that the trusteeship
is proposed because it is less expensive than a receivership. He told the
Board that the two receivers for the company are receiving $500 a month
each, and that large amounts have been spent for attorneys' fees.
The trustees are Mrs. Matilda R. Wilson, Wood Williams, Percy Van Tuyle,
Heath J. I3allagh and Karl B. Goddard.

William A. Schroeder, former President of the closed
Franklin State Bank of Milwaukee, Wis., was sentenced on
Sept. 25 by Circuit Judge August E. Braun to serve from
one to three years at hard labor in Waupun penitentiary,
following his plea of "guilty" to falsifying the bank's records. Schroeder's plea followed a conference of his attorneys with Dist. Atty. William A. Zabel, at which it was
agreed that two other charges pending against the former
banker would be dismissed if he would plead guilty to
falsification. The Milwaukee "Sentinel" of Sept. 26, from
which the above information is obtained, went on to say in
part:
The State's attempt to convict Schroeder on three falsification counts
last week failed when a jury in Judge Braun's Court was unable to agree,
the vote being 11 to 1 for conviction after more than 24 hours of deliberation. An investigation is being made to determine why one woman juror
steadfastly demanded Schroeder's acquittal.
In passing sentence, Judge Braun said he felt he was being "charitable"
by fixing one to three years and allow the term to be served concurrently
with a sentence of from one to five years in Waupun, which Schroeder now
is serving for having accepted deposits when he knew his bank was insolvent.
The statutes fix a fine of from $1,000 to $5,000, or from 1 to 10 years'
imprisonment, on conviction of falsification of bank records. Joseph A.
Padway, counsel for Schroeder, made a spirited plea for leniency. Schroeder,
who is an attorney himself, also made a moving plea. . .

Our last reference to the affairs of the Franklin State
Bank, which closed in June 1931, appeared in the "Chronicle"
of June 10 1933, page 4032.
George H. Prince, Chairman of the Board of Directors of
the First National Bank of St. Paul Minn., and widely
known in banking circles throughout the country, died
suddenly of a heart attack on Oct. 3 in the bank building.
He was 71 years old. Born in Amherst, Mass, and educated
In the public schools of that place, Mr. Prince began his
banking career as a bookkeeper in the First National Bank
of Stillwater, Minn., in 1879. In 1891 he moved to St. Paul
to become Cashier of the former Capital Bank of that city.
Six years later he was named Cashier of the Merchants' National Bank of St. Paul; was advanced to a Vice-President




As of Sept. 16 1933, the National Bank of Doniphan, Neb.,
went into voluntary liquidation. This bank, with capital of
$25,000, was taken over by The First National Bank of Grand
Island, Neb.
Depositors of the Botna Valley State Bank at Hastings,
Iowa, were to receive a 15% dividend on Oct. 3, according
to an announcement by J. R. Hall, the examiner in charge
of the institution. Advices from Hastings on Sept. 30, appearing in the Omaha "Bee," added:
This is the second 15% payment since the bank closed Dec. 29 1932.

An initial dividend of 25%, amounting to $11,513, was
distributed on Sept. 30 to depositors in the closed American
State Bank of Loup City, Neb., by the Nebraska State Banking Department, according to Associated Press advices from
Lincoln on that date.
The Comptroller of the Currency on Sept. 29 granted a
charter to The First National Bank at Bessemer, Bessemer,
Ala., with capital of $100,000. The new institution, which
succeeds the First National Bank in Bessemer, is capitalized
at $100,000, consisting of $50,000 preferred stock and $50,000
common stock. Lee Moody is President and Geo. R. Davies,
Cashier of the new bank.
The proposed consolidation of two small Louisiana banks,
both located in Assumption County, namely the Bank of
Paincourtville at Paincourtville and the Citizens' Bank &
Trust Co. of Napoleonville, is indicated in the following dispatch from Napoleonville on Sept. 30 to the New Orleans
"Times
-Picayune":
Stockholders of the Bank of Paincourtville and of the Citizens' Bank &
Trust Co. of Napoleonville at separate meetings to-day considered the sale
of the assets of these institutions to a proposed new bank to be organized
through a merger.
The required two-thirds of the stock of the Bank of Paincourtville was
pledged to the sale of the assets of that bank. A large proportion of the
stock of the Citizens' Bank being owned by banks in the State now in
process of liquidation, it was stated that Court orders would be necessary
before the liquidator could sign the agreement of sale.
A number of individual stockholders signed the agreement, however, and
it was indicated that in a few days all necessary steps for the merger will
have been completed.

Effective Sept. 19 last, The First National Bank of Gainesville, Gainesville, Tex., was placed in voluntary liquidation.
The institution, which was capitalized at $200,000, was succeeded by The Gainsville National Bank in Gainesville.
On Sept. 27 the Comptroller of the Currency issued a
charter to the Coast National Bank in Fort Bragg, Fort
Bragg, Calif. The new bank, which replaces The Coast National Bank of Fort Bragg, is capitalized at $50,000, consisting of $25,000 preferred and $25,000 common stock. Paul
J. I3owman is President and Harold T. Bolden, Cashier, of
the new institution.
The Medford National Bank at Medford, Ore., capitalized
at $100,000, went into voluntary liquidation on Sept. 19.
The
institution was succeeded by the Medford National Bank.

2582

Financial Chronicle

Oct.

7 1933

THE WEEK ON THE NEW YORK STOCK EXCHANGE. Cola,3 points to 91; Delaware & Hudson,43/i points to 6434;
The stock market has shown sharp reactionary ten- Deere & Co., 3 points to 32; Homestake Mining, 187
4
dencies during most of the present week. Trading for the points to 370; Illinois Central, 334 points to 32; International
5
3
most part has been dull, though there have been occasional Silver, 4% points to 57%; Johns-Manville, 4 points to 104;
rallies that served as a check on the downward movement. Liquid Carbonic, 4 points to 30; National Lead, 5 points to
Metal shares have been the outstanding strong stocks and 125; National Distillers, 734 points to 94; New York Central,
have attracted considerable speculative attention. The 43% points to 403/s; Park & Tilford, 43/i points to 343/8;
motor issues and specialties have had brief periods of ac- Republic Steel pref., 4 points to 32; Union Carbide, 434.
tivity and the liquor stocks have been in good demand, points to 45; United States Industrial Alcohol, 45% points to
but the advances have not been especially noteworthy. 70%; Western Union, 45% points to 5734; and Westinghouse,
Realizing has cropped out from time to time but this was 3% points to 3734.
Marked reactionary tendencies characterized the trading
never excessive and, as a rule, was readily absorbed. Call
money renewed at % of 1% on Monday and remained on the stock market on Thursday. Some profit taking was
3
unchanged at that rate on each and every day of the week. apparent but offerings were generally well absorbed and it
Pnces moved downward during the early trading on Satur- made little impression on the market movements. Dealings
day, but with a spectacular turnabout, the market, in the were quiet and at one period transactions had simmered
final hour, surged sharply upward. During the first hour *down to a point where the tickers were barely moving. The
prices broke to new lows, particularly the industrial leaders best buying was in the metal stocks, though some interest
like United States Steel and American Tel. & Tel. Railroad was displayed in the gold-mining shares, particularly Dome
stocks also were weak and unsettled but came back with the and Homestake, both of which recorded substantial gains.
rest of the list during the final hour. The metal shares Aside from these groups, the gains and losses were about
were in brisk demand and were the outstanding strong stocks evenly divided, the recessions including such active stocks
of the day. Gold mining issues were active and moved as Air Reduction, 2 points to 103; American Commercial
rapidly forward. Homestake Mining led the upward march Alcohol, 2 points to 60; Anchor Cap pref. (634), 5 points to
with a gain of about 10 points and there were substantial 80; Auburn Auto, 234 points to 48; Gillette Safety Razor
advances among other members of the group. American pref., 434 points to 58; International Silver pref., 33% points
Smelting and United States Smelting were in good demand, to 54; Texas Pacific, 17 points to 21%, and White Motor,
the latter jumping about 8 points before the close. In 234 points to 17.
Reactionary tendencies were again in evidence on Friday
the late rally many of the leaders that were off during the
first hour showed a moderate comeback. These included following the break of 3 to 5 cents a bushel in grain prices
among others, Allied Chemical & Dye, 134 points to 1363 ; and declines ranging up to 3 or more points were recorded as
4
5
American Smelting, 3% points to 463%; Amer. Tel. & Tel., the session drew to a close. As the day progressed, the list
21% points to 1203%; Dome Mines, 23/i points to 363%; firmed up but the gains were not sufficient to overcome the
Industrial Rayon, 2 points to 70; Jewel Tea, 234 points to early declines. Among the changes on the downside were
32; St. Joseph Lead, 234 points to 283/2; United States Air Reduction, 1 point to 102; American Smeling 2d pref.,
Industrial Alcohol, 2 points to 67, and Union Pacific (6), 134 134 points to 63; Beech Nut Packing (3), 2 points to 61;
J. I. Case Co., 234 points to 6734; Columbian Carbon, 234
points to 112.
The metal stocks were the outstanding trading favorites points to 52; Freeport Texas, 234 points to 4734; Mack
on Monday, though the market, as a whole, was decidedly Truck, 234 points to 5034; Sun Oil pref., 4 points to 96,
irregular. Some of the pivotal issues were inclined to rally and Worthington Pump, 3 points to 27. The market was
but the improvement, for the most part, was short lived fairly firm at the close.
due to renewed selling. Public utilities like Amer. Tel. ez
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE;
DAILY. WEEKLY AND YEARLY.
Tel. were under pressure. The principal changes for the
day were toward lower levels, the recessions including such
Stale.
Railroad
United
Stocks,
Total
States
Bond
Week Ended
Number of and Miscell. Municipal &
prominent stocks as Allied Chemical & Dye, 234 points to
Poen Bonds.
Bonds.
Bonds.
Shares.
Uct. 6 1933.
Sales.
134; American Beet Sugar pref., 234 points to 5532; Amer.
8981,000
8483,000 $4,159,000
1,008,380 $2,695,000
Tel. & Tel., 33/i points to 1163%; Baldwin Locomotive pref., Saturday
2,207,000
3,975,000
1,525,200
Monday
959,700
7,707,200
2,162,000
4,936,000
800,000
931,820
7,898,000
4 points to 36; Corn Products, 234 points to 3434; Du Pont, Tuesday
2,491,000
6,468,000
Wednesday
2,127,285
1,612,500 10,571,500
3
2,659.000
5,724,000
1,659,140
770,000
Thursday
9,153,000
234 points to 73%; Johns-Manville, 2 points to 49; Union Friday
5,773,000
2,350,000
1,460,900
1,339,000
9,462,000
Bag & Paper, 2 points to 403%; Union Pacific, 5 points to
Te4141
R 147 225 129 571 000 $12.8.0.000 88.520.700 14R Onn 7nn
107; United States Industrial Alcohol,2 points to 65; Western
Union Telegraph, 234 points to 5234, and Worthington
Jan. Ito Oct. 6.
Sales at
Week Ended Oct. 6.
New York Stock
Pump, 5 points to 30.
1932.
1933.
1933.
Exchange.
1932.
Moderate headway on the up side was apparent on Stocks-No,of shares_ 8,147,225 9,770,822 554,059.963
359,464,827
Tuesday despite the fact that considerable selling was in
Bonds.
Government bonds. _ _
evidence at various times during the session. The advances State & foreign bonds. $6,529,700 83,801.500 $336,875,200 $499,987,750
12,850,000 16,084,000
589,083,000
596,413,600
generally were small but in a few instances they ranged up Railroad & misc. bonds 29,571,000 28,971,000 1,662,458,900 1,321,273,000
$48,950,700 $48,856,500 82,588,397,100 $2,417,674,350
Total
to 3 or more points. Metal shares were again conspicuous
in the transactions, United States'Smelting and American
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Smelting being in good demand throughout the day. TradBALTIMORE EXCHANGES.
ing, on the whole, continued very moderate and a good part
Boston.
Philadelphia.
Baltimore.
of the buying represented short covering for professional
Week Ended
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales.
Oct. 6 1933.
account, though the dealings for the day dipped below the
16,635
12,481
824
85,000
53,900
million mark. Among the active issues closing on the down Saturday
18,807
Monday
56.000
10,515
2.000
1,237
6,200
16,384
side were Air Reduction, 2 points to 100; Allied Chemical & Tuesday
6,000
8,370
21,000
2,464
8,100
29,186
Wednesday
6,000
19.220
1,200
1,527
12,000
points to 303/8; Atchi- Thursday
Dye, 23/2 points 13134; Amerada, 134
25,509
3.000
15,686
1,445
7,100
3,500
5,328
5.000
8,740
3,065
6,000
son, 134 points to 52%; Brooklyn Union Gas, 2 points to Friday_
111,849
Total
526,000
75,012
$36,300
%
10,562
839,700
65; Firestone pref., 23 points to 695 ; Public Service of
%
N. J. pref. (7), 35% points to 9434; Reading Co., 2 points to Prey, week revised 149,152 $44.000 101.430 $21.000
7.379
527500
413%; Remington Rand (2) Pref., 3 points to 26; Sun Oil
pref., 2 points to 100, and Standard Oil of Kansas, 2 points
THE CURB EXCHANGE.
to 30.
With the possible exception of the brisk advance on
stocks spurted upward on WednesLiquor shares and metal
day as the volume of trading expanded all along the line. Wednesday, when practically every active group joined in
Many active stocks shot ahead from 3 to 6 or more points. the upward movement, the curb market has been decidedly
Some of the recent favorites were also strong, particularly irregular with a moderate downward tendency. Trading
American Can, Western Union, Johns-Manville and others. has, for the most part, been dull and without noteworthy
Included in the gains for the day were such active stocks as movement, and changes, on the whole, have been within a
Air Reduction, 5 points to 105; Allied Chemical & Dye, 434 comparatively narrow channel. Mining issues and liquor
points to 1353 ; American Can, 3 points to 91; American shares have attracted considerable speculative attention
4
Commercial Alcohol, 534 points to 62; American Hide & and there has been some buying in the oils and industrials,
Leather, 334 points to 3934; Armour, Ill., pref., 534 points but the amount was small. Profit-taking was in evidence
to 5234; Auburn Auto, 53/i points to 5034; Bethlehem Steel from time to time, but the market movements were not
pref., 5 points to 57; Canada Dry, 33' points to 323/2; Coca- affected to any great extent.




Volume 137

Financial Chronicle

On Saturday price changes were small and the trend of
the market was somewhat indefinite until near the close,
when prices rallied and stocks were bought in increasing
volume. Practically the entire list participated in the
upswing which was led by the metal shares and the mining
group. Large blocks of Teck Hughes and Wright
-Hargreaves Mining were turned over at fractionally higher
prices. Lake Shore crossed 49 and Newmont showed a
2
-point gain. Bunker Hill-Sullivan was also strong and
gained about 3 points. Public utilities, oils and the liquor
issues all moved briskly forward during the final hour and
the industrial stocks like Aluminum Co. of America were
somewhat easier.
Price changes on Monday were largely fractional, trading
was quite dull and the market narrow. Some activity
was apparent in the mining issues and liquor shares, Hiram
Walker moving up about 2 points and smaller gains being
recorded by Canadian Industrial Alcohol A and Distillers
Seagrams. In the mining group, Lake Shore, Hollinger and
Wright-Hargreaves made modest advances and New Jersey
Zinc moved up a point. Public utilities showed declines,
though most of these were small.
Irregular price movements characterized the trading on
Tuesday. Mining stocks were in moderate demand, Lake
Shore, Newmont and Wright-Hargreaves showing moderate
gains, and fractional advances were registered by some of the
alcohol shares. Public utilities, on the other hand, showed
a heavy tone and most of the active issues were down on the
day. Industrial shares also were off. Great Atlantic &
Pacific Tea Co. yielded about 4 points, Parker Rust Proof
was off 3% points and Aluminum Co. of America was down
1% points to 62.
Curb trading was somewhat more active on Wednesday,
though prices were again irregular. Considerable activity
was apparent in the alcohol stocks as a result of the repeal
vote in Virginia and gains of a point or more were recorded
by Canadian Industrial Alcohol A, Distrillers Seagrams and
Hiram Walker. Public utilities were also in increasing demand, Electric Bond & Share advancing over a point,
followed by American Gas & Electric and Northern States
Power. Renewed activity was apparent in the mining stocks,
Newmont moving ahead about 3 points, followed by New
Jersey Zinc with 2% points to 63. Oil stocks were active
but the gains were small.
Most of the early advances recorded in the Curb Market
on Thursday were canceled by profit taking later in the day,
though there were a few of the more active stocks that
carried through to the close. Alcohol shares made small
gains, though Hiram Walker and Distillers Seagrams dropped
part of their advances and bounded back in the late rally.
Public utilities were generally higher, Electric Bond & Share
and American Gas & Electric both closing with fractional
gains, while Commonwealth Edison jumped 3 points and
Humble Oil 2 points to 86. Mining issues were off on the day,
Newmont losing 2% points and New Jersey Zinc 1H points.
Practically all the curb market movements were toward
lower levels on Friday, the losses ranging from fractions to
a point or more. Industrial shares were mixed, Aluminum
Co. of America slipping backward fractionally, while Pan
American Aviation and a few other active issues showed
modest gains. Alcohol stocks were strong during the early
trading, but encountered offerings later in the day and slipped
back. Mining stocks were in supply and turned downward
as the day advanced and public utilities generally registered
moderate losses, particularly New England Power and United
Gas pref., both of which yielded a point or more. The
changes for the week were generally on the side of the advance, the gains including among others such active stocks
as Aluminum Co. of America, 63% to 633; American Gas
& Electric, 23% to 245 ; American Light & Traction, 14 to
%
15; American Superpower, 33 to 3%; Atlas Corp., 11X to
13; Brazil Traction & Light, 135 to 133; Central States
%
3
Electric, 1% to 1%; Cities Service, 2% to 2 8 Common;
wealth Edison, 44 to 473'; Consolidated Gas of Baltimore,
3
3
51 to 55; Cord Corp., 9 to 9%; Duke Power, 43 to 43%;
Electric Bond & Share, 17% to 18; Hudson Bay Mining, 10
to 1034; Humble Oil, 82 to 85; International Petroleum, 19
to 193 ;New Jersey Zinc, 603/i to 61; New York Tel., pref.,
%
3
%
1133/i to 1143 ; Niagara Hudson Power, 73/i to 7%;Parker
Rust Proof, 54 to 57; Pennroad Corp., 3 to 33's; Singer Mfg.
Co., 135 to 142%; Standard Oil of Indiana, 30 to 303 ;
%
United Founders, 13' to 134; United Gas Corp., 23/i to 334;
United Shoe Machinery, 5434 to 55, and Utility Power, 134
to 1%.




2583

A complete record of Curb Exchange transactions for the
week will be found on page 2612.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
&ocks
(Number
of
Shares).

Week Ended
Oct.8 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Bands (Par Value).
Foreign
Fordps
Domestic. Government. Corporate.

125,310
163,535
190,320
291,770
261,635
213.695

$78,000
64,000
133,000
166,000
106,000
57,000

1,246,265 $11,435.000

Total

$988,000
1,875.000
1,656,000
2,399.000
2,245,000
2,272,000

2604,000

Week Ended Oct 8.

Sales at
New York Curb
Exchange.

1933.

Total.

$42,000 $1.108,000
67,000 2.006.000
331,000 2,120,000
86,000 2,651,000
86,000 2,437,000
74,000 2,403,000
8686,000 812,725,000
Jan. 1 to Oct. 8.

1932.

1933.

1932.

1,172,841
1,246,265
Stocks
-No,of shares_
Bonds.
311,435,000 $19,438,000
Domestic
448,000
Foreign government
604,000
686,000
1,033,000
Foreign corporate_--

84.566,591

46,671,318

$696,813,000
32.691,000
32,067,000

$673,953,100
25,122.000
49,671,000

$12,725,000 $20,919,000

$761,571.000

$748,746.100

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. 7) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
7.1% above those for the corresponding week last year.
Our preliminary total stands at $5,126,128,116, against
$4,787,406,786 for the same week in 1932. At this center
there is a gain for the five days ended Friday of 13.5%.
Our comparative summary for the week follows:
Clearings--Returna by Telegraph.
Week Ending Oct. 7.

1933.

Per
Cent.

.1932.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$2,713,457,910 $2,389,833.955
168,524.452
162.067,759
238.000.000
250,000,000
199.000.000
223.000,000
51,778.878
51.213.708
49.800.000
52,600.000
89,300.000
79,580.000
No longer wil i report clearings.
75,622,816
78.464,159
43,314,517
51,539.295
68.624,761
49,080,015
45,866.137
53,179,124
30.179.877
19.687.001

Twelve cities,5 days
Other cities, 5 days

$3.746.231,726
525,541.704

$3,487,482,638
510,457.310

+7.4
+3.0

Total all cities, 5 days
All cities, 1 day

$4.271,773,430
854,354,686

$3,997,939,948
789,466.838

+6.8
+8.2

25.126.128.116

34.787.406.786

+7.1

TotRI all rttlfw for week

+13.5
+4.0
-4.8
-10.8
+1.1
+5.6
+12.2
-3.6
-16.0
-28.5
-13.8
-34.8

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 Sept. 30. For
that week there is a decrease of 2.0%, the aggregate of
clearings for the whole country being $4,504,589,637 against
$4,595,747,157 in the same week in 1932.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Wed:Ended seg.301933

.
1933.

1932.

Inc.or
Dec.

1931.

1930.

8
Federal Reserve Diets.
$
2
$
%
220.052,804
215,343,957 +2.2
let Bollt011 ......12 cities
487,974091
617,484,136
2,919,951,299 3,024.729,822 -3.5 6,226,775,190 8,254,756,987
2nd New York...12 •
246,243.531
282.295.867 -13.1
3rd PhIladelpla 9 "
438.926,497
610,776,800
185,543,656 +0.8
4th Cleveland__ 5 ••
187.102,170
431,188,068
358.976,834
103,294,270 -15.4
5th Richmond 8 "
87,427,698
.
198.139,747
150.054,354
6th A tlanta._ __10 "
89,510.829
79.507.656 +12.6
91,704.507
155.224
.405
289,786,645
7th Chicago ___19 "
284862,354 +2.8
872.507.135
553.225.585
8th St. Louis__ 4 "
88.925.997
86,267,043 +3.1
166,447.499
116.752,994
9th Minneapolis 7 "
82.601.280
69,399,819 -19.0
125.944323
91,073,880
10th Kansasaty 9 "
84,856,046
81,439,614 +4.2
184,438,119
127.754.370
11th Dallas
5 ••
47,068,024
37.551,029 +25.3
53,648.375
66661.814
12th San Fran...13 "
162,031,114
148,513.070 +9.1
249.887,255
335,484.826
111 cities 4.504.589,637 4,595,747.157 -2.0 8,945.7134432 12.040.028.858
Total
Outside N.Y.Cat/
4667,481,988 1,660.904316 +0.4 2,894377.829 3,979,376.202
Canada

32(titles

302.892.773

240.214.429 4-96.1

3322700.599

463.749.610

Outside of this city there is an increase of 0 4%, the
bank clearings at this centre having recorded a loss of 3.3%.
We group the cities according to the Federal Reserve
districts in which they are located and from this it appears
that in the New York Reserve District, including this
city, the totals record a loss of 3.5% and in the Philadelphia Reserve District of 13.1%, but in the Boston Reserve
District there is a gain of 2.2%. The Richmond Reserve

2584

Financial Chronicle

Oct. 7 1933

District has suffered a contraction of 15.4%, but the CleveThe volume of transactions in share properties on the
land Reserve District has an increase of 0.8% and the New York Stock Exchange for the month of September
Richmond Reserve District of 12.6%. In the Chicago for the years 1930 to 1933 is indicated in the following:
Reserve District the totals are larger by 2.8% and in the
1932.
1931.
1933.
1930.
St. Louis Reserve District by 3.1%, but the Minneapolis
No. Shares. No. Shares. No. Shares. No. Shares.
Reserve District records a diminution of 19.0%. In the
Month of January
18,718,292 34,362,383 42.423,343 62,308.290
Kansas City Reserve District there is an increase of 4.2%,
19.314.200 31,716.267 64,181,836 67.834.100
February
20,096,557 33,031,499 65.658.034 96.552.040
March
in the Dallas Reserve District of 25.3% and in the San
First quarter
58,129,049 99,110,149 172.343,252 226.694,430
Francisco Reserve District of 9.1%.'
52,896,596 31,470,516 54,346,836 111,041.000
We also furnish to-day a summary of the clearings for the Month of April
104,213,954 23.136.913 46.659,525 78.340.030
May
month of September. For that month there is a decrease for
125,619,530 23.000,594 58,643,847 76.593,250
June
the entire body of clearing houses of 4.1%, the 1933 aggre282,730,080 77,608,023 159,650,208 265,974.280
Second quarter
gate of clearings being $19,748,181,276 and the 1932 aggreSix months
340,859,129 176,718,572 331,993.460 492.668,710
gate $20,601,940,247. The New York Reserve District has
120.271.243 23.057.334 33.545,650 47.746.000
a decrease of 6.1% and the Philadelphia Reserve District Month of July
42.456,772 82.625,795 24,828,500 39,869,500
August
43,333,974 67,381,004 51,040,168 53,545,145
September
of 7.5%, but the Boston Reserve District records an increase
Third quarter
206.061.989 173.064.133 109,414.318 141,160.735
of 1.4%. In the Richmond Reserve District the totals
show 18.3% contraction, but in the Cleveland Reserve
The following compilation covers the clearings by months
District there is a gain of 0.9% and in the Atlanta Reserve since
Jan. 1 1933 and 1932:
District of 3.8%. The Chicago Reserve District shows a
MONTHLY CLEARINGS.
trifling increase of 0.7%, but the Minneapolis Reserve
District has managed to enlarge its total by 14.0%. The
Clearings Outcide New York.
Clearings, Total AU.
St. Louis Reserve District on the other hand falls behind Month.
1933.
1933.
1932.
1932.
%
%
0.2% and the Kansas City Reserve District by 1.7%. In
$
$
$
$
the Dallas Reserve District there is an increase of 10.7% Jan__ 20,141.759.034 26,447,984,113 -23.8 7,495.834.009 9.763.649.984 -23.2
Feb.._ 18.394.473.930 21,333.355.246 -13 8 6,230.757,132 8,114.829.518 -23.2
and in the San Francisco Reserve District of 4.5%.
Mar.. 16,457,395.180 24,486.131,521 -32.8 5,001,069.914 8,876,687,161 -43.7
September
19:33.

September Inc.or September
1932,
1931,
Dec.

1st cm_ 54.993,628,144 72,267.470,880 -23.9 18,727,661.055 26.755,166,663 -30.0

September
1930.

d
$
$
Federal Reserve Diets.
%
883,337,961
871,235,108 +1.4 1,502,676,561
let Boston ____14 cities
2nd New York__13 " 12,817,312,040 13,648,348,936 -6.1 20,208,199,401
1.031.519.413 1.115,154,698 -7.5 1,791,331,854
3rd Philadelpla 13 "
773,368,011
766,644,330 +0.9 1,273,319,307
dth Cleveland 14 "
420,545,138 -18.3
343,731,113
5th Richmond 9 "
.
591,067,020
372,443,763
358,852.078 +3.8
474,661,823
5th Atlanta.___16 "
7th Chicago - --25 " 1.282,902,286 1,254,254,654 +0.7 2,227,418,670
514,780,465
379.476,910
380.067,169 -0.2
865 St. Louis__ 7 "
398,252,040
361.532,393
317,072,203 +14.0
9th Minneapolle13 "
688,918,347
470,488,460
478,808,364 -1.7
1065 KansasCity 14' "
263,180.889 +10.7
336,106,667
291,430,526
11th Dallas
10 "
727,776.680 +4.5 1,084,778,871
760,640,400
1268 San Fran 22 "

Apr__ 16,703.083,774 22.826.372,573 -26.8 5.914.260.763 8.857,550,480 -33.2
May.. 19,996,745.772 20,667,501,203 -3.2 6,689.801.527 7,928,232,424 -15.6
June._ 23.277,434,469 21,918,490.620 +6.2 7,452,854,878 8,016,623,719 -7.0

$
1,856,717,941
26,014,449,807
2,054,932,978
1,600,747.110
696,846,567
623.073,531
3,301,236,300
714,674,261
658.560.018
963,326,797
468,547,226
1.402,845,698

28 cm_ 59,977,264,015 65,412,364,396 -8.3 20,056,917,168 24,802,406,623- 19.1
5 0205.. 114970892 159 137679835 276 -16.5 38,784,578,223 51.557,573.286 -24.8
July.. 24,056,889,372 19,296,068,085 +24.7 7,995.017,907 7,620.804.797 +4.9
Aug ... 20,716,733,315 20,006,557,435 +3.5 7,299,966,584 7.339,574,546
3ept __ 19,748,181,276 20.601.940,247 -4.1 7.290306,273 7,323,079,869 -0.4
3d qu.. 64,521,803.963 59,904,565,767 +7.7 22,585,390.764 22,283,459.212 +1.4
1 MOS

170 cities 19,748,181.276 20.601,840,247 -4.1 31,071.511.026 40,255,958.234
Total
7,290,406,273 7.323,079,869 -0.4 11.406,596,611 14,846,247,238
Dutaide N. Y.city
1 .100.1a
0

29 .141.

1 011 4111.

1 4.114 MR 21

4-ila

1 on, ton IV"

Federal Reserve Diets.
1st Boston ____14 cities
2nd New York_ _13 "
3rd Philadelpla 13 "
4th Cleveland..14 "
5th Richmond _ 9 "
6th Atlanta_ __ _ 16 "
7th Chicago ___25 "
8th St. L01118.- 7 "
Dth Minneapolts13 "
10th KansaaCity 14 "
10 "
11th Dallas
.22 "
12th San Fran..

9 Months Inc.or 9 Months
1932.
Dec.
1931.

$
$
7,984,140,743 9.306,478,722
21,423,257,393 127.592,018,754
9,697,668,935 11,078,151,246
6,441,048,415 7,840,780,001
2.977,135,524 4,162,219,324
2,977,696.645 3,468,416,358
9,981,448,790 13,657,668,791
3,191,236,656 3,499,155,836
2,710.561,895 2,778,343,079
3,970,244.168 4,767,657,592
2,125,939.560 2,328,963,792
6,012,317,398 7,101,614,548

,

9 Months
1930.

$
%
-14.2 16,127,836.824
-4.8 214,983,631,234
-12.5 16,513,089.821
-17.9 12,344.067,683
-28.5 5.604,544,521
-14.1 4,846.557,592
-26.9 24,228,242,542
-8.8 4,996,319,079
-2.4 3,730,065,746
-16.7 6,740,685,168
-8.7 3,259,528.226
-15.4 10,196,141,609

$
19,710,609.799
75,406,553,960
21,644,210,282
15,580,452,424
6,744,613,814
6,186,162.378
34,066,188,648
6,981,894,955
4,590,524,740
9,120,973,783
4,011.655,335
13.358.762,359

170 cities 179.492,696,122 197,584,401,043 -9.2 323,600,710,045 417,580,895,218
Total
61,369,958,987 73,841,032,498 -16.9 113,893,243,192 148,499,211,255
Outside N. Y. City
Menarla

29 niflao

sn 001.0 110

0
.1 WM 915 4-16 9 10.0 001 a0/1

in.,,, on,,,,

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for September and the nine months of 1933 and 1932 are
given below:
Description.
1933.

1932.

1932.

1933.

Stocks, number of shares_ 43,333,974 67.381,004
546,921,118
326,782,111
Bonds.
Railroad de misc. bonds_ _ 5144.938,000 $160,443,000 61,635,562,900 $1,181,435,800
501,414,600
577,194.000
State.foreign, &c., bonds 52,338,500 61,059.000
330,828,500
429,891,550
U.S. Government bonds_ 34,076.900 24,619,150
Total

BANK CLEARINGS AT LEADING,CITIES.
September.
September.
1932. 1931.
1933. 1932. 1931. 1930. 1933.
(000,0005
$
omitted.)
$
$
$
12,458 13,279 19,666 25,410 118,123 123.743 209,707
New York
796 1.381 2,126 7,140 8.663 15,409
Chicago
840
750 1,319 1,651 6,933 8,019 14.365
774
Boston
983 1,057 1,692 1,922 9,230 10.434 15,539
Philadelphia
476 2,118 2.353 3,569
367
245
247
St. Louis
719 2,790 3,194 5,252
545
333
313
Pittsburgh
760 3,407 3,909 5,528
415
409
580
Ban Francisco
1,494 2,216 2,981
312
367
171
215
Baltimore
1,345 1,599 2,194
234
236
159
Cincinnati
156
342
501 2.107 2.461
243
249
3,386
Kansas City
520 1,864 2,555 3.986
247
407
233
Cleveland
373 1,850 1,834 2,407
260
252
215
Minneapolis
179
654
146
1,036
77
119
1,534
New Orleans
476
669 1,276 2,563 4,943
244
237
Detroit
95
155
663
79
73
678
870
Louisville
181
713
86
134
857
89
1,343
Omaha
45
276
321
30
45
28
428
Providence
109
413
47
619
53
87
Milwaukee
908
148
193
896 1,000 1,501
106
101
Buffalo
81
100
536
69
62
580
St. Paul
770
110
139
603
74
723
80
Denver
971
47
63
79
358
41
482
Indianapolis
658
150
185
899
108
116
Richmond
996 1,311
44
54
51
70
369
390
Memphis
460
123
162
93
89
727
884 1,215
Seattle
55
71
36
325
40
354
Salt Lake City....
838
57
31
34
50
315
330
Hartford
449
Total
Other cities

Nine Months.

Month of September.

8911 122 197884401.043 -9.2 61.369.968.987 73.841.032.498 -18A

The course of bank clearings at leading cities of the country
for the month of September and since Jan. 1 in each of the
last four years is shown in the subjoined statement:

1 002 ells 110

We append another table showing the clearings by Federal
Reserve districts for the nine months for each year back
to 1930:
9 Months
1933.

170402

$231,353,400 $246,121,150 $2,543,605,400 32,112,741,950

1930.
269,082
22,308
17,570
20.294
4,666
6.883
7.386
3,607
2,433
4.804
5,068
3,018
1,734
6,648
1,468
1,658
512
1,146
1,955
895
1,247
834
1,686
701
1,524
673
587

18,289 19,144 28.912 37,455 167,424 182,793 302,222 390.387
1,459 1.458 2.160 2.801 12,069 14,791 21.379 27,194

19,748 20.602 31,072 40.256 179,493 197.584 323.601 417.581
Total all
Outside New York_ 7,290 7,323 11,406 14,846 61,370 73,841 113,893 148,499

We now add our detailed statement showing the figures
for each city separately for Sept. and since Jan. 1 for two
years and for the week ended Sept. 30 for four years:

CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 30.

1933.

1932.

$
$
First Federal Rese rve District- Boston
Mane
-Bangor
2,519,243
1,595,795
8,924,265
6,956,995
Portland
-Boston
774,088.155
749.823,894
Mass.
2,262.762
2,716,519
Fall River
1,525.115
1,495,661
Holyoke
977,518
977,675
Lowell
2,273,756
2,127,541
New Bedford
9,656,474
10,571.724
Springfield
4,641,774
6.835,805
Worcester
30,825,349
34.264,036
Conn.
-Hartford ...13,642,035
16.362,929
New Haven
4.324,300
3,958,300
Waterbury
28,077.800
29,945,400
-ProvidenceR. 1.
1,635,564
-Manchester._
1.566,685
N. 28.
Total(14 dtles)-....




883,337,961

871,235,108

Week Ended Sept. 30.

9 Months Ended Sept. 30.

Month of September.
Clearings at-

Inc. or
Dec.

1933.

%

$

1932.

Inc. or
Dec.

1933.

$

%

$

+57.9
-22.0
+3.2
-16.7
+2.0
-0.1
+6.9
-8.7
-32.1
-10.0
-16.6
+9.2
-6.2
-4.2

16,135,155
52,162,571
6,933,317,556
21,056,400
12.476.924
9,675.647
19,735.651
99.352.066
46.475.136
314,902,214
130.978.122
36,267,900
275,813,200
15,792,201

16,938,364
85,367,532
8,018,622,866
26,801,447
15,027,163
11,994,855
23,087,678
122,043.406
79,712,580
329,738.030
195,931,285
42,559,600
321,319,400
17,334,516

-4.7
-38.9
-13.5
-21.4
-17.0
-19.3
-14.5
-18.6
-41.7
-4.5
-33.2
-14.8
-14.2
-8.9

506,440
1,839,204
196,881,201
494,998

+1,4

7,984,140,743

9,306,478,722 -14.2

220,052,804

1932.
$

Inc.or
Dec.

1931.

%

$

341,544 +48.3
807,162
2,990,141 -38.5
5,087,354
182,877,291 +7.7 435,594,423
561,002 -11.8
842,199

1930.
$
1,012,764
7,604,035
552,010,172
1,195,829

204,163
450,099
2,398,414
950,111
6,492,461
3,000,156

218,302 -6.5
495,046 -9.1
2,564,871 --6.5
1,555,018 -38.9
12,000,000 -45.9
3,652,556 -17.9

469,429
877.721
5,437,481
3,385,755
15,675,767
7,653,643

520,938
1,066,644
5,913,900
4.019,642
18,162,071
10,924,901

6,429,100
406,457

7,752,600 -17.1
335,586 +21.1

11,534,300
606,857

14,156,300
876,940

487,972,091

617,464,136

215,343,957

+2.2

Volume 137

Financial Chronicle

2585

CLEARINGS-(Conttnued.)
Month of September.
Clearings al1933.

1932.

S
$
Second Federal Re serve District -New York
N. Y.
-Albany
31,054,378
19,799,446
Binghamton
3,071,067
3,059,456
Buffalo
106,294,532
100,996,628
Elmira
2,127,072
2,236,528
Jamestown
1,729,511
2,061,952
New York
12,457,775,003 13,278,860,378
Rochester
25,619,610
26,776,644
Syracuse
12,574,888
13,977,395
Conn.
-Stamford_ _
9,305,810
8,214,270
N.J.
-Montclair _ _ _ _
*1,700,000
1,628,383
Newark
61,570,450
75,923,370
Northern N. J
111,108,354
101,848,720
Oranges
2,640,999
3,706,130
Total (13cities) _ __ _ 12,817,312,040 13,648,348.936

9 Months Ended Sept. 30.
Inc. or
Dec.

1933.

70

$

1,031,519,413 1,115,134,693

773,368,011

766,644,330

1933.

1932.

Inc. or
Dec.

1931.

1930.

s

%

s

$

,,,
,o

s

$

-6.1121,423.257,393 127,592,018,754

-7.5

-4.8 2,919,951,299 3,024,729,822

10,141,936
16,517,670 -38.6
e4,124,475
20,211,503 -79.6
9,969.729
15,904,562 -37.3
62,066,538
93,262,962 -33.4
23,557,183
45,585,634 -37.4
11,421,700
13,201,945 -13.5
15,135,372
17,343,641 -12.7
9,230,000,000 10,434,100,000 --11.5
41.584,990
86,410,962 -51.9
71,550,015
92,904,337 -23.0
56,419,266
68,674,986 -17.8
37,416,731
45,677,044 -18.1
119,281,000

128,359,000

+12.6
8,978,187
9,076,620
-19.4
1,481,090
1,989.116
-1.1
44,422,560
57,131,997
-3.9
1,070,827
929,755
-12.8
946,582
1,412.726
-3.3 6,054,324,103 8,060,652,636
-1.0
13,619,290
17,287,804
-14.2
6,218,349
7,084,728
+15.2
2,877,737
3,923,413
+2.6
889,506
927,610
-16.6
35,227,717
42,378,405
-14.0
56.669.242
51,962.157
----3.56,220,725,1908,254,750,987

293,498
c
336,251

+9.6
267,696
c
c
396,277 -15.1

933,723
236,000.000
996,250
1,691,769
1,371,568
1,120,472

1,331,716

1,588,774
c
1,333,517

1,188,106 -21.4

4,440,026

2,301,326

-12.9
-47.1
-10.8
-39.4
-1.2

417,000,000
3,564,289
4,165.137
2,532,540
1,970.323

585,000,000
3,391.253
5,385,225
5,013,688
2,213,017

271,000.000
1,883.739
1,896,619
2,263,921
1,134,509

583,466
c

-7.1

2,500,000

2,265,000 +10.4

3,339,000

4,010.000

9,697,668,935 11,078,154,246 -12.5

245,243,531

282,295,867 -13.1

438,926,497

610,776,800

c
c
33,939,735
55,421.145
6,618,100

c
c
c
c
35,055,319 +11.1
59,097.612 -6.2
7,385,600 -10.4

c
c
57,851,513
123,227,515
10,610,000

c
c
61,233,585
149,741,962
19,490,200

964,686
c

804,444 +19.9
c
c

1,415,777
c

1,714,257
c

Fourth Federal Re serve District -Cleveland Ohio-Akron
b
1,450,000
03,876,000
-_- Canton
4,287,537
b
____
31,648,501
Cincinnati
156,440,306
159,253,721 -1.8 1,345,065,454
Cleveland
247,371,420 -6.0 1,864,489.027
232,568,824
Columbus
29,950,700
29,046,200 +3.1
252,382,750
Hamilton
1,676,558
1,465,394 +14.4
13,143.471
Lorain
348,517
427,237 -18.4
2,777,301
Mansfield
4,207,593
3,491,715 +20.5
32,491,721
Youngstown
b
bb
Pa.
-Beaver County_
712,074
748,798 -L- :6
4
5,915,377
Franklin
377.478
409,247 -7.8
2,660,320
Greensburg
560,580
1,036,778 -45.9
5,668,512
Pittsburgh
332,538.962
312,810,145 +6.3 2,790,363,345
KY.-Le•Ington
2,896,737
3,162,798 -8.4
33,453,902
W. Va.-wheeling .
_
6,802,14'
57,112,134
5,970,877 +13.9
Total(14 titles)

1932.

+56.8
330,339,148
207,851,428 +58.9
5,050,623
4,486,818
+0.4
29,649,666
32,085,379 -7.6
647,830
803,537
+5.2
896,052,936 1,000.477,110 -10.4
26,072,167
26,360,354
-4.9
21,318,678
28.356.479 -24.8
507,869
528,254
-16.1
14,140,319
22,652,838 -37.6
542,564
472,875
-6.2 118,122,727,135 123,743,368,545 -4.5 2,837,127,649 2,934,845.841
-4.3
228,982,155
279,942,260 -18.2
5,760,965
5,821,637
-10.0
120,725,510
146,648,810 -17.7
3,042,272
3,545,015
+13.3
91,751.750
102,011,353 -10.1
2,233,301
1,938,197
+4.4
15,148,983
20,824,146 -27.3
399,601
.410,000
-18.9
589,591,813
850,537,058 -30.7
14,974,539
17,955,940
-8.3
934,098,537 1,109,596,689 -15.8
23,651,209
27,502,064
-28.7
28,730,763
47,666,659 -39.7

Third Federal Res erre District -Philadelph la
Pa.
-Altoona
1,376,374
1,333,048
+3.3
Bethlehem
b
1,673,342
Chester
1,162,470
1,328,949 -12.5
Harrisburg
5,901.732
8,628,739 -31.6
Lancaster
3,677,768
4,474,952 -17.8
Lebanon
1,562,692
1,330,991 +17.4
Norristown
1,593,775
1,913,749 -16.7
Philadelphia
983,000,000 1,056,900,000 -7.0
Reading
4,328,189
7,298,464 -40.7
Scranton
7,563,960
8,515,052 -11.2
Wilkes-Barre
*,613,246
7,3513,206 -23.7
York
4,422,307
4,159,206
+6.3
N.J.
-Camden
No longer will report clearing s.
Trenton
11,316,900
10,242,000 +10.5
Total(13 cities)

Week Ended Sept. 30.
Inc. or
Dec.

15,976,000
b
1,599,435,658
2,554,595.808
296,956,800
17,350,595
4,994,185
30,527,001
b
7,937,990
3,881,285
11,079,898
3,194,360,660
40;100,502
63,533,619

-75.7
___
-15.9
-27.0
-15.0
-24.2
-44.4
+6.4
___
-25.5
.
-31.5
-48.8
-12.0
-10.6
-10.2

85,158,504

83,200,681

+2.4

105,872,029

199,008,064

187,102,170

185,543,656

+0.8

353,976,834

431,188,068

+0.9

6,441,048,415

7,840,780,001 -17.9

-63.3
-0.8
-6.8

-23.5

6,207,951
82,499,000
899,415,294
05,809,052
26,032,854
06,205,325
1,494,323,957
7,810.879
b
448,831,212

14,874,447
102,198,783
995,827.407
25,880,304
30,500,475
33,694,934
2,215,838,750
9,186,337
b
734,247,887

-38.9

13,544,895

16,119,351 -16.0

26,930,107

29,417,816

420,545,138 -18.3

2,977,135,524

4,162,249,324 -28.5

87,427,898

103,294,270 -15.4

150,054,354

198,139,747

Sixth Federal Rose rve District- Atlanta
Tenn. Knoxville .
_
.20,000,000
9,532,190 +109.8
Nashville
39,668,242
37,657,162
+5.3
Ga.-Atlanta
140,000,000
113,000,000 +23.9
Augusta
4,641,388
4,522,602
+2.6
Columbus
1,888,701
1,800,819
+4.9
Macon
2,799,576
2,190,520 +27.8
Fla.
-Jacksonville_
27,933,196
20,000,000 +39.7
Tampa
2,934,627
3,198,128 -8.2
Ala.
-Birmingham_
43,822.759
35,042,507 +25.1
Mobile
4,687.226
3,487,650 +34.4
Montgomery
2,202,918
1,746,174 +26.2
Miss.-Ilattlesb urg _ _
3,345,000
2,536,000 +31.9
Jackson
b
3,552,755_ __
Meridian
999,950
1,139,832 -12.3
Vicksburg
510,131
443,743 +15.0
La.
-New Orleans_ _ _
77,010,050
119,001,996 -35.3

112,305,538
344,259,462
1,044,000,000
32,285,108
15,663,474
17,289,399
282,313,375
31,389,477
342,449,125
32,847,210
16,618,027
26,595.000
e12,071,169
9,901,223
3,905,473
653,803,585

98,843,454 +13.6
343,477.034
+0.2
1,072,200,000 -2.6
33,259,277 -2.9
17,330,024 -9.6
19,308,372 -10.5
331,701.650 -14.9
42,046,853 -25.3
344,084,885 -0.5
33,521,389 -2.0
18,814,902 -11.7
27,151,000 -2.0
34.848,850 -65.4
10,927,356 -9.4
4,420,369 -11.6
1.036.480,943 36.9

3,076,488
9,210,984
33,600,000
1.152,170

1,846,656 +66.6
9,281,702 -0.8
25,600,000 +31.3
931,878 +23.6

3,858,030
10,885,937
35,600,000
1,293,909

2,824,026
22,817,329
44,114,517
2,225,006

821,733
9,994,000

445,122 +84.6
6,023,322 +65.9

649,279
8.688.291

1,599,977
10,722,257

11,652,802
1,076,949

7,893,895 +47.6
835,309 +28.9

13,215,672
1,316.652

18.639,634
1.988.107

134,437
18,821,266

116,363 +15.5
26,533,409 -29.1

127,059
16,069,683

176,944
50,116,608

372,443,763
358,852,078 +3.8 2,977,696,645
Seventh Federal It eserve Distric t-Chicago
-Mich.
-Adrian
1130,154
356,206 -55.0
d791,461
Ann Arbor
1,609,066
1,803,049 -10.8
18,130,630
Detroit
243,998,952
236,885,048
+3.0 1,275,915,674
Flint
3,067.927
3,817,459 -19.6
26,328.654
Grand Rapids
6,252,504
12,638,656 -50.5
42,453,018
Jackson
912,246
1,868,381 -51.2
27,377,136
Lansing
3,373,546
5,915,127 -43.0
16,956,930
Ind.
-Ft. Wayne. _
2,005,783
3,463,480 -42.1
18,824,378
6,470,391
Gary
4,567,260 +41.7
52,092,210
Indianapolis
40,664,000
46,547,675 -12.6
357,765,715
South Bend
1,772.562
3,935,437 -55.0
20,460,945
12,511,938
Terre Haute
11,099,581 +12.7
112,408,724
Wis.-Nladison
1,446,376
2,683,799 -46.1
11,969,991
Milwaukee
47,480,303
53.170,147 -10.7
412,902,198
1,063,345
Oshkosh
1,373,141 -22.6
8,082,865
Iowa-Cedar Rapids_
*913,611
a2,609,361 -65.0
26,492,040
Davenport
b
15.642,966
____
e24,796,932
Des Moines
20,692,493
19,183,675 +7.9
174,241,100
Iowa City
b
b
___b
Sioux City
9,561,126
9,094,177
+5.1
73,568,323
b
Waterloo
bb
111.
731,871
-Aurora
702,152
-r-ii
5,772,157
Bloomington
1,778,978
3,861,210 -53.9
14,289,880
Chicago
840,200,809
796,296,043 +5.5 7,140,397,280
Decatur
2,030,621
1,959.341
+3.6
16,620,350
Peoria
9,379,898
8,306,137 +12.9
75,962,238
2,236,353
Rockford
1,842,487 +21.4
20,734,418
3,501.044
Springfield
7,243,000 -51.7
32,555,574

3 468,
,
416,
358 -14
.1

89,540,829

79,507,656 +12.6

91,704,307

155,224,405

4,301,479
23,224,689
2,563,360,235
48,439,500
112,138,632
20,069,894
56,536,654
41,143.953
59,934,941
481,643,106
45,723,474
122,242,056
40,788,497
618,989,280
16,280,183
*28,108,715
191,620,867
196,418,631
b
93.008,627
b
13,678.775
38,370,113
8.663,146,484
21,683,503
91,794,679
28,773,062
64,257,472

-81.6
-21.9
-50.2
-45.0
-62.1
+36.4
-70.0
-54.2
-13.1
-25.7
-55.3
-8.0
-70.7
-33.3
-50.4
-76.9
-87.1
-11.3

23,162
490,726
56,807,409

112,357 -79.4
649,357 -24.4
56,771,382
+0.1

157,281
1,125,373
118,741,131

186,719
1,286,708
163,112.018

1,252,269

2,343,496 -46.6

4,784,352

6,549,991

.500,000
475,376

518,400 -3.5
824,292 -42.3

2,864,683
1,671,834

3,657,494
3,062,437

9,093,000
395,867
3,014,123

10,506,000 -13.4
904,601 -56.2
2,578,659 +16.9

16,556,000
999,247
3,628,254

21,371,000
2,390,380
4,363,199

10,789,435

32,029,467

5.182,685

-20.9
-_- -57.8
-62.8
-17.6
-23.4
-17.2
-27.8
-49.3

9,981,448,790 13,657,568,791 -26.9

Fifth Federal Rose rye District- Richmond
W. Va.-Huntington_
476,894
1,298,926
Va.-Norfolk
8,914,000
8,090,000
Richmond
108,028,611
115,879,609
N.C.
-Raleigh
b
2,674,775
S. C.
-Charleston_ ...
4,341,081
3,184,617
Columbia
b
3,173,639
Md.-Baltimore
170,998,329
214,518,044
Frederick
1,000,956
931,497
Hagerstown
b
b
D. C.
-Washington.._
49,971,242
69,894,031
Total(9 cities)

343,731,113

+36.3
-20.3
+7.5

Total (16 citlesO _ _.

Total(25 cities) ___ _

1,262,902,286 1,254,254,654

+0.7

Eighth Federal Re serve District -St. Louis
b
-Evansville
Ind.
b
-b
is
New Albany
271,938 0700,907
245,230,118
340.
-St. Louis
247,199,679 -0.8 2,117,500,110
Ky.-Loulsville
78,666,568
73.221,416
+7.4
663,457.921
b
b
Owensboro
- -- b
b
Paducah
5,573,462
____
629,090,978
51,216,863
Tenn.-Mem pills
+5.0
54.066,505
369,293,084
197,015
-Jacksonville_ _ _ _
382,716 -48.5
111.
1.247,660
1,316,704
Quincy
2,201,095 -40.2
9,995,996
Total(1 cltlei)

379,476,910




380,067,169

-0.2

3,191,236,656

-58.3
-19.3
-9.7
-77.6
-14.6
-81.6
-32.6
-15.0

102,651
2,158,000
27,852.822

329,225 -138.8
2,029,000 +6.4
28,157,681 -1.1

•

530,358
3,577,000
29,928,602

1,101,825
4,973,806
48,995,000

832,746

600,000 +38.8

1,746,196

2,792,123

42,936,784

56,059,013 -23.4

87,342,091

110,859,177

c

11,175,567

c

c

c

c

+3.6

20,218,560

625,959 -69.4

2,709,346

3,658,869

5,342,512

-3.0

7,437,536

8,963,703

2,357,375
c

2,614,167
c

-9.8
c

4,818,693
c

7,232.127
c

379,686
194,465.915
425,465
2,228,179
473,628
854,950

788,764
182,533.466
420,805
1,678,613
645.696
1,214.398

-51.9
+6.5
+1.1
+32.7
-26.6
-29.6

1,383,527
357,744,770
844,766
3,252,680
1,350,025
1,937,527

1,797,891
601,686.145
1,050,418
4,474.767
2,843.775
2,790,022

289,786,645

281,862,359

+2.8

552,225,585

872,507,135

191,263

b
4,008,619
2,353,445,600
677.619,165
b
47,757,692
390,443.214
4,383,425
21,498,121

-- --82.5
-10.0
-2.1

55,000,000
16,370,432

56,100,000
16,135,977

-2.0
+1.5

82,100,000
20,870,061

125.922,087
36,935,214

-39.2
-5.4
-71.5
-53.5

17,295.565
b
260,000

13,605,314 +27.1
b
h
425,752 -38.9

13,009,660
b
773,273

21,416.820
b
1,173,378

3,499,155,836

-8.8

88,925,997

86,267,043

116,752,994

185,447,499

b

b

is

+3.1

b

b

Financial Chronicle

2586

Oct. 7 1933

-(Concluded)
CLEARINGS

1933.

Inc. or
Dec.

1932.

Week Ended Sept. 30.

9 Months Ended Sept. 30.

Month of September.
Clearings at-

S
3
%
Ninth Federal Res erve District -Nfinneapoll s
12,207,420
11,494.915 +6.2
Minn.
-Duluth
252,421,780
214,512,374 +17.7
Minneapolis
717,975
856,604 -16.2
Rochester
62,465,884 +10.9
69,305.673
St. l'aul
6,841,027
6,758,734 +1.2
-Fargo
N. D.
3,520,000
Grand Forks
4,345,000 -19.0
646,613
731,000 -11.5
Allnot
1,989,823
2,441,991 -18.5
-Aberdeen
B. D.
2,990,525
Sioux Falls
2,925,788 +2.2
1,312,625
1,255,303 +4.6
Mont -Billings
1,944,180
2,446,353 -20.5
Great Falls
Helena
7,457,915
6,667,638 +11.9
176,837
+3.6
170,619
Lewistown

1933.

1932.

Inc. or
Dec.

$

3

%

1933.

1932.

Inc. or
Dec.

1931.

3

3

%

I

1930.
$

95,257,515
1,849.551,261
6,364,720
536,377,826
54,182,805
24,493,000
5,023,605
17,531,880
29,119,074
10,024,328
13,315,058
67,981,339
1,339,484

88,292,938
1,833,863,993
9,257,828
580,345,128
65,994,585
40,795,000
7,077,298
23,246,691
31,414,043
12,585,133
19,356,566
64,478,049
1,635,827

+7.9
-0.9
-31.3
-7.6
-17.9
-40.0
-29.0
-24.6
-7.3
-20.3
-31.2
+5.4
-18.1

2,964,464
57,909,804

2,288,374 +29.5
49,490,477 +17.0

3,245,522
62,076,036

7,682,027
85,853,273

17,532,271
1.588,839

13,729,953 +27.7
1,497,340 +6.1

20,178,567
1,947,905

25,024,580
2,379,000
1,093,458

317,072.203 +14.0

2,710,561,895

2,778,343,079

Tenth Federal Res erve District -Kansas Cit y206,867
513,854 -59.7
Neb.-Fremont
____
b
443,844
Hastings
7,113.189
+6.8
Lincoln
6,658,087
88,903,048
85.789,625 +3.6
Omaha
4.667,879
5,769,190 -19.1
Kan.
-Kan. City
5,497,606
5,739.795 -4.2
Topeka
6,916,596
14,686,311 -52.9
Wichita
1,303.711
1,209.362 +7.8
1Vfo.-Joplin
243,267.931
249,182,980 -2.4
Kansas City
10,075,000 +13.8
11,460,919
St. Joseph
19,429,008 -9.1
17,659,712
3kla.-Tulsa
1,948,470
2,520.504 -22.7
7olo.-Colo. Springs_
74,451,485 +7.1
79,728.129
Denver
1.812,403
2,338,419 -22.5
Pueblo

2,333,262
f950.000
61.494,450
713.445.326
48,398,186
56.962,919
85,267.601
11,334,735
2,107,026.197
96.247.516
142,632,615
19,951,351
603,037.595
21,162.415

6,614,962
5,810,632
74,208,972
856,652.513
68.086,370
68.736,288
156,775,331
12,511,132
2,461,364,524
103,902,756
173,823,245
27,333,462
722.762.680
29.074.725

4,767,657,592 -16.7

Total(13 cities) _

361,532,393

470,662

556,305 -15.4

715,731

301,834

265,909 +13.5

502,743

805,627

1,835,406

1,571,461 +16.8

2,407,356

3,103,358

-2.4

82,603,280

69,399,819 +19.0

91,073,880

125,941,323

-64.7
-83.7
-17.1
-16.7
-28.9
-17.1
-45.6
-9.4
-14.4
-7.4
-17.9
-27.0
-16.6
-27.2

48,913
c
1,621,012
20.623,470

118,528
c
1,466,352
18,327,866

129,283
2,949,327
32,084,005

292,055
c
4,006,321
42,019,453

478,808.364

-1.7

3,970,244,168

Eleventh Federal Reserve Distr ict-Dallas2,896,795
3,229,150
rexas-Austin
2,211,587
2,359,151
Beaumont
117,726,035
138.415,066
Dallas
8,015,521
8,910,540
El Paso
19,368,324
20,193,034
Fort Worth
9,766,000
10,719,000
Galveston
89,382,528
97,863,448
Houston
899,792
1,048,382
Port Arthur
2.053,511
1,000.000
Wichita Falls
10,119,288
7,534,263
.
A.
-Shreveport

+11.5
+6.7
+17.6
-10.0
+4.3
+9.8
+9.5
+16.5
+8.1
-25.5

26,098,809
20,800.320
944,137,276
76,177.301
169,002,819
65,000,000
725,608,591
8,366,865
18,050,150
72,697,429

33,448,658
32,327,423
1,011,293,338
92,602,846
207,866,396
79,895,000
748,722.219
10,069,316
21,243,000
91,495,596

-22.0
-35.7
-6.6
-17.7
-66.8
-18.6
-3.1
-16.9
-15.0
-20.5

263,180.889 +10.7

2,125,939,560

2,328,963,792

-8.7

11,822.353
727,466,003
197,079.000
10,794,993
20,767,056
3.656,000
606,343,333
16,377,616
324,636,422
54,849,461
21,959,823
103,732,115
103,905.370

15,942,540
883,535,271
220,745,000
16,957,662
34.230,698
5,610,575
684,515,354
17,379,872
353,755,733
79,272,590
26,170.132
127,448,039
120.997.571

-25.8
-17.7
-10.7
-36.3
-39.3
-34.8
-11.4
-5.8
-8.2
-30.8
-16.1
-18.6
-14.1

12,890.783
95,143,964
22,573.935
119,832,609

15,801,135
127,297,051
30,352,158
246,474,386

-18.4
-25.3
-25.6
-51.4

3,406,667,524
51,616.709
32,984,125
30,140,454
37,076,850

3,009,059,911
62,919.514
43.891,319
36,378,425
45,879,612

-12.9
-18.0
-24.9
-17.1
-19.2

6,012.317,398

7,104,614,548 -15.4

Total(14 cities)

_

Total (10 cities)__

470,486,460

291,430.526

-San Franc iscoTwelfth Federal R eserve Distric t
1,609,000 +11.9
.1,800,000
Vash.-Liall'ham__
+4.4
88,802,801
92,682,693
Seattle
22,160.000 +117.4
48,183,000
Spokane
2,034.422 -7.3
1,885,266
Yakima
2,928,702
3,000,000 -2.4
da.-Boise
417,000 +14.6
478,000
-Eugene
)re.
77.405,479
69.154,168 +11.9
Portland
2,530,541
2,147,953 +17.8
Jtah-Ogden
36,121.049 +10.6
39,956,860
Salt Lake City
5,337,025
5,777,100 -7.6
iris.-Phoenix
2,553,025
2,604,828 -2.0
7,allf.-Bakersfield
11,269,669
11.496,862 -2.0
Berkeley
11,422.137 +7.3
12.252,147
Long Beach
No longer will report clearin gs.
Los Angeles
+6.2
1,694,256
1,799,964
Modesto
11,935,297 -18.9
9,678,333
Pasadena
+4.0
2,307,297
2,400,357
Riverside
14,089,366
26,405,373 -46.6
Sacramento
No longer will report clearin gs.
San Diego
+1.3
409,398,447
414,728,558
San Francisco
+6.0
7,027,208
7,451,228
San Jose
3,490,530 ' 3,971,943 -12.1
Santa Barbara
+4.8
3.422,852
3.588.712
Santa Monica
4,866,597 -14.7
4,150,936
Stockton
Total(22 cities) ___ _

760,640,400

727.776,680

;rand total(170 cities) 19,748,181,276 20.601,940,247
C
,utside New York.... _

7,290,406,273 7,323,079,869

+4.5

-58.7
c
+10.5
+12.5

c

1,183,359
1,353,037

1,193,697 -0.9
3,316,299 -59.2

2.254,531
4,764,028

2,870,219
7,013,885

56,708,635
2,629,379

54,240,815 +4.5
2,138.393 +23.'

80,635,031
3.193,519

120,899,143
4,715,551

351,013

180,707 +94.2

579,328

910,673

337,228

456,957 -26.2

1,165,318

1,708,819

+4.2

127,754,370

184,436,119

84,856,046

81,439,614

773.106

646.660 +19.6

1.757,444

1,853,963

36,613,545

28,127,818 +30.2

39,241,228

48,684,377

5,116,603
2,968,000

4,761.888 +7.4
2,181,000 +36.1

6,664,179
3,012,000

9,967,592
3,885,000

1,596,770

1,833,663 -12.9

2,973,304

4,300,882

47,068,024

37,551.029 +25.3

53,643,375

68,661,814

20,481.427
4,320.000
460,168

19,147.958 +7.0
4,966,000 -13.0
461,642 -0.3

28,249.298
9,689,000
871,877

39,244,220
11,945.000
1.364,546

17,533,129

16,151,569

+8.6

27,240,356

37,540,642

8,518,863 +11.4

13,235,746

18,168,335

2,277,982 +5.5
2.403,584
No longe r will report cl earings.

4,612,487

6,669,027

9,488,217

-5.9

4,402,902

5,538,620

4,694,995 -42.8
2,687,105
No longe r will report cl earings.
86,167,299 +141
98,611,079
1,456,919 +17.4
1,709.862
708,658
856.530 -17.3
672.673 +11.5
750,352
1,098,849 -12.9
957,094

6,949,165

6,736,123

147.398,522
3,022,377
1,393,668
1,422.157
1,399.700

198,406,163
3,624,604
2,202,452
1,964,193
1,990,900

+9.1

249,887,255

335,484,825

1,920,439

162,031,114

2,040,791

148,512,070

-9.2 4,504,589,637 4,595,747,157

-2.0 8,945,701,932 12040,028,858

-0.4 61,369,968,987 73,841,032.498 -16.9 1,667,461,988 1,660,901,316

+0.4 2,891,377,829 3,979,376,202

-4.1 179,492,696,122 197,584,401,043

CANADIAN CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 28.

Total (32 cities) _

%
+8.5
+14.2
+33.1
+18.8
-7.2
-4.3
-2.7
+0.3
+18.2
-13.3
+7.2
-6.3
-11.2
+5.7
-11.6
+4.2
-20.9
-8.8
-3.5
-12.4
-3.8
-15.7
-0.4
+5.4
+9.1
-3.2
+5.5
+3.8
-2.3
+1.6
+3.9
+25.3

$
3,076,138,914
3,587,930,248
2,178.944,659
492,328,640
144,169,183
141,402,656
74,869,825
129,487,145
193,417,352
55.323,243
51,082,977
86,838,891
133,211,922
123,136,552
10.502,850
12.205,191
42,926,926
19,921,207
27,165,569
19,399,323
15,753,891
7,145,598
20,346,557
20,380,347
31,178,479
80.002,356
8,733,623
22,792,080
19,164,431
15,470,183
13,463,111
18,915,390

1,232,319,168 1,087,036,203 +13.4 10.873,755,319

1932.

%
+3.9
+19.0
+55.7
+3.4
-17.9
-10.9
-14.6
-10.6
+5.6
-16.6
-5.6
-10.5
-8.8
-2.4
-18.7
-1.7
-19.5
-5.0
-8.1
-10.2
-11.9
+5.2
-9.1
-7.6
-4.5
-11.3
-19.5
-15.9
-7.7
-4.3
-11.6
+3.3

8
79,748,966
96,897,143
72,593,496
13,620,744
3,284,812
3,302,275
1,824,741
3,283,307
0,583,536
1,407,634
1,212,580
1,808,580
2,860,799
3,908,942
312,238
355,616
1,123,838
520,086
638,515
463,048
393,055
199,426
503,656
530,737
630,814
1,812,391
319,444
673,731
531,289
400,358
362,852
584,124

9,541,995,935 +14.0

302,892,773

$
2.959,691,692
3,015,644,459
1,399,868,257
475,925,058
175,705,253
158,752,861
87,654,641
144,841,479
183,076,033
66,368,903
54,095,751
96,973,952
146,022,688
126,125,641
12,924,627
12,412,059
53,354,235
20,977,215
29,574,554
21,606,040
17.876,077
6.791,308
22,376,997
22,053,185
32,636,448
90,242,038
10,844,914
27,089,466
20.771,030
16,172,795
15,227.665
18,318.614

a Not included In totals. b No clearings available. c Clearing House not functioning at Present.
4
months'figures. g Eight months'figures. 'Estimated.




1933.

Inc. or
Dec.

1932.

-00
.WWW
N0
VC4
.14
...NW-.120Vol.WW3OPP
14:30.
act 0t.n0
XG,O...430NONOW.P...0.a=.4000.a00NN0,,N0v

to 400000tO C000
Co
000000040tOJ00 a to

,
:0=cncloo0towo.ceo.--4000.4.0..P.00

WW

w. ooaoato

,
.Nt2b0*...00000 4..0000CA0N00
__004

$
354,522,770
394,738,474
242,456,953
58,683,456
15,610,713
15,691,503
8,406,361
15,223,173
25,022,298
6,207,897
6,113,321
9,404,139
13,736,096
19,336,444
1,358,384
1,657,521
5,096,273
2,232,485
2,869,067
2,.57,704
1,819,974
976,444
2,457,241
2,323,786
3.604,178
8,844,677
1,119,630
2,721,660
2,360,034
1.570.915
1,596,286
2,398,411

000

Cs
'nadaMontreal
Tor nto
Win lipeg
Van youver
Otta wa
Que sec
Rah lax
Ha Ilton
Calgary
St. rohn
Viet n-la
Lon ion
Edmonton
Reg'na
Bra don
Leth bridge
Sask atoon
Moose Jaw
Bra tford
Fort William
New Westminster_
Med Mine Hat
Pete'borough
Sher Smoke
Kite hener
Win Isor
Printm Albert
Mon cton
Kin ston
Chatham
Sarnia
Sudb ury

1933.

Inc. or
Dec.

CO 0.30
-4
to14-cenh*194
I tne tootgt'S'Ott2t21.12.1

Inc. or
Dec.

1932.

1933.

Week Ended Sept. 28.

9 Months Ended Sept. 30.

Month of September.
Clearing: at-

240,214,429 +26.1

d Five months' figures.

1931.

1930.

$
$
%
+15.8 124,901,572 143,591,916
+22.8 100,799.616 141,397.072
69,438,048
+72.7
36,484.591
16,134.174
18,636,835
+23.5
-4.0
5,447.377
6,932,400
-5.0
6,064,867
7,292,574
+12.7
2,867,812
3,790,773
5,042,627
10,620,733
+9.2
5,151.970
9,831,963
+40.1
-8.1
2,193,133
2,624,394
1,835,437
+6.0
2,500,000
-18.5
3,517,422
3,832,416
-7.7
4,873,232
0,901,227
-9.5
3,978,700
6,588,172
-2.7
469,481
628,143
+5.3
386,580
606,054
-27.0
1,495,050
2,657,054
-2.2
579,606
1,154,583
+8.1
686,560
1,178,352
-0.2
599,940
809,181
-13.6
669,359
1,119,929
+5.1
231,878
345,748
+2.3
677,800
869,214
610,846
+4.8
760,186
+23.6
1,017,976
1,367,800
-17.0
2,360,498
3,154,869
+34.7
457,385
608,437
-5.3
785,729
1,081,029
850,544
+1.0
1,197,418
+15.7
425,100
626,024
+28.3
405,592
682,807
+33.2
692,165
924,259
332,700,599

453,749,610

e Three months' figures.

f Two

Financial Chronicle

Volume 137

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 20 1933:
GOLD.
The Bank of England gold reserve aga'nst notes amounted to £190,376,131
on the 13th instant, as compared with £190,285,361 on the previous Wednesday.
The week has seen wide exchange fluctuations with movements in the
gold exchanges sharply adverse to sterling, as a consequence of which the
price of gold reached still higher levels. To-day's quotation of 133s. Dd.
(which included a premium of 9%cl. over franc parity) established a new
high record.
The amounts of gold available in the open market continued on a large
scale but demand from Continental quarters was again keen and absorbed
the bulk of the supplies.
Quotations during the week:
Equivalent Value
Per Fine Ounce.
of C Sterling.
Sept. 14
129s. 6d.
13s. 1.448.
Sept. 15
130s. 5d.
13s. 0.344.
Sept. 16
130s. 58.
13s. 0.348.
Sept. 18
131s. 9d.
12s. 10.788.
Sept. 19
131s. 9d.
12s. 10.768.
Sept. 20
12s. 8.448.
133s. 98.
Average
12s. 11.35d.
131s. 3.17d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 11th instant to mid-day on the 18th instant:
Imports.
Exports.
Germany
£12,868 Germany
£1,225
Prance
348.004
27,800 France
Switzerland
31,499 Switzerland
12,906
Iraq
17.588 Netherlands
100,773
U.S. A
448,794 Other countries
4,081
British India
1,009,970
British Malaya
42,740
Hongkong
128.454
British South Africa
1,345,092
Australia
85.212
New Zealand
10.458
Other countries
21,665
£466,989
£3,182,140
Gold shipments from Bombay last week amounted to about £694,000:
the s.s. "Narkunda" has £396,000 consigned to London and £18.000 to
Amsterdam, and the s.s. "Elysia" has E280.000 consigned to London.
v The following were the United Kingdom imports and exports of gold for
the month of August last:
Imports.
Exports.
Germany
£59,875 Germany
£6,045
Netherlands
51,757 Netherlands
4,150.886
Belgium
46,603 Belgium
358.700
France
2,114.672 Prance
194,571
Switzerland
195,147 Switzerland
109.686
Greece
Greece
1,623,137
Italy
Italy
505,171
Union of So. Africa and
So. West Africa Terr___ 6,784,250
West Africa
144.559
Rhodesia
384,637
United States of America_
221,376
Mexico
151.846
Cent. Amer.& W.Indies_
24,744
Venezuela
48,286
Peru
26.500
Other countries in So. Am
20,292
British India
1,430,214
British Malaya
232 357
China
369:229
Hongkong
207.375
Australia
564,567
New Zealand
76.150
Canada
1.117,922
Salvage from SS. Egypt-..
17,939
Other countries
60,742
101,781 Other countries
£7,008,938

£14,392,078

SILVER.
Silver prices showed some improvement during the week, responding to
firmer advIces from China and New York. Purchases by China have been
the chief support and selling has been mainly from Continental sources
with some moderato re-sales by speculators. New York has been a buyer
in the afternoons, a firmer tone in that quarter following the weaker tendency of the dollar due to prospects of inflation. Fluctuations in the dollar
(sterling) exchange may continue to influence the silver market and make
the outlook rather uncertain for the moment.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 11th inst. to mld-day on the 18th inst.
Imports.
Exports.
Germany
£17,045 British India
£57,103
United States of America _ _ 188,268 Persia
1,500
British India
26,934 France
1.395
Australia
11,159 0ther countries
1,627
British South Africa
100.000
Other countries
3,376
£346.782
£61,625
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Ounce Standard.
(Cents per Ounce .999 Fine.)
Cash
2 Mos.
Delivery.
Delivery.
Sept. 14
I • 3-16d.
185-168. Sept. 13
37%
Sept. 15
18%cl.
18%d.
Sept. 14
38 15-16
Sept. 16
18,,-188.
18 d.
,
Sept. 15
391
Sept. 18
18 7-16d.
183.d.
Sept. 16
39%
Sept. 19
18%d.
Sept. 18
18
40%
Sept. 20
18 7-16d.
18 9-168. Sept.19
40 15-16
Average
I8.3758.
18.479d.0
The highest rate of exchange on New York recorded during the period
from the 14th inst. to the 20th inst. was $4.8614 and the lowest $4.60.
The stocks in Shanghai on the 16th inst. consisted of about 125.300.000
ounces in sycee. 292,500.000 dollars and 6,420 silver bars, as compared with
about 126.800,000 ounces in sycee, 290.000,000 dollars and 6,340 silver bars
on the 9th inst.

ENGLISH FINANCIAL MARKET
CABLE.11
%
. -....-....-- - -PER _.
_
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
....-_ ....Sat..
-Moir7
77
Tues7
- .-Wed..
,Thurs.,
Frt..
Sept. 30.
00. 2. 1 00. 3. (Oct. 4.
Oct. 5.
Oct. 6.
Silver, per oz__ 187-168. 18 7-16d. 18 5-16d. 185-168.- 18348.
18348.
Gold, p.fine oz. 133s.1 d. 1331.5d. 134s.8d. I34s.
1338.8348. 1339.8348.
Consols, 234% Holiday.
7434 ... 7434
7434 I. 7434
7434
British 334%1'. mr. L
Holiday.
10134
101%
10134
10134
10134
British 4%1960-90
Holiday.
11034
11034
11034
11034
11034
French Rentes
IL
(in Parls)3% IT. Holiday,
67.40
68.20
68.20
67.10
67.10
French War Vs
(in Paris)5%
I 1920 amort
111.00
112.00
Holiday.
112.30]
111.00
110.60
Th6 price of silver in New York
silver In N. V..111
---- --"IR
6,,, per oz. (ets.) A 393.4
40
13931




on the same days has been:
if r 34
IN
3734

39

litt33

I

2587

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.4
Oct.5
1933.
1933.
Franca. Francs.
12,200 12,200
1,590
1,580
315
317
234
243
19,050 19.205
2.480
2,500
2,060 2,050
54
54
-LiL
540
-5:0
541
1,100
1,090
1.100
1.080
220
200
220
210
3,215
3,210
3,170
3,245
790
800
796
805
4,950
4,890
4,802
4,860
2,200
2,170
2,170
2,160
2,480
2,470
2,450
2,490
2,700
2,650
2,690
2,680
720
727
727
716
956
957
956
960
.55
58
55
55
91
91
91
91
1,0101,010
1,040
640
650
"Cio
630
760
750
770
750
945
945
946
941
320
320
320
320
420
420
420
420
1,420
1,410
1,420
1,410
891
890
891
891
970
980
960
990
65
65
67
65
1,160
1,190
1,170
1,220
68.20
68.20
67.40 67.10
112.00 112.30 111.00 111.00
79.10
79.60
80.50
80.40
85.40
86.60 85.50
86.40
1,790
1,760
1,740 1,750
1,305
1,285
1,280
1,281
1,585
1,578
1,581
1.580
540
540
550
550
74
73
72
70
122
125
125
125
2,655
2,770
2,655
2.665
565
565
565
566
19.500 19.300 19.100 19.200
161
161
161
158
810
830
840
820
200
200
200
200
97
97
98
97

Sept.30 Oct. 2
1933.
1933.
Francs. Francs.
12.400
1,610
325
245
19,300
2,480
2,070

Bank of France
Banque de Paris et Pays Bas
Banque d'Union Parislenne
Canadian Pacific
Canal de Suez
Cie Distr d'Electricitie
Cie Generale d'Elee Mettle
Cie Generale Tra.nsatiantique
Citroen B
ComPtoir Nationale d'Escompte
Coty Inc
Courrieres
Credit Commercial de France
Credit Fonder de France
Credit Lyonnais
Distribution d'Eleetricitie la Par
Eaux Lyonnais
Energie Electrique du Nord_
Energie Electrique du Littoral
French Line
Galeries Lafayette
Gas le Bon
Kuhlmann
Holt12Alr Liquide
day
Lyon (P L M)
Mines de Courrieres
Mines des Lens
Nord Ry
Orleans Ry
Paris, France
Pathe Capital
Pechiney
Reines 3%
Rentes 5% 1920
Rentes 4% 1917
Rentes 434% 1932 A
Royal Dutch
Saint Gobain C & C
Schneider & Cie
Societe Andre Citroen
Societe Francaise Ford
Societe Generale Fonciere
Societe Lyonnais°
Societe Marseillaise
Suez
Tubize Artificial Silk pref
Union d'Eleetricitie
Union des Mines
Wagon-Lits

Oct.3
1933.
Francs.
12,300
1,590
323
234
19,310
2,485
2,050

Oct.6
1933.
Francs.
12,000
1,550
- 55
276o
__ __
1- )
,5L1
210
4,85E1
2,14.0
2,460
2,640
--Li
91
1,100
620
750

-520
420
1,400
-5E5
1.150
67.10
110.60
78.70
84.90
1,750
'
-Lib
74
120

18":665
"gio
200

THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Sept.
30.
Reichsbank (12%)
141
Berliner Handels-Geselischaft (5%)
85
Commerz-und Privat Bank A G
42
44
Deutsche Bank und Disconto-Gesellschaft
36
Dresdner Bank
Deutsche Reichsbahn (Ger Rys) pref(7%) 100
Allgemeine Elektrizitaets-Gesell (A E G)_ 19
Berliner Kraft u Licht(10%)
114
Dessauer Gas (7%)
98
Gesfuerel(5%)
73
Hamburg Eiektr-Werke (834%)
106
Siemens dr. Halske(7%)
146
I G Farbenindustrie(7%)
116
Salzdetfurth (754%)
163
RheinLsche Braunkohle (12%)
187
Deutaches Erdoel(4%)
95
Mannesmann Roehren
52
Hapag
10
Norddeutscher Lloyd
11

Oct. Oct. Oct. Oct.
5.
4.
2.
3.
Per Cent 0.1 Par
141
141
140
141
84
84
85
85
41
42
41
41
43
43
44
43
36
35
36
35
100
100
100
100
19
18
18
18
114
114
114
114
98
97
96
97
69
72
69
70
106
104
105
106
141
145
136
146
115
115
116
116
161
158
162
163
188
178
185
184
96
95
95
96
52
51
51
50
10
10
10
10
11
11
10
11

Oct.
6.
141
84
42
43
35
100
17
113
98
70
103
137
117
160
183
95
50
10
10

In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Oct. 6
1933:
Bid
Anhait 7s to 1946
/24
Argentine 5%, 1945, $100
69
pieces
raiz
Antioquia 8%. 1946
AustrianDefaultedCoupons /65
Bank of Colombia, 7%,'47 /25
Bank of Colombia, 7%,'48 125
Bavaria 6345 to 1945
128
Bavarian Palatinate Cons.
115
Cit. 7% to 1945
Bogota (Colombia)634 '47 (21
Bolivia 6%,1940
/8
Buenos Aires scrip
/15
Brandenburg Elec. 65, 1953 531
Brazil funding 5%,'31-51 42
British Hungarian Bank
730, 1962
14612
Brown Coal Ind. Corp.
j53
6%s, 1953
Call (Colombia) 7%, 1947 (14
Callao (Peru) 73-4 %, 1944
3
Ceara (Brazil) 8%. 1947
5
Columbia scrip
110
Costa Rica funding 5%,'51 135
Costa Rica scrip
135
City Savings Bank, Budapest, 7s, 1953
/39
Deutsche Bk 6% '32 unst'd 175
Dortmund Mun UV!6s,'48 381
DuLsberg 7% to 1945
116
Duesseldorf 7s to 1945__
119
East Prussian Pr. 6s, 1953_
31
European Mortgage & Investment 734s, 1966_
(58
French Govt. 554s, 1937_ _ 135
French Nat. Mail SS.6s.'52 134
Frankfurt 7s to 1945
f20
German All Cable 78. 1945 42
German Building dr Landbank 6%%,1948
2612
German defaulted coupons_ 170
Haiti 8% 1953
65
Hamb-Am Line 6345 to '40 80
Hanover Harz Water Wks.
(25
6%. 1957
Housing & Real Imp 7s.'46 37
Hungarian Cent Mut 75.37 /35
/Flat price

Ask
27
72
2512
211
28
31
18
23
10
25
5912
44
4812
56
1512
512
10
25

41
11 2
-120
23
33
60
145
138
24
45
2912
- -.
7
5
85
28
42
38

Bid
Ask
Hungarian Discount & Exchange Bank 7s, 1963___ /28
30
Hungarian defaulted coups /60
____
Hungarian Rai Bk 754s,'32 /70
Koholyt 6548, 1943
J
38
1C"
Land M Bk. Warsaw 8s,'41 62
Leipzig Oland Pr 634s.'46 68
"ici"
Leipzig Trade Fair 7s, 1953 26
29
Luneberg Power, Light &
Water 7%, 1948
59
55
Mannheim & Palat 7s, 1941 42
45
Munich 78 to 1945
31
.(28
Munic Bk,liessen, 78 to'45 23
26
Municipal Gas & Elee Corp
Recklinghausen, 7s. 1947 29
32
Nassau Landbank 6348,'38 148
51
Natl. Bank Panama 6'2%
40
1946-9
42
Nat Central Savings Bk of
Hungary 7348, 1962____ /49
51
National Hungarian & Ind.
j46
Mtge.7%.1948
48
Oberpfalz Elec.7%. 194
32
29
6
Oldenburg-Free State 7%
to 1945
26
23
Porto Alegre 7%, 1968....
f20
24
Protestant Church (Ger3612 3812
many), 7s, 1946
Prov Bk Westphalia 68.'33 158
_
Prov Bk Westphalia 68. 3 P17
'6
Rhine Westph Elee 7%.'36 140
IC
Rio de Janeiro 6%, 1933._ /23
26
Rom Cath Church 63.4s.'46 16412 6612
R C Church Welfare 7s,'46 45
46
Saarbruecken M Bk 6s,'47 58
65
Salvador 7%, 1957
116
18
Santa Catharina (Brazil),
124
8%, 1947
25
Santander (Colom) 7s, 1948 f9
11
Sao Paulo (Brazil) 68, 1947 /17
19
Saxon Pub. Works 5%,'32
Saxon State Mtge. 6s, 1947 (30- -/561z 0012
Siem & Halske deb 65, 2930 210
230
Stettin Pub UM 7s, 1946._ 13712 4012
Tucuman City 75, 1951_
(21
24
Tucuman Prov. 75. 1950._
45
49
Vesten Elee Ry 7s, 1947._ 11912 2312
Wurtemberg 78 to 1945
32
29

2588

Financial Chronicle

Oct. 7 1933

DIVIDENDS.
Dividends are grouped in two separate tables. In the
National Banks.—The following information regarding first we bring together all the dividends announced the
National banks is from the office of the Comptroller of the current week. Then we follow with a second table in
Currency, Treasury Department:
which we show the dividends previously announced, but
VOLUNTARY LIQUIDATIONS.
which have not yet been paid.
Sept.25—The First National Bank of Gainesville, Gainesville,
The dividends announced this week are:
Texas
200,000

Commercialand WisceitatterntsIfturs

Effective Sept. 19 1933. Liq. Agent, J. W. GladneY,
Gainesville, Texas. Succeeded by the Gainesville
National Bank in Gainesville, Texas.
Sept. 26—The West Toledo National Bank of Toledo, Ohio
200,000
Effective Sept. 18 1933. Lig. Agent, Joseph A.
Yager, Suite 303, Second National Bank Bldg.,
Toledo, Ohio. Absorbed by the Toledo Trust Co.,
Toledo. Ohio,
Sept. 28—The Medford National Bank, Medford, Ore
100,000
Effective Sept. 19 1933, Liq. Committee, J. A.Perry,
J. F. Wortman, A. C. Hubbard, 0. W. Ashpole,
and Mrs. J. A. Westerlund, care of the liquidating
bank. Succeeded by Medford National Bank,
Medford, Ore.
Sept. 28—National Bank of Doniphan, Neb
25.000
Effective Sept. 16 1933. Liq. Agent. C. M. Carlson,
Doniphan, Neb. Absorbed by the First National
Bank of Grand Island, Neb,
BRANCHES AUTHORIZED.
Sept. 25—Hamilton National Bank of Washington, Washington, D. 0.
Location of branches: 12th and Newton Streets. N. E.; 1369
Connecticut Avenue, N. W.; 1931 Pennsylvania Avenue,
N. W.;800 H Street, N. E.; 2027 Rhode Island Avenue. N. E.;
Wisconsin Avenue and M Street, N. W.; 7th and N Streets,
N. W. All of the above branches are located in the City of
Washington, D. C.
Sept. 27—Springfield National Bank, Springfield, Mass. Location of
branches, 794 State Street; 1675 Main Street. The above
branches are located in the City of Springfield, Mass.
Sept.29—The First National Bank of Portland, Portland, Ore. Location
of branch, City of Pendleton. Umatilla County, Ore.

Name of Company.

Per
When
Share. Payable.

Books Closed
Days Inclusive.

Railroads (Steam).
Kan. City St. L.& Chicago, pref.(qu.). $134 Nov. 1 Holders of rec. Oct. 20
No.RR.of N.Hampshire (quar.)
$1/4 Oct. 31 Holders of rec. Oct. 6
Piedmont & Northern (guar.)
750 Oct. 10 Holders of rec. Sept.30
Extra
$3 Oct. 10 Holders of rec. Sept.30
Richmond Fredericksburg & Potomac
7% guaranteed (8.-a.)
$334 Nov. 1 Holders of ree. Oct. 31
6% guaranteed (8.-a.)
$3 Nov. I Holders of rec. Oct. 31
$134 Oct. 16 Hoidens of rec. Oct. 6
Warren, guaranteed (guar.)

Public Utilities.
British Columbia Telep.6% 2d pf. (qu.) $134 Nov. 1 Holders of rec. Oct. 15
Calgary Power, pref.(quar.)
$134 Nov. 1 Holders of rec. Oct. 14
Calif.-Oregon row.Co.,7% pf.(qu.)8734e Oct. 16 Holders of rec. Sept.30
6% preferred (quar.)
75c Oct. 16 Holders of rec. 84314.30
750 Oct. 16 Holders of rec. Sept. 30
6% preferred series of 1927 (guar.)
Central Arizona Lt.& P.,$7 pref.(qu.)- $134 Nov. 1 Holders of rec. Oct. 11
$6 preferred (quar.)
$134 Nov. 1 Holders ol rec. Oct. 11
150 Nov. 1 Holders of rec. Oct. 20
Central Illinois Securities, pref.(quar.)
Columbia Gas & Elec.,common (quar.). 112340 Nov. 15 Holders of rec. Oct. 20
UM Nov.15 Holders of rec. Oct. 20
6% preferred series A (quar.)
5% cumulative preferred (quar.)
$134 Nov.15 Holders of rec. Oct. 20
UM Nov. 15 Holders of rec. Oct. 20
5% Convertible cum. preference
360 Oct. 15 Holders of rec. Sept. 30
Eastern Township Telephone
18c Apr. 15 Holders of rec. Dec. 31
Ditto
15e uct. 31 Holders of rec. Oct. 16
Honolulu Gas Co.(monthly)
Illinois Nor. Util.6% pref.(quar.)
$134 Nov. 1 Holders of rec. Oct. 14
1134 Nov. 1 Holders of rec. Oct. 14
$7 junior preferred (guar.)
$134 Nov. 1 Holders of rec. Oct. 16a
Internat. Util. Corp.$7 pref.(quar.)
87340 Nov. 1 Holders of rec. Oct. 160
$334 Preferred (quar.)
87/0 Oct. 16 Holders of rec. Sept.30
Interstate Pub.Serv.. pref.(s.
-a.)
Auction Sales.—Among other securities, the following Lincoln Telep. Securities A (quar.)
50e Oct. 10 Holders of rec. Sept.30
25c Oct. 10 Holders of rec. Sept.30
Series B (quar.)
not actually dealt in at the Stock Exchange, were sold at auction
$1/.4 Oct. 10 Holders of rev. Sept.30
Preferred (quar.)
in New York, Boston, Philadelphia and' Buffalo on Wed- Lincoln Telep.& Teleg.(quar.)
$134 Oct. 10 Holden of rec. Sept. 10
UM Nov. 10 Holders of rec. Oct. 31
6% preferred A (quar.)
nesday of this week:
5% cum.special preferred (quar.)
$134 Nov. 10 Holders of rec. Oct. 31
Lone Star Gas Corp. 6)4% pref. (qu.)._ $1.62 Nov. 1 Holders of rec. Oct. 14
By Adrian H. Muller & Son, New York:
$134 Nov. 15 Holders of rec. Oct. 31
$ per Share. Los Angeles Gas & El.6% pref.(qu.)
Shares.
Stocks.
500 Oct. 16 Holders of rec. Oct. 4
8 Liberty Storage & Warehouse Co
$40 lot Mass.Power & Light $2 lot pref.(qu.)
$IM Oct. 31 Holders of rec. Oct. 20
25 Eighth Avenue & 56th Street Corp.(N.Y.), par $100
$1,100 lot Milwaukee El. Ry.& Lt.6% p1. (au.)...
Missouri Edison Co.,$7 pref
58 1-3c Oct. 1 Holders of rm. Sept.20
400 Maiden Lane Drug Co., Inc.(N. Y.), no Oar
$25 lot
$134 Nov. 1 Holders of rec. Oct. 10
Montana Power $6 pref. (guar.)
124 Lawyers County Trust Co.(N. Y.), par $25
34
North Amer. Edison pref.(quar.)
$134 Deo. 1 Holders of rev. Nov.15
1
62 County Improvement Corp.(N. Y.), no par
Ohio Public Service 7% pref.(monthly). 58 1-3 Nov. 1 Holders of rec. Oct. 14
4
200 Shawmut Bank Investment Trust (Mass.), common, no par
500 Nov. 1 Holders of rec. Oct. 14
6% Preferred (monthly)
30 United Cigar Stores Co. of America (N. J.), common, par $1
$1 lot
412-30 Nov. 1 Holders of rec. Oct..14
5% preferred (monthly)
Certificates of deposit for 200 shares of preference stock of White Sewing
Orange & Rockland Elec.(quar.)
12 Nov. 1 Holders of rec. Oct. 25
7
Machine Corp. (Del.)
9-10ths Atlas Corp. (Del.), common, scrip, no par
$5 lot Pennsylvania Power Co.,$6 pref.(quay.) $134 Deo, 1 Holders of rec. Nov.20
550 Nov. 1 Holders of reo. Oct. 20
6.60% preferred (monthly)
9-600ths Electric Bond & Share Co.(N. Y.), common, scrip, par $5
$4 lot
55o Deo. 1 Holders of ree. Nov.20
6.60% preferred (monthly)
300 Dividend rights on convertible pref. stock of Oliver Farm Equipment
45e Nov. 1 Holders of rec. Oct. 10
$20 lot Philadelphia Elect. Co.(guar.)
Co. (Del.)
$134 Nov. I Holders of rec. Oct. 20
3-100ths Dunhill International, Inc. (Del.), common, warrant, no Par
$2 lot Potomac Edison,7% pref.(quar.)
$134 Nov. 1 Holders of rec. Oct. 20
6% preferred (quar.)
Assignment of a certain lease, dated April 2 1921, covering premises 504-506
Lenox Ave., Manhattan, N. Y. City
$10,000 lot Public Service of Colo.,7% pref.(mo.) 581-3o Nov. 1 Holders of roe. Oct. 14
50e Nov. 1 Holders of rec. Oct. 14
6% preferred (monthly)
1 certificate issued for 50 shares of stock of Endmur Realty Corp and bearing
41 2-3o Nov. 1 Holders of rec. Oct. 14
5% referred (monthly)
certificate No. 2
$10 lot
2% Nov. 15 Holders of me. Oct. 20
Southern Calif. Edison Co.,com.(qu.)_ _
1 membership in the New York Society Library
$32 lot
$134 Nov.29 Holders of rec. Oct. 31
Southern Calif. Gas Corp.$634 pf.(qu.)
Per Cent. Toledo Edison Co., 7% pref.(mo.)
Bonds—
58 1-3o Nov. 1 Holders of rec. Oct. 14
-year sinking
£900 Algoma Steel Corp., Ltd. (Ont.), 1st & ref. mtge. 5% 50
50e Nov. 1 Holders of reo. Oct. 14
6% preferred (monthly)
fund gold bonds, due April 1 1962
10
41 2-3c Nov. 1 Holders st rec. Oct. 14
5% preferred (monthly)
-year 1st
1,3,000 Nova Scotia Steel & Coal Co., Ltd. (Nova Scotia), 5% 50
14
mtge. gold bonds, due July 1 1959
Fire Insurance Companies.
-year 1st
$10,000 Nova Scotia Steel 4, Coal Co., Ltd. (Nova Scotia), 5% 50
25e Oct. 16 Holders of sec. Oct. 5
Amer. Alliance Ins. Co.(N.Y.)(quar.).
16
mtge. gold bonds, due 1959
25e Nov. 1 Holders of rec. Oct. 20
Franklin Fire Ins.Co.(quar.)
-year income de$9,000 Haytian Corp. of America (Del.), registered, 8% 15
250 Oct. 16 Holders of rec. Oct. 2
Great American Ins.(guar.)
15
benture bonds, due Dec. 31 1938
100 Nov. 1 Holders of rm. Oct. 11
Richmond Ins.of N.Y.(quar.)
-year 63.(% convertible
$5,000 United States Dairy Products Corp. (Md.) 10
25e Oct. 16 Holders of Tee. Oct. 5
Rochester Amer.Ins. Co.(N.Y.)(qu.).
sinking fund gold notes, series C. due May I 1935
45% & int. Stand.Fire Ins.of N.J.(Trenton)(qu.)_ 37340 Oct. 24
-year sinking fund
$4,000 General Laundry Machinery Corp. (Del.) 655% 10
3
gold debentures, due June 1 1937, certificates of deposit
Bank & Trust Companies.
$10,000 Fox-New England Theatres. Inc. (Del.), 6)4% cony, sinking fund
750 Nov. 1 Holders el see. Oct. 19
Corn Exchange Bank & Trust Co.(qu.)..
18
gold debentures, due Aug. 1943, certificates of deposit
Miscellaneous.
By R. L. Day & Co., Boston:
Corp.,com.(quar.)
250 Nov. 1 Holders of nee. Oct. 18
Shares.
Stocks.
$ per Share
Preferred (quar.)
1134 Nov. 1 Holders of rec. Oct. 18
59
10 National Rockland Bank, Boston
500 Oct. 31 Holders of rec. Oct. 14s
Amerada Corp.(quar.)
100 Arlington Mills
28% American Ark Works,6% pref.(guar.)
$134 Oct. 15 Holders of Yee. Sept.30
7
2,000 Brown Company 6% preferred
2o Oct. 15 Holders of rec. Oct. 15
American Bankstock Corp.(quar.)
$1 lot American Dairies, Inc., 7% pref.(quar.) $134 Oct. 2 Holders of rec. Sept. 15
50 International Match participating preferred certificate of deposit
common and 5,050 8% cum. preferred
$1 lot American Motorists Ins. Co.(Chi., Ill.). 9.450 Oct. 1 Holders of rec. Sept.30
6,425 Old Guard Securities Corp.
87
800 Parker Young Co
American Smelting & Refining 7% 1st Pf• 11$134 Dec. 1 Holders of rec. Nov. 3
61
25 Massachusetts Lighting Cos. common
$134 Nov. 1 Holders of rec. Oct. 20
Atlas Powder Co., pref.(quar.)
1 Collateral Loan Co
803i Atlantic Steel 7% pref.(8.-a.)
$3% Nov. 1 Holders of rec. Oct. 21
40 Texas Louisiana Power Co. $7 pref.; 20 National Electric Power Co. $6
Barber(W.H.)& Co.,7% pref.(quar.)
$134 Oct. 1 Holders of rec. Sept.29
Power Co. $7 pref
lot
pref.; 20 National Electric
$6
$1,0 an. 2 Holders of rec. Deo. 20
7% preferred (guar.)
61
10 American Manufacturing Co. preferred
Bandini Petroleum (mo.)
50 Oct. 20 Holders of rec. Sept.20
Note for $1,150, dated Mar. 1 1923, secured by mortgage of real estate in
Beatty Bros.,Ltd.,6% 1st pf. A.(qu.)
$I% Nov. 1 Holders of rec. Oct. 14
Revere. Mass., on George Street, lots 45-47, to be recorded in Suffolk
Beneficial Industrial Loan,coin.(quar.).. 37Mo Oct. 30 Holders of rec. Oct. 16
$100 lot
Registry of Deeds
Preferred, series A (quar.)
8734o Oct. 30 Holders of rec. Oct. 16
Note for $12,000, dated Mar.8 1930, payable 3 yrs.from date with int. at 6%.
Bonanza Mining
o Oct. 5 Holden of rec. Sept.30
Secured by mortgage on real estate in Lot 15, Section 4, Beach St., Revere,
Brown Shoe Co., prof.(quar.)
134% Nov. 1 Holders of rec. Oct. 20
recorded in Suffolk Registry of Deeds
$100 lot Camps Corp., 634% pref.(quar.)
$134 Nov. 1 Holders of reo. Oct. 16
Note for $7,500, dated Nov. 15 1927. payable within 3 yrs. from date, with
-a.)... $134 Nov.16 Holders of rec. Oct. 31
Canada Iron Foundries. pref. (s.
int. at 6%. Secured by mortgage of real estate in Lot 42 Englewood Ave.,
Canada Life Assurance Co.(Ont.)(qu.).
$5 Oct. 2 Holders of reo. Sept.30
Everett, Mass. Recorded in Middlesex South District Registry of Deeds.$100 lot Canadian Bronze Co., com. (quar.)._
150 Nov. I Holders of rec. Oct. 20
Preferred (quer.)
$134 Nov. 1 Holders of rec. Oct. 20
By Barnes & Lofland, Philadelphia:
Central Illinois &cur. Corp., pref. (qu.)
15o Nov. 1 Holders of Fee. Oct. 20
be Oct. 20 Holden of rec. Oct. 10
Stocks.
$ per Share. Central Tubes
Shares.
Century Ribbon Mills, Inc., pref.(qu.)- $134 Deo. 1 Holders of ice. Nov. 18
23
10 Central-Penn National Bank, Dar 210
Inc., com.(qua
Cluett, Peabody & Co.,
25e Nov. I Holders of res. Oct. 21
49
18 Philadelphia National Bank, par $20
500 Oct. 14 Holders of rec. Oct. 3
24
Collins Co.(quar.)
32 Pennsylvanla Co. for Ins. on Lives & Granting Annuities, Dar $10
20e Oct. 10 Holders of ree. Oct. 1
434 Commercial Discount (Los Angeles)(qu)
10 Integrity Trust Co., par $10
1734o Oct. 10 Holders of see. Oct. 1
7% preferred (quar.)
27 Girard Trust Co., par $10
7534
Consolidated Chemical Industries—
335
5 Provident Trust Co., par $100
3734c Nov. 1 Holders of res. Oct. 14
10
Panic, preferred series A (quar.)
4 Philadelphia Bourse, common, par $50
$134 Nov. 1 Holders of rec. Oct. 14
Per Cent. Coon (W. B.), 7% pref. (quar.)
Bonds—
h50e Nov. 1 Holders of rec. Oct. 13a
Crown Cork Inter'l Corp., Class A
$8,000 Hemlock Lodge, Inc.(Pike County). 6% 1st mtge., due June 11948.
registered
$7 flat Deposited Bond Ctfs., ser. 1938 (11q.)._9 .51010c
8.9155o Oct. 15
Diversified Trustee Shares,series D_
$5.000 West Side 24th Street. between Market and Chestnut Sts., Philadel-a).
250 Oct. 15 Holders of ree. Oct. 9
phia, pa., 5M% 1st mortgage, due 1934
45 flat Ellert Brewing Co., class A,Initial (s
2% Nov.29 Holders of reo. Nov.20a
Empire Capital Corp., class A (quar.)__
$1,000 West Side 24th St., between Market and Chestnut Streets, Philadel$134 Nov. 1 Holders of ree. Oct. 16
Fibreboard Products, pref. (quar.)
45 flat
phia, Pa., 534% lot mortgage, due 1934
142 Oct. 15 Holders of rec. Oct. 5
37 flat Gardner-Denver Co., pref
51,000 Hotel Adelphia, Philadelphia, Pa., 534% lot mtge., due 1932
$1 Nov. 1 Holders of rec. Oct. 16
31.000 Touren° Building. Philadelphia, Pa., 534% 1st mtge., due 1932-__ _20 flat General Cigar Co.(quar.) (quar.)
750 Nov. 1 Holders of rec. Oct. 14a
General Mills, Inc., corn.
$4,000 Shubert Building, Philadelphia, Pa., 534% 1st mtge., due 1932,
20e Oct. 25 Holders of rec. Oct. 22
21 flat Gilmore Gas Plant, No. 1 (monthly)_ _ _
certificate of deposit
Halle Bros. Co., pref. (quar.)
$134 Oct. 31 Holders of ree. Oct. 24
-year notes, due Feb. 15
$2,000 Western Power, Light & Telephone Co.6% 2
5 flat Handley Page, Ltd., prof. div. action de ferred.
1933
Hawaiian Sugar Co. (monthly)
200 Oct. 16 Holders of reo. Oct. 9
South St. and Nos. 530-538 S. Eighth St., Philadelphia.
$1,000 Nos. 801-823
$1 Oct. 25 Holders of me. Oct. 20
35 flat Homestake Mining (monthly)
Pa.. 534 %.1st mortgage, due April 1 1932
$1 Oct. 25 Holders of rec. Oct. 20
Extra
Hotel Sylvania 1st 6s, 1932
30 flat
$1,000
h7503 Oct. 14 Holders of rcc.,Oct. 119
$10 lot Hutchins Investing.$7 pref
175 Consolidated Battery Co. preferred
30 Oct. 15 Holders of rec. Sept.30
Idaho Maryland Consol. Mine
Marconi Int. Mar. Comm.,ord. reg__
234% Oct. 26 Holders of rec. Oct. , 2
By A. J. Wright & Co., Buffalo:
American dep. rec. for ord. reg
254% Nov. 2 Holders of rec. Oct. '5
Stocks.
$ per Share. Maytag Co., $6, lot pref. (quar.)
Sham.
h134 Nov. 1 Holders of rec. Oct. 16
$0.12
20 Angel International Corp




Financial Chronicle

Volume 137

Name of Company.

Per
When
Share. Payable.

Miscellaneous (Concluded).
McLen.,4.1cF.& Prior,64% pt.(qu.) _
$14
McLeod Bldg., 7% pref
144
Melville Shoe Corp., corn. (guar.)
30c
lot preferred (guar.)
$14
P 2nd preferrred (guar.)
7%c
Mercantile Amer. Realty,6% pref.(qu.) 51.4e
Mercury Oils, Ltd
40
Michigan Seamless Tube
250
Midwest 011 (guar.)
3c
$10 par common (guar.)
30e
Preferred(guar.)
50
Mohawk Investment Corp. (quar.)
250
National Tea Co., pref. (guar.)
134e
N. Y. Merchandise Co., corn. (guar.)._
25:
I Preferred (guar.)
$141
Northland Greyhound Lines
56 series I preferred
551%
$6 preferred (guar.)
$14
Package Machinery Co.,7% 1st pt.(qu.) $14
Pacific Finance of California—
Preferred A (guar.)
20c
Preferred C (quar.)
164c
Preferred D (guar.)
17%:
Peaslee-Gaulbert Corp., pref.(quar.)
514
Phillips-Jones Corp., wet
/414
Pneumatic Scale Corp., 7% pref. (qu.)_ 17450
Reserve Investing,7% pref
/41
Reserve Resources Corp., pref. (guar.).
75e
Roos Bros., $64 prof. (guar.)
8140
Salt Creek Producers Assn.(guar.)
200
San Carlos Mill Co.(monthly)
20c
Extra
50c
Second Twin Bell Syndicate (monthly)200
Signal Royalties, class A (guar.)
15c
Solvay Amer.Inv.Corp.,54 pf.(qu.) 14%
Spiegel-May-Stern Co.,6 X % fret
5814
Standard Cap dc Seal Corp., corn.(qu.).
600
Standard 011 Trust Shares,set*. A,reg- — 6.1208c
Series B.coupons
7 2758e
State Street Investment Corp.(quar.)__
40c
Superheater Co. (guar.)
i2%c
Superior Oil (Calif.), pref
124%
Teck-Hughes Gold Mines
15e
Third Twin Bell Syndicate, B (monthly)
100
Tide Water Oil Co.,5% pref.(guar.).- - 5141
Triplex Safety Glass Co., Ltd.—
Amer. dep. rec, for ord. reg
404-Sc
Twin Bell Oil Syndicate (monthly)
$2
United Biscuit Co. of Amer., pref. (qu.) $14
Walgreen Co., corn. (guar.)
250
Wiley-Bickford-Sweet Corp., $3 Pf.(qu.)
75:

Books Closed
Days inclusive.

Oct. 1 Holders of rec. Oct. 1
Oct. 1 Holders of rec. Sept. 15
Nov. 1 Holders of rec: Oct. 13
Nov. 1 Holders of rec. Oct. 13
Nov. I Holders of rec. Oct. 13
Oct. 15 Holders of rec. Oct. 15
Jan. 2 Holders of roe. Nov.30
Oct. 5 Holders of rec. Sept. 30
Oct. 16 Holders of rec. Sept.30
Oct. 16 Holders of rec. Sept.30
Nov. 2 Holders of me. Oct. 5
Oct. 15 Holders of me. Sept. 30
Nov. 1 Holders of rec. Oct. 13
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 20
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Nov. 1 Holders of rec. Oct. 20
Nov. 1
Nov. 1
Nov. 1
Oct. 1 Holders of rec. Sept. 23
Nov. 1 Holders of rec. Oct. 20
Oct. 2 Holders of rec. Sept. 26
Oct. 14 Holders of rec. Oct. 9
Oct. 14 Holders of rec. Oct. 9
Nov. 1 Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 14
Oct. 16 Holders of rec. Oct. 2
Oct. 16 Holders of rec. Oct. 2
Nov. 15 Holders of rec. Oct. 31
Oct. 15 Holders of rec. Oct. 10
Nov. 15 Holders ot rec. Oct. 16
Oct. 2 Holders of rec. Sept.15
Nov. 15 Holders of rec. Nov. 1
Oct. 16 Holders of rec. Sept.30
Oct. 16
Oct. 15 Holders of me. Sept. 30
Oct. 16 Holders of rec. Oct. 9
Oct. 20 Holders of rec. Oct. 1
Nov. 1 Holders of rec. Oct. 10
Nov. 5 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 20
Oct. 10 Holders of rec. Sept. 6
Nov. 5 Holders of roe. Oct. 31
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 16
Oct. 2

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:
Vame If COO,pane.
Railroads (Steam
Albany & Susquelutnna (s-a)
Carolina Clinebfleld & Ohio(guar.)
Guaranteed cit.!.(guar I
Chesapeake & Ohlo, pre! (5.-a.)
Cincinnati Sandusky & Cleveland
6% preferred (s.-a.)
Clev. Cin. ChM & St Louis. pref
Cleveland & Pitteburgh. guar (quar.).
Special guaranteed (guar.)
Delaware .-a
Erie & Pittsb rgli 7% guaranteed (guar.)
Guaranteed betterment (guar.)
Georgia RR. & Banking (guar.)
Mahoning Coal, corn. (guar)
Norfolk & Western (guar.)
North. RR.of New Jer. 4% gtd. (guar.)
Philadelphia & Trenton (gust )
P1tte Beset. & Lake Eel°. 6% wet (au.).
Pittsburgh Fort Wayne & Chicago lqu.)
7% preferred (guar.)
Pittanurgb Youngstown & Ashtabula
7% preferred (guar.)
Reading,common (guar.)
2d preferred (guar.)
United N. J. RR.& Canal Co. (Mier.) _ _
Utica Chenango & susq Valley (s.-a.)- Vermont & Massachussetts (s.
-a.)
West Jersey & Seashore, corn. (s.
-a.)
6% special guaranteed (s.-a.)

Per
When
Share. Payable.
54%
$1
$134
$341
$14
$14
8740
500
$1
87Xe
800
$24
$64
$1
$1
$2.4
14%
14%
14%
14%
25c
500
$245
$3
$3
$134
134%

Public Utilities.
Alabama Power Co.. $5 pref.(9uar.)
51%
Amer. Cities Pow.& Lt. cl. A (guar.)... 1760
Amer. District Teleg. Co.of N.J.(qu.).
$1
Preferred (guar.)
$14
American Gas & Elec. Co.. Peel (qu.) - - $1
Amer. Light & Traction Co., corn. (qu.)
40e
Preferred (guar.)
$134
American Tel. & Tel. Co. (guar.)
$24
Water Works & Elec., corn. (qu.)
Amer.
250
Bangor Hydro-Elec. Co.. com.(guar.)
37Sea
Bell Telep. Co.of Can., coin (quar.)
C $1)4
Bell Tel. of Penna.,63 % pref (guar.)._ 144%
British Columbia Pow ,A (guru.)
r50c
Brooklyn Borough Gas (guar.)
$134
Brooklyn Martha Transit pref. (au)
$134
Buffalo.Niugara & Eastern Pow.
5% tot preferred (gust.)
$1 34
Canadian Fairbanks Morse, pref.(guar.) $14
Can. Northern Pr. Corp. Ltd .com.(qu.)
20e
7% preferred (mmr.)
14%
Central Hudson Gas & Elec. Corp.—
Quarterly
20e
Voting trust certificates (guar.)
20e
Central Illinois P110. Serv., 36 prof
50c
6% preferred
50e
Central Kan Pow.,7% pref.(guar.).
- $14
6% preferred (guar.)
5134
7% preferred (guar.)
$141
6% preferred (quar.)
$14
Chesapeake az Potomac Telephone Co.of
Baltimore City, cum. pref. (guar.)._
$14
Cln. Newport A Covington Lt & Tr.(qu) $14
$44 preferred (Ouar.)
51.125
Cleveland Elec. Ilium.6% pref. (gust.)
$134
Clinton Water Works,7% pref. (quar.)_
$141
Columbus Ily ., Pow. &
6 X% preferred II (guar.)
Si X
Consumers Power ('o., $5 pref. (guar.)
$134
6% preferred (guar.)
$14
6.6% preferred (quar.)
$1.65
$14
7% preferred (guar )
6% preferred (monthly)
50c
6% preferred (monthly)
50e
6% preferred (monthly)
50e
6.6% pp(erred (monthly)...
550
6.6% preferred (monthly)
550
6.6% preferred (Monthly)
55c




Books Closed
Days inciustre.

Jan. I Holders of
Oct. 10 Holders of
Oct. 10 Holders of
Jan. 1 Holders of

rec. Dec. 15
rec. Sept. 30
rec. Sept.30
rec. Dec. 8

Nov. 1 Holders of rec. Oct. 24
Oct. 31 Holders of rec. Oct. 4
Dec. 1 Holders of rem Nov. 10
Dec. 1 Holders of tee. Nov 10
Jan. 1 Holders of rec. Dee. 15
hoc. 10 Holders of rem Nov.30
Dee. 1 Holders of rec. Nov. 30
Oct. 15 Holders of rec Sept. 30
Nov. 1 Holders of rec. Oct. 16
Nov.18 Holders of rec. Oct. 31
Dee. 1 Holders of tee. Nov.20
oct. 10 Iloider• of rec. Oct. I
Item I Holders of rem Nov. 15
Jan. 2 Holders of rec. Dec. 9
Jan. 4 Holders of tea. Dec. 9
0
Dec. 1 Holders of rec. Nov. 2
Nov. 9 Holders of rec. Oct. 11
Oct. 12 Holders of rec. Sept. 21
Oct. 10 Holders afro:. Sept.20
Nov. I Holders of rec. Oct. 15
Oct. 7 Holders of rec. Sept. 12
Jan. 1 Holders of rem Des. 15
Dee. 1 Holders ot tee. Nov. 16
Nov. 1 Holders of ree. Oct. 16
Nov. 1 Holders of roe. Oct. 5
Oct. 15 Holders of rec. Sept. 15
Oct. 15 Holders of rec. Sept. 15
Nov.
Holders of roe. Oct. 6
Nov. 1 Holders of roe. Oct. 14a
Nov.
Holders of rec. Oct. 14a
Oct. 1 Holders of ten. Sept. 15
Nov. 1 Holders of rec. Oct. 6
Nov.
Holders of rec. Oct. 10
Oct. 1 Holders of rec. Sept 23
Oct. 1 Holders of roe. Sept 20
Oct. 1 'folders of rec. Sept 30
Oct I Holders of rea Sept 30
Oct. 1 Holders of rec. Sept.30
Nov. 1
Oct. 14
Oct 25
Oct. 16

Holders of
Holders of
Holders of
Holders of

Nov. 1
Nov. I
Oct. 15
Oct. 15
Oct. 15
Oct. 15
Jan. 15
Jan. 15

Holders of rec. Sept. 30
Holders of rec. Sept. 30
Holders of rec. Sept 20
Holders of rec. Sept 20
Holders of rec. Sept. 30
Holders of rec. Sept. 30
Holders of tee Dec. 31 .
Holders of me Dec. 31.

rem Oct. 14
rec. Sept. 30
rec. Sept 30
rec. Sept 3U

Oct. 16 IIolders of rec. Sept. 30
Oct. 15 Holders of rec Sept 30
Oct 15 Holders of rec. Sept 30
Dec. 1 Holders of rec. Nov. 15
Oct. 16 Holders of rec. Oct. 2
Nov.
Jan
Jan.
Jan.
Jan.
Nov.
Dec.
Jan.
Nov.
I Me.
Jan.

1 Holders of
2 Holders of
2 Holders of
2 Holders of
2 Holders of
I Holders of
I Holders of
2 Holders of
1 Holders of
I Holders or
2 Holders of

rec. Oct. 14
rem Dec 15
Ric Dec. 15
rec. Dec. 15
tee. Dec. 15
rec. Oct. 16
rec. Nov. 15
rec. Dec. 15
rec. Oct 16
rec. Nov. 15
rec. Dec. 15

Name of Curnyant.

2589
Per
When
Mari. Payable.

Boots Closed
Days !melanin.

Public Utilities (Concluded).
Commonwealth Edison Co.(guar.)
51 Nov.
Holders of rec. Oct. 14
Connecticut River Pow.,6% pref.(gu.)Dec.
Holdem of rec. Nov. 15
Consol Gas Co.of N Y.. pref. (quar.)
Holders of ree Sept. 29
Nov.
Dayton Pow. & Light, 6% pref. (mo.).
50c Nov.
Holders of reels Oct. 20
Detroit Edison Co.. cap.stk. (quar.)..
$1 Oct. 1 Holders of tee. Sept.30
Diamond State Tel.,6 X % Pre (guar.) _
% Oct. 1 'folders of rec. Sept. 20
Dug uesne Light Co., 1st pref(gust.)... $14 Oct. 1 Holders of rec. Sept. 15
Edison Elec. Ilium.Co.of Boston (qu.)_
Holders of rec. Oct. 10
5245 Nov.
Electric Bond & Share Co.,$6 pref.(qu.) $134 Nov.
Holders of rec. Oct. 6
8134 Nov.
$5 preferred (guar.)
Holders of rec. Oct. 6
El Paso Elec.(Del.),7% pref. A (guar.).
% Oct. 1 Holders of rec. Sept. 29
$134 Oct. 1 Holders of rec. Sept •29
$6 pref. Er and 6% pref. (guar.)
Ellzabethtown Con.sol. Gas (extra)
$1 Dec.
Holders of rec. Nov. 27
Quarterly
$1 Jan. ' Holders of rec. Dec. 26
Empire di Bay State Tel.,4% gtd.(qu.). 81
Dee.
Holders or rec. Nov. 20
Empire Power Corp., $6 pref.(guar.).— $155 Oct.
Holders of rec. Sept. 151
Escanaba Pow.& Pram 6% pref. (qu.)._
Holders of rec. Oct. 27
Nov.
134% Feb.
Holders of tee. Jan. 27
6% Preferred (qua?.)
FraMtlin Teleg.,
% gold stock (s.
Holders of roe. Oct. 14
-a.) $14 Nov.
Greenfield Gas Light, 6% pref. (guar.)
75c Nov.
Holders of rec Oct 16
,
Harrisburg Gas, pref.(guar.)
$14 Oct. 1 Holders of rec. Sept.30
Hartford Elec. Light (guar.)
6841: Nov.
Holders of rec. Oct. 14
International Hydro Elect System—
$334 series preferred (guar.)
87440 Oct. 1 Holders of rec. Sept.25
Jamaica Water Supply. 734% pref.(s-a)- $IX Nov.
Holders of rec. Oct. 11
Joplin Water Works,6% prof
.)-- $154 Oct. 1 Holders of rec. Oct. 2
Kentucky Utilities Co..6% pref.(guar.)
% Oct. 1 Holders of rec. Sept. 25
Kittanning Telep.(guar.)
50c Oct. 1 Holders of rec. Sept. 27
Lawrence Gas di Electric (guar.)
90c Oct. 1 Holders of rec. Sept. 19
Louisville Gas & Electric Co.(Ky.)1,4% Oct. 1 Holders of rec. Sept. 30
7% cumulative preferred (guar.)
6% cumulative preferred (guar.)
% Oct. 1 Holders of rec. Sept. 30
5% cumulative preferred (guar.)
134% Oct. 1 Holders of rec. Sept. 30
Lowell Elect. Light (guar.)
90c Oct. 1 Holders of rec. Sept. 25
Maine Gas Cos.((mar.)
35c Oct. 1 Holders of roe. Sept.26
$13.4 Oct. 1 Holders of rec. Sept.26
Preferred(guar.)
Malone Light & Pow Co $6 prof (qu )_
$IX Nov.
Holders of rec. Oct. 10
Messachu.setts LIghting 8% pref. (guar.)
$2 Oct. 1 Holders of rec. Sept.30
6% preferred (guar )
$IX Oct. 1 Holders of rec. Sept.30
Mass. Utilities Assoc., pref.(quar.)
624Y0 Oct. 1 Holders of rec. Sept.30
Mohawk Hudson Pow.Corp., 1st pf.(111) $151 Nov.
Holders of roe. Oct. 16
Monongithelo Valley Wraet. pref. 001
$1 34 Oct. 1 Holders of rec. Oct. 2
Montreal 1.t.. lit & Pr. Cons. corn.(qu )
370 Oct. 3 Holders of roe. Sept 30
Montreal Telegraph Co. (guar.)
z80c Oct. 1 Holders of rot. Sept. 30
Montreal Tramways Co.,corn.(quar.)
$241 Oct. 1 Holders of rec. Oct. 5
Mountain States Tel. & Tel Co.(guar.).
$2 Oct. 1 Holders of rec. Sept. 30
Mutual Telco. Co (Hawaii). monthly_
80 Oct. 2 Holders of rec. Oct. 10
National l'ow. dc Light, $6 pref (quur•)- $145 Nov.
Holders of rec. Oct. 16
Nevada Calif Rice Corp pre( (qu.)51 Nov.
Holders of rec. Sept. 30
New Bedford Gas& Edison Lt.(0001.)- 75c Oct. 1 Holders of rec. Sept.28
.
New Brunswick Telephone (guar.)
12340 Oct. 1 Holders of rec. Sept. 30
New England Pow Assn (guar I
50c Oct. 1 Holders of rec. Sept.30
New York Telephone.6 % pref (guar ) 14% Oct. I Holders of rec. Sept.20
Newark Telephone (Ohio),6% pref.(gu ) $14 Oct. 1 Holders of roe. Sept. 30
North Indiana P.S.,7% pref.(quar.)
873-(c Oct. 1 Holders of rec Sept.30
6% preferred (guar.)
75c Oct. 1 Holders of rec. Sept.30
.54% preferred (guar.)
6840 Oct. 1 Holders of rec. Sept 30
North N.Y. UHL, Inc 7% pt.
$14 Nov.
)
Holders of rec. Oct. 10
Northern Ontario Power Co., corn.(qu.)
500 Oct. 2 Holders of rec. Sept. 30
6% preferred (guar.)
Oct. 2 Holders 01 rec. Sept. 30
Northern States Pow
100 Nov.
Holders of me. Sept. 30
Nor States Pow. Co (Dela.)7% pt.(qu.) 134% Oct. 2 Holders of rec. Sept 30
6% preferred (guar )
% Oct. 2 Holders of rec. Sept. 30
Class A common (guar )
1% Nov.
Holders of rec. Sept. 30
Northwestern Bell Telephone
$146 Oct. I Holders of rec. Sept. 20
634% preferred (guar.)
Pacific Gas & Elec., coin (guar.)
37Sie Oct. 1 Holders of rec. Sept. Ma
Pacific Lighting Co., corn. (guar.)
750 Nov. 1 Holders of roe. Oct. 20
36 Preferred (guar.)
$14 Oct. 1 Holders of roe Sept. 30
Pacific Tel & Tel., preferred (quar.)5134 Oct. 1 Holders of rec. Sept. 30
Peninsular Telep. Co.„ 7% peel. (guar.) 14% Nov. 1 Holders of rec. Nov. 5
7% preferred (quar.)
134% 2-15-34 Holders of ree. 2-5-34
Philadelphia Co., common (guar.)
12SY e Oct. 25 Holders of rec. Oct. 2
6% cumulative preferred (0.-a.)
134% Nov. 1 Holders of rec Sept 30
Philadelphia Elec. Co., 5% pref. (guar.) $14 Nov. 1 Holders of rec. Oct. 10
Philadelphia Suburban Water, pf. (qu.)
Dec. 1 Holders of rec. Nov. 11
Power Corp. of Can.. Ltd.,6% pf.(au.) 134% Oct. 16 Holders of tee. Sept. 30
6% non-cum. preferred (guar.)
75e Oct. 16 Holders of rec. Sept. 30
Public Service Co.of Ind.,$6 pref.(au.)750 Oct. 16 Holders of rec. Sept.30
$7 preferred (guar.)
87340 Oct. 16 Holders of rec. Sept.30
Public Service Co. of N. III., corn. (qu.)
50e Nov. 1 Holders of rec. Oct. 14
6% preferred (guar.)
$14 Nov. 1 Holders of rec. Oct. 14
7% preferred (guar.)
$14 Nov. 1 Holders of rec. Oct. 14
Public Service Corp. of N J.6% preferred (monthly)
500 Oct. 31 Holders of roe. Oct. 2
Rhode Island Public Service, cl. A (au.)
81 Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
50e Nov. 1 Holders of rec. Oct. 16
San Diego Consol. Gas & Elec., pf. (qu.) 14% Oct. 14 Holders of roe. Sept. 30
Shenango Valley Water Co.6% pf.(qu.) 144% Dee. 1 Holders of rec. Nov 20
South Counties Gas of Calif.,6% pf.(qu) $IX Oct. 14 Holders of rec. Sept.30
South New England Telep. Co.(gnat.).. 5144 Oct. 16 Holders of rec. Sept. 30
South Pittsburg Water Co..7% pf. (au.) 814 Oct. 16 Holder, of roe. Oct. 2
69 preferred (quar.)
$145 Oct. 16 Holders of rec. Oct. 2
Southern California Edison Co., Ltd.—
Original preferred (guar.)
2% Oct. 15 Holders of rec. Sept. 20
5 te•% preferred, series C (guar.)
14% Oct. 15 Holders of rec. Sept. 20
Sou. Calif. Gas,6% pref. & pref A (qu.) 3740 Oct. 14 Holders of rec. Sept.30
bele prefe.qed (guar.)
$14 Nov.29 Holders of rec. Oct. 31
Southern Canada Power Co.. Ltd.—
Common
200 Nov. 15 Holders of rec. Oct. 31
6% preferred (guar.)
14% Oct. 16 Holders of roe. Sept.20
Southern New England Tel. (gust.).... $IX Oct. 16 Holders of roe. Sept.30
Stamford Gas dc Elec., corn. (quar.)
_ $24 Oct. 11 Holders of rec. Sept. 20
Standard Gas & Elec. Co.,$6 pr. pt.(au) 5134 Oct. 25 Holders of rec. Sept. 30
$7 cum. preference (guar )
$14 Oct. 25 Holders of roe. Sept. 30
Standard Pr & Lt. Corp.. pref. (guar.). 8134 Nov. 1 Holders of roe. Oct. 14
Suburban Elec.Security,6%1st pf.(au.)
51% Nov. 1 Holders of rec. Oct. 15
Tennessee Elec.Pow.Co.,5% pref.(qu.) $14 Jan. 2 Holders of roe. Dec. 15
6% preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
514 Jan. 2 Holders of rec. Dec. 15
7.2% preferred (War.)
$1.80 Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
50c Nov. 1 Holders of rec. Oct. 14
6% preferred (monthly)
50c Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50c Jan. 2 Holders of rec. Dec. 15
7.2% preferred (monthly)
60e Nov. 1 Holders of rec. Oct. 14
7.2% preferred (monthly)
60e Dec. 1 Holders of rec. Nov. 15
7.2% preferred (monthly)
600 Jan. 2 Holders of rec. Dec. 15
United COMI/01110$ of New Jersey (am). $24 Oct. 10 Holders of rem Sept 20
United Lt.& Rys.(Del.),7% pt.(mo.)_ 58 1-3c Nov. 1 Holders of rec. Oct. 16
6.36% preferred (monthly)
53c Nov. 1 Holders of roe. Oct. 16
6% preferred (monthly)
50c Nov. 1 Holders of rec. Oct. 16
7% preferred (monthly)
58 1-3c Dec. 1 Holder, of me. Nov. 15
6.36% preferred (monthly)
530 Dec. 1 Holders of roe. Nov. 15
6% preferred (monthly)
50c Dec. 1 Holders of rec. Nov. 15
7% Preferred (monthly)
58 1-30 Jan. 2 Holders of rec. Dec. 15
6.36% preferred (monthly)
53c Jan. 2 Holders of rec. Dec. 15
6% preferred (montlhy)
50c Jan. 2 Holders of rec. Dec. 15
United Telep.(Hans.),7% pref.(qu.) _
$14 Oct. 15 Holders of rec. Sept. 30
6% preferred (guar.)
$IX Oct. 15 Holders of rec. Sept. 30
Quarterly
$l 3.j Oct. 15 Holders of rec. Sept. 30
West Penn Elec. Co.,7% cum. pref.(qu) 14% Nov. 15 Holders of rec. Oct. 20
6% cum. preferred (guar.)
134% Nov. 15 Holders of rec. Oct. 20
West Penn Power Co.. 7% prof. (guar.)_ 134% Nov. I Holders of rec. Oct. 5
6% preferred (aar.)
1 X % Nov. 1 Holders of ree. Oct. 5
Wichita Water %%mks. 7% pref. (go.)
$14 Oct. 16 Holder, of tee Oct. 2
Wisconsin Gas & Flee .6% pref r (nu ) Si X Oct. 16 Holders of rec. Sept. 30
WIscoofia.esrred
rr
par
inTeIeu hor COMM00 (guar.)
,
51%
(quar.)
814
Bank and Trust Companies,
Merchants Bank of New York__

50c Oct. 10 Holders of rec. Sept. 300

Financial Chronicle

2590
Name of Company.
Fire Insurance Companies.
Flremans Fund Ins.Co
North River insurance (quar.)
Philadelphia Nat.Fire Ins. Co.(quar.)._

Per
When
Share. Payable.

Books Closed.
Days Inclusive.

Name of Company.

Oct. 7 1933
Per
When
Share. Payable.

Books Closed
Days IMIUS108.

Miscellaneous (Continued).
Hershey Chocolate Co., corn.(quar.)___
75c Nov. 15 Holders of rec. Oct. 25
Preferred (quar.)
51 Nov. 15 Holders of roe. Oct. 25
Hibbard, Spencer, Bartlett & Co.
100 Oct. 27 Holders of rec. Oct. 22
10e Nov. 24 Holders of rec. Nov.20
(mo.)Mnthly
Miscellaneous.
10c Dec. 29 Holders of rec. Dec. 22
Monthly
Hollinger Consolidated Gold mines—
Abraham & Straus. Inc., pref. (guar.).- $131 Nov. 1 Holders of rec. Oct. 14
1% Oct. 7 Holders of rect. Sept. 22
Capital stock (monthly)
Affiliated Products Co., Inc., corn.(mo.)
Holly Development(quar.)
it Oct. 16 Holders of rec. Sept. 30
5c Nov. 1 Holders of rec. Oct. 18
Air Reduction Co. (guar.)
Honolulu Plantations (monthly)
25c Oct. 10 Holders of rec. Sept.30
75c Oct. 16 Holders of rec. Sept. 30
Extra
Horn & Harden (N. Y.). coal.(guar.).40c Nov. 1 Holders of rec. Oct. 11
75e Oct. 16 Holders of rec. Sept. 30
Ajax 011 & Gas (quar.)
2% Oct. 16 Holders of rec. Sept. 30
Household Finance Corp.—
Alaska Juneau Gold Mining Co.(qu.)15c Nov. 1 Holders of rec. Oct. 10
Common A & B (qua?.)
75c Oct. 15 Holders of rec. Sept. 30a
Extra
$1.05 Oct. 15 Holders of rot. Sept.30
15c Nov. 1 Holders of rec. Oct. 10
Participating preference (quar.)
Allied Chemical & Dye Corp., corn.(qu.) $135 Nov. 1 Holders of rec. Oct. 11
250 Oct. 14 Holders of me. Sept.30
Howe Sound Co.(qua?.)
Aluminum Mfg., inc., corn.(Qua?.)
Imperial Chemical Industries, interim _z w235% Dec. 8 Holders of rec. Oct. 13
50o Dec. 31 Holders of rec. Dee. 16
Preferred (guar)
235% Oct. 16 Holders of rec. Sept. 22
514 Dec. 31 Holders of roe. Dec. 15
Incorporated Investors (s.
-a.)
American Can Co., corn. (quar.)
15e Nov. 15 Holders of rec. Oct. 20
$1 Nov. 15 Holders of rec. Oct. 250 Indiana Pipe Line Co
American Envelope Co.7% p1.(guar.)._ 1,1% Dec. 1 Holders of rec. Nov.25
100 Nov. 15 Holders of rec. Oct. 20
Extra
American Factors, Ltd.(mo.)
Internat. Business Mach. Corp. (guar.) $14 Oct. 10 Holders of roe. Sept.22a
10e Oct. 10 Holders of rec. Sept.30
American Hardware (quar.)
15c Oct. 16 Holders of rec. Sept.20
International Harvester CO.. corn.(qu.).
25c Jan. 1 Holders of rec. Dec. 16
American Home /Products Corp.(mo.)
ill 34 Nov. 1 Holders of rec. Oct. 2
200 Nov. 1 Holders of rec. Oct. 140 Internat. Nickel of Can. pref.(quer.)_
American Ice Co., pref.(quar.)
Internat. Printers Ink, 6% pref. (quar.) $134 Nov. 1 Holders of rec. Oct. 14
$135 Oct. 25 Holders of rec. Oct. 6
American Optical Co.,7% pref.(qu.) _ 5135 Jan. 1 Holders of rec. Dec. 16
International Shoe, pref. (guar.)
50e Nov. 1 Holders of reo. Oct. 15
American Stores Co.(extra)
50o Dec. 1 Holders of rec. Nov. 15
Preferred (monthly)
500 Dec. 1 Holders of rec. Nov. 15
Quarterly
370 Oct. 16 folders of me. Sept. 30
Investment Foundation, Ltd., pref.(qu.)
50e Jan.
Holders of rec. Dec. 15
Appleton Co., 7% pref
hl3c Oct. 16 Holders of rec. Sept. 30
(
55134 Nov. 1
Preferred
Atlas Brewing Co. Chicago)
50c Oct. 15 Holders of rec. Sept. 30
Irving Investors Found. inv.sits
250 Oct. 16 Holders of rec. Sept. 30
Austin Motors, Ltd., ordinary
70e Oct. 16 Holders of rec. Oct. 1
Jefferson Lake Oil, pref
25%
75e Oct. 16 Holders of rec. Oct. 2
Bonus
Jewel Tea Co., Inc., torn.(quar.)
75%
250 Nov. 1 Holders of rec. Oct. 10
Preferred
Kress (S. H.)& Co., corn.(quar.)
20%
15c Nov. 1 Holders of rec. Oct. 10
Austin, Nichols & Co.. pr. A (quer.).- - 250 Nov. 1 Holders of rec. Oct. 13
Special preferred (quar.)
j50c Nov. 1 Holders of rec. Oct. 10
Baldwin Co.. cum. preferred (quar.)__-- $135 Oct. 14 Holders of roe. Sept.30
Common (extra)
Bayuk Cigars, Inc., 1st pref. (guar.)... $134 Oct. 15 Holders of rec. Sept. 30
Kroger Grocery & Baking, 2d pref. (qu.) $135 Nov. 1 Holders of rec. Oct. 20
Belding Corticelli, Ltd.. corn.(quar.).__
Landers Frary & Clark (quar.)
37340 Dee. 31
1% Nov. 1 Holders of rec. Oct. 14
Best & Co.,corn.(quar.)
$135 Dec. 15 Holders of rec. Dec. 5
25e Oct. 16 Holders of rec. Sept. 25
Landis Machine. 7% pref. (quar.)
Black-Clawson Co., pref.(guar.)
Lane Bryant, Inc., 7% prof. (quar.)_ _ _ 134% Nov. 1 Holders of rec. Oct. 16
$154 Dec. 1 Holders of rec. Nov.25
250 Oct. 15 Holders of rec. Sept. 30
Bloch Bros. Tobacco (guar.)
Langendorf United Bakeries A
3735e Nov. 15 Holders of rec. Nov. 11
Lazarus (F.& R.)& Co.,64% pf.(qu.) $134 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
514 Dec. 31 Holders of rec. Dec. 25
$3 Oct. 15 Holders of rec. Oct. 10
Lawyers Title Ins.(Rich.,Va.),pf.(s-a)-Bloomingdale Bros., Inc., pref. (quer.). $135 Nov. 1 Holders of rec. Oct. 20
Bon And Co.. common A (guar.)
16c Oct. 10 holders of rec. Oct. 2
$1 Oct. 30 Holders of rec. Oct. 15
Lee & Cady Co
700. Nov. 1 Holders of ree. Oct. 26
Boots' Pure Drug Co., Ltd., Amer. dep.
Lincoln National Life Ins. Co. cap.stook
10c Dee. I Holders of rec. Nov. 15
rec. ordinary reg., quarterly interim-- zw6% Oct. 9 Holders of rec. Sept. 25
Link Belt Co.common (quar.)
Bornot. Inc., class A
$135 Jan. 2 Holders of rec. Dec. 15
25e Jan. 12 Holders of rec. Jan. 12
Preferred (quar.)
Bourjois, Inc
Lord & Taylor Co., 2d pref. (quar.)---$2 Nov. 1 Holders of rec. Oct. 17
50c Oct. 10 Holders of rec. Sept. 30
Lumbermans Ins. Co.(Phila.) (guar.)-- $134 Oct. 14 Holders of rec. Sept. 30
Preferred (guar.)
68/Jc Nov. 15 Holders of rec. Nov. 1
50c Oct. 14 Holders of rec. Sept. 30a
Brantford Cordage Co., pref. (guar.)._
riot Oct. 15 Holders of rec. Sept. 20
MacAndrews&Forbes. Inc. corn. (qu.)
$135 Oct. 14 Holders of rec. Sept.30a
Bridgeport Hydraulic Co.(quar.)
40c Oct. 16 Holders of rec. Sept. 30
Preferred (guar.)
50c Nov. 15 Ilolders of rec. Oct. 20
Bridgeport Machine Co., pref
Macy (R. H.) & Co., common (quar.)_ _
5$1 Oct. 10 Holders of rec. Oct. 5
British American Tobacco Co., Ltd.—
Magnin (I.) & Co.. 6% pref. (gusr.).-- 14% Nov. 15 Holders of roe. Nov. 5
Amer. dep. rec. ord. bearer. Interim_ wled Oct. 7 Holders ot rec. Sept. 5
750 Jan 2'34 Holders of rec. Dee. 15
Mapes Consolidated Mfg. Co.(quar.)_
Amer. dep. rec. ord. reg., interim
750 Apr 234 Holders of rec. Mar. 15
rolOci Oct. 7 Holders of rec. Sept. 5
Quarterly
75e July2'34 Holders of rec. June 15
Amer. dep. rec.5% pref. bearer (8.-a.) zw235% Oct. 7 Holders of rec. Sept. 5
Quarterly
Amer.dep,rec. 5% prof. reg.(s.
50e Nov. 1 Holders of rec. Oct. 14
McCall Corp., corn. (quar.)
-a.).... rw235% Oct. 7 Holders of rec. Sept. 5
Burma Corp., Ltd., Am.dep. rec. (final) w335A Oct. 21 Holders of rec. Sept. 14
MeClatehy Newspaper. 7% pref.(guar.) 43340 Dec. 1 Holders of rec. Dec. 1
Bonus
McColl-Frontenac Oil Co., 6% pf. (qu.) r$135 Oct. 14 Holders of rec. Sept. 30
w HA Oct. 21 Holders of rec. Sept. 14
Byers (A. M.) Co., pref
Merchants Refrigerating of N.Y.—
50c Nov. 1 Holders of rec. Oct. 16
$134 Nov. 1 Holders of rec. Oct. 25
Calamba Sugar Estates, corn.(quar.)
40c Jan. 2 Holders of tee. Dec. 15
Preferred (quar.)
7% preferred (quar.)
$2 Jan. 2 Holders of rec. Dec. 16
35c Jan. 2 Holders of rec. Dec. 15
Merck Corp., pref (quar.)
Calaveras Cement Co., 7% pref (quar.) _ $131 Oct. 15 Holders of rec. Sept. 30
Missouri River Sioux City Bridge—
California-Western States Life Ins.(qu.)
$13‘ Oct. 16 Holders of rec. Sept.30
50c Oct. 15 Holders of rec. Oct. 10
Preferred (quar.)
Canada Bud Breweries (quar.)
Mohawk Mining Co., liquidating
$8 Nov. 1 Holders of rec. Oct. 6
15c Oct. 16 Holders of rec. Sept.30
Canada Dry Ginger Ale (qua?.)
Moore (Wm.) Dry floods Co.(qua?.).. $134 Oct.. 161
25e Oct. 16 Holders of rec. Oct. 2
Holders of rec. Oct. 3
25c.
Canadian Car 8r Fdy. Co., Ltd.((Mar). r43e Oct. 10 Holders of rec. Sept. 25
Morris Philip) & Co. (quar.)
Canadian General Invest., reg
Morris Sc. dr leo.to $1 Sts 7% pf.(a.)
7360 Oct. 16 Holders of rec. Sept. 30
% Jan. 2
$1
Dec. 1 Holders of rec. Nov. 24
Coupon (guar.)
Morris Plan Ins. Soc. (qua?.)
7350 Oct. 16
200 Nov. 29 Holders of rec. Nov.22
Canadian Industries, pref.(quar.)
Motor Finance Corp.(quar.)
r$151 Oct. 16 Holders of rec. Sept.30
50c Dec. 15 Holders of rec. Nov. 8
Carnation Co..7% pref.(quar.)
Nashua Gummed & Coated Paper
$1H Jun. 1
$101 Jan. 2 Holders of ree. Dec. 21
7 36
Cartier. Ina.. 7% pref
7% preferred (quar.)
87 Sic. Jan. 31 Holders of rec. Jan 14
Oct. 14 Holders of rec. Sept. 22
Centrifugal Pipe Line Corp.cap.stk.(qu.)
National Biscuit Co., corn.(quar.)
10e. Nov. 15 Holders of rec. Nov. 6
551 Nov. 1 Holders of rec. Oct. 16
Cherry-Burrell Corp., pref.
National Bearing Metals Co., pref.__
1151% Nov. 1 Holders of rec. Oct. 15
Holders of ree. Oct. 16
Cincinnati Wholesale Grocery, pf.(qu.)_
$135 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
$1$1 ICov.
Nov.
Holders of rec. Oct. 20
Chickasha Cotton 011 (special)
National Carbon Co., pref. (guar.)
2.50 Oct. 16 Holders of rec. Oct. 2
Nov.
Holders of roe. Oct. 28
Cincinnati Postal Terminal & Realty
National Casket (s.
-a.)
1
15 Holders of ree. Nov. 15
581 D
00
National Container Corp.. pref. (quar.)
$135 Oct. 16 Holders of rec. Oct. 5
634% preferred (guar.)
Clorox Chemical Co., el. A (quar.)
National Distillers Products Corp.. corn- (n) Oct. 16 Holders of roe. Oct. 2
500 Jan. 1 Holders of rec. Dec. 20
25e Oct. 15 Holders of rec. Sept. 30
Colgate-Palmolive-Peet Co., pf.(qu.)___
National Fuel Gas, common (guar )- -.
Si Si Jan. 1 Holders of ree. Dec. 11
Nov. 1
1
Collyer Insulated Wire pref. (guar.)
National Lead Co.,class B pref. (quar.). 51 44 JOacnt. 120 Holders of roe. Oct. 20
$13.5 Oct. 16 Holders of rec. Sept. 29
$
Holders of rec. Sept. 30
Confederation Life Assoc (Quar.)
Natomas Co. (quar.)
$1 Dec. 31 Holders of roe. Dec. 25
Holders of rec. Dec. 20
Congoleum-Nairn, Inc., 7% pref. (qu.). 136% Nov. 1 Holders of rec. Aug. 15
Quarterly
$135
60e Nov. 10 Holders of rec. Oct. 20
16
0
Consolidated Car Heating (quar.)
New Jersey Zinc Co. (guar.)
$135 Oct. 16 Holders of rec. Sept. 30
Oct. 14 Holders of ree. Sept.22
Consol. Cigar Corp., prior pref.(guar.) _ $135 Nov. 1 Holders of rec. Oct. 16a New York Transit Co.(quar.)
1m
Preferred (quar.)
$134 Dec. 1 Holders of rec. Nov. 15a Newberry (J.J.) Realty 634% A PI.(qM ) $134 Nov. 1 Holders of rec. Oct. 16
Nov. 1 Iloiders of reo. Oct. 16
Consolidated Royal 011 (quar.)
6% B preferred
$
Sc Oct. 16 Holders of rec. Sept. 29
Corn Products Refining Co.(guar.)._
Niagara Share Corp. of Md.—
8750 Oct. 20 Holders of rec. Sept. 29
$134 Jan. 2 Holders of roe Dee. 15
Class A $6 preferred (quar.)
Cottrell (C. B.) 0. Sons Co.
500. Nov. 15 Holders of rect. Nov. 1
6% preferred (quar.)
Nineteen Hundred Corp.. class A (guar.)
14% Jan. 1
Northam Warren Corp.. prof. (quar,)_.
750 Dec. 1 Holders of roe. Nov. 155
Creamery Package Mfg. Co., pref.(qu.)- $14 Oct. 10 Holders of rec. Oct. 1
2% Nov. 1 Holders of rec. Oct. 19
Northern Securities Co
it Nov. 15 Holders of rec. Oct. 31
Cresson Conseil. Gold Mining & Milling_
15c Oct. 16 Holders of rec. Oct. 11
Oahu Ry. & Land (monthly)
Crum & Forster, corn. (quar.)
10e Dec. 14 Holders of rec. Oct. 5
5c Oct. 14 Holders of rec. Oct. 6
Oahu Sugar Co Ltd.(monthly)
8% preferred (guar.)
52 Dec. 30 Holders of rec. Dec. 20
30e Oct. 14 Holders of rec. Oct. 6
Extra
Cudahy Packing Co., common (guar.)._ 6235c Oct. 16 Holders of ree Oct. 5
20e Oct. 20 Holders of rec. Oct. 10
Onomea Sugar (monthly)
7% preferred (semi-ann.)
335% Nov. 1 Holders of rec. Oct. 20
1543 Oct. 16 Holders of rec. Sept.25
6% preferred (semi-ru2n.)
3% Nov. 1 Holders of rec. Oct. 20
Otis Elevator Co.,corn.(quar.)
$135 Oct. 16 Holders of me. Sept.25
Preferred (quar.)
Curtis-Wright Export, 6% pref. (quar.) $135 Oct. 15 Holders of rec. Sept. 30
25e Oct. 25 Holders of rec. Oct. 10
Pacific Western Oil Corp.. initial
Denver Union Stockyards, pref.(qua?.)_ $134 Dec. 1 Holders of rec. Nov. 20
Pacific Lighting Corp.,$6 pref.(guar.).- $135 Oct. 16 Holders of roe. Sept. 30
Devonian 011 Co.
115.780 Oct. 20 Holders of roe. Sept. 30
75e Nov. 15 Holders of rec. NOV. 6
Pennmans. Ltd.. cow.(quar.)
Dome Mines, Ltd.(guar.)
25c Oct. 20 Holders of rec. Sept.30
Preferred (guar.)
Bonds
25e Oct. 20 Holders of rec. Sept. 30
$14 Nov. I Holders of rec. Oct. 21
Pennsylvania Salt Mfg. Co (quar.)._
75e Oct. 14 Holders of reo. Sept. 30
Dominion Bridge Co.. Ltd.. corn.(qua?.) r500 Nov. 15 Holders of rec. Oct. 31
Phoenix Security Corp.. pref
h75c Nov. I Holders of roe. Oct. 14
Dominion Rubber Co., pref. (quar.)__- $134 Oct. 16 Holders of rec. Oct. 10
Premier Gold Mining (quar.)
u3c Oct. 15 Holders of me. Sept. 15
Dominion Textile Co.. Ltd., pref.(qu.). r$1/4 Oct. 16 Holders of rec. Sept.30
Procter & Gamble Co. 8% pref.(quar.).
E.I.duPont de Nemours & Co.—
$2 Oct. 14 Holders of nee. Sept.22
Prudential Investors,6% pref.(quer.)_ _
$14 Oct. 16 Holders of roe. Sept.30
Debenture stock (guar.)
' 5134 Oct. 25 Holders of roe. Oct. 10
Eaton Mfg. Co., common
$134 Oct. 16 Holders of rec. Sept.30
$6 preferred ((Mar.)
200 Nov. 15 Holders of roe. Nov. 1
Quaker Oats Co.,corn.(quar)
Egry Register Co.class A
51 Oct. 16 Holders of rec. Oct. 2
250 Dec. 1 Holders of ree. Nov. 15
6% preferred (guar.)
$14 Nov. 29 Holders of reo. Nov. 1
Eureka Pipe Line Co. (qua?.)
$1 Nov. 1 Holders of rec. Oct. 16
Quarterly Income Shares, Inc.(quar.)
3e Nov. 1 holders of ree. Oct. 15
Ewa Plantation (quar.)
60e Nov. 15 Holders of reo. Nov. 4
Rayon Industries Corp.. com.cl. A (qu.) 235e Nov. 1 Holders of rec. Oct. 14
Falstaff Brewing Corp. initial (guar.)...
250 Oct. 16 Holders of rec. Oct. 2
Republic Stamping dr Enameling (guar.)
250 Oct. 10 Holders of rec. Sept.30
Farmers & Traders Life Ins.(quar.)
$235 Oct. 10 Holders of rec. Sept.20
St. Croix Paper (quar.)
50c Oct. 16 folders of rec. Oct. 6
Extra
$235 Oct. 10 Holders of rec. Sept. 20
Savannah Sugar Refg. Corp.. tom.(au.) $134 Nov. 1 Holders of roe. Oct. 14
Ferro Enamel Corp., corn
10c Oct. 10 Holders of rec. Sept.30
Preferred (quar.)
14% Nov. 1 Holders of rec. Oct. 14
Common
100 Dec. 20 Holders of rec. Dec. 10
Scott Paper Co.. class A pref.(guar.)._ $131 Nov. 1 holders of rec. Oct. 17
Finance Co.of Am.el. A & B com.(qu.).
10c Oct. 16 Holders of rec. Oct. 5
Class 13, preferred (quar.)
$135 Nov. 1 Holders of rec. Oct. 17
4330 Oct. 16 Holders of rec. Oct. 5
7% Preferred (guar.)
Seeman Bros.. Inc • corn. (quar.)
6235e Nov. 1 Ifohders of rec. Oct. 16
8340 On. 16 Holders of rec. Oct. 5
7% Preferred (quar.)
Selfridge Provision Stores, Ltd
235% Nov.30
Firestone Tire & Rubber Co., corn.(qu.)
10c Oct. 20 Holders of rec. Oct. 5
50c Nov. 1 Holders of rec. Oct. 17
Sharp & Doh me, Inc pref•. cl.A (au.) _
Fishman(M. H.) Co., pref., A & B(qur.) $134 Oct. 15 Holders of rec. Oct. 1
Class A preference
551 Nov. 1 Holders of reo. Oct. 17
Holders of rec. Sept. 30
Fisk Realty Corp., partial cap. distrib__
$00
Shattuck (Frank G.) Co.(quar.)
at Oct. 10 Holders of rec. Sept.20
Foulds Milling Co., pref. (quar.)
$2 Oct. 10 Holders of rec. Sept.30
Bbeaffer(W. A.) Pen. Prof.(guar.)
Oct. 20 Holders of roe. Sept.30
52
$135 Nov. 1 Holders of roe. Oct. 13
Freeport Texas Co. preferred (quar.)____
3740. Nov. 15 Holders of rec. Nov. 15
Sioux City Stkyris., $6 of.(Quer.).
h25e Oct. 20 Holders of rec. Oct. 10
General Candy, class A
Southern Franklin Process, 7% pret.(gU) $14 Oct. 10 Holders of rec. Sept. 30
Dec. 1 Holders of roe. Nov. 24
General Cigar Co., pref.(guar.)
$134
Sc Oct. 14 Holders of rec Fleet.30
Southland Royalty, corn (quar.)
100 Oct. 25 Holders of ree. Sept. 29
General Electric (qua?.)
Spicer Mfg. Corp ,$3 pref. (guar.)
75e Oct. 15 Holders of VT. Oct. 3
15e Oct. 25 Holders of rec. Sept. 29
Special(quar.)
25e Nov. 1 Holders of rec. Oct 14
Squibb (E. R.) dr Sons (guar.)
General Motors Corp., $5 pref. (qua?.). $134 Nov. 1 Holders of rec. Oct. 9
$135 Nov. 1 Holders of rec.(mt. 14
500 Nov. 1 Holders of rec. Oct. 16
$6 preferred (quar.)
General Stockyards Corp., corn. (quar.)
Standard Coosa-Thatcher,7%pf.(q u.)-- 136% Oct. 15 Holders of rec. Oct. 15
$135 Nov. 1 Holders of rec. Oct. 16
56 preferred (quar.)
Standard 011 of Ohlo. 5% pref (guar )._ 134% Oct. 16 Holders of rec. Sept.30
Gillette Safety Razor. $5 pref.(quar.).— $134 Nov. 1 Holders of rec. Oct. 2
30c Oct. 15 Holders of ree. Sept. 14
Stand. Wholesale Phosphate & Acid (qu)
300 Nov. 1 Holders of rec. Oct. 10
Gold Dust Corp., corn. (quar.)
Stanley Works 6% preferred (quar.) _._ 3735e Nov. 15 Hold, rs of ree Nov. 4
Gotham Silk Hosiery Co.7% Pref• (qu.) $134 Nov. 1 Holders of rec. Oct. 11
30e Nov. 1 Holders of rec. Oct. 7
Steel Co. of Canada (quar.)
Gottfried Baking Co., Inc., pref• (guar.) 134% Jan. 2 Holders of rec. Dec. 20
4334c Nov. 1 Holders of rec. Oct. 7
Preferred (quar.)
Grace(W. R.)& Co.6% pref. (s.
-a.)..—
3% Dec. 29 Holders of rec. Deo. 27
4335c Oct. 10 Holders of rec. Oct. 2
SM. Baer & Fuller. pref. (quar.)
50 Nov. 1 Holders of rec. Oct. 25
Great Lakes Engineering Wits.(guar.).25e Dec. 15 Holders of rec. Nov.25
Sun Oil Co., tom. (quar.)
Guarantee Co. of North America (quar.) $134 Oct. 16 Holders of rec. Sept. 30
135% Dec. 1 Holders of rec. Nov. 10
Preferred (guar.)
$235 Oct. 16 Holders of rec. Sept. 30
Extra
Supervised Shares, Inc. (guar.)
140 Oct. 15 Holders of rec. Sept. 30
$2 Oct. 10 Holders of rec. Sept.30
Hamilton Woolen Co.(quar.)
Sylvania industrial (guar 1
250 Dee. 15 Holders of me. Dec. 1
$2
Oct. 20 Holders of rec. Oct. 10
Hannibal Bridge CO., COM.(guar.)
Tacony-Paimyra Bridge Co.
Harbsuer Co.. 7% prei (quar.)
134% Jan. 1 Holders of rec. Dee. 21
151% Nov. 1 Holders of rec. Oct. 10
734% preferred (quar.)
Harbison-Walker Refractories, pf. (qu.) 135% Oct. 20 Holders of rec. Oct. 10
25c Nov. 1 Holders of rec. Oct. 16
Telautograph Corp. (guar.)
Hardesty (R.). 7% pre/ (guar.)
1K% Dec. 1 Holders of roe. Nov. 15
$1/5 Nov. 15 Holders of rec. Nov. 3
Thatcher Mfg. Co., cony. pref. (guar 1_
90c Nov. 15 Holders of rec. Oct. 31
Hercules Powder Co., pref.(quar.)




75e Oct. 16 Holders of rec. Oct. 5
15o Dec. 11 Hoioera of Tee. Dee. 1
50e Oct. 10 Holders of rec. Oct. 1

1

Volume 137

Financial Chronicle
Per
Share

Name of Company.

(When
Pavanle

Books Closed
Days Inclusive.

Miscellaneous (Concluded).
Thompson (John R )Co. (guar.)
25c Oct. 10 Holders of rec. Oct. 2
Timken Detroit Axle Co., pn.f. (quar.)_
.
$1% Dec. 1 Holders of rec Nov. 20
Tobacco Products Export Corp____ _
be Nov. 1 Holders of rec. Oct. 16
Toronto Elevators 7% pref. (guar.)_ _ _ _
Oct. 15
Triplex Safety Glass Co —
Amer. dep. rec. for ord reg
zw25% Oct. 10 Holders of rec. Sept. 6
Tuckett Tobacco Co.. pref. (guar.)
5141 Oct. 14 !folders of rec. Sept 30
United-Carr Fastener, cons. (guar.).- -10c Oct. 16 Holders of rec. Oct. 2
United Fruit Co. (guar.)
50c Oct. 14 Holders of rec. Sept. 21
United Grain Growers
Si
United Investment Shares, Inc.—
Series A. per 100 shares
184 4c Oct. 15 Holders of rec. Sept 30
Series C. per 100,
hares
1$1 534 oct. 15 Holders of rec. Sept. 30
United Milk Crate Corp., CIA.(quar.)_ _
50c Dec. I Holders of rec. Nov 15
United Securities, Ltd.. corn (guar )—
50e Oct. ill Holders of rec. Sept 27
U.S. Pipe & Foundry Co.. coin.(guar.). 121.03. Oct. 20 Holders of rec. Sept. 30
Common (guar.)
121.60. Jan. 20 Holders of roe Dee. 30
1st preferred (guar.)
300. Oct. 20 Holders of rec Sept. 30
1st preferred (guar.)
300. Jan. 20 Holders of rec. Dec. 30
United States Smelting Ref.& Min.—
Common (guar.)
25e Oct. 14 Holders of rec. Oct. 5
Extra
50c Oct. 14 Holders of rec. Oct. 5
Preferred (guar.)
87 tie (let 14 Holders Of roe Oct. 5
United Verde Extension Mining (guar.)
10c Nov. 1 Holders of rec. Oct. 2
Universal Leaf Tobacco. corn (quar.)
50c Nov. 1 Holders of rem Oct. 20
Vulcan DettnnIng Co., pref.(guar.)
134% Oct. 20 Holders of rec. Oct. 65
Western Grocers. Ltd.. pref (quar.)..._
8141 Oct. 15 Holders of roe. Sept 20
Western States Life Ins. Co (quar.)-50c Oct. 15 Holders of rec Oct. 10
Westinghouse Air Brake Co. (guar.)._
25c Oct. 31 Holders of rec. Sept 30
Winstead Hosiery Co.(guar.)
$144 Nov 1 Holders of rec. Oct. 15
Wiser Oil(guar 1
25e Jan2'34 Holders of rec. flee. 12
Wolverine Tube,7% pref.(guar.)
SI 41 Dec. 1 Holders of rec. Nov. 15
Worcester Salt, pref (quar.)
5145 Nov. 15 Holders of rec. Nov. 6
Wrigley (Wm.) Jr. Co.—
Capital stock (monthly)
Nov. 1 Holders of rec. Oct. 20
Capital stock (monthly)
26.isc Dec. 1 Holders of rec. Nov. 20
I The New York stock Exchange bee ruled that atock wIli not be quoted exdividend on this date and not until further notice.
I The New York Curb Exchange AreociatIon has ruled that stock will not be
quoted ex dividend on trila drte and not until further notice.
a Transfer books not closed for that dividend.
Correction. e Payable In stock.
/ Payable in common stock.
Payable In scrip. 1 On account of accumulated
dividends I Payable in preferred stock.
I Subject to the 5% NIRA tax.
m Commercial Invest Tr pays dly. on convertible preference etock. optional
Series of 1929, at the rate of 1 52 of I share of common stock, or, at the option of the
bolder. In each alike rate of Si 50.
n Nat. Distillers Prod. dividend In warehouse receipts of one case of whiskey
Containing 24 plot bottles for each five shares of G1111,11011 stock held
Whiskey
withdrawn only as authorized by law and upon payment of Government taxes.
together with $4 per case for bottling and casing and 15 cents per case per month
from Oct. I 1932 to cover storage, guarding. Insurance. certain State and local taxes
and other minor costs (Approximate charges to accrue to delivery of warehouse
receipts will be, $5.95 per case 1
o 272 shares of Consol. Metals for each 1,000 shares of Bonanza Mining common
stock held.
r payable lit Canadian funds, and (n the case of non-resklente of Canada a
deduction of a tax of 5% of the amount of such dividend will be made.
o Corn Products Refining Corp pays 75c. In cash and l% In common on the corn.
I American Cites Power & Light pay a city. of 1-32 a share of class B stock on
the cony. class A optional series or 75c.i n cash.
si Payable In U. S. funds.
IA unit.
w Lens depositary expenses.
s Less tax.
r A deduction has been made for expenses.

2591

STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 30 1933.

Clearing House
Members.

•
Surplus and Net Demand
Undivided
Deposits.
Profits.
Average.

• Capital.

Bank of N. Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank.___
Chemical Ilk & Tr Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent Han. Ilk . & Tr. Co
Corn Each Ilk Tr Co
First National Bank...,.
Irving Trust Co

S

s

6,000,000
20,000,000
124,000,000
20,000.000
90,000.000
32,935,000
21,000,000
15,000,000
10.000,000
50,000,000

9,413,500
31,931,700
55,695,500
46.856,300
177,266,300
20,297,500
61,112,500
17,535,800
73,105,000
62,863,100

Continental Bk dr Tr. Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Tr Co
Marine Midland Tr Co_
New York Trust Co_ .__
Coral Nat Bk.& Tr.Co_
Public Nat.Bk.& Tr.Co.

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

Time
Deposits,
Average.

s

s

79,501,000
236,306.000
a849,746,000
235,847.000
5849,271,000
196,268,000
471,193.000
166,420,000
327,897.000
302,022,000

9,799,000
32,847,000
156,804.000
28,419,000
64.707,000
96,476,000
53,731,000
21,380.000
27,280,000
54,322,000

4.546.600
29,075,000
.58,704,600 c1,132.228,000
3,105,400
42,231,000
62.519,500 d489,684,000
10,521.100
24,829,000
5,272,800
40.743,000
21,694,500
184,656,000
7,732,200
43,987.000
4,518,800
38,624,000

1,460.000
101,724.000
2,575.000
.58,545.000
297,000
4.292,000
14,830.000
2,277,000
29,745,000

Totals
614.185.000 734.692.700 5.740.526.000 761_ 510_0(10
* As per official reports: National, June 30 1933; State, June 30 1933; trust
companies, June 30 1933.
Includes deposits in foreign branches: a 5215,000,000; b 566,595,000; c 576,
019,000; d 833.340,000.

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 Sept. 29:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR TIIE WEEK ENDED FRIDAY, SEPT. 29 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Manhattan—
Grace National
Trade

$
20,602,800
2,914,469

Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.

Cash.

s

s

128,700
85,263

1,404,600
593.964

non

317 nnn

$

Gross
Deposits.

s

2,052,200 19,824,700
160,736 3,016,586

Brooklyn—
Pprivapg NntinnAl

5

900 non

as

52000

4 818.006

TRUST COMPANIES—AVERAGE FIGURES.

Weekly Return of New York City Clearing House.—
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers' Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:

Loans,
Disc. and
Investments

Cash.

Res. Dep , Dep Other
N F. and Banks and
Elsewhere. Trust Cos.

Manhattan—
Empire
Federation
Fiduciary
Fulton.
Lawyers' County
United States

$
S
S
51,419,100 *2,626,200 7,227,900
6.222,331
44,789
319.933
8,736,658
153,053
*379,272
16.791,600 *2,047,700
868,200
27,711,500 *4,468,400
700,200
70,529,534 6,398,333 11,077,948

Brooklyn—
Brooklyn

87,836.000

2,371,000 15,377,000

KInrril rnlInto

24 111 RIR

1 505 947

4 /1911 985

Gross
Deposits.

S
s
2,136,100 53,029,700
87,185 5,103,165
532,532 8.049,796
315,000 15.185,500
30,300,200
59,950,988
142,000 89,961,000
_
_
23 013.489

* Includes amount with Fedora Reserve as ollows: Empire, $1,004,400; Fulton.
$1,891,600; Fiduciary, $158,002; Lawyers County, $3,754,700.

Condition of the Federal Reserve Bank of:NewlYork.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Oct. 4 1933. in
comparison with the previous week and the corresponding date last year:
Oct. 4 1933. Sept. 27 1933. Oct. 5 1932.
Resource!'—

Gold with Federal Reserve Agent
Gold redemption fund with U.S. Treas'Y.

611,706,000
5,843,000

636,706,000
6,035,000

586,724,000
6,007,000

Gold held exclusively agst. F.R. notes-

617,549,000

642,741.000

592,731,000

Gold settlement fund with F. R. Board
Gold and gold certificates held by bank—

198,018,000
145,861,000

206,213,000
145.375,000

108,552,000
240,895,000

961,428,000

994,329.000

Resources (Concluded)—
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected Items
Bank premises
All other resources

Oct. 4 1933. Sept. 27 1933. Oct. 5 1932.
S
5
$
974,000
1,429,000
1,933,000
4,180,000
4,846.000
3,424,000
99,080,000 100,524,000
113.328,000
14.817.000
12,818,000
12,818,000
26,521,000
31.297, 00
33,254,000

942,178,000

Totalgold reserves
Other cash•
Total gold reserves and other cash
Redemption fund—F. R. bank notes
Bills discounted:
Secured by U.S. Govt. obligations..
Other bills discounted

55,470,000
1,016,898,000
2,924,000
11,632,000
29,216,000

Total resources

Liabilities—
F. R. notes in actual circulation
F. It. bank notes in actual circulation..._
1,054,719.000 1,018,719,000 Deposits—Member bank—reserve steel_ _
Government
3.169,1300
Foreign bank (see note)
Special deposits—Member bank
37,472,000
14,584,000
Non-member bank
27,351,000
30,834,000
Other deposits

2,027,844,000 2,044,446,000 1,964,661,000

60,390,000

76,541,000

647,663,000 632,963.000 590,432,000
52,924.000
53.037,000
996,896,000 1,049,401.000 1,114,687,000
3,399,000
25.382,000
36,996,000
3,629,000
4,824.000
7,190,000
6,287,000
6,487.000
908,000
802 000
14,135,000
21.126,000
19,264,000

68,306,000

1,067,541,000 1,108.022.000 1,135,850,000
90,827,000
102,719,000
94,944.000
59,020,000
58,497,000
58,497 000
75,077,000
85,058,000
85,056,000
13,455,000
12,038,000
13,329,000

Total bills discounted

40,848,000

41.935,000

Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills

2,191,000

2,033,000

170,967,000
336,831,000
291,137,000

171,705.000
327,773.000
292.465 000

Total deposits
Deferred availability items
Capital paid in
Surplus!
188,739,000 All other liabilities
150,560,000
376,993,000
Total liabilities

798,955,000

791.943 000

716,292.000

Total U. S. Government securities
Other securities (see note)_
Total bills and securities (see sold....

1,271,000

1.177.000

843,265,000

837,088,000

10,440,000

2.027,844,0002,044,446,000 1,964,661,000

Ratio of total gold reserves & other cash•—
to deposit and F. R. note liabilities
3,888,000
combined
59.3%
Contingent liability on bills purchased
798,926,000
for foreign correspondents
13,294,000

60.6%

59.0%

14,170.000

15,009,000

•"Other cash" does not include F. R. notes or a hank's own F. R. bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new Items were added in order to show separately the amount of balances held abroad and amounts
due to foreign correspondents. In addition, the caption "All other earnings assets." previously made up of Federal intermediate Credit Bank debentures, was changed
to "Other securities," and the caption, —Fatal earnings assets" to "Total bills 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

2592

Oct. 7

1933

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 5.and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The
second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 4 1933.
Oct. 4 1933. Sept. 27 1933. Sept. 20 1933. Sept. 13 1933. Sept. 6 1933. Aug. 30 1933. .lug. 23 1933. Aug. 16 1933. Oct. 5 1932.
S
$
$
S
S
$
$
$
$
2,679,077,000 2,713,026,000 2,732,226,000 2,740,651,000 2,748,851,000 2,779,519,000 2,779,984.000 2,752,404,000 2,181,139,000
35,723,000
36,273,000
36,162.000
37.003,000
48,287,000
36,277,000
36,719,000
35,913.000
35.633,000

RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S.Trees

Gold held exclusively agst. F. R. notes 2,715,350,000 2,748,749,000 2,768.388,000 2,777,370.000 2,784.764.000 2.815,152,000 2,816.261,000 2.789,407,000 2,229,426,000
Gold settlement fund with F R. Board
626,415,000 592,547,000 570,051,000 565,831,000 561,834,000 531.788,000 530.103.000 548,124,000 300,570,000
Gold and gold certificates held by banks- 250,020,000 250,503,000 252,527,000 247,254,000 241,783.000 241,057,000 243,116.000 244.636,000 382,532,000
3,591,785,000 3,591.799,000 3,590,966,000 3,590,455,000 3,588,381,000 3,587.997,000 3.589,480.000 3.582,167,000-2,912,528.000
a
a
a
a
a
a
a
a
219,232,000 231,762,000 230.835.000 238,121,000 221,136,000 239,933,000 243,577,000 240,939,000 273,621,000

Total gold reserves
Reserves other than gold
Other cash•

3,811,017,000 3.823.561.000 3,821,801,000 3,828,576,000 3,809,517,000 3.827,930.000 3,833,057,000 3,823,106.000 3,186,149,000
Total gold reserves and other cash
Non-reserve cash
a
a
a
a
a
a
a
a
8,528,000
9,497.000
9,839,000
Redemption fund-F. R. bank notes ......
8.505,000
8,451,000
8,534.000
8,200,000
8,224,000
Bills discounted:
31,219,000
27,092,000
Secured by U. S. Govt. obligations
36.026.000 542,425,000 106,946,000
29,030,000
23,241,000
38,217.000
37,704,000
99,743,000 102,014,000 103,069,000 104,203.000 107.089,000 115,003,000 114.119.000 0123.466,000 226,481,000
Other bills discounted
122,984,000
7.195,000
441.271,000
971,411,000

133,233,000
6,681,000
442,011,000
937,374,000

130,161,000
6,932,000
441,396,000
934,624,000

133,233,000
7,347,000
442,231.000
890.877,000

144,793.000
6,974,000
441,985.000
874,846,000

153.220,000
6,900,000
441.687,000
860,945,000

150,145,000
7,350,000
442,903.000
848,506,000

165,891,000
7.456,000
442,771.000
8263941,000

896,534,000

Total bills discounted
Bills bought in open market
17.5. Government vecurities-Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills

895,010,000

861,760,000

869,552,000

849,540,000

826.140.000

802,605.000

789,141,000 1,033,834,000

333,427,000
33,266,000
421,189,000
396,295,000

Total U. S. Government securities
Other securities
Foreign loans on gold

2,309,216,000 2.274,395.000 2,237,780.000 2,202.660,000 2,166,371,000 2,128,772,000 2,094,014,000 2.058,853,000 1,851,318,000
1,837,000
1,729.000
1,789.000
1,789,000
1,854,000
1.854,000
1,851,000
5,911,000
1.939,000

Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources

2,441,232,000 2,416,038,000 2,376,662,000 2,345,029,000 2,320.077,000 2,290,746,000 2.253,363,0002,234,051.000 2,223,922,000
4.238,000
15,948,000
429,705.000
54,614,000
56,850,000

3.775,000
19,323,000
389,001.000
54,554,000
54.681.000

3.909,000
19,799,000
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
376.616,000
54.541,000
52.952,000

3,710.000
14.916,000
343,469,000
54,455,000
52,013.000

3.740.000
18,667,000
349,018,000
54,454.000
51,206.000

4,020.000
15.970,000
409.598,000
54,452.000
50,729,000

2,686,000
13,507,000
374,170,000
58.127,000
45.064,000

6,823,443,000 6,770,430,000 6,775,207,000 6.738,325,000 6,640,930,000 6 595 439,
, ,
000 6.571.956.000 6,600,431,000 5,903,625,000

Total resources

LIABILITIES.
2,999,389,000 2,972,782,000 2,986,781,000 2,989,123,000 3,010.949,000 2,974,180,000 2,984.978,000 2.996,314.000 2,744,868,000
F. R. notes in actual circulation
F. R. bank notes In actual circulation _ . 160,789,000 145,627,000 137,170,000 133,638,000 132,687,000 131,244.000 129,296.000 128.188,000
Deposits-Member banks
-reserve acci_ 2,523,409,000 2,595,634,000 2,543.328.000 2,541,745,000 2,439,393,000 2,426,589,000 2,431,915,000 2,370.866.000 2,283,965,000
56,062,000
59.12:3,000
Government
98,045,000
48,383.000
49.173.000
67.988.000
55.695,000
46,004.000
23,877,000
15,197,000
16,174,000
16,098,000
Foreign banks
29,878,000
39,782.000
32,033,000
9,194,000
21.538.000
21,207.000
73,629.000
74,232,000
75,703.000
76,665,000
Special deposits: Member bank
80,775.000
74.310.000
75.865,000
76.511,000
16,448,000
16,214,000
15.238,000
15,315,000
Non-member bank
19,421,000
19,330.000
18,436,000
17.036,000
51.942.000
Other deposits
55,118,000
53,128.000
67,152,000
69,934,000
53.185.000
57,871,000
43,778,000
27,953,000
2,780.150,000 2,807,779,000 2,766,622.000 2.745.047,000 2,673,045,000 2,697,039,000 2,656,338,000 2.616.475.000 2,344,989,000
425,678.000 387,711,000 428,340,000 414,240,000 370.581,000 339,604,000 348,045.000 407.219,000 360,213,000
145,605.000 145.862.000 145.858,000 145.889,000 146,030,000 146.147.000 146.187.000 146,182.000 152,966,000
278,599,000 278.999,000 278.599,000 278,599.000 278,599.000 278,599.000 278,599,000 278.599,000 259,421.000
32.070,000
27,454,000
31,837,000
33,233,000
28.626,000
31.789.000
29.039,000
28.513,000
41.168,000

Total deposits
Deferred availability Items
Capital paid In
Surplus
Ail other liabilities

Total liabilities
6,823,443,000 6,770,430,000 6,775,207.000 6,738,325,000 6,640,930,000 6,595,439.000 6,571.956.000 6,600,431000 5,903,625,000
Ratio of gold reserve to deposits and
I
62.1%
F. It. note liabilities co , Dined
62.1%
62.4%
63.2%
63.8%
62.6%
63.1%
57.2%
63.6%
Ratio of total reserve to deposits and
F. R. note liabilities wmbined
61.1%
Ratio of total gold reser ve. & other cash to
66.1%
deposit & F.R note liabilities combined
68.1%
65.9%
66.4%
66.8%
67.0%
62.6%
67.5%
67.9%
Contingent liability on Mlle purchased
for foreign correspondents
40,549,000
42.407.000
46.701,000
43,362.000
41,402.000
39,099.000
39,096,000
38,257,000
44,236,000
Maturity Distribution of Bills and
s
$
$
$
$
s
$
$
$
Short-Ter n Securities
1-15 days bills discounted
90,204,000
99.041,000
96,670,000 109,555,000 118,190,000 111,036,000 126,956,000 231,724,000
95.693,000
9,969,000
12.751.000
16-30 days bills discounted
8,699,000
11,150.000
11.961,000
10,907.000
13,529,000
13.277.000
29,498,000
11,714.000
10,699,000
10,979,000
12,840,000
31-60 days bills discounted
11,430.000
15,058,000
12,415,000
13.370.000
38,989,000
12,317,000
12,503,000
9,670,000
11,092,000
41-90 days bills discounted
9,768.000
9,071,000
10,838,000
9,680.000
26,144,000
927,000
1,103,000
879,000
1.272.000
1,451.000
1,095,000
Over 90 days bills discounted
1,293,000
2.608,000
7,072,000
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought in open market
81-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought In open market

122,984,000
996,000
1,903,000
386,000
3.910,000

133,233,000
1,110,000
2,118,000
565,000
2,888.000

130,161,000
3,207.000
. 863 000
2,018,000
844,000

133,233,000
2,877.000
1,065,000
744,000
2.661,000

144,793.000
1.436,000
3,052.000
704.000
1,782,000

153.220,000
1,756.000
2,552,000
1,495.000
1,097,000

150,145.000
199,000
631,000
1,450,000
5,070,000

165.891.000
1168,000
409,000
892,000
5.187,000

333,427,000
3,800,000
5,357,000
5,962,000
18,063,000
84,000

Total Dille bought In open market__
1-15 days U. S. certificates and bills_
16-30 days U. S. certificates and Mlle.__
81-60 days U. S. certificates and bills_ -81-90 days U. S. certificates and bills___
Over 90 days certificates and bills

7,195,000
46,300,000
42,225,000
148,118,000
297,975,000
461,916,000

6,681,000
78,088,000
38,425,000
109,867,000
294,179,000
374,451,000

6,932.000
80,183.000
46,300,000
97,972.000
325,199.000
311000,000

7,347,000
187,431,000
78,088,000
97.472,000
151,6/6.000
354,891,000

6.974,000
159,036.000
80,183,000
86,525,000
135,017,000
388,779.000

6,900.000
19.500.000
190,031.000
110,913.000
97.867.000
407,829,000

7,350,000
50,450,000
167.101,000
125,883,000
82,972,000
376,199,000

7,456,000
46.700,000
158.676,000
139,413,000
86,472.000
357,880,000

33,266,000
100,240,000
55,000,000
171,350,000
76,600,000
630,644,000

Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
81-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants

896,534,000
1,717,000
10,000
37,000
31,000
42,000

895.010,000
1,650,000

861,760,000
1.710,000

869.552,000
1,677,000
.73,000

849.540,000
1,777,000
33,000

826,140,000
1,739.000

802.605,000
1,739,000

37,000
42,000

37.000
42,000

37,000
42,000

37,000
92,000

789.141,000 1.033,834,000
1.701,000
5,081,000
28,000
608,000
23,000
50,000
89,000
172,000

23,000

23,000

92,000

92,000

1,939.000
Total municipal warrants
1.729,000
1,789,000
1,854.000
1,789.000
1,837.000
1,854,000
1.851,000
5,911,000
..-=_
Federal Reserve NotesIssued to F. R Bank by F. R. Agent__ 3,259,873,000 3,250,979,000 3,279,097,000 3,282,847,000 3.269.611.000 3.244.977,000 3,256,549,0003,286,879.000 2,980,299.000
Held by Federal Reserve Bank
260,484,000 278.197,000 292,316,000 293,724,000 258,662,000 270,797,000 271,571,000 270,565,000 235,431,000
In actual circulation

2,999,389,000 2,972.782,000 2.986,781.000 2,989.123,000 3,010,949,000 2,974.180.000 2,984,978,000 2,996,314.000 2
,744,868,000

Collateral Held by Agent as Security
for Notes Issued to Bank
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. S. Government securities
Total

1,522,972,000 1,521,091,000 1.518,291,000 1,521.916.000 1,525,116.000 1,524,784,000 1.523,749,000 1,515,169.000 1,059,074,000
1,156,105,000 1,191,935,000 1,213,935,000 1,218,735,000 1,223,735,000 1,254,735,000 1,256,235,000 1,237,235.000 1,122,065,000
79,468,000
98.143,000
84,057,000
95,004.000 106,958,000 317,494,000
81.215,000
90,727,000
75,332,000
570.200,000 525,200,000 527,200,000 007,700,000 483.700,000 437,700.000 433,700,000 442.7C0.000 516,200,000
3.324 609 000 3.322.283.000 3.338.894.000 3.329.566.000 3.323.278.000 3.315.362.000 3.308.688.000 3.302.062.000 .1.1114

•"Other cash" does not Include Federal Reserve notes or a Bank sown Federal Reserve bank notes.

ass

nom

a Now Included In "other cash." 0 Revised

fijalIKLY STA re..tENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS OCT. 4 1933
Two Ciphers (00) omitted.
federal Reserve Bank ofTotal.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. dfinneap Kan.City. Dallas. San Fran.
RESOURCES.
$
$
$
5
$
S
3
$
$
$
$
$
$
pold with Fed. Res. Agents._ 2,679,077,0 224,677,0 611.706,0 179,500,0 213,770,0 121,000,0 90,590,0 740,747,0 112,781,0 69,289,0 99,290,0 35,404,0 180,263 0
3,816,0 1,621,0 1,612,0 1,274,0 1,023,0 6,555:0
36,273,0 1,612,0
Bold redrniund with U.S.Treas.
5,843,0 3,871,0 4.571,0 1,860,0 2,615,0
Gold held excl.agst. F.R.notee 2,715.350.0 226,289,0
301.1 settlem't fund with F.R.Bd 626,415,0 34,888,0
301r1 & gold ctfs. held by banks_ 250,020.0 21,760,0

617,549,0 183,371,0 218,341,0 122,860,0 93,205,0
198,018,0 19,4.50,0 45,705,0 26,108,0 17,815,0
145,861,0 15,523,0 4,479,0 1,413,0 3,733,0

744,563,0 114,402,0 70,901,0 100.564,0 36,487,0 186.8180
155,069.0 29,728,0 17,517,0 30,947,0 29,788,0 21,3820
382,0
430,0 12,580,0 3,852,0 34,421:0
5,586,0

g R(11 iRc II 9R9 (117 II

Oill A9R II 91R ftdd II 9/4 1 595 /I IS/1 .
,
241 '111.17k/ ft

Onk Oie n 1.1.4 RV) II




RR Std9 II Irld i101 II

"In lo, n 0 461 An. ..

Financial Chronicle

Volume 137

2593

Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) omitted.

Boston.

Total.

REMO URCIS (Concluded)
Other cash.

New York.

Phila.

Cleveland. Richmond

lartea.

Chicago.

$
55,470,0 27,337,0 22,482,0 10,543,0 10,109,0

219,232,0 20,284,0

Total gold reset yesSuother cash 3,811,017,0 303.221,0 1,016,898,0 245,68111) 291,007,0 160,924,0 124,862,0
Redem fund -F. R. banknotes.
9,839,0
517,0
2,924,0
475,0 1,098,0
483,0
Bills discounted:
Sec. by U.S Govt.obligations
23,241,0 1,137,0
198,0
784,0
11,632,0 3,673,0 3,266,0
Other bills dismounted
99,743,0 3,085,0
29,216,0 22,784,0 7,012,0 8.146.0 5,899,0
Total bills discounted
Mlle bought In open market .
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates_
Certificates and bills

122,984.0
7,195,0

40,843,0 26,457,0 10,278,0
613,0
2,191,0
657,0

4,222,0
457,0

441,271,0 23,915,0
971,411,0 63,938,0

8,930,0
242,0

31,620,0

$
7,759,0

5,436,0

7,493,0

San Fran.
$
5,865,0 14,834,0

936.838,0 152,271,0 94,284,0 151,534,0 75.992,0 257,455.0
200,0 1,029,0
167,0
291,0
623,0
2,032,0
1,016,0
5,231,0

683,0
1,156,0

102,0
3,247,0

133,0
3.645,0

263,0
2.523,0

354,0
7,799,0

6,247,0
814,0

6,097,0
217,0

170,987,0 28,183,0 32,439,0 11,582,0 10,704,0
336,831,0 68,434,0 89.349,0 31,901.0 29,206,0

St. Louis. MInneap. Kan.City

1,839,0
172.0

3,349,0
116,0

3,778,0
180,0

2,786,0
430,0

8,153,0
1,106,0

78,034,0 14,387,0 16,292,0 12,323,0 17,392,0 25,033.0
166,596,0 38,258,0 24,136,0 33,444,0 20,363,0 68,955.0

896,534,0 58,237,0

291,137,0 62,303,0 81,381,0 29,058,0 26,603,0

179,103,0 34,846,0 22.044,0 30,465,0 18,548,0 62,309,0

Total U.S Govt.securities 1,309,216,0 146,090,0
Other securities
1,837,0
Bills discounted for, or wit)
(-).other P. R. banks

798,955,0 158,920,0 203,169,0 72,541,0 66,513,0
1,271,0
510,0

423,733,0 87,491,0 62,472,0 76,232,0 56,303,0 156,797,0
56,0

Total bills and securitiee__-. 1,441,232,0 150,769,0
Due from foreign banks
4,238,0
279.0
Fed. Res. nose., of other banks..
15,948,0
404,0
Uncolle.ited 'tame
429,705,0 51,139,0
bank premlees
54,614,0 3,280,0
All other resources
56,850,0
755,0

843,265.0 136,544,0 214,060,0 81,713.0 72,827,0
361,0
401,0
1,933,0
127,0
142,0
3.423,0
493,0 1.515,0 1,059,0
907,0
113,328,0 35,303,0 39,881,0 36,530,0 13,729,0
12,818,0 3,678,0 6,929,0 3,238,0 2,422,0
33,254,0 4.257,0 2,490,0 3,850,0 4,305,0

430,794,0 89,502,0 65,993,0 80,190,0 59,519,0 166,056,0
255,0
106,0
106,0
13,0
19,0
496,0
328,0 1,426,0
592,0 1,282,0
3,409,0 1,110,0
51,573,0 17,263,0 10,597,0 24,919,0 17,386,0 18,057.0
7,609,0 3,285,0 1,747,0 3,559,0 1,795,0 4,254,0
1.934,0 1,315,0 1,043,0
643,0 1,240.0
1,764,0

fetal resources

6,823,443,0 510,364,0 2,027,843,0 476,832,0 557,341,0 287,456,0 219.662,0 1,434,515,0 264,384,0 174,633,0 263.774,0 157,470,0 449,169,0

LIABILITLFS.
F. R. notes In actual circulation 2,999,389.0 224,676,0
F. It. boat notes in act'l circul'n 160,789,0 11,517,0
Deposits:
Member bank-reserve account 2,523,409,0 175,772,0
Government
98,045,0 10,916,0
Foreign bank
16,098,0
976,0
Special-Member bank
74,232,0 1,278,0
Non-member bank
15,238,0
Other deposits
53,128,0 2.679,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

2,780,150.0
425.678,0
145,605,0
278,599.0
33.233,0

Total liabilities

647,663,0 236,841,0 286,749.0 143,306,0 116,655,0
53,037,0 8,307,0 20,417,0
5,927,0

753,696,0 137,122,0 95,024,0 109,719.0 32,586,0 215,352,0
31,043,0 3,718,0 2,322,0 2,226,0 15,020,0 7,255,0

996,896,0 132,113,0 146,395,0 73.672,0 56,421,0 488,210,0 73,097,0 49,536,0 108,159,0 70,107.0 152,981,0
36,996,0 6.310,0 8,020,0 8,096,0 3,233,0
10,121,0 2,797,0 2,549,0 1,350,0 2,195,0 5,462,0
7.190,0 1,404,0 1,324,0
388,0
303,0
936,0
388,0
455,0
468,0
522,0
1,739,0
6,287,0 9,396,0 6,957,0 3,449,0 2,141,0
385,0 5,428,0
30,258,0 4,762,0 1,733,0 2,158,0
908,0 2,122,0
814.0
136,0
365,0
921,0
180,0
5,927,0 3,622,0
243,0
19,264.0
647,0 2,309,0 4,302.0 3,255,0 • 3,408,0 4,231.0 1,109,
682,0 2,762,0 8,430,0

191,621,0 1,067,541,0 151.992,0 165,185.0 90,962,0 65,761,0
50.512,0 102,719,0 33,543,0 41,514,0 35,617,0 13,381.0
08,496,0 15,772,0 12,363,0 4,953,0 4,578,0
10.779,0
20,460.0
85,058.0 29,242.0 28,294,0 11,616.0 10,544,0
13,329,0 1,135,0 2,819,0 1,002.0 2,816,0
799,0

539,663,0 88,964.0 55,650,0 112,873,0 75,837,0 174,101,0
53,526,0 19,293,0 10,598,0 25,759.0 18,885,0 20.331,0
13,124,0 4,016,0 2,877,0 4,232,0 3,725,0 10,686,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701,0
702,0 2,698,0 1,743,0
3,962,0 1,085.0 1,143,0

6,823,443,0 510,364,0 2,027,843,0 476,832,0 557,341,0 287,456,0 219,662,0 1,434,515,0 264,384,0 174,633,0 -63,774,0 157,470,0 449,169,0

.11enurranifs
Ratio of total gold reserves and
other cash' to deposit & F. It.
note liabilities combined
63.2
72.8
59.3
65.9
64.4
68.4
68.7
Contingent liability on bills our
Chased for Men oorreepondents
40,549,0 2,988,0
13,294,0 4,297.0 4,051,0 1,596,0
1,432.0
•
"Other cash" does not include Federal Reserve note* or a Bank's own Federal Reserve bast ni re,.

72.4

67.4

62.6

68.1

70.1

66.1

5,320,0

1,391,0

941.0

1,117,0

1,187,0

2,865,0

FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-

Boston. New York.

Total.

Two Ciphers (OW omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 3,259.873,0 247,228,0
Held by Feell Reserve Bank_ 260,484.0 22,552.0
In actual circulation
2,999,389,0 224,676,0
Collateral held by Agent as security for notes issued to bks:
Gold and gold certifirates_.
1,522,972,0 73,860,0
Gold fund-F. R. Board
1,156,105,0 150,817,0
Eligible paper
75.332,0 2,213,0
U. B. Government securities
570,200.0 21,000.0
TAtainAllo......

,
.3,1.4 .nn n OA, onn n

Phila.

Cleveland. Richmond Atlanta.
8

i

i

$

$

Chicago.
$

Si. Louis. Afinneap. ICan.Cite. Dallas. San Mine
3

$

$

$

$

719,554,0 253,863,0 298,575,0 151,034,0 136,508,0
71,891.0 17,022,0 11,826,0 7,728,0 19.853,0

796,356,0 144,305,0 99,689,0 116,713,0 36,697,0 259,351,0
42,660,0 7,183,0 4,665,0 6,094,0 4,111,0 43,999,0

647,663,0 236,841,0 286,749,0 143,306,0 116,655,0

753,696,0 137,122,0 95,024,0 109,719,0 32,586,0 215,352,0

523,606,0
88,100.0
26,691,0
110,000,0

443,747,0 43,581,0 29,789,0 21,490,0 20,464,0 89,500.0
297,000,0 69,200,0 39,500,0 77,800,0 15,000,0 90,763,0
2,188,0 1,243,0 1,488,0 2,585,0 2,674,0 6,910.0
60,000,0 32,000,0 29,200,0 20,000.0
80,000,0

,40 ono

cno nom n lAA AO1 n

97,450,0 107,270,0 51,625,0 20,590,0
82,050,0 106.500,0 69,375,0 70,000.0
11,115.0 8,493,0 5,808,0 3,924,0
64,000,0 85,000.0 25,000.0 44.000,0
n o,4 nir n On^ ono n 1ml cr. n 1,0 t11 n
.

On 07, n 191 47k n

/4 1. A On7 17/
152

n

FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-

Total.

Two Ciphers (00) omttted.
Federal Reserve bank notes:
Issued to F. ft, ilk (outstdg.)
Held by Fed'I Reserve Bank.

8

Boston, New York.
$

ma.

Cleveland Richmond Atlanta

$

$

i

$

Chicago.

$

$

Si. LOUW. Minneap. Kan.City. Dallas. San Fran.
$

$

$

$

$

Total collateral

62,698,0
9,661,0

9,483,0 25,778,0
1,176,0 5,361,0

7,153,0
1,226,0

32,652,0
1,609,0

4,091,0
373,0

2,712,0
390,0

3,967,0 18,548,0
1,741,0 3,528.0

7,393,0
138,0

160,789,0 11,517,0

53,037,0

8,307,0 20,417,0

5,927,0

31,043,0

3,718,0

2,322,0

2,226,0 15,020,0

7,255,0

2.355,0
210,374,0 20.000,0

1,707,0
64.274,0 10,000,0 25,000,0

263,0
9,000,0

40,000,0

249,0
5,000,0

3,100,0

136,0
4,000,0 20,000,0 10,000,0

212,729.0 20,000.0

In actual circulation
Collat.pledged a.gst.outst. notes:
Discounted dt purchased bills.
U.S. Government securities__

187,292,0 12,817,0
26,503,0
1,300,0

64.274.0 10.000.0 26.707.0

9.263.0

40.000.0

5.249.0

3.100.0

4,000,0 20,136,0 10,000,
0

Weekly Return for the Member Banks of the Federal Reserve System.

Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. 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 "AcCeptanoes of other
all real estate mortgagee and mortgage lollaS held by the bank. Previously acceptances of other banks and bills of exchange or drafts sold with endorsement" and Include
banks and
of the banks Included mortgages In Investments. Loans secured by U. S. Government obligations are bills sold with endorsement were included with loans, and some
no longer shown separately, only the total of loans on securities
being given, Furthermore, borrowing at the Federal Reserve is not any more subdivided to
show the amount secured by U. S. obligations and those secured by commercial
paper, only slump total being given. The number of reporting banks ?ornery covered 101 leading cities,
but was reduced 10 90 cities after the declaration of bank holidays
or moratoria early in March 1933. Pubilcation of the weekly returns for the reduced number of
cities was omitted in the weeks from March 1 to May 10, but a summary
of them is to be found In the Federal Reserve Bulletin
The figures below are stated In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 27 1933 (In millions of dollars).
Federal Revered District
Loans

and Investments
-total

Loane-tetal
On esecurittes
Another
Investments
-total
U.S. Govef ionent securities
Other secitritles
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowing, from F. R. Bank




Total.

Boston, New York

S
16,529

$
1,196

8,540

$

Phila,

Cleveland, Richmond Atlanta. Chicago. St. Louts. mosneap. Ran.Ctig. Dallas. San Flag.

7,633

8
1,032

$
1,115

338

327

1,525

468

327

507

380

1,681

701

3,883

514

464

177

178

882

234

181

213

214

897

3,687
4,853

249
452

1,959
1.926

250
264

230
234

63
114

60
118

402
480

89
145

48
133

57
156

59
155

221
676

7,989

495

3,748

518

651

161

149

643

234

146

294

166

784

5,056
2,033

299
196

2,462
1,286

271
247

448
203

113
48

97
52

383
260

131
103

87
59

187
107

114
52

464
320

1,936
205
10.505
4,501
863
1,171
2,531
22

122
19
709
391
61
108
141
1

923
50
5,617
1,189
418
101
1,174

77
12
538
309
89
86
137

77
18
508
445
49
60
119

28
10
186
130
8
49
55
1

22
6
146
132
30
62
53

401
41
1,203
465
74
250
326

54
8
273
159
24
65
82
1

27
5
188
125
4
58
71

66
12
345
171
15
115
156

42
9
221
124
36
83
88

97
15
571
861
55
134
129

7

2

4

$

$

$

$

8

$

$

$

4

2594

Financial Chronicle
•
r
O:WM-tat

gity
TatnintrtU".

Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Oct. 6.

S

araitirle

Maturity.

/nt.
Rate.

Bid.

Asked.

Maturity.

Int.
Rate.

Bid.

Asked.

June 15 1934_
Dec. 15 1933_ _ _
Mar. 15 1934___
Aug. 1 1935___
Aug. 1 1934_
Feb. 1 1938—
Dec. 15 1936.-Apr. 151936...

3-1%
31%
31%
134%
234%
234%
231%
234%

100
100 31
,
100 33
,
101333
101.33
100,0 3
102',,
102"s,

1002 3
100,033
100..,,
1013n
101,033
101,33
1021333
102",,

June 15 1938___
May 2 1934_ _ _
June 15 1935._
Apr. 15 l937.__
Aug. 1 1936___
Sept. 15 1937._
Dec. 15 1933_ _

234%
3%
3%
3%
351%
334%
434 %

101113
101,03
103,11
102"3,
103"33
1022,33
100nn

1011331
101"31
103"13
102"n
103"n
1022,31
100wrs

PUBLISHED WEEKLY

Terms of Subscription—Payable in Advance
Including Postage—
12 Mos.
6 Mos.
United States, U. S Possessions and Territories
$10 00
$ 6 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), Asia.
Australia and Africa
15.00
8.50
The following publications are also issued:
COMPENDIUMS—
MONTHLY PUBLICATIONS—
PUBLIC UTImrr—(seml-annually)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(four a year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL— seml-ann.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record Is $6.00 per year each; for all the others Is
$5.00 Per year each. Foreign postage extra.
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In New York funds.

Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO OFFICE—In charge of Fred. H. Gray, Western Representative.
20'4 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens. London, E. C.

•

Oct. 7 1933

U. S. Treasury Bills—Friday, Oct. 6.
Rates quoted are for discount at purchase.
Bid.
Oct. 11 1933
Oct. 18 1933
Oct. 25 1933
Nov. 1 1933
Nov. 8 1933
Nov. 15 1933

Asked.

0.20%
0.20%
0.20%
0.20%
0.20%
0.20%

0.05%
0.05%
0.05%
0.05%
0.05%
0.05%

Bid,

Asked.

0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20W

Nov. 22 1933
Nov. 29 1933
Dec. 6 1933
Dec. 12 1933
Dec. 20 1933
Dec. 27 1933
Jan. 3 1934

0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.0541

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchangs.—

WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.

Daily Record of U. S. Bond Prices. Sept.30 Oct. 2. Oct. 3. Oct. 4. Oct. 5. Oct. 6.

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. 6 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 2582:
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
STOCKS.
Week Ending Oct. 6.

Sales
for
Week.

Railroads—
Par Shares.
Allegh & Western_ _100
50
Chic St? M & Om__100
20
Cleve & Pittsburgh. 50
120
Havana Elect Ry p1100
10
10
lot Rys of Cent Am__.
100
30
Preferred
Market St Ry_ _ _ _100
70
Norfolk dc West p1_100
100
Texas Bc Pacific_ _ _100
200
Wabash RR pref B_100
100

Range tor Week.
Lowest.
$ per share.
83 Oct 4
6 Oct 4
6034 Oct 3
5 Oct 3
434 Oct 2
1434 Sept 30
134 Oct 3
81 Sept 30
2134 Oct 5
3 Oct 4

Highest.

Range Since Jan. 1.
Lowest.

Highest.

$ per share. 8 per share.$ per share.
Oct 83
Oct
83 Oct 4 83
June 6
Oct
6 Oct 4 1
65 Oct 5 60
Feb 65
Oct
5 Oct 3 134 Feb 634 June
July
494 Oct 2 134 Mar 7
Aug
1594 Oct 4 434 Apr 20
% Feb 334 July
134 Oct 3
8134 Sept 30 74
May 8734 Sept
July
Apr 43
2134 Oct 5 15
3 Oct 4 1
Jan 6
June

Indus. & Miscell.—
Am Coal Co of NJ__25
10 21 Oct 3 21 Oct 3 21
Amer Radiator & Stand
100
0 Sanitary pref
20 119 Oct 4119 Oct 4 8134
90 6 Oct 6 634 Oct 6 334
Art Metal Constr___10
Austin Nichols prior A *
70 35 Oct 5 35 Oct 5 13
Beneficial Ind Loan__* 3,400 1334 Oct 3 1434 Oct 4 1334
5 9,200 3234 Sept 30 3734 Oct 6 29
Bristol-Myers
Burns Bros cl A ctfs .
100 11.4 Oct 2 131 Oct 2
%
100
Or Preferred
50 694 Oct 6 634 Oct 6 131
City Stores class A_-•
10 494 Oct 3 494 Oct3 134
6 Class A certificates-*
130 334 Oct 4 334 Oct 4 234
* 10,200 194 Oct 2 2 Oct 4
Certificates
%
30 74 Oct 5 75 Oct 5 6334
Collins & Allman pf 100
10 1834 Sept 30 1834 Sept 30 16
Col Fuel & 1r pref. _100
Columbia Gas & Elec—
*
20 6534 Oct 4 6534 Oct 4 40
Preferred B
O,
20 2434 Oct 6 24% Oct 6 1834
Comm Cred pref(7)_25
10 5034 Sept 30 5034 Sept 30 5034
Conn Ry & Ltg pf__100
100
10 55 Oct 4 55 Oct 4 52
O. Common
100 9234 Oct 2 9334 Oct 2 74
Cushm Sons pf(7%)100
* 29,700 2734 Sept 30 3231 Oct 4 2434
Deere & Co
Fairbanks Co pf ctfs 100
10 434 Oct 2 434 Oct 2 234
Filene's (Wm) Sons Co
10 92 Oct 6 92 Oct 6 81
634% preferred__100
20 483.1 Oct 6 5034 Oct 6 3234
Foster-Wheeler pref *
80 104 Oct 610434 Oct 4 9934
Gen Baking Co pref...'
50 7834 Oct 4 7834 Oct 4 66
Gold & Stock Teleg 100
Hazel-Atlas Co
25 5,000 7334 Sept 30 84 Oct 5 65
40 85 Oct 3 8534 Oct 3 85
Island Creek Coal pfd_l
60103 Oct 4103 Oct 4 100
K City Lt & Pr pf B_*
100
60 50 Oct 2 543-4 Sept 30 50
Laclede Gas
100
Preferred
10 45 Oct 3 45 Oct 3 3734
Life Savers
5 6,100 1734 Oct 3 1834 Oct 6 173-4
%
Martin-Parry Corp._.*
500 3 Sept 30 434 Oct 6
Oct 4 731
Pacific Western Oil__ _ * 2,500 834 Oct 6 9
Panhandle? & R pf 100
1 1034 Oct 5 1034 Oct 5 534
Peoples Drug Stores—
30 85 Oct 6 86 Oct 6 65
,' 6%% cony pref_100
31
Penn Coal & Coke___50
900 334 Sept 30 434 Oct 5
Schenley Dist Prod_ _ _5 24,300 3334 Sept 30 38 Oct 6 3234
Sterling Products__ __10 16,900 5434 Sept 30 6034 Oct 6 60
United Amer Bosch....'
100 11
Oct 2 11 Oct 2 3
5 14,500 834 Oct 2 93.4 Oct 5 7
United Drug
United Dyewood 01_100
100 65 Sept 30 65 Sept 30 2834
Univ Leaf Tob pref_100
10 115 Oct 5115 Oct 5 96
Vick Chemical
5 7,700 28 Oct 2 29 Oct 5 2634
Virginia Jr C I & C.100
.
20 10 Oct 5 10 Oct 5 234
Vulcan Detinning p1100
10 100 Oct 4 100 Oct 4 57
40 8634 Oct 4 8634 Oct 4 75
Walgreen Co pref___100
White Rock M Spr new•
200 27 Oct 4 27 Oct 4 2634

June 27

July

Apr 119
Feb 934
Feb 38
Sept 15
Sept 3834
Jan 3
Jan 13
Jan 834
June 534
Mar 23,
May 85
Apr 54

Oct
July
July
Aug
Sept
June
June
July
July
July
Sept
June

May
Mar
Sept
May
Mar
July
Apr

7434
25
5534
60
9634
49
634

June
Sept
Jan
July
Aug
July
June

Apr 95
Feb 71
Mar 10834
May 90
July 8534
Mar 90
June 110
May 80
Apr 61
Oct 2234
Jan 534
Sept 99-4
Jan 20

Sept
Aug
Sept
Sept
July
Jan
Jan
June
Jan
Sept
July
Sept
June

Apr 87
Feb 934
Sept 4534
Sept 6031
Mar 1734
Sept 12
Jan 70
Apr 12034
Sept 31
Feb 15
Feb 102
Apr 9034
Sept 2834

July
July
Aug
Sept
Aug
Sept
Sept
June
Sept
May
Sept
Sept
Sept

*No par value.

Foreign Exchange:
To-day's (Friday's) actual rates for sterling exchange were 4.7234 @4.7594
for checks and 4.73©4.7534 for cables. Commercial on banks: Sight,
4 7234; 60 days, 4.7234; 90 days, 4.72; and documents for payment, 60
days, 4.7234. Cotton for payment 4.72%.
To-clay's (Friday's) actual rates for Paris bankers' francs were 5.99©
6.0434 for short. Amsterdam bankers* guilders were 61.70062 00.
Exchange for Paris on London, 78.77; week's range, 79.35 francs high
and 78.70 francs low.
The week's range for exchange rates follows:
Checks.
Sterling Actual-Cables.
High for the week
4 8034
4.7934
Low for the week
4.73
4.7234
Paris Bankers, Francs—
High for the week
6.10
6.0934
Low for the week
5.98
5.9734
Germany Bankers Marks—
High for the week
37.18
37.16
Low for the week
36.40
36.39
Amsterdam Bankers' Guilders—
High for the week
62.87
62.83
61.62
Low for the week
61.53




First Liberty Loan
High 102.13
,
334% bonds of 1932-47._ Low_ 102 32
,
(First 33.5s)
Close 102 a,
18
Total sales in $1,000 units__
Converted 4% bonds of1 HIgi
1932-47 (First
Low
Ciose
Total sales in $1,000 units___
---Converted 434% bonds{High 102"s,
of 1932-47 (First 45is) Low- 1022,82
Close 1022233
7
Total sales in $1,000 units-Second converted oi% Mgh
---bonds of 1932-47 (First Low_
---Second 431s)
Total sales in $1.000 units_ __
---Fourth Liberty Loan
[High 102"a,
4%% bonds of 1933-38
Low_ 102231
(Fourth 411s)
Close 1022,83
48
Total sales in $1,000 units.._
,
Treasury
High 110 a,
Low. 110
434s, 1947-52
Close 110
31
Total sales in $1,000 units...
High 1061o,
,
48, 1944-54
Low. 106 a,
Close 1062st
2
Total sales in $1,000 units_
(High 101,033
s,
3Low_ 104,
3348. 1946-56
Close 101331
21
Total sales in $1,000 units__
High 101"s,
334s, 1943-47
410w. 10116a,
Close 1012%3
2
Total sales in $1,003 units__
High 98"s2
3s. 1951-55
Low_ 9320,2
Close 982,33
70
Total sales in $1,000 units _ __
High 1011,a,
3301, 1940-43
Low. 101on
Close 101,,a,
13
Total sales in $1,000 units_
____
High
- --Low_
3948. 1941-43
---Close
Total sales in $1,000 units _ —_
0
{High 10 Low_
9921,2
330, 1946-49
Close 9929a,
208
Total sales in S1,000 units__
fIllgfi 100,1,2
134s. 1941
i Low 100"a2
(Close 1002213
62
Total sales in 51.000 units __

102233 102"s, 102"a2 1021,22 102"st
1024a, 102 s, 1021,a2 102"s2 102":2
,
102 a, 102un 10213,2 102"n 102"22
,
21
58
175
59
55

---------- _
---102"s1 102,112 102"a, 102,1s, 102Ws,
102"2, 102,1,2 102"s2 102,,a, 102",
,
102,033 1022,33 1023133 1023.31 1022,31
28
20
25
13
3
-___
------_
____
____
------___
____
---103'n
1023,s,
103'n
105
1093°a2
1091382
109",2
118
1064s,
105",,
1052,33
222
101233
103",2
103",2
55
101"a:
101"s:
1011233
49
9820s,
981,32
982033
179
101 1,s,
101t2n
101 1,3:
40
101 1,n
101 11s,
101.13
169
100
9920a,
99.1n
170
100,1a,
10020,2
100"a:
355

---1031a,
10/3.31
10314,
190
109,,
a,
1091,a,
1092,a2
88
106
1052122
106
49
101213
103"12
104 82
,
13
101 112,
101 1,22
1011233
37
981
'n
98",,
981,22
55
101 1,
22
101,8,,
101 1812
53
1011,s2
101 1512
101"a,
21
100 a,
,
99 0a,
100 22
,
60
101,
32
100 0s2
1012a,
156

____
____
1031,a2 1031's,
103°,,
103'8
103 a, um...
,
268
135
110 s, 110
,
109"s, 10930,2
109,133 110
64
73
10611 12 106 s,
,
105,1,2 106 s,
,
106 2, 1061s,
,
133
8
101183 1043n
104
10162,
1041st 104 s,
,
7
2
101,, 101",,
s,
101,1,2 101,
42
1012333 1012.13
41
57
98,1s, 9830,,
93"n 98"22
9826n 98 9n
124
90
101,1a, 101,,a,
101. 101 23
,,
33
101"to 1011's,
36
16
101",, 101,6,2
101 1632 101 1,32
101 162: 101 1'a:
73
87
100.22 100",2
100 22 1000,2
,
100'n 1001,a2
301
116
101 11
% 101 1,a,
101,
a, 1010
:2
101 a, 101 1,8:
,
,o,
sea.

_
1031ist
-103,33
103"st
19
110 :s
,
109"st
109,012
4
106"at
106'n
106 s,
,
4
104"ss
104'n
101 s,
,
42
101"st
101"st
1012.11
130
9830,
2
98"n
98"
53
101"22
101,,
ss
101,,
,,
14
101"n
101":2
101"s2
5
100"st
100"as
10011,1
10
101":2
101",,
10114s1

Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st4348
3 4th 4118
12 Treasury 33Is June
5 Treasury 32 0- - - - - - /
1 Treasury 334s, 194347

103
to 103
1022.13 to 1031,2
101 33 to 101,
,
33
101.33 to 1016,2
,
1012.13 to 10121,

The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2583.
A complete record of Curb Exchange transactions for the
week will be found on page 2612.
CURRENT NOTICES.
—The New York stock Exchange firm of J. S. Bache & Co.
announces
the acquisition of the offices of Ettinger & Brand in Cleveland, Akron,
Cincinnati and Milwaukee. In connection with this acquisition the firm
states It is its intention to retain a large part of the Ettinger & Brand
personnel.
—Doty, Fay & Co. announce that G. II. Armstrong, Frank Kane and
Joseph Kane, all formerly with the firm of G. H. Armstrong & Co., which
has been dissolved, have become associated with them in charge of their
new department dealing in high-grade railroad, public utility and industrial
bonds.
—Fellowes Davis & Co. announce that R. Snowden Andrews, member
New York Stock Exchange, Edgar E. Clark, Herbert B. Greeff and Norman
C. Lee were admitted as general partners as of Oct. 11933.
—Hixson & Co. announce the opening of a Boston office at 68 Devonshire
St.. Boston. under the management of Anthony H. Brackett, Walter J.
Connelly is the manager of the trading department.
—Richard F. Hoyt has ret'red as a partner in the firm of Hayden, Stone
& Co.. and has been elected Vice-President of the Haystone Securities
Corp., of which Charles Haden is President.
—The Guardian Safe Deposit Co. has been appointed licensed depositary
for silver by the Commodity Exchange, Inc.

2595

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
rir 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.

Sales
for
the
Week.

Saturday
Sept. 30.

Monday
Oct. 2.

Tuesday
Oct. 3.

Wednesday
Oct. 4.

Thursday
Oct. 5.

Friday
Oct. 6.

$ per share
53
5512
61
61
33
33
2512 267
8
26
27
*33
345
8
*9512 101
•16
22
612 612
*523 59
8
3012 3112
*7312 77

3 per share
05338 55
61
61
8
323 33
2618 263
4
26
27
33
33
*9512 106
*15
21
*63
8 712
.40
59
3114
30
*747 77
8

$ per share
503 537
4
8
60
60
3312
33
243 253
4
4
*2514 26
*3318 343
8
*96 106
*15
20
8
63
8 63
*523 .59
8
303 3034
4
*747 77
8

$ per share
53 4 55 3
3
3
4
.593 593
4
35
36
8
2618 283
275 284
8
•333 3412
4
*96 106
21
.15
63
8 64
*523 59
8
31
32
*744 77

$ per share
5514
54
60
60
35
35
2718 284
28
2818
*333 36
4
*96 106
20
*15
52 64
523 52$8
8
303 3112
4
*744 79

3 per share
54
5514
06014 67
3514 3514
8
2614 273
*2612 28
.333 355
4
8
*96 106
*15
20
4
*614 63
.44
553
8
324
31
8
*747 79

STOCKS
NEW YORK STOCK
EXCHANGE.

13
8 14
223 2312
8
247 263
8
8
28
2812
*23
38
7
814
*134 2
*74 812
1104 11314
*67
6838
*3
312
4
418
1014
10
.13
14
*414 47
8
65
8 65
8

Railroads
Par
Atch Topeka dr Santa Fe__100
Preferred
100
Atlantic Coast Line RR_100
Baltimore dr Ohio
100
Preferred
100
Bangor & Aroostook
50
Preferred
100
Boston dr Malne
100
800 Brooklyn & Queens Tr_No par
Preferred
100
No par
13,900 Bklyn Nfanh Transit_ __No par
$6 preferred series A_No par
Brunswick Ter dr Ry SeeNo par
24,500 Canadian Pacific
25
50 Caro Clinch & Ohio stpd_ _100
Central RR of New Jersey_100
27,800 Chesapeake & Ohio
25
ChM & East III Ry Co
100
100
6% preferred
100
1,100 Chicago Great Weetern
100
SOO
Preferred
100
6,400 Chic Milw St P & Pao.
..No par
19,000
Preferred
100
7.800 Chicago & North Western_100
700
Preferred
100
1,700 Chicago Rock Isl dr Pacific_100
100
900
7% preferred
6% preferred
700
100
40 Colorado & Southern
100
100
4% 1st preferred
100
4% 2d preferred
100
400 Consol RR of Cuba pref._ 100
Cuba RR 6% pref
100
4,800 Delaware & Hudson
100
21,600 Delaware Lack & Western_50
1,600 Deny & Rio Or West pref 100
5,601.1 Erie
100
First preferred
2,900
100
600
Second preferred
100
18.300 Great Northern pref
100
700 Gulf Mobile & Northern_100
100
Preferred
100
200 Havana Electric Ry Co No par
2,400 Hudson & Manhattan__ _100
37,000 Illinois Central
100
300
6% pref series A
100
120
Leased lines
100
20
RR Sec ctfs series A-1000
6.900 Interboro Rapid Tran v t c_100
1,200 Kansas City Southern
100
Preferred
100
2,800 Lehigh Valley
50
4,400 Louisville dt Nashville_ -.100
20 Manhattan RY 7% ituar_100
9,500 Manh Ry Co mod 5% guar.100
Market St 10 prior pref_100
SOO Minneapolis & St Louis. __100
Minn St Paul & SS Marle.100
7% preferred
100
90
4% leased line ctfs
100
4,400 Mo-Kan-Texas RR___ _No par
900
Preferred series A
100
900 Missouri 1 8C10C
3
100
3.200
Cony preferred
100
100 Nashville Chatt dr St Louis 100
20 Nat Rys of Mex 1st 4% p1_100
100
2d preferred
100
98.500 New York Central
100
1,700 NY Chic dr St Louis Co
100
Preferred series A
3,000
100
180 N Y & Harlem
50
19,800 N Y N H & Ilartford
100
Cony preferred
2,100
100
1.100 N Y Ontario dt Western
100
700 NY Railways Prof
No par
Norfolk Southern
100
1,500 Norfolk & Western
100
10,800 Northern Pacific
100
90 Pacific Coast
100
37,700 Pennsylvania
60
Peorla dr Eastern
100
100 Pere Marquette
10
Prior preferred '
100
Preferred
200
100
Pittsburgh & West Virginia 100
800 Reading
50
lot preferred
50
2d preferred
50
Rutland RR 7% pref
100
1,000 St Louls-San Francisco-100
2.900
let preferred
100
100 St Louis Southwestern__ -100
10
Preferred
100
7.700 Seaboard Air Line
No par
900
Preferred
100
38,000 Southern Pacific Co
100
33.200 Southern Railway
100
MOO
Preferred
100
Nlobile & Ohlo stk tr ctfs 100
1,100 Third Avenue
100
300 Twin City Rapid Trans No par
40
Preferred
100
11,000 Union Pacific
100
700
Preferred
100
200 Wabash
100
1.000
Preferred A
100
3.800 Western Maryland
100
200
2d preferred
100
400 Western Pacific
100
2,200
100
Preferred

*33
*33
45
45
*3214 45
40 .3214 39
*33
*35
40
8
8 14
8
8 14
83
8
4 94
73
4 818
87
8
83
4 84
*6712 68
*6714 6812 6812 6812 *6714 7014 *6714 7014
*6714 69

Industrial & Miscellaneou
No par
Abraham & Straus
7,600 Adams Express
No par
30
100
Preferred

---:4
*7014
*62
404
*2
*15
8
31s
818
518

4
- ,- -1153
11 4
78
*7018
85
*62
413
8 405
8
24 *2
3
*212
14 *318
3
818
8
57
8
53
4
812
9
812
9
812 9
14
14
*14
414 414
414
*712 84 *712
64 614
6
2612 2612 *2253
2012 2012 *2014
•-- _ 30 *__ _ _
*33
4 4
34
3
*514 10
*514
60
6014 6012
253 2712 263
4
8
512 512 *53
4
143 1531 15
4
1514 1512 15
*11
1412 *II
1812 19
19
4
418 *4
*1212 16
*13
*3
4
14,
33
4
144 1412 1334
283 3014 283
8
4
37
37
*36
*47
55
*47
020
23
*20
8
9
812
11
1118 *1114
*17
22
*1812
16
16
1512
43
43
41
*18
19
*18
1412 153
4 1412
*312 412 *312
*4
114
7
8
*112 218 *110
*112 41, *112
•412 714
43
8
914
918
9
20
21
*1931
414 414
412
618
5
4 6
*35
36
*35
14
114 *118
*12

5
8

*12

14-1- -iiis
8
78
*7014
70
*62
4112 403
8
278 *2
3
*212
3 8 *3
3
8
8
6
6
8
912
87
9
88
5
15
14
414
414
812 *712
6
6
27
24
25
*2014
30 .
33
4 *33
4
612 *514
6112 60
2712 26
63
4
5
1514 15
1614 147
8
*11
14
193
4 18
4
63
8
17
13
114
*3
4
1312
1418
303
8 2712
42
*36
4812 6464
2212 2012
834
818
133
4 11
*1812
23
8
163
4 155
4112 403
8
223 *18
4
1412
15
514 *312
7
8

218
412
412
914
20
412
614
36
15
8
5
8

3
4

133
:1

7
8

*112 21
*112 41
412 41
9
91
1912 194
*4'8 43
8
5 4 63
3
35
34
114
*1 18
*12

5
8

8 3618 3818 355 37
375
8
16
*14
1612 15
15
19
1814 1814
18 4 1814
,
119
119 120 *115 120
1812 193
8 1814 1914 1714 1812
3312 3312 3314 3314 3312 3312
93 10
8
94 912
912
912
*15
8 2
015
8 2
*13
8
17
8
*134 24 *112 2
.112 24
145 146
*146 155
144 145
2112 2238 22
223
4 2214 2212
*212 3
.212 3
*212 3
2712 2913 2814 2912 2712 2813
*3
412 *3
412 .3
412
*18
25
*18
18
18
22
*15
25
25
*15
*15
25
10
19
185
8 18
*14
18
*21
25
2912 *21
2912 *21
*4313 4312 *42
4112
4412 41
2978 33
*31
33
33
*30
*3114 33 .314 33 .3114 33
*93 17
*94 17
8
*93 17
8
34
3
8
33
*33
8 33
8 34
27
8 3
312
3
314 314
1212 1212 *11
20
*11
20
*17
20
*17
17
20
17
114
13
8
114
114
13
8
14
112
13
4
178
112
17
8
112
2114 225
8 2113 225
8
8 213 2212
23
2412 2314 2412 2314 2438
25
26
25
2512 2514 25 4
3
*20
40
40
*19
*21
40
*63
4 63
4
714 7 8 *612 7
5
*178 2
*17
8 2
178
178
73
4 74
3
7 4 73
3
7 4 812
3
107 110
108 112
10512 10712
6712 6814 6712 6713
6712 671
*314 31
*3
312
3
3
4
38 4
5
4
*4
414
9
93
9
9 12
8
938 95
*1312 141 .1218 1514 13
13
8
*37
4 53
8 5 2 *33
8
,
338 37
6
61 4 614
64 64
6
351
4
16
19
119

fliiry

72
74
*63
85
4114 4118
334 *2
3
*234
312
312
8
9
618
6
9
918
83
4
9
153
8
14
413
43
8
8
814
6
614
24 .2312
*2014
2.5
30 *____
314
37
8
6,
2 *54
60
60
8
2714 275
614
53
4
153
8 157
8
15
1612
12
14
183
4
19
*412
4
13
*13
7
8
114
1312 1414
2918 2912
40
*36
463
8 474
2012 *20
85
8
814
1114 .12
*1812
23
17
16
41
41
18
20
1410 15
*312
41
*7
8

4
143
8 133
*72
72
*62
80
423
8 4218
3 4 *2
3
3
3
312
312
9
8
638
612
1012
94
10
918
1614 16
412
412
812
814
612 *64
27
27
25
2014
30 *_
4
*33
4
.514
10
6412 63
293
8 2818
612 *63
8
8 1614
173
8 1612
173
12
1212
215
8 20
414
63
8
.134
16
1
78
1478
15
8
303
32
46
*36
4712 48
2212 2012
858
9
1312 12
*1812
23
1734
18
4314 4314
18
*17
15 8 15
3
514 *312
•7
8

1

*112 21
*112 41
*4'2 57
4
914 95
2112 2117
*43
8 43
4
618 6 8
5
34
34
114
*118
12

12

375 4012
8
1512 1812
21
19
116 118
1838 205
8
8
3312 347
8
*10
103
*11
8
17
8
*112 24
145 150
223 244
4
24 212
29
305
8
412
.3
*165 20
8
*15
23
*12
20
*21
25
*43
45
*31
33
*3114 33
*9 8 17
3
3
318
3
318
*1212 20
*15
20
14
114
13
8
13
4
2158 2378
2358 27
4
2614 293
.18
38
8 71
*65
178
l7
s
.734 81
10714 115
*667 6712
8
31..
*3
33
4 334
94 1018
.1218 1514
4
4
6
65
8

*112
*112
518
94
21
*412
612
35
*118
*12

1414
1314
71
74
062
80
4218
43
33
4 *2
3
*212
33
8
313
8
9
63
4
64
103
s
98
3
1018
9
1618 *1412
412
434
818
94
,
7
612
*2512
27
*20
22
30 *__ _ _
4
331
*514
10
6414 63
2912 27
6
63
4
1634 16
1678 1612
1214
13
2114 19
414 *4
.1312
16
83
4
1
15
15
295
8
32
3712
42
4812
48
2012 *20

133
4
71
80
4234
33
4
3
338
8
614
94
9 12
1611
412
812
7
27
21
30
33
4
10
64
29
638
17
163
4
1214
203
4
638
16
114
15
3114
374
4812
2212

10
85
8
9
1112 113
12
4
22 .1812 23
1814 .1714 175
8
433
4 4312 4412
2018
2018 *17
153 1612
4
153
t
51 i •
312 514
I
78
I
214 *112 214
412 *112 412
518
518
518
94
912 912
*19
21
22
8
45
8 45
514
7
8
612 67
35
*33
38
11,
*118
114
5
8

"2

5
8

8
385 404 3712 395
8
18
*16
*17
18
1812 20
203 22
4
120 120 *115 125
19
20
18
1912
3314 35
35
*35
938 912
10
104
13
8 13
4 13
4
4
15
*114
14 0114
17
8
150 150
148 148
2214 233
227 24
8
8
212 212 *2
22
,
30
30
3114 29
*3
5
5
*3
*18
25
*14
25
*15
23
*15
23
20 20
*15
22
*21
.21
25
25
4412 4412 43 43
*317 33 .32
8
33
*3114 33
*3114 33
*93 17
8
*94 17
*318 334
314 314
314 314
318 31s
*12
20
*12
20
.15
20
*15
20
11 1
118
118
114
*13
4 218
23
233
4
26
263
4
2814 29
*23
38
712
*7
2
2
*73
4 812
4
113 1133
667 6678
8
3
3
334 4
1018 103
3
.13
1514
8
412 45
3
6
63

Shares.
18,100
700
1,800
44,500
2,100
100

• Illd and asked prices, no sales on this day. a Optional sale. a Sold 15 days. z Ex-dividend. y Ex-rights.




PER SHARE
Rang. Since Jan. 1
-share lots.
On baste of 100
Lowest.

Highest.

PER SHARE
Range for Presto's
Year 1932.
Lowest.

Highest.

$ per share $ Per share $ per share $ per share
345 Feb 25 8018July 7
3
Jan
177 June 94
8
Jan
50 Apr 3 793
35 July 86
4June 3
1612 Feb 25 59 July 19
93 May 44 Sept
4
8Ju1y 7
314 June 213 Jan
814 Feb 27 377
8
8 June 4112 Jan
912 Apr 5 3914July 7
912 June 353 Aug
20 Jan 5 4114 Aug 29
4
50 June 91 Sept
683 Jan 4 110 Aug 30
3
4 July
1934 Sept
6 Apr 19 30 July 1
93
8June 8
1014 Mar
27 July
8
312 Mar 29
3534 Apr 19 6018July 18
2314 June 58 Mar
2134 Feb 25 4114July 12
1118 June 504 Mar
3112 June 783 Mar
64 Mar 2 8312June 13
8
44„luly 10
218 Aug
12 Apr
12 Jan 11
714 May 205 Mar
8
8July 7
712 Apr 3 207
39 July 70 Feb
504 Apr 4 7912July 19
25 June 101 Sept
33 Apr 4 122 July 6
4
93 July 3113 Jan
8
245 Feb 28 4914 Aug 29
4 July
8 July 10
4 Apr 18
34 Aug
5 Aug
13 May
812July 10
12 Apr 5
54 Aug
74July 8
114 June
138 Apr 6
8July 6
2'2 May 1512 Jan
212 Apr 5 147
44 Aug
3 June
4
4
1 Apr 6 113 July 19
8 Aug
118 May
14 Feb 28 1814July 20
2 May
144 Aug
114 Apr 5 16 July 7
Jar
4 Dec 31
4July 6
2 Apr 5 343
1638 Jar
112 Niay
2 Apr 5 104July 7
314 Dec 274 Jar
313 Apr 10 1912July 7
2412 Jan
2 May
15 July 7
27 Apr 11
8
412 June 2912 Sept
1514 Feb 24 51 July 13
8 Mar 30 Sept
1212 Apr 10 423 July 19
5 Mar 18 Sept
10 Mar 2 30 July 21
1
8June 12
Dec 1113 Jar
114 Feb 24 105
218 Dec 20 A118
212 Jan 6 16 June 7
375 Feb 25 933
32 July 9212 Sept
8
4July 7
812June 454 Sept
1714 Feb 25 46 July 6
2 Feb 28 194July 19
113 May
Jar
9
114 Sepl
2 May
4July 20
33A Apr 4 253
8
412 Apr 4 2912July 5
25 May
154 Aui
2 May
1012 Aul
212 Apr 4 2314July 19
Jar
512 May 25
458 Apr 5 333
4July 7
2 May 10 Sew
1112July 7
13 Mar 31
4
24 Mar 31 2312July 19
212 Dec 154 Sego
8
23
4June 3
4June 8
14 Oct13 Oc'
19 June 13
612July 21
8 May
301 Jal
4
43 June 247 Sep
8
4
812 Ayr 5 50
14July 20
38 SeP
918 July
16 Mar 31 60's July20
45 AD
31 Mar 3 60 July 19
154 Julie
144 Jai
412 Apr 18 34 July 19
4 May
8
145 Ma
214 Jun
44 Feb 27 1014June 19
8July 18
214 June 1514 Set
612 Feb 27 247
,
212 Mar 31 3414July 19
5 June 2514 Sep
858 Feb 24 273
5 June 2914 Sep
4July 5
2114 Jan 3 6712July 18
712 May 3814 Sep
12 Mar 16 25 July 19
9 Sept 463 Ma
8
6 Jan 3 17 July 12
4 June 2034 Ma
17 Mar 3
8
9
8 June 9
Jai
218 Dec
18 Jan
214July 7
5 AR
18 Jan 23
8
438 Sep
8July 8
57
12 Mar 20
12 Dec
3 April
4
34 May
6 Sep
812July 8
4 Apr 10 1412July 8
5 Dec 2012 Sep
554 Jan 3 1718July 7
114 May 13 Sep
1112 Jan 3 3714July 7
314 June 24 Sep
1014 July 8
11
Jai
118 Apr 1
1 13 May
Jai
1514July 7
158 Apr 1
212 May 26
712 May 304 Sell
13 Jan 5 57 July 7
14 May
18 Mar 16
312June 27
4 Sep
14June 8
4 Sep
4 Jan 3
4 Feb
834 June 365 Ja
14 Feb 25 .5812July 7
8
8
112 May
218 Jan 25 275 Aug 28
914 Sep
2 June 155 Ja
3414July 20
253 Ayr 11
8
8214 May 12712 Au
100 Mar 31 1584June 13
8July 19
3158 is
6 May
Feb 27 347
114
18 Apr 4 56 July 6
784 Ja
117 July
8
3
75 Jan 4 15 July 7
35 July
8
153 set
4
Is Mar 15
18 Dec
312July 7
1
Fe
47 July 10
8
12 Apr 4
33 Set
4
4 Dec
11112 Nfar 2 177 July 7
57 June 135 Set
95 Apr 5 347
8
8July 7
512 May 2538 Sep
1 Jan 25
1 Star
312 Set
7 July 11
612June 233 Ja
134 Jan 3 4214July 7
s
78 May
9 July 11
7 Feb 17
3
514 Set
34 Mar 3 37 July 13
1'4JUne 18 Au
6 Jan 3 4412July 7
3'June 26 Au
412 Feb 28 3812July 7
2I1June 24 Au
613 Apr 19 353
4July 7
6 Dec 2112 As
2312 Apr 5 6212July 6
912 June 5214 Set
25 Apr 25 38 July 12
15 July 33 Ja
2312 Mar 31 37 July 6
15 May 38 Set
6 Jan 6 1812July 3
3 Slay
1412 Set
78 Jan 30
65 Ja
93
8
8July 7
1
sS1aY
934 Ja
1 Apr 17
914July 8
1 Slay
514 Mar 15 22 July 14
8
3 May
137 Set
12 June 7 263
85 Dec 2012 JO
8July 18
8
14 Jan 3
4 Jan
1 set
3 July 7
14 Jan
47
5 Mar 25
s
8July 7
153 Sal
1118 Feb 25 383
4July 7
612 June 374 J1
418 Nlar 2 36 July 19
212 May 1812 Se!
54 Jan 3 49 July 17
3 July 233 Set
4
8 Jan 5 4014July 10
FE
312 June 25
418 Feb 25 1218June 3
37 May 14 Mi
8
111 JIM 10
412 Jul
414June 8
118 Dec
578 Apr 19 15 June 8
7 June 244 .12
6114 Apr 5 132 July 7
2753 July 9412 FE
56 Apr 6 7512July 12
8
40 May 715 At
7 June
g
14 Jan 4
712July 10
414 At
118 Apr 6
6
97
8July 7
1 June
4 Feb 27 16 July 13
112 Niay
113 Se]
3
55 Jan 12 1912July 7
8
2 May 1114 Sel
1 Apr 22
43 Az
912July 3
4
12 June
17 Mar 2 16 July 8
8
878 Al
14 May
134 Feb 23
3 Feb 28
39 Apr 11

4012July 20
1314July 7
71 June 20

10 June
15 May
8
22 June

2453 At
912 Se
73 Se

New York Stock Record-Continued-Page 2

2596

Oct. 7 1933

4-1r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 30.

Monday
Oct. 2.

Tuesday
Oct. 3.

Wednesday
Oct. 4.

Thursday
Oct. 5.

Friday
Oct. 6.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

Lowest.

$ per share S per share S per share $ per share S per share S per share Shares. Indus. & Miscell. (Con.) Far
163 163 *1612 167 *163 178 17
1612 17
4
4
8
4
1712 17
1714 2,000 Adams Mills
No par
*838 81
. 814 812
s
84 914
814 83
83
4 83
4 1,900 Address Multigr Corp-.No par
98 98
5
5
*43
4 514
512 *5
512 *5
*5
5
512
5
300 Advance RuinelY
No par
*75
8
7 4 73
3
4
73
4 7%
8
8
4 3,300 Affiliated Products Ine_No par
73
73
4 73
4 8
100 10312 102 104
100 102
103 104
101 105
102 10414 10,200 Air Reduction Inc
No par
*238 212 *23
212 *23
212
23
: *218 212
212
300 Air Way Eleo Appliance No par
212 21
2418 2614 25
263
4 2518 257
8 257 2634 2538 2718 2514 2738 78,900 Alaska Juneau Gold Min___10
6
6
6
*5
*5
6
*5
6
*5
6
100 A P W Paper Co
58 *5
No par
4
4 18
37
8 418
34 4
3
3% 43
414 412
41s 48 23.800 Allegheny Corp
No par
85
9
9
839 918
84 94
814
9
9 18 *812 9
Prof A with $30 warr__ _100
2,000
814 814 *712 1018 *712 839
8
8
8
Frei A with $40 warr___100
700
4 812
823 *73
*714 914
7
7
64 8
*612 812
400
Pre! A without warr____100
*712 8
*6% 77
8
16
17
*16
18
*16
18
*16
*16
17
17
*16
17
50 Allegheny Steel Co
No par
13318 1363 134 13612 13012 13412 13239 1364 134 13612 13534 139
4
26,500 Allied Chemical & Dye_No par
•1234
__ •12312 _
*12313
_ *12312
__ 12312 12312 *12312 125
100
Preferred
100
1512 _1553 151 1 8.153
4 15% -157
1639 1712 153 1612 3,500 Allim-Chalmers Mfg_ __ No par
1614 - 1714
•14
15
14
14
*133 15
4
133 14
4
1412 1413 1414 2,400 Alpha Portland Cement No par
14
512 53
*3
6
4
5
43
4 5
5 3
8 *512 57
8 *514
800 Amalgam Leather Co_.No par
539
*26
323 '2614 3112 *26
4
3112 *2812 3112 *2812 3112 *2812 302
7% preferred
100
4 3914 40
39
393
393 4039 41
4412 4314 443
4 4239 4412 8,800 Amerada Corp
No par
2512 253
2514 25
4 25
2514 25
2714 2512 2512 1,900 Amer AgrieChem (Del) No par
27
27
14
1412 1339 14
1339 1439 1412 143
4 15
1514 1412 1412 2,200 Atnerlean Bank Note
10
*41
4113 *41
4112 41
*41
4112 4014 4112 *384 4014
41
Preferred
70
50
1012 1112 11
11
103 1112 1118 11% 10
8
113
4
8 1014 103 12,400 American Beet Sugar__No par
56
5712 5514 56
5314 55
5312 55
770
5312 54% 5312 54
7% preferred
100
293 3012 2912 30
*2912 31
4
33
30 14 33
33
1,400 Am Brake Shoe & Fdy _No par
317 33
8
*954 93
954 9512 96
95
98
97
98 •97
Preferred
98
190
98
100
8614 893
4 87
8812 8814 91% 903 923
89
87
4
4
923 22,000 American Can
3 91
25
*133 135 *13318 135 a133 1334 a133 133
133 133
('referred
1313 1313
900
4
4
103
27
2814 27
2712 2612 27
2712 29 4 2812 2939 274 283
4 7,603 American Car A FdY-__No par
,
4012 43
41
41
43
43
*401 1 434 *4114 437
43
43
Preferred
800
100
.518 7
*518 7
*514 612
100 American Chain
612 612 *518 7
No par
*514 7
15
*14
15 •14
15
20
*1514 20
15
20
•15
1914
205
7% preferred
100
4618 *45
*45
4612 45
4712 *45
45
400 American Chicle
45
46
4712 *45
No par
*27
8 3
*27
8 3
100 Amer Colortype Co
27
8 27
*23
4 3
*23
4 3
*23
4 3
10
5412 5814 5612 5918 56
6212 583 62% 52,500 Am Comml Alcohol Corp 20
5812 59
4
6212 60
212 2%
3
3
*23
4 3
*3
900 Amer Encaustie TIling_No par
3
3
314
3
318
712 712 *718 8
*67
8 778
613 612
*63
4 712 *63
200 Amer European Sec's__No par
4 712
914 1038 16,300 Amer & Porn Power___No par
1034
8 10
914 103
918 912
912 10
94 10
*19
*19
21
21
803
*18
4
193
4 2014 2014
4 197 2014 213 213
Preferred
No par
1214 1214 *1114 12
*1112 15
12
1318 113 113
1212 *12
4
403
4
2d preferred
No par
*13
1512 *1312 14
*1312 14
1418 148 15
14
700
14
56 preferred__
1439
No par
134 1412 14
14
14
144 1413 1514 1514 1512 14% 1512 1,900 Amer Hawaiian 8 S
_ __10
839 *712 912 *73* 10
600 Amer Hide & Leather _No par
4 914
712 8
4 *73
Co*84 93
*8
*35
•3512 36
36
36
36
900
3814 3914 393 4012 *38
4
40
Preferred.
100
3214 3212 *3214 33
32
3214 3214 3212 3212 3212 32
3218 1.300 Amer Home Products No par
73
7% 8
4 77
712 7 4
3
4,100 American Ice
7% 8
712 77
739 8
No par
*4139 43
*4012 44
*4012 44
*4012 43
*3812 434
x43
43
100
100
6% non-cum pref
83
83
4 88
83
4 914
4 9
978 1014 10,200 Amer Internet Corp___No par
101
10
912 10
1
1
1
*1
1
1
Us
1
118 118
118 1.800 Am L France k Foemite No p3r
1
*539 6
*414 6
20
513 51
*414 6
*512 6
*512 6
Preferred
100
3012 3318 32
3212 32
3218 332 32
32
33
314 3212 6,300 American LocomotlyeNo pa
54
55
5412 54'2 54
54
*5414 55
55
54
*5214 554
700
Preferred
100
161z 16
15
1518 15
1512 15
1514 16
151
16
16
3,600 Amer Mach ez Fdry Co.No par
37
*334 4
*33
4 4
4
100 Amer Mach & Metals_No par
*33
*33
4 41
4 4
4
412
'
1914 1812 2014
18
193
4 20
19
1918 20'z 20,400 Amer Metal Co Ltd_ __No pa
8
2i's 193 207
*7012 7212 704 704 7114 7114 713 714 7118 713 *7012 72'2
600
4
6% cony preferred
100
26
*26
271 *26
26
28
26
263
4 2734 273 *26
40 Amer News Co Inc_ _No par
27
77
814
8
814
73
4 8
93*
8
9
9
84 918 26,700 Atner Power & Light__No par
20
20
8 19
20
1939 193
21
20
23
23
2312 22
1,900
56 preferred
No par
18
1,300
18
21
213 *20
1S'2 20
4
s
*16
55 preferred
174 1739 177 *16
No par
127 1312 127 133
8
8 127 1338 1312 1412 14
8
8
1412 1314 1414 38,600 Am Rad & Stand San'y No par
174 183
3 173 1839 1839 193
8 17% 187
4
4 19
193
4 184 1912 21,200 American Rolling Mill
25
*3639 38
37
363 37
4
37
37 37
*37
*353 39
4
39
600 American Safety Razor No par
023
8 314 *212 314 *239 312 *3
4 312 *27
American Seating v t e_No par
314
314 *3
139
114
114
114
1%
13
8
13
8 112
139
13
8 139 1,400 Amer Ship St Comm_ __No pa
139
1513 1614 163 163 *163 20
4
4
8
720 Amer Shipbuilding Co_No par
17
2014 1812 203 *177 2012
4214 4631 4412 47'2 4412 4639 4612 4839 46
4 44
4714 204,900 Amer Smelting dr Refg_No par
473
87
90
82
8012 82
90
8114 82
2,000
92
93
Preferred
898 90
100
*63
63
64
623 65
63
4
6412 651 *6312 6412 63
6312 1,200
2d preferred 6% cum_.100
*4813 50
*483 50
*484 50
4
4912 4912 *4914 50
*4712 50
100 American Snuff
25
*106 108 *107 108
*106_
106 106 *107 109
Preferred
108 108
30
100
- - - 211. 2139 2118 213* 2112 2212 22
213
4
21
2212 21
22
7,200 Amer Steel FoundrleeNo par
*59
59
74
*59
*59
59
74
65
59
*59
59
69
Preferred
60
100
39
3812 3913 38
*3814 39
3912 39
*39
391
3912 39
1,200 American Stores
No par
63% 64
6312 65
65
623 64
4
6214 6312 61
617 63
8
4,300 Amer Sugar Refining
100
103 103
10312 10312 .104 107 *10414 105
*10318 105
Preferred
10412 10412
300
100
1418 144 1414 1412 153 1612 163 1714 *16
4
2,200 Am Sumatra Tobacco__No par
4
17
148 15
8
1193 1213 118% 121
8
8
63,200 Amer Telep & Teleg
11518 12014 1163 11812 11618 11814 1177 121
100
4
8239 8312 1,500 American Tobacco
81
834 82
81
80
*8114 83
8114 82
25
823
Common class B
3
25
8512 83 8 844 8439 86% 8512 8614 8518 8614 11,000
8414 8512 84
114 114
Preferred
200
•114 116 *11412 116 *11439 11618 *114 11618 •114% 118
100
77
43
71: 8
334 8
7
8
87
8 9
9
412 7,300 Am Type Founders____No par
Preferred
4
7
15% 173* 1512 163
167 18
1518
1,890
718 8
163 18
100
4
2314 x2258 2418 213 2312 21.100 Am Water Wks & Elec_No par
203 2118 21
20
8
203
4 2018 21
4
0197 217 *1912 2112 __ _Common vet tr etfs_No par
8
8
-- _____ ______
s - -,-- ---68
67
let preferred
68
67
68
*56 *5512 --- *56 -No par
*55 -*55
*57
66
No par
1112 113
1012 11
104 1118 1012 11
4
4 115g 123 10,400 Amertcan Woolen
4 11% 113
Preferred
5012 49
49
100
474 50
4912 49% 5212 52
5512 12,000
5212 53
0112 2
*112 2
112 112 1,000 Am Writing Paper ette_No par
4 *112 2
13
112
4
13
112
Preferred certificates No par
*6
230
*6
*6
*6
*6
7
7
7
10
10
53
4 6
1,100 Amer Zinc Lead A Elmeit____I
7
7
7
723 814
739 84
7
7%
7
63
4 7
25
Preferred
*45
100
50
*45
54
5412 *45
53
50
50
53
*45
50
8 1539 163 75,100 Anaconda Copper hfining50
154 174 1618 167
15
8
16
154 153
1439 157
100 Anaconda Wire & CableNo par
•11
1212 *11
1152 *11
1112 1112 1112
115 •11
1139 *11
2
22
No par
2212 24
2312 2414 23
2314 3,300 Anchor Cap
197 2114 2114 2111 22
86
56.50 cony preferred_No par
20
81
81
*80
80
*80
*80
*80
81
81
8114 *80
100 Andes Copper Mining No par
813 812 *812 12
*812 10
*812 10
*812 10
*812 10
26
25
2612 2618 2612 1,300 Archer Daniels MidI'd_No par
25
*25
26
2512 2512 2514 26
100
7% preferred
*106 1143 *106 1143 *106 1143 *110 11114 *106 11114 0106 1104
4
4
4
1,900 Armour & Co (Del) pref 100
7314 7314 75
*72
75
74
*71
6612 67
6612 72
75
33
4
4 418
418
33
4 4
41s 28,100 Armour of Illinois class A..25
414
4
418 414
4
25
Class B_
239 27
23
4 27
8
8
239 27
8 9,200
239 27
23
4 2%
239 27
100
I'referred
14,600
4412 4812 4514 47
52
4312 50
48
53
5012 5314 50
*339 4
200 Arnold Constable Corp_No par
37
*4
8 37
43
8
418
04
418 44 *418 5
No par
20 Artloom Corp
*4
*4
6
6
6
6
418 418 *4
*4
*4
57
8
13
4
15
14
8
13
4
14
134
14 1,300 Aesoelated Apparel Ind No par
17
8
17
17
8
139
17
7 14
1
14
*133 1418 13
15
4
1418 1414 15
1414 1412 2,100 Associated Dry Goods
15
100
6% 1s1 preferred
58
58
*41
*41
*41
*40
49
50
58
*41
*41
50
*4039 47
*405 47
100
8
*4012 42
4214 43
*40
7% 2d preferred
43
*403 47
400
8
26
34
*31
*31
2812 30
34
*3112 3412 *31
40 Assoelated 011
3312 *31
3312
23
23
*21
*21
*21
21
23
23
*20
100 All 0& IV I SS LineeNo par
21
*21
23
100
25
Preferred
27
29 '
100
*25
,
27
27
*25
*25
27
2514 2514 *25
2513 2612 26
25
20,700 Atlantic Refilling
263
3 2614 28% 273 283
4
2518 26
8 2612 28
No par
*233 2413 247 26
*234 25
4
25
*26
400 Atlas Powder
*24
26
273
4 26
*7712 85
100
Preferred
*7818 85
*7718 85
*7818 85
*7712 85
85
*78
253 26
4
4
NO par
26
253 26
2712 27
4,600 Atlas Tack Corp
27
2712 27
258 26
No par
483 10,000 Auburn Automobile
51
51
8
46
4612 4512 4612 44
48
47
48
45
No par
423 5
538 6
4 512
4
*43
412 412
412 43
6
64 1,400 Austin Nichols
9
97 8 25,000 Aviation Corp of Del (The)_.5
'
912
918 97
839 918
9
839 912
83
8 93*
12% 13
123 13
8
8
127 1312 127 1312 1212 133 34,400 Baldwin Loco Works No par
8
1214 13
*32
Preferred
36
36
35
36
100
40
37
*30
*35
300
4012
40
*30
*91
95
93
91
91
*9012 95
260 Bamberger (L) & Co prof 100
92
09012 95
95
*93
3
*312 33
3
8
100 Barker Brothers
33
4
NO par
312 3 4 *3
414 *3
3
•3
414
173 016
1712 *16
4
*16
18
18
6 ti % cony preferred____100
187 *16
8
18% •16
*16
98
81 914
9 8 25,100 Bartuidal Corp
5
9
914 10
97
8
85
5
8 0%
814 9
30
30
31
32
32
500 Bayuk Cigars Inc
327 327
No par
8 32
3512 *3014 35
*30
let preferred
4
10
100
4
4
4
4
4
*853 89% *853 80% *853 8712 853 853 *853 891 *853 894
4
4
4
4 123 123 *123 14
4
Si)
14
4
2,000 Beatrice Creamery
1312 14
8 123 123
14
1212 123
*72
Preferred
7212 72
75
100
72
*6612 72
*6612 72
*72
100
75
*72
65
200 Beech-Nut Peeking Co
*62
*62
61
65
65
63
20
63
61
*62
65
*61
914
914 912
9
9
83
4 9
914
9
914
94 9 4 4,500 Belding Heminway Co_No par
3
900 Belgian Nat Rys part pref____
9414 9414 9414 9414 9414 941 1
944 943* 95
93
95
93
• lild and asked prices, no sales on this day. a Optional sale. z Ex-dividend.




PER SHARE
Range Sines Jan 1.
On basis of 100,/tare lots.

y Ex-rights. r Cash sale.

$ per share
8 API' 7
513 April
1% Feb 21
558July 21
4712 Feb 25
12 Feb 28
114 Jan 14
1 Jau 5
'rs Apr 4
1 Apr 5
118 Apr 17
114 Mar 30
5 Mar 30
7034 Feb 27
115 Apr 21
6 Feb 27
5114 Jan 10
es Feb 21
5 Feb 23
1812 Mar 2
Vs Mar 1
8 Mar 2
34 Apr 7
I
Jan 30
23 Jan 5
4
918 Mar 3
60 Mar 28
4913 Feb 25
112 Feb 27
64 Jan 23
15 Feb 28
8
15 Mar 31
313 Mar 1
34 Mar 2
2 Feb 24
13 Feb 27
1 Jan 6
37 Apr 1
37 Feb 27
74 Apr 4
8
43 Apr 4
614 Apr 4
418 Jan 5
212 Mar 2
1312 Feb 14
2913 Mar 1
38 Feb 24
25 Feb 15
414 Feb 27
4 Apr 21
114 Jan 3
Vo Jan 3
178 Jan 3
884 Feb 27
1 Jan 27
318 Feb 24
513 Jan 4
17 Jan 20
4 Feb 27
97 Apr 6
9 Apr 1
438 Feb 27
4
53 Mar 2
2018 Apr 6
4 Mar 20
18 Apr 8
1112 5fer 3
1034 Feb 25
31 Jan 10
2012 Jan 2
3212 Jan 10
10218 Jan 9
458 Feb 28
373 Mar 28
8
30 Feb 27
2112 Jan 19
80 Jan 19
6 Jan 13
8012 Apr 18
49 Feb 23
50 Feb 25
3
102% Mar 1
33 Oct 5
4
7 Oct 5
10% Apr 7
912 Apr 4
35 Mar 24
312 Mew 2
223 Feb 16
8
es Feb 8
3 Feb 17
4
214 Feb 28
20 Feb 21
5 Feb 28
418 Jan 8
8 Jan 20
624 Jan 11
223 Feb 7
934111ar 3
95 Feb 23
41 Jan 3
118 Feb 28
% Feb 20
7 Feb 27
11s Jan 19
2 Mar 27
se Apr 17
312 Feb 20
18 Feb 23
15 Jan 19
64 Mar 24
412 Mar 22
412 Apr 11
12% Feb 28
9 Feb 14
60 Apr 5
14 Feb 27
304 Feb 28
7 Feb 2
s
512 Feb 27
313 Apr 12
913 Apr 4
6814 Feb 28
38 Jan 4
518 Apr 19
3 Mar 2
314 Jan 6
27 Jan 18
7 Mar 2
45 Feb 24
45 Jan 5
312 Feb 20
6214 Apr 7

Highest.

PER SHARE
Range for Prerious
Year 1932.
Lowest.
Highest.

S Per share S per share $ per share
2158Ju1y 12
12 June 3038 Mar
1212June 19
812 Dec 14 Sept
47 Aug
938July 7
114 June
113
414 May 1612 Mar
4May 1
112 Sept 25
308 July 6312 Sept
4 May 23
12 June
312 Sept
33 Aug 29
71 June 163 Jan
8
95
8July 13
78 Dec
4 Ma:
814July 7
39 May
339 Sept
217
3July 7
3 May
4
84 Sept
21 July 7
8 Sepi
39 June
20 July 7
84 June
8 Sept
26 July 19
5 May 15 Sept
14513 Sept 18
4211 June 8814 Sept
124 Sept 6
9613 Apr 120 Dec
263
8July 8
4 June 1539 Sept
24 July 17
412 July
10 Jan
914 July 19
218 Sept
14 Apr
40 July 19
4 Dec 10 Mar
47 Sept 1
12
Jan 228g Sept
35 July 18
34 June 1513 Sept
2812July 13
5 may 224 Sept
497
8June 2
28 June 47 Feb
163 July 18
14 Apr
278 Aug
64 Sept 22
1
Apr
93 Aug
4
4212July 7
612June 17% Sept
106 Aug 1
40 July 90 Feb
9814 Sept 18
295 June 73% Mar
8
134 July 19
9312 June 129 Mar
3534 July 17
318 June
17 Sept
593 July 3
15 Dec 60 Aug
17 Apr
14 July 11
714 Sept
3112Ju1y 18
7 June 26
Jan
5114July 7
18 June 38 Nov
618June 7
2 July
814 Sept
897
8July 18
11 May 27 Sept
6 June 20
3 Dec
4
5 Jan
13 July 3
234 Apr 153 Sept
4
195
2 May
8June 12
15 Sept
447
5 May 3811 Jan
8June 13
2714June 12
234 May 2114 Aug
3538June 13
33 June 33
4
Jan
2112July 17
3 May
613 Aug
16 June 6
1 May
67 Sept
8
5712June 13
478 May 27 Sept
421251ay 31
25 June 5139 Mar
1712June 29
33* Dec 2139 Mar
577
8June 29
35 Dec 68 Mar
1518July 3
213 Juno 12 Sept
312June 28
14 Jan
3 Aug
4
1 July
12 June 28
414 Aug
3918July 3
339 July 154 Aug
63 July 7
1718 Dec 49 Sept
223
74 June 2214 Jan
8July 3
31 Mar
6 June 2
1 June
1 12 June
233 July 18
94 Aug
8
72 June 20
612June 32 Aug
3012July 8
14 July 33
Jan
193 July 13
3 June 1714 Sept
3
4118July 17
1514 June 68
Jan
35 July 13
10 July 493 Jan
4
19 July 7
318 June 1214 Sept
3July 11
3 May 1812 Sept
317
473
4July 13
1338 June x2914 Mar
74July 13
3 June
4
33 Sept
4
412June 20
4 Apr
78 Sept
10 June 2518 Jan
4June 19
363
613 May 2714 Sept
53(2 Sept 19
93 Oct 6
22 June 85
Jan
73 July 6
15 July 65 Feb
5114Sept 9
21% June 361: Aug
112 July 25
90
Jan 106 Sept
Slay
27 July 7
1518 Sept
85 July 10
July 80 Feb
4778July 7
2t, May 363 Mar
4
74 July 13
13 June 3914 Jan
11214July 15
45 May 90 Aug
26 July 18
214 Apr 1014 Aug
134%July 13
693 July 1373 Feb
8
8July 1
907
4012 June 8634 Mar
943
4July 7
44 June 89% Mar
120 July 18
9514June 11811 Oct
25 July 5
4 June 25
Jan
3778July 18
1012 July 70 Jan
4314July 13
11 May 3412 Mar
357
3June 12
11 May 31 Mar
80 June 13
26 June 75 Jan
17 July 5
1 May 10 Sept
517 July17
1513 Jan 397 Sept
8
14 May
418June 27
214 Aug
143
4July 8
'd. July
8 Aug
107
8July 10
678 Sept
114 May
66 July 17
10 June 35 Aug
227 July 19
5
3 June 193* Sept
1512June 8
3 Apr 15 Sept
3911 July 18
EN May 1712 Mar
90 June 18
40 May 75 Sept
1412June 3
9 Sept
13* May
2914July 20
7 Apr 1512 Sept
115 July 18
85 Apr 10014 Oct
90 July 15
24 May 61 Aug
5 June
8
23 Sept
73
4June 6
5 July 14
38 June
2 Sept
93 July 14
312May 157 Aug
2
7 July 17
1 May
339 Aug
53 Sept
13 Dec
8
912June 24
514June 6
3 June
8
3 Aug
20 July 17
3 May 11 Sept
6112July IS
183 l)ec 42 Sept
51 July 17
1212 Dec35 Mar
3512July 14
612 July 164 Aug
26 July 19
43* Dec1214 Aug
334July 17
68 Dec 1512 Jan
4
3173July 7
85 Feb 21% Sept
8
3918July 5
7 Dec 2512 Feb
8318 Sept 12
4512 June 7913 Jan
37 Aug
2811Sept 23
1 July
8414July 13
283 May 15l3 Jan
4
938July 18
17 Sept
8
12 Feb
1l June
1638July 17
87 Dos
8
1758July 7
2 May 12 Aug
8 May 3718 Aug
60 July 18
997 Aug 7
62 July 09 Feb
312 Aug
714June 20
13 Apr
7 Dec30 Jan
24'4 July 18
11 July 7
33 June
8
7 Sept
2 Dec13 Feb
5212July 13
100 July 10
30 bee 59
Jan
27 June 29
104 Nov4312 Jan
85 5faY 25
62 Dm 95
Jan
2914 May 458 Dec
7012June 27
29 Jan
84 Sept
1212July 6
9612Sept 15
574 June 5223 Dec

r49- FOR SALES

New York Stock Record-Continued-Page 3

-PER SHARE, NOT l'ER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 30.

Monday
Oct. 2.

2597

DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.

Tuesday
Oct. 3.

Wednesday
Oct. 4.

Thursday I
Oct. .5.
I

Friday
Oct. 6.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1
On basis of 100-share tots.
Lowest.

Highest.

Indus. & Mlscell. (Con.) Par $ per share $ per share $
$ per share 3 per share 3 per share
618 Feb 27 2114 July 17
5
Bendix Aviation
143 145
8
141 15
/
4
8
8 145 15
9 Mar 2 3318 Aug 25
No par
Beet & Co
2612 2612 *253 27
4
*253 27
4
Corp No par 1018 Mar 2 4914July 7
Bethlehem Steel
3112 323
4
4
3212 333
8 313 34
100 2514 Feb 28 82 July 3
7% preferred
52
523 5518 52
4
5612 59
618 Apr 5 2912June 30
Bigelow-Sanf Carpet Inc No par
2312 243 243
4
4
*23
*23
24
312 Feb 28 1914 July 19
No par
maw-Knox Co
104
95 1014
8
1014 1012 10
638 Feb 28 21 July 18
Bloomingdale Brothers_No par
*1018 18, *1018 1814 *1018 1814
4
912 MU 2 5412July 8
Bohn Aluminum & Br_No par
17,300
37
393
8 3712 39
36
37
No par 52 Feb 23 74 June 13
Bon Aml class A
*667 7018
*66
70% *6613 70
25 18 Feb 27 3712July 3
17,900 Borden Co (The)
22% 2214 227
2238 22
8
22
3July 5
512 Feb 28 213
10
4,800 Borg Warner Corp
1512 148 1514
14% 143
4 15
412July 5
5 Apr 17
8
Botany Cons Mills class A..50
*13
8 2
*114 212 *112 2
2 8 Feb 24 1438July IS
3
1
8,600 Briggs Manufacturing_No par
834 9
8 8 94
,
812 914
4
714 Feb 28 183 July 19
No par
Briggs & Stratton
4
*143 1612 *143 1612 *1212 1638
4
3,400 Brooklyn Union Gas_ No par 6312 Apr 5 8812June 12
65
66
67 67
68 68
8
No par 2812 Mar 3 537 July 18
Brown Shoe Co
8
*45
491, *457 4912 *457 491
8
134 Mar 3 1812June 26
1,200 Bruns-Balke-Collender_No par
4
*10
103
10
4
4 10
93 103
8June 20
2 Feb 27 127
10
1,200 Bucyrus-Erie Co
63
8 63n
614 7
612 612
8June 20
23 Feb 23 193
,
5
Preferred
918 918
1,100
914 10
*9
10
100 2012 Mar 31 72 June 26
10 7% preferred
65
53 *53
53
*53
65
*53
65
65
*53
*53
65
97
sJuly 3
34 Apr 15
No par
63
6
6
63
8
53
4 58 5,100 Budd (KG) Mfg
512 6
5 4 53
3
53
4 812
4
3 Mar 16 35 July 3
100
310 7% preferred
2618 27
2514 2514
27
*2612 27
27
27
2612 2612 27
4July 5
53
1 Feb 8
No par
41.. 418 2,100 Budd Wheel
434 43
412
47
4
4
43
8 43
412 412
414 412
5 June 29
%Mar 2
No par
500 Bulova Watch
312 312 *33
*338 33
4 *33
8 334 *33
8 33
4
3
0 3
8 3 4 *33
3
212 Feb 17 1314July 3
No par
1,200 Bullard Co
7
7
712 73
4
7
73
4
658
65
2
7
7
*63
4 7
8July 3
6% Feb 14 207
1412 9,400 Burroughs Add Mach_ No par
4
,
137 15 4 143 1514 14
14
1414 1318 14
1312 14
8 June 8
1 Apr 1
No par
500 Bush Term
25
8 28 0212 3
3
3
4 *238 3
8 23
4 *23
23
4 23
912June 1
1 Apr 3
100
*3
4
100 Debenture
*3
4
4
*3
4
314 314 *3
*34 4
/
1
614 Oct 4 2312 Jan 5
ISO Bush Term Bides gu Dref 100
*712 10
10
614 73
4 *8
4
7 4 73
3
77
s 77
8
814
*8
8June 2
27
1 Feb 10
400 Butte & Superior Mining _ _ _10
8
*13
4
1%
*13
4
17
13
4
13
4 *13
/
4
13
4
13
4 *11 17
4
17
12 Mar 31
5
414June 2
2,400 Butte Copper & Zinc
3
3
3
314
314
31
23
4 3
/ *3
1
4
3
27
8 3
712June 13
114 Apr 10
14
14 3 4
No par
Butterick Co
800
314 3
3
3 18
*3
314
3
,
31s
3%
3
3
812 Feb 25 4314 July 18
No par
6,900 Byers Co (A Ml
27
2818 258 27
243 253
4
4
4 2514 2514 2514 2538 253 28
100 3018 Mar 2 SO July 18
*5518 61
30 Preferred
*5518 61
*551s 61
*5518 60
*55% 65
5518 a60
4July 17
7 Mar 2 343
84
_ __No par
23
23
23
1,400 California
23
2117 2214 *2118 22
21
21
213 23
4
2 4June 5
,
14 Jan 19
10
Packing118
I
114 *113 114
I
114 0118
1
114
1
118 1,300 Callahan Zinc-Lead
3
3
93
/1June 2
2 Feb 7
57
12 51:2
Calumet & Hecht Cons Con_25
538 (118
5 4 5 4 7,300
538
53
8 512
5
512 53
4
2 Feb 28 1614 July 15
300 Campbell NV dr C Fdy_ _No par
*75
8 8
*75
8 9
8
8
8
8
*712 8
0712 9
712 Feb 25 4112July 19
5
3214 25,200 Canada Dry Ginger Ale
8 30
2914 303
4 2938 305
4 30% 3212 3114 327
8 287 293
No par 14 Feb 2 3512July 18
400 Cannon Mills
28
28
*2712 29
27
*263 29
4
28
*263 29
4
*263 28
4
412 Feb 24 1212July 13
100 Capital AdminIs cl A-No par
612
*612 8
'5
*6
7
7
7
*612 8
*6
7
50 2518 Jan 18 3513 July 13
10 Preferred A
*26
30
26
26
*26
*26
30
____ *26
*26
30
30
7
100 3012 Feb 27 10312July 17
I) Co
23,900 Case (J
6614 71
7112 6812 70
64
6814 6412 6818 65
667
8 67
Preferred certlflcates..J00 41 Feb 27 86 July 19
20
7012 70 2
*70
,
*7012 77
70
767 *70
8
70
*70
82
82
4July 7
512 Mar 2 293
19
19% 1918 1934 19% 1912 191 2114 2014 2114 2012 2138 9.700 Caterpillar Tractor_ _No pa
/
4
8July 3
4% Feb 27 587
41
45
4
4238 4512 43
473 493 4812 5114 326.000 Celanese Corp of Am_ _No par
4
/
1
4412 . 444 50
5 8July 3
7
12 Mar 15
No par
Celotex Corp
8 *412 338 *212 33
*212 338 *212 3 8 *212 338 *212 33
8
3
438July 5
38 Feb 4
No par
Certificates
400
2
112
212 112 *112
2
*112 2
112
*112 2
2
113 Jan 5 1234July 5
100
Preferred
20
*5
512 *45
8 512 *5
8 512 *45
4 71
/
4
512 512 *53
512
3312 3514 1,900 Central Aguirre Asso_ _No par 14 Jan 3 41 July 17
34
34
*33
34% 34
35
34
333 333
4
4 34
,
4
2 Apr 19 11 8July 19
700 Century Ribbon Mills.No par
65
8 638 *7
734
63
4 678 *7
734 73
738
738
73
4
100 52 Feb 27 95 June 20
Preferred
88
92
180
94
92
*75
85 85
93
*75
93
*75
93
/
1
4
57 Jan 4 44 Sept 19
8
1 3814 35
3614 3584 118,200 Cerro de Pasco Copper_No par
39
8
367
8 373 3914 3718
3312 375
8 35
8July 3
73
1 Jan 9
3
'33
8 2,400 Certain-Teed Products_No par
3
3%
314 314 *314 312
3
3
33
8 33
8
4 Mar 27 3014July 18
100
7% preferred
22
*15
22
*15
22
*15
25
*15
*15
25
*15
25
718 Mar 3 25 June 29
No par
1518 1518 1512 1514 1612 4,000 City Ice & Fuel
15
15
15
15
15
1518 15
100 45 Apr 7 72 July 17
Preferred
69
20
6612 6612 *65
66
*65
67
60
66
*65
*65
60
7% Mar 23 2312 Oct 5
5
600 Checker Cab Mfg Corp
2312 2218 2218
8 22
*17
19
*1612 197 *17
207
8 2138 215
No par 14% Jan 3 5212July 7
1,700 Chesapeake Corp
38% 39
40
4 39
37, 38
1
8
38
3012 3712 3712 395 393
1238July 20
2 Mar 31
/
1
4
63
4 6e 1,500 Chicago Pneumat Tool_No par
714 712
718
72
*612 67
8
63
4 7
67
8
- 7
5% Feb 28 2514June 20
No par
Cony preferred
800
*1612 177
17
17
17
18
18
177
8 18
18
18
*16
8May 31
618 Jan 4 223
900 Chicago Yellow Cab_ No par
/
4
*113 1214 121 1218 12
4
1214 13'l 113 123
12
4
4 1234 1234
5 Mar 2 34 July 18
10
223 223
4
4 2,300 Chickasha Cotton Oil
22
4
22
8
2138 217
*2118 22
8 215 2338 223 24
2 Feb 28 1018July 5
No par
800 Childs Co
/ *514 614
1
4
53* 5
5
5 8 514 *5
,
5
53
4
5% *5
6 Apr 4 2112July 18
'
,
.5
173 *12
4
•14
Chile Copper Co
173 *12
4
173
4
175 *12
173 *12
4
173 *12
4
8
734 Mar 3 527 Sept 14
5
4
383 4138 3912 41
4
433 4512 423 4514 413,000 Chrysler Corp
4
8
3912 423
8 427 46
14 Feb 28
35
8July 7
par
124
No
15
8
178 2,000 City Stores
15
8 I%
13
4
13
4
134
112 17
8
1 12
112
5 Mar 24 1414June 22
No par
870 Clark Equipment
812 812
8% 8 2
,
9
912 *812 9
*812 9
*712 9
26
Peabody & CoNo par 10 Jan 27 4112 July 17
31
29
31
28
28
1,200 Cluett
*27
31
31
2814
2712 28
.10090 Jan 4 100 June 2
*9118 95
Preferred
*9118 941 *9118 9412 *9118 941 *9112 9412 *9118 9412
9134 913 92
2,000 Coca-Cola Co (The)___No par 7313 Jan 3 105 July 17
4
91
*8612 8712 88
*89
9012 9012 91
88
Class A
No par 44 Apr 19 48 Sept 19
*4712 4814 4712 471 *4712 4812 *4712 481 *4712 4812 4712 4712
600
8July 19
7 Mar 30 223
4 1412 1434 1412 147
1418 1417 14
143
5,800 Colgate-Palmolive-Peet No par
14
8
1414 135 14
100 49 Apr 3 88 Aug 18
6% preferred
*80
82
*80
*80
82
82
8184
*79
*79
*79
82
82
3 Apr 4 26 Sept 11
No par
1914 2013 19
1912 1912 1912 1938 2112 2012 2112 2018 2112 10,700 Collins & Aikman
514May 10 12 Jan 4
Colonial Beacon Oil Co_No pa
*712 9
*712 9
*712 9
*712 9
*712 9
*712 9
57
312 Apr 4 1758July 7
57
618 638 2,600 Colorado Fuel & Iron__No par
614 684
*57
8 6
538 63*
4
53
4 53
503 52
4
4,800 Columbian Carbon v t 0 No par 2318 Feb 27 7112July 3
54
5414 54% 52
5012 51
537
48
493
4 51
2314 2212 23
4
23
2418 1,600 Columb Piet Corp v t 0-No Dar
638 Mar 27 273 Sept 14
24
243
8 2412 25
24
23
2312
9 Mar 31 2818July 19
1418 147
8
4
4
1438 15% 143 1638 133 143 97,500 Columbia Gas & Elm_ _No par
8 14
147
8 1418 1438
Preferred seriesA
100 59 Mar 2 83 June 12
200
*66
69
*6712 68
*66
69
68
*671 68
.
6712 6712 68
4 Feb 27 19 Sept 18
16
17
7,100 Commercial Credit__ __No par
167
4
1612 16% 16
1612 167 1714 163 1718 16
50 16 Feb 27 3912 Aug 31
*3712 3912 38
Class A
3918 1,000
.3918 *38
3812 3812 3812 3812 3812 *38
*2412 25
25 181/3 Mar 21 2518 Sept 14
Preferred B
*2412 25
*2412 25
*2412 25
*2412 25
*2412 25
8
•9412 95
190
94
94
94
9412 94
9412 9412 94
61-4% first preferred_ ___100 70 Mar 24 957 Sept 1
*94
94
35
3614 3418 36
8
3512 3714 347 3618 7,500 Comm Invest Trust___No par 18 Mar 3 4312July 3
37
353* 3512 36
*89
9412 *917 9412 *917 9312 *917 9312 *9278 9312 927 927
No par 84 Jan 4 97741 Jan 31
100
Cony preferred
8
2
8
8
8
9 Feb 25 5714July 18
8
3734 3914 365 391 275,900 Commercial Solvents_ _No par
/
1
333 357
4
8 3412 3618 3412 3612 364 39
214
214 212
212 212
218 22
8 a2
218 238
618June 12
13 Apr 1
8
No par
214 238 46,100 Commonw'Ith & Sou
29
2912 30
preferred series_ No par 21 Apr 4 6012Jtum 7
30
3012 1,700
31
32
20
$6
30
30
29
30
3 Apr 4 11 June 13
Conde Nast Publirrns_No par
*312 6
*312 6
*312 6
*312 6
*312 6
"312 6
2012 2112 2118 2138 213 2214 2212 247
49,100 Congoleum-Nairn IneNo par
4
8 2418 26
8 2412 253
73* Jan 31 2738July 18
*1012 14
No par
*10
612 Feb 24 18 June 7
14
Congress Clear
133 *10
4
*10
133 *10
4
*10
14
1312
*814 812 *7
312 Apr 6 19%June 7
*7
8
1,400 Consolidated Cigar..-No par
812 9
8
81
8
8
8
*483 4912 48
4
100 31 Apr 5 65 June 8
/ 484 *473 4812 4812 4812 49
1
4
/
1
Prior preferred
80
4912 4912
49
4
317 •314 3'2
53
45lay 29
*314 312 *314 312 *314 312 *314
134 Jan 4
1
100 Consol Film Indus
314 314
*838 8%
No par
14345lay 29
57 Mar 21
8
8 8 8%
7
8 8 83
,
Preferred
918 914 1.100
93
8 91
87
8 87
4
4018 413
3912 42
433* 4038 423 76,400 Consolidated Gas Co- No par 3912 Sept 30 6418June 13
4
8 393 41
4018 4238 42
*8212 85
No par 080 Apr 24 99 Jan 3
8314 8314 8314 8314 8314 85
*8512 87
*85
86
Preferred
900
25
8 284
25
8 22
8
2,
8 25
8 *212 23
*212
234
212 25
8 1,400 Como)Laundries Corp_No pa
4
512 Jan 10
218 Apr 17
1278 1312 1318 1338 13
4Ju17 6
No par
1234 13% 90,400 Consol 011 Corp
133 14
8
1314 1314 137
6 Mar 3 153
'100 106
100 9512 Mar 1 106 Sept 26
106 106 *106 108
106 106 *106 108
8% preferred
106 106
300
114
13
114
8
.
114
138
1,
4
13
114
13
8
13
8
3 4July 5
,
',Mar 1
114
114 4,200 Consolidated Textile_ _No pa
712
712 712
20
714
67
8 714
712 8
7
73
4 8
5,300 Container Corp class A
8
13* Jan 10 10'4 July 18
•258 278
214
2
212
212 21_
214 212
2¼
412June 12
No par
214 214 5,700
le Feb 15
Class B
13
1212 1314 13
12
12
*1112 117
12
12
13
3 Mar 1 1814 July 11
13
2,600 Continental Bak class A No par
112
18
,
138
112
138
112
13*
112
12 Jan 5
Class B
134
13
134
15
*
312July 11
No par
4 3.200
*6014 6112 *60
61
62
*61
63
62
*61
62
•6014 61
100 36 Jan 3 64 July 10
300
Preferred
6212 64
6512 6634 6512 6714 8,200 Continental Can Inc
6414 65
63
/ 6412 6412 66
1
4
20 3514 Feb 23 69 Sept 18
0812 914
812 812
9
914
914
9
9
812 812
10
5
1,000 Cont'l Diamond Fibre
312 Feb 25 1718July 7
2518 2512 2614 2512 27
/ 25
1
4
2518 25% 2518 25
26
265s 2,400 Continental Insurance_ _ _ _2.50 1012 Mar 28 3612July 7
112 I%
112
I%
112 I%
112
112
112
138
112 15
6,100 Continental Motors__ _No par
4 June 8
1 Mat 27
1612 1718 163 167
8
16
17
175 1818 165 1778 42,400 Continental 01101 Del_No par
165 18
8
8
478 Mar 3 1938Sept 18
8 8418 8512 85
893
8 8712 89
/ 893
1
4
8 88
8412 863
8 8414 863
19,500 Corn Products Refining--25 4538 Feb 25 905 Aug 25
8
4
13614 13612 *13614 139
136 4 13614 1353 136 *13412 13512 13512 13512
,
500
Preferred
100 11712 Mar 15 1453 Jan 21
4
438 412
418 412
412 43
4
414 414
418 418
43
8 43
8
1,800 Coty Inc
No par a2 Mar 24
712June 13
295 2958 29
30
8
2814 2918 2812 2812 29
*2812 29
2938 3,000 Cream of Wheat ctfs- No par 23 Feb 25 3912 July 10
934 10
914 912
934 93
4 1,300 Croeley Radio Corp- _No par
818 838 .8% 914 *812 914
214 Mar 28 143
4June 8
36
3612 3614 3614 3614 40
3,600 Crown Cork & Seal__ ....No par 1414 Feb 27 65 July 13
39
3878 393
8 38
3612 38
*3412 3612
36
36
35
*3514 3612 *3518 3612 3518 3514 35
50
$2.70 preferred
No par 2412 Feb 27 3812 July 14
512 512
518 5 8
3
512 553 2,400 Crown Zenerback v t o_No par
5
5
5
5
5
5 12
1 Apr 10
812July 17
*24
28
*20
23
23
23
*20
28
2318 23%
*20
28
200 Crucible Steel of America....1009 Mar 2 3712July 19
200
373 373
4
035
38
38
38
4
4
4 373 373 *37
*35
Preferred
'30
38
100 16 Feb 27 603o July 19
138
138
112
112
138
112 1,300 Cuba Co(fie)
112
13
8
8
13
8
15
114
114
No par
12 Feb 21
43
8June 7
5
412 4'2
418 418
5
412
414 412 2,400 Cuban-American Sugar__ _10
414
414 43
8
.
118 Jan 16 1112May 29
24
24
25 .23% 24
90
25
26
02214 23
Preferred
100 10 Jan 9 68 June 5
*2214 2412 *23
45
4612 4438 4514 7,000 Cudahy Packing
453* z4512 46
4514 45
4514 47
43
50 201 Feb 21 5912June 8
20
1914 20
20
1738 18
3,600 Curtis Pub Co (The)___No par
1912 20
1714 1712 *181 1914
612 Mar 3 3214June 12
/
4
50
51
*51
53
51
4918 51
Preferred
No par 30 Feb 23 66 June 12
800
4918 4918 49
49
49
212 25
8
212 25
8
8
1
212 2% 14,200 Curtiss-Wrlght
212 25
212 25
8
212 258
112 Feb 23
438July 12
Class A
1
3.500
5
53
5
5
*43
4 47
8
43
4 47
43* 5
2 Mar 30
*
48 5
8 July 13
400 Cutler-Hammer Ina___No par
13
13
8
1312 1312 1312 137 14
*13
1312 .1212 1278 •12
414 Jan t 21 July 14
5
2,600 Davos& Stores Corp
8
8
8
8
7
34 8
714 714
712 712
*7
8
I% Feb 23
8
/
1
4July 14
S per share $ per share
1514 1614
1514 1614
2714 2714
2612 27
3514
33
353
8 34
56
56
5714 55
24
24
2412 *23
4
1018 103
4 103g 103
*1018 1914 *1018 1914
44
39
43 8 43
7
*667 701 *6778 7018
8
223 2414 2218 2414
4
8
155 1612 155 1614
8
*13
4 2
*112 2
93
s 98
7
9
10
*1258 161 *1212 1612
66
674 65
66
*4578 49
*457 49
8
4
1112 1212 1212 123
71
712 712
714
1012 1012
10
10

S per share
1518 15%
267 27
8
3314 348
54
553
4
2312 24
105 1034
8
*1018 1914
433 463
4
4
78
*67 7018
23
233
4
1518 153
4
*134 2
93
8
9
*1212 1612
64
65
*457 49
8
1114 1114
75
8 75
8
*1018 1012

Shares.
11,400
900
39,500
2,700
160
5,200

• 1110 and asked prices, no sales on this day. a Optional sale. z Ex-dividend. c Cash sale.




y Ex-rights.

PEN SHARE
Range for Previous
Year 1932.
Lowest.

Highest.

per share
183 Jan
4
24% Feb
2958 Sept
74
Jan
1512 Aug
10 Aug
14 Feb
2214 Jan
55 Nov
4318 Mar
1414 Sept
114 Sept
111 Mat
/
4
1012 Jan
8912 Mar
36 Feb
412 Sept
714 Sept
1018 Sept
80 Sept
35 June
12 Apr
3% Sept
Jan
14
312 July
6 May
8
418 Jan
312 Jan
118 Apr
8 Sept
218 May
614 June 1314 Aug
4
3 Dec 213 Mat
7 Dec 65 Mat
Jan
1214 July 85
17 Sept
12 July
2 Sept
12 Apr
5% Sept
I% June
7 May 24% Sept
3514 May 69 Sept
414 June 19 Sept
118 Sept
18 June
77 Sept
112 May
914 Aug
212 June
6 June 15 Sept
4
1018 June 233 Sept
91 Sept
:
218 Apr
19 June 32 Aug
4
163 June 653 Sepi
4
Jar
30 May 75
Jar
43 June 15
8
114 June
1238 Sep
33 Jar
8
7 Aug
4
214 Fel
5 Dec
8
712 Ma
118 Dec
73 June 2012 Sep
614 Jar
238 Jun
55 Dec85 Jar
312 Jun
151 Sep
:
% Dec3% Fel
.3
458 Dec 185 AU
Oct2812 Fel
11
Jai
433 Nov 68
8
1612 Aug 3018 Sep
478 June x20% Sep
1 May
63 Jai
4
212 June 1214 Sep
6 Dec 14 Ma
5 June 1212 Sep
8 Sep
112 June
5 Dec 16 Set
4
5 June 218 Sep
218 Ja
14 July
8% Ja
314 July
10 Apr 22 Ma
90 June 96 Fe
6812 Dec 120 Ms
4138 July 50 Me
1014 Dec 3112 Ma
65 June 95 Ms
23 May 10% Ms
4
9 Jan 12% CR
8
27 July 1478 Set
8
1312 May 417 MB
8
414 May 147 Au
414 June 21 Bet
8
40 Apr 797 Au
37eJune 11 Ma
113 July 28 Set
4
1012 June 21 Set
40 June 75 No
8
107 June 27% Me
SslnJune 82 No
3'i May 133 Sel
4
5% At
158 June
273 June 6812 MI
8
5 May 12 Sei
612June 1214 Sel
4 May 11 Bel
318 Dec 2412 J8
17 June 60 51i
1 June
58 Js
/
4
4
23 June 111 MI
4
311/June 683 MI
7212 June 99% DI
4 1)ec 10% JE
9 Al
4 June
79 Feb 101 Bel
,
1 8 Al
Mar
14
212 F.
%June
118 J1
14 May
8 So
27 May
8
13 Al
8
: Apr
1
247sJ,3.fle 473 M
4
l738June 41 M
812 Be
3 Apr
2514 At
634 May
as May
33, Se
93 Se
8
318 Jun
4
243 July 555* Se
9912 June 140 0
s
73 Se
112 May
2612 0
1312 Jun
74 Se
/
1
214 Stay
277 Stay 2378 D
8
8
WI N,
173 JULI
3 A
%June
6 May 2314 J
8
14 Dec 497 J
12 June
312 Se
37 A
3 May
8
312 May 26 A
20 May 3512 M
J
7 June 31
J
373 Dee 86
4
314 8*
7 May
8
43 St
4
112 Mar
312 May 12 St
73 134
4
214 Oct

per share $
412 May
4
53 June
714 June
1614 July
612 Dec
338 June
61 June
/
4
47 June
31 June
20 July
33 May
8
14 Apr
278 June
4 May
46 June
23 July
1% July
112 June
212 May

2598

New York Stock Record-Continued-Page 4

Oct. 7 1933

nr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST, SEE FOURTH eaGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 30.
$ per share
*212 5
*12
1212
62
6212
*25
30
243 2518
4
*29 4 3012
3
343 363
4
4
18
1814
1314
13
*10
113
4
*418 612

Monday
Oct. 2.

Tuesday
Oct. 3.

Wednesday
Oct. 4.

Thursday
Oct. 5.

Friday
Oct. 6.

Sales
for
the
1Veek.

STOCK
NEW YORK STOCK
EXCHANGE.

$ per share $ per share $ per share $ per share $ per share Shares.
*212 '5
*212 5
*2
5
*2
5
*2
"
1214 1214 *12
125
8 12
12
1212 1212 1214 1214
600
*63
66
66
*63
65
65
6512 653 *6212 66
4
700
*2612 30
2953 3112 3212 33
32
323
4 3014 3112 5,000
243 243
4
4 247 2514 25
8
253
8 26
263
4
8 253 26
4,000
*2914 32
30
30
297 30
8
2912 293
4 2912 2912
600
3512 373
8 36
37
3614 37
3614 387
8 365tt 3912 129,600
*187 19
8
19
19
19
20
*1912 203
4 20
205
8 2,400
13
1312 13
1318 1318 143
8 1312 1414 133 1414 6,700
4
*10
1112 1014 1014 *10
113 *10
4
1134 *10
113
4
200
0512 712 *512 7
•41s 612 *512 6
*512 712

PER SHARE
Range Since Jan. 1
on basis of 100-share tom
Lowest.

I, 911o,,

Indus. & Sitwell. (Con.) Par $ per share $ per snare
Debenham Securities
5 June 12
112MaY 20
Deere dr Co pref
20
614 Feb 24 183
8June 22
Detroit Edison
100 48 Apr 3 9112July 10
Devoe & Raynolde A_No par
10 Mar 1 337 Aug 9
8
Diamond Match
No par
1712 Feb 28 2912July 7
Participating preferred___25 2618 Feb 27 31 July 19
Dome Mines Ltd
No par
12 Feb 28 3912Sept 19
Dominion Stores Ltd No par 1012 Feb 27 263
8July 18
Douglas Airoraft Co Inc No par 1014 Feb 1 t
18'4 July 17
Dresser(SR)Mfg cony A No par
63 Feb 27 18 June 12
4
Convertible class B No par
218 Mar 1
4June 2
I03
Drug Inc
10 29 Mar 31 6312June 29
*814 10i4 *ii4 - .
*. 7. To'
78
5
5 1
912 112 51-2 I034
1416 Dunhill InternatIonal_No par
7 Apr 10 143 July 19
8
4
•18
193 *1712 1914
4
1712 1712 *1814 20
1814 1814 *18
20
200 Duplan Silk
No par
912 Apr 22 283
8June 30
*96
99
*96
99
*96
97
96
94
96
96
*90
94
30 Duquesne Light 1st pref__100 90 May 4 10218June 13
414
414
43
8 43
8
43
8 43
4
512 512 *45
8 47
412 453 1,000 Eastern Rolling Mills_No par
8
118 Mar 30 10 July 3
76
7814 7614 7612 7512 77
77
793
4 7914 80
79
79 4 6,100 Eastman Kodak (N J)..No par 46 Apr 4 893
3
4July 14
*1257 128
8
1257 1257 1257 1273 1273 1273 *1257 128 *1257 128
8
8
8
4
4
4
8
8
70
6% cum preferred
100 110 May 2 130 Mar 20
113 12
4
113 113
4
4
1214 13
4 113 12
1212 1318
1212 13
4,400 Eaton Mfg Co
No par
318 Mar 2 16 July 17
757
72
8 733 76
8
7318 7412 7414 7878 7614 7818 755* 7812 55,500 El du Pont de Nemours____20 3218 Mar 2
853 July 17
4
*110 11512 *110 11512 *111 11512 11118 11118 113 113 *112 114
400
6% non-voting deb
100 9712 Apr 20 117 July 7
3
3
3
3
*27
8 3
3
3
278 3
25
8 27
8 1,900 EitIngon Schild
No par
3 Feb 4
8
814July 14
*1412 17
1412 1412 14
14
*135 15
8
15
15
15
15
500
63i% cony 1st pref____100
4 Mar 29 23 June 12
157 1634 16
8
163
4 157 1612 163 1812 1714 18 8 171s 1318 17,900 Elec Auto-Lite (The)
8
8
3
5 10 Apr 4 2712Juiy 13
*8212 88
*8212 85
08214 85
8212 8212 *8214 833 *8214 85
10
Preferred
8
100 7814 Slat 29 8812 July 18
378 414
378 4
358 4
418 43
8
414 412
378 4
7,600 Electric Boat
3
1 Jan 3
8,
4July 3
278 3
3
3
278 3
3
3
3
3
278 3
13,000 Elec & Mug Ind Am shares_ __
1 Feb 14
4' July 15
614 612
614 612
618 65
8
63* 7
8 738
67
13,700 Electric Power & Light No par
65
8 7
318 Feb 27 153
8June 13
*1412 1518 133 1412 1312 1312 1478 147
4
8 153 1534 1512 157
4
8
1,900
Preferred
No par
712 Apr 4 3612June 12
*12
13
12
123
4 117 117
8 1312 1312 1312 1312 13
8
133
8 1,800
56 preferred
No par
614 Apr 5 323
4June 13
423 4238 4214 43
8
4214 4214 42
43 43
42
43 43
1,900 Eleo Storage Battery
No par
21 Feb 16 54 July 10
*118
112 .118
112 *118
114
112
114 *118
114
114
138
300 Elk Horn Coal Corp_ _ _No par
IR Jan 4
4 June 19
*17
8 214 *17
8 214
17
s
17
8 *17
100
8 212
8 212 *17
4 *17
8 23
6% part preferred
6 June 7
50
5 Apr 29
8
*51
*52
59
57
5214 5214 58
*54
58
*54 • 58
58
300 Endicott-Johnson Corp__50 26 Feb 27 6278July 18
*11718 11812 *117 11812 11812 11812 120 123 *11812 122
122 122
190
Preferred
100 107 Feb 17 123 Oct 4
512 512 *514
2
514 512
514 6
6
6
*53
800 Engineers Public Serv__No par
8
4 63
4 Feb 23 143
4June 12
*19
235
8 1818 1818 163 18
4
*19
5
23 8 18
*173 22
20
4
700
$5 cony preferred___ _No par 1512 Apr 7 47 June 13
•1912 22
1714 1812 18
18
1812 20
1914 19 8 '2012 2012 1,200
3
$.51 preferred
No par
15 Apr 4 4978June 12
*20
26
1912 1912 19
*22
19
30
*19
*19
2314
25
200
$6 preferred
No par 19 Oct 3 55 June 13
87
8 912 .87
8 9
.87
8 918
9
918 93
8 912
8 *87
93
8 1,200 Equitable Office 13Idg_ _No par
8July 7
612 Mar 27 133
712 8
*818 9
818 814
8,
2 83
87
8 87
4
8
83
4 87
8 1,300 Eureka Vacuum Clean_No par
3 Apr 4 1814July 7
4
4
4
4
418
4
414 412
412 412 *414 412 1,800 Evans Products Co
7 Mar 1
5
8
712June 28
*10
10 4 *10
3
103 *10
4
103
4 10
*10
10
103 *10
4
30 Exchange Buffet Corp_No par 10 Jan 4 1112July 19
103
4
*114 '2
*114 2
0114 2
*114 2
*114
*114 2
2
Fairbanks Co
78May 17
25
258June 8
*412 7 8 *412 7 8 *33
3
3
4 73
8 *33
8 *4
4 73
4 03 4 63
63
3
Preferred
4
100
1 Feb 23
814June 13
*61s 7
*614 7
6
6,
4 *612 7
600 Fairbanks Morse & Co_No par
7
63
7
4 7
212 Mar 23 1114June 2
30
30 *____ 347 .____ 3478 *____ 347 *___ _ 30
8
8
*22
30
30
Preferred
100 10 Feb 25 42 June 3
Fashion Park Assoc___ _No par
5 Jan 26
8
3 June 8
7% preferred
100
3 Feb 23 11 June 2
*8 16
;i 16
i 1 *ii2 iis i 1 *73 -.
6
18
4
505 Federal Light & Trac
15
43 Apr 6 1412June 12
4
*_ _ 55 *_ 55
55 .____ 54 •____ 54 ._ _ _ 54
_
l'referred
NO par 38 Apr 20 5912July 20
*85
95
*90
99
95
95
600 Federal Mln & Smelt Co100 15 Mar 31 103 Sept 19
98 101
*90 100
*95 102
6
6 18 *6
618 618 *6
63
s
614
612 612
612 612 1,000 Federal Motor Truck_ _No par
3 Mar 16 113
4
4July 10
*17
8 212 .2
212 *2
214
218 218 *2
214
100 Federal Screw Works No par
214 *2
3 Feb 27
4
47
8July 7
212 212
23
s 24
24 24
3
3
3
212 27
8
23
4 23
23
4 23
4
4 1,500 Federal Water Serv A_ _No par
8
15 Feb 25
4June 12
63
*23
26
*23
26
*23
25
*2314 25
*22
25
25
27
200 Federated Dept Stores_No par
712 Feb 27 30 July 18
*25
263 *25
4
2614 *25
26
26
26
2612 26
26
26
500 Fidel Phen Fire Ins N Y__2.50 1014 Mar 27 36 July 6
2114 22
215 223
8
4 2112 217 x2212 243
8 225 225
8
8
8 2214 2318 7,600 Firestone Tire & Rubber___10
918 Apr 4 3112July 18
*6914 72
*6914 72
695 693* 7112 7112 *70
8
715 7158
72
8
300
Preferred series A
100 42 Mar 3 75 June 7
50
50
493 50
4
50
4912 50
51
5112 49
503
4 50
4,500 First National Stores__No par
43 Mar 3 70 4July 7
3
*10
143 .10
4
143 *1212 143 *10
4
143
4 1434 15
4
*10
153
4
300 Florsheim Shoe class A_No par
712 Feb 7 18 July 5
*100 _
*____ 106 *100
*100 105 *100 _
*100
_
6% preferred
100 80 Apr 19 101 Sept 5
*9
10
812 812
812 - 4
93
812 *9
9
9
.9
912
300 Follansbee Bros
No par
212 Feb 28 19 June 7
•1314 14
*1314 1312 *1314 14
*1312 1414 *1314 1414 .1314 1414
Food Machinery Corp_No pa
(Os Apr 19 16 July 13
135 14,
8
8 14
143
8 1312 137
8 143 1512 15
4
1412 153
16
8 4,700 Foster-Wheeler
No par
412 Feb 28 23 July 7
1212 1212 *123 13
8
1212 1212 14
143
8 147 147 *1218 14
8
900 Foundation Co
s
2 Feb 27 2338July 17
No par
19
19
19
195 .1912 2012 193 193
8
8 19
4
1912 1,000 Fourth Nat Invest w w
4 1914 195
133 Mar 1 2614June 13
8
1
15
1512 15 4 1612 15 8 15 8 16
3
3
1612 16
4 16
3
1612 3,500 Fox Film class A new No par 1212Sept 6 19 Sept 14
163
.42
50
•43
50
*43
50
*43
543
50
043
50
50
Fkin Simon & Co Inc 7% 91100 12 Jan 24 50 Aug 15
41
4212 413 43
4
4238 4438 4312 4434 417 45
413 42
4
8
20,100 Freeport Texas Co
10
16.8 Feb 28 473 Sept 20
8
*130 15018 *120 150 *135 140
140 140 *140 150 *135 150
100
6% cony preferred
100 97 Apr 19 150 Sept 13
*13
20
*1212 20
0
*13
20
*13
*13
20
20
Fuller(GA) prior pref_No par
9 Jan 9 31 June 13
*95 II
8
*512 II
*512 11
.512 11
*512 11
11
*6
$6 2d pref
4 Jan 19 23 June 13
No par
27
8 27
8 *234 3
27
8 27
*3
*234 4
4 3
8 •23
4
200 Gabriel Co (The) cr A_ No par
514 Aug 18
1 Feb 27
*1612 1918 *165 1918 163 1634 *1612 19
8
4
1612 1612 *1612 181z
20 Gamewe.I Co (The)
No par
612 Jan 20 207 Aug 25
8
73*
7,
4
714 714
712 712
818 818
712 818
734 734 1,800 Gen Amer Investors
No par
2 8 Feb 28 12 June 20
5
70
70
*60
*60
70
70
*65
70 .65
70
*65
70
100
Preferred
No par 42 Feb 23 85 July 7
3014 3112 3018 31
3018 303
8
4 3114 3212 315 3212 3012 3112 9,300 Gen Amer Trans Corp
5 133 Feb 28 4314July 19
4
1614 17
161 4 17
1612 17
1714 183
18
17
8 1718 1734 5.600 General Asphalt
458 Mar 3 27 July 18
No par
133 1414 141 4 1414 133 14
4
1412 1418 14'z 1414 1411 4,800 General Baking
14
4
5 1112July 21 207 July 10
*512 6
58 6
7
312 6
612 7
618 63
4
614 63
4 3,800 General Brooze
5
218 Feb 6 1012July 7
41.,
418
418 418
418 414 *412 47
458 47
8
45
8 45
8 1,700 General Cable
No par
114 Mar 31
1112June 9
73
3
4 74
4 *912 1114 *814 1114
7 4 74 *612 1112 *814 103
3
200
Class A
No par
214 Feb 27 23 June 9
*1512 231s *1512 231s *1512 2318 *1512 2318 *1512 231 01512 2318
7% cum preferred
100
612 Mar 30 46 June 9
3012 3012 3012 31
3114 3134 32
31
31
31
31
323
4 2,500 General Cigar Inc
No par 29 Jan 3 485
8June 23
*10814 109 *108 109 *108 109 *108 109 *108 109
108 108
100
7% preferred
101) 90 July 28 112 Jan 25
185 193
8
4 19
195
8 185 193
8 20
4
8 193 207
8
205
8 1914 2012 67,100 General Electric
No par
107 Apr 26 3014July 8
8
117 117
8
8 115 113
8
4 115 113
4 115 113
8
8
4 115 113
8
8
4 115 115
8 6,700
Special
10 1118 Apr 20 1214July 24
343 3612 35
4
3618 3414 35 8 35
353
4 3514 361s 35
3
3618 13.100 G neral Foods
No par 21 Feb 24 397 Sept 18
8
1
it2
1
1
118
Ps
118
114
118
04
114 2,400 (lent Gas dr Elee A _ _No par
l's
52 Apr 1
27
0une 6
*1012 Ills *1012 1112 1118 1118 *11
11,
8 1118 1118 *103 121z
4
300
Cony pref series A No par
318 Apr 3 1612June 6
01112 13
12
*1112 13
*1112 13
12
*12
13
13
13
$7 prof class A
40
par
No
7 Apr 20 1812June 20
*1212 18 .1212 18
01212 18
*1212 18
*1212 18
*1212 18
$8 prof class A
No par
5 Apr 6 20 June 10
*463
_ *4814 493 *473 4914 *4712 4914 *4712 4914 *4714 49 4
8
4
4
Gen Rai Edison Elec Corp__
,
2414 Jun 9 46385ept 26
64 - 14 63 8 64
61
7
64
63
643
63
8 6414 6512 6514 66
6,300 General MIlis
No par 3512 Mar 3 71 June 28
•10314 105 *10314 105 *10312 105 *104 1047 1047 10478 105 105
8
8
200
Preferred
100 9212 Mar 28 10612Sept 19
2714 283
4 2712 283
4 273 283
8
8
4
4 287 3114 297 3118 2914 311s 268,400 General motors Corp
10 10 Feb 27 353
4Sept 14
88
8814 88
88
88
88
8912 8912 90
*8734 9014
1,500
90
35 preferred
No par 6512 Mar 3 95 July 15
•103 13 .10 8 12
s
3
1018 103
8 11
11
8
*103 11
*103 11
8
500 Gen Outdoor Adv A_ No pa
518 Jan 9 24 June 13
5l
5l
*514
512
514
514 *518 53
518 1.100
Common
5
8
518
58
51s
No par
212 Mar 1
1018June 12
*1012 12
11
1212 1212 *1012 1212
1212 *1012 1212 *1012 1214
180 General Printing Ink
No par
314 Jan 4 17 June 10
*72
_
_ 7712 7712 7717 7712 7712 7712 *7712 80
*7712 80
80
56 preferred
No pa
31 Mar 18 82 Aug 3
*318 - 314
314
314
3
3
3 8 33
3
8
33
3.3* •3
8 1,900 Gen Public Serviee__No par
314
2 Apr 6
814June 12
*35
*34
37
37
*35
36
600 Gen Railway Signal
3612 3714 36
3612 37
37
No par
1314 Jan 3 4912July 6
17
8 218
17
8 2
17
8 2
2
2
2
2
2
2
4,300 Gen Realty dr Utilities
1
3 Feb 16
8
45
8June 24
*16
*16
20
19
*16
*16
18
*16
1712 *16
18
$6 preferred
1712
No par
512 Jan 19 223
4June 26
83
4 84
9
9
3
*9
107
8
8 *9
*93 It
300 General Refractories_ No par
*93 11
11
4
212 Feb 27 193
4July 5
*28
32
*28
3212 •28
100 Gen Steel Castings pref No par
3212 *30
30
30
30
3212 30
93 Feb 17 3912July 14
8
123 1312 13
8
133
s 127 13 4
8
,
123 13 8 13
4
5
4
1312 123 1312 14,700 Gillette Safety Razor_No par
93 Apr 20 20,4 Jan II
4
*51 1s 563 *52
8
563 *5214 5638 *5214 563
8
59
1,100
59
8
8 563 58
Cony preferred
No par 473 Apr 19 75 Jan 9
4
, 45
412 412
41
8
412 412
4,200 Gimble Brothers
45
8
8 53
43
514
5
4 5
No par
Si Feb 9
758June 27
1818 18,
8 1818 1815 *1612 227 *18
8
*1612 23
*1612 23
Preferred
23
300
100
514 Mar 1 33 July 7
15
15
15
1478 1518 153 16
15
8
157 1614 1518 16
8
8,100 Glidden Co (The)
No par
33 Mar 2 20 July 18
4
86
86
8514 8514 *8414 85
830
85
85
853 8512 8512 8712
Prior preferred
8
100 48 Apr 22 9112 Aug 1
73
8 83
814 85
4
8
812 9
812 87
812 9
8
814 83
4 7,200 Cobol (Adolf)
No par
3 Feb 16 16 July 13
20
20
20
203
4 193 203
8 2012 2114 2012 203
6,900 Gold Dust Corp v t c_ No par
4
4 2012 21
12 Feb 27 273
8July 18
597 106
*97 106
*9718 106
*97 102
*97 106
*97 106
No par 100 Jan 18 105 July 21
$6 cony preferred
1214 1312. 127 1312 131s 1312 1312 1514
8
14
15
1314 1418 24,500 Goodrich Co (B F)__No par
3 Mar 2 2112July 18
34
*32
3312 *32
34
34
34
1,500
*3512 37
3518 36
Preferred
36
100
9 Feb 28 63 July 13
315 3412 3314 3412 3312 3414 3412 367
8
8 3514 367
914 Feb 27 4712July 17
36'4 27,500 Goodyear Tire & Rubb_No par
4
8 3
*64
*64
66
66
64
64
64
*63
66
64 18 *63
6518
400
lot preferred
No par 273 Mar 2 8014July 6
4
12 59
9
93*
912 9
8 2,200 Gotham Silk Hose
93
8
912
9313
No par
9 4 1014
3
7 8 Apr 4 1712June 12
5
0 4 103
3
69
*62
69
*60
69
*62
*62
70
70
66
69
70
220
Preferred
100 41 Apr 3 73 July 3
27
8 3
s
8 27
27
27
8 27
8
27
8 3
Graham-Paige Motors
27
8 4,800
27
8 27
8 3
1
1 Apr 3
558July 12
97 1014 10's 1012
8
8 11
93
4 1012 113
4 93
1014 107
11
8 2,800 Granby Cons M Sin & Pr_ _100
37 Mar 2 153
8
8June 13
51
43
4 518
47
8 514
5
514
514 2.000 Grand Union Co tr ctts.No par
Ps 5 3 553* 534
3
35 Mar 2 105
8
8June 26
*20
25
21
2118 21
29
*24
25
*2314 25
600
Cony pref series
2114 22
No par
20 Sept 30 3638July 3
*2458 25
*245 25
8
*2418 25
245 245
8
8 25
*2418 25
25
200 Granite City Steel
No par
11 18 Mar 24 305 July II
8
26
26
*26
273
4 26
26
2614 27
28
1,300 Grant (W TI
28
2712 28
No par
153 Feb 28 3638July 7
4
1118 1118 11
1112 1178 11
1118
11
115*
11
1112 11
2,900 Gt Nor Iron Ore Prop_No par
4July 11
518 Feb 27 163
3718 3878 3714 393
8 3714 3914 3914 41
3834 405
8 385 41
8
76,100 Great Western Sugar No par
67 Jan 19 417
8
8Sept 22
110 110 *109 110
110 110
*10912 110
1073 109 *108 110
560
Preferred
4
100 7212 Jan 3 110 Sept 6
218
2
2
2
2
218
2
214
214 212 5.200 Grigsby-thamow
214 23
8
No par
%Mar 3
8July 13
43
•Bid and asked prices, no sales on this day. a Optional sale. x Ex-dividend. y Ex-rights.




1

PER SHARE
Range for Previous
Year 1932.
Lowest.

Highest.

$ per share $ per Mart
1 June
238 D
614 June 1514 Jan
54 July 122
Jan
7 May 1634 Oct
12 Apr 1918 Sept
2011 May 263 Dec
4
712 Jan
127 Deo
8
1114 June 1812 Sept
5 June 185 Sept
8
5 July 23 Feb
15 Dec 1212 Feb
8
23 May 57 Feb
4 oce
*
312 Sept
512 June 15 Sept
87 May 10158 Nov
1 June
612 Sept
3514 July 873 Jan
4
99
Jan 125
Oct
3 June
9 s Send
7
22 July 593 Feb
4
803 June 1051s Aug
4
218 Sept
18 June
214 May
1212 Jan
8, June 3234 Mat
,
61 June 10014 Feb
212 Jan
12 June
4 Jan
7 June
8
23 July
4
16 Sept
103 July 64 Jan
4
87 July 5512 Jan
8
125 June 3314 Mar
8
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
212 Sept
93 Jan
4
113 Jan
4
1 Sept13 Sept
4
1 June
4 Aug
214 Dec6,8 Aug
10 Dec 473 Mar
4
12.111'.
178 Sept
112 July
77 Jan
8
814 Dee 22 Jan
30 June 64 Mar
13 June 35 Sept
112 May
35 Fel;
8
12 May
23 Aue
8
214 Dec 103 Mat
8
612June 153 Sept
4
6 May 273 Jan
4
1012June 187 Aug
8
45 July 68 Aug
35 July 5412 Dec
414 Apr
10 Feh
63 July 99 Nov
2 June
814 Sept
33 May 1014 Eel,
4
3 May 157 Sept
8
1 July
714 Aug
1014 June 223 Sept
8
15 Oct - -12 Jan
72
10 May x285 Nov
8
- May
218
3 June
14 June
512 Dec
12 June
26 June
912 June
43 June
4
1012June
12 June
3* May
112 May
33 June
4
20 June
76 June
812 May
105 July
8
193 May
8
38 July
3 June
514 July
514 July
18.8 Apr
28 May
76 July
7.8 June
,
563* July
4 June
25 Nov
8
212 July
2712 June
1 May
618 July
14 May
5 June
4
13 June
8 Mar
103ti Jan
45 Jun
7 June
3
63 Dec
8
3sJune
35 Ap
23 May
8
8.4 May
70 July
214 May
7 May
512 May
193 Jun
4
714 Jan
5014 Jan
1 Slay
23 June
8
314 June
22 June
684 June
1412 May
5 June
314 Apr
48 June
12 Apr

id oc-1
32 Eel'
312 Sept
17 Jan
512 Sept
71 Sept
353 Mai
4
1512 Jar
19)8 Mai
5 AD
5 Sell
1112 set)
253 set/
4
8
383 Ma
106 De
2618 Ja
117 Sep
8
4012 Mai
23 Eel
4
2444 Jul
30 Ate
40 Fe)
25 Mai
4812 sell
9612 De,
2454 Jat
8714 Ma
9 Fel
4 Jai
14 Jar
60 Eel
718 Au)
285 Jai
8
214 Sep
1634 Sep
153 Sep
8
27 All,
2414 Ma
7212 Am
334 Au,
Jai
31
1038 Sep
76 Sep
8 Au,
205 See
8
10112 De
12% Set
,
3314 Set/
2934 Au,
6912 Au,
3034 Sell
7012 Oc
45 Jai
8
1158 Sep
93 Ma
4
3514 Sla
17 Sep
3014 Ma
1314 Ja
12 Au
83 All,
23 Sep
4

New York Stock Record-Continued-Page 5

2599

PP FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE
PRECEDING.
HIGII AND LOW SALE PRICES
-PER SIIARE, NOT PER CENT.
Saturday
Sept. 30.

Monday
Oct. 2.

Tuesday
Oct. 3.

Wednesday
Oct. 4.

Thursday
Oct. 5.

3 Per share
•112 2
*19
23
40 40
2212 2212
*27
2814
413 4%
*20
25
418 418
*418 6
*27
30
81
81
*1412 1712
---- ----

$ per share
112
112
*19
25
*36
43
*213 23
*273 2814
4
43
5
20
2014
418 418
*418 6
*27
30
82 82
.1412 19
____ ____

3 per share
.112 2
*29
25
*36
40
2134 213
4
*273 2814
4
5
5
20
20
*4
412
*418 6
*27
30
80
83
1412 1412
____ ____

$ per share
*112
13
4
*23
25
*36
40
23
23
*2734 2814
518 53
4
*22
24
*418 51 4
*5
57
8
*27
30
*80
83
*15
17
____ ____

3 per share
.13
2 13
4
*22
25
*36
40
23 12 2312
*273 2814
4
4
58 53
*20
24
*414 512
*418 578
*27
30
80
80
*15
1612
____ ____

Friday
Oct. 6.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.

$ per share Shares. Indus. & Miscell. (Con.) Par $ per share
1 12 13
600 Guantanamo Sugar____No par
4
% Jan 23
*21
25
Gulf States Steel
No par
63 Feb 27
Preferred
*36
10
40
100 16% Jan 16
233 23%
8
500 Hackensack Water
25 15 Mar 18
*273 2814
4
7% preferred class A____25 25 Apr 8
4 4,500 Hahn Dept Stores
No par
58 53
118 Feb 28
22
22
Preferred
1,300
100
9 Apr I
300 Flall Printing
_10
*414 43
318 Feb 27
4
6
*418
Hamilton Watch Co_ __No par
212 Apr 5
*27
30
Preferred
100 15 Feb 11
82
350 Hanna(M A) Co $7 pt_ No par
82
4512 Jan 4
*1414 17
100 Harbison-Walk Refrac_No par
e% Feb 25
___ ____ ______ Hartman Corp class B_No par
18 Apr 3
Class A
No par
14 Mar 18
212 *
i
3
3* 1.
2i4 34 *212 3
2 3
3
3
3
170 Hat Corp of America cl A1
%Mar 16
*10
20
*10
20
*10
20
*10
20
*15
20
*15
20
6ti% preferred
518 Apr 5
100
13
8
114
18 *114
112
111
13
8
15
114
114 *13
700 Hayes Body Corp
8 112
No par
34 Feb 27
*10014 105 *10112 105 *10112 105
102 102 *100 105 .102 105
100 Helene(OW)
25 6912 Jan 16
*10
13
*10
123 *10
4
113
114 *9
*5
10% *9
Hercules Motors
108
No par
3 Mar 20
413 44
3
4312 45 8 04214 45
46
4812 5012 4812 493
50
1,900 Hercules Powder
No par
12 Feb 27
10412 10412 10412 10412 10418 10512 *10412 107
$7 cum preferred
10412 10412 *10412 106
120
100 85 Apr 5
50
50
*49
50
*49
50
49
493
4914 1,500 Hershey Chocolate__ _No par 3518 Mar 29
4814 4914 49
*81
83
8218 *81
*81
8218 8218 8218 834 8314 *8212 8314
Cony preferred
200
No par 64% Am 5
434 5
5
5
*47
8 5
5
55
512 58
5
5 14
1,800 Holland Furnace
No par
313 Jan 4
73
714
73
7%
8
714
714 *718 77
734
8 *7
712 712
600 Hollander & Sons (A) No par
214 Mar 2
340 351
345 345
350, 35118 365 370
361 373
365 369
3,000 Homestake Mining
100 145 Jan 16
*8
10
*6
10
*612 10
*63 10
*7% 10
*7
4
10
Houdallle-Hershey CIA No par
418 Apr 7
3ls 33
318 318
8 .38
318 314
Class 11
318 313
318 318 1,800
1 Mar 2
No par
*453 47
4
*4534 47
*453 47
4
*453 47
4
453 4534 *46
4
100 Household Finance part p1_50 4384May 16
47
2512 26
2612 27
263 27
4
273 285o *28
2,900 Houston Oil of Tex teen ctts100
4
28
26
29
814 Mar 13
43
5
518
43
4 5
5
5 18 512
5
518 3,300
Voting trust et's new____25
58 538
17 Feb 28
8
2814 30'2 29
313
8 293 304 3012 327
4
3 3112 33
3012 3212 21,400 Howe Sound• t o
25
512 Jan 3
97 lO7o 1014 193
4 1058 111 1
11
4
1214
113 1238 1114 1218 15,800 Hudson Motor Car____No par
3 Feb 28
33
3% 3 4
43
3
32
4
4
8
37
8 43
514
45
8 5
13,500 Hupp Motor Car Corn
10
158 Mar 3
__ ____ ____ ____ _
__ ____ ____ ____ ____ ____ ______ Indian Motocycle_ __ __No par
14 Mar 16
•3
3
3
*3
318
3
3
3
3
*212 318 *212 3%
200 Indian Refining
10
118 April
66
70
7 19,400 Industrial Rayon
6812 70
6812 69
7012 73
7112 73
75
71
No par 24 Apr 4
5112 52
50
53
52
52
553 57
4
563 563
8
53
2,400 Ingersoll Rand
191 Feb 27
563
No par
•30
321 *3014 35 .3012 35
*3314 3518 351 37
35
35
300 Inland Steel
12 Feb 27
No par
5
53
53
8 53
8
514
512
514
6
1,600 Inspiration Cons Copper__ _20
534
512
53
6
4
5
2 Feb 2'
23
4 23
*234 3
*234 3
*23
4 3
3
3
212 2%
500 Insuranshares Ctfs Ino_No par
114 Mar 29
214 214
218 218 *2
25
8
2
218 218
2
2
2
600 Insuranshares Corp of Del_ __1
13 Apr 5
4
*21
234
258 212
212 212
212 212 *238 212 *214 212
900 Intercont'l Rubber
No par
5 Mar 21
8
6
6
6
6
6
6
*63
4 7% *612 714
Interlake Iron
500
7
7
No par
2% Mar 1
*25* 212
258 212 *218 212 *218 3
23
300 Internet Agricul
4 23
4 *23
4 3
No par
7 Feb 17
s
*1112 16
*1112 16
*1112 17
*1112 17
.1112 17
Prior preferred
*1112 17
100
5 Jan 3
132 13212 13018 132
12734 130
130 1331 135 13514 135 136
5,000 Int Business Machlnee_No par 755 Feb 28
6% 6 4
,
6's 7
614 678
8
714
714
73
714 *67
1,800 Internal Carriers Ltd
8 7
1
27 Jan 16
8
27% 2718 27
27
*28
29
29
2938 *2958 3012 2812 2812 7.100 International Cement-No par
618 Star 2
3614 3712 3618 3712 3618 363
4 37% 3914 378 3878 37
38% 21,200 Internal HarvesterNo par
8
135 Feb 28
•117 118 *11612 118 *11612 118 *11714 11712 •11612 11712 .11612 117'z
Preferred
100 80 Jan 5
512 512
512 512
638 612 *6
61
3,100 lot Hydro-El Sys el A__No par
5 8 538
3
5,2 658
21: Apr 4
33
3
3
*234 35
*3
*27
8 4
4
33
4 33
300 Int Mercantile Marine_No pa
4 *3
114 Jan 4
19
2018 1938 205s 195 201.8 2918 203
8
2038 1914 2018 133,600 lot Nickel of Canada_ _No par
4 20
6% Feb 27
•10314 108 *10314 108
108 108
108 108 *10712 10912 *10712 109'2
300
Preferred
100 72 Jan 11
•11
17
11
11
*9
17
912 912 *10
•811 15
15
260 Internet Paper 7% prof_ _100
213 Jan 4
*4% 41.
418 41
4
418
438 458
8
412 41
800 Inter Pap & Pow Cl A __No par
458 43
12 Apr 21
*218 212 .218 212
218 218
2
Class B
218
3
700
3
8
23
4 27
No par
14 Apr 1
134
13
13
4 14
112 13
15
2
14 Jan 6
Clans C
1,500
13
4 *11*
4
17
8
17
No par
938 953
938 938
II
Preferred
912 9% 10
11
4
117
8 103 113
8 5,000
100
2 Apr 5
*1012 1112 10
1012 *1012 1112 *103 1112 1112 1113 *11
1,100 Int Printing Ink Corp_No par
12
4
313 Feb 28
*67
70
*67
70
*67
70
*67
*67
70
70
Preferred
*67
70
100 35 Apr 18
2212 2212 2312 2312 2312 233
4 24
2414 2412 1,500 International Salt
24% 24
24
No par
133 Mar 28
4
4113 4112 *41% 42
4113 413
4 4114 413
4 4214 4212 43
45% 2,9t00 International Shoe_ _ _ No par 243 Jan 3
8
3918 *40
39
42
40 40
41
4138 39% 3914 38
40
1,400 International Silver
91g Feb 25
100
513 513 *50
4
4
515 5318 55
52
573
58
4 54
54
5512
7% preferred
190
100 2411 Mar 2
1258 1318 1212 1318 1214 123
133 137
4 13
14
8
1258 135 43,700 Inter Telep & TelegNo par
51 Feb 28
4
4
*4
43
4 *4
412
4
414 414
4
700 Interstate Dept Stores_No par
45* *4
113 Mar 2
*2514 26
*2514 26
25
2514 2418 25
25
25
29
Preferred
*25
60
100 12 Apr 7
*614
814 *614 814 *614 814
*514 61
614 614
*514 614
100 Intertype Corp
17 Jan 24
No par
82512 2713 *26
2712 2612 261 *24
2714 *2412 26
26
100 Island Creek Coal
*25
1
11 Feb 27
32
32
*31
311* 31
31
3014 2812 2914 2653 2712 2,000 Jewel Tea Inc
30
No par 23 Feb 27
47% 51
49
5112 4812 5934 52
55% 5218 543
4 511 4 5412 48.100 Johns-Manville
1214 Mar 2
No par
99 100
*95 1033 *92 1033 1033 104
4
t
104 104
10112 103
Preferred
660
100 42 Apr 5
.
70 •_ _
70 .55
75 •____ 70
70
Jones & Laugh Steel pref_100 35 Feb 1
*60
*60
70
714
*63
71 1
714
7% *7
600 Kaufmann Dept Stores $12.50
73
8 73
758 714
712
8 *7
238 Mar 15
1412 1413 1434 1514 14% 15
15
1512 143 154 15
4
2.500 Kayser (J) & Co
15
3
25
67 Feb 27
212 2158
25
8 238
212 238
24 3
3
3
278 28 3,800 Kelly-Springheld Tire
6
7 Slat 2
8
12
12
12
12
12
12
14
14
*13% 1312 *1312 1612
500
6% pref
8 Feb 28
No par
412
*4
4
*312 412 *312 412 *312 412 *312 41_
4
100 KelseyHayesWheel con v.cLA 1
2 Feb 27
*212 312 *212 312 *212 3
Class 11
*212 312 *212 312 .
212 3
,
1
2 Mar 27
1118 1112 1114 113
4 11
11% 123
1158 11% 1218
8 115 1214 24,400 Kelvinator Corp
s
No par
31g Feb 28
60
60
*57
65
•6012 65
*6012 6212 *6012 6212 6012 6012
20 Kendall Co pt pf ser A_No par 30 Jan 10
2012 2214 21
223
8 21
217
8 217 233
8 2212 235
4
No par
8 213 2318 84,300 Kennecott Copper
758 Feb 28
•15
16
*15
10
*15
16
*1512 16
*1512 18 .15
18
57 Apr 6
Kimberley-Clark
No par
*2
314 *2
3
3
*3
3
314 *3
314 *3
3%
100 Kinney Co
No par
1 Apr 3
*11
25
*1112 25
*1112 25
*1112 25
*1112 22
*1112 25
Preferred
No par
438 Feb 14
117 1218 12
12% 12
1214 1214 123
4 123 1314
9.100 Kresge (SS) Co
123 13
4
10
512Mar 2
*100 106 *100 106 *100 106 *100 106 *100 106
10
100 100
% preferred
100 88 Apr 4
•30
34% •31
3412 *31
3412 *31
3412 .31
3414 .31
Kress (S 11) dr Co
3414
No par 27 Jan 17
22
2212 22
2214 2214 2214 22% 2358 223 2314 22
8
223 10,300 Kroger Gros & Bak_ No pas
1413 Feb 28
307
30 30
30 3 303
8
8 3014 3012 30
3012 3012 29% 3078 3,300 Lambert Co (The)_No par 2218 Mar 2
*412 63i *412 6 4 .412 53
3
4 •43
8 53
412 48
*412 512
30 Lane Bryant
No par
3 Feb 8
9
9
*83
4 9
83
4 83
4
85
8 9
83
4 914
812 812 2.300 Lee Rubber & Tire
S
33 Mar 2
4
1012 13 .12
14 .11
13
133 133 *1212 15 .123 15
4
4
400 Lehigh Portland Cement50
8
57 Jan 5
8
*76
77
90
877
77
77
77
77
*7614 77
*7614 77
300
7% preferred
100 34 Feb 9
3
3
03
3 12
3
3
*314 312
3
3%
3
3
8 0 Lehigh Valley Coal---No par
0
1 Jan 13
57
*6
8
612
*6
6
614 64
7
7
614 614 1,600
Preferred
60
213 Apr 10
6712 68
*6614 6812 654 66
68
69
6912 6934 6912 6912 3,800 Lehman Corp (The)_ _No par 371: Feb 28
19
19
1812 1812 1812 1812 1813 19
19
19
*1812 19
800 Lehn & Fink Prod Co
o 14 Feb 27
2613 28
2714 2814 2712 2812 2838 3012 293 305
2814 303 36,500 Libby OwensFord Glass No par
8
434 Mar 1
93
93
94
9214 9214 *92
9238 041 *94
96
.94
97
500 Liggett & Myers Tobacco...25 49 Feb 10
9312 94
94 12 9412 9312 9414 9413 963
8 953 963
4
4 9612 97,
Series 11
2 7,400
25 4914 Feb 16
•136 1413 *13712 13812 •136 13812 136 1381 *136 13818 .136 138
4
Preferred
100 121 Mar 22
1518 1518 *1518 16 .1514 1513 16
16
1814 16% .1612 163
4
500 Lily Tulip Cup Corp__No par
13 Apr 0
2714 29
*2612 2812 27
27
2712 2812 2812 29
2814 29
1,500 Lima Locomot Works-No par 10 Jan 17
*1212 15
*1212 1478 *1212 147 *13
8
1478 *13
147 *13
8
15
Link Belt Co
No par
6% Apr 17
2512 273
8 2538 2612 2512 2612 275* 30
28
29
29
3114 7,900 Liquid Carbonic
No par
1014 Feb 25
29
30% 30
313
8 29% 3014 3112 33% 32
333
8 3038 333 22,300 Loew's Incorporated___No par
8
813 Mar 22
•69
75
*69
75
*69
*7012 75
75
*6812 7558 *6812 753
3
Preferred
No par 35 Apr 4
214 214
2%
214 214
214
23
8
238
2% 213
214 238 3,700 Loft Incorporated
No par
I% Feb 24
218 2% *2
214
214
214
2%
258 •2% 212 *218 212
600 Long Bell Lumber A.
-No par
% Feb 28
*35
373
4 38
*37
38
38
38
39
39
39
38
39
1,200 Loose-Wiles Biscuit
25 1914 Feb 27
•118 119 *118 119 *118 120 *11812 120 *11912 120 *11912 120
7% 1st preferred
100 11312hlay 0
205 2114 207 2I18 207 213
8 213 213
8
4 208 22
s
203 2111 16,700 Lorillard (P) Co
8
No par 1058 Feb 16
8
*102 1053 *102 10518 10312 10312 .101 106 .10112 10312 *10014 10312
100
7% preferred
100 8712 Feb 23
*2
21
•2
214 *2
214 .2
214 *2
212 .2
212
LouLsiana 011
No par
58 Jan 5
0 10
.1014 17
17
*11
17
17 .11
*11
15
*11
17
Preferred
31: Feb 24
1012 161 .16
1612 1611 1614 16% 1714 1714 1738 1712 1712 1,400 Louisville Gas & El A_No 100
par 137 Apr 8
8
912 103
8 10
4 .912 1012 103 11
103
1118 1112
4
1112 117
1,900 Ludlum Steel
1
4 Feb 28
*40
56
545
*40
56
56
•40
56
*40
56
*40
56
Cony preferred
No par
1438 Mar 28
28
28
2712 2712 *263 28
28
8
28
*27
28 .2712 28
500 MacAndrews & Forbes
10
913 Feb 16
2914 30% 2914 3014 2914 3014 3012 33 .32
3212 3012 3012 4.500 Mack Trucks Inc
No par
131: Feb 27
*53
54
543
553
4 513 523
4 54
4 5534 57
52
55
57
4,300 Macy (Ft ID Co IncNo par 2414 Feb 25
*23
4 33
4 *23
4 4
s
3
27
8 27
3
27
3
*27
8 3
500 Madison Su Gard •t o_No par
15 Mar 30
8
4
*15
8
1612 *145 153 *14158 16
1514 1618 16
16
*1512 1614
400 Magma Copper
No par
53 Mar 2
8
•218 23
218 2%
8
258 25
2% 218
8 *218 25
5 •218 27
300 Mallinson (H Ft.) & Co_No par
7 Feb 18
s
8
•10
1612 *10
157 *10
157 *10
8
157 .10
157 *10
1578
7% preferred
100
3 Feb 10
17
•13
*112
.112 27
4 23
8
17
17
*112 2% *112 23
4
100 Mental Sugar
100
14 Jan 4
33
33
*312 4
*33
4 4
*33
4
4 *33
4 4
33
334
20
Preferred
100
3 Jan 6
8
43
413
*47
5
8 *43
8 43
48 47
412 412 *458 63
8
190 Mandel Bros
No par
113 Jan 3
4
123 1312 .123 141_ *13
4
1412 14
*1314 14
14
14
14
300 Manhattan Shirt
25
51 Apr 1
:
*234 3
23
23
*234 3
2,18 23
234 2% *23
400 Maracaibo 011 Explor_No par
8 3
12 Jan 18
758
71s 7 2i
714
,
71: 714
712
712
7 2 73
,
4
7,2 PS 3.400 Marine Midland Corn
10
558 Star 31
• Bid and asked prices, no sales on this day. a Optional sale. c Cash sale. 8 Sold 15 days. x Ex-dividend. y Ex-rights.




Highest.

PER SHARE
Range for Previous
Year 1932.
IdItC8Jt.

Highest.

$ per share $ per share $ 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
5
4% Aug
35 July 17
718 July 28 Aug
1012July 7
1118 Jan
312 July
9 July 14
2 June 12 Feb
35 July 17
20 Oct 30 Mar
85 Aug 28
33 May 70
Jan
7 May
2512July 11
18 Sept
4June 6
le Dec
13
2 Sept
214June 6
%June
4 Mar
12 Dec
712June 21
3 Aug
30 June 21
5 Aug 20 Sept
4, Jane
312July 17
313 Sept
10212Sept 1
50 June 8158 Sept
43 June
4
17 July 6
812 Jan
63 July 1
1378 Aug 291: Sept
7013 June 95
110 July 19
Jan
431 July 83 Mar
72 July 18
90 July 18
57 June 83 Mar
1012June 20
314 Dec 1212 Aug
1012June 7
2% Dec 1038 Mar
373 Oct 5 110 Feb 163 Dec
15 June 8
6 Dec
712 Nov
6%June 9
1 May
41: Sept
5114 Jan 12
4214 June 571 Jan
38 July 17
8% May 2814 Sept
8July 7
73
1% May
538 Sept
33 Oct .5
478 Dec 1612 Jan
163
8July 17
2% May 113 Jan
4
73 July 13
4
11: May
558 Jan
238June 6
2% Sept
38 June
4I2June 21
1
Apr
234 Nov
8212July 17
713 June 40 Sept
143 Apr 447 Sept
4
78 July 18
8
457
8July 7
10 June 2773 Sept
75 Sept
34 May
912June 2
37 Jan
37
8June 8
1 June
41: Jan 10
314 July
818 Sept
412July 18
14 Apr
318 Aug
12 July 13
15 July
8
714 Sept
14 Apr
.538July 18
313 Aug
33 Apr 15 Aug
2712July 19
15314July 18
5213 July 117 Mar
107 July 7
5
114 May
512 Jan
40 July 17
35 June 1834 Jan
8
46 July 17
1038 July 341g Aug
11918 Aug 15
683
4June 108
Jan
13 8 July 19
7
25 June 1158 Mar
8
67 une 20
8J
7 June
8
414 Aug
22-38 Sept 19
312 May 1213 Sept
109% Sept 12
50 June 86 Mar
213
4Ju1y 11
8June 12 Sept
13
10 July 10
12.june
8
48 Aug
53
4July 10
2 Aug
14 May
14 Apr
4 July 11
112 Sept
2212July 11
4
13 Dec 123 Sept
8
13 July 3
3
8% Mar
Dec
71 Aug 23 22484 Jan 45 Nov
273
4July 5
%%June 231: Feb
563
8July 17
2014 July 443 Jan
8
5912July 17
71 July 26 Sept
:
717
8July 17
26 Slay 65 Feb
21%July 14
25
8May 1534 Sept
87
8July 7
112May 11
Jan
40 8July 12
3
18 June 5213 Jan
1114July 7
21: Dec
7 Apr
32 July 15
1014 Apr 2012 Aug
45 July 7
1518 May 35 Feb
60 8July 17
3
10 May 333 Sept
8
10614July 11
45 July 995 Jan
91 July 18
Jan
30 July 84
sJune 9
93
914 Mar
3 May
1912July 5
43 July 145 Sept
4
618July 13
--_ _---- ___3118June 2
8 May 12
--.. -__
--- ---4June 26
63
153 Sept 14
8
103
- -3- May - - 8 Feb
24
73 July 8
17 July 38 Feb
8
26 Sept 19
47 June 1914 Sept
25 8July 7
3
612 Dec 19% Jan
13 Apr
614June 7
5 Sept
30 July 7
3 June 19 Aug
167
8July 8
8
65 July 19 Jan
88 May 110 Mar
105 June 14
4414 July 13
18 June 37
Jan
3538July 11
10 May 187 Mar
8
4118July 17
25 May 563 Jan
4
2 May
1012June 28
71 Aug
13 Apr
4
8% Sept
1258 July 19
35 Apr 11 Aug
8
27 June 20
40 Dee 75
Jan
78 Sept 5
68July 14
1 May
45 Aug
12 June 19
114 July 1113 Aug
7938July 7
3013 June 517s Sent
6 May 2414 Mar
2314June 6
3738July 18
8
93 Sept
35 May
3214 J,,ne 6513 Oct
98 Sept 18
993 Sept 15
8
3418 May 6714 Sept
Oct
14018Sept 18 100 May 132
21125lay 16
14 June 21 Mar
4July 3
313
811 Apr
HOS Aug
6ltJune 14 Mar
4July 5
193
50 July 18
9 May 22 Mar
3612 Sept 18
13% May 375 Sept
39 July 80 Sept
7818July 19
414June 8
5 Sept
1s June
14 May
512June 19
2% Aug
4212July 12
1618 July 3638 Feb
Oct '
120 Jan 14
98 July 118
2514July 6
9
May 1858 Sept
7318 Jan 10818 Sept
10518 July 8
13 Jan
4 July 12
2% July
3 Dec 18
29 July 21
Jan
815 June 2358 Mar
253
4June 13
113 Jan 113 Sept
8
30's July11
60 July 18
612 Jan 26 Sept
2918 Sept 23
1514 Feb
91 Aug
:
46-38 July 7
10 June 2884 Sept
:
65 4July 7
3
17 June 601 Jan
411 Sept
218 Jan
7 June 20
1958 July 19
4
413 Apr 133 Sent
4 Sept
1: Jan
514June 29
4 Aug1018 Sept
26%July 8
214 Sept
534July 10
18 Ma
14 Apr
8July 19
314 P.Pt
97
45 Sept
Dec
978June 10
1
23 July 18
34 June
9 Ala
3 June
4 June 12
Ill AUg
e1lJl,ne
143 Ang
8
1113 Jan 9

New York Stock Record-Continued--Page 6

2600
eir FOR

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept.30.

Monday
Oct. 2.

Tuesday
Oct. 3.

$ per share S per share 3 per share
4
4
•143 16
4
143 143
0143 16
4
_ _
. 7 1531 8 - 4 15 4 -'
3 1614 154 I5 4
- 337
384 3718 3
8
37
38
285 285
8
8 29
29
29
294
412 412 *45
8
5
412 47
8
1018 1012
11
11
*1012 11
027
467 *27
8
4512 *27
4512
*25
2718 *2518 2612 2614 2614
118
118
14
1,
8
1
114
112
112 *112 17
8
13
4
13
4
412 412
47
8 518
5
5
*4
5
4
4
418 44
4234 4514 4412 465
8 4412 45 8
5
775 79
8
07712 79
763 7814
4
612
8
8 ' 614
614
6
15
15
*1514 157 •15
8
153
4
13
8 13
8
13
8
13
8
114
13
8
0.514 8
*514 814 0514 814
*2618 2712 27
27
2614 2614
9
9
9 18
9
83
8 93
4
*3118 38
*3118 37
*3118 37
1614 1614 *1514 187 *15
2012
8
*2015 22
*2018 22
*2018 22
5
5
518 *47
8 5
5
1214 1212
1218 1258 1212 13
8
8
1012 105 105
1014 1078 *10
*61
70
60
*60
72
60
2312 2312 *24
25
2312 2312

2!4

21,

Oct. 7 1933

SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.

214 214

214

19 - *15
015
*13
15
*13
624 63
64
1812 193
4 183
4
4018 *38
*38
1
7
8
I
4
412
414
27
2818 293
4
83
4 83
4
9
043
4 6
*43
4
11
1114 *12
•12
13
*12
3
512
514 5 4
*1518 18
*1512
1812 1914 19
44 418
418
53
8
*5 13 6
3
8
5114 483
50
*14112 14418 *14112
15 4 1614 16
3
1378 144 133
4
*1
114 *1
512
*514 5 8
5
8314 8914 844

19
143
4
64
197
8
43
1
44
293
4
914
54
3
15
13

*10
14
63
185
8
*38
7
8
4
2812
*834
*43
4
012
*12

214

18
14
63
1912
4018
I
414
29
9
512
15
1212

Wednesday
Oct. 4.

Thursday
Oct. 5.

$ per share
1412 1412
_
157 165
8
8
39
413
4
30
30
514 514
11
1212
4512 49
2612 27
118
114
13
4 13
4
5
5
*4
44
4512 484
787 8114
8
818 84
157 1812
8
114
114
*512 814
263 263
4
4
938 1012
03118 37
*16
18
'2018 22
5
54
123 1314
4
1118 1234
*65
70
25
25
23
4 23
4
*14
19
1414 15
644 87
8
1914 213
40
43
7
8
1
414 47
8
2912 314
938
9
*43
4 53
4
12
11
1212 13

$ per share
*143 15
4
_
__ _
-58
4
4012 4114
2814 2912
5
58
3
*1114 13
46
46
*2712 2812
118
118
*112 17
8
518 54
414
*3
444 4612
7914 813
4
812 63
4
*1512 165
8
138
13
8
*512 84
2712
*27
10
103
8
*3118 37
167 17
8
02018 22
514 53
4
4
123 1318
123 13
4
*61
70
24
25
23
4 23
4
19
*10
*1412 15
66
667
8
2034 2138
*41
44
1
1
412 47
8
8
313 323
8
938
938
'43
4 514
*11
15
14
*13

Friday
Oct. 6.

Sales
for
the
Week.

$ per share Shares.
4
800
0143 15
_
.
164
154 - - 3- 8,700
9,500
4018 42
2,600
2818 29
2,400
5
5
*10
11
700
170
50
50
300
*2818 2812
14 5,300
118
112 112
600
*5
712 1,400
300
4
4
43
4814 113,300
5,400
7712 80
4
612 63 12,400
400
*15
1612
112 112 1,700
*54 814
2714 2714
400
3,800
914 10
*3118 37
300
*16
18
02018 22
514 514 2,900
1238 123
4 5.800
2,400
123 13
4
100
70
*61
800
254 2514
212 258 1,200
19
*12
600
1514
15
1,800
6614 6614
1912 2138 110,500
400
41
41
78
1
7,800
4
412 43 16,000
5,300
30
31
9
1,700
9
*43
4 54
90
*11
15
200
.123 14
4

4 4,600
53
4 53
512 6
5 4 618
3
54 512
58
5
200
18
*154 18,
8 1514 1514 *1512 1818 1514 1514
194 1912 213
213 15,400
4
194 19
4 21
223
8 20
1,300
412 458 *412 5
418 438
438 43
8
4,
8
100
514 *5
5 8 *5
54 *5
3
518
3
5 3 *5
14.100
51
8
8 49
40
505
5114 483 49
8 494 503
800
140 140
14212 14114 14112 140 14018 *13912 141
1614 16
1612 167 1712 1738 1734 1612 1738 6,100
8
14l
4 1518 1512 34,500
8
8 1514 153
14
1438 145 157
11
*1
114
112 *1
114 *1
114 *1
90
4 43
5
5 14 *43
4
512
4 514
512 512
43
8
4
,
89
85 4 8818 884 9412 923 9512 9114 957 145,300
__ ____ ____ ____ ____ ___
400
1612
15
15
*1412 15
15
*15
15
15
15
*124 15
4
4
100
4
011712 122 012018 130 *120 1293 125 125 *11712.1293 *11712 1293
100
12518 12518 *125 12712 *125 12712 012218 12712 *126 12712 *125 12712
100
10512 10512 *104 108 *104 108 *104 108 *104 108
*104 108
Hos 1058 1034 12 1112 1178 1078 11118 16,900
1014 104 103 ln
8
7,600
3714 3812 3812 4212 404 41
3614 3712 3714 38
4112 43
14 • 14
*1312 1514 *133 14
200
8
*133 1414 *1318 15
8
13
13
36
4012 *37
40
4012 38
4012 3812 37
*37
*37
40
*37
600
318 318
34
314 03
3
3
3
3 14 *3
3
*3
2112 1912 2012 10,400
1714 1912 20
171 1 1612 17
1612 1714 17
100
8 612
7
*6
612 612 *6
*612 7
7
*63
*612 7
_
_ _ __
_ __
_ _ __
__
_ _ __
V
i 1:4155
12
i
ais - -i3- *612 8
631
U2
i
ii4 14
36i4 900
*15
*1612 17
1612
1614 1512 16
*15
16
17
1718 16
5
518
5
"514 6
518
5
210
518 518
5
5
5
9
9
9
10
260
1018 1018
0
94 912
10
9
9
7
8 3.500
7
8
7
8
7/1
3
4
3
4
3
4
7
8
7
8
3
1
3
4
3
1
13
13
137 143
8
8
8
8 1414 147
1312 133
8 135 1418 4,100
4 133 14
*71
7934
70
71
30
*7514 77 *__ 75 •__
71
80
70
88
8612 8612 *8818 95
60
8612 8012 8818 8818 *861z 8912 88
*8812 100
*8812 100
30
08812 100
*8812 100
10112 10112 100 100
3512 35 4 36 3 3512 3614 3412 3614 16.300
3
1
3614 35
35
3414 36
18
193
4 1912 2012 1812 2018 56,300
1712 18
173 177
8
8 1712 1814
36
3612 3512 3512 3638 3638
800
*353 36
8
36
36
035 8 36
3
6
612 9,100
614 612
53* 5 4
5 4 614
3
54
3
5
3
8 6
3
55
57
57
57
400
57
*55
57
*5618 5712
57
57
*51
*50
*3l
8 *35
8 412 *33
8 *34 47
44 0312 43
*314
458
8 412
4
40
3412 3412 *3312 393 *3312 35
*3312 393
4
3353 3312 *3312 35
34 314 .34 312
338 338
400
*318 34
4
•3
4
*3
3
8
4 1518 163 32,800
8 15 8 1614 157 163
8
8 143 153
8
145 157
8
8 1514 157
4
412
33
4 414
3 8 35
5
8
33
4 34 4,400
3
3
33
4 37
8
34 34
*137 18 '13
8
16
17
*13
17
*13
*1312 19
*1312 15
700
8
6
6
'6,
s
Os
618 61s
612 65
612 612
612 612
400
4 914
4 *73
812 93
4
9
8
*8
8
8 s *8
7
*812 93
11
14
13E8 14
-Ili- -- 14 11
14
10012 10012 *10012 110
010012 110
4
414
4
4
4
418
8 9
7
74 7 8 '73
712 8
7612
7412 7614 75
75
75
204 2112 2118 213
4 204 21
26
26
2612 2612 2614 2612
23
*23
237
8
23
23
23
85 85
*85
8512
86
*84
8
34 4
3
3 4 37
3
33
4 4
0853 14
*814 14
*84 14
2714 2918 3012 32
8
304 317
.138 112 *138 112 *138 112
17
8
218 218
13
4
2
2
14
138
13
8
114
11 4
13
8
27
8 33
8
34 33
4
34 314
114
112
13
8
111
11i
118
8
8
818 85
78 8
5
8
1812 2012 1914 2012 193 197
8
8
4
4 18
4
414
4
4 18
5512 54
54
*53
05312 54
44
445
8 43
4314 43
43
10412 10412
810212 105 *10212 105
4
4 14
414 414
4
44
*1214 168 *113 15
8
8
*1218 15
3212
32
3112 32
8
307 31
012
13
0113 15
4
12
12
8 1112 12
4
115 114 113 117
8
1614 165
8
3
1538 163
4 15 4 17
27
27
*25
*25
*25
30
52
40 •__
40
43
43
8
412 44
412 43
412 45
4
1314
1314 *13
•13
1312 z13
*9
11
14
09
II
*9
15, 153
8
4
154 16
1518 18
4712 812 *712 812 '712 812
*27
8 4
3
3
027
8 3
3*
7
8
3*
7
8
7
8
4
814 814
9
*814 912 *814
134
17
8
13
4
13
4
4
13
13
4
21
21
21
4 21
203 203
4
8
8
•653 6612 673 6738 6718 6718
01212 15
*1212 15
17
*12
*35 ____
.35
*35

1512 143 1414
8
1412 1518 15
99
99
10012 10012 *99 100
418 414
414 412
414 414
*734 93
4
812 912
818 814
7812 7912
764 7812 7853 79
2078 2118 2118 217
8 205 214
8
8
2714 27
8
2712 265 265
27
2412 25
23 8 2512 2412 25
7
88
8512 8614 *854 8612 85
378 41g
34 4
37
8 4
812 812
*814 14
*814 14
8
3514 337 36
32
347
8 33
178 "112 17
8
112 112
112
4 *17
8 2
13
4
13
17
8 218
8 112
14 112
13
138
13
8
318 314
314 312
314 312
112
114
8 112
13
8
112
13
85
8 9
83
4 0
814 9
2112
4
8 20
197 2218 203 215
8
4
412 43
4
4 18
458 5
5512 56
5612 563
4 5612 5612
4414 46
44
4518
4512 46
10312 10312 *10312 105 *10312 1047
8
44 41* *4
412
44 418
*12
15
01218 15 • 12 15
12
343 35
8
32
3312 344 31
012
13
*12
13
*1212 13
1238 123
4 1212 1318 1218 1218
163 174 167 175
4
8
8 1614 1712
26
26
2618 2618 2714 2714
52
.40
5112 *41
5112 *42
8
5
512
53
8 55
5
5
14
13
1212 1318 1318 1318 13
•812 14
*8
10
*9
14
8
8
4 1558 1812
157 1612 163 163
*712 812 *712 812 "712 812
*3
312
312 *318 312 *3
78
1
1
7
8
7
s
1
85
*9
8 88
5
912 *814 912
17
8 2
178
178
*17
8 2
21
2114 2114 2114 213 217
4
8
*667 69
8
6658 67
68 6818
143 143 01412 143
4
4
14
14
4
035 ____ *3518 ____ 03518
__

5,100
100
3,200
700
5,400
6,000
3,700
1,100
270
18,200
100
24,600
500
1,700
4,400
6.600
5,200
3,800
56.000
4,800
1.100

PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.

Indus. & MIscell. (Con.) Par $ per share
Marlin-Rockwell
No par
8 Feb 27
Marmon Motor Car
No par
14May 5
Marshall Field & Co
No par
414 Jan 30
Mathieson Alkali workgNo par 14 Feb 27
May Department Stores_25
93 Feb 24
4
Maytag Co
No par
118 Apr 10
Preferred
318 Apr 4
No par
No par 15 Apr 6
Prior preferred
McCall Corp
No par 13 Mar 3
MeCrory Stores class A No par
38 Apr 15
Class 11
No par
114 Jan 13
Cony preferred
100
212 Mar 17
McGraw-Hill Pub Co_No par
3 Apr 4
McIntyre Porcupine Mines_ _5 18 Mar 18
McKeesport Tin Plate_No par 4418 Jan 4
McKesson & Robbins
134 Mar 2
5
Cony pref series A ___ _ _ _50
35 Mar 3
8
McLellan Stores
No par
14 Feb 21
8% cony pref ser A
100
218 Jan 16
Melville Shoe
No par
83 Feb 27
4
Mengel Co (The)
1
2 Mar I
7% preferred
100 22 Jan 28
Mesta Machine Co
6
7 Feb 24
Metro-Goldwyn Pict pref _271312 Mar 1
Miami Copper
158 Mar 3
6
Mid-Continent Petrol_No par
33 Mar 2
4
Midland Steel Prod____No par
3 Mar 2
8% cum 151 prof
100 26 mar 3
Minn-Honeywell Regu_No par
13 Apr 4
Minn Moline Pow Impl No par
rs Feb 3
Preferred
6 Feb 7
No par
Mohawk Carpet Mills_No par
7 Jan 23
Monsanto Chem Wks_No par 25 Mar 3
Mont Ward dr Co Inci_No par
853 Feb 25
Morrel (J) dr Co
No par 25 Jan 6
Mother Lode Coalition_No par
18 Jan 9
Moto Meter Gauge&Eq No par
14 Jan 5
Motor Products CorpNo par
73 Mar 1
4
Motor Wheel
No par
1 12 Mar 1
Mullins Mfg Co
14 Mar 21
No par
Cony preferred
No par
5 Mar 21
Munsingwear Inc
No par
5 Mar 30
Murray Corp of Amer
10
15 Feb 25
8
No par
Myers F & E Bros
8 Jan 25
Nash Motors Co
No par 11 18 Apr 12
National Acme
10
118 Feb 28
National Bellas Hess pref- -100
114 Jan 27
National 13iscult
10 3112 Feb 25
100 118 Mar 3
7% cum pref
Nat Cash Register A-No par
518 Mar 2
No par 1012 Feb 27
Nat Dairy Prod
Nat Department Stores No par
4 Mar 15
100
Preferred
114 Feb 23
National Distil Prod___No par 1672 Feb 15
40 24 Feb 8
.50 preferred
5 Feb 2
Nat barn & Stamping_No par
100 4314 Feb 23
National Lead
Preferred A
100 101 Mar 1
100 75 Feb 23
Preferred B
National Pow & Lt.---No Par
67 Apr 1
8
National Steel Corp___No par 15 Feb 27
National Supply of Del
50
4 Apr 6
100 17 Feb 23
Preferred
10
114May 3
National Surety
No par
National Tea Co
1112 Jan 4
No par
Nelsner Bros
112 Jan 16
Nevada Consol Copper_No par
4 Feb 28
13 Star 29
8
Newport Industries
1
No par
N Y Air Brake
8,4 Apr 4
412July 22
100
New York Dock
812 Mar 30
100
Preferred
12 Apr 3
No par
NY Investors Inc
NY Shiplaldg Corp part stk.. _1
134 Jan 4
100 31 Jan 9
7% preferred
No par 80 Mar 24
NY Steam $6 pref
No par 0314 Apr 25
$7 lot preferred
Noranda Mines Ltd-- _No pat 173 Jan 14
8
No par
1514 Apr 4
North American Co_
60 32 Feb 28
Preferred
North Amer Aviation
5
1 Feb 27
No Amer Edison prefNo par 48 Apr 19
North German Lloyd
41s Sept 7
Northwestern Telegraph- -50 263 Apr 27
4
Norwalk Tire de Rubber No par
1 18 Feb 23
No par
Ohlo Oil Co
43 Feb 27
4
Oliver Farm Equip__No par
14 Feb 27
314 Feb 28
No par
Preferred A
114 Mar 2
Omnibus Corp(The)vtc No par
Oppenheim Coll & Co No par
212 Feb 28
13 Jan 30
8
Circuit Inc pref_100
Orpheum
No par 1018 Feb 27
Otis Elevator
100 9312 Apr 5
Preferred
14 Mar 1
No par
Otis Steel
24 Feb 28
100
Prior preferred
Owens-Illinois Glass Co____25 3112 Mar 3
25 20 Apr 7
Pacific Gas 04 Electric
No par 2514 Star 31
Pacific 1.tg Corn
6 Feb 21
100
Pacific Mills
100 65 Mar 3
Pacific Telep & Teleg
13 Mar 24
4
Packard Motor Car_ _ ..No par
8 June 2
Pan-Amer Petr & Trans new_B
No par
6 Jan 20
Park-Tilford Inc
I, Mar 21
Parmelee Transporten_No par
3 A pr 18
8
Panhandle Prod & Ref_No par
18 Apr 5
Paramount Publix efts. __10
1
54 Jan 9
Park Utah C M
No par
14 Jan 4
Pathe Exchange
Preferred class A _ __ _No par
114 Jan 25
53 Jan 16
8
Patino Mines & Enterpr No par
Peerless Motor Car
3
3 Feb 16
4
No par 32512 Feb 27
Penick & Ford

No par
7,400 Penney (J C)
100
Preferred
200
1.600 Penn-Dixie Cement___No par
100
Preferred series A
3,300 People's0 L dr C (Chia)_ 100
No par
100 Pet Milk
5,100 Petroleum Corp of Am_No par
25
-Dodge Corp
44,900 Phelps
300 Philadelphia Co 8% pref_50
No par
36 preferred
300
5,200 Phtla kir Read C dr I_ _No par
1,100 Phillip Storris & Co Lid____10
Phillips Jones Corp___ _No par
20,700 Phillips Petroleum
Ni par
Phoenix Hosiery
5
300 Pierce-Arrow class A__No par
25
1,800 Pleree 011 Corp
Preferred
100
200
No par
1.900 Pierce Petroleum
1,200 Pillsbury Flour Mille_No par
700 Pirelli Co of Italy Amer shares
100
200 Pittsburgh Coal of Pa
100
Preferred

•Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 days




STOCKS
NEW YORK STOCK
EXCHANGE.

z Ex-dividend. c Ca-sh sale.

1914 Mar 2
90 Jan 4
54 Jan 25
44 Mar 2
29 Sept 27
6Ii Feb 2
8
45 Jan 3
414 Jan 4
25 Apr 11
40 Oct 2
24 Feb 27
8 Feb 23
3 Feb 8
414 Jan 4
15 Mar 15
8
112 Apr 18
14 Jan 3
372 Feb 27
5 Jan 23
8
93 Feb 24
8
33 8 Apr 4
3
4 Feb 25
17 Jan 26
V Ex-rights.

Highest.

PER SHARE
Range for Precious
Year 1932.
Lowest.

$ per share $ per share
2014June 3
534 May
218June 0
12 Apr
183
8June 3
3 July
433 Sept 20
4
9 June
33 Sept 18
91* June
812July 10
1 July
1514 Aug 28
3 Apr
5318 Aug 28
2218 Dec
303
4Sept 15
10 May
47
8June 8
812 14ec
8 Jan 5
6 Dec
21 Jan 9
20 Dec
818June 12
212 May
4718 Sept 20
13 Slay
95 4 Aug 28
3
28 June
1312July 3
118 June
318 May
25 July 1
38 July
338July 11
2278July 11
7 Dec
28 Sept LS
778 Dec
20 July 19
1 July
57 July 18
20 May
21 Sept 12
514 May
22 Sept 1
14 June
9 4June 2
3
112June
16 July 7
334 Apr
173
4July 7
2 June
72 Sept 6
25 June
3818July 19
11 June
5 4July 18
3
5 June
8
30 July 18
4 Dec
22 July 17
512June
7412 Aug 10
133 May
8
287
8July 7
312 May
56 July 3
20 May
218June 22
18 May
4Sept 14
63
14 Apr
363 Sept 14
4
73 June
8
115
8July 10
2 June
10 4July 18
3
2 June
25 June 9
5 June
8June 27
7 Aug
183
1112July 17
218 July
2012July 10
74 June
27 July 10
8 May
73
4July 7
114 May
97 July18
18 Slay
6058June 28
2014 July
145 Aug 18 101 May
235 July 19
*
z614 Dec
253
4July 19
143 June
8
212June 26
14 June
10 Julie 6
114 Doc
13 June
8July 17
1247
115 June 28
2018 May
338 July
183
4Sept 18
130 Sept 23
45 July
126 Aug 22
87 July
10918July 19
61 July
65 June
8
20,2July 13
5518July 7
1312 July
8June 12
312 June
285
131* Stay
6014June 3
812 Jan 6
412 July
312 May
27 July 18
1218June 26
112 Apr
113
8June 2
21* Slay
4July 5
1 12June
113
2312July 7
414 June
1178June 23
318 Dec
22 June 23
20 Apr
4June 12
23
4 June
2212 Aug 9
15 Dec
8
20 June
00 June 19
70 May
1017 Aug 8
8
110 Jan 11
90 June
8Sept 20
103 May
387
4
3612July 13
133 June
4
46 Jan 12
2512 July
9 July 17
114 May
79 July 13
49 July
10 June 7
23
8June
43 June 5
15 June
57 July 18
114 Feb
1758July 6
5 Jan
83
4July 7
12 Apr
30 4June 9
3
212 May
83
4July 18
112 Jan
15 June 2. 3 June
7 June 9
314 June
2514July 18
9 May
106 July 11
90 May
911June 13
114 May
213
4June 13
318 Slay
963
4July 13
12 June
32 July 12
167 June
8
433 Jan 11
8
20 4 June
3
29 July r
314 May
943
4July 14
58 June
112 July
67 July14
*
14 July 10
36 Oct 6
Apr
3 July 1
'June
414June 2 1
14 Dec
212June 6
44 July 18
4 -Alm
14 May
2's July 10
114 June
97
8July 18
34 July
2218July 17
918July 17
3 June
4
593 Aug 29
4
16 June
13 May
525
8Sept 18
108 Aug 1
60 June
912June 19
4 Apr
32 July 5
3 Nov
78 Jan 9
39 July
5 Der
1514June 8
15 July 3
24 May
187 Sept 19
8
34 June
36 July 7
18 June
48 June
62 July 8
2 June
912July 14
7 June
147
8June 7
4July 18
312 Apr
183
4Sept 18
2 June
183
2 Nov
1278June 7
114 June
10 June 26
14 Jan
15 July 12
8
1318 July 12
34 Jan
II May
2 4June 21
3
914 Dec
267
8June 7
21 June
681s Oct 6
3 May
23 July 18
17 Dec
48 July 14

Highest.
g per share
1334 Sept
312 Sept
1312 Jan
207 Mar
8
20 Jan
6 Aug
1012 Sept
3514 Jan
21
Jan
16 Apr
19
Jan
62 Feb
74 Jan
215 Deo
8
6214 Feb
612 Sept
23 Feb
4 Mar
38 Mar
18 Jan
5 Aug
38
Jan
1913 Jan
2214 Jan
614 Sept
87 Sept
8
123 Sept
8
65 Sept
2312 Jan
33 Aug
8
145 Aug
8
14 Sept
304 Mar
1612 Sept
3514 Mar
3 Aug
4
114 Sept
2938 Sept
65 Sept
8
133 Jan
8
2712 Sept
1518 Sept
97 Mar
8
19 Feb
193 Sept
4
54 Sept
6 Sept
487 Mar
8
14214 Oct
184 Sept
313 Mar
8
21/1 Aug
10 Aug
2714 Aug
3212 Feb
814 Sept
92
Jau
125 Mat
105
Jan
203 Sept
8
3378 Sept
13 Sept
3918 Aug
197 Aug
8
104 Aug
512 Jan
1014 Sept
33
4Sept
144 Sept
10 Sept
30 Aug
33 Aug
4
1314 Feb
57 Mar
100 Oct
10918 Mar
213 Sept
8
4314 Sept
z48 Sept
63 Dee
8
88 Sept
8
Jan
33 Aug
212 Aug
11 Aug
4 Aug
1014 Aug
43 Mar
4
94 Jan
15 Sept
2212 Jan
106 Nov
914 Sept
2038 Sept
4214 Nov
37 Feb
4713 Aug
14 Aug
1043 N1ar
4
514 Jan
. Sept
16
2 Jan
14 Jan
2 Sept
114 Aug
534 Fob
912 Sept
44 Apr
324 Star
3412 Mar
91 Mar
24 Aug
8 Sept
121
Jan
1212 Jan
73 Sept
8
115 Sept
8
41 Mar
76 Sept
77 Sept
8
13 Aug
123 Sept
4
818 Sept
94 Aug
9 Jan
114 Sept
9 Aug
1 5 Sept
8
2212 Jan
313 Mar
4
114 Sept
40
Jan

New York Stock Record-Continued-Page 7

2601

DO-FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept.30.

Monday
Oct. 2.

Tuesday
Oct. 3.

Wednesday
Oct. 4.

Thursday
Oct. 5.

Friday
Oct. 6.

Sales
for
the
Week.

STOCK
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range &nee Jas. 1
On basis of 100-share tots.
Highest.
Lowest.

PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.

$ per share $t per share $ per share $ per Share $ per share $ per share Shares. Indus. & Memel'. (Con.) Par $ per share $ per share $ per share $ Per share
73
47 Aug
712 *74 712 *7
714 712
2 Apr
900 Pittsburgh Screw &BoltNo par
74 78 *834 712
lh Feb 15 1134July 8
78
34
*19
34 *18
Pitts Steel 7% sum pref.-.100 1014 Jan 6 3834May 26
34
*18
34 *18
34
*18
34 *18
912 June 248i Sept
*212 312 *2
312 *24 3
67 July 18
Pitts Term Coal Corp_.No par
*2
3
*218 3
*21 3
/
4
12 July
12 Feb 8
212 Aug
*12
1734 *12
175 *12
8% preferred
*12
18
*12
18
*12
18
18
5 Dec 1212 Mar
4 Jan 18 2312July 20
100
*214 4
*34 4
*24 4
*312 4
*3
4
68 Dec
*3
4
61rJuly 18
re Feb 8
Pittsburgh United
26
3 4 dept
3
•40 46
Preferred
*41
48
48
46
*40
46
48
*40
4412 *40
14 May 44 Sept
50
1
100 15 4 Feb 27 84 July 19
*24 312 *218 3
200 Pittston Co (The)
3
3
*212 3
12 Dec
7 June 19
ss Apr 1
*278 3
3
3
3 Sept
No par
142 15
1378 1418 1358 1414 1312 14
14% 15
14
15
838 Nov 1212 Sept
834 Feb 24 1752July 7
8,900 Plymouth 011 Co
5
*10
41uly 7
1114 1112 1112 11
113 *10
113 *10
4
112 May
114 Apr 3 133
500 Poor & Co class S
1112 10% 10%
858 Sept
No par
4
4
*4
412
8 June 6
334 3 4 *334 3 4 *33
114 May
600 Porto Rio-Am Tob el A_No par
4 4
3
852 Sept
15 Mar 23
8
3
38 4
*112 2
4 May 17
*112 2
112 158 *112 2
*11 2
/
4
112 11
33 Feb 27
Class B
28 Aug
%May
No par
500
1912 2172 204 22
1912 1912 1834 19
3
134 July 1712 Sept
5,800 Postal Tel& Cable 7% pref 100
1834 20
4 Feb 27 40 4Ju11e 7
20
21
*1812 21
2212 *1912 22 *1878 22'2
*19
2212 *184 224 *19
54 June 1214 Sept
Prairie Pipe Line
7 Mar 22 22 July 6
25
4
234 28
234
234
512June 8
3
h June
18 Jan 21
312 334 1,3011 Pressed Steel Car
312 3%
3
28 234
4 Aug
No par
258 June 17 Sept
712 8
*74 912 *74 94
3 Jan 27 18 June 7
Preferred
200
*73
812 *8
100
8 812
812 *73
4214 4114 4214 9,700 Pro,2ter .8* Gamble
3818 3912 3812 3912 4112 4178 42
39
39
1978 June 4214 Jan
No par 1958 Feb 28 50 Apr 20
81 July 1034 Dec
_ *10312 _ __ 10312 10418 *10212 _ _
10312 10313 10414 10414 *104
70
5% pref (ser of Feb 1'29)100 97 Apr 18 105 Sept 19
%May
278June 21
118 112 1,700 Producers & Refiner. 7orp_50
118 118
118 114
Vs 112
4 Jan 3
114
1 _-112 *118 134 Mar
1 May
934 Mar
*54 814 •512 834 *512 83
3 Feb 2 13 June 21
Preferred
*518 814 *512 618 *512 634
50
35
3552 3814 377
35
36
3478 36
4 37, 3734 14,300 Pub Sec Corp of N J___No par 334 Apr 4 5718June 13 28 July 60 Mar
2 3712 383
82 June 908 Sept
71
85 preferred
800
7034 711 70
/
4
69
7012 7012 693 693
70
70
No par 6612Sept 20 884 Jan 31
4
4 69
7112 June 10218 Aug
100 80 Apr 4 10134 Jan 24
*85
88 *8512 87
*83 87
*8212 88
88
86
•83 86
8% Preferred
100
k
9212May 114 Mar
9714 *95
9414 944 *944 9714 *95
7% preferred
100 917 Apr 17 11212 Ian 2
100
*9412 991 *9412 95
98'a
8% preferred
200
108 108 *109 11118 *109 1111
*10514 1111 *103 108 *103 108
100 107 Apr 25 125 Jan 9 100 July 13014 Mar
83 June 10312 Dec
600 Pub Ser El & Gas of $5_N° par 8912May 3 10312 Jan 11
--- 9534
*8714 9312 *93
94
94
*94
98
96
1012 June 28 Sept
812 Jan 4 5812Ju1y 7
Aro par
48
4814 4712 4914 4934 503
4 4912 5012 4912 5034 12.800 Pullman Inc
4734 49
278 June
2
812 Aug
212 Mar 2 153 Sept 20
133
4 1338 1334 1258 1312 32,000 Pure 011 (The)
/ 1318 1238 1318 13
1
4
1258 1312 12
No par
50 Jan 80 Aug
2Sept 19
8212 6212 6412 •8212 65
715 8% cony preferred
100 30 Mar 3 697
8118 814 80
*814 83 *624 83
.57 Feb 24 25 July 11
438 May 157 Mar
,2
15
1512 1558 1638 1618 1612 1512 1612 4,500 Purity Bakeries
155 16
8
1518 16
No pa
212 May 1313 Sept
718 712
718 758
3 Feb 23 12 4July 8
734 84
73
3 8
718 712
73
s 77 84,700 Radio Corp of Amer_ No par
10 June 32% Jan
251 2612 *25
/
4
500
2512 2512
26
2812 *25
Preferred
2812 2812 281 *25
50 1314 Feb 28 40 May 31
338 May 23 8 Sept
5
1618 1612 16
1812 17
612 Feb 28 27 July 8
Preferred B
1714 4,700
4 1734 1834 18
1832 1714 183
No pa
1 mar 31
534Juue 8
112 June
234 278
258 278
78 Sept
4
234 234
*234 278 3,000 Radio-Keith-Orph
278 3
234 3
No par
43 July z1234 Aug
/
1
1618 1612 1612 1634 1614 1614 164 17
5 Feb 23 204Sept 14
/
1
571 177 1834 1814 1834 7,400 Raybestes Manhattan-No par
2% July
812 Sept
1134 1134 1138 1134 1112 1134 1138 1132 1112 1112 1114 1112 1,300 Real Silk Hosiery
10
512 Feb 27 2072June 12
7 June 30 Sept
*45
50
100
50
50
Preferred
*40
50
50
50
50 *40
50 50
100 25 Jan 4 80 May 16
•13
4 2
/
1
4
Is Apr
412July 18
112 Sept
178 21
14 Jan 3
*212 3
*212 3
3
3
/
4
1,300 Reis(Robt)it CO
21. 3
No par
Cl Dec
734 Sept
1% Jan 3 1812June 22
100
117s 1112 1112 1134 1212
let preferred
430
10
93 1018 11
4
*712 1012 10
712 Aug
I May
7
7%
712 712
212 Feb 23 1114Ju17 17
7
712
5,200 Remington-Rand
712 8
1
74 75
73
4 8
4 June 29 Aug
*2712 29
712 Feb 27 3712July 19
300
2912
*28
29 •28
28
2712 2712 *2612 28
let preferred
28
100
5 June 3112 Aug
*28
2812 *28
110
2712 2712 *2518 2812
26
2614 26
2812 26
8 Feb 27 3514July 13
2d preferred
100
833June 7
112 Apr
34 Sept
27
27
3
3
3
312
3
3 12 5,200 Rep Motor Car
3
34
312
3
13 Feb 28
s
5
l7eJune 137 Sept
13
9,100 Republic Steel Corp- _No par
14
4 Feb 27 23 July 13
1312 14
4
1312 133
8
4 137 1534 143 1538 1414 15
5 June 28 8 Sept
29
7
31
6% cony preferred
9 Feb 28 5412Jul1 13
100
3,300
2912 30
32
28
30
303
4 28
283 321 *31
4
1 July
614 Sept
*512 8
*5
8
*8
8
14 Jan 10 12 June 2
200 Revere Copper & Brass_No pox
7
7
*518 714
*518 71
2 Dec 1212 Aug
214 Mar 2 25 June 2
Class A
*512 15
*812 18
*512 15
*512 15
*512 18
No pox
*512 18
1512 1578 1514 184 15
534 July 1178 Sept
8 Feb 27 2112June 27
No par
15 8 1512 1534 1512 1512 1534 1584 1,800 Reynolds Metal Co
3
3 Feb 1278 Sept
4July 12
•9
11
*9
1014 *9
112 Feb 28 153
No par
200 Reynolds Storing
*9
1114
11
914 95
8 *9
10
4014 Jan
261
:Jun
5034 49% 5018 491 498 50
26,800 Reynolds(R J) Tob class 13.10 2812 Jan 3 35414Sept 15
51
5012 5114 50
51
/
4
49
4
4
*60
40
60
/ *80
1
4
Class A
10 80 Jan 5 623 Jan 24 64 May 7118 June
80% *80
8012 808
8012 80 80
801 *80
____ ____ ___ ____ ___ ___ ___. ---- ---- ___. ---_ ___.
132 July
14 Jun
3 June 8
14 Feb 21
Richfield 011of Catif..__No par
4 July 12 Oct
*10
135 *10
Ritter Dental Mfg
1214
1214 *10
812 Feb 25 1884June 29
No par
1214 *10
13 8 *10
,
1.24 *10
*43
4 3
/
1
4
*434 5
94 Aug
112 May
8.1une 8
5
2 Apr 8 107
5
5
700 Roasla Insurance Co
5
5
514
514
5
514
8
3514 354 3512 3512 3518 3518 3514 353
1218 Apr 2334 Sept
1,700 Royal Dutch Co(NY shares) 1732 Mar 2 373 Sept 18
35
4 3512 3512 35
25% 2812 27% 28
45 July 1784 Sept
8
4
27
2814 28
(31 Feb 27 313 Sept 19
10
2912 2812 2934 2778 2914 12,400 St Joseph Lead
3812 40
3012 July 5914 mar
384 3912 39
/
1
3912 3914 42
No pea 28 Mar 3 • 623 July 17
4212 4378 4234 4312 8,400 Safeway Stores
*80
88
8% preferred
80
*80
86
*80
88 *80 88
100 72 Apr 5 9412July 13 80 May 90 Oct
85
85
*80
88
*92
95 95
40
97 *94
98 *9512 973
7% preferred
100 804 Feb 15 105 Sept 12 69 June 99 Oct
98
97 *9514 97
4
114 July
*8
812 *5
7% Feb
/ 7
1
4
Savage Arms Corp....No pax
*6
214 Apr 3 12 July 1
712
7
/ •6
1
4
712 *6
712 *6
53
4 63
4
312 612
5
814
612 71 12.100 Schulte Retail Stores_No par
/
4
*512 512
5
5
4 Jan
12 Dec
52 Mar 3 1014July 11
*18
22
5 Oct30 Jan
4July 12
860
*18
20 *18
2478 29
Preferred_
23
25
23
23 •20
3 Apr 25 353
/
1
4
100
*39
18 May 42 Feb
s
90 Scott Paper Co
/
1
4034 *394 403 *3912 4012 4012 4012 4012 4012 *39 40
4
No par 28 Jan 24 447 July 19
3712 3914 3814 41
Mg 39
8511 Apr 2033 Dec
41
4212 4012 4234 3918 418 47,700 Seaboard 011 Co of Del.No par 15 Feb 13 4334 Sept 28
33
214 Jan
*3
4
1 Apr
*3
4 4July 13
3
*3
4
4
Ile Feb 25
Beagrave Corp
4
*3
No par
*3
*3
4
98 June 8734 Jan
7
3734 4014 383 40
4
3
3834 393
4014 4214 40 4 4178 3912 4134 53,200 Bears. Roebuck & Co No par 124 Feb 25 47 July 17
*218 3
*214 23g
June 7
218
218 *2l
8 Aug
12 July
5
114 Feb 28
300 Second Nat Investors
214 238 *24 278
238
1
2114 June 381k Aug
Preferred
200
1 24 Feb 24 48 July 8
/
1
373 3734 *3414 38 •3414 3812 *3414 3618 3618 3618 *344 3738
8
112 112
1 Aug
%May
3
58.1une 2
112
112
134 14
/
1
112 112
4 Mar 28
/
4
134 11
No par
11 11 2,000 Seneca Copper
/
4
/
4
713 July 18
47
47
5
5.18 Jan
111 June
5
434 478
114 Feb 4
1
5
53
8 9,000 Serve' Inc
5
/ 538
1
4
43
4 518
77
4
5 May 123 Mar
734 784
712 734
584 Apr 8 13'4 July 8
No par
734 7s 3,000 Shattuck (F CI)
8
712 74
8
812
112 July
812 812
300 Sharon Steel Hoop
7 4 Sept
3
*6
612
7
/
4
614 614 *61 7
612
612 *6
112 Feb 23 12 July 14
No par
47
478 5
178 June
858June 28
514
7 Sept
5
24 Feb 27
2,800 Sharpe & Dohme
5
512 512
3
5
No par
5
534 5 2
*31
1112 July 3014 Jan
38
500
34
3434 337 337
*32
34
33
33
*31
38
Cony preferred sec A_No par 2114 Mar 2 4172July 13
8 4 Sept
8
212 Apr
312 Feb 17 1158July 7
818 81
8
81
/
4
7 4 81 a758 818
3
/
4
8
81 11,800 Shell Union 011
/
4
818 8'2
No par
*5212 5312 *5212 5312 5212 53
18 May 6514 Sept
700
5334 54
*5314 54
/ 53 53
1
4
Cony preferred
100 2812Mar 28 81 July 7
1912 203
20
2
234 June 133 Sept
21
2078 2212 22
20
21
438 Feb 28 31 July 19
No par
2234 2012 2212 13,800 Simmons Co
912 912 *934 10
314 Apr
47 Feb 28 123
sJune 2
74 Aug
912 912
700 Simms Petroleum
*958 1034
10
934 95
93 10
4
58 Sept
8
212 Feb
973June 2
8
*712 8
1,100 Skelly 01. Co
8
8
*8
9
8
8
*712 8
3 Feb 20
25
55 55
12 Jan 3312 Sept
*52
58
*54
58
5512 5518 *54
Preferred
200
553
4
551 *54
100 22 Feb 28 57121uly 20
*15
384 June 1934 Sept
25 *15
28
*14
27
*10
251 *10
28
*15
28
Bloss-Sheff Steel & Iron 100
7 Jan 3 35 July 14
*_ __ 22 •.. _ _ _ 25
6 July 2912 Sept
20
*2112 27 .281,3 27
*15
22
7% preferred
20
21
8 Feb 7 42 July 15
/
1
4
100
934Ju1y 13
17 Dec
g
7 Sept
12
6
618 5,000 Snider Packing Corp__NO par
638 638
512 634
514 5 8
3
5
5
/
1
4
5
/ 6
1
4
%Mar 31
4 1112 1214 12% 1212 118 1214 80,100 B000ny Vacuum Corp
11i2 1214 1114 113
1113 12
514 May 124 Sept
8 Mar 23 1512July 7
25
*83 87 *83 87 *83
35 June 87 Sept
87 *83 87 •83 87 *83 87
Solvay Am Invt Tr pref. __I00 58 Feb 25 92 July 3
394 4134 4012 4134 3914 4138 4112 42118 4134 428
44 Apr 18% Sept
17,300 Bo Porto Rico Su r__No par 15 Jan 12 4852July 17
/
1
4
4 4214 44
*123 130
123 123
8812May 11212 Dec
122 122 *122 125 •122 123
330
Preferred
123 123
100 112 Jan 4 132 July 14
1812 1918 184 184 185 19'i 1914 193
I534June 3234 Feb
/
1
1834 19
/
1
8
8 1914 1912 10,800 Southern Calif Edison
25 1712 Apr 7 28 Jan 11
312 34 *312 478 *318 474 *34 472 *318 478 *318 478
3 Feb
114 May
4June 10
100 Southern Dairies el B_ _No par
73
14 Feb 28
*8
11
411 July 12 Jan
*8
11
*8
*8
11
*8
11
4 Jan 18 1178July 14
*8
11
Spalding (AG)& Bros_No par
11
*40
45 *40
25 Dec 95 Jan
45
40 40
40 40
/
4
1st preferred
20
*38
45 *38
100 251 Mar 28 61 June 27
45
*1012 13 *1012 13 *1012 13
934 Mar
884 Mar
*1012 13
*1012 13 *1012 13
412 Feb 18 1512July 19
Spang Chalfant&Co InoNo par
*25
*25
29
15 Nov 4812 Jan
29 *25
29 *25
29 *25
38 *25
Preferred
100 1712 Feb 9 50 June 13
38
434 5
478 5
434 43
434 57
518 534
5 Sept
1 May
8 June 12
54 538 5,200 Sparks Withington___ _No par
34 Feb 28
*214 31s
3
12 July
*214 3
3
184 Apr
5I2June 20
*214 3
*214 3
50 Spear & Co
h Jan 10
No par
*214 3
4
1612 1612 1612 1612 163 163 *1612 18
8 May 11 Sept
800 Spencer Kellogg & Sons No par
1812 1884
711 Apr 10 22 July 19
*1812 17
434 47
412 43
412 434
47
- _ ---712JUIY 18 . -- 218May 3
54 14,800 Sperry Corp (The) v t c
5
434 514
1
614
*612 12
*812 12
*812 12
*612 12
137 Sept
8
3 Dec
*612 12
Spicer Mfg Co
*612 12
5 Jan 3 16 June 12
No par
*2332 2914 x2914 291 *2212 291
28
28
Q'iJune 18 Sept
*21
28 *224 28
Cony preferred A_ No par 1134 Mar 21 3212June 12
30
1234 13
1234 123 *1212 13
1412 1412 *1334 15
5 Aug
bsMaY
14
14
500 Spiegel-May-Stern Co_No par
1 Feb 28 1714 Sept 18
2314 2418 2334 2424 2332 2418 244 254 25
7
8lsJune 17 Aug
2578 244 2518 81,000 Standard Brands
No par 1334 Mar 2 3734July 18
*12034 1221 *12034 1221 *121 12212 *12112 12212 *1213 12212 122 122
100
Preferred
NO par 120 July 11 124 May 4 110 June 123 Dec
314 me
*53
4 0
534 814
512 8
2 Jan
% July
6
938 Aug 28
838 7
834
3,400 Stand Comm Tobacco_No par
1 Jc.n 3
1012 1058 1058 1058 1118 12
1012 11
341 Mar
/
4
758 Jun
1112 1214 1118 12
7,300 Standard Gas & El Co_ No par
5 Mar 31 2212June 13
/
1
4
1114 118 13
1114 1114 1178 1214 11
gliJune 4114 Jan
12
1218 3.400
1214 13
834 Apr 3 2578June 13
No par
Preferred
*28
31
3012 *28
*28
.27
31
21 July 8212 Aug
3012 *28
3012 *28
3034
No par 17 Apr 4 81 June 13
86 cum prlor pref
3312 324 3212 3212 33
3112 33 *32
75 Jan
/ 33
1
4
28 Jun
3234 3278 1,400
33
66 June 13
$7 cum prior pref_
No oar 20 Apr
114 11 *114
/
4
4
11
/
4
*112 13
112 11
11 11 *114 11
/
4
/
4
24 Aug
600 Stand Investing Corp„No par
/
1
4
11, June
2 June 2
'3Mar3l
100 10012 100 100 *99 4 100
*10012 1003 100 10012 100 100
/
1
4
1,200 Standard 011 Export Pref-100 9212 Mar3 1023 Sept 15 al June 100 Dec
8
4
3012 403
8 3914 404 3812 40
3934 4234 4112 4214 40 4 4211 34,300 Standard 011 of Calif_ _No pox 19hMar 8 4472Sept 20
/
4
1512 June 3l1 Sept
32
30
30
31
32
32
32 *30
32
31
32
7 Apr 1812 Aug
31
1,100 Standard 011 of Kansis......10 12 4 Apr 4 35 Sept 26
8
3914 40
3912 3934 3934 40% 41
3934 40
19% Apr 3732 Sept
4134 4112 42'8 81,100 Standard 0110 New Jersey_25 2234 Mar 3 43 g Sept 20
7
4.614 8i2 *614 3
464 71
*814 8
012 612
612 6'2
85 Sept
200 Starrett Co (The) L B No par
3 July
4 Feb 16 1112June 14
.134 2
17
*134 2
2
I% 17
*134 2
*134 2
214 Sept
le May
300 Sterling Seouritlee el A-No par
3 8June 13
7
oss Jan 11
*45
*48
*452 5
*412 5
5
*4
5
4 Sept
as July
5
7 4June 13
3
112 Feb 10
*41
4 5
Preferred
No par
*28
33
30 *28
33
*28
30 *28
2884 283 *28
32
4
100
1318 June 26 Aug
Convertible preferred---50 20 5411T 2 3614 July 3
634 678
614 65
8
6
812
8
8 1g
812 812
612 67
814 Sept
3,000 Stewart-Warner Corp
17* May
2h Feb 24 1112July 19
10
8
84
812 83,
812 93
814 814
9
10
4
87g 91 18,700 Stone & Webster
734 Sept
434 July
534 Feb 27 1914July 13
No par
412 47
514 63
5
512
4
414
54 513 16,900 Studebaker Corp (The) No par
43, 412
24 May 1354 Beat
838June 6
14 Mar 20
*1712 21
22
23
21
21
2112 2118 *23
243 *2112 2414
30 Nov 104% Mar
60
/
4
9 Apr 3 381June 5
Preferred
100
471g 4612 481
47 47
8
48% 4884 47
467 47
*4512 47
244 Apr 3978 Oct
/
1
1,100 Sun Oil
No par 35 Feb 25 50 July 18
100 100
*96
991 •913
*10018 103 *10018 103
96
88 July 92 Dec
70
99'2 96
Preferred
100 89 Mar 18 103 July 26
*2012 21
21
22 *2018 2012 21
21
*20
21
*20
22
7 June 1418 Sept
300 Superheater Co (The)__No pa
712 Feb 17 27 July 19
27
3
234 2
23
4 234
23
4 23
234 3
7
2 Sept
2
/ 234 2,400 Superior 011
1
4
4 Jan
412July 13
3 Jan 4
4
No par
11
1058 11
10
10
10
1018 10
914 Sept
12'z 128 1334 8,500 Superior Steel
10
214 May
2 Feb 28 2232July 13
100
812 812
5
514
F.
514 514
5
5
5
1% July 11 Jan
434 5
1,100 Sweets Coot Amer (The)_ _ -50
1 Mar 22 10 July 19
*114 11
*118 13
2
*1
13
4 *1
•114 2
1 Sept
*1
112
3 June 7
Is Apr 6
No par
14 Mar
Symington Co
314 312 *3
334 *3
3
3%
15 May
34 3
3
3
2% Aug
14 April
332 33
No par
514July 3
Class A
4 1,000
*1112 1212 1112 1112 124 1214 •1218 1211 124 1212 *12
1212
6 July 1334 Mar
81 Feb 17 161
/
4
No par
500 Telautograph Corp
/
4July 7
*8
514 514
514
4% Sept
53
5
5
513 5
8 53
1 May
/
1
4
138 Feb 28
No par
5
51 2.800 Tennessee Corp
/
4
714 Aug 10
3 2812 2534 2814 2838 277s 2812 2772 2814 2734 28.400 Texas Corp (The)
25
2812 25
914 June 1814 Sept
25 1034 Feb 28 3018Sept 18
3512 3634 3612 3838 374 38
3512 37
37
34
12 July 2834 Feb
/ 3614 387 43,500 Texas Gulf Sulphur. __No par 1514 Feb 20 41 Sept 19
1
4
38
38
31
7
318 3
7
33
4 3 4 *352 3
3
334 372
4 Aug
112 Ayr
10
8I2May 29
18 Mar 3
1
011
3 8 2,300 Texas Pacific Coal &7
84 9
8
834 9
8
84 812 8,000 Texas Pacific Lend Trust......1
8
855 *84 814
312 Mar 31 1118June 12
84 Solu
24June
•Bid and asked prices, no sales on this day. a (optional sale. x Ex-dividend. y Ex-rights. c Cash sale.




New York Stock tiecord-Concluded-Page 8

2602

Oct. 7 1933

g•sr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH
PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept.30.

Monday
Oct. 2.

Tuesday
Oct. 3.

Wednesday
Oct. 4.

Thursday
Oct. 5.

Friday
Oct. 6.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1
On basis of 100 snare lots.

PER SHARE
Range fo Previous
Year 1932.

Lowest.
Highest.
Lowest.
Highest.
$ per share S per share $ per share $ per share $ per share $ per share Shares. Indus. & Mlecell.(Cowl.)
Par $ per share 6 Per share $ per share $ per share
1112 *1118 113
1012 1014 11
8 113 123
8
4 124 123
4 121g 123
4 1,500 Thatcher Mfg
No par
5 Feb 15 2218July 19
2 Apr 10 Nov
3912 40
*3912 40
*3912 40
*3912 40
*3912 40
*3912 40
200
$3.60 cony pref
No par 2738 Feb 6 44 July 18
2218 Apr 32 Dec
*7
63
77
8 63
8
8
63
4 63
4 *7
8 *7
77
77
8
900 The Fair
7
7
No par
1212June 1
23 Mar 31
8
212 Dec
814 Sept
*5018 70
*5018 70
*5018 70
*501s 70
*501g 70
*5018 70
7% preferred
100 33 Feb 28 70 July 5
38 July 85
Jan
63
6
8
6
6 18
6
63
8
6
7
7
7
2,200 Thermold Co
*67
2 7
No par
1 Feb 28 1012July 17
18 June
4 Sept
167 167 *15
8
8
1714 *15
17
*15
167 *1512 167 *1512 167
8
100 Third Nat Investors
8
8
1 10 Mar 1
2114July 18
10 May 1712 Dee
*714 8
*73
8 814 *712 83
8
8
8
600 Thompson (J R)
8
8 18
714 712
25
83 Mar 18 1512June 2
4
712 Nov 163 Mar
4
17
1712 1714 173
8 17
171 1 1718 18
1734 18
1712 1734 5,700 Thompson Products InciNo par
538 Jan 6 2014 Sept 14
4
23 June 10 Feb
312 312
312 33
4
3 8 312
3
312 3 8
7
33
4 4
312 33
4 5,100 Thompson-Starrett Co_ No par
12 Mar 3
912June 19
3 June
8
214 Aug
*23
297 *23
8
297 *23
8
25
2212 23
23
23
1,800
23
53.50 cum pre:
24
No par 12 Jan 10 30 June 19
12 June 1711 Sept
103 1118 10 8 11
4
3
1012 11
11
1114 103 1118 105* 107 41,400 Tidewater Assoc 011_ _ _No par
8
8
3N Jan 13 113 Sept 26
4
2 Apr
53 Sept
8
54
5418 *5312 5412 .53
54
53
53
53 4 5412 *5
1,000
Preferred
3
4
100 2312 Apr 6 55 July 3
5414
20 Feb 60 Sept
*18
25
*17
25
*17
24
*18
25
*18
Tide Water Oil
*18
25
25
914 Apr 20 20 Sept 29
No par
5 June 10 Aug
7212 7212 *70
75
*70
75
*70
75
*73
73
73
75
200
Preferred
100 45 Feb 2 73 Oct 6
30 Feb 62 Sept
418 414
418 41:
418 414
414 43
4
45
8 43
4
412 43
4 3,900 Timken Detroit Axle
10
112 Mar 22
814June 20
2 July
63 Sept
4
2514 263
4 2614 2612 25 4 2634 2612 2812 2712 2814 27
3
283
8 8,700 Tlmken Roller Bearing_No par 134 Feb 23 3512July 7
73 July 23 Jan
4
53
4 6
53
4 6
5
34 57
578 6
8
618
6
6
612 17,400 Transamerica Corp__ _No par
238 Mar 2
912July 13
218 Jan
718 Sept
10
10
10
10
10
10
1012 1034
1118 11
11
1112 2,600 Transue & Williams St No par
-.1
27 Mar 21 1712July 19
8
214 July
812 Sept
5
55*
.518
55*
518 53
8
518 512
514 53
518 512
8 7,000 Tri-Continental CorpNo par
23 Feb 27
4
4July 7
83
112 May
512 Sept
*61
64
6012 61
*5618 62
*5618 62
*5618 61
6% preferred
200
*5618 61
par 41 Apr 8 275 May 16
No
42
Jan 72 Sept
*31
29
29
32
*29
3012 31
3214 3212 3212 30
900 Trico Products Corp_ No par 2018 Feb 25 387 July 17
30
193
8
8Mity 3112 Mar
*112 23
4 *112 23
4 *1
212 *114 218 *132 218 *112 218
Truax Traer Coal
514 July 15
12 Apr 4
No par
14 May
318 Jan
618 612
5 4 63
3
512 57
8
8
63
8 63
4
634 7
7,900 Truscon Steel
612 7
10
2 Mar 3 123
4June 12
2 Apr
714 Aug
*214 3
*238 212
212
212
238 212
500 Ulen & Co
212 212 *214 212
No par
614June 19
3 Jan 18
4
12 May
318 Aug
28
28
*2712 29
273 273
4
4 29
3012 30
900 Under Elliott Fisher Co No par
8
*273 30
30
Feb 24 3912July 7
914
738 July 243 Sept
8
40
4214 4014 4014 3914 40
4212 4312 4238 4312 42
3,700 Union Bag & Pap Corp.No par
44
512 Jan 13 60 July 18
512 June 113 Aug
8
4012 42
407 4112 3912 407
8
8 41
45
29,600 Union Carbide & Carb_No par 1934 Feb 24 517 July 18
44
45
447
8 43
s
1512 May 383 Mar
8
1914 193
4 1918 203
4 193 2018 197 2114 203 21
4
8
4
2012 213
8 9,200 Union 011 California
81251ar 2 2338July 7
25
8 July 1538 Sept
*1718 1812 *1714 173
8
8 173 175
8 173 18
4
1778 18
18
1814
1,200 Union Tank Car
No par 1012 Feb 21 223
4June 2
4
113 June 1914 Jan
2834 3012 2914 307
s 2912 307
8 3112 3314 3214 333
4 3112 333 114,000 United Aircraft & Tran_No par
4
1812 Mar 2 4678July 17
611 May 343 Sept
8
*60
6412 *60
63 63
64
6418 6418 6418 6418 *63
65
300
6% Pref series A
50 5112 Mar 1 68 June 18
3014 May 58 Dec
2134 22
*2112 22
22
22
22
22
213 2212 22
4
2218 1,500 United Biel:mit
100 1312 Feb 24 273
8July 10
11 July 2811 Mar
*10814 109 *10812 109 *10812 109 *10812 109 *10812 109 *10812 109
Preferred
100 92 May 2 z110 July 14
75 July 103 Mar
23
2312 233 23 8 223 23
8
7
4
2414 2612 2512 26
243 253
4
8 7,200 United Carbon
No par
1014 Feb 25 303
8July 17
63 June 18 Sept
8
618 612
6
6 11
6
6 14
612 63
61,i4 65
614 612 46,700 United Corp
4
8
No par
47 Mar 31 1412June 13
8
312 June 14 Sept
2712 28
26
2612 2711 2678 28
27
273 2812 273 28
8
7,300
Preferred
8
No par 247 Apr 1 407
8
8June 13
20 June 3938 Sept
5
5
514 514 *5
51 1
514 51 1
5
210 United Dyewood Corp_ _ _100
5
514
*5
67
8June 21
3 Feb 17
4
7 Apr
8
318 Sept
514
512
518 518
5514 6
612
6
612 1.100 United Electric Coal
612 612 *6
No par
1 Mar 31
88 July14
23 July
8
872 Aug
5712 5912 583 5914 5812 5912 60
4
627
8 62 627
8 6118 6314 10.800 United Fruit
No par 2314 Jan 3 68 Aug 31
1014 .11ne 323 Aug
8
15 4 1614 16
3
163
8 15 4 1618 1618 17
3
1614 1718 23,300 United Gas Improve_ _No par
163 1714
4
14 Mar 31
25 July 13
914 3..tne 22 Sept
*85
87
8
*86
*857 87
87
87 87
*8714 8914 *88
100
90
Preferred
No par 85 May 1 100 Jan 9
70 June 99 Dec
*212 3
212
212 *2
212 *2
212 *2
200 United Paperboard
212 *2
212
512 July 13
100
II Jan 23
12 Dec
3 Aug
4
*10
1112 *1012 11
*1012 11
11
1112 1114 1114 1114 1114
700 United Piece Dye Wks_No par
3t2 Mar 3 217
8July 19
33 June 117 Sept
8
8
*733 80
8
*733 80
8
*60
80
*60
*60
78
78
*60
78
6f.% preferred
85 July 13
100 50 Apr 19
6412 June 9312 Jan
23
4
23
4 *212 27
8
212 23
8 *23
4 3
23
4 3
1,600 United Stores class A--No par
3
3
714July 6
3 May
4
le Feb 28
3 Jan
*5112 60
*5112 60
*5112 60
*5112 60
*5112 60
*5112 60
Preferred class A----No pa
45 Mar 21 66 July 20
27
Jan 4814 Mar
43
4318 54314 44
43
4312 4312 4414 4412 4412 45
2,300 Universal LeafTobacooNopor 2112 Apr 1 5112July 17
46
11 May 31 Sept
*23
24
23
23
*21
*21
23
24
*2014 23
10 Universal Pictures let pfd. 100 10 Apr 24 35 June 13
*2014 23
103 Dec 50 Jan
4
2
*2
2
21:
214 23
8
212 23
4
212 23
4 6,500 Universal Pipe & RadNo par
23
8
4 27
33
14 Apr 4
8July 13
12 Apr
218 Aug
137 14
8
137 14
8
1312 133
4 14
15
1434 143
4 3.700 US Pipe & Foundry
4 1412 143
20
714 June 1818 Sept
618 Mar I 2218July 5
15 8 15 8 15 8 15 8 •15 4 16
3
3
3
3
3
16
1st preferred
16
*153 1614 *153 1618
300
4
4
No par 123 Apr l0 19 May 26
4
1111 June 163 Aug
8
*2
238 *2
23
8 *2
25
8 *2
238
2
2
400 US Distrib Corp
2
2
No par
15 Aug 30
8
6 June 13
2 June
518 Dec
*3
4
1
*3
4
1
1
*3
4
200 U S Express
7g
*3
4
1
1
"4 1
100
3 Jan 30
g
14 Jan
218June 8
114 Sept
21
21
22
22
2018 2018 2111 22
213 215* 20
8
700 US Freight
2112
No par
7 Feb 16 2938July 7
312 May 1534 Sept
103 103
4
4 1012 10 4 *1014 10313
3
4 2,200 U 8 & Foreign Secur__ _No par
1012 1114 *1012 1112 *1012 103
318 Feb 23 173
4July 8
Ps June
614 Sept
*64
65
6412 65
*64
71
*64
68
*64
68
*64
68
700
Preferred
No par 3612 Max 28 84 July 19
26 June 64 Sept
423 423
4
4 42
43
41
41
4314 4314 43
4312 435 43 8 2,200 US Gypsum
7
8
20 18 Feb 25 5312July 8
1012 June 27 Sept
•11814 121 *11814 121
121 121 *11814 120 *11814 120 *11814 120
40
7% preferred
100 10114 Jan 9 121 Sept 20
847 June 105 Oct
8
63
4 63
4 *612 81: .612 8
*6
712 *6
712
200 U S Hoff Mach Corp-_No par
712 *6
138 Apr 3 1I5*June 8
3 Apr
4
6 Sept
' 3 6712 65
63 4
6712 643 673
8
8 6714 7014 6814 7014 6612 703 40,600 U S Industrial Aloohol_No par
8
1312 Feb 28 94 July 17
1314 June 3614 Sept
93
4 93
91 1
4
93
s
918
9
912 912 10
101g
1714 July 18
1014 2.100 US Leather v t o
10
234Mar 1
No par
114 May
714 Sept
16
1638 •16
1612 1512 16
16
177
8 1714 1712 17
2,200
17
Class A v to
414 Feb 25 273 July 18
No par
t
314 June 16 Sept
76
76
*76
79
*7512 79
576
*76
78
79
100
*7512 78
Prior preferred v 60
100 30 Feb 23 7814 Sept 20
4414 June 7018 Sept
8
8 12
8
812
8
73
4 8
812
814 814
8
8 12 2,000 US Realty & Impt--__No par
212 Feb 28 1412July 7
2 June 113 Sept
4
1518 1678 1614 1718 15 4 167
3
8
8
8 163 1818 167 177
8 1614 1712 25,300 U S Rubber
No par
27s Feb 27 25 July 18
114 June 1014 Aug
2412 253
4 26
2712 25
263
4 27
2912 28
1st preferred
5,600
2618 28
29
100
512 Feb 23 437 July18
318 June 203 Aug
4
903 100
8
953 1021 1 9714 10112 x101 10512 9912 10314 953 1027g 153,300 US Smelting Ref & Silo. _50 1312 Jan 3 10538Sept 19
4
4
10 June 223 Aug
4
a55
55
55518 573 *56
4
573 *5418 573 *55
4
Preferred
4
600
575
8 55
55
50 3912 Jan 4 58 Sept 20
31 July 457 Aug
8
43e1 4618 433 46
4
437 4512 4538 4812 463g 4814 4518 473* 105,100 U S Steel Corp
8
100 233 Mar 2 6712July 18
8
2114 June 523 Feb
8
8114 827
8 803 8114 80
8
8014 81
4,300
Preferred
8412 8212 84
81 18 83
100 53 Mar 2 10512July 17
5112 June 113 Feb
96
9612 9612 9612 96
597 100
96
500 US Tobacco
953 953 *96 100
4
4
No par 59 Jan 9 985 Sept 26
8
55 June 68 Apr
312 312
33
8 38
8
3 8 312
3
3 8 414
3
4
4 14
312 418 9,600 Utilities Pow & Lt A ._ _No par
87
17 Apr IS
8
8June 13
112 May 103 Jan
8
•13
8
112 *138
112
15*
Ps
114
13
114
4
138
1,700 Vadsco Sales
138
No par
318July 19
3 Jan 6
8
14 Mar
1 18 Sept
*2478 2512 *2478 25
247 247
8 2478 247 *24
8
2478
247 *24
400
8
8
Preferred
100 1518 Jan 11 247 Sept 28
8
12 June 20 Jan
203 2114 2012 2118 2012 2012 2112 223
8
2118 213
4 8,400 Vanadium Corp of Am_No par
4 2214 23
73 Mar 2 3614July 19
8
514 May 233 Sept
4
434, 53
4 *434 518
412 43
41. 478
4
434 47
8
43
4 43
4 1,000 Van Itaalte Co Ins
No par
13
8May 5 10 July 11
2 Dec
7 Feb
*31
313 .31
4
3112 3112 31 12 3217 33
2
3312 3312 *3312 3512
7% let pref stamped. __100 147 'May 11 35 June 26
90
8
314 314 *318 314
318 318
31g
314
312 312 1,200 Virginia-Carolina Chem No pa
312 312
738July 19
3 Feb 23
8
•2 Mar
238 Aug
•14
17
*14
17
*14
17
*16
167
8 1612 1612 1612 1612
6% preferred
600
100
33 Mar 2 2612July 18
8
318 Feb 1114 Aug
*55
70
*55
70
555
*5612 70
70
*563 70
7% preferred
8
*563 70
8
100 353 Mar 31 6312July 18
8
20 Apr 693 Nov
4
*7312 75
574
75
*7312 74
74
7418 *735* 77
*74
77
70 Virginia El & Pow $6 pf No par 6514 Apr 17 853 Jan 25
8
60 June 90 Sept
47
497
8 50
51
5112 50
53
527 537
54
8
470 Vulcan Detinning
8 50
537
8
100 1214 Feb 25 6778June 8
714 July 347, Aug
•7
71: *678 7 8
3
63
8 718 57
7
74
3
63
714
4 714 '1,300 Waldorf System
No par
53 Star 29 12 July 5
8
718 May 19 Jan
37
8 43
4
8
41:
4
4
412 412
414 414
4
4 14 2,700 Walworth Co
7 Apr 5
8
No par
83
8June 27
3 June
4
43 Aug
8
*9
12
*8
12
11
*8
11
*8
*8
Ward Baking class A_ _No par
12
*8
12
218 Mar 15 20 July II
214 May 1014 Jan
23
4
4 23
274 27
8
/
214 23
27
2
8 27
253 3
8 •
*212 27
500
Class B
8
No par
38 Apr 13
8July 10
53
34 May
238 Jan
34
34
34
3412 33
*3314 35
33
Preferred
*3312 35
33
33
500
100 1112 Apr 17 447
8July 11
12 May 4012 Mar
67
8 7 11
7
3
712
7
63
4 7
73
4
7313 814
712 818 71,100 Warner Bros Pictures
5
1 Feb 25
918 Sept 15
12 June
412 Sept
*18
23
*20
23
21
22
*20
$3.85 cony prof
2112 *20
2212 2318 2412
300
No par
414 Feb 7 2412 Oct 6
4 June 20 Feb
.218
21. *2
212 *2
212 *214
212
800 Warner Quinland
218 212 *2
212
No pa
47
3 Mar 21
8
8June 10
12 May
214 Aug
818
2
8
83
758 8
4
812 918
No par
914 93
4
9
914 4,500 Warren Bros
25* Feb 25 223
8June 19
114 May
838 Sept
*12
20
*1218 20
*12
*12
20
*12
Convertible pref__No par
20
*12
20
20
712 Feb 14 353
8June 17
2 June 1712 Jan
21
21
2034 2112 *1912 2012 2012. 22
2.000 Warren Fdy & Pipe_ _ _No par
2112 2153 203 21
5 Feb 20 223
4Sept 26
714 May 1414 Sept
*512 53
4
512 512
54 6
512 512
3
6
6
6
65* 2,600 Webster Eisenlohr
No par
1 Jan 16
8 July 8
3 May
8
2 Jan
•138
134 *13
8
13
4 5138
112
134
138
138
80 Wells Fargo & Co
13
4 5138
13
4
1
Is Apr 11
312J112e 9
14 July
8
13 Sept
2334 25
*23
25
23
8 24
233
2414 24
23
1,300 Wesson Oil & Snowdrift No par
23
24
7 Mar 3 3712July 18
818 July 20 Sept
*56
.5714 *56
57
*56
5612 564 5612 *563 59 •56
57
200
Cony preferred
No par 40 Mar 3 63 July 18
4
4234 July 5812 Sept
52
.5614 5212 5612 5212 5412 54
33,100 Western Union Telegraph,100 1714 Feb 25 77I July Is
5712 5512 5712 5412 57
123 June 50 Feb
8
27
2712 27
28
2612 271. 2714 2812 28
2812 2712 2912 4,400 Westingh.ee Air Brake_No pa
113 Jan 3 3538July 7
4
914 Apr 184 Sept
3512 3312 353
33
8 335 35313 35 8 3814 363 3838 36
8
3
377 45,800 Westinghouse El & :Mfg_ -50 1938 Feb 25 583
8
8
4July 14
153 June 4312 Sept
8
*78
86
86
579
*78
86
*72
80
*78
1st preferred
*72
83
86
50 6012 Feb 2 96 July 18
5212 June 82 Sept
*714 812 *7
714
7
7
200 Weston Eleo Instruml_No par
*7
712,
7
7
*7
712
312 Feb 27 1314July 8
212 Apr
914 Feb
*1512___ •1512
__ *1512
Class A
__
__ ,,,,
__ *1512 _ - •1512
No par 10 Mar 31 2214July 20
1314 Apr 19 Jail
*46 50
*46 -*46 -4
8
•15l2-48
•46
48
10 West Penn Eleo class A _No par 30 Apr 22 73 June 14
*46 -48
48
48
25 Slay 80 Sept
*50
60
53
53
Preferred
553
60
60
*5318 55
53
55
53
53
100 37 Apr 4 773
4June 14
22 June 76
Jan
47
*4514 48
47
*4614 48
48
48
48
6% preferred
48
140
*4712 50
100 3312 Apr 6 6912July 14
20 June 70 Jan
*101 109 *10112 109
105 105
*9914 107
20 West Penn Power pref_
*9914 1063
107 107
100 92 Apr 13 1103 Jan 19
4
SO June III
8
Oct
*86
86 86
87
preferred
8518 8518 x86
6%
87
87
86
86
60
100 81 Apr 3 101 Jan 11
86
6612 June 10134 Mar
*418 5
5418 5
*4
5
West Dairy Prod 01 A_No par
*412 5
5412 5
*414 412
212 Apr 5 11342 une 12
312 Nov
1812 Mar
112 *112
112
134 *112
Class 13 v t o
13
4
112
400
No par
112 *15
4
8 13
13
8
4 •15
7 Mar 31
g
4143tine 12
I June
43 Mar
8
•1414 15
137 145* •1312 14
8
1512 *157 17
15
600 Westvaco Chlorine ProdNo par
8
16
16
5 Mar 3 2012July 13
3 June 123 Mar
8
16
16
*16
1812 *16
*16
18
200 Wheeling Steel Corp_ _No par
1812 *16
16
1812 16
712 Jan 4 35 July 3
5 June 15 Sept
•1514 21
*1514 21
*1514 21
*17
21
17
10 White Motor
*1514 21
50 14 Jan 25 2612July 13
17
Vs June 2714 Sept
*2612 2714 2612 2712 *2612 28
700 White Rock Mln Spr otf No par 113 Apr 1 383
27
27
273 273
4 2712 28
4
8
8July 19
11 July 2812 Mar
2
*2
2
2
2
212
*2
212
2
2
2
800 White:towing Machine_No Pa
2
12 Jan 20
43
4July 6
14 Apr
214 Aug
4 812
812
73
Cony preferred
73
4 85*
8
73
812
4 812
8
No pa
812 1,600
8
1012July 6
l's Jan 14
3 Apr
4
234 Sept
*27
8 3
3
3
27
8 38
3
3
3
314 314
800 Wilcox 011 eg Gas
318 318
5
2 Mar 2
512June 2
23 May
4
814 Aug
*243 2918 *243 2918 *24N 27
8
8
*243 27 •243 27
8
8
*2438 27
300 Wilcox-Rich Cl A oonv_No par 15 Mar 1
2714 Sept 13
1312 June 2012 Mar
*514
512 53
53
8
8
514
514
6
512 6
6
538 512 1,700 WIleon & CO Inc
No par
7 Jan 3 11 June 7
3
1* June
IN Mar
1412 14
1412 1412 14
1514 1614 16
14
163s 1512 1618 2.100
Class A
No par
4 Jan 3 22 June 6
IN May
478 Sept
*45
47
*48
46
4912 47
47
Preferred
4812 4912 4912 4912 50
100 19 Mar 2 7212July IS
900
11 June 31 Mar
38
38
3712 3818 3712 3814 37
40
3912 403
8 383 397 21,700 Woolworth (F W) Co
8
4
10 2518 Apr 8 507
8July 8
22 June 4538 Mar
2218 225
2112 22
8 2214 225
8 23
25
*24
25
2314 24
100
1,500 Worthington P & 1g
8 Mar 2 397
8July 7
5 May 24 Sept
*3514 40
*3514 40
03514 40
*3514 45
*3514 40
Preferred A
*3514 45
100 14 Mar 15 51 June 7
1412June 41
Jan
*30
30
*30
30
34
*30
34
34
*30
Preferred B
27
34
27
200
100 14 Feb 28 47 June 6
12 May 31 Sept
*1414 16
1414 1414 51414 16
*1411 16
*1414 16
*1414 16
10 Wright Aeronautical_ _No pa
6 Apr 5 24 May 27
37 Apr
8
1812 Sept
5158 513
8 513 513
4 5112 5158 51% 53
4
52
52
51
51
1,925 Wrigley(Wm)Jr (Deli _No par 3412 Feb 28 5314 Sept 20
2514June 57 Jan
*15
18
*15
18
*15
18
1412 15
14
141 •133 16
600 Yale dr Towne Mfg Co
4
25
7 Jan 20 23 June 17
612 July
15 Sept
43
8 434
43
47
458 47
8
512
8
43
4 514
7,500 Yellow Truck & Coach ol B.10
5
47
8 5
218 Mar 2
13 June
4July 7
8
73
73 Sept
4
*2812 33
*2812 393 *2812 35
4
*2812 35
*2812 35
Preferred
*2812 35
100 18 Mar 2 42 July 10
12 May 401e Sept
*113 1112 12
12
8
012
1212 12
12
12
12
117 117
600 Young Spring dt Wire_ _No par
8
8
312 Mar 30 1918July 19
3 June 117 Sept
8
2012 21
2012 213
8 20
2012 21
225
8 22
231
2134 223
8 6,600 Youngstown Sheet & T _No par
71t Feb 28 373
8July 18
4 May 2712 Sept
218 218 .2
214 *2
212 *2
214 *2
•218 21 1
21
100 Zenith Radio Corp- - --No par
12 Feb 27
312July 18
II May
2 Jan
534 6
5 4 53
4
3
57
s 6
53
4 5%
53
g
4 6,
5,003 Zonite Products Corp_ .
55* 6
1
33 Feb 28
8
812.1uly A
..f
'
,
07. ',fill.
• Bid and asked prices. no sales on this day. a Optional sale. s Sold seven days. x Ex-dIvIdend
ti Ex-rights




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

2603

Ow Jan. 1 1909 the Exchange method of quoting bonds was changed and prices
are now "and interest"—except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 6.

Price
Friday
Oct.6.

Week's
Range or
Lan Sale.

U. S. G
ment.
BII
Ask Low
High NO.
First Liberty Loan
312% of 1932-47
J D 10214, Sale 10244, 10213
, 418
Cony 4% of 1932-47
J D 101 1034, 102234, Sept'33 ____
Cony 44% of 1932-47
J D 10224, Sale 102344210241n 170
28 cony 41(% of 1932-47
J D 101164, ___. 102 Aug'33 ____
Fourth Liberty Loan
434% of 1933-38
A 0 103104, Sale 1022741103,3n 790
Treasury 411s
1947-1952 A 0 109104, Sale 10934,1104n 410
Treasury 4s
1944-1954 J 13 10644, Sale 10544,10614, 779
Treasury 33Zs
1946-1956 NI S 104.., Sale 103134210113n 212
Treasury 3325
1943-1947 1 D 101z1n Sale 1010
,210144n 390
Treasury 38___Sept 15 1951-1955 M S 98414, sate 9814n 98144, 599
Treasury 3325 June 15 1940-1943 J D 10137,, Sale 101124,10130n 225
Treasury 3326 Mar 15 1941-1943 MI 14 101334, Sale 101134,101"n 353
Treasury 34211 June lb 1946-1949 1 13 10011,2 Sale 9924,1000
o, 919
Treasury 3.1,is
Aug 1 1941 F A 101 14, Sale 100374,10114n 1226

Range
Since
Jan. 1
Low

BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. G.

56

t
a

Price
Friday
Oct. 6.

eek's
,
flange or
Last Sate.

Range
Since
Jan. 1.
-Vo. Low
High

;
c

High
Bid
Ask Low
High
Deutsche Bk Am part sit 65_1932
99104,103n4,
Stamped extd to Sept 1 1935._70 Sale
7014
9
60
85
101 102414, Dominican Rep Cust Ad 5329 '42 ii-d 60 Sale 6914
563
4
60
52
4212 62
99444,1034,,
1st ser 510 01 1926
194,1 A 0 424 56
423
4
423
4
3
354 59
10114,102
2d series sink fund 53.-4s.._1941 A 0 424 47
423
4
3 a3414 56
43 2
,
Dresden (City) external 75_1945 M N
3012 42
4
31
12
27
654
10011,110344, Dutch East Indies extl 68_1947 J 1 1443 Sale 293
8
1443
8 14714 91
93 147 4
,
1031411114u
40-year external es
1962 M 8 1444 Sale 143
1463 158
4
9314 1463
4
9104,107,4,
Nlarch 1952 coupon on
____ ____ 135 Aug'33
127 135
981411051'n
30-year extl 5 128
1384 Sale 1373
Noy_____-171953 1
4 14014 57 9212 1415
8
9744,1021,,,
30-year ext 5123_ __Mar 1953 M 8 1373 Sale 1373
4
4
140
25
918 141,
4
8
9314,99,
4,
March 1934 coupon on _____---____ ____ 125 Aug'33
125 125
94 102144, El Salvador (Republic) 89 A-1948 3. 36
1
Sale 36
36
1
20
04
06414,102n.
Certificates of deposit
J J ____ 427 43 Sept'33
8
3234 55
954,1001,,,
Certifs of den coupon off _ _ _ _
__ ____ 45
45
45
100134,101,1., Estonia (Republic of) 78_ _ _1967 5--;_5114 Sale 51 Aug'33
5114
6
4212 55
Finland (Republic) eat 6s___1945 M S 723 7712 a76
4
a76
State & Cite—See note below.
9
5
84 79
4
External sinking fund 7s._1950 M S 80
803 79 8
4
,
N Y City 4128
804
4 32
May 1957 St N
594 85
973 Feb'33
4
973 973
4
4
External sink fund 6128-1956 M S 72
73
72
74
21
67
8012
External sink fund 510_1954 F A
715 73
8
72
r74
Foreign Govt. &Municipals.
39
54
76
.
Finnish Stun Loan 612s A__1954 A 0 6918 Sale 6712
7114 46
Agile Mtge Bank at Os
557 7612
1947 F A 2518 287 30 Sept'33 __-_
8
4
1718 37,
4
External 6125 series B____1954 A 0 69
75
6712
71
15
Sinking fund 65 A__Apr 15 1944 A 0 25 Sale 25
55
78
26
7
17, 364 Frankfort (City of) a f 6325__1953 IVI N
8
24 Sale 23
243
4 24
With Oct 15 1933 coupon_ __
_
25
28
'JO's 51
2512
2512
1
2512 28
French Republic esti 712s_ _1941 1 D 1583 Sale 15114
8
593 118 160
160
Akershus (Dept) ext 58___. .1963 IN N 7512 Sale 7512
76
6
63
7812
External 7s of 1924
1949 .1 0 15914 Sale 15312 1605 140 /1124
8
Antioqula (Dept) coil 75 A 1945 J J 11 Sale
93
8
11
160%
10
7
2058 German Government Int,ernaExternal 5 f 75 ser B
1915 J J
914 11
914
912
2
618 2012
Lionel 35-yr 612s of 1930_1965 J D
433 Sale 4212
4
4414 428
External s f le eer C
3514 6414
94 18
1945 J J
914
2
94
85 207 German Republic extl 7s
8
8
1949 A 0 68 Sale 6212
68
330
External s f7s ser D
1945 J J
534 8614
94 Sale
97
8
94
1
6
207 German Prey & Communal Bk.
8
Externals 1 78 let (ler
4
84 93 a812 Sept'33 --1957 A 0
6
1712
(Cons Agile Loan)632s A_195" J D 29 Sale 2612
29
68
External 800 s f is 2d eer__1957 A 0
26
85 10
8
564
9
9
5
5
18
Graz (Municipality) 8s
1954 91 N
5514 ____ 55
.55
6
External sec a f 78 3d ser_ A957 A 0
45
64
9 Sale
9
93
4
3
45 187 Gt Brit & Ire ((J K of) 5325_1937 F A 11658 Sale 116
8
8
118
197 1013 1247
Antwerp (City) external 5e__1954 J D 8214 Sale 82
4
8
85
52
71
914
Registered
F A_ _ 1203 Aug'33
4
Argentine Govt Pub Wks 68_1960 A 0 55 2 Sale 54 2
10514
8
,
56
,
37
41
54% fund loan L opt 1960_199 1V1 N aiE6T2 (4Ie al05 al0612 160 672 1215
754
Argentine Nation (Govt of)—
a10712
Greek Government sfaer 76_1961 81 N
23
2614 24 Sept'33
Sink funds Os of June 1925-1959 3D 5512 Sale 534
ale
28.,
5512 55
41
754
Sinking fund sec 6s
1963 F A
1914__ a19ls
Kills f Os of Oct 1925_ ___1959 A0 56 Sale 534
193
4 10
1414 2378
56
33
4012 73
August 1933 coupon ______ _
16 17 4 1612
3
5
External s f 64,series A._1957 ills 5614 Sale 55
1612
155 20
8
5614 60 04018 7512 Haiti (Republic)s f 6s series A_'52 A-1:1 68 2 74 a6912
,
7
70
External 68 aeries B_ _Dec 1954 J O .55 Sale 535
67
7814
8
553
8 28 04034 753 Hamburg (State) (is
4
1946 A 0 32 Sale 2818
324 22
Exti a f 6s of May 1926._ A980 MN
25
69
554 Sale 5418
554 25
40 8 755 Heidelberg (German) extl 7128'5(1J .1 21
3
8
30
25
25
2
External a f 63 (State 113 1_1960 81
23
60
,
55 04018 75
Heisingfors (City) ext 6128_ .1961 A 0
Sale 68
71
Ent Os Sanitary Works_ __1961 FA
19
47
75
a
gt1z gale
5
33
4014 754 Hungarian Munic Loan 7129 1945 J J
2755%
2
2618
Extl Os pub wks May 1927 1961 MN 5 4 Sale 54 4
2618
1514 31
554 It)
41
754
Unmatured COUPS attached. J J
25
__ 23 June'33
Public Works extl 512s___1962 FA 4912 51
204 23
48
4912 12
38
6912
External el 78 (coup) _ - 194). J 1 2712 Sale a26
Argentine Treasury 5s £__ _ _1945 M 5 69
2818 11
19
295
8
75, 70 4
2
7014
,
2
4978 92
Unmatured coups attached J J __ __ ____ 1612 May'33
Australia 30-yr 5s_ _July 15 1955 J J 86, Sale 8412
1612 1612
4
8614 591
7114 873 Hungarian Land M Inst 712s 'IL M N
4
3918 Sale 3618
External 5a of 1927..Sept 1957 M
3918 16
24
41
8614 Sale 843
8
8614 97
7214 87 2
,
Sinking fund 712s ser II_ _ _1961 M N 3918 91 a3634 a363
1
External g 4128 of 1928._1956 MN
4
2318 41
793 Sale 7918
4
80 8 170
,
6818 8214 Hungary (Kingd of) 5 f 710_1941
3812 Sale 3812
39
7
Austrian (Govt) a f 75
3114 45
1943 Jo a88 Sale a864
88,
4 34 a85 100
Irish Free State exti 51 53- _ _1961) '31 1 105 Sale 103
Internal sinking fund 78 1957 J J 453 Sale 4712
14
107,
4
7618 107,
4
4
485
8 23
4312 644 Italy (Kingdom of) extl 7s_1951 J 1
99 Sale 97
Bavaria (Free State) 6)4s._1945 F A 35 Sale 35
99 2 350 a85,4 101
,
353
8 12
30
69
Italian Cred Consortium 75 A'37 M
954 97
96
Belgium 25-yr extl 6125
6
9612
89 4 101
3
1940 81 S 96 Sale 9512
9612 46
8812 10212
External sees t is ser ii__ _1947 2/1
89
917 9012
8
905
8 25
External s f Os
82
1955 J J 95 Sale 94
97
954 1011 87
Italian Public Utility extl 78_195. .1
98
a8512 Sale 8512
External 30-year a f 7s
863
4 26 a7212 9512
1955 3D 9612 Sale 96
964 122
947 10812 Japanese Govt 30-yr s f 6125_1954 F
8
8418 Sale 813
4
Stabilization loan 78
84 2 156
,
45, 90 4
4
1956 SIN 964 98
4
967
96
8 171 9312 10712
Extl sinking fund 5328_ __ _1964 PA
733 Sale 7212
4
Bergen (Norway)—
733
4 53
354 81
Jugoslavia (State Mtge Bank)Extl sink funds 5s_ _Oct 15 1949 A0 774 -_ -. 74
74
5
65
887
8
Secured s 1 g 7s
1957 A ,
2318 25
25
25
External sinking fund 55_ _1960 MS 73
17
12
28
77
784
7818
63
903 Leipzig (Germany) s 1 7s
8
1947 F3114 33
32
32
Berlin (Germany)sf612a_ 1950 A0 31 Sale 27
2
293 64
8
32
53, 2512 60
Lower Austria (Prov) 712s 195 J 1
,
53
60
5212 Sept'33
Externals f 6s_ __June 15 1958 3D 284 301 2812
491, 604
303
4 70
2418 57
Lyons (('ity of) 15
-year Os _1931 NI 1 1507 Sale 14812 152
8
Bogota (City) extl s f 85_
821 8101
1945 A0 22 . Sale 22
22
8
30
lb
Marseilles (City of) 15-yr 65_1934 NI 0 151 Sale 14812 15218 45 810114 152
Bolivia (Republic of) extl 88_1947 MN
778 Sale
1521s
714
84 26
4
15
Medellin (Colombia)6128_1951 J 1
113 Sale 113
4
External secured 7e (flat) _1958 J J
4
4
113
4
618 Sale
758 23
618
4
73
8
312 134 Mexican Inig Asstng 4128_1943 Ni t,
218 51, 4 Sept'33
:
External a t 75 Ulan
218 612
1969 MS
612 Sale
6
7
35
314 13 4 Mexico (US) esti 55 of 1899 i'45 Q ---------4 Sept'33
,
Bordeaux (City of) 16-yr 68_1.934 MN 151 Sale 14812 15212 58 al0114
4
4
15212
Assenting 5501 1899
58
1945
7
85
Brazil (U S of) external ts. _1911 J 1) 2914 Sale 29,
, 814 Sept'33
318 1014
3012 19
8
164 43
Assenting 5s large
5
6
57 June'33
8
External a f 6128 of 19261957 A0 2614 Sale 26 4
57
8 57
4
273
4 65
,
153 39
4
Assenting 4s of 1904__ _ .____
____ ____
External f 6125 of 1927..1957 A0 2714 Sale 27 4
512 Sept'33
24 8
,
28
,
47
143 39
4
Assenting 45 of 1910_ _ ____
____ _ _ ___
5 June'33
78 (Central RIO
1952 31) 26
5
26, 253
5
4
26
8
7
1212 361,
Assenting 4s of 1910 large ____ ____
334 5, 6 Sept'33
Ilremen (State of) extl 78_ I935 M S 4118 Sale 40 2
25
8 8
4214 48
,
341, 7212
Assenting 4801 1910 small__ _ _
Brisbane (City) a I 58
5 Sale
5
5
11
1957 MS 72 Sale 72
24 8
74 4 33
,
8412 75
Trees(is of'13 assent (large)'33 1-3
*
Sinking fund gold 68
*
1954 FA 7218 Sale a7134
74
24
637 75
8
Small
*
20
*
•
-year et 6s
1950 3D 8014 83
80,
4
80,2 11
704 831,8 Milan (City. Italy) extl 612s 1952 A 0 83
Budapest (City) esti s f 6s_ _1962 ID 3012 Sale 30
841 83
8412 43
74
90
30 2
,
6
244 3518 Minas Geraes (State) Brazil
Buenos Aires(City) 63.4s 2 II 1955 J J 4212 sale 4212
4212 27
37
64
External s 1 6128
_231s N
2
f
External s t 13s ser
2812 43
AO 39
46
4212
40
6
374 544
Ext sec 612s series A...1951' M SS
195 I'st
External s f Os ser C-3_ __ _19611 A0 39
283
8 21
1?12 166
43 1 39
39
8
3414 64
Montevideo (City 01) 7s
1952 1 ID
Buenos Aires (Prov) extl 65_1961 M
27
125 42
8
30, 38
4
3014
9
32
16
4212
External e f Os Belies A...1959 M N :15 gal
Stpd (Sep 1 '33 coup On)1961 M
3
2i.2
31
'5
134 96
11
274 Sale 27
33,8
284 57
2012 417 New So Wales (State) extlfs 1957 F A
8
84 Sal
External a f 6125
837
8
1961 • A
844 52
32 Sale 32
714 8612
3
1758 393
4
External s f 55Apr 19 3 L.
19 A
(
Stpd (Aug 133coup on)1561 F A 27 Sale 27
84 Sal
833
4
8412 50
71
9612
297
8 15
21
413 Norway 20-year ext Os
4
Bulgaria (Kingdom) 1 is. _1967 J J
A 973 Sal
4
984 15
973
4
81i
1618 174 18 Sept'33 -- -.
14
23,8
20-year external (is
Stabll'n a t 7445._Nov 16 1968 MN
1944 F A
974 Sal
963
4
98 4 25
,
8ll N17.4
21 Sale 21
s
2112 32
21
2712
30
-year external 13a
1952 A 0 96 Sale 9412
L4 °A% 4 4
96
1
3
,
40
-year a 1 512s
Caldas Dept of(Colornbla)712&46 J 3
1965 J D 93 Sale 9212
9314
1112 15
153 Sept'33 --__
4
11
24
External s 1 5s_ _ _Mar 15 1963 M S 91 4 Sale 9114
Caaada (Dom'n of) 30-yr 4.s_ 1960 A 0 92 Sale 913
,
?1, 31 a7212 924
,
8
92
117
79
9214
Municipal Bank ext.l s t 58_1967 J D 88 Sale 88
58
10
1952 M N 1034 Sale 1 1023
744 8914
4 10414 143
9018 10518
Municipal Bank extl s f 5a_1970 .1 D 85
41.48
Sept'33
19341 F A 10112 Sale 101
10112 43
9318 1017 Nuremburg (City) ext.! 68_1952 F A
8
Carlsbad (City) a f 85
29 Sale 5554
-- -6 a24
1954 l J
75
56:1
7128
52
69
86
Oriental Devel guar Os
Cauca Val (Dept) colom 734s'45 A 0 1012 1112' 10 Sept'33
1953 M 8 66
673 6614
4
673
4 39
35
72
1018
3
812 217
8
Ext1 deb 632s
Cent Ache Bank (Ger) /s..1951) M 8 48 Sale 4612
N
64
/ 65 634
1
4
64,
4 76F 8112 71
48
50
3914 75
0910 (city) 20-year at 68
95
5
155 14\.4 N 8712 Sale 864
Farm Loan 11 t 68--JulY lb 196 ) .1 J
,
, ,2
1g1 8
423 Sale 42
4
44
69
324 67
Panama (Rep) ext1 6328_ _1953 J D 98 Sale 98
Farm Loan s 1 , _Oct 16 1941, a 0 3912 Sale
i,
403 121
4
3212 6678
Ext1 s f 58 ser A __May15 196351 N
Farm Loan (is ser A Apr 15 1938 A 0 4012 Sale 394
3412 34
34
27
221
36
5814 1453i
15
1
4112 60
3518 7512 Pernambuco (State of) ext.! 75'47 M 8
Chile (Itep)—Exti I 4 78 _ _ _1912 NI N
22
83 12 4 84
63 21
4
4
,
1112 10
534 21
Peru (Rep of) external 7s_ _1959 NI S
External sinking fund fie _1960 4 0
R2 gale
2 ae
3
,
78
g112
z
2
518 31
£ 2
1:4
814 Sale
a3,2 1 (138
5
1 41:
84
84 103
5
174
Nat Loan ext1516s 1st ser 1960 J 0
Ext sinking fund 6s. _Feb 1931 F A
64
,
814 9
818
83
4 32
478 174
Nat loan extl s t lia 28 eer_1981 A 0
Ity ref ext s f 68
Jan 1961 1 J
612 64 6,
4
814 Sale
35 1414
4
64 24
8
83
4 30
478
(Rep of)gold p; ______19V A 0
Ext sinking fund 6s Sept 1901 3,1 S
ns 8
.
4
814 9
5212 6212
4
85
82
,
8
5
17 4 Po a nblgt
71
1
llta i a
External sinking fund 6s. _1962 IN s
19 A 0
814 914 818
834
3
5
1712
External sInk fund g 88___1950 J J
External sinking fund 65 _1963 M N
84 Sale
8
83
4 3.5
5
17
Porte Alegre (City of) 88_1901 J D 2 '8 i 260 8
Chile Mtge ilk 612s June 30 1957 1 D
67511* 2 ez ?91718
4 6a
11 Sale 11
77 2
1:
11
17
714 18
Esti guar sink fund 7 48.._19136 J J
S f 632a of 1926 June 30 1961 / D
153 17
11
1
4
8
931 3 12
147
8
16
0
5
14
912 2012 Prague (Greater City) 712s_ _ 1952 M N
Guar 5 f 65
Apr 30 1961 4. 0 10 4 Sale 1018
SO S 7 28305
82
,
8214
1014
13
612 173 Prussia (Free State) exit 6121 '51 M S 36 Sale4
8
Guar a f Os
1982 M N
1014 Sale 104
3638 10(
5
) 774 5517e;
2
8
1014 42
6;
:
8182 164
1
External s 1 Os_ _ _ _ _ _ 1952 A 0 325 Sale 31
Chilean Cons Munk 7s
1960 NI S
618 84 6
8
3278 79
25
61,
,
2
O's
4
153 Queensland (State) extls__75 1941 A 0 10012 VI 121
8
Chinese Olukuang Ry) 56_1951 1 D 274 3212 30
: INI
: 24
3
88 101
30
6
12
30
25-year external 8a
Christiania (Oslo) 20-yr s f tis '54 121 S 8218 __ _. 86
1947 F A
91
36
78
9412
Sept'33
__
81
90
Rhine-Main-Danube 7s A _ 1950 M S 403 Sale 405
Cologne(CIty)Germanv6 40 4050 M 8 32 Sale
8
8
12
5
2878
9
32 - -27
354 7112
224 57/o Rio Grande do Sul ext.'51 88_1946 A 0 16
Colombia (Rep)(is of '28 _Oct '61 A 0 363 Sale 34
4
25
24
2
12
36'
34 19
34
1612 49
External sinking fund 68.._196,1 J D 233 Sale 23 2
July I '33 coupon on_ _Jan 1961 J J 3512 38, 3512
4
2
,
36
24 4 37
,
31
17
164 4912
External s t 78 of 1926._ _1966 M N
July 1 '34 coupon on_Jan 1961
3614 Sale 36
233 Sale 233
4
14
4
2,
37
4 4 63
:1s 31
11
36
40,
4
External at 78 munic loan _1967 J D
Colombia Mtge Bank 6128 of1947 :5 ci 25
-16
29
25
2312
24
25
11
2512
814 3014
4
2
gl8 V
,,
, .is Rio de Janeiro 25
Sinking fund 75 of 1926__1946 81 N
-year 5188.1046 A 0 15
26 Sale 244
177 16
8
16
3
26
9
2612
External 5 f 612s
Sinking fund 78 of l927___1947 F A
1953 F A
26 Sale
154 Sale 157
8
163
8 28
26
658 26
3714 Rome (City) extl 6125
Copenhagen (City) 5s
1952 1 D 6318 65 624
1952 A 0 84
86
8412
43
86
65
11
rg" 7312 Rotterdam (City) extl
25-year g 4124
195351 N
6s___1981 M N 1165 Sale 11314
5912 63
8
60
60
1163
4 41 a7
81111 15
8
12
693 Roumania (Monopolies) 78_1959 F
4
Cordoba (City) extl s f 78_1957 F A
A
1212 15
125
8
4
1314 31
2812 45
T(13 2334 Saarbruecken (city) 68
4
External at 7s__ _ _Nov 15 1937 MN 345 ____ 344
1953J 3 32
5 '2 i.1
8
9
6
t114 Se11.'3.'
35
'
13
9
2444 40
50
Sao Paulo(City) at 88__Nlar 1952 MN
Cordoba (Prov) Argentina Ti 1942 J J 324 Sale 324
21
2112 2012
324
2118 13
1 18 .2
1
243 56
5
's
4
External if 6128 of 1927 1957 M
Coats Rica (Republic)—
18 Sale 163
4
18
San Paulo (State) ext1 if 88_1936 J N
Ts Nov 1 1332 coupon on.- 1951 NI N
J
2734 ____ 2712 Sept.33 ____
2214 Sale 22
2214 2,5
1
234 30
Ds .
414
1
External sec a f 85
75 May 1 1936 co _am, on _1951
1950 J J
_
173 Sale 174
4
1618
1812
3
1712 19
14
134 273
23
4
External 8 1 ls Water L'n_1956 M S 1514 Sale 1514
Cuba Oteeublic)68 of 1904__1944 ill d 70
873 74
4
165 16
8
74
1612
8
8 al13 264
74 100
4
External a t 65
External 54 01 1014 ser A__1949 F A
1968 3 J
1 014 ___ 7412 Sept'33 ____ a7914 0314
J
14 Sale 14
1512 .51
918 284
Secured s 1 75
External loan 412s
1949 F A 70
1940 A 0
82 a7414
7514
6612 74
3
62
5014 7 4
85
Santa Fe (Prov Arg Rep) 78_1942 M S 66 Sale 644
4,
Sinking fund 5120 Jan 15 1953 1 J
71 Sale 71
194 Sale 1914
72
16 a63
214 38
1;: 214 Sat. u Wk 5
123 30 4
4
,
ien P fbg rs(rmany)78'45 F A
o re
Public wka 5 325 June 30 1945 J D 32 Sale 313
4212 Sale 41
4212 16
4
36
85
3
3812 773
4
Cundinamarea (Dept) Colombia
1951 M N
36 Sale 345
8
37
35
301 694
8
Saxon State Mtge last 78
External 4 t 632s
19598)3 N
1945 J 0 62 Sale 611
13 Sale 13
1312 12
62
/
4
l(118 223
1
4
Sinking fund g 6 325....Dec 19403 D 6212
Ceechoelovakla (Rep of) 88..1951 A 0 90 Sale a8912
624 37
Sale 6212
6
12
994 Serbs Croats & Slovenes 88_1962
4
9018
53,8 68
52
12
4
7:
24
6
Sinking fund 88 ser 15
M N 234 Sale 23
1952 A 0 88 Sale 88
90
984
External sec is ser B
Denmark 20-year mil 8s____1942 1 3 87 Sale 84
1962 M N
23 Sale 2114
87
Z
.' 56
47
5
2
55 93
1 12
3
5
124 2412
Silesia (Prov of) extl 78
External gold 512s
1954 .1 D 43 Sale 43
1955 F A 80 Sale 774
80
4414 22
7
9
40 a50 4
88
,
Silesian Landowners Assn 66_1947
External g 41214._ Air 15 1962 A Cl 6612 Sale 6334
2914 Sale 2812
30
6612 183
17
5814 774. Solmons (City of) ext1 6s. .1938 F A
2514 504
MN 1495 Sale 144
8
r Cush sale. a oeierred delivery.
1494 10 100 141.58
Accrued Interest payable at exchange rate of 54.4665. •
Look under list of Matured Honda on page
NOTE.—State and City Securitles.—Sales of State and City securit es occur very
2608.
rarely on the New York Stock Exchange
such securities being almost entirely at private sale over the counter.
and usually only at long intervals, dealings In
Bid
quent page under the general head of "Quotations for Unlisted Securities.' and Asked quotations, however, by active dealers In these securities will be round on a subse-




grl,. , gg'2

V. . M,
59
514

New York Bond Record-Continued-Page 2

2604
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 6.

3
)
i'e3
171
- .4..
.... a.

Price
Frtgag
Oct. 6.

Week's
Range or
Last Sale.

HIM
Ask 1.4W
BM
Foreign Govt. & Municipals.
5012
Sale 50
Styria (Prov) external 7/3_. _1946 F A _ 5013 „___ 4218 May'33
.,..„
Unmatured coups attached__ F A
8
1013
Sale 9418
Sweden external loan 5348_1954 M N 9'3 Sale 145
150
14912
3
Switzerland Govt 020 541 -1946 A 0 8014 Sale 80
8012
1955 F A
Sydney (City) a 1 534s
6412
Sale 6312
Taiwan Elec Pow s I 543_ _1971 1 1 64 8 667 60 Sept'33
8
657
Tokyo City be loan of 1912A952 M g 6414 Sale 6312
4
643
Externals f b 48 guar___ _1981 A 0
11
1012
94 11
1947 MN
Tolima (Dept of) en! 78
7812 80 Sept'33
72
Trondbjem (City) 1st 5413_1957 IM N 551454
5514
Upper Austria (Prov) 7s_ _1915 J D 46 - - - 4814 Sept'33
493T3
Externals 1 64s_June 15 1957 1 D
39
39 Sale 37
Uruguay (Republic) call 88 1948 F A
4
Sale 33
33
Feb 1 1931 & subs coup Ott------33 Sale 2918
3012
i
1985 1-3 -1;1 30
Externals f 68
8
293
2814
29
25
816w.- -..May 1 1964 M N 104
External
8
4
__ _ a1043 1053
Venetian Prov Mtge Bank 78 .52 A 0 56 Sale 5514
5612
Vienna (City of) eat! 81 68.1952 M N
4714
4714
50
Unniatured coupons attached_ M N - - Sale 44
4412
Warsaw (City) external 713_1958 F A ii Sale 65
67
Yokohama (City) esti 843. _ _1961 J D 67

.3
g1
al

Range
Rime
.
Jan. 1

Thoh
Ns. Low
5718
2
45
4214 4218
__
88 10138
285
191 810212 152
29
66
8214
48
331g 6812
26
____
6718
55
334 73
18
8
5
61
____
8412
3
4514 6212
_ __
4112 r56
2
2112 5018
3318
31
5
86
1512 4018
13
4
183 4018
17
8
94 1055
23
5212 8818
3
4312 534
50
22
35
3574 74
99

BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 6.

'4
.3)3
ta
-.,....
.2; 74
,.
:

3_1934 A 0
ChIcago & East III let 8
C & E III Ely (new co) gen 53_1951 M N
Chicago & Erie lat gold 5e__1982 M N
Chleago Great West 1st 4s__1959 M S
Chic Ind & Loulav ref 6o._....1947 J 1
1947 J .1
Refunding gold bs
1
1947
Refunding 4s series C
1966 M N
1st & gen 5s series A
J
lit & gen 65 series B_May 1986
J
Chic Ind & Sou 50
-year 45_1958
D
Chic L 8 &East lst 4 48-1969
Chi M et St P gen 4s ser A...1939 J J
J
Gen g 334s ser B___MaY 1989
J
Gen 4 48 ser C
May 1989
J
Gen 434s ser E
May 1989
Gen 434, ser F
May 1989 j J
Chic Milw SIP & Pac be A__1975 F A
Cony ad) be
Jan 1 2000 A 0
Chic & No West gene 348_1987 MN
19,7 MN
General 4s.
Stpd 43 non-p Fed Inc tax '87 MN
Gen 44e stpd Fed Inc tax.1987 M N
Gen ba stpd Fed Inc tax___1987 MN
1987 MN
4.3js.stamped
15
-year secured g 8348_ _1936 M 8
1st ref g 58
May 2037 J D
let & ref 44s stpd May 2037 J D
let & ref 44s ser C_May 2037 .1 13
Cony 44seerles A
1949 MN

Oct. 7 1933
Price
Frida3
Oct. 6.

Week's
Rants o'
Last Sala

g
...
.9 1
c5Z

Range
Since
Jan. 1.

With No. bow
Ask Low
Bid
11(gA
58 Sept'33 _
58
51
32
58
n
1012 i..
8
105 1212 10
334 20
92 Sale 92
924
a a8614 99
3914 63
3914 Sale 3714
4
20
50,
8
423 ____ 60 Sept'33 ____
28
8018
--------4912 Sept'33 ---44
4912
55 Aug'33 --,
____ 57
33
57
25
30
27
25
6
9
48
2812 32. 30 Sept'33 ____
54
12
78 Au2'33 ---,
78
70
6113 7812
993
4 21
4
8
997 10012 993
9418 10314
73
38
14
8
59
58 Sale 575
'
64 Sept'33 __,2
5412 84
35
64
634 29
40
77,2
634 Sale 6314
6412 10
81 14 6312 6312
40
77
9
7
38
2
6518
8
654 697 6518
376
8
43
395
4
403 Sale
11
5912
8
18
4
828
314 313
1618 Sale 145
5312 11
34
53
62
33'2 59
8
8
567 Sale 567
9
6812
30
7012
--__ 5778 59 Sept'33 ---36
59
67 Aug'33 ---47
73
- - 72
.
7012 Sept'33 ___,.
6412 75
40
8212
56 Sept'33
65
3
56
5f;
9
8
79
79 Sale 777
4358 923
4
56
15
4
8
44
44 Sale 413
42
104
41 Sale 3712
4712
15
4212 68
4012 Sale 3812
15
48
33
416
a3212 Sale 294
44 4412

Railroad
9412
75
1
84
84
8 87
Ala (It Sou let cons A 5s..1943J D 833
60
1
83
75
75
8
1943 J D 735 80
let cons 48 ser 13
9014
3
8812
78
8814
Alb & Susq let guar 3348. _1946 A 0 8812 Sale 7712
65
1
7712
7712
1998 A 0 7712 80
Alleg & West let gu 48
3
8
89
987
9814
9714
1942 M S 9714 Sale
Alleg Val gen guar g 48
2232 45
4
3818
3818
t
._ __ Jbuy 1996 Q J 3818 44
Ann Arbor 1. ir 4
4
9412 277
823 9718
A 0 9412 Sale 9214
Atch Top & 8 Fe-den 2 4E3_1995
5512 21
5312 5512 544
50
89
94
1
,
70 2
Chic R IA P Ely gen 43
19831 J J
89
A 0 --------89
39
22
115
19
Registered
89
1934 A 0 2112 Sale 20
76
Refunding gold 4$
3
84
84
8 88
Adjustment gold 4a__July 1995 Nov 843 Sale 844
1812 --1812 Sale 1818
1818 25
..-6 a7518 90
8618
Certificates of deposit
86
4
Stamped
22
39
July 1995 MN
1812 38
Secured 449 series A
834 85
1952 M S 21 Sale 203
85 July'33 ..-78
M N 75
7
19
184 19
Registered
19 Sale 1814
Certificates of deposit
L 73 84
774
7713
80
Cony gold 45 of 1909____1955 1 D 78
12
57
6
8
28
113 Sale 11
1960 PA N
7812 16
72
86
Cony g 448
Sale 77
1955 J D 78
Cony 4s of 1905
89 Sept'33 ___
81
72
73
90
Ch St L er NO 5....juue 15 1951 .8 D 8212 87
__ _ 7812 Sept'33 ____
_
Cony g 48 issue of 1910_1960 1 D 81
J D -------- 6412 May'32 _
8 63 a79 102
973
Registered
13 97 Sale 9434
1948 J
Cony deb 434s
- 6312 Sept'33 --- 135- 6312
4
Gold 334s
87
1
78
83
June 15 1231 .1 D
83 83
Rocky Mtn Div let 48_ _ _1965 1 J 78
46
7214
2
4
Memphis Div isle 43.___ 1951 J D -.__ 6i 7012 Sept'33 __
9912
J .1 94 Sale
9 89
Trans
-Con Short L let48_19589 9212 17 4, 13 53
8
623 6112
Chic TI!&So East let 521_1960J
8714 99
8
9212 973 91
4312 26
Cal-Arlz let & ref 44s A_1982 M 8
6
6112
3434 6434
16
73 4
Inc gu be
Dee 1 1960 M S 43 Sale 42
10512 10312 Feb'31 __-_ ____ _-_00
10114 73
A U Knox)/ & Nor 1st g 513_1946 J D 10018
91 102
90
Chic Un Ste'n let gu 434s A _1963 1 1 10114 Sale
75
3
89
4 11
AG& Char! A L lat 434s A....1944 1 i 89 Sale 89
95 1064
6712 96
191 58 series B
1
93
1963.3 .1 100 10412 10412 1043
9512 93
924. 10312
181 30-year 5e series 13._ 1944 1 J 924
01
65
7518
74 June'33 --Guaranteed g 581944 1 13 101 Sale 11112 10112 10
80
11212 le 10338 114
Atlantic City let cons 48_ _ A951 1 1 67
-6
4
66
1st guar 834s serlea C
913
1963.3 1 11112 Sale 7318
87 858512
All Coast Line 1st cons 43July '52 M 8 86
75
25
597 8012
4
9
51
J .1 75 Sale
8212 Chic & West Ind con 49
73
1952
7112
73
90
General unified 4 3411 A- - A984 1 D 70
17
8612 95
1962 M S 89 Sale 89
1st ref 534s series A
743
4
45
6618 15
64
89
MN 67
__ _ _
L & NCoil gold
2
62
62
66
Choc Okla & Gulf cons 58
5
4034
1952 M N 62 Sale 61
1314 52
40
4
1948 J J 403 Sale
All & Dan let g 48
8
85
_1937 J .1 9012 ____ 903 Aug'33 ____
904
50
CM It & D 2d gold
2
8
34 I
1948J J 34 Sale 3112
a
8
92
8
055
20
53 C I St LA C lot g 43_ -Aug2 1936 Q F' 975 ____ 92 June'33 ____
45 Sept'33 _--45
434s_- 1936 Q F
0 42
1949 A
8
Atl & Yad 1st guar 4e
947s8 947,
August 2
-------9433 Aug'33.,....
8412
75
Registered
79 Sept'33 __-82
75
8
Austin 5, N w 184 gu g 5 1941 J J
83
1
82
83
Cin Leb Ac Nor 1st con gu 4E3_1942 MN
711 ..
83
8 15
1013
8
93 102
4
74
923 Cin Union Term 1st 448_2020 1 1 1015 Sale 10114
8912 75
8
96,2 10784
Balt & Ohba let g 4s___July 1948 A 0 893 Sale 8812
33
105
8
2020.3 J 104 1047 104
1st mtge 5s series B
80
72
75 May'33
July 1948 @ 1 --__ 87
Registered
1053* 53
9614 107
1957 MN 105 Sale 10414
74
3318 7612
lit mtge g be series C
85 --P 64 Sale 6114
Refund & gen 5s series A _1995 ./
7614 ____ 72 May'33 __ 77
72
72
9812 62 a7918 100
9712
Clearfield & Mah 1st gu 5a....1943 ./ .1
July 1948 A 0 98 Sale
let gold be
68
85
78
11
3712 83
8 25
Cleve Cln Chi & St L gen 4s_1993 .1 I) 78 Sale 78
733
Ref & gen 68 series C_ __ _1995 J D 7314 Sale 7112
98 Aug'33 _--96
85
96
1993 J D 94
67
4
8112 877
80
General Is series B
4
N 8014 8212 783
P LEA W Va Sys ref 48__1941 51
85
82 July'33 ____
75
49
82
1941 .1 J
Ref & Inapt (is ser C
89
8212 62
55
4
1950 J J 8212 Sale 803
Southw Div tat 58
_
47
8212
4512 74
7
1963.3 J ____ 7238 75 Spet'33 -..,
Ref & lmpt bs ser D
88
66
71
Tol & Cin Div let ref 48 A _1959 1 J 68
65
oz
37
7712
64
45
3434 75
Ref & impt 434s ser E
1977 1 J 62 Sale 82
6212
2000 M 13 6312 Sale
Ref & gen be series D
8
937 95 Aug'33
2512 67
268
56
Cairo Div 1st gold 45
1039 .1 .1 88
1960 F A 55 Sale .5214
77
60
Cony 4 413
73 Sept'33 ____
CM WA M Div lat g 4s 1991 )1 .1 7014 73
64
82
4
60
693
M S 63 Sale 6114
1996
80
ag
net & gen M 5s ser F
4
a75
7412 79 a75
24
101
88 101
St L Div let coil Ire 4w._.1080 NI N
10012 sale 100i8
Bangor & Aroostook let 5e 1943 J J
93 Sept'33 _--94
93 93
2
65
Spr dr Col Div let g 4s
84
784
1940 M S 87
1951 J J 7812 Sale 7812
76
72
Con ref 48
limo J .1 7014 7378 7312 Sept'33 ____
W W Val Div In g 48_
82
62 Aug'33 __-62
Battle Crk & Stur 1s3 gu 311-1989 1 D 60 100
9612 1017
3
9212
80
93
C C C& I gen cons g 139_1934 1 J 994 101 100 Sept'33 _
1
9212
1936 .1 .1 92
Beech Creek 1st gu 2 4s
9312 100
8933 9212 Clew I.or & W con let g 53_ _1933 A 0 --------997 Sept'33 ---8912 Sept'33 -.-93
1936 J J 90
2d guar g ba
8014 88
66
71
Cleveland & Mahon Val g bs 1938 1 .1 8712 ____ a87 Sept'33 -_-____ 70 Sept'33 ____
Beech Crk ext 1st g 3348....-1951 A 0 664
V
99
"
97
99
8193
--, ---- -,-). _ - Clay A Mar 1st cue 44- 5 M N 99 ---- 'J8 June. ------- ---Belvidere Del cons go 348_1943 / 1 91
June'33 ____
____
9814 98
874 -.- Clev & P gen gu 434s ser 13._1942 A 0
712
1944J D 8812 ____ 90 Sept'33 __-.
86
86
Big Sandy let 48 guar
Jan'33 __
86
1942 A 0 8614
Series B 334s
83
73
26
53
75
Boston & Maine 101 58 A C.1967 51 S 73 Sale
____
____ 10114 Sept'33
96 10133
1942 J .1 99
7438 14
£3eries A 434s
542 8312
7314 73
70
1955 MN
lot NI be eeries II
91
33
'
70
1948 31 N --------91 Aug' ----84
15
Serles C 334s
8
48
787
1981 A 0 89 Sale 88
_
1st g 4318 ser JJ
Oct'32
1950 A F --------83
5412 8312
8
Series D 34s
6512
6312
65
9
NY Air Line 1s1 4131955 F A 62
or - -1Boston &
1977 F A _,... _ -1938 .. 91 Sept'33 ____
1
8434 9412
Gen 44s ser A
93
93 Sale 93
1 J
Brune & West 191 gu g 4s
34 Sept'33 __ -,
86
87
5
70
85 10012 Cleve Sho Line tat gu 4345_1981 A 0 80
100
Sale 00
Buff Roch & Pitts gene 58_1937 M S 100
4
ecus so
85
13
5512 16
8
3338 873 Cleve Union Term lot 54s._1972 A 0 843 Sale 84
1957 MN 5512 Sale 55
Consol 41-40
8014
8
54
864
11973 A 0 80 Sale 80
1st s 1 bs series B
7012
45
4934 5012 Sept'33 ---,
Burl C It A Nor let & coil 513_1034 A 0 46
4
7412 4
494 773
0
lst s 1 guar 4348 series C1977 A 0 73 Sale 7112
91
7878 97
1
91
91
Canada Sou cons go 5s A__ _1982 A 0 89 Sale 9712
8612 9312
1915 J D 8912 9214 113 Sept'33 ___
8 35
983
4
7914 933 Coal River fly lot gu 4s
9814
Canadian Nat guar 44e_ _1954 M S
854
8414 8412
6
67t8 9444
& South ref & act 4344_1935 M N 84
8
Cob
9814 84
8
793 99
9818 Sale 977
77
47
30
5
-year gold guar 4 48-1957 1 1
88
General mtge 43
9878 167
4sser A 1980 M N 68 Sale 68
8
79 4 987
3
8 Sale 9712
9578 12
8
Guaranteed gold 4 Aff - - -1988 1 13 983 Sale 103
8
8518 97
1948 A 0 957 ____ 957
8
10412 84 a3412 1045 Col & II V 1st ext g 48
July 1989 1 J 10412
Guaranteed g bs
95
1955 F A 95 Sale 95
I
90
95
Col & Tol lat ext 40
4
1043 121
84 105
4
8
Oct 1989 A 0 1045 Sale 1033
77
77
Guaranteed g be
77 June'33 ___
Conn & Passum Illy 1st 48_1943 A 0 71)
8
8
1970 F A 10412 Sale a1035 10412 54 a84.1 105
Guaranteed g 15a
04 5014
5
5014
6014
i
38
1014 33
Sale 10118
803* 1013i consol Ely non-cony deb 4s 1954 .1 J 50 - Guar gold 448---June 15 1955 1 13 10112 Sale 99
Aug'33 .._ __
40
62
1955 1 1 --------53
Non-cony deb 48
8
80
997
4
993 128
4
1956 F A 993
Guar 3.448
4812 Sept'32 __ _ _
1955 A 0 ____ 50
Non-cony deb 45
4
126
793 10014
100
4
Sept 1951 NI S 993 Sale 9918
Guar g 4303
1956 1 J --__ 504 5312 Sept'33 _-_,
Non-cony deb 40
8 78
1043
9834 107
8
North deb 8 f 78_ _1940 J D 1043 Sale 10314
Canadian
8 02612 12
41
D 2312 Sale 233
1942
10
10918 29
9412 1093 Cuba Nor Ely tat 534e
4
1946 1 J 1094 Sale 108
25
-years 1 deb 6%8
2312 46
4
J 0193 Sale 1718
15
4
413
42
10012 101
90 1013 Cuba RR 1st 50
8
-Year 58 g 1952
1
10-yr gold 448-Feb 15 1935 . J 101 Sale
23
7
1936 J D 20 Sale 20
15
41
tat ref 7348 series A
97
49 r70
82
62 Sale 60
4% deb stock
Canadian Pac Ely
25
2212 Sept'33 ____
13 17
11
34
1938
let lien & ref 6s ser It
7512 97 a55
8312
4
S 743 Sale 72
1946 M
Coll tr 434s
804 9912
994 74
1944 .1 1 a99 Sale 9812
be equip tr ctts
4
85
73
4
673 8914
5818 9012 Del & Hudson let ,t ref 44_1913 M N 83 Sale 823
4 89
793
4
Dec 1 1954 1 D 793 Sale 78
Coll tr g 58
9912
91
2
9718
1935 A 0 9618 9912 97
be
107
5312 80
70
1960.3 J 70 Sale 67
Collateral trust 434e
95
21
8
9512 945
70
1937 M N 94
9712
Gold 534e
1958
15
19 June'33 4
1949 J J 203
1st cons g 48
Car Cent
96 Sept'33 ____
96
96
80 10012 D Pit & BrIdge let go g 48_1938 F A 9814
3
9912
8
1005 99
Caro Clinch &0 lat 30-yr 58_1938 1 D 99
47
44
12 02813 66
44
Den & It G tot cons g 43._ 1936 J J 41
es
99
12
98
let & con,g fle ser A-Deo 15'52 J D 9512 Sale 954
4
J ____ 543 56 Sept'33 ----27
1936
6712
Consol gold 4 411
4
883
58
5
68
68
72
1981 .1 D 63
Cart & Ad tat gu g 48
4 80
273
814 52
Den & R G West gen be Aug 1955 F A 2738 Sal) 2518
60
2
24
48
48
47
Cent Branch U P mote 43_1948 1 13 38
3412 29
11
60
Ref & impt is ser I3__Apr 1978 A 0 34 Sale 33
64
32
56 Sept'33 ___
60
51
lot g 53- -Nov 1945 F A
Central of Oa
1935
4
93 4118 1)50 53 & Ft 13 1st gu 43
6
22
21
2118 28
1945 MN
Coneol gold be
1
3
34
312 212 Sept'33 ____
3
J J
Certificates of depoadt
28
3
5
154
8
8
143 157
Ref & geo 534s series 13_1959 A 0 12
45
8
693 Aug'33 ____
58
693o
212 2734 Des plalnes Val let gen 4 44_1947 M 8 56
15 Sept'33 ___
A 0 1018 15
1959
Ref & gen 54 series C
33
37 Sept'33 ._ __
4033
38
33
1955 J 13 30
15
Del & Mac 1s1 Ben g 45
July'33 __
3212 3212
Chatt Div our money 848.1951 1 D 22
25
30
1995 J D _ _ 2914 30 July'33 ___Second gold 4s
35
35
Mac & Nor Div let g 5E1_1946 1 J --------35 June'33 __ _
91
75
Detroit River Tunnel 4348..1981 M N 8318 8912 90 Sept'33 ____
28
28
28 July'33 _ __
Mid Oa & All Div Mir m Si '47 .11 .1 ____ 25
10314
3 10112 104
__ 10314
8
35
Dul Ml5sabe & Nor gen 5s 1941 .1 J 1035
24
30 Sept'33 ___
35
1948 1 .1 28
Mobile Div let it be
8
99 1057
_1937•0 104 10412 103 Sept'33 ___
7412 Dul & Iron Range let be
55
4
713 70 Sept'33 ____
39
Cent New End l let gu 431961 1 J 66
12
30 Sept'33 ____
27
8
863 Dul sou Shore & All g 5a_ _1937 1 J 24
25
2
61
61
61
Cent RR & Bkg of Ga coll 58.1937 M N 55
2
9212
84
93
48 A 0 ____ 9212 9212
Ely Minn Nor Div let
-44
82 10218 East
2
96
1987 J 1 96 Sale 96
Central of N J gen g 53
98
65
East T Vs & Ga Div let 531_1956 M N 874 91 a8812 a8812 12
98
83
98 Aug'33 ____
:
1987 1 1 1- 96
Registered
4
783 9833
8
8
983 083 Sept'33 ---3
75 4 9112 Elgin Joliet & East let g 58_1941 M N 96
5
85
1987.3 .1 85 Sale 85
General 421
61
Feb'33 ____
72
1965 A 0 6318 ____ 61
8312 8812 El Paso & SW lat 68
82
77
4
1st ref gu g 48_1949 F A 77 Sale 743
90
90
Cent Pac
4
.4
783 783 Erie & Pitts g gu 3340 ser B 19401 J 9018 ____ 90 Aug'33 ____
4
F A --------785 Jan'33 __-Registered
8
881 90
_ _ 90 Aug'33 - --1940.3 1 901
Series C 3348
87
2 a64
8012
8012
Through Short L let go 4w.1954A 0 8012 81
6712 85
7812 52
4
4
8-753 7814 763
Erie It It 1st cons g 4.4 prior 1996 J .1
80
45
1960 F A 6514 Sale 62
6511 31
Guaranteed g 53
7814 Aug'33 _ _
7814 7814
1998 .1 J __ 80
Registered
_
____ 11 June'31 __ _ -___
Charleston & Say'h 1st 7s 1936 1 J 93
62
47
404 74
Sale ow,
8
let consol gen lien g 48_1998 .1 J 613
_50 al0034 10712
107
Ches & Ohio lit con g 54.-1939 M N 1064 Sale 0512
41
57
1998 J J --------57 June'33 ____
Registered
1 101 12 105
10252
8
1989 M N 1025 10312 10233
Registered
9918
. 994
I
941 100
Penn coil trust gold 48._1951 F A 994
874 10414
4 72
1992 M 8 10012 Sale 9912 1003
General gold 430
553
8 25
5612
304 68
50-year cony 4s aeries A.-1953 A 0 5512 - _- 534
9012 92
M 8 ____ 9812 92 May'33 ____
Registered
304 67
4
19.53 A 0 5512 563 5514 Sept'33 ____
Series 13
80
953*
9278 14
1993 A 0 9214 Sale 92
Ref & impt 434e
40 Mar'33 ____
40
4018
1953 A 0 5312
Gen cony 48 series D
96
79
8 33
923
8
1995 1 .1 92 Sale 905
Ref & 1100t 4348 ser II
5512 82
2014 67 2
,
1967 NI N 544 Sale 52
Ref & lutist 58 of 1927
90 100
100 Sept'33 __-2012 6712
Craig Valley let bs_May 194(9.3 J 96 100
75
55
1975 A 0 5414 Sale 5212
Ref & impt bs of 1930
89
81
1
8514
8912 8514
Potts Creek Branch let 40_1946 J 1 85
81 10218
18
4
Erie & Jersey lat a f 8a__ _1955 J 1 973 Sale 09712 a98
4
843 100
9912 9912 Sept'33 ____
3 18._1989 1 J 91
It & A Div tat con
4
4
3
993
75 102
Geneseee River 1st at 80_1957 .1 J 951s 9932 993
9012
83
1989 1 J 88_ 90 Aug'33 -___
2d COMOI gold 40
40
15
3912 Sept'33 ___
38
Fla Cent & Pen tel cone g ba 1943 .1 J 27
93
93
- 93 May'33 - -.Warm Spring V let g bs 1941 M 8 ___ 1112
344 63
8
1
563
8
583
5818 Florida East Coast let 434z.,1959 1 D 5414 60
30
5212 36
A 0 52 Sale 513
8
8
Clime & Alton RR ref g 38 1949
28
7
3
213
4
714 Sale
1974 5/1 S
lot tft ref 5a series A
91
80
8912 36
8
Chle Burl & Q-111 Div 3348.1949.3 1 883 8912 884
7
27
2
21
612
84 9
..
Certificates of deposit ____ ---.
864 8612
1 i _ _ 8714 8612 July'33 -_-Registered
Fonda Johns & Glow 1st 434e 1952
874 99
72
9814
1949.3 1 98 Sale 0812
Illinois Division 413
434 612
612 912 612 Sept'33 ____
Proof of claim flied by owner__ M N
8
957
78
93
93
4
1958 M 8 923 Sale 9112
General 45
(Afnended) 1st cons 2-4s...1982
9214
68
14
90
83
1977 F A ____ 90
412
412
2
lat & ref 4 4s ser B
412
412 414 412
Proof of claim filed by owner MN
784 10012
954 15
1971 F A 94 Sale 93
1st & re bs ser A
Bonds on in ge 2608.
r rash sale. a Deterred delivery. • Look under list of Matured




New York Bond Record-Continued-Page 3
.
BONDS
N, Y STOCK EXCHANGE
Week Ended Oct. 6.

I;
1'1
13...
t
413..

Price
Fridat
Oct. 6.

Week's
Range or
Last Sale.

.3_
r ,:°-2
g
aZi0
.

Range
Since
Jan, 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 6.

'-.1
Zt ,,
...! r.,'

e,:-. •

2605
Price
Friday
Oct. 6.

Week's
..."
Range or
,O.,
Last Sale.3:1
.

Range
Since
Jan. 1.
High No. Low
High
Jan'33 ___40
40

Lew
Rid
High No. Low
High
Ask Loto
87 Nov'32 ____ _ __
_ Mtlw & State Line 1st 3 45_1941 1 J .51
____ 40
1
99
99
Minn & St Louis lot cons 5e_1934
tig
- _99
9014 Sept'33 ____
55
8
55 Sale
8
541 9014
3
55
8
Ctrs of deposit
1934 M N
/
4
4
818
3
43
8 3 July'33 ____
12 612
1st & refunding gold 4s1949 M 9
27 July'33 ____
518 27
1418 23
Ga & Ala Ry 1st eons 58 Oct 1945 J J
314 Aug'33 ____
/ 4
1
4
Ref & ext 50-yr 55 ser A,.1962 Q F
l's 11
314 312 Aug'33 ____
Q F ____
Ga Caro & Nor let gu g 581920Certificates of deposit
14 45
8
30
2618 July'33 ___18
261 M St P 3.c SS NI con g 45 lot gu '38 J 1 37 Sale 3612
/
4
Extended at 6% to July 1 1C34 J .1 23
6
38
24
48
29
2312 50
1
43
Georgia M,
diand 1st 3s____1946 A o 43 Sale 43
28
28
2
let cons 5s
16
3912
1938 J J 25
434 10
/
1
Craw & Oswegatchle let 5s_..1942 J D --------100 Jan'31 ____ ____
lst cons 5s gu as to int__ --1938 J J 41 Sale 41
2812 5412
84
25
_--963
4
913 Sept'33 ____
4
1
26
29
1st & ref 65 series A
1948 .1 J
Or It & I ext let gu g 4145,1911 J .1 8812 97
26
912 34
22
22
105
22
1949 M S 21
55
Grand Trunk of Can deb 76_1940 A 0 10412 Sale 10318
25
963 10614
4
1
0812 317
-year 514e
8
8
5512 60
1936 M 5 1027 Sale 10218 103
55
933 10312
4
33
15
-year at 6s
8
57
1St ref 54s ser 13
1978 J J
37
71
____ 96 Nov'30 ____
1947 J. 0 55
Grays Point Term is. ba
1st Chicago Terms f 45 1941 MN --------90 July'33 ____
__
90
90
75
45
/ 9014 Mississippi Central 1st 5s
1
4
151 ____-81
8412 July'33 ____
80
Great Northern gen 7eserA_1936 J .1 81 Sale 78
65
85
1949 J J
787
8
797
8 21
4
663 87
4
1st & ref 41 series
/
4s
_1961 J .1 783 80
7214 8612 July'33 ____
1514 183 16
4
66
Stpd (without Jly A_--coup) ---- 68
3
16
8612 Mo-Ill RR 1st 5s ser A
133
1959 .1 J
15
32
4
7912 Sale 7612
54
75
72 Sale 713
7912 82
39
1952 i J
8312 Mo Kan & Tex 1st gold 45 1990 J D
General 554e series B
6812 8812
73 Sale 71
7312 12
4012 773 Mo-K-T RR pr Ileo 58 ser A_1962 J J
8
4
6812
General 5e series C
1973 J J 66 Sale 66
59
87 4
,
1976 J .1 6412 Sale 64
6114
6012 Sale 60
37
6412 .7
General 434e series D
5
40-year 45 series B
74
1962 1 J
5118 73
8
4
667
8 30
General 434e series E...._ _1977 J J 657 Sale 64
Prior lien 410 ser D
34
74
1978 J J -7 __ 723 74 Aug'33 --_55
7712
4112 47 0324 6512
29
32
4
30
Green Bay & West deb etre A__ Feb 30 Sale 30
Cum adjust 55 ser A_Jan 1967 A 0 41 Sale 38
4 Sale
Feb
28
2912 2812
5
4
4
41
30
314 10
1985 F A
Debentures etre 11
1812 44
Mo Pac 1st & ref 5s ser A
_ _ 90 Sept'33 ____
133 130
4
1975 M S 1312 Sale 1214
8814 90
Greenbrier Ry 1st gu 4s____1940 M N
General 45
7
2412
8
58
61 65 Sept'33 __
3012 143
1st & ref 55 series F
1977 M S 283 Sale 2814
224 68
Gulf Mob dr Nor 1st 5%e B 1950 A 0 8918
44
6612 60
2912 11
28 Sale 28
1978 M N
60
1950 A 0
23
3
1st mtge 55 series C
1812 4412
1st & ref 55 ser 0
6612
11
103 Sale
4
141
554 _--- 45 June'33 ____
4212 45
Gulf & 9 I 1st ref & ter beFeb 1952 1 J
3
24
9
/
1
4
1949 M N
Cony gold 5%e
118
30
1980 A 0 2812 Sale 2812
4014 4014
55 8 ---- 4014 June'33 _-__
,
Stamped (July 1 '33 coupon on) J J
1812 44
1st ref g 55 series H
2912 212
2812 Sale 2812
1981 F A
1st & ref 5s ser I
1814 4414
9812 17
_ _ 73
Hocking Val 1st cons g 4148_1999 J .1 9812 Sale 97
1
73
73
Mo Pac 3d 7s ext at 4% July 1938 MN
84 100
504 074
46 June'33 ___ 91
8512 Sept'33 ____
Housatonic Ry cone g 5s
1937 MN
75
90
Mob dr Biz' prior lien g 5s_....1945 .1 J
8518 87
46
46
44 Aug'33 ____
96 Sept'33 ____
96 100
H dr T C let g be lot guar __ _1937 J J
90
8512 06
367 60
Small
J J 65
8
89
Houston Belt & Term 1st 58_1937 J J 89 Sale 89
7
1st M gold 4s
78 100
1945 J 2 4612 5978 53 Aug'32
Hud & Manhat 1st be ser A_1957 F A
44 July'33 ____
55
3 j 44
7812 Sale 77
7812 50
44 9
0
Small
72
884
453
4 41
30 Sept'33 ____
38
3918 593 Mobile & Ohio gen gold 4s__1938 M 5 20
4
Adjustment Income be Feb 1957 A 0 443 Sale 44
4
28 r72
23
1
23
20
33
718 37
Mongomery Div 1st g 5s_1947 F A
Illinois Central 1st gold 4e 1951 1 J 8614 _--_ 8512 Sept'33 __
13
/
1
4
.5
784 83
41 2138
/
4
1712 13
Ref & impt 4%e
1977 M 5 10
78
1
7612 7984
1st gold 314s
14
15
4
78 ____ 78
41 25
/
4
1951 1 J
See 5% notes
1938 M S 1412 15
Extended 1st gold 3Wi_...1951 A 0 78 ---- 72 MaY'33 __
72
72
62
Mob & Mal let gu gold 411- -1991 M s 69_ 75 Sept'33 ____
73 4
3
let gold 35 sterling
90
73 Mar'30 __ _ __
_
__
1951 M S
2
91 - 93 90
871 94
/
4
Mont C let gu 65
1937 J J
8
Collateral trust old 4e
933 Sept'33 _-__
90
683
8 25
683
4
82
60
1952 A 0 67 - - 66
90
1937 J .1
78
let guar gold 5s
93
/
1
4
7314 19
4
76
45
71
7312 7212
Refunding 4s
47
753 Sale 743
4
80
1955 M N
7018 8058
Morris cic Essex let gu 3343_2000 J D
84
Purchased lines 33.4e
8618 Aug'33 __-86
55
1952 J J__- --- 55 June'33 ____
5618
677 8618
Constr M 5s ser A
1955 M N
8
58 60
Collateral trust gold 4s
75
575
8
575
8
4
75
763 75
4
40
9
1953 M N
60
82
1955 M N
694
Ccnstr 81 4148 ser B
Refunding be
75
75
741 80
/
4
5218 88
5
J955 III N
8
905
8
15-year secured 634s g___1936 J .1 89 Sale 89
8018 9414 Nash Chatt & St L 4aser A 1978 F A
80
80
85
2
79
60
864
40-year 434s
85
97
97 Sept'33 ____
4
92 100
30
67
57
Aug 1 1966 F A 563 Sale 55
N Fla & S 1st gu g be
1937 F A
73
Cairo Bridge gold 4s
____ 85 Sept'33 ____
5013 85
1950 J 0 70
Nat KY of Mex pr lien 414s 19573 J --------18 July'28
Litchfield Div 1st gold 3[4_1951 J J 63 ---- 734 Aug'33 ---,
212
4
4 212
14 - 4
17
8 23
Assent cash war rct No. 4 on -- 68
7338
Loulay Div & Term a 3
74
4
675
8
33 123 July'31
4
58
6
73
1953 J J 65
2
73
Guar 4s Apr '14 coupon_ _1977 A 0
Omaha Dly let gold 35
____ 6818 Sept'33 ____
1951 1 A 68
,
312 14 Sept'33 ____
58
6818
1
r41Assent cash war rct No. 5 on ---_ ---4
St LOUI8 Div & Term g 3s_1951 J .1 68---- 69
3
69
53
7013 Nat RR Mex pr lien 414s Oct '26
Gold 364s
23 Aug'33 ____
4
25
8 3
.
74 Sept'33 ____
62
74
1951 J J 6012 69
1
5
Assent cash war rct No. 4 on
--------22 Apr'28
Springfield Div 1st g 3148_1951 J J 62
75 Aug'33 ____
__
75
--75
let consold 48
1951 A0
2
11
83386
Western Lines let g 4s
1951 F A ____ - 4 80 Sept'33 ____
i
i
/
4
3
11 2 4 2
Assent cash war ret No. 4 on -- .
853
4
III Cent and Chic St L & NO7112 Nov'32 -----------/ 83
1
4
N 65
1954 M Naugatuck RR let g 4s
Joint 1st ref 58 series A
75
___ 80 Sept'33 ___387 7412 New England RR cons 58_1945 .1 J
3
6718 36
/
1
1963 J 0 664 Sale 64
68
3
let &ref 4128 series
1
76
76
591 23
/
4
4
7412 79
78
37
69
_ _1963 J 13 583 Sale 58
Coneol guar 4s
19e5 J .1 68 Ind Bloom & West let ext 4s 1940 A 0 8812 8912 9278 Aug'33 ____
9278 927 NJ Junction RR guar 1st 48_1986 F A --------92 Nov'30
8
C___ 83 Sept'33 ____
58 Sept'33 __- 781
Ind III & Iowa let g 48
75
85
19503 J
5014 65
NO & NE lst ref & Impt 4 tis A '52 J J
30
70
Ind & Louisville let gu 45_1956 1 J
15
65
27
65
8
5478 New Orleans Term 1st 4e
45 Sept'33 ____
43
49
2-75
1953 J 1 623 70
Ind Union Ity gen 58 eer A 1965 .1 J
183
4 27
85
6
99
99
9918 101
2112 1818
991 N o Tex & Mex n-c Inc 53_1935 A 0 18
/
4
1818 35
Gen & ref be series B
991* Sept'33 ____
2018 13
85 100
1965 1 J . __ 100
1612 3512
let 59 series B
1954 A 0 20 Sale 20
lot & Grt Nor let 6s ser A 1952 J J 3414 Sale 313
2
181 5412
/
4
4
3518 25
21
21
21
184 36
/
1
18
1956 F A
1st be series C
Adjustment 13s aer A _July 1952 A 0 10 Sale 10
113
4 53
1st 412s series D
3
25
1
1912
168 36
4
1956 F A ___- 2038 1958
1st be series B
28
23
30
30
31
1956.2 J
15
16
50
5
17
3612
let 514s series A
1954 A 0 2112 Sale 21
let g be series C
9312
30
293 Sale 28
4
90
16
20
4913 N & C Bdge gen guar 4 tis_1945 i J 85__ _ 9312 Aug'33 ____
1956.2 J
lot Rye Cent Amer let 611 13 1972 M N
50
52
3314 6612 N Y 13 & M B 1st con g 5s 1935 A 0 101 1011 101 Sept'33 _--50 Sept'33 ___
98 102
let colt trust 6% g notes_1941 M N
5412 60
37
60 Sept'33 ____
6158
let :len & ref 654s
4614
4612
1947 F A 4614 45
19
86
857 Sale 8314
8
N Y Cent RR cony deb 68_1935 M N
25
55
3
46
92
Iowa Central 1st gold 55
5713 8418
4
743
4 34
733 Sale 733
4
1938
Consol 45 series A
1998 F A
334 714 378
J 13
4
5
Certificates of deposit
2
4
10
3412 74
6114 93
Ref & Impt 434e series A 2013 A 0 6018 Sale 583
let& ref g 4s
2
212 15
212 Sale
1951 M 9
1
6
65'4 107
Ref dr Impt 5s series C
39
80
2013 A 0 65 Sale 6318
82
82 Sale 8012
NY Cent & Hud Riv M 334s 1997 J J
66
6834 834
James Frank dr Clear 1st 48 1959 1 D
72 Sept'33 ____
71
74
60
75
70
1997 J J _ - -- 7814 8312 Sept'33 ____
Registered
774
KM A &0 R let gu g 5s.._1938 J J --------103 Mar'31 ____ ___
_
70
4
851
60
933
4
8412 Sale 823
Debenture gold 48
1934 M N
Kan 44 M 1st gu g 45
75 Aug'33 _
87
60 --76
1990 A 0 68
15
80
80
30-year debenture 4e
64
8612
1942 .1 .1 -__- 80
K C Ft 9 Sr M Ry ref g 45_1936 A 0 3812 407 37
8
3134 6112
12
38
91
61
Ref & Impt 414e ser A
3412 74
2013 - . 60 Sale 59
A 0 ____ 41
Cenificatee of deposit
344
/
1
7412
354
/
1
7412
32
5712
3
I
Lake Shore coll gold 3140_1998 F 60
77
- A ____ 74
Kan City Sou 1st gold 3s.._ _1950 A 0 593 Sale 584
4
60 048
60
71
6912 Sept'33 ---_
6713
68
Registered
1998 F A ____ 72
Ref & irnpt 58
6212 31
Apr 1950 J .1 6212 Sale 60
80
2
75
75
Mich Cent coll gold 3 i8 1998 F A ---_ 74
47
65
78
Kansas City Term let 48_1960 1 .1 033 Sale 9112
8
93 8 49
7
83
96
57
69
Registered
1998 F A --------69 July'33 _-__
Kentucky Central gold 4s_ _1987 .1 .1 8914 903 0893
4
7414 93
4
8 .2893
8
82
86
N Y Chic & St L 1st g 4s__ _1937 A 0 82
6
8312
66
913
4
Kentucky & Ind Term 4%21_1961 1 J
50
84 Aug'31 -----------80
5112 35
14
6712
Refunding 514e series A 1974 A 0 5114 Sale 49
Stamped
80
75 June'33
1961 J J 65
4212 178
57
75
Ref 434s series C
12
563
4
1978 M 5 4214 Sale 3918
Plain
1961 J 1 70 --_- 89
4812 89
Apr'30 ____ ___ ____
514 67
3-yr 6% gold notes
4
1935 A 0 473 Sale 4212
14
99
98
N Y Connect 1st gu 4555 A..1953 F A
87 100
083 100
4
Lake Erie & West hit g 5s 1937 1 1 7812 79
89 10318
1953 F A 10318 ____ 10212 Sept'33 -___
88
85
6
5893
'
2d gold be
1941 J J
80
73 Sept'33 ____
92
92
Y Erie let ext gold 48_1947 M N
55 '7858 N let guar 5a aerie-all
1
911
/
4
86
92
Lake Sh & Mich So g 3148,1997 1 0 85 Sale 84
27
87
71se 87
65 Sept'33 N Y Greenw L gu g 58_1946 M N 635 513 65
4
8 76
Registered
1
80
84
1997 . D 80
8
80
N Y dr Harlem gold 31.46_2000 M N
7213 80
8
84
88
7612 85
/ 855 Sept'33 ____
1
4
Lehigh dr N Y 1st gu g 45_1945 M 8 6014 65 6014
1
6014
46
70 4 NY Lack & W ref 414e 11
3
3
96
85
96
96
1973 M N
Leh Val Harbor Term gu be 1954 F A
84
86
8512 Sept'33 --__
NY & Long Branch gen 45 1941 M s ---- ---- 76 June'33 --793 90
4
76
76
Leh Val N I' 1st go g 41M 1940 J J 85
89 a85
a85
594 87
20
N Y dr N E Bost Term 4s
--------9532 JulY
1939 A 0
'29 --- Lehigh Val (Pa) cons g 4s 2003 M N 47
48
477
8
4818 13
i
25
,15 - - 65
62
N Y N H & H n-c deb 4e_ ..1947 M 9 ---- 66
7
0
65
MN _
Registered
58
45 June'33 --_
28
45
65 Aug'33 _-Non-cony debenture 3 46_1947 M 9 60
44
65
68
General cons 414e
2003 M N 43
53
53
53
3
3214 6412
44 065
56 Sept'33 _-__
Non-cony debenture 334e_1954 A o ____ 58
General cons be
2003 M N
55
54
65
11
55
33
6812
Non-cony debenture 4e_1955 J .1 47 Sale 57
8
60
45
71
Leh V Term Ry let gu g 55.1941 A 0 954 100
/
1
99
99
2
89 10018
45
71
6212 Sept'33 ---_
Non-cony debenture 4s.__1958 M N ____ 60
Lex & East 1st 50-yr be gu _1965 A 0 96 100
97 Sept'33 _
78 10012
Cony debenture 354e
55 Sept'33 ____
43
60
1958 1 J --- 60
little Miami gen 48 series A_196: M N 80_ 8112 Sept'33 __
9912
8112 8112
57
8312 44
Cony debenture 6s
1948 1 J 82 Sale 82
Long Dock consol g Os
1935 A 0 995 113 -12 10012 10019
8 0
I
Kos 101
.1 J --------90 Aug'33 ---_
80
90
Registered
Long Island84
15
Collateral trust Cs
59
95
1940 A 0 82 Sale 82
General gold 48
1938 J D 9912 ____ 9912 Sept'33 ____
9512 993
4
45
Debenture 4,3
1957 M N
497 53 Sept'33 --__
8
347 65
3
Unified gold 4e
1949 M S r9912 Sale 9218
r9912 12
82 r9912
let & ref 41.2e ser of 1927_ _1967 J D 64 2 Sale 63
6412 11.
45
753
8
,
Debenture gold 5s
1934 J D 1003 1017 1003
4
8
97 10112 Harlem It dr Pt Ches 1st 4s 1954 M N 854 8712 86 Sept'33 --__
1
4 1003
4
823 9012
4
20
1937 M N
-year p m deb be
05
97
95 Sept'33 ____
90 100
Guar ref gold 4e
1949 M S 9114 Sale 9114
92
17
76
95
N Y o & W ref g 4s June _1992 M 5 6014 Sale 58
6014 22
5018 67
Louisiana & Ark let!Beer A _1969 J J 47 Sale 4412
47
23
20
57
General 4s
2
56
1955 J D 56 Sale 55
43
611
/
4
Louie &Jeff Ildge Co gd g 45 1945 M S 8214 8714 a811
/
4
5
85
70
85
N Y Providence & Boston 4s 1942 A 0 80
85 Nov'32 ____ -__
95
Louisville & Nashville 58-1937 MN 10312 Sale 103
10312 11
963 rio4
4
NY &Putnam 1st Congo 48_1993 A 0 7412 Sale 7412
1
7412
64
-- 7
8
Unified gold 4s
1 9514 Sale 947
1940.2 .
8
957
8 68
814 98
NY SUSQ & West lot ref 55_1937 J 1 3712 517 50
2
5112
2312 65
8
J .1 --------82 Apr'33 ____
Registered
77
85
2d gold 410
4112 June'33 ___
33
4112
1937 F A ---- 65
let refund Mis series A_2003 A o 94 Sale 94
94
5
8512 99
General gold 5a
1612 52
44 Sept'33 ___
3512 49
1940 F A
let & ref 5e eerles 11
2003 A 0--- _ 877 87
8
88
6312 9212
7
Terminal let gold 58
84 e64
1943 M N 6912 75 a75 Sept'33 ____
1st & ref 414s series C
2003 A 0 82
86
83 2
,
2
83 2
,
597 90
8
NY W Ches 3,11 let ser 1 4%8'46 J .1 4612 Sale 453
31
60
8
4714 13
Gold 15a
101 101
1941 A 0
101
87 1023
5
8
7558 ____ 75 June'33 ____
Paducah & Mem Div 46_1946 F A
58
70
Nord By ext sink fund 614e 1950 A 0 12312 Sale 11918 126
983 1277
4
8
176
St Louis 1)1v 2d gold 38_ _1980 M S a58 Sale a58
583
4 13
43
60
Norfolk South let & ref A 5s_1961 F A
*
*
Slob & Montg let g 4345_1945 M S 91
93
_ 93
1
82
9318
Certificates of deposit
13
13 Aug'33 ____
11
13
697 72 Sept'33 ____
8
South RY joint Monon 4a_1952 J .1
441
73
Norfolk & South 1st gold 53.1941 MN --------25 Aug'33 ____
6
28 8
,
At! Knoxv &ClIn Div 4s....1955 MN
845- 863
85
s
4
12
853
4
75
9214 Norf & West RR impt&ext 60 .34 F A 10112 103 10112 Sept'33 ___ 101 10412
2
N & W Ry let cons g 4a___1996 A 0 973 Sale 963
4
8
87 10058
9812 125
__
Mahon Coal RR lot 58
1
1934 1 . --------1004 July'33
9514 10114
Registered
1986 A 0 _--- ____ 9418 Jan'33 ____
9418 944
1 (
493
4
2493 5414
8
4
493 5,514 493
Manila RR (South Lines) 48 1939 M N
4
Div'l ist lien & gen g 48_1944 J J 101 Sale 100
86
101
9312 1013
4
1st 821 45
51 July'33 _
65
1954) M N 45
53
,
52
Pocati C & C joint 4e
1941 J 0 9918 100
8912 100
9934 Sept'33 ____
Manitoba S IV Coloniza'n 58 1934 1 D 95
994 9412
11
95
70
95
North Cent gen & ref 55 A_ _1974 LI 13 94
____ 10012 1004
1
99 10012
47 Fel.) 33 _ _
50
60
Mau (I B di N W let 3348_1941 1 J
.
47 47
Gen & ref 434a ser A
1974 M 9 88 Sale 88
88
1
88
88
Mex Internet let 45 asstd.. _1977 M 5 -------- 2 Sept'32 ____ ____ ____ North Ohio let guar g 5a_ 1945 A 0 35
40
42 Sept'33 ____
17
454
Michigan Central Detroit .4 Bay
North Pacific prior lien 4s 1997 Q i 8312 Sale 803
4
73
8312 78
89 2
,
City Alr Line 4e
9514 9314 Sept'33 _
1940 J J 90
9314 9314
Registered
5
74 3 85
Q / --------8338 Aug'33 ____
-------- 79 May'26 ____
_ _
Jack Lane & Sag 39413
1951 M 5
Gen lien ry & Id g Se_Jan 2047 Q F 58 Sale 563
62
48
8
56
58
85
8912 8412
let gold 314e
1952 MN
88
5 ____- 79
90
Registered
.Jan 2047 @ F -------- 55
5512 554
Jan'33 ____
Ref & impt 4148 aer C
75 Sept'33__
75
SO
1979 1 1
81
75
Ref & Impt 4%a aeries A _ _2047 J J 60
9
6812
70
70
50 z7812
Mid of N J 1st ext (ua
683 64
4
1940 A 0 65
64
40
753
4
Ref & impt (Sa series B____2047 .1 1 8112 Sale 81
5
9212
827
8 86
80
Mil & Nor 181 en 4 lis (1880)1934 .1 D 68__ 76 Sept'33 ____
50
76
Ref & Impt 58 series C____2047 .1 J
2
71
5918 84
7312
7312
75
1934 .1 D
i7
Cons ext 434e (1884)
68 Sept'33 ____
6814 70
Ref & Inapt 5s aeries D____2047 J J
16
7212 75
5111 83
/
4
72
73
_ 59
62 Sept'33 __ __
Mil Spar & N W let gU 4s 1947 M 9
344 66
Nor Ry of Calif guar g 58._
A 0 __ _1938
____ 100 Sept'33 ____ 100 100
I
I
I
r(IRA MIPS. a Deferred delivery. e Optional sale Sept. 5,52,000 at 75. z Optional sale Sept. 21 52,000 at 83. • Look under list of Matured Bonds on page 260S.
Fort 9t U D Co let g 4 45..1941 J 1
Ft W & Den C let g 5158_19111 J D
Frem Elk & Mo Val 1st 68-1933 A 0




801
Ask
63-9712 99
9014 95

-

-- --

New York Bond Record-Continued--Page 4

2606
BONDS
N. T STOCK EXCHANGE
Week Ended Oct. 6.

#1

1
4a.

Prics
Fri
Oct. 6.

1

Week's
Rang or
Last Sale.

11..
7,
cool

Range
SUVA
Jan. 1.

BONDS
N. Y STOCK EXCHANGE
Week Ended Oct. 8.

Id g
•
r
u'
V
...2_

Oct. 7 1933
Price
Friday
Oct. 6.

Week's
Range or
Last Said.

1
1

Bk1
Ask Low
0
H101 No
844
Ask Low
H gis No. Low
High
837
79
1
I
51
384 584 Southern fly let cons a 55_1994 J .1 83 Sale 8212
1
/
Og & L Chem 1st gu a 4a___1948 J J 51 Sale 51
_
91 I 97 Mar132 ____ _ _
::- 8518 85 July'33 - _
Registered
Ohio Conrecting fly lot 45_1943 M S 85
528 123
WO --Devel & gen 45 eerie. A___1956 A 0 5114 Sale 49
0
9
J D 8514 100 I 90 Aug'33 ---Ohio River RR birt g 55____1936
67 64
8712 48
91 Aug'33 --91
91
0
70
1956 A 0 85
Devel & gen Gs
1937 A 0 8
General gold 55
4
7212 50
2 09I
93
17
844 98
Devel & gen 6348
1958 A 0 7212 Sale 883
Oregon RR & Nay corn g 45_1946 1 D 9212
8
1
797 80 Sept'33 ____
8
1023 Sale 10238 10238
99 10712
Mem Div let g 55
1996 .1 J 56
Ore Short Line let cons g 55_1936 J J
7
67 8 70 Sept'33 ____
3 100 10712
104
St Louis Div let a 45
1951 J .1 61
1946 J 1 1034 105 104
Guar stpd cons 55
91 Sept'33 ____
91
66
88
5
90
75
East Tenn reorg lien a 58_1938 M S 80
1961 .1 J 87 8 Sale 8458
Ore-Wash RR & Nay 4a
45
10
45
4
1
/ 49
Mobile & Ohio coil tr 46_1938 M s 47
13
14
13
1
8612
734 93 8 Spokane Internal let g 55_1955 J .1 1214 13
7
'2 884
pas DR or mo 1st ext g 45_1938 F A 875 90
90
j 88
8812 Sept'33 ____
90
75
Staten Island fly 1st 4345_1943 .1 D ------ 60 MaY132 ---19381
2d extended gold 58
97 Nov'31
Ut 100
2 ---- ---- 9414 Aug'33 ---9412 Sunbury & Lewiston let 45_1938 J .1
93
Paducah & Ills 1st 8 f g 4;0_1955
41 a9612 123
•
Paris-Orleans RII ext 530_1968 a4 8 /1812 Sale 1712 119
52
10
1
52
Tenn Cent 158 65 A or B
52
38
1947 A 0 50 Sale 48
1942 M B 5112 ---- 52
Pauline fly 1st ref a I 75
90
5
71
9312 Term Assn of St List g 434s 1939 A 0 10212 Sale 10212 10212 14
Pa Ohio& Det let & ref4 Ms A '77 A 0 -2-- 9012 8912
1944 a A 10012 10212 102
10212
188 cone gOld 5a
9938 19
2
5
4
952 1013
MN 9812 ---- 9
Pennsylvania RR cons a 415_1943
55
1953 j j 8812 Sale 8814
89
4
/
91 10112
Gen refunds f a 45
8
1948 M N 10012 Sale 991 10012 32
Congol gold 4
7812
6
21
9912 100
90 low, Texarkana & Ft8 1st 530 A 1950 F A 7612 Sale 7612
40 steel mid dollar May 1 1948 M N 100 102
Sale
10312 28
9412 105
Tex & NO con gold 58
,..
1943 J J 65 ---- 68 13°Pt.33 ---;
Congol sinking fund 4345_1960 F A 103 Sale 103
864
91
8838 115
94
734 9478 Texas & Pee 1st gold 5a
2000 .1 D 92
•
n'
3
1965 0 88
'
General 4345 aerles A
78 10024
8
975 123
2clinc5a(Mar'28cpon)Dec2000 Mar ------ 95 Mar'29
,
D 961 Sale 96
1968
13
General &series
6134 35
63 59
§12
1041
10412 Sale 103
A 0 07
1977
Gen & ref Eis aeries B
95 10538
-1936 F A
-year secured 6355
15
32
60
8
1979 A 0 59 Sale 585
9012 59
98
73
Gen & ref Es aeries C
1964 M N 9012 Sale 89
-year secured gold 56
40
60
81
62
4
/
771 118
7
8
13
1980 .1 D 58
Gen & ref 55 series D
4
1
/
86
56
197( A 0 743 Sale 73 8
Deb g 4345
71 Sept'33 --80
8314 197
9012 Tex Pao-Mo Pao Ter 6 Ms A 1964 IS S 71
68
1981 A 0 8212 Sale 8112
General 414s ser D
4
1
/
97 Sept'33 ___
62 Sept'33 ____
Tol & Ohio Cent let go 55 1935 J J 9712 100
72
30
Peoria & Eastern 1st cons 45_1940 A 0 ---- 69
9812 Sept'33 __
98
134 1612
3
Western Div let g 55
7 4 Sept'33 ---1935 A 0 92
612 9
Income 45
April 1990 Apr
7 92 Aug'33--4
1
/
4
1
/ 87
90
89
6
General gold 55
4
1936.3 D 8338 91
89 4 903
3
Peoria & Pekin Un lot 5 Ma_1974 F A 87
87
I
67
6314 11
4
Tol St L & W 50
1950 A 0 ---- 87
55_1956 j _j 813 Sale 6134
28$4 76
-year g 4a
Pere Marquette let her A
--_ 9618 Apr'31
13
58
1942 MS 86
63 Tol W V & 0gu teser C_
28
1956J j 52 Sale 52
let 4s series B
8 90 80 Feb'33_z
29
55
1980 65 8 55 Sale 53
6812 Poronto Ham & Buff 1st 14a 1946 J D 707 28
:
1st g 434s series C
4
/
276
94 1011 Union Pao RR let & Id gr 4a 19471 J 100 Sale 981 100
4
/
4 18
993
4
/
991 99
..,
Phila Salt & Wash lst g 45_1943 MN 93
96
J _ - 97
Registered
4
'3
96
93 10212
1974 F A 993 102 102 Sept'33
General 58 aeries B
91% 5
8
1st lien & ref 45
96
June 2008 M 13 5i Sale 8913
• 81
95
93
J J 92 100
_1977
General g 4340 series
1967 i 2 8812 Sale 88
45
90
3
2514 10
2312 25
2518
Gold 4348
35
19
Philippine fly let 313-yrC..- '37 1 J
a 14s
10334 19
1st lien & ref 58
June 2008 M 8 10314 Sale 103
1968 J D 83 Sale 8034
-year gold 4s
40
4
1940 A 0 10212 ---- 10212 Sept'33 _--- :9314 1023
PC C & St L au 4318 A
8389
1024 11
10012 16
10212 ____ 102
94 102
4
1
/ U NJ RR & Can gen 4s
1944 M S 99 10012 100
1942 A 0
Series B 434s guar
99 10212 Vandalia cons g 4a series A I955 F A 92 ____ 85 Apr'33 --1942 MN 1024 ---- 10212 Sept'33 ____
Series C 4345 guar
85 June'33 ___
1957 IS N 9312
1
/
a f 4a series B
98 ---- 9812 Sept'33 ___- 21944 984
Cons
1945 M N
Series D 4s guar
3321/4 ---4 2I8 Sept'33 ..._
8912 8912 Vera Cruz & P east 4145
1933 J J
1949 F A 9012 ---- 8912 Aug'33 ---Series E 4345 guar gold
3
9618 9718 Virginia Midland gen 55___ 1936 M N 9818 _____ 99 4 Sept'33 _
1953 J D 98 ---- 977 Aug'33 ---Series F 411 guar gold
76 Sept'33 __
80
---- ---- 92 May'33 _1957 54 N 98
92 9212 Va & Southwest let gu 55_2003 J .1
Series 0 4s guar
1958 A 0 6313 69 63
6312 i3'
1st cons 55
984 9814
Series H cons guar 441-.1960 F A 98 ---- 9618 Sept'33 ____
4
/
81
4
9118 103
5
Virginian fly let 58 series A..1962 M N 100 Sale 981 100
Series I eons guar 4345-1963 F A 10212 __-- 10212 1023
9314
2
9418 10212
lat mtge 434s series B
1962 M N 9314 Sale 9314
Series J CODS guar 434s._1964 M N ---- 102 102 Sept'33 ---,
18
96
3
4
76 10018
58 series A,.,.,._1970.3 D 94 4 Sale 943
General M
6712 11
Sale 9218
9515 41
MI N 6412 6712 6214
1939
3
7612 99 4 Wabash RR let gold 5s
Gen mtge guar 5 ser B-1975 A 0 95
3
5214
1977 1 j ____ 8738 8712 Sept'33 ---2d gold 5a
1939 F A 5014 5214 5014
93
69
Gen 4 Ms series C
Deb (is aeries B registered 1939 J ---------983 May'29
9952 10114
1934 J .1 10014 ---- 10114 Sept'33 ---Pitta McK & Y 2d gu 6s
3712 Apr'33 ____
, 7
mr
4
1st ilen 50
-year g term 46.1954 1 J 194C A 0 100 ____ 1003 Sept'33 _-100 102
Pitts Sh & L E let g 5s
Del & Chic Ext lot 55_1941 J J 7018 9818 76 Aug'33 ---1943 5 J 78____ 100 Mar'33 ____ 100 10013
let conzol gold 55
45
50 Aug' ---94 Sept'33 --94
33
94
Dee Moines Div list g 419_1939 J .1 31
1943 MN 9014 97
Pitts va & Char 1st 4s
40 Sept'33 ---4
Omaha Div 1s8 g 3 Ma
1941 A 0 183 46
7
89 8
'
30
E112*5& W Va Ist 41 ger A-1958 J D ---- 66 63 Bel22 33 --4a
/
60
6012 15
50
6858
Toledo & chic Diva 45_1941 M 8 55% z-.-- 56 A113.33 ---:
0 -.„-- 66
1958*
1st M 434s series 13
Sale 1712
20
61
6312 10
4
3
62 4 823
7012 Wabash fly ref & gen 6348 A 1975 M 13 19
30
1960 A 0 60
lot M 4 Ma aeries C
4
20
58
Ref&gen 55(Feb'32 coup)B '76 F A 18% 193 1712
95
95
Pitts Y & Ash 108 48 meg A-1948 J D 9214 ___. 95 Aug'33 --2014 118
8
Ref & gen 4346 series C
105 Sept'33 --- 105 105
1978 A 0 1814 Sale 173
1962 F A 95 ---let gen 58 series B
20
40
_ _
8
1980 A 0 1814 Bale 1712
Ref & gen 55 series D
Providence Secur deb 451957 MN 35 ---- 713 July'31 ___ _
Warren let ref gu a 3 Mg. _2000 F A --------50 Feb'33 ____
Ill li()
Providence Term let 4a....,1958 M 8 7938 ---- 80 June'
33 --33
4e
Washington Cent lot gold- 1948 Q al 0
4
52 Feb' ----74
827
7
4
/
5
901 Wash Term 1st gu 314e_..1945 F A 88 II. 8 92 Aug'33 ____
66
8
Reading Co Jersey Cen coll 48'51 A 0 82 4 Bale 803
1945 F A --------97 July'33 ---:
let 40-year guar 48
5 91 Sale 89
7514 95
54
1997 J
91
Gen & ref 434s series A
6812
17
70
8
22
91
J 91 Sale 8914
Western Maryland let 45.--1952 A 0 687 70
95
78
Gen & ref 432a series B1997
7714
8
Oct'30 ___ _ _ _ _
1977 J J 77 Bale 77
46_
let & ref 534s series A
Rensselaer & Saratoga 6a1941 121 N 95 ---- 113
__ 101% 1014
4
1937 1 J
. West N Y & Pa 1st g 58
1948 M N 45 ___- 40 July'33 --ai
Rich & March 1st g 4a
85
88
86
6
85
974 994
-. 9912 June'33 ___
1943 A 0 101%-5
General gold 4s
J 1007
Ricbm Term Ry lot au 58._1952
373
4 71
83 Sept'33 _: 83 85
Western Pac 1st 5s ser A_1946 M 8 3618 Sale 35
80
D 3512 -Rio Grande Juno let gu 5a 1939
Sale 80
8114
5
2361 1 .1 80
114- -- 114
114
114 114 West Shore 1st 4a guar
1
Rio Grande Sou let gold 45_1949 3 J
14
73
1
314 July'33 __,
5
314
2361 1 .1 73 Sale 72
212 Registered_
1
Guar 4s (Jan 1922 coupon)'40
4
/
5
Wheel & L E ref 434s ser A.1966 54 S 803 85 831 Sept'33 ___
87
55
12
Ftlo Grande West Ist gold 48_1939 j J 71 Sale 71
71
__ 6518 Aug'33 _.:
1966 M 5 8
5612 15
254 8418
Refunding 51 series B
let con & coil trust 48 A 1949 A 0 52 Sale 52
9012 89
90
3
1949 iil 5 88 a17
3
55
15 4 38%
3
RR let consol 4s
It I Ark & Louis let 430_1934 M5 17 Sale 15 4
33
35
4914 11
1
/
33
1942 J D 30
2
3538 5712 Wilk & East 1st gu g 55
Rut-Canada let go g 40
39
19 J J 49 Sale 484
5712
Will Ss 8 F 1st gold 5s
1938 J D --------86 Sept'33 ___
64
5712
1
1941 .1 J 56% 58
39
Rutland lot con 434s
3
Winston-Salem El B 1st 45_1960 J 1 8514 89 08514 a8514
_
154
1518 Sale 15
1
/
o
85
W15 Cent 50-yr 158 gen 45. _1949 J J
5
93
70
1947 .1 J 85 Sale 85
St Jog & Grand Isl lot 45
1014
7
64 June'33 ---75
64
Sup & Dul div & term 188 45'36 M N 10 Sale 10
4
643
St Lawr & Adr lot g 55
1996 J J 60
____
--------854 Elept'31 _
70 June'33
80
Wor Ss Conn East lit 4148_1943 1 J
70
68
1996 A 0 66
2d gold 65
St Louis Iron Mt & Southern•
•
•
INDUSTRIALS.
1933 MN
Riv & G Div 181 g 4s_
•
*
2812 65
Abitibi Power & Paper let 55 1953 J D
5
St L Peor & N W let au -5_1948 J 1 --------53 Sept'33 ---1612 15
1514
1612 17
3012 Abraham & Straus deb 5345_1943
8
-San Fran pr lien 4s A 1950 J J
St L
4
/
951 12
16, 82
A 0 9514 Sale 95
14
812 30
16 Sale
With warrants
Certificates of deposit ___ ____
.
s
65
17
Adams Express coil Ira 48_1948M 8 65 Sale 65
18
16
33
1955 J J
10
2
17 1
Prior lien Es series 13
8
924 3034 Adriatic Elm Co extl 75_ -1952 A 0 100 1087 113 Sept'33_ •
1518 Sale 15
8
1613
_____
Certificates of depoalt
7
53
55
1538
8838 2912 Albany Parlor Wrap Pap is.1948 A 0 52
1978 M 13 15 Sale 1434
12
Con M 434a series A
88
16
4
1
/ 3612 Allegany Corp coil tr 55____1944 F A 58 Sale 55
6
68
5814 184
1412 Sale 14
Certits of aeposlt stamped__ _ _
19493 D 5012 Sale 49
60
41
49
Coll & cony 156
7212
51
66
St L SW iota 45 bond etts_1989 Mil 60 Sale 5914
31
1950 A 0 a3012 Sale 28
47
Coll & cony Ss
4714 Sept'33 --::
210
8338 5314
25 ads Inc bond ct1s Nov 1989 .1 J 42
87
8512
87
17
5 4 19
4
6714 Allis-Chalmers Mfg deb 5s 1937 al N 84
43
19
let terminal & unifying 58_1952 J .1 543 Sale 5018
7 Sale 4578
5412 Sale 52
545* 32
13
8 16
56
467
Alpine-Montan Steel let 75.1955 M 8
1990 1 J 45
Gen & ref g 58 sir A
---

3212 13 028
32
6212
St Paul& K C Si, L 1st 4%6_1941 F A 3012 34
75 June'33 --8018
70
St P & Duluth let con g 411._1968 1 13 7514 90
58 Sept'33 ---58
45
58
St Paul E Or Trk let 4345_1947 J J 45
St Paul Minn & Manitoba4 48
983
8
9712 100
985 Sale 98
_
Cons M 55 ext to July 1 1943_ _
92
6
96
75
92
95
--1937 .1 1.) 91
Mont ext let gold 45
1
70
9018
88
88
Pacific ext au 45(sterling)..1940 J J 868 88
12
89 104
St Paul Un Den lat & ref 58-1972 J .1 10114 10312 10012 102
BA de Ar Pass 1st gu g 46_1943 J J
Santa Fe Free & Phen 181 51.1942 M S
1934 A 0
Say Fla & West let g 8a
let gold 5a
1934 A 0
1989 M N
Scioto V & N E 188 gu 4a
Seaboard Air Line 1st g 48_1950 A 0
1950 A 0
Gold 45 stamped
Certife of deposit stamped__ A 0
Oct 1949 F A
Adjustment 58
Refunding 4s
1959 A 0
Certificates of depoalt ____ __
1945 M S
let & cons fis series A
Certificates of deposit
All & Birm 30-yr 1M g 45-1933 M S
Seaboard All Fla let gu Os A 1935
Certificates of deposit
A 0
1935
Series B
F A
Certificates of deposit
So & No Ala cons gu g 55_1938 F A
-year 55_1963 A 0
Gen COOS guar 50
So Pac coil 4a(Cent Pac colt) _493 D
1st 434s (Oregon Uses) A 1977 as 5
1934 .1 D
-year cony 5a
20
1988 as S
Gold 4348
Gold 430 with warrants_1969 M N
1981 MN
Gold 048
1950 A 0
San Fran Term hot
4a_So Pao of Cal 1st con gu It5a 1937 M N
1937 3 J
So Pao Coast 188 go g 4a
19553 .1
So Pac RR lot ref 48
Stamped (Federal tax),...,,l955 J 1

64 Sale
98
98
5
1003 ---100
____
97
•
•
16
15
414 6
*
6
8
Vs Sale
87
77
5
.
378 Sale
332 4
10114
17
71
54 Sale
67 Sale
1
/
834 89
8
543 Sale
53 Bale
53 Sale
4
903 Sale
10112 ____
1
/
944 ____
70 Sale
____ ____

644
8
6214
98 Sept'33 ___,
03
10 , 5
00
0012 Sept'33
1
98
98
•
•
15 Sept'33 _
4
i
4 i
53
.
5
6
6
73
8
614
4
1
/ 27
7
13
•
•
3
34

4

5

4 Sept'33 __,
10012 010012
2
94 Sept'33 -23
54
52
6814 65
8615
85
83
2
5412 36
5238
5312 98
3
50 4
5012
53
219
9214 108
9012
0212 Sept'33 --95 Aug'33 ___
85
71
6812
9212 May'30 ___

8012
100
10012
100
98
•
•
2314
3

54
82
95
94
90

13 118,

Amer Beet Sug cony deb 88_1935 F A
American Chain deb 5 f 65 1933 A 0
1942 A 0
Amer Cyanamid deb 55
Am & Foreign Pow deb 55_2030 M B
1953 1 D
American Ice a f deb 5a_
Amer I 0 Chem cony 6345..1949 M N
Am Internal Corp cony 534s 1949 1 .1
Amer Mach & Fdy 51 6/3._1939 A (I
Amer Metal 514% note_1934 A 0
Am Sm & EL let 30-yr 58 isor A '47 A 0
-year 6a1937 1 J
Amer Bug Ref 5
Am Telep & Teleg cony 45_1938 M El
1946.3 0
-year coil tr 5a
30
1960 J J
-year 5 f deb Se
85
1943 M N
-year 51 5%a
20
1939 J J
Cony deb 4346
1965 F A
Debenture 55
_1940 A 0
Am Type Found deb
61.Am Wat Wits & El coil If 55-1934 A 0
1975 M N
Deb g fla series A

•
1412
2
234 1712
Am Writing Paper iota 85-1947 J J
134 18
Anglo-Chilean Nitrate 713_1945 M N
Ark & Mem Bridge & Ter 56_1964 M El
3
9 4 Armour & Co UM lst 434s-1939 1 D
1
Armour & Cool Del 5345_1943 .1 J
712 Armstrong Cork cony deb 511_1940 J D
1
Associated Oil 6% g notes_1935 M S
9912 102
1947 J D
Atlanta Gas L lot 5a
96
75
All Gulf & W I E3.3 Coll tr 55 1959 1 J
71
40
1937 J .1
Atlantic Refining deb 5a
80
53
14 9312 Baldwin Loco Works let 58._1940 M N
67
Batavia° Petr guar deb 4345.1942 J 1
3814 74
1936 J 1
3714 7412 BeldIng-flemlowa5 68
4
1
/ Bell Telep of Pa Si aeries B 1948 J J
3614 72
1960 A 0
188 & ref 5a series C
3
070 4 95
9718 10212 Beneficial Indus Loan deb 68 1948 M 8
Berlin City Elec Co deb (334e 1951.3 D
95 95
Deb sinking fund 834e__1959 F A
84
60
Debenture 65
1955 A 0
____ ____
Berlin Else El & Underg 6%51958 A 0
Beth Steel let & ref 55 guar A '42 NI N
-year p m & impt a f 511_1938 J 1
30

o• Cash sales. a Deferred delivery. •Look under list of Matured Bonds on page 2608.




Range
Row
Jan. 1.
---Low
High
964
55
5812 85
64 4
17
3
20
85
20% 90
8114
40
36
76
60
91
6638
20
0
3
13
__
---25
96
914
8
6
59
60
8
857

---58
10212
103
9112
8615
65
10012

"ii; ''5"
4312 7682
43
75
50
73
9712
86
9812
80
93
73
71
44
_
- 81.
iZ) - 11 1
3
90 4 1017
8
9378 9918
878
934
675
96
95 10714
4
a693 a8912
98 10112
85 85
85
n5
12_ 5
,
•
80- 993
85
60
384 70
81 10114
78
1
/
944
43
33
_

85
70

7
55, -3•-ii

62
76
35
504
2712 47
41
58
4
53 32
512 32
4
3
212
438 32
50
50
4
a513 52
924
87
9212 97
74
53
52
844
9914 1034
2
793 93
204 58
67
8512
6414 80
4
8
65
6218 80
70
91
183 45
4
85
87
4
763 92
88 2714
4
2112
8
---- ---•
99
80
4 73
53
92 11412
244 5638
254 89
a1912 60
5
49
65
9412
50
82

79 Sale 79
79
2
2614 85
*
.
r
88 Sale 88
90
10
704 9 4
43
3912 Sale 34
4014 298
23% 5812
70 Sale 6935
70
12
52
72
854 Sale 8412
86
47
64
89
72
74
72 Bept'33-664 8632
10518 ____105
10518
5 10214 106
96 Sale 9412
96
55
60
9712
9912 Sale 98
4
993 133
78 100
104 Sale 104
105
25 10238 1064
10114 10212 10112 102
6 896121105
8
1063 sale 10514 107
41 100 1074
10438 Sale 1035
8
8 1045 184
93 1074
10712 Sale 10812 10712 163
994 10912
11314 Sale 11214 1133
4 33
99 119
10418 Sale 1035
8 10412 310
924 107
4
1
/
3012 Sale 30
47
13
30
67
4
953 Sale 9514
8 44
967
744 98
69% Sale 698
70
7
49
894
45
477 477
8
477
1 (am 564
518 83
4 54
1
5%
Vs 144
--------79 Sept'33 ____
7815 85
89 Sale 88
89
85
77
923
4
83 Sale 83
84'l 57
711s 90
9312 95
931
4
/
9412 26
65
9412
103 Sale 103
103
2 10112 1044
9612 ____ 983 Feb'33 ___,
4
4
983 983
4
5212 Sale 52
543
4
7
35
68
1033 Sale 1023
4
4 104
46
97 104 4
3
99 1007 10212 10212
8
1
79% 104
100 Sale 9778 100
76
9014 1024
98
____ 98
3
83
98l
9812
107 Sale 10618 10714 18 101 111
10612 108 107
107
2 10012 11138
9014 Sale 9014
934
92
75
9
a4212 Sale 373
4338 52
4
33
704
4014 Sale 38
4014 26
32
6911
39 Sale 3212
39
73
284 6412
40
35
4
353
37
28 028
63%
4
1003 10218 100
10138 52
71 104 4
3
99 Sale 9712
9914 36
79 1004

New York Bond Record-Continued--Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 6.

il:
P,
,,,Z

Bing & Bing deb 6348
1950 M 8
Botany Cons Mills 8348
1934 A 0
Certificates of deposit
A 0
Bowman-hilt Hotels 1st 7s__1934
Strop as to pay of $435 et red
M S
B'way & 7th Ave let cons 55_1943 J D
Certificates of deposit
J D
Brooklyn City RR 1st 58 _1941 J 1
Bklyn Edison Inc gen be A__1949 J J
Gen mtge be series E
1952 .1 J
Bklyn-Manh R T sec 65
1988 J J
Bklyn Qu co & Sub con gEci Ss'41 MN
1st be stamped
1941 J -I
Bklyn Union El let g 58_ _1950 F A
Bklyn Un Gas let cons g 58_1945 M N
1st lien & ref 612 series A1947 MN
Cony deb g 5348
1936 1 J
1950 J D
Debenture gold Ss
let lien dr ref series 131957 M N
Buff Gen El 434s series B1981 F A
Bush Terminal let 48
1952 A 0
Como'58
1955 J J
Bush Term Aldo be gu tax ex '3 A 0
By-Prod Coke lot 534e A
1945 51 N
Cal0& E Corp tin( & re 155_1937 M N
Cal Pack cony deb be
194 J 1
Cal Petroleum cony deb 8 f be '39 F A
Cony deb s t g 534s
1938 M N
Camaguey Sugar ctfs of deposIt
for let 7s
1942 - Canada SS L 1st & gen 65_1941 A0
Cent Dist Tel 1st 30-yr 5e_ _1943 J D
Cent Hudson 0 & E bs_Jan 1957 51 5
Cent III Mee &Gas 1st bs..195 F A
Central Steel let g s 1 8s_
1941 MN
Certain-teed Prod 534e A_ _ _194s M 9
Cheaap Corp cony Ss May 15 '47 M N
Ch G L & Coke 1st gu g 58_ _1937 J J
Chicago Railways 1st 55 stpd
Aug. 1103325% part. pd
F A
Childs Co deb is
1943 A 0
Chile Copper Co deb 58
1947 J J
Cln G A E let M 48 A
1968 A 0
Clearfield Bit Coal 1st 49
1940 1 J
Small series B
1940 1 1
Colon 011 cony deb 6s
1938J .1
Colo Fuel & Ir Co gen s f 58_1913 F A
Col Indus 1st & coil 5s gu _ _ _1934 F A
Columbia G & E deb bs May 1952 M N
Debenture bs
Apr 15 1952 A 0
Debenture es
Jan 15 1961 J J
Columbus Ry P & L let 434s 1957 1 1
Secured cony g 5345
1942 A 0
Commercial Crenit s f es A1934 MN
Coll tr s f 634% notes- _ -A935 1 .1
Comml Invest Tr deb 53413.1049 F A
ComPutIng-Tab-Rec s f 6 A941 J 1
8_
Conn RY & List & ref g 444s 1951 J .1
Stamped guar 4348
1951 J J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 76_1956 1 J
Cone Coal of Md Ist & ref 68_1950 1 0
Consol Gas(NY)deb bMs 1915 F A
Debenture 434s
1951 J D
Debenture es
1957 1 1
Consumers Gas of Chic gu 551936 J D
Consumers Power 1st 5s C_1952 Si N
Container Corp 1st es
1946 1 D
15
-year deb bs with warr_1943 / D
Copenhagen Telep 5s-Feb 15 1954 F A
Corn Prod Refg 1st 25-yr a t 5e '34 MN
Crown cork & Seal s f 6s_ .1947 J O
Crown Willamette Pater 60.1951 1 J
Crown Zellerbach deb 5. w w 1940 M 8
Cuban Cane Prod deb fie_ _1950 1
Cumb 'I' & 'I' lst A gen 5s.,1937 1 1
J

Price
FrfdaV
Oct. 6.
BO
Ark
__
25
1318 15
512 14

West's....
Ranee or
F1
,
Last Sale.
Ob co

Flteh No. Low
Low
25 Sept'33 ____
8
14
14
6
1
1412 Sept'33 ____
418

__
____
412 May'33 ____
9% -10
94
3
5
93
4
--------10 Aug'33 ____
7118 733 71 Sept'33 ____
4
10614 Sale 10512 10614
7
3
105 4 Sale 10513 106
16
9110 Sale 90
9114 199
---- 59
59 Aug
"
. ---50 Nov'32 _ .
7412 Sale 7412
7813 30
10812 Sale 10824 10914
12
8
1143 Sale 1143
8 11424
1
_ 185 158 Feb'33 _
97
977 97
9712
3
105 Sale 1035
17
105
1003 1014 101
4 11
4
1013
40
10
-_-- 40
40
1213 Sale 11
13
6
39
12
373 Sale 3738
593 Sale 58
4
9
593
4

100
823
4
481
083

33
1
4
4
83
4 33
1614 18
1613 Sept'33 ____
10614
-- 10614
10614 20
1043 105 1040 104%
8 -2
513
514 Sale 49%
4 23
104 Sale 104
104
1
424 Sale 42
45
26
99 Sale 9618
993 385
8
101 Sale 100
10114 20

14
10 4
3
102
100
48
7012
26
6312
97

*
14
36
3514 38
35
5714 61
6018
40
61
4
953 Sale 943
4
961 1 34
38
Apr'33 ____
45 ___
45
6912 12
6818 70
6938
3838 Sale 3814
13
40
273
2612 28
4 20
27
7313 Sale 71
7413 53
7312 Sale 72
7412 56
7218 Sale 7018
90
73
8614 87
8613 Sept'33 - __ _1
9814 10
9814 Sale 097
10118
101
10218
106
9838
____

Sale 10118
31
10118
____ 101
10118 10
Sale 1003
10212 48
4
10612 106
106
21
102 101 Aug'33 ----I
102
99 Sept'33 ----I

8 08
8 68
13 69
58
D
D 100
.1 10018
J 97
N
1224

c Cash sales. a Deferred delivery




*
1
10214
10214
113 Sept'33 ____
34
41
36
34
31
41
795
8

Sale 68
68
70
74
70
58
59
101 100
10012 100
99
97
48% 40

80

6

8
69
6318
8
3
70
Sept'33 ___
1
100
1003
8 26
1
97
Sept'33 ____

1063
9212
a9712
1001s

BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 6.

,d g
.

Price
Weds
Range or
Friday
00. 6.
Last Sale.
Bid
Ask LOto
High
Hansa SS Lines Os with warr_1939 A 0 345 36
8
323
36
Harpen Mining 6s with warr_1949 .1 J 603 Sale 6013
4
61
Havana Elec consol g 5s __1952 F A
26
29
30 Sept'33
Deb 534s series of 1926_1951 M S
6
14
612 Sept'33
Hoe DO & Co let 630 sec A _1934 A 0
*
*
Holland-Amer Line es (flat)A947 M N 37
44
38
38
Houston 011 sink fund 534s__1940 M N 64 Sale 63
64
Hudson Coal let 9 f 5s ser A_1982 1 D 4712 Sale 4713
5014
Hudson Co Gas 1st g bs
1949 MN 10412 106
0612 01612
Humble Oil& Refining 58_1937 A 0 10314 1033 10318
1034
4

rg

4,, ri;

Illinois Bell Telephone 541_1956 J D 10612 Sale
Illinois Steel deb 434e
1940 A 0 103 Sale
Ilseder Steel Corp mtge 88_1948 F A
37 Sale
Ind Nat Gas & 011 ref 58_
1936 M N ____ ____
1978 A 0 8312 Sale
Inland Steel 1st 4348
1st NI 8 f 431s set B
8014 84%
1981 F A
Interboro Rap Tran 1st 58_1966 1 J
65 Sale
10
*
-year 68
1932 A 0
Certificates of deposit ____ ___
24
22
10
-year cony 7% notes
*
1932 M S
67 Sale
Certificates of deposit i651_ _
Interlake Iron let 58 B
MN
50 Sale
Int Agric Corp 1st & colt tr be
Stamped extended to 1942_ _ _ _ M N 62 Sale
1948 M N
77 Sale
Int Cement cony deb 5s
Internet Hydro El deb 68 _1944 A 0 4312 Sale
Inter Mere Marines f 6s
A941 A 0 51 Sale
Internet Paper Seger A A54 Sale
B.1947 1 J
Ref s t 6s series A
1955 M 9 3338 Sale
Int Telep A Teleg deb g 4348 1952 J J 4014 Sale
Cony deb 430
1939 1 J 4813 Sale
Debs 58
1955 F A
432 Sale
Investors Equity deb be A._1947 J D
_
Deb 5s ser B with wart_ _194.8 A 0 8518- - 8518 9013
Without warrant!'
1948 A 0 86 Sale

131
/
4
27
108
107
75
1044
5712
110
K C Pow & Lt 1st 434s sec 13_1957 1 J
let M 434s
1057
8
1961 F A
Kansas Gas & Electric 450_1 980 J D
•
Karstadt (Rudolph) let es 1943 NI N
25
5512
Certificates of deposit
r -71% Keith (B.F.)Corp. 1st 68_1946 m 8
27
90 100
Kelly-Springfield Tire 8s....1942 A 0
38
38
Kendall Co 6348 with warr__1948 M S
Keystone Telep Co let 5s....1935.5 1
a32 "if
Kings County El L & P 5&..1937 A 0
3318 6818
Purchase money es
1997 A 0
1912 58
Kings County Elev 1st g 45_1949 F A
68
89% Kings Co Lighting let 58_ _1954 J .1
.
8812 89
First and ref 6 lis
1954 J J
8812 877 Kinney(OR)& Co 734% notes'36 J D
s
84 al00
Kresge Found'n Coll tr
_1936 1 D
97 108
Kreuger & Toll class A ctfsof den
6s.for sec s f g be
1959 M S
/
1
4
97 103
96 101% Lackawanna Steel 1st 58 A 1950 M S
95% 104% Laclede G-L ref & eat 55___ A934 A 0
104 10818
Coll & ref 5348 series C
1953 F A
95 10112
Coll & ref 534e series D
1960 F A
Lautaro Nitrate Co Ltd 68 1954 J J
95 102
Lehigh C & Nay 8 f 4348 A_ _1954 1 J
3012 68
Cons sink fund 4348 ser C _1954 1 J
618 3012 Lehigh Val. Coal let &ref et 5s'44 F A
9812 10714
151 A rdt 5168
1954 F A
8712 10178
lot & ref 8 t 58
1964 F A
93 10512
1st & ref ti 1 bs
1074 F A
97 10534
Secured 8% gold notes__ .1938 1 J
97 107
Liggett & Myers Tobacco 78_1944 A 0
58
35
7614
1951 F A
183 6312 Loew's Inc deb 6 f 6s
4
1941 A 0
665
80 4 Lombard Elec User A
,
1952.2 0
101 10412 Lorillard (P) Co deb 78
1944 A 0
79 10012
58
1951 F A
Louls2ille Gas & El(Ky)6s-1952 M N
88
66
7514 Lower Austria Hydro El 634s '44 F A
313

3978 21
397 Sale 34
8
1612 23
147
8
1612 15
1034 Sale 103% 10424 95
9538 110
948 Sale 93
10014 139
10018 Sale 99
10018 10012 9912 100
7
13
103% Sale 10312 104
3
71
69
681
71
54 Sale 54
20
56
7114 74
71 Sept'33 ____
3
102 10213 10112 102
100 Sale 100
10012 18
80
81, 80
6
2
815
8
7014 Sale 7014 07112 14
4,
10512 Sale 105
10512 18 100

East Cuba Sug 15-yr e f g 7348'37 51 S
*
Ed El Ill Ilklyn 1st cons 4s_ _1939 1 1 19114 1025
8
Ed Elec(N Y) 1st cons g 5s_1995 J 1 10712 113
El Pow Corp (Germany) 634e '5(1 M 8 403 Sale
4
let sinking fund 6)4s_ _ - _1953 A 0 41 Sale
Ernesto Breda Co 1st NI 78..1954
With stock purchase warrants. F A
80 ._

Gannett Co deb es ser A
_1943 F' A
Gas & El of Berg Co cons g 5814pt J D
Geleenkirehen Mining es__ _1934 M S
Gen Amer Investors deb 55 A1952F A
Gen Baking dabs f 534s_ 1940 A 0
Gen Cable let e f 6348 A._1947 J 1
Gen Electric deb g 334s_ _._1942 F A
Gen Elec(Germany)78Jan 15'45 1 !.
1
8 f deb 6348
1940 J D
20
-years f deb es
1948 M N
Gen Petrol let s f be
1040 F A
Gen Pub Sery deb 534s
1939 J 1
Gen Steel Cast 534s with warr '49 J J
Gen Theatres Equip deb 6.8 _1940 A 0
.
Certificates of deposit
Good Hope Steel & In see 76_1945 A0
-Goodrich (II F)Co let 6348_ 1947J_
.
1
Cony deb es
1945 1 D
Goodyear Tire & Bubb let 681957 M N
Gotham Silk Hostery deb 8s_1936 1 0
Gould Coupler 1st s f Os
1940 F A
Gt Cons El Pow (Japan) 7'2_1914 F A
1st & gen a t 6348
1950.2 J
Gulf States Steel deb 634s
1942 .1 D
Ilackensack Water let 403__ _1952,J J

High
25
2712
2012

412
4
11
2
1
10
8513 76
100 4 108
3
100 108
8414 98
57
____ 69
___
87
74 1013 112
4
1043 11718
4
158 168
93 105
977 r1073
4
9712 105 2
,
6712
40
3314
5
6412
19
747
37

1051* 1044 Sept'33 ____
Sale 90
90 18
9
98
9613
9612
2
10212 10018 10018
2

10424
9018
963
8
10018

Del Power & Light let 4348_1971 J 1 10114 Sale 10114
10112
8
1st & ref 434s
97 Sept'33 ____
97
1989 1 1 98
1st mortgage 434s
1969 J J
94 10112 10013 10113
7
Den Gas & El List & ref s f 55 51 M N
8912 92
88
3
89 1
Stamped as to Penns tax. 1951 M N 8912 95
89
3
90 1
Detroit Edison 5s ser A
1941 A 0 98 Sale 9734
9813 65
Gen & ref E's settle II
1955 1 D 9738 9814 9713 Sept'33 ____
Gen & ref is series C
7
1962 1 A
968 Sale
17
Gen & ref 434s series D-1961 F A
9012 24
9012 Sale 8914
Gen & ref be series F
1952 A 0 9614 Sale 9614
9712 28
Dodge Bros cony deb 6s
9712 Sale 9614
1940 M N
9713 224
Dold (Jacob) Pack lot 6s
7818 79
7818
1942 NI N
7812
5
Donner Steel 1st ref 7s
1
1942 1 J 90 100
90
90
Duke-Price Pow 1st 6s ser A_1966 m N
723 74
4
71
74
37
Duquesne Light let 434s A_ _1967 A 0 104 Sale 10313 104
42
let M g 430) Belies Ii_ _ _4957 M 8 104 Sale 10314
12
104

Federal Light & Tr 1st 5s
1942 M
1st lien e t 5s stamped
1942 M
1st lien es stamped
1942 M
30-year deb fie series B.._ _1954 J
Federated Metals s t 7s- - - -1939 1
Flat deb s f g 7s
1946 1
Framerican Ind Dev 20-yr7318'42 J
Francisco Sug 1st s t 7 14s.,.,1942 M

Range
Since
Jan. 1.

107

94 10212
8914 99
9512 102's
88 100
4
88 r963
8518 104
861 103
4
8418 10312
75 100
84 103
70 4 99
3
3
65
80 4
57
92
8112
43
9724 1053
8
96 107
•
95 10412
106 120
3118 8814
88
30
72
63
65
66
48
81
93
94
1013

82
75
7238
7712
6912
101
10038
102
53

7612 Sale 7813
80
77
66
4
102
____ 105 July'33..,... 103 105
4112 17
4112 Sale 38
3,512 75
8314
8314 8512 83
11
87
76
10213 22
102 Sale 101
97 10312
51
13
36
7512
51 Sale 50
99 10112 a993
96 10214
8
8 a993
4
4318 17
431 Sale 3812
2914 6212
37
37 Sale 35
2812 6712
36
34 Sale 32 2
s
,
89
557
34
35
3 101 105
10418
4 10412
_ 1033
83
82
84
83
713 89
8
11
6918 11
a69 Sale 69
85
47
5
*
•
414 51
312
1
734
414 Sale
48
4718 Sale 4612
37
25
6518
4
9414
114 Sale 923
12
82
97
66
49 633
4
85 4 Sale 65
3
/ 753
1
4
8613 106
68
914
8614 Sale 85
8913 21
4
7412 8012
893 8913
88
•
64 Sale 6112
64
13
3738 75
5714 60
5712
58
3
31
66
__ _ 69
677
8
67%
3
42
82
98
3
4
98 Sale 98
9230 993

2607
g
RI!
ji,

No Low
High
19
29
61
12
39
7212
____
18
4014
____
31 15
*
•
5
177 38
8
28
38
73
26
2712 64
/
1
4 10130 1084
34 10024 10412

10624 107
29
10112 103
33
36
37
18
9478 June'33 ____
807
8
8313 36
80
80 14
8
6713 427
6418
*
*
22 Sept'33 ___5
*
65 4
3
6714 15
50
54
6

1005s 107 s
7
95 10538
264 5812
947 9712
68
90
65
90
70
47
•
14
3012
•
52
7314
32
70

60
75
41
49
54
3114
3812
433
4

62
3
3812 65
22 a50
771
84
433
4 65
2414 59
52
28 02911 5811
5712
9
39
68
3412 42
10
49
42
103
1713 55
49
113
2018 67
433
4 80
18
593
4
86
86
18
75
9218
8514 Sept'33 ____
80
92
86
86
4
75
9224

103% 19
10324 10412 103
103
10212 Sale 10214
19
823 Sale 82
4
83
6
1714 Sale 1612
184 37
174 16
16 Sale 1412
14
46
45 Sale 44
49 Sale 46
13
50
74
7212
71
7212
5
73
70
8
4
738 727
105 1053 10514 Sept'33 ____
12912 133 130 Sept'30 ___
71
71 Sale 70
13
1037 1044 10418 Sept'33 ___8
10513 112 11018 Sept'33 ____
6513 90
90 Aug'33 _-__
6712 Sale 6714
683
: 19
134 Sale

Range
Since
Jan. 1.

1214

134

71

9611 105
96 1053
4
72
95
135 4114
13
1814
2911 61
32 6412
55
79
647 75
8
101 108
1153 135
4
68, 771k
3
99 10512
110 11412
a42
96
3114 8313
10

18%

Sale 97
98
17
75 1013
4
Sale 82
34
21
791 9714
/
4
Sale 5314
55
34
70
48
564 53%
1
537
48% 69
57
6
5
13
212 147
8
8912 9114 Sept'33 __-7712 9113
893 897 Sept'33 ____
8
s
78
91
_ . 76
1
76
45
76
76- - 4112
40
413
4113
1
20
55
32
42 Sept'33 ____
39
1612 55
3413 Sale 34
3412
3
22
50
7918 81
79
79
57
6
79
12112 123 12213 123
8 117% 12612
10914 Sale 10914 110
34 102 110%
85
86
48
8612 83
32
89
863 87 086
s
86% 20
7412 9014
116 Sale 11414
116
16 010212 120
99 Sale 99
99
8
90 10538
100 Sale 9914
100
27
94 10812
/
1
4
4914
4
50
493 55
3
42
53
98
8214
5418
54
518
--__
____

McCrory Stores Corp deb 534s'41
Proof of claim filed by owner_
_
McKesson & Robbins deb 5348'50 -M N
Menet! Sugar 1st s f 7 Me_ 1942 A 0
Certificates of deposit_
Stamped Oct 1931 coupon 1942 A-0
Certificates of deposit,
Manhat Ry(NY)cons g 421_1990 - 0
A
Certificates of deposit ____ -- 2d 48
2013 .1
Manila Mee RR & Lt a f 55 1953 M 13
Mfrs Tr Co ctfs of partic In
Al Namm & Son 1st es_1943 .1 D
Marlon Steam Shovel s f es_ _1947 A 0
Market St Ry 78 ser A _ April 1940 Q J
Mead Corp 1st es with warr_1945 M N
Mel
-Mb/tulle Elec let 7s A
1957 A 0
Metr Ed 1st & ref be sec C...1953 J J
let g 4 1 e series D
4
1968 M 8
Metrop Wat Sew dr Dr 5348_1950 A 0
Met West Side El(Chic) 40_ _1938 F A
Mlag 151111 Mach 1st s f 7s..1956 .1 D
Midvale St dr 0 colt Er s t 5s 1936 M S
Milw El Ry & Lt let is B_1961 .1 D
let mtge be
1971 J 1
Montana Power 1st be A
1943 J .1
Deb be series A
1962 1 D
Montecatini Min A AgricDeb g 78
1937 J J
Montreal Tram lot & ref 68._1941 J J
Gen & ref s f be series A 1955 A 0
Gen & ref a f 58 ser B
1955 A 0
Gen & ref s f 4 318 ser C 1955 A 0
Gen & ref 8 f bs ser D
1955 A 0
Morris & Co let s 1 434e
1939 J 1
Mortgage-Bond Co 4e ser 2._1966 A 0
Murray Body let 6345
1934 J D
Mutual Fuel Gas let gu g 58_1947 NI N
Mut Un Tel gtd 6sext at 5% 1941 MN

____
*
____
26
___
____
____

3
29
2238
1738
873
4

2712
43 3
,
4013
33 3
,
943
4

63
66 Aug'33 ____
70
44
5212 48
49
4
7213 118
6812 Sale 6813
6214 21
5938 Sale 5913
8
102 1097 a10713 BeP'33 ---94
90
88
88
3
77
777 77
8
78
8
80
78
80
784
8
1414 18
1612 Sept'33 ____
39
38 Sept'33 ____
60
8
973
964 Sale 963
44
713 68
4
69
683
4 28
687 Sale 68
8
6918 10
81 Sale 80
8114 27
62 Sale 62
64
8

40
2514
57
30
87
82
7112
8518
11
30
80
63
62
60
45

75
59
Ws
a67
12018
99
90
81
19
871e
997
8724
85
93
78

Namm (A I) & Son_ _See Mfrs Tr
Nassau Elee gu g 4s stpd_1951 .1 1
Nat Acme 1st s 1 68
1942 J D
Nat Dairy Prod deb 634s..,.. 1948 F A
Nat Steel 1st coil 58
1956 A 0
Newark Consol Gas cons 68.1948.2 D
Newberry (JJ) Co 534% notes '40 A 0
New Eng Tel & Tel 5a A__ _1952 J D
1st g 434e series B
1961 M N
NJ Pow & Light 1st 4 34s
1960 A 0
New Oil Pub Serv let be A...1952 A 0
First & ref bs series B
1955 J D
N Y Dock 1st gold 48
1951 F A
Serial 5% notes
1938 A 0
NY Edison 1st A ref 6348 A_1941 A 0
1st Hen & ref 58 wiles B
1944 A 0
1st lien A ref 5s series C
1951 A 0
N Y Gas El Lt 11 & Pow g be 1948 J D
Purchase money gold 45_ _1949 F A
N Y L E & W Coal &RR 530)'42 M N
N Y L E & W Dock & Imp bs'43 J J
1

5212 Sale 5212
5314
51
5
593
4
56
____ 70 Aug'33 ____
53
70
8
855 Sale 73
771 96
/
4
8638 162
8912 Sale 88
90
88
69
9512
104 1053 1053
4
4
1 10212 10714
1053
4
85
86
87
8514
23
884
85
107% Sale 107
108
28 100 11138
1033 Sale 10213 1038 18
8
9612 107 2
,
7714 78
78
7718
7
78
95
4912 Sale 47
4912 26
4312 6412
48 Sale 48
4414 65
48 12 12
4612 Sale 4538
45
23
63
48
4
36 Sale 353
2e
7
4712
36
11113 Sale 1101s
11113 22 108% 115
10614 Sale 10512 10612 14 10114 108%
10612 Sale 10512 10812 32 101 10314
1083 Sale 1083
4
4
6 10130 1123s
109
102 Sale 10014
102
22 0934 103
/
1
____ 88
75 May'33 ____
75
75
____ 87 100 June'31

•Look under ilst of Ma ured Bonds on pa, 2603
e

54
57
*
1014
e
34
,
41
30 2
,
27
72

Sale
Sale

54
55

57
57
*
21
15 Aug'33
*
2712 July'33
14
4213 3914
41
__ 39 Sept'33
-34
31 Sept'33
90
943 Sept'33
4

93% 97
9412
9413
933 Sale 924
4
94
7124... 07414 July'33
7112 75
743* July'33
6324__ 63 June'33
7113 85
7414 Aug'33
8738 89
88
83
2014
408 Dec'32
80 89
89 Sept'33
9114 10112 102 Sept'33
76
9012 89%
893
8

11
84

I.
10
_____
____
____
5
____
___
____
2

4612 61
2312 6512
3
/ 35
1
4

08714 9812
7838 94
5914 07414
6858 7478
6734 63
663 7414
4
,
78
91 4
__ __ ___.
89
94
9438 107%
9324
75

New York Bond Record—Concluded—Page 6

2608
BONDS
IN. Y. STOCK EXCHANGE
Week Ended Oct. 6.

111
sv
,
t.1:
— ..

5,4!

Oct. 7 1933

...
Price
Friday
Oct. 6.

Week's
;
Range or
RI
Last Sale.
671,
e

Range
SW,
Jan. 1.

il •g

4
Week's
Price
z..71
Range or
Friday
o.
0
,
Last Said. .ete
Oct. 6.
--- ----- -High Yrt.
Bid
.488 Low
1013 102
8
Stand 011 of NY deb 4348_1951 .1 D 10114 Sale 10034
*
*
Stevens Hotel 1st Be series A _1945
*
*
Studebaker Corp 6% g notes 1942 J D
373
4 21
373 Sale 34
4
Certificates of deposit
10718
6
Syracuse Ltg Co 1st g 5s...1951 J D 10718 108 10718
104
1
Tenn Coal Iron & RR gen 55_1951 J J 104 105 104
6812 66 Sept'33 __-_
Tenn Copp Az Chem deb Ile B 1944 M S 60
30
73
4
Tenn Elec Pow 1st 68
1947 J D 693 Sale 694
256
98
Texas Corp conv deb 5s
1914 A 0 9712 Sale 97
22
47
Third Ave fty 1st ref 4s
1060 J J 47 Sale 4512
2812 108
Ad)Inc Sc tax-ex N Y_Jan 1960 A 0 28 Sale 2514
87
1937 j j 8718 90
9
87
Third Ave RR 1st g 55
10114 158
Tobacco Prods (N .1) 6348_2022 MN 10012 Sale 10018
8018 35
Tolio Elec Power 1st 7s 1955 M S 80 Sale 78
Tokyo Elec Light Co Ltd—
621 140
/
4
4
8
1st 68 dollar series
1953 J D 617 Sale 613
Trenton 0& El let g be__ _ _1949 M s 10412 ____ 103 Sept'33 _-35 Sale 35
354 13
Truax-Traer Coal cony 830_1943 NI N
10
74
74 Sale 7214
Trumbull Steel 1st s f 6s_. 1940 NI N
____ 28 Aug'33 ____
Twenty-third St Ry ref 5s 1962 J .1 25
26
47
Tyrol Hydro-Elec Pow 7348_1955 M N 46 Sale 46
4712
1
4
Guar sees f 78
1952 F A 47 Sale 4712
BONDS
N. Y, STOCK EXCHANGE
Week Ended Oct. 6.

=.' r.
cv
...2..

Range
Since
Jan. 1.
-----Low
High
8814 102
•
•
34
45
103 11014
97 10418
76
50
6914 10014
7714 9912
36
5512
204 37
9412
83
89 10212
41
804

_
HOD
483 Low
High Ne Low
ma
'
1014 180
4
93
8
1014 Sale
4 10,
NY Rye Corp Inc _ _Jan 1965 Apr
1
32
62
62
62
62
69
Prior lien Be series A
6s1965 J .7
983 10514
4
10012 13
8
NY & Maim Gas let 68 A.._1951 M N 954 1013 100
NY State Rye let cons 4345A '62
413
1
258
33
4 19
253 Sale
51 N
Certificates of deposit
50-yr 1st cons 634e ser B__1962
112 412
5
23
4
33
8
23 Sale
4
_
Certificates of deposit
98 109
/srl
N Y Steam (is ser A
1917 M - 10614 Sale 10414 10614 20
90 10412
6
4 100
let mortgage 5s
1951 M N 99 10012 993
9978 21
90 104
4
1956 M N 993 Sale 99
lst M bs
10412 81
4
9811 106
N Y Telep 1st & gen s f 4345_1939 M N 10414 Sale 1033
384 6714
8
N Y Trap Rock 1st 88
1946 J D 5214 647 56 Sept'33 ___947 105
8
10014 21
Nlag Lock &0Pow 1st 55 A_1955 A 0 98 Sale 98
74
53
5512 34
Niagara Share deb 534e- - - -1950 M N 5513 Sale 5113
2818 60
55
3912
42
4
Nordileutsche Lloyd 20-Yr s(68'47 M N 403 42
1018 32
2
23
Nor Amer Cern deb 8345 A 1940 NI 5 23 Sale 2018
60
89
6712 118
6712 Sale 66
1961 F A
North Amer Co deb 58
64
87
1
a68
69 a68
No Am Edison deb 5e ser A_1957 M S 66
8
8134 893
15
68
Deb 5,48 ser 13___Aug 15 1983 P A 68 Sale 65
8
847
643
4 11
57
Deb 58 series C_Nov 161969 MN 6018 sale 6018
/
1
29
93
88 1074
Nor Ohio Trac & Light 85_1947 M S 9114 Sale 91
9018 1043
4
9914 43
Nor States Pow 25-yr 58 A 1941 A 0 98 Sale 97
98 108 2
6
10118
,
1st & ref S-yr 85 ser B__ _1941 A 0 1014 102 10118
70
7012 15
ifilgawa Elec Power If 7s...1945 M 5 7118 74
97
97
86
1
North W T 1st fd g 434s gt(
1_1939 J J 97 Sale 97
6314 8112 Union Mee Lt & Pr (N10) —
773
8 27
7614 767 754
8
Norweg Hydro-El Nit5348-1957 NI N
10134 25
101 Sale 10014
Gen mtge gold 5s
1957 A 0
10218
/
4
5
Un E L& P (III) lst g 5348 A 1954 1 j 10214 1021 102
90 105
9712 11
Ohio Public Service 734s A1916 A 0 9612 Sale 9612
20 Aug'33 ___,
Union Kiev Ry(Chic) 5a_ __ _1945 A 0 1514 18
6
89
86 104
1947 F A 87 Sale 86
let & ref 75 series B
1073
4
4
14
6
35
203
4
Union 011 30-yr 65 A__NIay 1942 F A 10713 __ 107
Old Ben Coal 1st 65
4
1944 F A 203 Sale 2018
1015
8 17
let lien s f be ser C___Feb 1935 A 0 10114 Sale 101
9318 103
10218 12
Ontario Power N F 1st 58 1943 F A 102 Sale 102
973
4 44
897 10014
2
Deb 5s with warn. __Apr 19153 D 9714 Sale 97
9812______ a9718 Sept'33 ____
Ontario Transmission 1st 58_1945 M N
10113 17
United Biscuit of Am del,68_1942 M N 10112 Sale 100
84
64
17
82
Oslo Gas & El Wks extl 5s. 1963 M 8 65 -86
64
47
94 46
United Drug Co (Del) 58...A953 M S 6313 Sale 63
22
28
8 81
4
Otis Steel 1st M 63 ser A
1941 M S 263 283 2612
2012 19 Sept'33 ___
United Rys St List g 4s
38
23
27 Aug'33 ____
1934 J 1 18
Pacific Coast Co 1st g be__ 1946 3 D 3313 50
643 121
4
US Rubber 1st & ref baser A 1947 J J 64 Sale 82
994 107
8 74
4 1045
Pacific Gas & Elgen & ref is A '42 -1 J 10414 Sale 1033
1937 M N 9018 9713 9018 Sept'33 ____
607 8812 United SS Co 15
8
7
6612
-year 63
Pac Pub Serv 5% notes_ _ _ _1936 M 8 6612 Sale 64
314 10
4
1053
4 13 101 1073 Un Steel Works Corp 8348-A_1951 1 D 31 Sale 3014
Pacific Tel & Tel 1st 55
1937 1 J 10518 Sale 105
3113 21
Sees f 6348 series C
4
1951 1 D 31 Sale 31
1063
4 10 10013 1083
8
107 1073 10614
Ref nage be serles A
1952 M N
29
19
4
Sink fund deb 634e ser A.._1947 J J 283 Sale 28
*
*
Pan-Am PetCo(of Cal)conv 68'40 3 13
105
1
387 Un Steel Works (13urbach)7s 1951 A 0 105 107 105
8
25
2
32
32 Sale 32
Certificates of deposit_
2613 27 Aug'33 ____
Universal Pipe & Rad deb 68 19363 D 20
25 r42
5
3133
Paramount-Wway 1st 5)4s 1951 3--J
33 Sale
41
14
3112 38
5
Unterelbe Power & Light 6s_1953 A 0 41 Sale 37
3113
3112
Certificates of deposit
---- ---- 35
25
54
Utah Lt Az Trac let & ref 58_1944 A 0 53 Sale 5013
Paramount Pam's Lasky 6s_1947
6112 42
Utah Power Az Light 1st 513_ _1944 F A 61 Sale 58
34
2912 34
13
Proof of claim filed by owner J D 34 Sale a31
1012 3412 Utica Elec L & P lets f g 58_1950 J J 102 107 100 May'33 ____
3113 43
: 3112 Sale 2912
Certificates of deposit
108
13
Utica Gas & Mee ref & ext 581957 J 1 106 Sale 105
Paramount Publlx Corp 53451950 i'
•
..-A
58
28
4
2012 35
13
Util Power & Light 5)4s...._1947 J D 2714 273 2612
33
Proof of claim filed by owner --- 33 Sale 3018
124
26
2512 Sale 2412
712 35
Deb 5s with warrants ._ 1959 F A
3118 27
/
4
31 Sale 291
____
Certificates of deposit
255 June'33 ____
8
1814 38
1953Deb 55 without warr
1959 F A
Park-Lox 1st leasehold 6345
83 13
4
a
18
978 Sept'33 ____
Certificates of deposit
6612 10
834 35
2
Vanadium Corp of Am cony 58'41 A 0 65
63
68
6 29 32 02718 31
Parmelee Trans deb 6s
1944 . —
it
/
4
Pat & Passaic G & El cons be 1949 M 8 104 107 10313 Sept'33 ____ 101 1061 Vertientes Sugar 1st ref 7s...1942
5 Sept'33 ____
412 7
4712 87
4
Certificates of deposit
80
Pathe Each deb 78 with warr 1937 M N 80 Sale 75
15
15
4
38
4
19533 j 15
943 9514 Victor Fuel 1st s f 58
9514 Aug'33 __-Pa Co gu 3348 con tr A reg 1937 M S 77
80
9914
2
8158 Va Elec At Pow cony 5345 1942 NI S 994 Sale 9914
75
8
Guar 334s coll trust ser B_1941 F A
8514 ____ 815 July'33 ---64 Aug'33 -- -,
64
843 Va Iron Coal & Coke let g 551919 M 5 56
4
73
1
4
843
4
3 D 8512 ____ 843
Guar 3348 trust Ms C
1943
17
4 101
823 Va Stir Az Pow 151 & ref 5s__ _1934 J J 101 Sale 1003
8
78
Guar 3348 trust ctIs D — _1944 J 0 8412 __ 8113 July'33 ---80
86
Guar 48 ser E trust ctfs
1952 MN 8112 ____ 85 Sept'33 __„
18 Sept'33 -_ —
18
Walworth deb 614s with war'.'35 A 0 11
744 95
/
1
38
91
Secured gold 431s
1963 MN 91 Sale 8912
21 July'33 ____
A 0 1118 37
Without warrants
3412 75
6012 10
Penn-Dixie Cement 1st (3s A 1941 M 5 573 Sale 573
4
/
1
4
4
25
7
let sinking fund 68 ser A...1945 A 0 25 Sale 24
9613
76
863 126
4
8638
Pennsylvt eta P Az List 434s 1981 A 0 863 Sale 841
8
4612 163
Warner Bros Pict deb 6e_ __1039 M S 45 Sale 4418
105
2 103 114
Peop Gas L & C 1st cons 68_1943 A 0 103 105 10418
25 Sept'33 ____
93
1947 M 5 91
90 10712 Warner Co let 68 with warr_1944 A 0 1812 24
7
90
94
Refunding gold bs
25 Sept'33 ____
7512 45
A 0 1812 25
Without warrants
68
91
Phlla Co sec be series A.
1967 J D 7413 Sale 73
32
1
32
34
10414 49
97 10512 Warner-Quinlan Co deb 66_1939 M S 30
Plana Elec Co let Az ref 4348-1967 M N 10414 sale 103
4
3
Warner Sugar Refin 1st 73_1941 .1 D 10413 Sale 10412 1043
90 100
0518 73
1971 F A
lst & ref 4s
9578 Sale 9414
4412
45
8
s 4112 48
Warren Bros Co deb Be
1941 M
7478
48
36
54
PhIla & Reading C & I ref Ss 1973 3 3 53 Sale
50
1011 15
/
4
4
324 6912 Wash Water Power s f 55_ _.19393 J 1013 Sale 10014
4712 65
1949 M S 46 Sale 444
Cony deb Be
106
4
4
6718 903 Westchester Ltg 58 stPd gtd_1950 J D 10414 1103 105
4
8814 59
Phillips Petrol deb 534s _ _ _1939 J D 8758 Sale 87
.
105
10
8
8
West Penn Power ser A Ss 1946 M El 1047 10514 1047
95 107
34
106
Pillsbury F1'r Mills 20-Yr 68_1943 A 0 106 Sale 105
4 106
14
1st be aeries E
1963 M S 10614 10813 1053
8
Pirelli Co (Italy) cony 78- - _1952 M N 100 101 10112 Sept'33 __-- a995 10212
10514
2
1st sec Ss series 0
1956 J D 10514 Sale 105
7014
Pocah Con Collieries 1st 5 f bs '57 3 3 60
60
66 Sept'33 ---,
65
993
4 53
Western Electric deb 5s
1914 A 0 9918 Sale 99
Port Arthur Can & Die Bs A_1953 F A ____ 687 697
50 . 73
1
8
697
8
8
92
93
5
Western Union coil trust 58_1938 J J 9114 92
73
71
1st m 6s series B
68, 73 July'33 __„
8
1953 F A
70
29
70 Sale 6712
Funding & real est g 430_1950 M N
Port Gen Elec 1st 434s ser 0 1960 IA 3 507 Sale 48
4312 7034
120
54
8
18
97
-year 634e
1936 F A 97 Sale 9512
15
91 10118
3
94
Portland Gen Elec let bs
94 Sale 94
1935 1 J
7714 43
-year gold 5s
1951 J D 7612 Sale 72
25
18
52
18
38
Porto Rican Am Tob cony (le 1942 J J
364
37
10
7434 60
30
-year 58
1960 M S 7412 Sale 73
40
164 57
46
Postal Teleg Az Cable coil 58_1953 1 J
4
/
4
441 Sale 413
4
36
116
*
Westphalia Un El Power 68_1953 J J 3514 Sale 333
Pressed Steel Car cony g 58_1933 3 3
•
83
5
Steel Corp 1st 530 1948 J J 8012 8112 81
8
Pub Sell/ El & 01st(I, ref 434s'67 J 0 10218 1037 1017
97 1057 Wheeling
8
10214 20
8
8
74
16
1st & ref 430 series 13_
1953 A 0 ____ 7218 707
9714 10558
1st & ref 4348
6
10212
1970 F A 102 Sale 102
__
1001t White Sew Mach Be with warr '36 1 J 4213___ 45 June'33
Sale 954
9014
975
8 46
let & ref 48
1971 A 0 97
45 Sept'33 ____
65
J J 4213 Without warrants
6854 92
Pure 011 5 f 534% notes
9112 33
1937 F A 9112 Sale 90
2
4212
4213
Partic 51 deb Be
1940 MN 4212 52
6312 89
S t 534% notes
8712 79
1940 M 5 874 Sale 8612
Wickwire Spencer St'l 1st 78_1935
8512
55
8212 27
7913 8012 79
Purity Bakeries s f deb 5s_ _1948 1 J
512 Sept'33 ._ __
8
6
Ctf dep Chase Nat I3ank____ ____
75(Nov 1927 coupon) Jan 1935
Radio-Kelth-Orpheum part paid
3
6
6
6 Sale
Ctf dep Chase Nat Bank____ MN
etre for deb 6s & corn stk 1937 MN ---- ----60 Dec'31 ____
-- -*
*
-- *
-- WIllys-Overland a f 6s A
*
1941 NI 5
.
Debenture gold 6s
1941 J D
56
99
Co 1st e f Be __ _1941 A 0 9812 Sale 9814
58 10018 Wilson &
6
9812
Remington Arms 1st 8 f 68 1937 MN 9813 Sale 9813
7512 76
A.
Rem Rand deb 534s with war '47 MN 70 Sale 69
7012 26 04114 7812 Youngstown Sheet & Tube 5e'78 J J 74 Sale 7313
7512 37
1st mtge s f 58 ser 13
1970 A 0 7312 Sale 73
55
92
Repub I dr S 10-30-yr 58 a f 1940 A 0 76
853 89 Sept'33 ____
8
30
76
Ref & gen 534s series A_ _1953 3 3 62
663 87 Sept'33 ____
4
495 90
4
Revere Cop & 13rass 6s ser A 1948 NI 5 854 Sale 8518
10
86
38
3712 344
Rheinelbe Union s f 7s
2 12 8618
8
18
1946 J J 34
3212 5712
3318 53
Rhine-Ruhr Water series 6._1953 3 3 33 Sale 28
62
8 _ _ 5918
9 a42
(Negotiability Impaired by Maturity)
77
Rhine-Westphalia RIP'. 7e 1950 NI N 613
Direct mtge Be
31
7012
4312 §
-ale 3913
4354 89
1952 M N
303 7014
4
Cons M 6s of 1928
4312 64
4314 Sale 41
.
1953 F A
Price
Week's
Con M Beat 1930 with warr '55 A 0 4212 Sale 3618
MATURED BONDS.
32 • 70
4212 155
ta Friday
Range or
13,
ItIchtleld 011 of Calif Be
N. Y. STOCK EXCHANGE u t
*
*
1944 M N
..,5.,
Last Sale.c.73,
Oct. 6.
1912 32
Week Ended Oct. 6.
2518 Sale 2518
MN
13
Certificates of deposit
27
-- -— —
374 5312
Rime Steel 1st s f 75
_ _ 50 Sept'33 __
1955 F A
Bid
High No.
Ask Low
10212
9612 107
Koch 0 Az El gen NI 534s ser C'18 M 3 1013 103 10014
Foreign Govt. & Municipals.
5
4
50- Gen mtge 434e series D
897 993 Mexico Trees 6s assent large '33 1 J __ 1._ _ 10 Sept'33 ____
8
4
2
91
____ 91
1977 M 3 88
J J
6 8 gale
64
618
1
96 10514
Gen mtge be series E
Small
4 10112 14
1962 M S 101 Sale 1003
Roth & Pitts C & I p m 53_1946 M N 73
____ 5713 May'33 ____ 05712 a5712
Royal Dutch 45 with warr 1945 A 0 100 Sale 9614
Railroad.
83 1014
10012 106
618
712 24
618 Sale
Ruhr Chemicals f 68
Norfolk South 1st & ref 58 A.1961 F A
/ 62
1
4
4312 32 z33
4
1948 A 0 43 Sale 393
St Louis Iron Mt & Southern—
48
47
1933 MN 48 Sale 4518
BS Joseph Lead deb
81 11512
Rlv &0 Div 1st g 4e
_ __1941 MN 115 Sale 11312 11512 113
93
78
St Joe IQ' Lt Ht Az Pr 181 58.1937 MN 7714 84
1
78
78
534s31 Sept'33 __ _
35
St L Rocky Mt & P 5a 84/(1_1955 J J __ _• 43
Seaboard Air Line 1st g 48.._1950 A 0 20
304 50
40 Sept'33 ____
1
15
1950 A 0 15 Sale 15
St Paul City Cable cons 531937 J J 47
42
bl
Gold 4s stamped
Aug'33 ___ _
51
51
718 Sale
74
712
6
1959 A 0
50
Refunding 4e
61
Guaranteed be
52 Sept'33
69
1937 3 .
7
1813 17
17
1
San Antonio Pub Serv 1st Be 1952 .1 J 80
7414 92
Atl Az Blrin 30-yr 1st g 48 1933 NI 5 14
2
84
80
80
,
&lank° Co guar 8348
50
25
40 July'33 ____
1946 J 3 2612 41
industrials
Stamped (July 1933 coup on)
2011 50
2612 ____ 4012 Aug'33 __ _
245
8 35
Guar 5 f 634e eerier' B
1946 --A0 2612 50
40 Aug'33 --- Abitibi Pow & Paper 1st 5s 1963 J D 244 Sale 2312
50
28
Stamped
of
35
584 American Chain dens 6s_1933 A 0 9218 9712 97 Sept'33 ____
/
1
2
35
35 Sale 35
54
57
58 Sept'33 ____
Sharon Steel Hoops!5)4s....1948 F A
16
563 Chic Rye 5setpd 25% part pal& _ F A
4
1
39
32
42
39
4 Sale
33
4
412 79
Shed l Pipe Lines f deb 5s___1952 NI N 0112 Sale 91
1950 .1 J
60
93
Cuban Cane Prod deb
913
4 76
1512 10 Sept'33 __
6e_.37 NI 3 12
9214 East Cuba Sug 15-yr 8 114730
65
9112 97
Shell Union Oils f deb be _1947 M N 9113 Sale 9058
Deb be with warrants_ _ __1949 A 0 09112 Sale a90
6312 9253
9112 89
518 Sale
43
4
513 41
Sh1nyetsu El Pow 1st 6348_1952 J 0 6012 63
28
65
/ Gen Theatres Equip deb 68_1940 A 0
1
4
3
6014
61
1
1512
1513 Sale 1512
1940 F A
a73
95
Siemens & Haleke e 1 7s___1935 1 J
Gould Coupler 1st s f 6s
743 75 Sept'33 ___
8
4
29
283
8
Debentures f 831t3
46
8212 line (10 R..; Co 1st 630 ser A_1934 A 0 1114 24
5513 46
1951 M 3 5378 Sale 53
23
44
A 0 23 Sale 22
1932
Slerra & San Fran Power 5e_1949 F A 903 9214 89
89 102
Interboro flap Tran Be
14
90
8
.1 49
69
6614
683
1932 NI 5 67
26
5912
Silesia Rice Corps f 634a_ _1946 F A
10
-year 7% notes
3112 19
3113 Sale 31
154
3
7
233 1514
4
1942 A 0
32
4612 Manatl Sugar 1st s f 7345
Silesian-Am Corp coll tr 78_1941 F A
17
34
33 Sale 33
1514
3
1514
5
27
9014 10312
Stn3pd Oct 1931 coupon 1942 A 0
Sinclair Cons 011 15-yr 7E3_1937 M S 102 Sale 1007
87
102
8
8812 102
let lien 834s series B
10112 71
1938 .1 El 101 Sale 100
35
6
9912 10354 Pan-Am Pet Co (Cal) cony Be '40 J D 35 Sale 35
Sinclair Pipe Line s f 5s
1942 A 0
102, Sept'33 _
8
65
44
4
8
597 8614 Pressed Steel Car cony g 55 _1933 J J 613 Sale 55
Skelly 011 deb 531s
844 61
1939 M S 8141 gale 833
4
23 Aug'33 ____
87
9912 Radlo-Keith Orpheum 69_1941 J D 1114 24
Solvay Am Invest Is ser A 1942 M 8 9614 99
9713 42
97
20
27
26 Sale 2412
Richfield 011 of Calif (is
1944 M N
99 107
88
South Bell Tel & Tel 1st s f be '41 J J 10513 Sale 10514
106
5
18
1945 J J
1718 17
/ 17
1
4
S'west Bell Tel 1st & ref 5s 1954 F A 107 Sale 10514
24 100 10712 Stevens Hotels series A
107
383 131
4
59
81 Studebaker Corp 6% notes_1942 J D 37 Sale 34
6612 13
4
Southern Colo Power 68 A 1947 J J 65 Sale 643
381 10
/
4
1044 193 1110 10513 Willys-Overland s f 63;s_ ._ _1933 NI 5 354 Sale 35
Stand 011 of NJ deb Sc Dec 15'48 F A 10412 Sale 104

30
68
10212 1061,
1512 48
394 83
/
1
4
15
28
46
8312
4713 6214
374 78
94 10478
100 105
145 20
8
993 108
4
984 102
75
09
954 103
43
71 2
,
14
221
/
4
2914 75
75
91
2612 604
2511 60
233 694
4
934 105
10
32
30
6613
5012 73
56
79
100 105
9912 1085
8
134 41
12
37
255
8
145
8
3454 81
112 184
104 21
95 1054
473 65
8
9712 103
10
35
1814 25
812 43
12
48
10
301s
1258 40
1312 3814
10212 106
30
7514
100 106
102 11012
10018 108
10014 10918
9912 107
81 102
52
9318
3712 84
65 100
384 8814
361 87,
/
4
3
2312 5712
52
86
413 75
8
027
45
2211 50
224 50
ii8 16
7
8
•
84
52
521
/
4

1414
9912
853
4
85

Matu red Bonds

r Cash sales. a Deferred de leery.




z Optional sale, July 8, $1,000 at 3018.

*Look under ,1st of Matured Bonds on his page.

Range
Stuce
Jan, 1.
Low
High
354 1114
314 1012
212 16
3538 6112
11
/
4
418
13
8
6

31
2612
161
/
4
31

105
4
38
49
/
1
4
2
/
1
4

33,
4
97
70
13
3312

1
47
8
127
8
12
5113
5
2

91
/
4
20
2912
3312
75
34
297
8

251k
3.514
812
31
10
2014
35

3974
65
30
32
/
1
4
2812
464
794

Financial Chronicle

Volume 137

2609

Outside Stock Exchanges
Stock

Exchange.—Record

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
.-,NOCOCON0C=00,-.0
1000000000000000
cNN •-•
.
.,N 0cc,
.. ,c
,4
Na
a-,6. .

of transactions at
the Boston Stock Exchange, Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists:
Boston

Range Since Jan. 1.
Low.

High.

Chain Belt Co corn
16
16
•
9 Mar
1734 July
Cherry Burrell Corp coin_•
8
4% Jan
Apr
734 8
8
Range Since Jan. 1.
Chic City & Con fly pfd_ •
2% 236
34 May
136 Feb
•
244
24
Chteago Corp Common_.
234
1
June
Feb
5
Stocks—
Low.
114Th.
Preferred
• 2434 2334 25
124 Apr 3434 July
CM Flexible Shaft com_.5
934 1014
124 July
34 May
Railroad—
Chicago Mall Order com_5 1234
July
124 1234
1236 July 22
Boston & Albany
100 113
113 11534
130 80
Jan 121
July Chic Nor Sh & Milw pf 100
14 Jan
34
34
34 Sept
Beaton Elevated
100
564 5734
288 53% May 70
Feb Chi & N W Ry corn_ _ _ _100
946
134 Apr 16
8% 104
July
Boston & Maine—
Chicago Yellow Cab cap • 12%
6
13
12
Apr 22
May
Class A 1st pref stpd_100
18
10
Feb 2934 July Cities Service Co com.....•
6
18
24 234
236
2
Feb
64 May
Class 13 1st pfd stpd_100
15
20 10
Apr 33
18
July Club Aluminum Uten Co_*
% Feb
136 May
4
%
Prior pref etpd 100
33
110 17
30
Feb 57
July Commonwealth Edison 100 47
Sept 82 ' Jan
42
4434 484
Chic Jet Sty & Un Stk Y100 85
87
May 904 Aug Comm'ty P 4: I. 36 Pre-85
80 75
64 63.4
6% Wet
6% Oct
*
East Mass St Ry —
July Cord Corp
3
Jan
20e
834 936
934
44 Jan
5
1514 July
1st pref
100
30
134 Jan
July Crane Co—
6% 64
10
Maine Central pref
_100
24
30 15
July
24
May
31
Common
634 636
Feb 11% July
3
25
NYN Haven& Hartford100
462 1136 Feb 3434 July
1734 20
Preferred
36
100
Feb 59
15
July
3634
Old Colony RR
100 934 9336 9336
Mar 95
July Decker (Alf) & Cohn coin.*
46 73
1
July
24 234
May
4
Pennsylvania RR
50 29;4 2741, 31%
742 1334 Jan 4234 July De Nlets Inc pref
434 Jan
16
15
• 16
16
Aug
444 44.6
Jan
Dexter Co (The) com_ _5
2
84 July
Miscellaneous—
Diamond Match Co com_*
25
Oct
Sept 26
23
26
American Continental _ _ _•
Mar
3
July
30
4% 5
634
4%
30
Oct 30
30
30
6% preferred
Oct
25
Amer l'neu Service pret_50
Apr
1
230
434 5
634 July Elec Household Util Corp 5 1034
3
1334 June
Feb
10
11
1st preferred
50
22
20
7% Feb 25 June Gardner Denver Co corn.*
20
73.6 May 21
18
18
Aug
Common
25
35 25c. Mar
2% July Gen Household UM com..• 174
135
134
July 2334 July
10
1674 1834
Amer Tel Sr Tel
100 12034 115 121% 3,728 8614 Apr 13434 July Goldblatt Bros Inc corn __•
224 2234
104 Mar 274 June
Amoskeag Mfg Co
515
134 Feb
8
July Great Lakes Aircraft A_ •
6
741
11
2 June
4 Feb
46
36
Andes Petroleum
1
2,900
10e
10e
8c
Apr 33e June Great Lakes D & D___• 16%
Sc
1434 17%
634 Feb 20 May
Bigelow Sanford Carpet_ _
24
Feb 30 June Grigsby Grunow Co com_•
6
234 24
30
234
4 Apr
2
24
434 July
Preferred
Feb 78
75
75
25 28
Sept Hall Printing common_ _10
336 Mar
44 4%
934. July
Boston l'ersonel Prop Tr_•
5
634 Apr
934 934
936
July Hart-Carter Co cony pf•
14
4
4
834 June
334 Jan
Brown Co6% sum pref_100
134 Jan
100
8
8
7
July Houdaille-Hershey Cl B__•
14
634 June
Feb
1
34
3
3%
East Gas & Fuel Assn—
334 Mar 1434 June
Class A
10
10
•
Common
344 Apr 12
270
6
June Illinois Brick Co
734
6
8
334 Jan
May
434 436
25
6% sum pref
100 49
52
179 3534 Apr 69
48
July Indep l'neum Tool v t c_ _• 1234
June
636 Apr 16
1235 124
436% prior preferred 100 55% 53
Oct 69
56
144 53
Dec Iron Fireman Mfg v t c •
8% July
Feb
3
634 614
Eastern Steamship corn_ •
Jan
5
56
17
July Kalamazoo Stove com• 20
8% 9
Feb 37% June '
4
20
20
Preferred
100
42
65 264 Apr 45
4234
Sept Katz Drug Co corn
204 21
1714 Mar 27% June
21
I
Economy Grocery Stores_•
23% 23%
55 11% Feb 24% July Kentucky IRO Jr cum p154)
15
634 May
May
15
25
Edison Elea Ilium
100 150% 14734 151
573 133
Mar 183
Jan Kingsbury Brew Co cap__1
9% 10
Sept 1634 July
9
10
Employers Group
Jan
160
5
7
10% June Lawbeek 6% cum pret_100
29
Oct
124 Apr 29
29
General Capital Corp
214 21 35
20 13% Mar 28
July Libby NIcNeill & Libby_10
4
736 June
4%
4
1% Feb
GeorgianInc pref el A
Ma
94
2
3
1
3
Oct Lindasy Nunn Pub S2 pi_•
6% Apr
Jan
234 2%
2
Gillette Safety Razor
9% Apr 2044 Jan Lion 011 Refg Co corn__ __•
469
12% 13%
8% July
6
136 Feb
7
6
Hygrade Sylvania Lamp.*
Feb 29
25
100 12
July Loudon Packing com
25
C
June
17
Mar 18
10
17
HYgrade Sylvania Lamp
5 36% 32
Lynch Corp nom
Sept
Feb 44
384
8
Co preferred
Jan SO
•
80
July
60 64
80
June
McGraw Elec corn
434 44
6
14 Apr
International Hydro Elec.Apr
534 64
24
175
1334 July
NteWilliams Dredging Co •
1336 1434
16% May
Jan
7
Libby McNeil & Libby_ _ _ _
7 June Mapes Cons Nlfg cap_ •
12
136 Fel
3% 344
3%
Sept
34
May 36
34
30
Loew's Boston Theatres_
Jan Marshall Field common_ • 16
May
20
8
5
535 54
Jur*
454 Feb 18
1534 1634
Meadows NIfg Co con._ _*
134 June
34 Jan
134
14
44
Maas Utilities Assoc v t e..•
2
lyj AD
425
234
24
334 June Miekelbeny's Food Prod—
Mergenthaler LinotYPe--70 16% Feb 344 June
5536 26
•
734 June
Common
I
334
334
234 Feb
341
National Service
134 May Middle West Utll new_._•
•
615 40c Ma
%
%
34 Jan
54 May
34
Si
Ji
New England P S com
134
•
134 Ma
14
Jan Midland United Co com_
4
10
2% June
% Ma)
34
•
%
New Eng Tel & Tel.....100 89
Jun 102
904
540 67
July
87
Midland UtilPaelfic NIIIIs
100 25
224 25%
1,075
294 July
534 Ma
6% preferred A
24 July
44 Oct
100
3-6
34
Reece Button Hole Mach10
434 Jar
8
20
8
936 June
May
4
100
7% pref A
4 Oct
4
4
Reece Folding Mach Co_10
2
May
1
2
100
2% Aug Nachrnan-Sprgfield com__*
6
6
334 Mar 10 June
Shawmut Assn tr ctre_---•
763
8% 8%
634 Jan 104 July
84
136
2% June
National Secs Inv com_ _ _1
134
34 Star
Spencer Trask Fund
1534 1536
15%
100 154 Oct 15% Oct Natl Standard corn
• 2034 2034 20%
Feb 25 June
10
Stone & Webster
•
5% Fe
526
831 9%
19% July Nat Union Radio corn..]
3 June
44 May
1
134
Swift & Co
25 16% 164 1734
1,030
Fe
7
244 July
NobIttt-Sparks Ind com_.• 26
934 Mar 2934 July
2434 2634
Torrington Co
Apr 43
41
40
46 22
•
Aug No Amer Car corn
5
5
May
8
•
236 Apr
United Founders eom____•
285
34 Apr
14 134
14
July
3
Nor Amer Gas & El A_
234 June
*
% Aug
%
%
U Shoe Mach Corp
25 55% 5334 56
1,985 33
Jan 564 July
Northwest Bancorp corn__•
June
14
Feb
5
5% 6%
Preferred
25 32
32
758 304 Jan 32% June Oshkosh Overall com
31
44 44
34 Apr
634 Aug
•
Venezuela Holding Co___•
445
34 June
4
Oct Penn Gt1:3 A Elec A corn_*
234 4
4
74 8
10 June
May
5
8
Venezuela Mex 011 Corp 10
4
434
100 25e Mar
836 Sept Perfect Circle (The) Co...• 2136 21
214
Jan 27% June
16
Waldorf System Inc
15
534 Feb 134 June ' Pines Winterfront com5
6% 7
July
24 234
5
Feb
1
Waltham Watch com
34 Mar 10 June ' Potter Co (The) com____•
5
1'
5
5
44 may
434 Sept
3
334
Preferred
94 Feb 25
25
15
12
15
Oct Prima Co common
• 16
Feb 3444 July
10
1534 1634
Warren Bros Co
•
244 Feb 224 June Process Corp co m
800
734 934
9%
•
3
1
3
Apr
336
64 May
Public Service of Nor ID—
Mining—
Common
Jan
Apr48
• 24
16
2534
24
Calumet & Ifecla
25
534 5%
July
54
134 Jan
169
944
Jan
6% preferred
374 Apr 85
.54
100
56
Copper Range
25
346 4
359
1% Apr
Jan
7
Jan
7% preferred
Apr 95
40
62
62
100
Mohawk Mining
25
12%
11
7
95
June 1334 Feb Quaker Oats Co—
North Butte
55e 63e
2.50
Jan
700 20e
1% June
Common
July
Feb 145
63
• 120
120 125
NipIssIng Mines
234
234
25 85c
Jar
334 July
Preferred
Apr 11734 Aug
106
115 11634
100 116
Pond Crk Pocoliantas Co.
•
9% Jan
80
1035 1034
17% June Rath Packing Co com___10
May
27
154 Jan
21
21
Quincy Mining
14
1%
25
350 30e
Feb
434 June Raytheon Mfg Co—
Utah Apex
1
1
5
50 31e
Jar
1% June
Common v t c
May
I
8
134 Jan
234
50c
234
2
Utah Metal & Tunnel____1
13.4
1 e
136
3,128 250
Jlia
134 Sept Reliance Intl Corp A
*
134 May
234
1
446 June
234 234
Reliance Mfg Co—
Bonds—
Common
1
Feb 184 June
10 1234
6
1234 1234
Amoskeag Man Co 68_1948
65
Feb 684 July
6535 85,000 31
l'referred
Apr
84
1 8334 Jan 9)
100
88
Chicago Junction Ry &
Ryerson & Sons Inc corn_ *
May
73.4 Mar 20
)
13
13
Union Stk-Yds 58._1940
99% 100
8,000 93
Mar 1004 Aug Sangamo Electric Co
834 June
Jan
)
5
•
634 634
4s
1940 93
93
93
6,000 82
Slay 93
Oct Beare. Roebuck & Co cam • 4034 37% 42
July
1 134 Feb 47
E Mass St Ity ser B 5s_1948
40
37
2,000 25
Jan 46
July S-west Gas & E17%
June
Sept 60
43
41
) 41
Pref100
Pond Crk Pocahontas 7s35 101
wog Dm
5,000 95
Fob 10736 May St Louis NatStk
32% 35
) 32
Sept 41% July
yds cap_ '
3
•No par value. z Ex-dividend.
Swift International
lb 2436 24
) 1234 Feb 3234 June
2534
Swift & Co
25 1636
Feb 2434 July
7
1834 1734
)
Chicago Stock Exchange.—Record of transactions at Tel Bond & Share—
Class A
June
234
•
2
4
Apr
1
234
)
Chicago Stock Exchange, Sept. 30 to Oct. 6, both inclusive, Thompson ,.)
7% 8
It) com___25
736
634 Mar 1534 June
3
compiled from official sales lists:
Utah Radio Prod com...._•
336 Sept
3
134
4 Jan
14
134
Mil & Ind Corp
•
134
14
314 Jun(
44 Feb
Friday
Sales
Convertible preferred - _•
34 4
Jun(
34
7
134 Mar
Last Week's Range for
Range Since Jan. 1.
Vortex Cup Co coin
636 644
634
•
1
434 Feb 104 Jun(
of Prices.
Sale
Week.
C
Class A
25
Mar 2736 July
25
5 17
Stocks—
Par Price. Low. High Shares.
Low.
High.
Wahl Co corn
•
134
136
5
q Jan 3 July
Walgreen Co eommon. •
17
1734
1134 Feb 2134 July
Abbott Laboratories com _•
3846 384
50 21% Jan 40
Sept Warchel Corp—
Acme Steel Co
27
26
25
100 10
Feb 3934 July
Convertible pref
24 24
•
236 Oct236 On
3
Advanced Alum Castings.5
4
1,450
436
434
334 Sept
54 July
Ward (Monts)& Co el A.•
59
4734 Feb 83% July
65
Allied Products Corp el A-•
50
4
944 944
May 2436 June Wayne Pump cony pref__* 6234
Jun(
24 234
6
Star
1
3
Altorfer Bros cony pref__ •
124 1234
10
8
15
Slay
June Wieboldt Stores Dm nom__•
10% 11
Apr 144 Jun(
4
5
American Pub Serv pref 100
5
10
234 Apr 134 June Wisconsin Bankshs cons..* 1031
Jar
44 434
44
Apr 10
3
3
Asbestos Mfg Co com__I
34
3% 4
1.050
2
Apr
734 June Zenith Radio Corp own_ •
% Mar
234
34 JUll
23-i
Assoc Tel Util—
Common
g 4
350
•
4 Apr
14 June
Bond.—
46
46
$6 cony pref A
200
*
44 Oct
44 Jan Chicago Railways 5s—
•
87 cuts prior prof
20
46 Oct
34 Oct
44
4
Certificates of deposit _ _
.
55
54
5 4834 Ma
67% Jul3
450
Bastian Blessing Co Oom_•
3
5% 6
5%
Feb 1534 June 208 So La Salle St 131dgBeatrice Creamery com_25
134 14
250 13% Oct 14
Oct
1st mtge 5345
19.58
27
27
0 1834 Feb 3934 Jul)
liendis Aviation oom.__.• 15
1434 16% 2,450
644 Feb 214 July
• No par value. x Ex-dividend. y ES-warrants.
Berghoff Brewing Co___.1
1034
1034 1136 2,300 104 July 184 June
Ilinks Nifg cl A cunt
•
2
2
,
200
2
Apr
1
June
8
Borg-Warner Corp oom_10 15%
1436 16% 4,550
544 Feb 2134 July
Toronto Stock Exchange.—Record of transactions .
at
Brach & Sons (E J) com_ •
50
3% Apr 10 June
734
734
the Toronto Stock Exchange, Sept. 30 to Oct. 6, both inBrown Fence & W ire—
•
50
634 634
34 June
Class A
734 Aug clusive, compiled from official sales lists:
Class B
100
2% 234
434 May
Jan
•
1
1,150
• 18
18
444 Jan
13
liruce Co (E L) corn
2434 July
Friday
Sales
Bucyrus-NfonIghan el A.. •
100 10
10
10
June
July
14
Last Week's Range for
Range Since Jan. 1.
334
10
334 3%
Butler Brothers
1,100
114 Feb
6% June
Sale
of Prices.
Week.
11
Stocks
74 Apr 20
11
--Par Price. Low. High. Shares.
50
Castle & Co(A NI)com_10
June
High.
Low.
• 20
Central Ill P 8 pref
2034
100 144 May 334 Jan
20
Abitibi Pr & Paper com •
Cent-Ill Secur—
1.25 1.50
July
4
2,000
3 Mar
‘
,
6% preferred
50
1
Common
2 June
4 Mar
100
44
44
44
July
6
1
6
10
10
Jan
144
750
134
Feb
1
May Alberta Pacific Grain pf 100
5
Cent SW Util Common_ •
1934 194
July
5 1934 Oct 40
•
10
10
834 Feb 3014 July Beauharnois Power corn_ _*
10
434
Prior lien pref
434
4
7
4
234
July
Oct
•
5
June
Bell Telephone
534
4
480
Oct 24
100 110
4
110
350 80
July
Apr 118
Friday
Sales
Last 1Veek's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.

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2610

Financial Chronicle

Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Share*.

Range Since Jan. 1.
Low.

High.

Blue Ribbon 635% pref _50 22
22
23
80 10
Brantford Cordage let p125
21
2134
26 18
Brazilian T,L & Pr cone... 134 13
1434 3,560
714
Brewers dr Distillers corn.* 2.40
2.35 2.45
4,260 55e
B C Packers pref
100 15
15
15
47
6
B C Power
A
• 25
2434 25
230 1434
434 434
354
30
Building Products A
164 16%
45 1034
Burt(F N) Co corn20 32
32
125 20
3334
Canada Bread corn
•
334 4
134
455
1st preferred
100
55
55
1 40
Canada Cement cora
7
634 734
585
24
Preferred
31
3134
80 13
Can Wire dr Cable A
•
25
10 25
2535
•
10
11
7
11
Canadian Canners com_ _ _•
634 631
634
24
80
Convertible preferred_ *
10
155
3
104
1st preferred
100
81
57 46
80
Canadian Car & Fdy corn,*
523
3
754
634 7%
Preferred
25 1534 144 16
110
934
Can Dredge dr Dock coin.* 19
250 10
184 1934
Can General Elec com _ _50
125 125
10 100
Preferred
50
5 51
5834 5834
Canadian Ind Alcohol A._* 1834 17
194 7,865
134
50
164 1634
51
Canadian Oil corn
•
1334 14
130
634
Preferred
100 95
95
57 79
95
Canadian PacificRy_ _ _ _ 25
1334 1334 14% 2,246
9
•
Cock.shutt Plow corn
8
325
334
8
8%
Consolidated Bakeries •
1,629
9
2
934
104
Cons Mining & Smelting 25 136
1,328 54
132 137
Consumers Gas
100 180
55 170
180 183
Cosmos Imperial Mills....'
2
80
635 7
Preferred
100
55
10 39
55
Dominion Stores corn...._ * 21
184 214 1,807 12%
Easy Wash Machine corn_•
134
134
550
1
Fanny Farmer corn
12% 12%
5
834
Ford Cool Canada A_ _ _ _• 11% 1134 12%
3,187
6
General Steel Wares corn.*
334
3
270
3
51
Goodyear T & R pre:_ _100 10534 105 106
85 80
Gypsum,Lime & Alabast_•
3% 4
3%
246
134
Internet Milling A pref.100
82
100 82
82
100 99
1st preferred
15 98
98
99
International Nickel corn_* 19.75 19.70 21.00 19,671 8.15
Kelvinator of Can corn.
4
4
40
54
Preferred
100
20 55
Lake of Woods Mill corn •
10
134 134
5
Laura Secord Candy corn.* 46
90 36
46
48
Loblaw Groceterias A_ _ _ _• 14% 1434 15
613 1035
• 144 14% 144
135 1014
LOew's Theatres pref_ 100
30 35
65
60

Apr 28
July
634 June
Feb
July
Apr 21
Feb 3834 July
Jan
94 July
Mar 7634 July
Feb 1054 JI113
,
Apr 454 July
July
Oct 30
Apr 15 June
Mar 1054 July
July
Apr 14
Oct
Apr 81
Apr 1134 July
July
Apr 20
Mar 2234 July
Feb 130
July
Mar 60
Sept
Mar 40
July
Mar 3834 July
Apr 2034 July
July
May 97
Apr 21% July
Feb 1534 June
Jan 164 July
Sept
Mar 140
July
Jan 190
Apr 10
July
Apr 55
Oct
Feb 2734 July
4
July
Aug
July
Jan 15
July
Apr 21
634 Jan
Mar
Apr 10734 Sept
74 June
Feb
Oct 90 June
Oct 105 June
July
Mar 2334
Mar
74 July
Oct
May 80
Mar 18
Ally
June 4834 Aug
Apr 2134 July
July
Mar 21
Sept
Jan 65

Maple Leaf Milling corn..'
5
5
Massey-Harris corn
•
4%
434
Monarch Knitting pref.
_100
45
Moore Corp core
• 124 1234
A
100 99
99
100 107
107
National Sewer Pipe A_ • 17
1534
Ont Equitable 10% paid100 10
936
Orange Crush corn
31
31
1st preferred
100 10
934
Page-Hersey Tubes corn__• 64
64
Penmans Ltd
194
1951
Photo Engravers & Elec_*
144
Pressed Metals corn
• 18%
734
Riverside Silk Mills A.._ _ * 18
184
Russell Motors corn_ _ _ _100
20
Simpson's, Ltd peel.. _ _100 32% 32%
Stand Steel Cons core__ _ _• 1134
851
Steel of Canada corn
• 2834 274
Tip Top Tailors corn
634
Preferred
100
60
•
Traymore,Ltd corn
1%
2
Preferred
20
4
3
Union Gas Co corn
•
44
334
Walkers, Hiram, corn_ _ _ _ • 4654 41%
Preferred
• 154 14%
Western Can Flour corn_ •
9%
Weston. Ltd., Geo,coin_ _• 5535 5236
Preferred
100
8735

May 11
Mar 1134
Apr 50
Mar 17%
Apr 125
Apr 125
Apr 22
May 12
234
Oct
June 14
Apr 70
Apr 3634
Apr 1614
Apr 26
Mar 19
Oct 20
Mar 52
Jan 1934
Feb 33
Mar 12
May 70
Aug
254
Sept
5
74
May
Mar 66
Mar 18
Feb
18
Mar 594
May 88

Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto

100
100
100
100
100
100
100

147
159
191
280
153

Loan and Trust
Canada Permanent___ _100 150
Toronto Mortgage
100

25
5
5
987
5
45
13
580
16
99
40
107
20
17
25
10
300
34
10
60
64
80
25
1934
1434
35
19
285
100
1835
20
10
11
32%
11% 1,380
2834
135
635
20
60
25
760
2%
5
125
434 1,220
47% 22,541
154 3,528
934
10
57
1,736
8734
10

3
234
20
5
70
90
14
5
34
5
40
24
8
8
7
20
6
1
14%
1
35
54
1
2%
4
934
4
1634
67

147 150
156 156
158 161
190 191
2774 282
153 155
195 195

90
3
40
79
168
18
75

150
97

38 120
130 90

152
98

120
124
123
151
228
12334
152

Feb 23
Jan 22
Mar 19
Jan 3.85
Jan 21

Oct
Sept
July
July
July

July
June
July
July
July
July
Aug
Aug
June
July
July
May
July
July
Sept
Oct
July
July
July
June
Aug
Oct
Oct
July
July
July
July
Sept
Sept

175
175
185
220
285
183
215

July
July
July
July
Sept
July
July

May 167
Mar 100

July
Sept

Apr
Apr
Apr
Apr
Apr
Apr
Apr

•No par value.

Toronto Curb.
-Record of transactions at the Toronto
Curb, Sept. 30 to Oct. 6, both inclusive, compiled from
official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price, Low. High. Shares.

•
Brewing Corp corn
Preferred
•
Canada Bud Brew corn...
,
Canada Malting corn__•
Canada Vinegars corn,...'
•
Canada Wineries
Can Wire Bound Boxes A•
Cosgrave Export Brew_ _10
De Haviland pref
•
Distillers Seagrams
•
Dominion Bridge
•
Dom Motors of Canada_ 10
Dufferin Pay & Cr Stone
100
Preferred
Goodyear Tire & Rub com•
Hamilton Bridge corn_
•
Honey Dew corn
•
Humberstone Shoe corn_ •
Imperial Tobacco ord. -5
Montreal LB & P cons_ •
National Breweries com- •
•
Ontario Silknit corn
100
Preferred
Power Corp of Can com--•
•
Rogers Majestic
•
Robinson Cons Cone_ _ _ Service Stations pref _ _ _100
Shawinigan n'at de Pow- •
Stand Pay & :list's corn..'
Tamblyns Ltd (G) pref 100
Toronto Elevators corn_ •
United Fuel Inv pref _ _100
Wo.aphIA MN, A
•




5
14
1234
32
2234
5

2634
28

1

734
334
935
2
81

Range Since Jan. 1.
Low.

High.

63.4
14
13
3234
2234
5
8
434
18
28
28
131

1,178
701
1,438
1,618
126
130
245
25
10
3,195
390
25

34
34
514
134
134
14
334
131
18
4
1434
1

Jan
Mar
Apr
Mar
Jan
Jan
Mar
Jan
Sept
Feb
Feb
Apr

30
30
95 100
74 734
1
1
25
25
1031 1134
35
36
264 2634
6
6
40
40
731 74
3
334
934 10
33
35
17
1734
2
2
81
8234
21
23
535 534
2W 2W

15
46
170
81
50
55
141
5
10
15
55
130
20
20
61
5
15
80
5
SIt

5
40
24
4
1454
7
2634
1634
4
28
6
51
5
16
934
4
79
1234
434
114

Oct
Jan 30
Mar 11434 July
Apr 1134 July
354 July
Mar
Oct
Jan 25
Feb 114 Oct
July
Apr 42
Mar 2834 July
9
July
June
Sent 45
Aug
Jan 154 July
July
Mar
4
July
Jan 14
July
Apr 48
Feb 214 July
Apr
6
July
Aug 100 JUnt
Feb 27
May
May 1735 Jun(
Feb
fi Sum

53.4
13
1214
3034
22
434
8
44
18
2431
27
14

934
19
18
40
26
934
934
8
19
5134
33
531

July
July
July
July
July
July
July
July
July
July
July
July

Oct. 7 1933

Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Oils
British American Oil_ _ _ _ •
Crown Dominion Oil_
•
Imperial Oil Ltd
•
International Petroleum.*
McColl Frontenac Oil com*
Preferred
100
North Star Oil pref
5
Supertest Petroleum ord_•
•
Thayers Ltd pref

14
13
1934
12
1634

14
334
13
19
1134
74
234
1634
20

1434
354
1334
194
12
7431
235
18
20

5,788
75
4,802
3,488
637
20
150
110
50

Range since Jan. 1.
Low.
731
134
731
1035
754
MX
154
1134
9

Jan
Apr
Apr
Mar
Mar
Apr
Apr
Mar
Feb

High.
16
634
16
20%
15
80
434
2234
20

July
July
July
Sept
July
June
July
July
Oct

• No par value.

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 30 to Oct. 6, both
inclusive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.

American Stores
•
Bell Tel Cool Pa pref_ _100
Budd (E G) Mfg Co
*
Cambria Iron
50
100
Con Tract of N J
Electric Storage Battery100
Fire Association
10
Horn dr Hard (Phlla) corn_•
Insurance Co of N A_ _ _10
Lehigh Coal & Nav
•
Lehigh Valley
50
Mitten Bank Sec Corp pf 25
Pennroad Corp v t c
•
Pennsylvania RR
50
Penne Salt Mfg
50
Phila Elec of Pa $5 pref..'
Phila Eiec Pow pref
25
Phi% Rapid Transit _ _50
50
7% preferred
Phil& Rd Coal dr Iron_
•
Philadelphia Traction_ -50
Reliance Insurance
10
•
Scott Paper
Series 316% pref _ _100
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge..'
Tonopah-Belmont Devel-1
1
Tonopah Mining
50
Union Traction
United Gas Impt corn- ---•
*
Preferred
Victory Insurance Co_ __ 10
West Jersey & Seash RR_ 50

534

734
314
2934
9834
3134

554

384 3834
11331 114
534 634
40
40
174 18
43
43
3134 3234
72
71
3954 40
73.4 8
1534 184
13' 154
234 334
2731 3134
48
49
97
9814
3134 3134
24 234
5
531
451 43'
18
18
534 534

Range Since Jan. 1.
High.

Low.

Feb 4734 JUIY
1,000 30
Sept
225 1064 Mar 116
34 Mar
93.4 July
500
Sept
Apr 40
100 33
Mar 22 June
122 17
10 2134 Feb 5314 July
July
Mar 38
375 18
Jan
Sept 99
30 71
Mar 454 July
175 25
534 mar 134 July
500
140
834 Feb 2734 July
234 July
100
31 Feb
634 July
14 Mar
9,400
July
3,400 1334 Jan 42
175 2534 Mar 49
Sept
Sept 10354 Jan
180 89
1,100 2834 Apr 33
Ian
6
100
July
14 mar
350
3
Feb
936 July
20
234 Feb
954 July
50 15
Mar 2334 June
334 Apr
7
300
JUIY

1
1634
534

BondsElec & Peoples tr ctfs 4s '45
Ctfs of deposit
Intern'l Tel & Tel cony 4Sis
Penn Cent L & P 4145 1977
Peoples Pass tr ctfs 4s 1943
Ctfs of deposit
m.o. VI il,“ 1ra* s..
loss

39
95
54
234
4
1
634
1534
8734
534
514

39
10
95
60
200
%
16
2334
400
It
14
800
100
634
1734 10,100
30
8734
531
100
25
5134

28
92
4
1834
sts
4
334
14
86
334
40

Jan
Apr
Sept
June
Jan
Jan
Mar
Mar
May
Feb
May

41
96
654
3034
54
154
1234
2434
9934
63'
59

2034
18
4354
6131

4

2034 $10.000
2,000
18
4354 5,000
6131 9,000

15
17
4354
6134

Apr
Feb
Sept
Sept

234 June
21
May
4514 Sept
80
Jan

26
26
1 nfl W 108

Sept
Aug
Aug
Jan
July
Sept
Jan
July
Jan
July
July

2,000 2534 Aug 2634 Sept
3100 102W Mar 110, Feb
4

* No par value.

-Record of transactions aBaltimore Stock Exchange.
Baltimore Stock Exchange, Sept. 30 to Oct. 6, both in
elusive, compiled from official sales lists:
Stocks-

I 44 4 44, bates
,
.
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.

• 2034 1954 2134
Arundel Corporation
•
534
514 631
Black & Decker com
Ches & PotTel of Balt pf100 1144 11434 11434
Comm Credit Corp pf B.25 2434 2434 2434
2434 2435
7% preferred
25
51
56
* 55
Consol Gas,EL & P
1074 10734
6% pref ser D
100
100 9534 9551 9735
5% preferred
2234
22
Emerson Bromo Seitz A_ •
934 10
Fidelity & Guar Fire_ _10
2034 25
Fidelity & Deposit
50
5
5
Finance Co of Am ci A_ __•
5
234 24
Insurance Shares Md eas.*
251
Mfrs Finance 2d pref _ _ _25
Maryland Casualty Co__ _2
Merch & Miners Transp_ •
MononW Pa P El 7% pf _25
MtVer-Woodb Mills p1100
New Amsterdam Cas_ _10
.
Penne Water & Power__ •
Standard Gas Equip corn.*
Preferred
100
US Fidelity dr Guar_ _ _10
Western Md Dairy pref_ _•
Bonds
Baltimore City
434s sewer serial_ _1955
4s sewerage Mot_ _ _ 1961
1958
49 conduit
1958
4$ water loan
4s school house_ .. _1957
1954
4s annex impt
1951
4s annex impt
1957
4s engine house
Maryland Elec Ry 645'57
Southern Bankers Sec Corp
5% colt trust notes_ 1938
Un Ry dr El fund 58 flat '36
1949
ls 65 flat
1949
Income 4s flat
1940
1st 4s flat
Wa,sh Balt dr An 58 flat 1941

334
234
30
14
26
12
47
1
2
354
65

34
23'
30
1434
26
13
4714
1
2
354
65

1004
98
98
974
974 9731
9734
97
974
10

1004
98
99
99
98
9734
98
974
10

234
1434
12

334

24

6234 6234
1
1
934 10
54
1
9
10
231 231

t it
. ....
Range Since Jan. 1.
Low.

High.i

1,419
94
810
1
96 112
162 1834
583 184
387 43
5 1033'
190 9134
125 154
30
414
244 15
48
334
200
234

Apr 33
Jiuy
Feb
834 July
Apr 11651 Feb
Mar 2454 Oct
Mar 2434 Aug
Apr 70 June
May 1103' Feb
Apr 102
Jan
Apr 2434 Jan
Mar 15
June
Mar 394 July
June
5
Jan
Oct
334 Sept

160
2,538
195
53
5
682
95
150
6
2,302
55

Mar
Mar
Jan
Feb
Mar
Apr
Apr
Oct
Oct

2
131
1934
10
94
7
40
1
2
134
60

334
5
3414
1734
35
1734
60
1
4
7
75

Oct
June
July
July
July
Jan
Jan
Oct
Apr
June
June

$400 10034 Oct 1004
May 10234
3,000 87
900 9134 Apr 100
1,500 87
May 100
600 95 June 100
1,000 87
May 100
1,800 94 June 107
600 94
May 9731
7,000
8
Apr 124

Oct
Pet
Jar
Jar
Jar
Jar
Fel
Oct
Jar

5,000
500
5,000
3,000
5,000
5.000

1334
1
83.4
34
814
24

mar

May

Feb
Oct
Apr
Apr
Apr
Feb

624
3
1434
14
1434
436

Sept
Jar
Junt
Pet
Jute
Jub

•No par value.

Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Sept. 30 to Oct. 6, both
inclusive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
of Prices
Sale
Week.
Par Price. Low. High. Shares.

Allegheny Steel
*
Armstrong Cork Co com_•
Blaw-Knox Co
•
Clark (D L) Candy Co-- •
Columbia Gas & Elec_
•
Devonian 011
10

11

104
1734
94
6
14
834

11
1734
11
6
1631
834

78
135
1,592
150
1,317
10

Range Since Jan. 1.
Low.
554
4%
4
3
934
7

Apr
Feb
Feb
May
Mar
Apr

High.
22
23
19
11
28

9

July
July
July
July
July
June

owes
"Tway
Last Week's Range for
Week.
of Prices.
Sara
Stocks (Concluded) Par. Price. Low. High. Shares.
Duquesne Brewing com__5
Class A
5
Electric Products
•
Follansbee Bros pref___100
Fort Pittsburgh Brew_ _ .. 1
Harbison Walker Refrac_*
Koppers Gas & Coke p1100
«
Lone Star Gas
National Fireproofing_ __50
Preferred
50
Phoenix 011
25
Pittsburgh Brew pref _-50
Pittsburgh Forg:ng Co- •
Pittsburgh Oil & Gas_ _5
Pittsburgh Plate Glass_ _25
Pittsburgh Screw & Bolt.*
Renner Co
1
United Eng dr Foundry-.•
United States Glass---25
Victor Brewing Co
1
Westinghouse Air Brake_*
Westing Elec & Mfg- _50
Western Pub Serv v t C. *

25%

Unlisted-.
Lone Star Gas 6% pref.100
635% preferred
100

70

Bonds-1,1••........--u

11
.
---

In,in

1%
7
2

18
3

3%
5
3
23%
1%
15
54
6%
2
3%
7c
25
4%
1
33
6%
135
18
3
1
24%
3334
6

3%
5
3
2333
1%
15
54
7%
2%
3%
8c
26
4%
1
33%
7%
1%
18
3
1
2834
37%
6%

200
150
100
10
2,540
100
90
2,800
35
100
2,500
495
60
700
645
1,520
1,200
10
30
310
471
270
65

70
80

74%
80

160
10

oo

C.

51

orm

Range Since Jan. 1.
Low.
2
5
1%
10
1%
6%
45
5
2
2
Sc
10
1%
1
13
1%
135
10
1
85c
12%
19%
4%
65
80
ft%

Sept
Sept
May
Mar
Jan
Feb
Mar
Mar
June
Apr
May
Mar
Jan
July
Mar
Feb
Sept
Feb
Mar
Sept
Jan
Feb
Mar
Apr
Jan
ms

High.
7
8%
535
35
235
2534
67
12%
4
8%
25c
40
5%
1
3934
11%
235
24
334
1%
35%
58%
10

June
July
June
June
Mar
July
June
June
June
June
June
May
July
July
June
July
June
June
June
June
July
July
June

91% June
July
90
01

1.14

• No par value.

-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists:
Stocks-

A......5
r may
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.

Aetna Rubber corn
2% 2%
2%
*
Apex Electrical Mfg
535' 5% 535
*
90
80
ChaseBrass&CoppfserA 100
15%
15
City Ice & Fuel
*
106 106
Cleve Elec III6% pref _ _100
3535 35%
Cleve Railway corn
_100
Ctts of deposit
3434 38
100
10%
Cleve Worsted Mills corn.* 10
10
8%
Clifts Corp v t c
8
*
68
Dow Chemical corn
68
•
Preferred
100 104% 104% 104%
31
31
Federal Knitting coin_
*
734 734
Foote-Burt corn
•
5% 5%
534
Fostoria Pressed Steel__.
62
Gen T &R 6% pf ser A_100
62
32
32
Great Lakes Towing pt 100
935 9%
9%
Halle Bros Co
10
81
Hanna M A $7 cum pret __•
81
8
•
8
Harbauer corn
34
Harris-Seyb-Potter corn_ *
34
10
10
Kelley laid L Jr Tr corn
*
435
4
Lamson Pessions
4
•
10
10
Medusa Cement
•
334 334
3%
Mohawk Rubber com_ _ _ _•
16% 1635
Myers FE & Bros
•
435 435
4%
National Acme corn
10
134 134
National Carbon pref __100
634 654
National RefinIngcom. 25
47
47
100
Preferred
234 235
2%
National Tile corn
•
1
1
National Tool corn
50
1%
135
Nestle-LeMur CIA
•
13%
13
Ohio Brass
2
2
Ohio Confection Cl A
B* 2
*
4% 4%
Packer Corp com
•
12
12
Republic Stamp & Eng_ .._• 12
41% 44
Richman Bros corn
* 44
Robb & Myers v t 0 ser 1-•
35
35
2%
2
Preferrd v t e
25
3.35 434
Selberling Rubber com_ __•
4
37
35
Sherwin-Williams corn__ 25 36
97
AA preferred
96
100 97
17% 18
Thompson Aeronautical..
•
68
Trumbull-Cliffs Furn pt 11/11
68
1
1
Van Dorn Iron Works corn
39
39
Youngstown S & T pref _100

Range Since Jan. 1.
Low.

High.

3 Sept
35 Jan
50
735 July
Feb
4
60
Oct
Apr 90
222 65
935 Apr 25
Jul}
,
340
Jan
60 95% Mar 110
July
Apr 49
10 32
Apr 4935 July
220 29
Jan 15 June
4
195
July
3% Feb 19
60
July
Jan 78
25 30
Apr 104% Aug
15 96
Mar 34% June
10 26
Jan
9
6% Aug
205
734 June
3% July
20
July
Feb 80
29
10
Oct
Feb 32
4 30
Aug
Mar 12
4
100
Apr 83% July
40 48
8
Oct
2% Jan
100
1
Aug
% Mar
350
July
634 Apr 16
70
6% July
1% Feb
73
July
Feb 20
6
80
Mar
7% July
1
65
Apr 19% May
8
20
7% July
Apr
2
90
Sept
Mar 136
200 110
July
9
Apr
3
245
July
May 58
50 30
435 June
Jan
1
130
July
2
Sept
1
18
3 June
34 Apr
350
July
535 Jan 20
57
2 June
2 June
80
Apr
7
Feb
2
110
July
July 12
100 12
July
94 22% Apr 53
35 Sept
35 Seta
20
Jan
234 Oct
1
180
7 June
Mar
1
205
July
260 13% Feb 43
Mar 98% July
274 70
Sept
635 Feb 20
424
Aug
Jan 75
54 60
335 May
34 Apr
25
55 1774 Feb 53 June

•No par value.

-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Sept. 30 to Oct. 6, both
inclusive, compiled from official sales lists:
Stocks-

2611

Financial Chronicle

Volume 137

......_
Lass Week's Range for
Week.
of Prices.
Sate
Par Price. Low. High. Shares.

12
Amer Laundry Mach._20
18
Amer Rolling Mill
25
68
Carey (Philip) pref. _100
80
Central Trust
18
Cin Adv Products
•
85
100 85
CNO&TPpret
CM Gas& Elec pref__ _ _100 71% 88%
50
4%
4%
Cincinnati Street
68%
Cincinnati Telephone.._50
« 15%
15
City Ice & Fuel
935
• 10%
Crosley Radio A
6
6
20
Eagle-Picher Lead
• 12% 12%
Formica
Gibson Art common8%
•• 22% 22%
Kroger common
9735
100
Lazarus preferred
3
•
Leonard
75
50
Little Miami Guar
34
•
Magnavox Ltd
38%
*
Procter & Gamble
103
P & G 5% preferred_ _100
5535
100 56
Pure 0116% pref
16%
10
U S Play Card
Wrann Airman
.
1035
"

1234
19%
68
80
18
85
72
4%
69
1535
1035
6
1235
9%
23
9735
3
75
34
4235
103
56
17
11%

Range Since Jan. 1.
Low.

High.

July
6% Mar 19
421
635 Feb 30% July
80
July
3 41
May 70
Jan
Oct 105
97 80
Apr 30 June
18 10
Sept
Sept 85
2 80
Jan
Sept 93
634 62
May
9
855
4% May
53 7535 July 5734 May
35 1035 Mar 25 June
235 Mar 15 June
200
285
235 Feb
835 July
5
Jan 21% June
45
80
7
Apr 14 June
207 15% Mar 35
July
28 85
Apr 9735 Oct
40
1
July
5 June
35 72
Feb 75% Sent
35 Apr
2 June
336
151 19% Mar 46% July
95 9734 May 103% Arra
Apr 56% Sept
160 20
69
9
Mar 27% July
74
235 Jan 12% Jum

Aar«.
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Prue. Low. High. Shares.
Coca-Cola Bottling corn_ _1
Columbia Brewing com_ _5
Ely & Walker D Gds com 25
100
1st preferred
100
2d preferred
$1
Falstaff Brew
International Shoe corn- •
100
Preferred
Johnson-S-S Shoe com- *
20
Laclede Steel corn
*
McQuay-Norris corn
100
Meyer Blanke pref
Mo Ptld Cement com- _25
*
National Candy corn
Rice-Stix D Gds 1st pref100
100
2d preferred
S'western Bell Tel pref_100
Wagner Electric corn_ __ _15
100
Preferred

90
835

4134
1735
90
8%

834
4%
13
90
70
835
41%
105%
17
16
4134
75
7
17%
90
75
115%
8
92%

9

434

13
90
70
9
42
105%
17
16
42
75
734
17%
90
75
11635
834
92%

Low.

High.

635 May 1235
75
535
435 Oct
50
Mar 18
6
22
Star 95
20 67
May 72
60 55
9
8% Oct
335
Mar 55
26 26
16 102% Jan 112%
May 25
25 16
Jan 20
9
60
21 24% Mar 44%
Apr 75
45 45
4% Feb 1334
55
5% Mar 22
340
Feb 90
9 70
Apr 150
50 50
31 10935 Apr 118
4% Apr 12%
75
Mar 9234
10 75

June
Sept
June

July
July
Oct

July
June
June

July
July
Oct
June
July
Oct
Sept
Sept
July
Oct

No par value.

-Record of transaction
San Francisco Stock Exchange.
at San Francisco Stock Exchange, Sept. 30 to Oct. 6, both
inclusive, compiled from official sales lists:
N May

Stocks-

JU4G3

Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.

Range Since Jan. 1.
Low.

510 11% Jan
26
26%
Alaska Juneau Gold Min__ 26
835 May
1134 11% 1,310
Anglo-Calif Nat Bk of S F- 11%
35 Apr
210
135 1%
Assoc Ins Fund Inc
Feb
5 101
150 150
Bank of Calif N A
200
1% Feb
5
5
Bond & Share Co Ltd
1
Mar
1,679
4
3% 4
Byron Jackson Co
8
Mar
24% 9,675
2334
19
Calamba Sugar corn
Mar
910 11
20% 1934 2035
7% preferred
34 Jan
500
35
34
California Copper
1,610
2235 2135 2334
834 Mar
Calif Packing Corp
Apr
255 13
17% 19
Calif West Sts Life ins Cap 19
2,990
5% keb
19% 21
2034
Caterpillar Tractor
May
61
56 57
60
Coast Cos G & E6% 1st pt.
Mar
580 11
2634 26%
Cons Chem Indus A
Apr
5 185
215
215 215
Crocker First Nati Bank_
2,978
1
Feb
5%
Zellerbach v t c...-.
Crown
35%
185
735 Mar
35
35
Preferred A
7
Mar
151
35
3535
Preferred B
2% leb
6% 734
1,223
635
Emporium Capwell Corp
25 1235 Apr
22
22
Iiremans Fund Indem
83 3435 Mar
5035 5034 51
k ireruans Fund Ins
1335
13% 13%
422
5% Jan
Food Mach Corp corn
335 Apr
642
634 6%
Golden State Co Ltd
% star
25
135 1%
Haiku Pine Co Ltd corn...
4835 4835
35 2734 Jan
Hawaiian C & S Ltd
8% Feb
646
15
14
15
Oil Corp Ltd--- _
Honolulu
2
Feb
100
6
6
Hunt I3ros A corn
2% Mar
133
535 6
Investors Assoc(The)
26
25
26
360 1135 Feb
Leslie Calif Salt Co
12 8334 May
8634 86% 8634
L A Gas & El Corp prof--- _
1234 1334
620
5% June
Lyons Magnus Inc A
5%
495
1
June
535
5
B
5,810
35 Mar
45
35
%
Magnavox Co Ltd
Feb
7635 7634
25 60
Magnin & Co (I)6% Pref-,
Jan
70 60
75
75
Mere Amer Realty 6% mei 75
Feb
7735 7434 7835 7,811 15
Natomas Co
335 Apr
9
935 3,215
North Amer Oil Cons
4% 4%
100
335 Apr
Paauhau Sugar
2034 2034 2135 3,876 2034 Apr
PacG&Ecom
2235 2174 2234 3,857 21% Mar
6% lst pref
1934 1935 1934
825 1935 Sept
534% Prof
-- ____
745 2534 Mar
26
2734
Pac Lighting Corp com
149 77
May
7835 77
79
6% preferred
%
632
% Mar
35
35
non-vot corn
Pac Pub Ser
2,343
2
Apr
2% 2%
Non-vot preferred
Apr
87
128 67
8535 88
Pac Tel& Tel com
105
130 9934 Apr
104 108
6% preferred
972
835 Feb
24
2635
26
Paraffine Cos corn
5
5
110
334 Apr
Ry Equip & Rlty 1st pref.
6
Jan
471
2035 19% 2034
Rah:der Pulp .Sr Paper Co__
225
2
Jan
534
53/s
Roos Bros corn
11 75 Slay
8335 8334
San Joaq L & P 7% pr prof_
Feb
4
8%
835 835 2,037
Shell Union(Alcorn
53
50 3835 Jan
5335
Preferred
Apr
5 53
56
Sierra Pac Elea 8% prof...56
105
6% Feb
12
12
Socony Vacuum Corp
23
2135 23% 1,949 11% Feb
Southern Pan Co
100
4% Jan
734
734
So Pac Golden Gate A
2% Apr
10
5
5
Spring Valley Water Co-Feb
3,515 20
4134 393,4 42
Standard 011 Co of Calif ___
15 22% Apr
3136 3135
Telephone Inv Corp
1,871
334 Feb
1035
1035 11
Tide Water Assd Oil com__
140 24
Apr
5335 53
54
6% preferred
435 Mar
635
535 635 26,875
Transmerlea Corp
935 Feb
1,329
1935 21
20%
Union 011 Co ot Calif
534 535
480
134 Mar
Untoia Sugar Co com
1,620 17
Feb
33%
32
32
United Aircraft
Apr
56 165
.
welts Fargo 13k & U Tr_ _ _ 20435 202 205
.7-.-- 4.,..... ca..aal ('in
1234 1234
465
534 Feb

High,
32% Aug
Jan
20
335 July
160
July
535 July
635 July
24% Oct
2034 Oct
1
July
3414 July
3134 Jan
2934 July
Jan
79
July
28
224
July
8% July
43% July
43
July
8% July
25
July
61
July
1634 Jai?
1034 July
335 June
49% Sept
1634 July
1035 June
9
JUlY
27
July
9835 Jan
13% Sept
Sept
6
June
1
Aug
80
76% Sept
78% Oct
974 Oct
635 July
32
July
2534 Jan
2335 Jam
43
Jan
9335 Jae
235 June
June
6
9435 July
111
July
29
July
634 July
2035 Oct
634 June
97
Jar/
1134 July
60
July
66
July
15% July
3834 July
8% July
July
8
4435 Sept
Any
32
1134 Sept
5434 July
935 July
2334 July
734 July
46
July
July
220
17
July

-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Sept. 30 to Oct. 6,
both inchpive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.

2434 2434
Alaska Juneau
5
935 9%
liarnadall Corp A
10
3%
3%
335,
Belga Chita Oil A
335 3%
•
Byron Jackson
•
39% 45
Chrysler Corp
30
3134
20 30
Citizens Natl Bank
835 9
835
Claude Neon Elm Prod..*
1234 1235 1334
Cons 011 Corp
14% 143,4
Douglas Aircraft Co Inc_ _•
290 290
Farmers & Mer Natl Bk100 290
90
90
Goodyr Tex Mills pref_ 100
8
8%
•
Hancock Oil corn A
9
9
9
Mortgage Guar Co _ .. _ _100
634 7%
735
Pacific Fin Corp com__ _10
• No par value.
10
835 8%
Preferred C
21% 2114
Pacific
-Record of transactions at Pacific G & E6% 1st pref25 27
St. Louis Stock Exchange.
•
2635 2735
Lighting corn
2434 25
St. Louis Stock Exchange, Sept. 30 to Oct. 6, both inclu- Pacific Mutual Life Ins_ _10
835 835
Pacific Western Oil Corp.*
sive, compiled from official sales lists:
435 6
5%
Republic Pet Co Ltd___10
78
78
Sales
Friday
San Jon L&P7% Dr Pfd 100
Range Since Jan. 1.
Sec First Natl Bk of L A25 3335 3334 35
Last Week's Range for
834 8%
Week.
of Prices.
Shell Un Oil Corp corn. •
Sale
1835 1934
Low.
High.
So Calif Edison Ltd com_25 19%
Par Price. Low. High. Sharer.
StocksSo Calif Edison orig pref_25 3135 3134 3135
2234 2235
25
71 29
Apr 53% July
7% preferred A
47
* 46% 46
Brown Shoe corn
•
1
25 1934
1934 19%
so 500 Jan 135 Oct
6% preferred B
1%
1
Burkart Mfg corn
1734 17%
150
4
Mar 10
534% preferred C _ _ _ _25 1734
10
Oct
10
• 10
I'referred




Range Since Jan. 1.

Range Since Jan. 1.
Low.

High.

Apr 3235 Aug
100 14
Sept
200
374 Mar 11
200
154 Jan
534 July
Feb
1
6% July
100
935 Mar 5135 Sept
1,700
Jan
250 26 • Mar 38
Jan
6
133-4 July
500
1535 July
535 Jan
1,400
18
July
100 1134 Jan
Feb 310 June
3534 265
Aug
10 6035 Feb 92
1235 July
3% Feb
800
23
10
Mar 1135 Ylii
4
900
8% Apr
835 Apr
300
100 21% Apr 2535 Jan
Jan
700 2534 Mar 43
Mar 304 July
100 19
9% Sept
235 Mar
4,700
6
Oct
1% Feb
8,800
Jan
Apr 98
3 78
335 Oct 4535 Jan
1,000
200
434 Mar 11% July
2,800 1735 Apr 2735 Jan
Mar 4
77 30
034 Jan
1,200 2254 Oct 2735 Feb
1,100 1934 Sept 24% Jan
900 1735 Sept 2235 Jan

Financial Chronicle

Low.
Apr
Feb
Feb
Apr
Apr
Feb

High.

'NUN!
?may
Last Week's Range for
Week.
of Prizes.
Sale
Stocks (Concluded) Par. Price. Low, High. Shares.

Feb
July
Sept
July
July
July

I
Fads Radio
Falstaff Brew
1
Fashion Park
4131
•
Preferred
100
Flock Brew
631
2
Fuel 011 Motors
10
2034
Fuhrmann & Schmidt _ _ _1
• No par value.
General Electronics
1
Gold
10
- HelenCycle
New York Produce Exchange Securities Market.
Rubenstein pref__ •
Following is the record of transactions at the New York Howey Gold
1
Imperial Eagle
1
Produce Exchange Securities Market, Sept. 30 to Oct. 6, Indian Motor
•
both inclusive, compiled from sales lists:
Kildun Alining
1
Kingsbury Brew
1
Friday
Sales
Kilmer Air
•
Range Since Jan. 1.
Last Week's Range .for
Kuebler Brew
1
Week.
of Prices.
Sale
Lock Nut
1
StocksHigh.
Low.
Par Price. Low. High. Shares.
Macassa Mines
1
Marmon
•
334 Aug Natomas Motor
1
Oct
Abitibi Power & Paper...*
200
1
1
1%
Co
•
Sc Mar 19e Feb Natl Distill Prod w L
1
Admiralty Alaska
500
110
lle
•
3 June Newton Steel
134 July
700
1
Aetna Brew
134
1% 1%
•
4% July 11)1 June Paramount Publix
Allied Brew
4% 534 2,450
5
10
231 Aug Paterson Brew
1
Altar Consolidated
131 June
1.85 2.00
700
1
3% June Petroleum Conversion_ _ _1
•
Amer Republics
234 1,100
154 June
1°4
2%
Jan 320 June Polymet Mfg
Sc
1,000
1
Andes Petroleum
100
7c
1
1
Arizona Comstock
2% 2% 10,800 1.15 July
234 Oct Railways Sew
234
1
4% Sept Rayon Industries A
131 July
4% 4%
300
1
Bancamerica Blair
4%
1
1 50c
Black Hawk
43c
1,000 40c July 57e Aug Richfield 011
50e
•
3% July Ross Union Distill__ _5.50
131 July
Brewers & Dist v t c
2% 6,900
234
•
2%
Aug 2031 Oct Rustiess Iron
30 15
2034 2034
Bulolo Gold
5
•
Shortwave .1,
Oct 1.60 Sept Simon Brew Television_ _1
4,600 1.10
1.10 1.35
1 1.24
Carnegie Metals
1
July 1.80 Sept Squibb
600 500
1.55 1.70
Central Am Mines
1
Pattison Br pref I
2% Aug Sylvanite
234 Sept
600
231
•
Color Pictures
234
Gold
1
80 May 200 May United Cigar new
3,000
150
140
15c
Como Mines
1
w 1_ _.5
July
231 July Van Sweringen
1
5,000
1
1
Croft Brew
131
*
231 June Venezuelan
100 150 May
31
A
Davison Chem
34
•
Holding
1,400 43% Sept 4755 Oct Willys-Overland
43°4 47%
Drug Inc
10
5
Oct 3.75 July
1.23 1.80
3,700 1.23
1 1.75
Eagle Bird Mine
Preferred
100
4% Oct
400
831 Aug Wing Aero
4% 5°4
El Canada units
10
Feb
100 1.30
5% July
3.70 3.70
1
Eldorado Gold
• No par value.
334 June
1% Aug
2% 231 4.500
1
Elizabeth Brew
2%
So CountiesGas 6% pfd 100
Southern Pacific Co_ _ _100
Standard 011 of Calif _ _ _ _•
Title Ins & Trust Co__ _25
•
Transamerica Corp
25
Union Oil of Calif

86

86
2234
3931
25
5%
1931

86
22%
42
27%
634
21

35
100
2,700
80
8.400
3.500

8331
11%
20
20
451
9%

90
38%
4434
31
9%
23

I%
831
40e
2

331

4
3
1.07
160
76
32
1%
131
231
431
634
2031
1%
1.22
731
2
180

13-4
8
250
1
234
10c
131
3
16
63-4
1.17
10c
4
331
934
%
3
1
1.07
160
76
3031
231
136
1%
%
2
354
6%
380
20
2%
305,
154
6
1.15
731
30c
2
180
1%
50

to too

Range Sines Jan. 1.

-- ,-.4.-1
88888888888888888888888888888888888 888888

Friday
Saks
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.

Oct. 7 1933

131
9
31
234
2%
10c
2
334
16
634
1.17
100
4
434
9%
41
3
1
1.30
170
79
32
231
131
134
31
234
5
635
400
2131
234
300
1%
8%
1.22
731
370
2
200
1%
100

.
W.
.
.
b.,
1b:0
0
..4
W
W
...
0 .
.0
-.. 4.WW4..W0WV..0.QN,
1
11p.li..0..0.
0

2612

Range Since Jan. 1.
Low.
1%
7
25c
1
214
80
134
2%
8%
231
560
100
231
1
931
30c
3
1
bile
160
76
3031
2
120
131
38c
1%
34
4%
38c
1
2%
15
134
6
95c
7
12c
1.50
60
31
Sc

Oct
May
Oct
Oct
Sept
Sept
Sept
Jan
Mar
Mar
Mar
Sept
July
May
Sept
Feb
July
Oct
Jan
Sept
Oct
Oct
May
Mar
Sept
Apr
Sept
Apr
July
Sept
Jan
Aug
Apr
Sept
Sept
July
Sept
Jan
Sept
Mar
Aug
Sept

High.
2% May
2034 May
1% June
4% June
531 June
Feb
28c
3% July
May
4
1731 Aug
734 July
1.25 Sept
100 Sept
Oct
4
July
5
1731 July
1.00 Aug
331 Aug
135 June
Oct
1.30
31 June
Oct
79
32 I Oct
1031 July
2% July
3 June
134 Feb
July
5
Oct
5
634 Sent
June
1
July
32
351 July
31 JUII/3
131 Oct
6% Oct
1.45 JIM
8% Aug
131 July
Oct
2
/4 June
7
5
May
Feb
1

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 (kept.30 1933)and ending the present Friday, (Oct. 6, 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 IVeek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.

Week Ended Oct. 6.
Stocks-

Indus. & Miscellaneous.
9):
9
•
Ainsworth Mfg corn
236
214 2%
Alr investors corn v t s....•
16
16
• 16
Cony preference
)1
%
34
Warrants
36% 3631
Ala Gt Sou RR ord._ _ _50
834 9
Allied Int Inv 83 pref....*
1034 10%
10934
Allied Mills Rio
5934 65%
55)
Aluminum Co oommon. •S 633
5531 5534
ioo
6% preference
1031 1034
Aluminum Goods Mfg_ __* 1034
2
231
Amer Beverage Corp- -0
44
47
100 47
American Book
10% 10%
Amer Capital Corp 83 pref* 1031
120 120
American Cigar
100
Si
.
American Corporation_ •
113-4 121
4
Amer Cyanamid Class 11..• 1134
% 1
1
Amer Dept Stores Corp-•
7,
14 131
1
Amer Founders Corp_ __ _1
11
1131
6% 1st pref ser D____50
1234 13
Amer Laundry Mach_ __20 1234
16
16
Amer Potash & Chemical.*
9
9
American Salamandra_50
3.51 3%
American Thread pref.---5
•
2%
2%
Anchor Post Fence
1
134
1
Arcturus Radio Tube_ __ i
17%
Armstrong Cork com
• 17% 16
231 2%
Art Metal Wks com
5
2035 21
Arundel Corp
5
ASSOC Elec Industries
4% 4%
Amer dep rots
Ll
231 2%
•
Assoc Rayon corn
334 331
! 334
Atlas Plywood Corp
11% 1334
13
Atlas Corp nom
;
3935 4031
$3 preference A
5% 631
6
Warrants
2% 2%
Automatic Voting 51ach..*
60
57
Aston-Fisher To b A_ _ _ _10
4
4%
4%
Bellanca Aircraft v t c.....1
Blue Rlage Corp
2
2%
1
2
Common
29
29
a 29
0% Opt(any peel
36
Botany Consol Mills
%
•
British Amer Tobacco Ltd
27
27%
27
Amer dep rcts for bearer_
27
27
27
Am dep rcts for rests__
British Celanese Ltd
3% 3%
3%
Am dep rcts reg eta-735 8
Brown Co 6% pr f __ __10
-0
8
20
20
Bulova Watch cony pref _ _• 20
Burma Corporation
331 331
334
Am den rots for reg ahs_
11% 1135
1134
Camden Fire Ins Co
Can Indust Alcohol A__....• 1831 16% 18%
14% 16
Class B non-voting_
• 1531
14
1434
Carnation Co
•
9% 1031
931
•
Carrier Corp
Celanese Corp of America
102 109
7% let panic pref__-100 108
7931 84
100 84
7% prior pref
18
16 21
21%
Celluloid Corp eon.
2 5034 4731 5035
87 div preferred
3% 3)1
Centrifugal Pipe Corp
*
Chicago Corp
24
24%
Cony preferred
•
Chicago Nipple class A._50
h
36
11
100
Childs Co pref
123.4
2% 2%
Mies Service common.._.
231
• 133i 12
13%
Preferred
11
*
11
Preferred BB
0% 9%
*
City Auto Stamping
I
Claude Neon Lights
%
34
Club Aluminum Utensil_ •
'36
34
23
Columbia Pictures
2331
•
11% 13
Compo Shoe Mach Ws_ 1
731 831
Consolidated Atrcraft_ ..?
8%
Consol Auto Merch v Ce..•
A
A
•
Cons& Retail Stores
1% 1%




Range Since Jan. 1.
Low.

High.

1% Feb
10
200
3%
300
34 Jan
5% Mar 17
100
34 Jan
1
100
Jan 55
8
50
3% Mar 10%
200
Apr 15%
3
4,500
2,900 37}4 Feu 95%
Mar 7731
150 37
734 Apr 16
100
134 Mar
534
500
Mar 55
40 34
431 Jan
1654
100
25 11831 Jan 130
100
Si June
35
lift bob 16%
6,000
% Jan
1%
700
% Apr
2%
2,400
May 20
9
100
034 Feb
250
1834
Apr 16%
8
150
Mar
4
9
100
234 Apr
4
1,500
3-k SIlO
2,500
3
31 Feb
600
2:4
a% Mat 24
1,900
% Mar
4%
100
Feb 31
150 10
800
100
100
15,160
300
5,900
100
175
3,600

2%
Si
1sa
a%
88
2%
1%
25%
1%

Apt
Apr
Apr
Apr
Mar
Feb
June
Feb
July

2,500
100
100

134 Mar
21% Mat
% June

4,800
300

16%
16%

1,500
200
100

i
Apr
3 May
1234May

400
100
6,900
1,500
300
1,200

134
11%
2%
734
5%
•

1,025
450
1,800
400
200

27
APr
Apr
51
2
Apr
20
May
234 Jan

400
100
70
26,800
500
30
100
1,100
100
300
1,800
1,200
1,100
300

13% Mar
Si June
634 Mar
12
heti
10% Mar
Apr
5
5
May
% Apr
% May
8% Feb
1131 Oct
1
Mar
I., Jan
'le Jan

Jan
Jan

Feb
Oct
May
July
Mar
Feb

5%
534
6%
18%
4831
10
3%
65
7

June
June
June
June
July
July
Aug
June
July
June
mar
July
July
Julie
June
June
June
June
June
July
July
July
JUIY
Sept
July
July
May
July
July
June
June
June
May
June
June
June
Sept

owes
rrtaay
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.

200
Consol Theatres v t o... •
% 1
5
100
5
Cooper Bessemer Corp- •
300
1411 15
33 pref A w w
•
5
93-4
8% 97-4 9,500
Cord Corp
2
100
Corroon & Reynolds
2
1
Courtlauds Ltd
400
Amer den rots ord.-C1
036 934
Crocker Wheeler Eleo
5.1 531
•
200
Crown Cork Internal A•
731
8
89-4 7,900
Crown Zellerbach Corp
Cony pre! A
100
• 34
3451
34
34
Pref series B
•
34
25
Cuneo Press 1 ne(JA ,o pref w w
6934 69%
100
100
31
900
31
34
Detroit Aircraft Corp....
Distillers Co Ltd
fl 2031
1934 2034 50,500
Distillers Corp Seagrams_• 26
2394 2734 10,600
334
Doehler Die-Casting
391
200
•
• 6634 6534 68
2,000
Dow Chemical
Preferred
100
104 104
10
10
Driver Harris corn
13
13
100
Dublier Condenser corn __1
200
3e
34
35
Dunlop Rubber Co Ltd
Amer deposit rots_ __El
8
31
100
Durham Hosiery cl B_ _ •
134
134
100
Duval Texas dulDhur----•
5
5% 1.100
5
Easy Wash Mach B
631 731 1,000
•
Economy Grocery Stores."'
2234 2234
100
Eller Electric Corp
•
1
1
100
Elee Power Aeline 001n....1
5
5
59-4
700
1
Class A
53.4
1,300
531 6
Electric Shareholding
Common
•
334
2% 334
600
Equity Coop corn
100
2
1% 2
2,700

Fairchild Aviation
1
Federal Bake Shops
•
F E D Corp
•
•
Ferro Enamel Corp
1
Fidello Brewery
4% June Fisk Rubber Corp
1
37% June
100
36 Preferred
134 July
Flintokote Co class A_
•
Ford Motor Co Ltd
27)4 Oct
Amer dap rots ord reg.£1
Sept Ford Motor of Can 01 A--•
27
Class B
434 June Ford Motor of France
14% July
Amer deposit rcts
Oct Foremost Dairy Products.
20
•
Foundation Company- .
334 July
Foreign shares
•
11% Oct General Alloys Co
•
38% July General Aviation cory---1
34
July Gen Llec Ltd AM deb rota•
May Gen Investments Corp-18
17
Jay
Warrants
Gen Theatres Equipment
July
110
83 convertible pref._ •
8636 May General Tire & Rubber__25
23% Sept Glen Alden Coal
•
50% Oct Globe Underwriters Exch.
•
4% July Godchaux Sugars cl B__ •
Gold Seal Electrical
1
32
July Gorham Mfg corn v t O___•
33 June Grand Rapids Varnish__ •
July fat Alt & Pao Tea
30
ity• May
Non vol corn stook ....•
30
May
7% 151 preferred_ ....100
25
May Gt Lakes D &D ockCo_.*
Dr
18
June Great Northern Paper-25
June Groc Stores Prod v t e_26e
2
1
June Hazeltine Corp
•
27
Sept Heyden Chemical Corp _10
13
Oct Horn & Hardart corn...."
12
July Rygrade Food Prod
a
34 June lmurance Co of No Am.10
234 June Internatl Cigar Mach__ •

Range Since Jan. 1.
Low.

High.

M July
1
Mar
6
Mar
431 Feb
% Apr

234
11
20
1554
4

434 Mar
2)4 Feb
214 Jan

1034 July
11
July
9% July

10
Apr
1531 May

3531 July
36
Sept

60
%
1731
15
151
30
9634
336
'II

8
1314
54
134
2234
%
234
254

June
July
July
July
July

Mar 693-4
Jan
nil
July 21%
July 4934
Feb
5
Mar
78
May 104
Feb 2636
Feb
134

Oct
June
Aug
July
June
July
Oct
July
June

Sept
Oct
Feb
Jan
Oct
Apr
Apr
Apr

Sept
May
Aug
Sept
Sept
July
June
June

2% Mar
17-4 Sept

8
3
8
9
2531
2
12%
1134

931 June
234 Aug

1234
234
7%

4% 5
35
34
8
8
10
1234
234 231
731 8%
5934 5934
331
59-4

400
200
100
2,800
2,300
6,400
500
1,100

531
1136
15

551 6
1135 12%
15
15

8,300
1,300
100

234 Feb
43-4 Feb
934 Feb

ex July
1931 July
26
June

43-4
34

300
200

3
Mar
34 May

57-4 July
134 May

4
4%
134 2
031 7
1034 1034

1,500
2,100
500
1,100

29-4 Mar
h Mar
236 Jan
634 Jan
% July

31
4%

634

10%

434
34

Si

3ii

700

%
75
1434
514
5
hs
1834
8

%
82
1531
654
535
34
2031
8

809
600
1,900
500
400
1,700
2,400
100

134
127
120
120
1731
1734
2331
%
4
4
16
1734 1734
431
434
40
2134

135
121
1734
2354
1
4
1731
18
431
40
2134

7836
15
536
35
2034

•

231
31
33.4
931
234
14
18
131

54
28
631
4
254
y•
6
494

June
Feb
Mar
Sept
Oct
Apr
Jan
Feb

636
13-1
854
lb%
434
931
01
734

4%
434
1034
1034

July
July
July
July
Aug
July
Sept
June

Aug
July
July
July

to July

Feb
51
Apr 140
APr 2434
Feb
7
Apr 15
jay%
134
Jan 2934
June
934

June
July
July
July
July
June
Aug
Sept

400 125
Sept 18114 May
30 118
Mar 125
MU
100 15
Aug
1754 Oct
50 11
Apr 27
Sept
200
34 Jan
3 'Jun.
100
134 Mar
634 July
200
8
Apr 19
Aug
525 1731 Apr 2634 JUIN
i Jul.1
1,000
244 Mar
100 26
Mar 4614 July
100 16
Mar 28
June

Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Internatl Hold & Invest_ •
Interstate Equities Corp.1
154
$3cum pre ser A
50
Jonas & Naumburg cora_ *
Kolster Brands Ltd
American shares
LI
Kreuger Brewing
1
Lakey Foundry St Mach.*
31
Lazarus(F& K)dr Co_
634% preferred
100
Lehigh Coal & Navigation•
774
Lerner Stores COM
Libby-McNeil & Libby-10
4
Louisiana Land & Explor-•
134
Maryland Casualty Co.._2
234
Massey Harris Co com- •
Mavis Bottling ol A
1
134
May Hosiery Mills pref. _• 30
Mead Johnson & Co corn.
• 48
Mercantile Stores
hlergenthaler Linotype_ •
Merritt Chapman & Scott•
234
Mesabi Iron
•
34
Michigan Sugar
•
Minneapolis Honeywell
Regulator pref
100
Molybdenum Corp v t o_ _1
3%
Montgomery Ward & Co
Class A
• 6215
Nat American Co
11(
•
National Aviation
• 11%
Nati Bella" Hess oom
215
1
Nati Bond & Share Corp •
Nat Investors oommon-1
National Leather com •
Nat Service common
1
4
Nat Steel warrants
6
Nati Sugar Refining
• 3814
Natl Toll Bridge Acorn..*
National Union Radio- 1
Nestle
-Le Mur ci A
•
Newberry (J J)corn
•
New Haven Clock
•
New York Shipbuilding
Founders shares
1
Niagara Share of Md 0113-8
354
Class A preferred
_100
Nicholson File corn
•
Nitrate Corp of chile
Ctte for ord B shares- -----Northam Warren pref- - •
North & South Amer A. •
Northwest Engineering_ 415
Novadel-Agene Corp_...'
Oilstocks Ltd corn
5

34
14
%
103i
95
715
13%
4
1%
2%
44
15
30
48
14
25
23.4
31
1%

High.

Low.
1%
34
9
34

Apr
Jan
Apr
Feb

2%
115
24%
234

200
34
15
700
200
%
100
10%
95
100
1,000
8
100
1314
415
600
134 4,200
700
354
300
454
155 10,500
30
100
4854
200
14
100
20
25
700
276
100
11
14 1,100

3-4
14
34
1036
85
634
4
115

Jan
Seri
Jan
Oct
May
Apr
Jan
Feb
APr
Apr
Sept
JIM
June
Feb
Feb
Apr
Jan
May
Sept

11 ,i June
,
2315 June
115 May
1015 Oct
Oct
95
June
14
164 Sept
84 June
214 May
5 June
10% July
2% July
Oct
30
89
May
July
20
3434 June
434 July
'Ito MaY
314 Ally

Apr
59
334 Sep

74% Oct
July
6

744
73
3% 374
5015
h•
104
2%
34
1%
1%
3-4
4%
38
74
174
2
16
2

Range Since Jan. 1.

800
1,200
100
200

134
114
1
14
2134 214
34
34

64
15

1155
2%
34
1%
131
%
614
39
55
1/
4
231
16
2

1334 14%
3% 334
40
40
25
25
%
34
3234 32%
A
34
4% 434
4634 47
7'4
7%

700

14
414
16.
20
384
8
20
34
15
1%

320 4634 Feb
100
31 Jan
1,700
4% Apr
Jan
9,000
Fe
100 x20
100
Feb
Feb
100
2,000
Mar
800
Feb
800 2204 Feb
500
34 Oct
400
34 Jan
Apr
500
Apr
100 10
100
34 Mar
30
100
2
100
700
200
100
400
200
300

Pacific Eastern Corp___ _1
23-6 2% 3,100
23-4
Pan-American Airways.10 54
5434
1,500
50
Parke, Davis & Co
2034 2134
700
•
Parker Rust-Proof
5334 58
300
• 57
Petuuroad Corp V t 0
2% 334 15,200
374
1
Pepperell Mfg
76
260
72
100 75
Phillip Morris Ina
334 • 3%
700
10
Phoenix Securities
Common
1% 1%
800
1
PlereeArow Motor Car_ -•
300
634 7
Pitney-Bowes Postage
•
Meter
600
314 316
Pittsburgh & Lake Erle.50 69
764
400
69
PittsLurgh Plate Glasa_25 33
975
3215 3316
Potrero Sugar
14 135 1,700
1%
5
Powdrell & Alexander-- 100
27
27
•
Propper McCallum
•
10
134
115
Prudential Investors
6
654 30,000
•
$6 preferred
15
614 6315
•
Pyrene Manufacturing_ AO
600
215 24
Railroad Shares
700
,
16
11
Rainbow Lumin Prod
Class A
300
%
%
Reliance internat A
100
2% 2%
•
Reliance Management-- *
100
%
%
Republic Gas Common ' 34
1,100
%
*a
Hey barn Co
1% 1%
200
131
10
Reynolds Investing
600
14
1
34
Rolls-Royce Limited
Amer dep rec ord reg Ll
15
100
15
Roosevelt Field Inc
100
134
1%
5
Safety Car Htg & Ltg_ _100 49
45
49
100
334 3% 5,900
St Reeks Paper nom
315
10
7% preferred
10
3131 3111
100
Schiff Co corn
900
1554 1534
• 1514
Seaboard Utilities Shares_1
300
51
%
Securities Allied Corp._ •
100
12% 1234
Seeman Bros corn
36
10
36
• 36
Segal Lock & Hardware_ •
400
34
%
Selberling Rubber corn_ •
415 454
100
Selby Shoe Co corn
17
100
17
•
Selected Industries 1120
Common
.
1,000
214
1
$534 prior stock
200
47
50
25 50
Allotment certificates
50
51
100
Sentry Safety Control corn*
300
3-1
34
34
Shenandoah Corp
2
2
Common
100
1
$3 cony pre
400
25 1851 1834 1834
Sherwin Williams corn. 25 3614 35
3734 2,475
6% preferred AA_ _100
96
96
50
Singer Mfg
130
100 14234 133 145
Sonotone Corp
34 434 4,200
334
Southern Corp corn
100
174
174
Standard Brewing
2
1,000
274
23-4
Standard Investing Corp
$555 Cum cony pref
1314 1315
100
•
Starrett Corporation
1
1,300
1
134
3
6% prof
214
3
700
10
Stein & Co common
15
8
•
8
Stein Cosmetics
400
7-4
74
•
1
6
Stutz Motor Car
74 1,400
•
Swift & Co
26 16% 1634 1.734 10,200
Swift international
16 24% 2434 2534 1,900
Taggart Corp
2
2
100
Tastyeast Inc class
1
75
13-4 11,300
Technicolor Inc corn
• 1034
734 1034 11,900
Tobacco & Allied Stocks_ _• 38
100
38
38
Todd Shipyards Corp_ -•
300
18% 19
Transoont Air Trans
3
3
700
33-4
•
Trans Lux Pict Screw
Common
114
400
1
174
Tr -Continental warrants..
2
2
231
1,000
Tubise ChatIllon Corp
14
15
1
1615 4,000
Class A
500
2715 2815
28
Tung-Sol Lamp Wks_
500
44 5
•
Union American Investing*
100
20
20
Union Tobacco Co
1,200
34
•
400
United Carr Fastener
63-4 7
614
•
300
155
United Dry Docks
174
•
115 14 13,000
United Founders
114
1
United Milk Products. •
2
6
6
United Molasses Co
214 3% 28,000
3
Am dep rota ord ret-SI




2613

Financial Chronicle

Volume 137

114 Jan
Apr
8
Oct
40
23
July

July
July
July
June

82
131
13%
4%
39
4
3%
24
14%
4534
%
2%
2%
19
234

July
June
Sept
July
July
J uue
May
May
June
July
June
June
July
may
Sept

2014 AMC
June
9
50 June
Oct
25

10
28%
he
2
344
3

Jan
Jan
Feb
Jan
Feb
Feb

9.(
4014
14
10
563-4
855

JUDO
June
Mar
June
Aug
Sept

134
20
124
20%
155
264
14

Apr
Fe
Mar
Mar
Mar
Feb
Feb

414
5815
27%
69%
6%
784
414

June
Aug
June
Sept
July
July
Ally

hi Mar
6% Sept

314 June
734Aug

2
28
13
14
8
15
8
57
2
16

Feb
Mar
Feb
Mar
Mar
May
Feb
Mar
May
Mar

534
85
3915
24
27
4
10%
79
5%
154

June
July
July
July
Sept
July
Jail
July
June
June

14
134
14
15
54
14

Apr
Feb
May
he
Apr
Mar

115
415
3
35
3
14

June
June
June
June
June
July

715
15
1615
115
1274
6%
51
6
26
54
1%
9%

Jan
Jan
Feb
Mar
Mar
Feb
Apr
Feb
Jan
Jan
AP
Apr

15
34
80
84
56
15%
134
16%
40
114
734
20%

Oct
July
July
July
June
Sept
June
June
Sent
June
July
June

74 Feb
Ma
33
2614 Mar
15 Jan

44
65
70
15

June
July
July
June

156
1215
1214
80
90
33.4
34
2

Fe
5 June
May 26% July
Mar 45
July
May 98% Sent
Mar 17555 July
Sept
3% Sept
Jan
234 May
Oct
3
Sep

6
14
hi
434
54
6
7
124
%
Hi
215
22
1054
23-4

Feb
Apr
Apr
May
Feb
Oct
Feb
Feb
Apr
Apr
Feb
Jan
Feb
Jan

28
234
6
9
354
20
244
324
5%
215
10%
38
28%
631

114
14
2
834
115
11
its
14
14
94
114

Mar
Apr
Apr
Mar
Jan
Mar
May
Feb
Mar
Apr
Jun

314
415
28%
46%
91(
22
ti

14 Feb

July
June
June
June
July
July
July
June
June
July
Oct
Aug
June
May

June
July
June
June
June
July
JUDO
Sept
3% June
3
July
634 Aug
ski July

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares
United Profit Sharing
•
United Shoe Mach eom_25 55
Preferred
25
United Stores Corp V t c-*
214
U S Finishing common_ _..*
U S Foil Co ci B
1
U 8 & Internatl(*cur
•
Common
131
1st met with ware
•
U S Radiator
•
Utility Equities rieorson-*
134
Priority stock
•
Utility & Indus Corp
3y,
Preferred
Waco Aircraft
• 1115
18%
Walgreen Co corn
Hiram Walker-Gooderham
& Worts Ltd corn
• 4514
Cumulative prof
• 15%
Watson (John Warren).- •
Wayne Pump Co
•
Western Air Express_..A0
West Va Coal& Coke.
....5
Wil-low Cafeterias coin_ _ _1
1%
Woolworth (F W) Ltd
Am dep rem for ord shs- 22
Am dep rots for 6% pref_

•

Public Utilities
Alabama Power $7 prof •
Am Cities Pow & Li
Cony class A
25
New class B
1
Amer Common'Ith Power
Class A common
•
Am Dist Tel N J 7% p1100
Amer & Foreign Pow Ware..
AmerGas & Elea
•
Amer L dr Tr oom
25
Am SuPerDODOr Corp WM*
lot preferred
•
•
Preferred
Arkansas P&L $7 yet_ •
Assoc Ga. & Else
New 'mammon
Chu], Anew
$5 p'eferred
Warrants
Assoc Telep TJtil
Bragilhin Tr L & P ord.--•
Buff Niag & East Pow-25
Cables & Wireless Ltd
Am dep rets A ord shs-£
Am dep rots B ord she_ £1
Amer dep rcts pref shs .C1
CentHudG&Evto-•
Cent States Elect new cam 1
100
7% preferred
Cony pref opt ser '29 100
Cleveland Elec Ilium com •
6% preferred
100
Columbia Gas & Else
Corm 5% Pref
100
Commonwealth Edison_ 100
Common & Southern Corp.
Warrants
Community P & L 1st pf_.
Community %Vat Sep". -1
Consol0 E L&P Bail com •
pref ser A
100
Cont G & E
pr prof 100
Duke Power Co
100
East Gas & Fuel Assoc
100
44% prior pref
East States Pow corn B_ •
East UtIl Assoc corn
•
•
Cony stock
Edison El Ilium (Bos)_ _100
Mee Bond & Share com 5
$5 cumin preferred.....'
$6 preferred
•
Elec Pow & LIWarrants
Empire Dist El 6`; Pre110
0
Empire Gas & Fuel
100
6% preferred
Empire Power part stk_ •
European Elaine!, Corp
10
Class A
Option warrants

°0
20
600

23-4
5651
3234
2
7!
117-4

June
Sept
Oct
June
July
June

114 14
4214 433-4
115
131
131
131
3515 3655

1,600
400
200
1.400
200

'is Jan
1714 Mar
14 May
134 Apr
Apr
25

315
65
394
431
5014

July
J1117
July
June
June

331 4
1115 123.4
184 1834

600
3.700
200

14 Apr714 June
8
1315 June
Aug
16
Sept1834 Sept

100
675
1,320

4015 4655 55,800
1454 1515 1,100
14
200
34
100
34
34
200
1434 1434
34
400
34
114
114
200
205-4 22
6
6

900
100

35%

140

26% 27.%
2% 23.4

200
2,100

%
101
614
614
243-4 2215
1315
15
356
33-6
.54
55
17
29

13%

315
714
14
%
1134
34
4

Feb6414
Feb173-4
14
Jan
Mar
234
Feb 17
June
134
May
3%

1154 Jan
4
Feb
Sept

34

2514 Feb
24 Sept

July
July
July
May
July
July
July

214 Oct
()et
6
Jan

6514

3631 June
631 June
June
Aug
JUDO

500
3-4
75
10114
2,800
7
25% 22,300
1,600
1555
345 22,600
400
55
100
17
20
29

1iis
8414
24
1715
12
24
52
15
28

Mar
34
May 104
Apr
1316
Mar 50
Apr 2634
Mar
931
Apr 7555
Apr 50
Sept 46

June
June
June
June
Ally

800
3,900
580
700
1,300
000
1,100

1
14
215
'Is
15
6
154

Sept344
Sept234
Sept 1016
I4
Jan
Mar
154
Feb 1734
June 224

June
Jul,
JUD0
June
June
July
Jan

!Ini Apr
14
Feb
14
44
Feb
Oct 15
Feb
44
Oct 2514
21
Jan
Apr 37
May 110

July
July
July
June
June
July
July
July
Jan

1
34
334
114

High.

Lou'.
16 Mar
304 Mar
303-4 Mar
Jan
T/1 t
234 Apr

%
%
5396 5534
317-4 3235
34
214 2L
6
634 615

34
26%
234

Range Since Jan. 1,

134
1
37;4

3
II
,

ill

1
0
15
1314 14
15% 16

June

17-4

15i

3%
104 1034
154
1%
10
9
26
106

3%
10%
2
10
9
26
10634

1,400
2,100
600
400
3,000
50
100
300
140

234
1015
134
10
7•
203-6
9914

854 9434
44
48%

1,475
800

Apr 138
68
.11111
1
4015 Sept 11254 Jan

34
534
7-4
51
95
38
43

2,400
25
100
600
10
60
300

he
534
%
433.4
95
38
37

86%
4754
36
555
564
95
434

567-4
134
1534
27-4
147
1834 1654
32
x37
x4015 3715
1656

'is
55-4
74
5614
95
39
45

34
3
15% 15%

1,400
80

12%

124 124
7
7

25
100

1*25

8
ill(

June
June
June
Jolla

July
June
July

Jan
25 5534 Apr 68
5634
414 June
154 Mar
200
y
1634
350 134 Apr 2654 July
194 Apr
234
100
614 July
110 13254 May 17415 Jan
148
Feb 4134 June
1915 65,200 10
900 224 Apr 594 June
38
Apr 66
900 25
June
43

354

8

154
Apr
Oct 13
24
May
Apr 704
Oct995-4
Sept66
Sept76

84
1

uni 1154
Gen G& E cony pref B.--• 1115
Hamilton Gas coca v t c--1
34
1]:
50
50
Hartford El Light
25
Illinois P & L $6 pre
• 1454 1394 1415
14
50
50
14
6% preferred
100
Indpls P & L634% prof 100
Internat] Chilly
315
Class A
33-4 315
1
14
Claes B
1
13-4
lif
li
Warrants
17-6 154
1%
Italian Superpower A---•
y,
34
34
Warrants
Long Island Ltil•
64 7
Common
615
58
60
50 60
7% preferred
433-4 437.4
6% B pref
100
3
3
Marconi Wirel T of Dan_l
334
214
23.4
Mass UM Assoc V t o---•
2%
1314 13%
9u 94
Cony pref
56
Memphis Nat Gas
5
14
34
Middle West Utll corn
'
34
Montreal Lt Ht & Pow '
34
Mohawk & Hud Pr 1st pf_•
56
57
5354
52
National P & 1. $6 peel
'
New England Pow Assn
$6 preferred
• 454 413.4 4514
N V P & I. 7'; pref _ _._100 74
7354 7416
N V Steam Corp corn.....'
32
32
N Y Telep 64% pret--100 11414 113 115
Niagara Hud Pow Common
63-5 731
15
715
Class A opt warrant--111.
fi
55
Class 13 option warrants.
13-4
13-4
415 4%
NorAmer I.t & Pow corn 50
4
$6 preferred
5
25
Nor Ind P S firl pref. 100
25
264 27%
Nor States Pow corn A.100
2155 2134
Pardfle 0& E 6% 1st pf 25
8
8
Pa Gas & Eleccl A
7454
7434 744
Pa Pr & Lt $7 pret
•
4854 483.6 49
Pa Water & Power
Puget Sound P & 1.•
1415 16
35 preferred
•
855
754 915
$6 preferred
Shawinigan Wat St Pow..' 163.4 163-4 1615
Son Cant Edison
25
22
2234
7% pref series A
1955 1954
25
6% pref series B
1714 1755
515% preferred C._ 25

2.600
000
500
1,200
75
300
50
25

14 Feb
Mar
6

934 July
July
21

Apr
Sept

May
21
154 June

234 Mar
4 AD

8114. JulySept

6
6

Apr15
3
% Jan
34
487-4 Mar 59
Sept344
13
Oct 23%
14
Oct 75
50

July
June
June
Jan
June
May

11
3%
55
3
1

June
June
June
June
JUDI)

Sept 16
Sept 824
Sept 74
34
Apr
May
34
cb
64
5
et 2 %
Feb
'is Sept16
2115 Apr36
Sept85
55
Apr 72%
34

JUDO
Feb
Jan
Sept
June
Ik4an
Ju

100
1,700
100
200
200

33-4
II
15
14
74

1,800
40
25
2,900
700
100
2

Oct
Feb
Feb
Feb
May

6
56
42
54
115
19245

30
5
50
300

MAY
July
Feb
JUDO

624 July
Jan
99
Jan
275 100
10° 3114 SeptApr 14105
Jail

1,160
125

7,900
500
200
50
150

264 Ain
7335 Oct

64
'is
135
2
4

Oct
Apr
Mar
Apr
Oct

200
°°
700

°
3
2 4 AT
3134 Apr

100
100
300

74'•:. Sept
6
jan
89
Al:r

130
50

12

500

87

200
200
400

Apr

12644
June
5 June
8 June
1314 June
53
54% J111.T
j
an
2531 Jail
June
99 h Jan
60
Mar
28

June
JJulyune

204
Sept2
3

Oct
22
1954 Oct
1714 Sept

Jan
27
2416' Jan
221-4 Jan

2614

Financial Chronicle

Friday
Sales
Last Week's Ra-ge for
Public Utilities
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
(Concluded)
25
So Colo Pr class A
Southern Nat Gas corn- •
Standard P & L. corn
•
Preferred
Swiss Amer Elec pref _100
Tampa Electric common..•
Union Gas of Canada_ _ _ _•
United Corp warrants
United Gas Corp corn_ _ _1
Pref non-voting------Optionwarrants
United I.t & Pow corn A....•
$6 cony 1st pref
•
U S Elec Pow with warr-..1
Warrants
Utah P & L $7 pref
•
LIU' Pow & Lt new com _ _I
1
V t c for class B
7% preferred
100
Western Power 7% pret 100

1%•

4
2%
334
26
34
13%
34

5%
29
3734
23
31.4,
24
2%
2534
31
34
124
Si
31
2034
14
3
84
814

114
%
534
34
38
234
4
234
3%
28%
%
4
15
.4
34
204
14
334
10
814

100
200
200
250
250
200
500
1,000
7,800
1,000
1,600
4.900
2,200
5,600
1,200
50
1,500
500
400
25

Former Standard 011
Subsidiaries
Borne Scrymser Co
25
64 7
110
63.1
25 109% 1094 1104
Chesebrough Mfg
100
Eureka l'Ipe Line
100
30
50
30
25 85
Humble 011 & Ref
82
864 3,800
Imperial 011(Can) couD--•
124 134 6,000
Registered
13
100
13
Indiana Pipe Line
10
200
5
54
National TransU _ _ _12.50
100
734 734
10
Northern Pipe Line
54 514
400
Ohio Oil 61 pref
100 83
7
83
84
200
South Penn Oil
25 1734 174 1834
900
Standard 011 (Indlana)_ _25 304 29% 3134 16,900
Standard 011 (Ky)
10 154 1535 16
1,400
Standard 011(010o) corn 25
26
26
100
Swan Finch 011common_25
1% 2
200
Other 011 Stocks
1
Amer Maracaibo Co
Arkansas Nat Gas corn_ •
•
Common clams A
Preferred
100
Carib Syndicate
25c
Colon 011 Corn cam
•
Columbia Oil & Gas vto_ •
Consol Royalty 011
10
Cosden 011 Co
New common
1
Creole Petroleum
5
Crown Cent Petro lcom •
Darby Petroleum new_ _ _ _5
Derby Oil & Ref corn
Guff 011Corp of Penns_ _25
Int Ter Ilium 011
Non-voting class A__ _ _ *
Class B Stock
International Petroleum.•
Leonard Oil Develop_ __25
Lion 011 Refining
•
Lone Star Gas Corp
Michigan Gas& 011
Middle States PetrolClassA vtc
•
Class II v t c
Mountain & Gulf Oil
Mountain Producers____10
•
National Fuel Gas
25
New Bradford 011 Co
New Eng Fuel Oil
•

134
114
234
4
11.4

3
104
634
53
234
234
194
Si
636
431
24
5
14

Pantepec Oil of Venez___•
Petroleum Corp of Amer
Stock purchase warr_. ---Producers Royalty
1
34
Pure 011 Co 6% pret_100 5614
•
Reiter Foster Oli
34
25
Richfield Oil pref
1
Root Refining corn
10
Cony prior pref
434
Salt Creek Consol 011_ _ 10
Salt Creek Prod Assn_ __10
636
Southland Royalty Co_ -5
5
Sunray 011
Swiss Oil Corp
734
Teton Oil& Land Co......
•
Venezuela Nlex 011Corp.10
Venezuela Petrol
5
74
2
Woodley Petroleum
1
Mining
Bunker Hill & Sullivan__10
Bwana M'Kubwa Copper
American shares
Consol Copper Mines
_b
Consol Min & Smelt Ltd 25
Copper Range Co
'•
Cresson Consol U NI
1
Cue Mexican NlinIng__50c
Evans Wallower Lead__ •
Falcon lead Mines
1
Goldfield Consol Mines_ 10
Tiede Mining Co
25
Hollinger Consol 0 M.
..5
Bud Bay Mink Smelt-•
Inteniat Mining CorP----1
Warrants
Iron Cap Copper
10
Kerr Lake Mines
4
Kirkland Lake G NI Ltd_ 1
Lake Shore Mines Ltd_ __I
New Jersey Zinc
2o
Newmont Mining Corp_ 10
N Y & Honduras Rosario10
NiplasIng Mines
Ohio Copper Co
1
Pacific Tin Spec Stock_ _ _•
Pioneer Gold Mines Ltd_ _I
Premier Gold Mining-- I
Roan Antelope Copper
American shares
•
.1
St Anthony Gold Mines.
Shattuck Denn Mining_
Silver King Coalition__ _5
So Amer Gold & Plat__
Standard Silver Lead __ __1
Tech-Hughes Mines
1
Tonopah Mining
United Verde Extension 50c
1
Walker Mining Co
Wenden Copper M Wing_ _I
w right-Hargreaves Ltd_.
•
Yukon Gold Co
Bonds
Alabama Power Co
11146
1st & ref ba
1951
lot & ref 58
1968
1st & ref Sit
10137
1st & ref 414s




49

111,,

Si
634
1036
1034
11%
451
54
494
61
5134
're
10
1155
14
26%

2
34
634
314
he
834

61
554

flange Since Jan. 1.
Low.
Sept
Mar
May
Apr
Mar
Apr
Apr
Mar
Feb
Feb
Feb
Mar
Apr
Sept3.4
lie Apr
Mar
20
14 Sept
Sept
3
5% Apr
Mar
74
114
las
334
16
18%
194
1%
134
134
13
X
2
834

High.
6%
1
1634
50
434
32
734
636
64
45
14
94
414
1%
Si
42
2%
44
2734
85

June
June
June
July
July
June
July
June
July
July
June
June
June
June
June
June
Aug
July
June
July

6
71
20
40
634
634
34
5%
414
7034
11
17
84
1534
1

Jan
13
Apr 118
Feb 4114
Mar 8834
Mar 154
Apr 15
Feb
8
Apr
10
Apr
6%
Apr 87
Feo 22)5
Mar 34
Mar
1934
Mar 41
Jan
3

June
Sept
July
Sept
July
July
June
May
June
June
July
Sept
July
July
June

7,400
100
2,700
800
7,800
1,300
300
100

he
14
al
2
34
34
1

Mar
Feb
Mar
Feb
Feb
Feb
Apr
Jan

Stay

1,400
2% 334
10
11
35,400
1,100
5% 655
700
14 145
100
52
54% 4,000

24
44
34
44
Si
24

Sept
May
Feb
Aug
Mar
Mar

234 234
200
234 2%
500
18% 19% 18,800
6,800
34
64 734
700
7
900
7.4
44 434
600

154
134

134
114
1%
234
4
114
114
1.4

2.34
3.4

14
134
1%
214
434
2
1%
134

2%
76

Apr
Jan
Feb
Apr34
134 Apr
44 Apr
I
Feb
34
1,

24 July
June
J
June
July
July

4
E44
444
74
4
2271

34 Oct
Oct
11
134 July
614 Oct
234 June
July
62
7
6Si
19%
1%
94
1134
83.4

June
June
Oct
June
July
June
Sept

300
100
100
1,900
1,800
500
100

Jan
Jan
an
Jan
10
Feb
4 Jan
36 Mar

June
4
13; June
July
1
June
2614 MaY
0
Sept
2
14 Oct

134

2,800

14 Mar

314 July

34
554
Si
34
1%
431
34
534
534
31
1
734
3%
%
2

Si
34
5634
Si
34
1%
44
34
8%
536
3.4
1
7%
4%
14
2

5,10
1,20
13
1,60
10
10
30
200
1,00
700
600
100
1,600
300
3,500
100

3.4 June
t
57 4 June
1

:4
33.4
74
3
334
X
1
614
3
34
14

Jan
hlte
Apr
r
Apr
Jan
June
i
Stay
Feb
Feb
Feb
Jan
Oct
Apr
Aug
Jan
Ma

48

5114

975

144

Jan

14 134
14 114
1324 134
4
4
34
3-4
134
Si
Si
si
Si
3
,4
Si
634 634
10% 104
914 11
931 1234
44 5
14 151
34
34
34
Si
48
50
6334
60
5314
48
22
24
24 234
34
Si
10
10
104 1234
114 14

1,500
4,400
70
200
1,500
35,500
100
5,100
5,400
1,600
3,800
12,600
4,800
5,100
100
200
1,300
33,100
1,700
14,400
1,000
3,800
6,100
100
13,100
6,200

434 54,
14
144
134 134
134
134
1

264 27% 3,900
1,500
sit
34
200
334
614
200
73.4
234 2,200
Ti, 37,100
34
64 634 20,900
14 134
SOO
314 3)5 1,100
10
134 14
sit
1,200
8111
7% 834 132,20
80
34
Si

74
634
60
53

75
15,000
644 9,000
62 34 25.000
5514 33,000

21

31

Jan

174
234
1%
8
1
64
934
1

July
June
June
July
June
June
June
June
Oct
m

1
13%
84 Sept
June
3414
1
n
i
334
514

Oct

Si Jan
114 June
X Apr
24 June
Sept
Jan 140
55
134 Feb
634 Julie
34 June
JanJan
14 June
Feb
14 June
hi June
les Apr
1he July
he Jan
8% June
24 Feb
Sept
11
54 Jan
1234 July
234 Jan
74 Aug 1234 Oct
5% Sept
24 Aug
si Jan
24 June
14 June
34 Jan
Si Jan
34 Feb
25% Mar 50 ' Oct
264 Mar 6514 Sept
114 Mar 574 Sept
754 Feb 284 Sept
July
Jan
4
1
3.4 JI1110
3he
Jan
10% July
814 Jan
154 July
14 June
hi Apr

'34y:

734
he
34
214
31
4v
8t

Mar
Jan
Feb
Jan
Mar
pab
pr

Star
114 Mar
36 Jar
15
84 j::1
II, Feb

69
62
5836
53

Sept
June
June
July
Aug
Apr
July
Sept
June
June
TI1 Jun.
8% Sept
1
June

2854
ft
44
74
34
4
74
14
6
134

Sent 10014 Jan
Jan
Sept 97
Apr 894 Jan
Sept RI 4 Jan

Bonds (Continued)
Aluminum Coot deb 58 52
Aluminum Ltd deb 58.1948
Amer & Com'wealths Pow
Cony deb 68_ _ _ _1940
Am Community Pr 534s 53
Amer & Continental 531943
Am El Pow Corp deb (3s '57
Amer U & El deb 15s_ _2028
Am Gas & Pow deb 68_1939
Secured deb 58
1953
Am Pow & Lt deb 6e 2016
Am Radiat deb 4 148_ _ 1947
Am Roll Mill deb So...1948
44% notes_ _ _Nov 1933
Certificates of deposit_
Cony 5s
1938
Amer Seating cony 68.1936
American Tread 54E3_1938
Appalachian El Pr 54_1956
Appalachian Power 58_1941
Arkansas Pr & Lt 5s_ 1956
Associated Elea 4Siii_ _1953
Associated Gas & El Co
Cony deb 540
1938
4Sis
1948
Cony deb 448
1949
Cony deb 58
1950
Deb 5s
1968
Cony deb 534s
1977
Assoc Rayon 50
1950
Assoc T & T deb 5 411/1 '55
Assoc Telep Utll 548_1944
6% notes
1933
Baldwin Loco Works
68 with warr
1938
6s without warr
1938
Bell Telep of Canada
1st Si 5s series A__ _1955
lot Si 5s series B__ _1957
1st
5sser C
1960
Bethlehem Steel 6s_ _1998
Binghamton L It & P 5s'46
Birmingham Flee 434, 1968
Boston Consol Gas 58_1947
Broad River Pwr 5s A.1954
Buffalo Gen Elec 5s.._.1939
Canadian Nat Ry 70_ _1935
Canada Northern Pr 5s '53
Canadian Pao Ry 63.-1942
Capital Adminis 5s__1953
with warrants
Without warrants
Carolina Pr & Lt 5s___1956
Caterpillar Tractor 58_1935
Cedar Rapids SI & P 58 53
Central German Pow as '34
Central III Pub Service
58 series E
1956
lot & ref 434s ser IF.1967
SeeeriesG
1968
1981
455s series II
Cent Maine Pow 5s D 1955
Cent Ohio Lt & Pow 5s '50
Cent Power loser D_.1951
Cent Pow de Lt 1st 58.1956
Cent States Elec 5s_ __1948
Deb 534a Sept 15 1954
With warrants
Cent States P & L 548'53
CM° Dist E ec Gen 440'70
Deb 5348
1935
Chic Junction fly & Union
Stock Yards 58
1940
Chic Pueu Tool 534s._'42
Chlo Rya 5n etre
1927
Cincinnati Street fly
57 series A
1952
-4s
(is series 13
1955
Cities Service 56
1966
Cony deb Es
1950
Registered
Cities service Gas 534s '42
Ones Serv Gas Pipe L '43
Cities Serv P de L 548 1952
1949
636s
Cleve Elec Ill lot 58_1939
5s series A
1954
58 series B
1961
Commers und Privet
Bank 5348
1937
Commonwealth Edison
1st M 511 series A _1953
lot NI 5s aeries 11_1954
lot 448 series C._ _ 1956
1st Si 44s series 13.1957
43.55 series E
1960
1st Si 4s series F._ _1981
Sis series CI
1962
Com'wealth Subeild 5 Sis 48
Community Pr & Lt 581957
Connecticut Light & Power
1956
434* series C
58 series D
1962
Conn River Pow fie A 1952
Consol G, E L & P 44s '35
Consol Gas(Balt City)
Gen mtge 455s
1954
Consol Gas El L$& P (Balt.
43 series II
-Os
1970
let ref s f 4s
1981
Consol Gas I3411 Co1st & coil fis ser A_ .1943
with warrants_ 1943
Consumers Pow 443_1958
lat de ret 5re
1936
Cont'l Gas & El 58-1958
Continental 011 540_ _1937
Crane Co as_ _ _Aug 1 1940
Crucible Steel 5s _ _ _ _1940
Cuban Telephone 7340 1951
Cudahy Pack deb 534s 1937
Sinking fund 68. _ _ _1946
Cum b Co P & L 4 48_1956
Dallas Pow & Lt 65 A.1949
1952
5s series C
Dayton Pow & Lt 58_ _ 1941
Del Elec Power 54s _1959
Denver Gas & Mee 58.1949
DerbyGasatEleo5s_..1946
Del City Gas 6s ser A 1947
50 lot series B
1950
Detroit Inter'l 13dg 655s '32
Glide Gulf Gas 6%s 1933
With warrants
Eastern Utilities Investing
5s ser A w w
1954
Edison Elec Iii (Boston)
2-year 55
1934
5% notes
1935
Else Power & Light 5s_2030

Oct.
Sales
Friday
Last week's flange for
Week.
Sale
of Prices
Price. Low. High.
984
68
1%
24%
73%
24
484
67
9934
95
79%
6434
28

97
9834 43.000
7,000
664 68

7 1933

Range Since Jan. 1.
Low.
80
Apr
4734 Mar

High.
99
80

Jan
June

14 Apr
134 174 11,000
514 July
4
44 5,000
3
Mar CS
Jan
80
1,000 64
80
Apr 85
May
224 244 13,000 z1214 Apr 40
July
714 7331 177,000 69
Apr 92
Jan
234 2634 13,000 13
Apr 42
July
24,000 11
20
24
Apr 374 July
4834 513i 86,000 32 34 Apr 7334 July
,
1,000 83
100 100
Apr 1014 Sept
14,000 33
65
Apr 81
67
July
9934 303,000 45
98
Apr 105
July
904 97 292,000 9014 Sept 1023-4 Aug
95
Oct 9651 Oct
9634 78,000 95
4314 4534 7,000 22
Apr 51
July
10514 10534 5,000 9634 Jan 1054 Sept
784 80% 78,000 7134 Apr 973-a Jan
1034 1044 23,000 94
Apr 105
Feb
63
644 33,000 62
Apr 9014 Jan
274 294 50,000 254 Apr 4734 Jan

174 99,000
174 15
al434 al44 1634 3,000
144 134 14% 222,000
1614 1434 164 152,000
144 17 285,000
17
18
25,000
16
17
414 43
4,000
444 394 45 124,000
104
934 1034 47,000
16
14
5,000
15
11014 108
72
74

13
1214
114
13
13
1434
33
15
5
11

11214 47,000 102
74
45,000 70

10134 10214 54,000 87
102
1014 1004 1014 41,000 854
1014 1004 10111 12,000 87
1084 10834 2,000 99
89
2,000 85
88
56
574 12,000 52
104 1044 8,000 994
104
33
4,000 274
30
33
10434 103S5 10534 14,000 101

Mar
Mar
Mar
Sept
Mar
Sept
Apr
Feb
Mar
Apr

264
27
2614
28
27
354
52
474
2434
5334

July
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan

July 1173.4 Aug
July 8234 Aug
Feb
Apr
Mar
May
Apr
Sept
Apr
Apr
Feb

103
1024
10234
112
102
80
105
484
10734

Aug
Sept
Sept
June
Jan
Jan
Jan
Jan
Jan

1013.4 101 10134 13,000
744 734 7434 23,000
1014 1004 1034 100,000

98
Apr 1024 June
Mar 78
59
July
7034 Mar 1134 July

75
3,000
75
7314 7355
1,000
5734 5954 34,000
98% 9954 106,000
10214 102%104
54,000
34
34
1,000

67
674
54
88
8634
334

58

Apr 83
Apr 80
Apr
7934
Mar 994
Mar 104
Sept 644

July
July
July
Oct
Sept
Jan

60
50
48
344

6155
5754
60
57
89
58
50
47%
32.4

6134
58
62
574
89
60
5214
4934
3414

3,000
20,000
26,000
5,000
1,000
8,000
20,000
73,000
55,000

52
48
85
5354
49
42
2734

35
30
6934
87

314
384
68
85

35
66,000
43)
19,000
69.4 5,000
87
9,000

2354
28

A pr
r

5835
74

Apr 8434 Jan
Jan
Apr e94

6111
61

100
55
43%
474
3134
3134
5134
65
3034
314
1044

9914 100
5134 53
55
54

54

54

964 99
96
9714
863i 88
8834 r8914
87
88
794 8034
9934 1004
614 65
3934 424

424

5734 253,000

96

103

80
July
744 July

Apr 78
71
:
May 101
Apr 76
Apr
Apr 67
AI)
75
Apr 56

j
Ja
Jan
Jan
.1an
Jan
July

134 jily
5
Jt l
u

Sept

65
Oct 65
Mar 40
Mar 45%
Oct a:35
Feb 67
Jan
ik.1ar .14344
Ap
47
0
Apr

June
June
May
May
Jail
July
J upn
Np

My
Apr 17088; jJluannne
Apr II()
Jan

464 June

6614

Jan

15,000 3914 Apr 1064 Jan
48,000 92
Apr 106% Jan
10,000 88314 Apr 10234 Jan
7,000 834 Apr 1014 Jan
19,000 82
Jan
Apr 101
131,000 744 Apr 931.4 Jan
64,000 95
Apr 1064 Jan
33,000 57
Apr 87% Jan
29,000 3634 Apr 59
June

10134 101% 1,000
10534 1054 106
2,000
9534 95
96
31,000
1024 102% 2,000
103

Apr
Apr

9355 May 100
Oct
'2334 Jan
6531 July
hlar 6634 July
47

43% 45
10,000 404
4,000 4734
4734 48
294 314 10,000 2434
294 32 223,000 244
a30 a30
1,000 a30
5234 27,000 42
51
6414 65
4,000 54
28% 304 86,00
2151
30
32
24,00
251.4
10434 105
6,000
34
107 107
1,000 102%
106 106
3,000 102

9634
8834
8734
8034
10034

12,000
8,000
41,000

52
4814

1,000

10114 102% 11,000
9594 9634 36,000

971 May 106% Feb
4
9734 May 1074 Feb
May 134
89ji
99
12 8 Pt
11e lit
974 Apr 10731

3714 36% 38
10,000 21
9.4
4
94 974 6,000
10034 994 100% 50,000 9014
1034 10234 10334 13,000 100
4434 434 4514 155,000 37
10034 100% 23,000
8234 8234 10,000
66
66
6734 7,000 25
6934 6934
1,000 5534
9634 96
9614 32.000 87
1024 102341033-4 33,000 9934
81
81
81
2,000 7214
10534 106
2,000 100
10014 101
5,000 0834
104% 10.5
105
19,000 99
72
2,000 60
69
99
99
99
4,000 9814
63
63
64
2,000 60
8634 11,000 75
84
85
12,00
80
78
234 334 30,000 6934
314
7-4

2

834

80

83% 18,000

154

14

1534 24,000

1024 10214 10234 20,000
10234 10154 1024 30,00(
334 3204 3414 111.004

Jan

9514 May 10714 Jan
89
May 100
Aug

70

Jan 484 July
Apr
16
July
Apr 10414 Jan
Mar 106
Jan
Apr 65% June
=
1
Apr
Apr
Mar
Mar
Apr
Apr
May
Apr
Apr
Apr
May
Mar
NxtR r
i av
Apr

94 Feb

191%
814
81
1004
105
9131
10834
10334
10614
8534
102 34
83
9834
941

June
July
July
-July
June
Feb
Jan
Aug
Jan
June
Jan
July
Jan
Jan
Jiia e
rin

9434 July
23

Jan

994 Apr 10334 Jan
954 Ayr 10314 Jan
Am
59
2.
July

Financial Chronicle

Volume 137

Bonds (Cotiffnued)-

Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
$

El Paso Electric 5s_ _ _1950
El Paso Nat Gas 648_1943
Deb 631s
1938
Elmira Wat LA RR 581956
Empire Dist El 5s
1952
Empire Oil & Ref 531s 1942
Ercole aforelli El 6358_1953
With warrants
Erie Lighting 55
1967
European Elea 848.-196n
Without warrants
European 61 tee Inv 7s C'67
Fairbanks Morse deb 58.42
Federal Water Seri 54854
,
Finland Residential NItge
1961
Banks 65
Firestone Cot Mills 5s_'48
Firestone Tire & Rub lis'49
First Bohemian Glass is'57
Ea Power Corp 548_1979
Florida Power & Lt be 1954

5,000

69

6955

46

37
5934
50
4434

2,000
37
8,000
81
514 16,000
51,000
46

9034

804 8034
9034 95

5934

79
32
2514
70
874
9031
5631
56.4

Gary El& Gas 5s ser A 1934 394
Gatineau Power 1st 5s1956 75
Deb gold (% June 15 1941 70
Deb 68 series B_ _1941 6835
_1940 67
General Bronze Bs
Gen Motors Accept Corp5% serial notes_ _ _1934
1934
5% serial notes
1936 .
5% serial notes
Gen Public Serv 5s_ _ 1953
Gen Pub UM 6348 A_1926 314
1933 42
2-yr cony 648
Gen Refractories 60_ _ _1938 9911
Gen Wat Wks & El 581943 42
Georgia Power ref 56-.1987 6635
Georgia l'ow & 1.1 5s_ _1978 4834
Gesfurel deb fis
1953
Without warrants
Gillette Safety Razor Ss'40
Glen Alden Coal 4s__ _1965 584
Glidden Co 54a
1935
Gebel (Adolf) 6558_1935
With warrants
Grand (F W) Prop 60_1948
Certificates of deposit
Grand Trunk Ry 63481938 1004
Grand Trunk West 4s.1950 72
Great Nor Pow be_
1935
Great Western Power tet 48 10034
Gulf 011 of Pa 5s
1937 10034
55
1947 100
Gulf States Utll 58-1958 6935

Range Since Jan. 1.
Low.
65

High.

Apr

Oct
37
58
Sent
87
Apr
2814 Apr

8655

Jan

50
Jan
88
Jan
67
July
5834 July

8,000
4,000

63
88

June 8135 Sept
May 104
Jan

79
3134
644
24

17,000
80
15,000
32
6434 3,000
2635 41,000

60
23
46
le

Mar
Apr
Apr
Apr

80
3915
724
43

Sept
Aug
July
July

70
864
89
6135
5634
5435

704
8734
9134
62
5735
58

27,000
17.000
17,000
5,000
18,000
98,000

311
68
71
60
44
48

Jan
Mar
Apr
Jan
Apt
Mar

704
8938
024
653,
74
7034

Aug
July
Aug
Jan
JulY
July

38
7454
664
65
60

26.000 354
40
7,534 52,000 594
3,000 39
70
28,000 39
69
2,000 1E4338
67

Mar
Apr
Mar
Mar
Apr

72
8334
7231
73
74

Jan
July
July
July
Aug

10134 10134
10334 1034
1034 1034
54
60
314
30
41
4234
994 1004
4215
40
654 6731
45
4834
3555
95
57,4
944

2,000 1004 Mar 10334 Aug
2,000 10014 Mar 10334 Aug
Mar 10434 July
10,000 100
Oct73
Jan
19,000 54
18,000 13
Mar 38
June
June
11,000 1734 Mar 48
11,000 9934 Oct 10834 Aug
May
28,000 SO% Mar 60
Apr 9034 Jan
1.16,000 80
Apr 7014 July
8,000 40

3734 6,000
9,000
96
37,000
59
944 5,000

3131 June 694 Jan
Apr 102
89
Feb
Apr 7135 July
45
Apr
9431 Sent
75

8435
82
831
8
694 64
1004 1004
71
724
994 994
100 10034
1004 1014
994 100
6934 6934

6,000
9,000
1.000
17,000
7,000
7,000
13.000
26,000
25,000
5,000

55
7
61.1
94
50
89
9.1
92
92
60

Apr
Apr
Oct
Apr
Apr
Apr
May
Apr
Mar
Apr

9334
12
1031
102
7534
1014
1064
10231
10234
83

July
Jan
Feb
July
Sept
Sent
Jan
July
Aug
Jan

Hackensack asaterbs.1938 1004 10074 10034
58 series A
100 100
1977 100
Ilan Printing 548.-1947 6655 654 68
hamburg Elea 70_ _ _ _1935
68
68
55
52
Hamburg El & Und 5348'38
57
5550
55
1936 56
49
Houston Gulf Gas 6s_ _1943
47
37
37
635s with warrants_1943
Hone L & P let 418a E 1981 91
91
87
lst & ref 44s ter D.1978 90
90
88
Sa series A
1953 99
994
99
I Iudson hay NI & S 68_1035
112 112
I lyradulic Pow 5s _ _1950
10434 10534
I I ygrade Food l'rod 68194)1
50
50

17,000
1,000
13,000
2,000
22,000
3,000
6,000
1,000
13,000
4,000
9,000
5,000
.5,000
1,000

98
0034
40
624
40
3131
314
2136
794
784
8
3
77
99%
41

Mar

Apr
Mar
Apr
Sept
Mar
Mar
Mar
Apr
Apr
MaY
Apr
Apr
Apr

10434
1034
724
8
634
724
68
61
52
9634
964
104
120
10734
65

Sept
Aug
July
Jan
Jan
July
July
July
Jan
Jan
Jl
,0
July
Jan
June

Idaho l'ower 5s
1947 953j 9634 9734
Illinois Central RR 44a'34 6914 68
71)
Ill Northern CUI 5.8. _ _1957 9134 9034 9134
III Pow & L let 6s ser A '53 62
564 63
1st & ref 5358 ser 15.1954 58
5814
55
1st & ref Ss ser c.. _ _ 1956 57
524 57
S f deb 54s__Nlay 1957 40
444 46
Indiana Electric Corptla series A
1947
65
60
655s series 11
1953
7034 7034
5714
Ss series C
55
1951 .55
Indian Gen Serv 5s_ _1948
100 101
Indiana Hydro-Elec 68 '58 5334 52
5454
Indiana & Mich Elm,tet & ref be
1958
88
88
ba
1967 10035 10034 10015
Indiana Service bs_ _ 1963 27
27
27
let & tel ba
1950 27
27
28
linipls Gas Ss A
1952 68
69
68
Ind'polis P & L Se ser A '57 8414 8134 8434
IntercontinentsPower 68'48
With warranlo
3
334
V. ithout warraols
355
3
International Power SeeSecured 6.48 ser C_ _1955
8815 8935
7s series E
1957 92
8934 92
To series F
1952 8335 824 8334
International Salt 66_1951 89
88
9034
International Sec Ss_ _1947 5134 50
5135
Interstate Ir & Stee1548'41
1
5914 60
Interstate Nut Gas Gs 1936
104 104
Interstate Power Ss....1957 4831 46
484
1952 30
Debenture 138
3314 36
Interstate Public Service1956 5754 5715 58
5s Belles I)
1968 53
434s series F
5334
52
Invest Co of Amer 58_1947
Without warrants
7435 77
69
.1967
lowa-Neb L & P 6...
704
1961
65
86
5s series B
67
64
Iowa Pub Fiery 5s_ .._ .1957
764 78
isareo Hydro Else 78 1952
Italian Superpower of Lei
Debe 68 without war '63 6814 6618 684

4,000
23,000
3 000
.
51,000
49,000
81,000
37,000

854
33
85
62
60
4614
38

May 10234 Jan
Apr 864 J WY
May 10034 Feb
Apr 774 July
Apr 74
July
Ayr 71
Jan
API' 6034 Jan

8,000
2,000
2,000
5,000
4,000

57
62
4834
98
49

Apr 91
Feb
Jan
Apr 91
Apr 8783.4 Jan
Jan
Mar 105
May 76
Jan

5,000
1,000
4,000
18,000
12,000
47,000

80
94
124
le
65
7335

Jan
Apr99
May 105
Jan
APt 404 July
Apr 44
July
Apr 8336 Jan
Apr 9634 Jan

18.000
3,000

155
131

June
Jan
10
Jan614 June

Jacksonville Gas 58_1942 4035 4034 42
Jamaica 1,), at Sup 535s 1935
102 102
Jersey C 1'de L0I B...1941
893.4 90
1061 814 81
82
44s series C
Jones & Laugh'n Steel 5639 10335 10314 10335
6611
66
1947 66
Kansas l'ower 5s
Kansas Power & Light1955
92
90
Os deliaa A
1957
80
81
Is series 11
Kentucky Utilities Co-1961
54
50
let NI 58
1948
70
67
635s series I)
1955
60
,
5348 series 1
60
1969 5634 55
57
re series I
Kimberly-Clark 5s...1943
904 9014
Koppers' CI & C' deb 5s 1947 7434 7335 74%
Sink fund deb 5148_1960 80
78
80
90
90
Kresge(SS) Co 59.. __ _1945
Certificates of deposit8635 92

9,000 304
1,000 98
13,000 86
40,000 WU
2.000 101
2,000 65

1935
Laclede Otte 515s
I Atrut an Gas Corp 634s '35
Lehigh Pow &sour 68_2026
I.eonard Tietz 748_ _ _104a
Lexington Utilities 58_1952
Libby NlieN & Libby 6s '42




92
69
2634
64
71

56
914
8534
25
64
6734

58
92
694
2634
644
71

42,000 74
17,000 70
17,000 45
25,000 7431
16,000 40
4,01X) 21
1000 103
55,000 6534
21,000 '204

July 91
May 9055
Apr 11314
Mar 9034
Mar 6134
Apt 674
Feb10535
Apr 64
Apt 5335

Feb
Oct
Sept
Oct
JulY
June
Mar
July
July

4,000
12,000

4635 Apr
Apt
46

784
72

5,000
10,000
5,000
9,000
20,000

63
63
6334
6034
71

Mar
Apr
May
Apr
Apr

77
Oct
8431 Jan
8415 Jan
8314 July
8634 Feb

16,000

3734

Apr

72

Jan
Jan

Aug

Apr 5
334 Jul,'
Ma) 10234 Sept
Ap 1014 Jai'
Mar 9611 Jan
Apr 10331 Aug
May 80
Feb

83
71

Apr
May

17,000
3,000
1,000
15,000
1,000
39,000
15.000
2,000
9,000

51
67
56
52
72
/0
72
77
6834

Oct7734
Alit 03
Apr 82
Apr 80
Apr91
Apr84
Mar 8794
Apr 96
Mar 93

June
Feb
June
July

18,000
3,000
34,000
13,000
3,000
12,000

47
584
58
25
5634
4114

Mar
Jan
Apr
June
Apr
Mar

July
Aug
Jan
Jan
July
June

5,000
7,000

URI
, I
:
--,4 June
9031 Aug

804
96
8835
684
74
77

Sept
Aug
July
Jan
July

Bonds (Continued)-

2615
sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
$
Price. Low. High.

Range Since Jan. 1.

Nfanitoba Power:548_1951
Mansfield alining & Smelt
7s without warrants 1941
alass Gus Co
Sink fund deb 58-1955
1948
6348
McCord Rad de Mfg
68 with warranta__ .1943
Memphis Power & Lt 55'48
metropolitan Edison
4, series E
9
1971
1962
bs series F
Middle States Pet 634s '45
Middle West Utilities
-55 certificates of dep 1932
5s ctfs of deposit _ 1933
5s ctfs of deposit _ 1934
58 ctfs of deposit_ 1935
Midland Valley 50_ _194.3
Milwaukee Gas Lt 431s'67
Minneap Gas Lt 448_1950
Minn Gen Elm 5s
1934
Minn P & L 58
1955
1st & ref 434s
1978
Mississippi Pow 58_1955
Miss Pow & Lt 5s
_1957
Miss River Fuel 69_1944
Without warrants
With warrants
Miss River Pow let 58_1951
Missouri Pow & Lt 5158'55
Mammal Public Serv be '47
Mont-Dakota Pow 545 34
NIonongahela West Penn
Pub Serv 5lis ser 0_1953
Montreal L H & P Con
1st & ref 5a ser A...1951
1970
Se series B
Munson S S Line 646_1937
With warrants

244

2234 28

94
73
8314

Apr
May
May
Mar
May
Mar
Sept

10314
1064
1034
105
9434
1024
102

Jan
Aug
Jan
Jan
July
Jan
Jan
Feb

Apr

53

July

474 Apr

55

July

7934 8131 24,000
854 874 20,000

7114 Apr
75
Apr

9434
99

a40
92

.51

a40
94

2,000
8,000

73
3,000
70
824 8434 18,000
46
49
7,000

7
634
7
7
58
9834
7634 754
10234 10234
65
65
49
5655 564

7
734
7
7
58
994
764
1024
69
65
61
5834

9134
94
10134
102
8554 8534
454
4334

914 2,000
9411 8,000
1024 16,000
13,000
87
484 6,000
4338 1,000

20

84 Apr 47
81
May 103
68
Apr
Apr
79
2714 Mar

2,000
34
15,000
314
354
2,000
2,000
44
1,000 37
13,000 91
13,000 7234
4,000 100
9,000 65
1,000 57
5,000 44
12,000 50

Jan
Jan
July
Jan

Jan
86
9118 Feb
July
60

Mar 18
Mar 18
Mar 18
Mar
18
Feb 58 31
Apr 10234
Apr 90
Mar 10334
Oct 87
Apr 81
Apr 7334
Apr 83

July
July
July
July
Sept
Aug
Jan
Feb
Jan
Jan
Jan
Jan
I

79
79
98
79
3734
27

Feb 92
July
Mar 964 July
May 1054 Jan
Apr 9314 Sept
Jan
Ain 85
June
Apr 50
76

Jan

6334 13,000

48

Apr

10134 1014 10334 90,000
1024 101 10338 19,000

84
82

Feb 1034 Sept
Feb 1024 Sept

6335

14

62

14

184 49,000

Narragansett Else be A '57 9994 9934 10031 19,000
100 10038 3.000
5s series B
1957
6234 64
60,000
Nat Pow de Lt 6,8 A _ _2028 63
.
54,000
_2030 544 5234 55
Deb 58 series B
Nat Public Service 6a 1978
12
1135 11
16,000
Certificates of deposit ___
1935 9834 9735 9834 10,000
National Tea 5a
98
984 4,000
Nebraska Power 4555_1981
87
87
5.000
2022
Os series A
Nevada-Callf Else 68_1956 5734 5631 574 39,000
73,000
NE Gas dr El Assn 55_1947 4131 4035 42
42
10,000
Cony deb fe
1948 414 a40
4234 51,000
1950 424 41
Cony deb 5s
76,000
New Eng Pow Assn 66_1948 54% 5034 55
Debenture 543_ _ _ _1954 57
529.4 5734 73,000
New Orl Pub Serv
16,000
434s'35 4234 4134 45
28
31
14,000
1949 31
6s series A
68,000
NY Penne & Ohio 434s'35 9734 9634 98
84
8534 147,000
NY P&L Corp 1st 434e '67 85
6734 70
31,000
NY State G & E 448_1980 70
88
88
1,000
548
1962
9234 9335 10.000
NY & Weetch'r Ltg 413 2004
102 102
1,000
Debenture 38
1954 103
106
Nlagara Fails Pow 68_1950 106
103
56 series A
1959 105
Nippon Else l'ow 6455 1953 6534 6531
No American Lt & Pow
8934
5% serial votes_ _1936
1966 324 3014
434s series A
2534
Nor Cord Util 510- -1948
8234
Nor Inc! G & E 6s....1952
No-them Indiana P S55 series C
1966 6735 63
bs series D
66
1969
,
6035
1970 63
5345 eerie E
8734
Nor Ohio Pow & Lt 548'51 89
8835
Nor Ohlo Tr & Lt 5s_ _1956
76
No Status Pr 538% Dokes'40
Refunding 448.-1961 85
834
9734
Northern Texas ULU 78 '35
6334
N'western Elec 60_ _ _ _1935 04
834
N'western Power Os A 1960
831
1034
Ctrs of deposit
N'western Pub Serv 581957 584 58
Ogden Gas 50
1945
Ohio Edison let 6s--.1980
Ohio Power 1st 5s B. 1952
let & ref 44s ser D 1966
Ohio Public Service Co
6s series C
1953
1st & ref baser D
1954
534s series E
1961
Okla Gaa & Eke be-- 11180
6.4 series A
1940
Okla l'ow & Water 58_1948
Oswego Falls 85
19.11
Ottaa a 1.11 Al'56 A_ _1957

Apr 100

9,000

51
81
80

73,000

High.

Low.

874 4,000 SO
85
Long Island Ltg 6s_ _. 1945 85
Los Angeles] Gas & Else-1943 10135 1014 10134 2,000 9734
5555 series F
10034 101
6,000 984
5% series I
1949
9414 9534 10,000 9134
let dr eon 58
1961 9534
10334 10334 10,000 100
Os
1942
20,000 7334
Louisiana Pow & Lt 5s 1957 7434 7414 76
2,000 99
Louisville G & E 68 A.1937 1004 10034 101
914 92
3,000 8034
4310 series C
1961

84
894
80
80
72
50

8

Feb

31

July

944
96
50
41

May 104
Aug
Apr e1034 Aug
Jan
Mar 86
Jan
Mar 74

10
8334
88
80
4134
37
38
3734
3.64
40
40
254
88
8034
6718
80
82
9814

Sept 234 Jan
Jan 9834 July
May 1024 July
Apr 984 Jan
Apr 764 July
Apr 5934 June
Jan
Sept 60
Apr 694 Jan
Mar 884 June
mar 724 June
Jan
Apr 66
Apr 494 Jan
Apr 994 Sept
Jan
Sept 99
Sept 914 Jan
Jan
Apr 105
Apr 9714 Jan
June 105
Feb

10631 8,000 10134 Mar 1084 Jan
105
Jan
5,000 9634 Slay 106
66
34,000 3534 Feb 614 July
8934 3,000
33
82,000
5,000
29
8234 4,000

68
2114
22
7834

May 924
Apr 4731
May 43
May 10236

074 15,000
2,000
66
4,000
63
89
9,000
884 1,000
77
3,000
85% 61,000
2,000
9754
6,000
65
5,000
11
1034 3,000
5,000
60

594
59
54
80
77
70
75
834
6334
8%
854
55

Apr 9014 Feb
Feb
Apr 91
Apr 854 Jan
Apr 1034 Jan
May 1004 Jan
July
Mar 96
Apr 974 Jan
June 994 July
Jan
Oct 93
June
Oct 18
Sept 1611 July
Apr 7634 July

86
8255
974
87

86
2,000
8435 36,000
98
19,000
894 46,000

82
Sept 1014 Feb
Jan
Apr 98
73
9034 May 11)434 Jan
Apr 9915 Jan
81

78
77
7835
78
71
4215
50
95

84
774
79
80
72
45
5134
95

75
84
70
7054
63
35
36
95

Apr
Apr
Mar
Mar
Apr
Oct

954
8931
90
9135
834
63
5935
95

Jan
Jan
Jan
Jan
July
July
July
lOct

16,000 101
48,000 984
59,000 944
55,000 8634
58,000 86
10,000 64
50,000 48

Mar
Apr
May
Apr
Mar
Apr
Apr

11234
1064
10534
1014
10194
81
73

Jan
Jan
Jan
Jan
Jan
July
July

Pacific Gas & El Co
1st 88 series B
1941 107
106 107
let & ref be ser C.- _11152 10334 1014 10314
6a series I)
1956 99
9834 9931
let & ref 414s E....1907 92% 9131 924
let & ref 4158 Ir_ _1980 9214 9131 9234
Par Investing 5
9
1948
73
72
Sac Pow & Light 58_ _ _1956 523-4 51
5334
Pacific Western 011 634.'43
with "mint.
7754
77
Palmer Corp of La 6s.1938 9034 9034 904.5
Penn Cent LA P 414a 1977 65
6135 65
Penn Electric 4s F_ _ _ _1971 624 624 6355
Penn Ohio Edison
Deb 66 n-wart
1950
50
54
Deb 5 35a series B___1959 51
494 51
Penn-Ohio P & L 5146 1954 91
90
91
Penn Power as__ ___1956 10034 1004 10134
Penn Pub Serv 6s C___1947
8415 85
lis series I)
1954
67
70
Penn Telephone 5s C..1960 9034 90
904
PennW at&Pow 44813_1968
9814 9914
5,
1940
1054 10534
Peoples Gas Lt & Coke1981 7234 68
4s series B
7255
1957 9074 8914 91
asserted C
Peoples 1,t & Pwr 53_1979
4
4
Phi% Electric Co 5a - _1968 1084 10314 10815
Phil& Elec Pow 548_1972 10534 1044 100
Phila Rapid Transit 68 1962
46
45

9,000
12,000
11,000
43,000
7,000
11,000
9,000
1,000

Apr

mar

11,000
6,000
32,000
20,000

6734
7936
60
5135

AP
Apr
Apr
AM-

9,000
24,000
21,000
12,000
2,000
2,000
5,000
22,000
1,000

50
44
85
96
81
67
90
9434
9934

Oct
Sept
May
Mar
Apr
Oct
Mar
May
Apr

Sept
July
July
Feb

July
81
9474 Aug
8034 Feb
743.4 Jan
82
754
10331
104
100
954
9714
101
10834

18,000 66
Apr 9354
83,000 8715 Sept 10634
1,000
14 Apr
814
12,000 10254 Mar 11034
69,000 10134 Mar 108
10,000 435-4 May
5303.4

Jan
Jan
Feb
Feb
Jan
Sept
Feb
Jan
Aug
es
Jan
Jan
May
Jan
Feb
Jan

Financial Chronicle

2616

Bonds (Continued)
-

Friday
Sates
Last Week's Range for
of Prices.
Sale
Week.
Price Low. High.

Phila. Suburban Counties
Gas & Elec 448--- -1957 101
Phila Suburban Wat 581955 10031
Piedmont Hydro El Cubit & ref Olin cl A-1960 78
Piedmont & Nor 55.....1954 77
Pittsburgh Coal 6s_ ___1949
Pittsburgh Steel 6s__1948
Pomerania Elec 68_1953
1939
Poor & Co 65
Portland Gas & Coke 58'40 88%
Potomac Edison An E.1958 77
1961
1
434s series ,
Potomac Elec Pow 53_1936
Power Corp(Can)44sB '59 54
Power Corp of N Y1942
6155 series A
515s
1947 52
Power Securities 68 1949
American series
Procter & Gamble 435 '4: 105
Prussian E'en deb 68-1954 40
Pub Sere(NH)4158B 1957
Pub Sere of N J pet ctfs
Pub Serv of Nor Illinois
1st & ref Is
1956
415s series D
1978
1st & tel 4148 see E.1980
1st A, ref 43.0 ser F_1981
6155 aeries G
1937
614s series H
1952
Pub tlerv of Oklahoma
58 aeries C
1961
Is series D
1957
Pub Sere Sub 534s A.1949
Puget Sound P2, L 5158 '49
let & ref 58 ger C
1950
tat & ref 4155 see D_1950
Quebec Power 5e_ .._ .1968
Queens lioro G & E 514s'52
Reliance Management 55'54
With warrants
Republic Caw
65 A
1945
6.s ctfs of deposit 1945
Rochester Cent Pow In '63
Rochester Ry & Lt 5s_1954
Ruhr Gas Corp 645._1953
Ruhr Housing 6158.__1958
Ryerson(JosT)& Sons 5843

Range Since Jan. 1.
Low.

663,4 May 104%
95% Mar 104%

Jan
Jan

Jan 78
Apr 83%
Apr 954
Feb 82
5915
May
Apr 92
May 100
Apr 9115
May S64
Apr 106%
Apr 64

Oct
July
July
July
Jan
July
Jan
Aug
July
Feb
July

101
100

1014
10011

73
77
894
80
32
86%
8811
75%
73
10415
54

78
35,000 66
4,000 604
78
1,000 82
89%
1,000 63%
80
6,000 28
32
7,000 41
88
88% 5,000 82
55,000 74
77
764 6,000 65
2,000 102
105
10,000 28
55

80
52

80
52

4611 47
105 10534
3815 40

5,000
2,000

4,000
2,000
4,000
5,000
16,000

High.

80
52

Oct
Oct

994 Feb
65
Aug

July
Apr 67
44
98% May 105% Aug
Jan
3615 Sept 70

9531 Feb
AP
91% 9134 12,000 85
Jan
12,000 1034 Apr 119
109 110

65
86%
82

7315
66%
64
6214
86
81

75
6615
65
67
8715
82

16,000
4,000
13,000
59,000
97,000
4,000

66
AD 100% Jan
Apr
uusi Jan
611
91% Jan
61
AD
Jan
6014 Api 93
8014 AU 1074 Jan
75% Apr 100
Feb

734
524
514
50
4734

7314
7314
4815
5134
4715
47

744
744
52%
52%
504
48

10,000
35,000
15,000
55,000
10,000
36,000

5214 AP
Apr
54
44
Ap
47
Ap
45% Apr
40
Mar

Aug
78
July
81
bUyi Jan
6714 Jan
Jan
66
Jan
63

87
65

8815 15,000
12,000
67

71
65

AP'
Oct

96
87

July
Jan

57

57

1,000

55

Feb

68

June

731:

11,000 14
6,000 13
30,000 25
5,000 100
31,000 32
25,000 2314
4,000 804

24% June
AM
Al" 244 June
Jan
Mar
48
Mai 108% Feb
Jan
Sept 67
May 60% Jan
July
Mar 96

Safe Harbor Wat Pr 4%879 98% 98% 9911 52,000 90
6
St Louis Gas St Coke 65'47
6
6
614 10,000
11,000 z65
San Antonio Pub Sere 5558
71
68
San Diego G & E 53451)'60 10234 10214 102% 1,000 99
San Joaquin L & P58 series D
1957
2,000 7731
83% 8311
Saxon Pub Works 65-1937 45% 38% 4531 19,000 3615
Scripp(E W)Co 54s_1043
18,000 5515
694 71
Seattle Lighting 55_ 1949 32
32
34
31,000 284
Shawinigan W & P434565 7131
84,000 49
72
448 series B
1968
6915 704 30,000 50
lat Sondes C
38,000 07
1970 81% 7911 82
1st 4348 series D
1970 71% 70
7131 25,000 484
Sheffield Steel 5413_1948 88
4,000 05
88
87
Sheridan Wyo Coal 68 1947
41
10,000 23
40

Jan
Apr 102
Sept 1644 Jan
May 8434 July
Jan
Mar 106
May
Sept
Apr
Sept
Apr
Apr
Mar
Mar
Apr
Feb

98
6714
73
54
80%
804
87
81
92
48

Jan
Jan
Sept
July
July
J1113
,
July
July
Sept
July

Southeast P & L 6s
2026
Without warrants
Sou Calif Edison 5a___1951
Refunding be
1952
Refunding ba June 1 1954
Gen de ref 5a
1939
Sou Calif Gas Co 5115 1952
5s
1957
1961
4145
Sou Calif Gas Corp 55_1927
Southern Gas Co 614s 1935

Sept
May
Apr
May
Feb
May
May
Apr
May
Jan

82%
1054
1054
105%
108
103
99%
95
93
10011

Jan
Jan
Jen
Jan
Jan
Jan
Jan
Jan
Sept
Aug

Sou Indiana G & El 510'57
Sou Indiana Ry 4s_ _ _ _1951
Southern Natural Gaa 65'44
Stamped
Unstamped
Southwest(I & E 56.4.1957
As series 13
1957
Sou'west Lt & Pow 55_1957
Sou'west Nat Gas 68-.1945
S'western Pow & Lt 6s 2022
Staley (A E) Mfg 6s_ _1942
Stand Gas & Elm 68_1936
Cony 6s
1935
Debenture as
1951
Debenture 6a,. Dec 1 1966
Standard Investing
:is ex warrants
1937
Stand Pow & Lt6a
1957
Stand Telephone 5155_1943
Stinnee (Hugo) Corp-78 without ware Oct 1 '36
75 without warr
1946

17
17
32
31
107
4015 32
36
954

Si
504 51%
100% 994 100%
100
99 1004
10011 99 1004
10535 104% 1053i
99
9831 99
874 854 874
83
81% 83
85% 85% 85%
9435 9415

98
34

Apr 105% Jan
July
Apr 64

r65
57%
66
67
51
32
45

r65
60
67%
67%
54
36
4554

3,000
46,000
30,000
4,000
32,000
21,000
26,000

39%
39
60
52
50
26
32

Apr
Apr
Apr
Apr
Sept
Mar
Apr

72%
75
82%
82
78%
43
6814

July
July
Jan
Jan
Aug
May
July

4211

89
5915
60
424
41

914
61
6035
44
4215

6,000
70,000
15,000
20,000
17,000

69.%
35
35
284
28%

Mar
Mar
Apr
Apr
Apr

95
77
77
62
60%

Sept
July
July
June
July

40
17%

2,000
72
71
39
4034 57,000
8,000
1615 18

Apr
63
2834 Apr
Apr
10

79% Aug
June
59
3215 Jan

10,000
3515 37
32% 3815 14,000

30% July
29
JUIY

66
59%

Jan
Jan

Apr
Jane
Slay
Apr
Apr
Mar
Apr
Mar

104%
10131
94
83%
105%
10045
109%
1064

Sept
(Jet
Jan
Jan
July
July
Feb
Jan

Sept 9544
Sept 94
Jan 8144
Feb 60
Apr 90
Feb 33
Apr 92
Apr 104
Apr 69
Apr 16/14
Sept 3415

Jan
Jan
Feb
July
Jan
Aug
Jan
Jan
Jan
Jan
May

60
67%
52
35%
45
90%
5915

624
774
54
7211
164
78
5114
89%
23

Ulen Co deb as
1944 33%
Union Atlantic 414s 1937
Union Elea Lt a Power
1967 97
Is series 13
1967
Un Gull Corp lis-JWY ' 102
1 60
45..1949 101
United Elec(N
Un'ted Elea Sere 75_1956 77%
United Industrial 6%s 1941
1st as
1945 45
United Lt &Pow 68.__ 1976
1st 514s_ _April 1 1959
1974 4015
deb g 614s
1952 42
Un Lt a Ry 6141
1973
65 series A




71,000 46
50,000 94
17,000 044
24,000 94
20,000 101
5,000 1)4
3,000 80
9,000 79
4,000 72
1,000 9111

102 102% 14,000
5115 54
13,000

Sun 011 deb 5145
1939 103
Sun Pipe Line 58
1940
Super Power of III 4348.'68 674
1st 448
1970 69
Swift &Co 1st m a 158.1944 103%
6% notes
1940 99%
Syracuse 1..tg 548_ 1954
53 series 13
1957
Tennessee Elec Pow 561956
Tennessee Pub Sere As 1970
Ternl Ilydro Env 6146 1953
Texas Cities Gas 5s_ _ _ 1948
Texas Eiec Service 56_1960
Texas Gas UR/ 6s- _ __1946
Texas Power & Lt 55__1956
56
1937
Tide Water Power 58_1979
Toledo Eatson 5s
1962
Twin City Rap Tr 640'52

18
1714
324
107
43
41
95%

103 103%
101% 101%
67
67%
67% 69
103% 103%
983.5 99%
105% 10535
102% 102%
57
70
75
53%
71
1514
75
9834
49%
8741
22

62%
70%
77%
54
72%
17
78
9954
5134
90
2311

11,000 99%
4,000 9531
10,000 50
16,000 60
10,000 964
27,000 87
3,000 101
3,000 96
6.000
5.000
19,000
27,000
8,000
65,000
17.000
12,000
14,000
66,000
35,000

55
68
MI
46
66
114
70
90
4434
80%
19

33
33% 13,000
101% 101%
4,000

16
92

96% 97% 44,000
100 100
4,000
101% 102
24,000
101 101% 17,000
7636 77% 5,000
41% 44% 5,000
40% 45
34,000
3811 4011 17,000
10.000
64% 66
40
41% 28,000
40
42% 106,000
36
36% 2,000

87%
92%
96
95
67
35
354
2711
54%
2915
31%
2535

Jan
Apr

43
July
10131 Aug

Apr 9931
Apr 106
Apr 1U3
Mar 103
July 83%
May 66
May 68
Apr 60
Mar 82
Apr 68
Apr 61
Apr 55

Sept
Jan
Feb
Jan
Feb
Jail

Jan
June
July
July
July
June

Bonds (Concluded)
U S Rubber
3
-year6% notes ____1933
615% serial notes _1934
614% serial notes___1935
615% serial notes_ _1936
64% serial notes_ _1937
615% serial notes__1938
615% serial notes ..1939
634% serial notes...1940
Utah Pow & Lt 68_2022
1st Ilen &gen 4348..1944

Oct. 7 1933
Sales
Friday
Last Week's Range for
Weal.
of Prices.
Sale
Price. Low. High.

9854
814

100
98
793-4
67
63
64%
63
67%
46
60

Foreign Government
And Municipalities
Baden 7s
1951
Buenos Alree (Prov)LAI 7158
1947
735s stamped
1947
7 stamped
1952
Cauca Valley is
1948
Cent Bk or German State &
Prue Banks Os 13_ _ _1951
(3s series A
1952
Danish 53513
1955
Danzig Port at Waterways
25
-year 645
1952
German Cone M unle 7/L'47
Secured as
1947
Hanover (City) 78_1939
Hanover (Prov)63.4e..1949
Indus Mtge 138 (Finland) .
bit Mare 0011s I 75- _1944
Lima (City) 64s
1958
Ctfs of deposit
Maranhao 78
1958
Medellin Munie 7s__.1951
Mendoza 7158
1951
7158 stamped
1951
Mtge Ilk of Bogota 75.1947
78 Issue of May 1927_
Mtge Bit of Chile 68..1931
Mtge lik of Denmark 5s'72
Parana 7s
1958
Rio de Janeiro 6348...1959
Russian Govt
6155
1919
634s certificates__ - _1919
6145
1921
53.45 certificates__1921
Santa Fe (City) 7s
1945
Santiago 7s
1949
78
1961

25

2634

Lozo.

High.
May
Aug
July
July
July
July
July
July
July
June

68
50%
294
27
25
27
27
25
45
53

Apr z110
Apr 99
Feb 90
Feb 81
Apr 804
Feb 8015
Feb 83
Feb 80
Apr 67%
Slay
70

3,000
7,000
11,000
3,000

68
89
57
64

July
Jan 88
Jan
May 101
Jan
May 77
Apr 71% Jan

6,000
5,000
16,000
8,000
11,000
18,000
2,000
35,000

24
90%
78
85
4415
93
60
3514

(let
Feb
13
Apr 97% Aug
Mar 944 Feb
Sept 102% Jan
June
Slay 71
May 101
Jan
763,i. Aug
May
July
Apr 67

100% 4,000
9855 21,000
5,000
813-4
1,000
67
1,000
63
6,000
68
2,000
65
1,000
6711
7,000
46
2,000
60

Vamma Wat Pow 5155 '57
87
8731
Va Rice &Power 58-1968 934 9331 94
Va Public Sore 5445 A 1946 63
623% 6314
1st ref 58 ser 13
57
57
1950 57
Waldorf-Astoria Corp
13
7s with warrants_ _1954
13
Ward Baking 6s
95
95
1937
84
Wash Gas Light 55. _1958
82
Wash Water Power 58_196h 87
85% 87
West Penn Elec 5s_ _2030
55
55%
West Penn Pwr 48 11._1961
97% 9855
West Penn Traction 5s 1960
6531 65%
West Tease 110158 A 1957 47
49
47
Western Newspaper Union
1944 25% a24 a26
Western United Gas & Else
70
1st 6145 ser A___ _195o 70
67
Westvaco Chlorine 514s '37
103 103
Wise Elec Pow As
1954 1004 1001i 100%
Wis Minn Lt Ar Pr 53_1944 74
74
70
Wise Pow & Lt 5a F_ _1958
6755
67
Wise Pub Sere 6s A _1952
8314 8315
York Railways 5s
84
8614
1937

Range Since Jan. I.

Feb

3,000 z21
54,000 64
1,000 101
1,000 97
9,000 70
3,000 59
3,000 81
7,000 78

9,000

21

35

June

Apr 894 Feb
Mar 103% Jan
Jan
Mar 103
Feb
Apr 91
May 89% Jan
Slay 97
Jan
Jan
Apr 92

Sept

5714

Jan

2531 Jan
Slay
34
2934 May
Mar
7

44
4335
454
194

July
July
July
July

34
3454
2931
934

5,000
34
34
3331 343-5 7,000
294 3334 11,000
94 10,000
9

51
30

52
45
264 30

58

Mar

85

Sept

32%
3014
374

38
314
3014
3734
3815

38
32%
31%
38
3935

11,000
53,000
57,000
7,000
26,000

37
2634
26
37
28

May
Jane
May
oil
May

54
6244
614
61
543-4

Jan
Jan
Jan
Mar
Jan

85
5

83
5
6

86
6
6

21,000
5,000
5,000

59
4
3

Mar
Feb
Slay

9244 July
July
11
June
e9

153-4
12
29%
25

11,000
16
134 7,000
4,000
30
2,000
25

611 Jan
1015 Mar
Mar
17
Oct
25

July
22
July
23
39% July
Oct
25

4,000
25
24
38,000
9
8
62% 6314 57,000

1834 Feb
715 Sept
5731 Apr

July
33
1515 June
July
75
1634 July
2234 July

7734 70

25
25.

38,000
44,000
6,000

3615 May 66
22
Sept55

834 834 4,000
37,000
17
18
39-4
3%

5
7

Jan
Jae

5,000
4
5
74,000
4
3
314 44 25,000
334 411 15,000
3,000
19
18
2,000
8
8
3,000
7
6

2
134
2
I%
13
4
43,

Apr
Mar
Mar
Apr
Apr
Mar
Jan

834
73.1
84
734
26
1334
124

Jan
Jan

July
July
July
July
Slay
June
June

• No par value. a Deferred delivery. a o 6 Certificates of deposit. eons Con
solidated. cum Cumulative. cone Convertible. 6 See note below. in Mortgage. n Sold under the rule. n-v Non-voting stock. r Sold for cash. etcVoting
trust certificates.

w I When Issued.
w w With warrants.
z Ex-dividend.
w WIthOut warrants.
▪ See alphabetical list below for "Deferred delivery" salmi affecting the range
for the year:
American Manufacturing. pref., Feb. 7, 30 at 4311.
Arkansas Natural Gas, corn., class A, March 15. 400 at IS.
AEI/iodated Gas & Elec. 5s 1968. registered, Mar. 29. $1,000 at 13
Beneficial Industrial Loan coin, April 19. 200 at 8.
Central States ISectr c 55 1948, April 7, 816,000 at 2734
Cities Service, corn., April 13, 100 at 174.
Commonwealth Edison 58, series A. 1953, April 24. $5,000 at 91.
Commonwealth Edison 415s, series C 1956, April 24, $2.000 at 83
Gen. Bronze Corp. 65, 1940: low, Apr. 10. 37,000 at 43.
Indiana Electric Ss. series C, 1951, Feb. 1, 57.000 at 80.
International Petroleum, Feb. 2, 200 at 8/5 •
Jersey Central l'ow & Light 54% Pref., May 29, 25 at 58.
Lefcourt Realty Corp.. pref. Apri 4, 100 at 234
Ludlow Mfg. Associates, July 11. 30 at 82.
Niagara-Hudson Power class B option warrants March 21. 10.
l'eoples Light & Power 58. 1979. AprIl 18, 32,0(10 at 34.
San Antonio Public Service 55. 1958, May 3.31,000 at 64.
SyraOUSe Lighting 5445, 1954. Feb. 1. $1.000 at 10934.
Union American Investment 58 w. w. 1948, April 12, $1,000 at 72
Valvoline 011 7s. 1937, July 10. 31,000 at 603.4 •
Western Newspaper Union 6s, 1944, March 16, $1,000 at 21.
▪ See alphabetical list below for "Under the rule" sales affecting the range for
the year:
Associated Telephone $1.50 preferred, Feb. 9. 100 at 194.
American Community Power 5155. 1953, June 16, 51,000 at 10.
Chicago District Electric 5345 19 3 Feb. 2 $7.000 at 9614.
, 6,
.
Cleveland Electric Illuminating 55 1939, June I. 51,000 at 107%.
,
Ilygrade Food Products 6s, series B, 1943, July 25, 51,000 at 6214.
Narragansett Electric 58, series B. 1957, Jan. 17. $1,000 at 104.
New York & Westchester Ltg 58 1954. Star. 27, $5,000 at 10954.
Singer NIfg. Co. Am. dep. rcts.. July 6, 12 at 34.
Tennessee Puollc Service 55, 1970, Jan. 13. $1.000 at 9514.
United States Rubber 6s, 1933. May 19. $8,000 at 10034.
U. B. Rubber 68, 1936, July 31, 52,000 at 90.

2617

Financial Chronicle

Volume 137

Quotations for Unlisted Securities-Friday Oct. 6
Public Utility Bonds.

Port of New York Authority Bonds.
Bid

Bid

Ask

Bayonne Bridge 4s series C
J&J 3
1938-53
Inland Terminal 4348 ser D
M&S
Geo. Washington Bridge
1938-80
4s series B 1938-50._ _J&D 55.00 4.75 Holland Tunnel 434s series E
M&S
4 Sis ser B 1939-63__M&N /5.00 4.75
1934-80
Arthur Kill Bridges 434s
series A 1934-46
M&S

75

85

Ask

75

85

70

SO

9512 99

U. S. Insular Bonds.
Philippine Government
-Bid Ask
48 1934
97 100
tie 1946
90
94
93
97
434s Oct 1959
434s July 1952
97
93
be April 1955
92
97
As Feb 1952
95 100
101 104
5345 Aug 1941
Hawaii 434s Oct 1958
99 102

IIonolulu be
US Panama 38 June 1 1961_
2s Aug 1 1936
25 Nov 1 1938
Govt of Puerto Rico
434s July 1958
Ess July 1948

Bid
98
10312
10014
10014

Ask
103
10412
100 4
,
100 4
,
102
103

98
99

Federal Land Bank Bonds.
Bid
45 1957 optional 1937_M&N 85 4
3
4s 1958 optional 1938_M&N 85 4
3
43.4s 1958 opt 1936____J&J 8612
434s 1957 opt 1937____J&J 8610
434s 1958 opt 1938___M&N 8610
Is 1941 optional 193I_M&N 97
434s 1933 opt 1932___J&D 1003
8

Ask
8634
863
4
8712
8712
8712
98
1007
8

1942
1943
1953
1955
1956
1953
1954

opt 1932__M&N
opt 1933__J&J
opt 1933____J&J
opt 1935____J&J
opt 1936____J&J
opt 1933____J&J
opt 1934____J&J

Bid
913
4
91 4
,
89 4
3
894
,
893
4
913
4
9134

Ask
923
4
92903
4
9034

Bid

434s
434n
434s
434s
43.4s
434s
4 tie

Ask

oo34
923
4
92 4
,

New York State Bonds.
Ask
Bid
Canal dr Highway
55 Jan dr Mar 1933 to 1936 /3.00
Is Jan dr Mar 1936 to 1945 /3.50
As Jan & Mar 1946 to 1971 53.75
Highway Imp 43.4s Sept '83 115,2
Canal Imp 4;is Jan 1964
11512
Can & Imp High 434s 1965_ 106

World War Bonus
43.4s April 1933 to 1939_
434s April 1940 to 1949...
Institution Building
4s Sept 1933 to 1940
4s Sept 1941 to 1976
Highway Improvement
4s Mar & Sept 1958 to'67
Canal Imp 45J &J'60 to'67
Barge CT 4s Jan 1942 to '48

53.00
53.60
53.25
53.50
108
108
108

Bid
85
85
85
85
85
89
89
89
89

Ask
86
86
86
86
86
91
91
91
91

97
a65 Jan 25 1935
97
a6s Jan 25 1936
97
aft Jan 25 1937
ed coupon (serial). dCoupon.

98
98
98

a434s June 1974
a43ie Feb 15 1978
a434s Jan 1977
a434e Nov 16 1978
a434s March 1981
a434s M & N 1957
a4 SO July 1967
a4 he Dec 15 1974
a4 34s Dec 1 1979

New York Bank Stocks.
Par] Bid I Ask
Bank of Manhattan Co__2 ' 25
27
Bank of Yorktown
100
ticnsonburet Natl
34
100 25
Chase
20 2234 24 4
,
Citizens Bank of Ilklyn_100
_ 95
City (National)
20 25
27
Comml Nat Bank dr Tr_100 122 132

Lafayette National
Nat Bronx Bank
National Exchange
Nat Safety Bank & Tr

Par Bid Ask
25
512 812
50 2212 28
25
25 22
4
8
25

25
Penn Exchange
100
Peoples National
Public Nat 13k dc Tr 11CW_ 15

Fifth Avenue
100 995 1045
First National of N Y. _100 1245 1295 Sterling Nat Bank & Tr__26
Textile Bank
Flatbush National
100 35
100
Fort Greene
25 Trade Bank
100
.100
Grace National Bank
_ 200 Washington Nat Bank.
100
Yorkville(Nat Bank of)_100
Kingsboro Nat Bank__..100 18
58

9
5
. 80
-4
24
1 26,
4
14
49
18
12
30

17
52
23
4
40

Trust Companies.
Par Bid Ask
Bence Comm Itallana._ 100 143
Bank of New York dr Tr_100 323 333
Bank of Sicily Trust
12
20 10
Bankers_
10 53 2 55,2
,
Bronx County
20
6
10
Brooklyn
94
100 89

Empire
Fulton
Guaranty
Irving Trust
Kings county
Lawyers County

Par
20
100
100
10
100
26

Bid I Ask
173 19,
4
4
230 260
272 277
157 173
8
s
1880 1980
3314 3514

20 133
8
Central Hanover,
20 11412 11812 Manufacturers
25 83
Chemical Bank & Trust_ _10 32 s 34 8 New York
,
,
4
Clinton Trust
50 40
50 Title Guarantee & Trust_20 153
Colonial Trust
100 10
13
100 55
Continental Bk & Tr
10 123 141 1 Underwriters True%
4
100 1575
Corn Exch Ilk & Trust...20 50
52
United States

147
s
86
17
,
85
1625

(Guarantor in Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware dr Hudeon)_100
100
Allegheny & Western (Buff finch & Pitts)
50
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
I00
Caro ClInchfield & Ohio(L & N A CL)4%
100
Common 5% stamped
Chic Cleve Ono & St Louis pref(N Y Cent)_._100
50
Cleveland & Pittsburgh (Pennsylvania)
50
Bettertnan stock
25
Delaware (Pennsylvania)
100
Georgia RR dr Banking (L dr N. AC L)
Lackawanna RR of NJ (Del Lack & Western)-100
100
Michigan Central (New York Central)
50
Morris & Essex (I)el Lack & Western)
New York Lackawanna & Western (1) L& W)-100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H dr Hartford)
60
Oswego dr Syracuse (Del Lack AC Western)
50
Pittsburgh Bess & Lake Erie(US Steel)
50
Preferred
100
Pittsburgh Fort Wayne & Chicago (Penn)
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson) _l00
100
St Louis Bridge let pref (Terminal RIO
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal(Penne)
Valley (Delaware Lackawanna & Western).- 10
0
100
Vicksburg Shreveport & PaCific (III Cent)
100
Preferred
60
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
• No par value

d Last reported market.




Bid.

Ask.

75
80
6.00
170
180
11.00
83
89
6.00
29
33
2.00
115
120
8.75
135
8.50
43
49
3.00
65
4.00
70
5.00
72
78
75
82
5.00
62
3.50
66
36
40
2.00
33
2.00
37
138
10.00
145
62
66
4.00
50.00
700
59
3.875
83
78
5.00
84
73
4.00
78
91
7.00
97
60
4.50
65
29
1.50
32
60
3.00
115
7.00
.
12
7.00
145
150
105
6.90
II()
6.00
107
111
3.00
53
3.00
107
-ill
10.00
203
207
6.00
85
78
5.00
65
70
5.00
65
70
3.50
45
50
3.00
52
57
e Defaulted
I Fx-enunnfi.

Par
Ask
Kansas City Pub Seri pref •
,
112 3 2 Kansas Gas & El 7% Pf 100
,
pref ___100
2
312 Kings Co Ltg
312 Metro Edison $7 pre B....*
2
9112
13% preferred ser C
•
87
MisslesiDDI P & L $6 pref •
10112 io4
30 Miss Rtver Power pref..100
25
Mo Public Serv pref___100
_
60
62 Nassau dr Suffolk Ltg laf 100
58
Newark Consol Gas___ _100
1
14
New Jersey Pow & Lt $6 pf•
59
56
4
6512 673 N Y & Queens E L & P pf100
•
6512 6812 Pacific Northwest P S
6% preferred
100
9112 94
100
. Prior preferred
45 55
Philadelphia Co $5 pref_60
145
...100
48 Somerset Un Md Lt.
45
South Jersey Gas& Elec.100
93
Tenn Elec Pow 6% pref _100
14412
63 67 United 0& E(NJ) pref 100
7312 76
Wash Ry & Elec corn_ _100
100
5% preferred
3
4
501- 52, Western Power 7% pref _100
4
Bid

Bid
7912
67
7114
52
55
31
61
8112
4312

Ask
821,
6914
74
56
60
33
63
47

Bid Ask
3
s
113
7212
70
8512 93
72
70
55
58
1610 1912
78
83
6
912
59
6212
95 4 99
,
67
63
100 105
--__ 10
9
31. 512
32
78
70
14812 155
2912 34
4012 45
275
86 4 89.;
, -78

Investment Trusts.
Par Bid I Ask
Administered Fund
1 15.76 17.13
Amer Bankstocks Corp
• .95 1.09
1.47 1.63
Amer Business Shares
14
4,
312 52
Amer Composite Tr Shares.
412
Amer & Continental Corp_ _
16
Am Founders Corp 6% p150 11
16
7% preferred
50 12
6
10
Amer & General Sec cl A__•
14 2
Class Is corn
43
83 preferred_
•
14 2,2
3
Amer Ineuranstocks Corp_• 33
47
8 53
8
Assoc Standard 011 Shares__

Major Shares Corp
Maas Investors Trust
Mutual Invest Trust

Par Bid Ask
•
218
-.
• 17.75 16.3
1.08 1.18

National Wide Securities Co
Voting trust certificates_
N Y Bank dr Trust Shares_
No Amer Bond trust etre_ __
No Amer Trust Shares.1953
Series 1955
Series 1956
Northern Securities
100

3.22 3 32
1.38 148
28 3
,
757 7912
8
182
2.33 2.55
2.27 2.50
55
45

24
Pacific Southern Invest Dr-• 21
438
312 512
•
Class A
1
4 13
4
Class B
1.20 1.28
3.16
1.40 1.51
.55 .80 Quarterly Inc Shares
8
117 127
8
Representative Trust Shares 8.53 9.28
14
3
4
22 Royalties Management....
20
Central Nat Corp class A__
12 212
Class B
4
2
8
Century Trust Shares_ ___• 1612 177 Second Internet Sec cl A__•
18 2
Class B common
2.15
Corporate Trust Shares
6% preferred
ao 18 22
2.08
Series AA
Selected Amer Shares Inc__ 1.20 1.28
2.08
Accumulative series
2.28 2.35 Selected American Shame_ 2.52 Series AA mod
2.28 2.35 Selected Cumulative Stirs_ 6.67 6.92
Series ACC mod
Selected Income Shares.... 3.34 3.88
Crum & Foster Ins Shares
5 8 618
,
16 Selected Man Trustees Shs _
Common 13
10 14
1514 161s
Spencer Trust Fund
Preferred
100 7712
7%
16 Standard Amer Trust Shares 3.00 3.40
Crum & Foster Ins corn___• 14
.81 .87
Standard UtIlitles Inc
85
8% Preferred
61.11 66.07
State Street Inv Corp
Cumulative Trust Shares..' 3.95
Super Corp of Am Tr She A 303
209
AA
Deposited Bank She ser A._ 2.16 2.40
318 --9.88 3.20
Deposited Insur Sits A
2.10 _
BB
71 1
Diversified Tristee She B.__
565 _
3.00 3.30
5.66
43
4 51 1
1.34 1.36
1.17 1.29 Supervised Shares
Dividend Shares

Bancamerice-Blair Corp_ _ _
Bancshares. Ltd
Participating shares __ 50c
Basic Industry Shares
•
British Type Invest A
1
Bullock Fund Ltd

2.75 3.10
Equity Trust Shares A
Fidelity Fund Inc
• 49.39 53,32
First Commonstock Corp..
• .96 1.10
Five-year Fixed Tr Sharee_ 3.93
• 8.32 ...._
Fixed Trust Shares A
• 7.04
414 431
Fundamental Tr Shares A._
4
•
Shares B
2.01 2.21
Fundamental Investors Inc
General Investors Trust __•
Guardian Invest pref w war

Guaranteed Railroad Stocks.

Ask I
New p N & Ham 58 '44.J&J
46
N Y Wat Sec As 1951_M&N
Oklahoma Gas 68 1940_ _ _ _ _
40 4 Old Dom Pow be_hisy 15'51
3
44 Parr Shoals P be 1952_ _A &O
1914 Peoples L & P 5AR 1941 J&J
34 Roanoke W W 5s 1950_J&J
72 United Wat Gas & E 5111941
4312 Western P S 5 Sis 1960_ F&A

PublicUtility Stocks.
Par
Arizona Power pref___ _100
Assoc Gas & El ortg prat _•
ST.50 preferred
•
$7 preferred
•
Atlantic City Elec $ti pref _•
Bangor Hydro-El 7% pf.100
Broad River Pow pf
100
Cent Ark Pub Serv pref _100
Cent Maine Pow 8% p1.100
Cent Pub Serv Corp pref _ *
Consumer's Pow 5% pret•
100
8% Preferred
6.60% preferred
100
Dallas Pow & Lt 7% pref 100
Derby Gas & Elec 37 pref _•
Essex-Hudson Gas
100
Foreign Lt & Pow units_
Gas dr Elec of Bergen__ _100
Hudson County Gas_
100
Idaho Power 6% pref
•
7% preferred
100
Inland Pow & Lt pref _100
Jamaica Water Supply pf _50

110
110
110

New York City Bonds.
Bid I Ask
03s Ms y 1935
90 4 9112
3
d334s May 1954
78
76
a3SO Nov 1954
78
76
81
a4s Nov 1955 & 1956
79
a4s 56 & N 1957 to 1959- - - 79
81
81
a4s May 1977
70
81
ate Oct 1980
79
c4 Sirs Feb 15 1933 to 1940
58.50 6.00
a4 lie March 1960
83 2 85
,
a434s Sept 1960
85 86
86
a434s March 1962 & 1984- 85
a434s April 1968
85 86
85 86
a43.4s April 15 1972
Interchangeable. b Basis. c Itegiste

Bid
Amer S PS 534e 1948_2,1.1,N
42
Atlanta G L 193 1947 __J&D 9712
Central Gas dr. Elec4
let lien coil tr 53.44'46J&D 363
let lien coil tr (is '46_M&S 40
4
Fed P S 1st 65 1947___J&D e143
Federated Util 5344'57 M&S 29
III Wat Ser 1st be 1952_J&J 70
Iowa So Utll 5344 1950_J&J 41
Louis Light 1st 5s 1953 _ A&O 102

Trust Fund Shares
Trust Shares of America...
Trustee Stand Investment C
Trustee Standard Oil She A

Trustee Amer Bank She A
Series B
Trusteed N Y Bank Shares_
20th Century °rig serles
Series B
418 43
8
9
12 Two-year Trust Shares

38 United Bank Trust
.28
Huron Holding Corp
United Fixed Shares ser Y
Incorporated Investors_
• 17.32 18.81 United Insurance Trust
Independence Tr Shares _ _• 2.01 2.29 U S & British International
•
Preferred
Indus & Power Security _ __• 1218 14
US Elec Lt dr Pow Shares A
Internet Security Corp(Am)
15
100 10
834% preferred
Voting trust ctfe
15
6% preferred
100 10
131 Un N Y Bank Trust C 8
34
Investment Co of America.'
Un Ins Tr She ser F
14
7% preferred
100 11
2 U S Shares ser II
1
Investment Fund of N J__•
Investment Trust of N
43
2 51 1
Low Priced Shares

33
8
24
3
2.11
2.05
5
4,8
1.90
.84
1.15
1.75
2 60
15 4
,

37
8
34
,
2.41
2.35
.
-514
.96
1.35
3
-66
183
4

312 412
214 3
1 8 I.
,
6
10
113 12,
4
4
2.12 2 22
.78 .88
3 4 414
,
13
4
514 - 4
61-

53
8

Telephone and Telegraph Stocks.
Par Bid
Cuban Telephone
100 20
'7% preferred
Empire dr Bay State TeL 100 3612
Franklin Teleg $2.50
100 27
Int Ocean Teleg 6%....l00 70
Lincoln Tel & Tel 7%
• 90
Mount States Tel dr Tel_100 10312
New York Mutual Tel..100 15

Par
New England Tel & Tel_100
Northw Sell
pt 6 Si %100
Pat & Atl Teleg US I%__25
Roch Telep S6.50 1st pf_100
So & Atl Teleg $1.25____25
Tr! States Tel & Tel $6___•
Wisconsin Telep 7% pref100

Ask
Bid
8812 91
105 10712
1312 17
8514
15
20
100
107 109

SugarStocks.
Par Bid I Ask
75 Savannah Sugar Ref
Fajardo Sugar
100 60
•
7% preferred
Haitian Corp Amer
841 134
United Porto Rican
Sugar Estates Oriente Df 100
Preferred
s F.r-divid end
r Ex-rtock dividends.

Ask
Par Bid
• 8412 9312
100 8612 9512
12 412
•
2

Financial Chronicle

2618

Oct. 7 1933

Quotations for Unlisted Securities-Friday Oct. 6-Concluded
Aeronautical Stocks.

Chain Store Stocks.
Par Bid Ad
18
• 14
Bohack (H C)corn
7% preferred
100 7412 8412
212
1
Butler(James)corn
100
100
Preferred
3
14 714
Diamond Shoe pref
100 51
Edison Bros Stores prof-106 57
Fan Farmer Candy Sh Pt.' 23
6
Fishman(M H)Stores__•
8
100 55
70
Preferred
Kobacker Stores pret_ _100 1512 2012
100 100 4
Lord A Taylor
3
100 79
1st preferred 8%
Sec preferred 8%
100 79

Par Bid
Melville Shoe pref
100 85
Miller (I) A Sons pref__ _100 12
Mockluds&Voehringerpf 100 65
Murphy(SC)8% pref _100 86

if"

1
18
79
80

212
25
8412
---

Nat Shirt Shope (Del)
100
Preferred
Newberry (J .7) 7% prig _100
N Y Merchandise 18t P1-10
0

Ask

414
Figgly-Wiggly Corp
•
Reeves (Daniel) prat_ _100 100
74
69
Schiff Co pref
100
Silver (Isaac) & Bros 0_100 12

Industrial Stocks.
Par Bid
Ask
Alpha Portl Cement 10-100 70
_
44
American Book $4
100 42
312 7
Amer Dry Ice Corp
60 1312
Blise(E W)Lst pref
10
2
2d pref B
30
Bohn Refrigerator pf___100 15
• 30
Bon Anal Co B com
Brunsw-Balke-Col pref__100 47 5/Burden Iron pref
100
2212
Canadian Celanese' 2512 28
Preferred
con1-100 10412 10512
17
• 15
Carnation Co corn
100 8812
Preferred $7
2
.
Chestnut & Smith
10
Preferred
corn-H10
318 4
Color Pictures Inc
34 -Columbia Baking corn____•
•
33
4
1st preferred
212
•
2d preferred
Congoleum-Nalrn $7 Pf 100 105
19 2
- -1corn....
Crowell Pub Co$I• 17
83 87
$7 preferred
De Forest Phonotilm Corp__
12
• 2012
Doehler Die Cast pref
10
Preferred
$50 par
cont_i60
Eiseman Magneto•
-- 2
61Preferred
Gen Fireproofing 97 pf__100 35
Gaston & Knight corn
100 2412
Preferred
Herring-Hall-Mary Safe_100
100
Howe Scale
100
Preferred
•
Industrial
Acceptc°m--100
Preferred
Locomotive Firebox Co__•
Mactadden Public'ns com..5

1612
1
512
2814
4s
3
218

Ask
Par Bid
Madadden Publiens pf__ • 1412 1612
Merck Corp 98 prat
100 98 102
25
National Licorice corn_ _ _100 20
15
National Paper & Type.100
20
New Haven Clock pref 100 12
New Jersey Worsted pf100 40
•
Ohio Leather
Okonite Co $7 pref
100
•
Publication Corp corn
100
$7 1s1 preferred
•
Riverside Silk Mills
Rockwood & Co_
•
100
Preferred
Rolls-Royce of Amerlea___•
Roil Theatres units
Common
Preferred A
100
Ruberoid Co

20
20
512
70
1812
10
40

25
35
10
19

i(3
1
8
Is 13

14 1
32
28

Splitdorf Beth Elea
Standard Textile Pro___100 ---- 1
4
1
100
Class A
2
Class B
100
114
3
25 Stetson (.I B) Co prof _ _25 10 4 14
14
13
• 10
4 Taylor Milling Corp
114
15 Taylor Wharton Ir&St corn •
814
Preferred
100
45
1 8 418
,
5 Tenn Products Corp pref _60
58
100 51
2812 TubiseChatilion cupt
10
13
5 218
Unexcelled Mfg. Co
1912 White Rock Min Spring
100 9012
2
S7 1st preferred
100 135
812
$10 2d pref
100
414
4 Woodward Iron
51
100 46
30 Worcester Salt
63 Young (J 5) Co com_. 100 59
8
318
100 8212
7% Preferred

Bid
64
76
99
51
30
70

Ask
68
80
_
57
40
80

Bid
Ask
85
Merchants Reale 68 1937___
NO Or No RR 5s '55.F&A 62912 33
N Y A Hob Ferr 59'46 JAD 55 80
N Y Shipbdg Se 1940_MAN 88

Piedmont & Nor RI 59_1954 75
Pierce Butler & P 6%. 1942 1112
72
76 Prudence Co Guar Coll
514s, 1961
404
6512
1(312 22- Realty Aadoc Sec 6e'37.J&J 6273
55 4
e83 113 81 HImadway 534: 5
4
'0-Ak0
4
_ Bo Indiana Ry 48 1951_ FAA
98
Stand Text Pr 6148'42 MAS -1256 Struthers Wells Titusville
51
Erma Office Bldg 681952___
6345 1943
37
61512 19
Haytian Corp 88 1938
6012 65
Hoboken Ferry 55 1946
International Salt 5s__1951 8412 87 Tol Term RR 410'57_MAN 84
_1937 9512
Journal of Comm 630_1937 5114 5414 Ward Baking 1st 13s
Kam City Pub Serv Os 1951 2212 2412 Witherbee Sherman Os 1944
New
10
Loew's New Brd Prop
73 Woodward Iron 561952..J&J 63412
.1,5vD 88
68

Central Airport
•
!Sinner Airplane & Mot_ _ _1

Insurance Companies.
Par
Aetna Casualty & Surety.10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Colony
6
American Equitable
5
American Home
._10
American of Newark _ _ _2a
American Re-insurance. 10
American Reserve
10
American Surety
25
Automobile
10
Baltimore Amer
2%
Bankers di Shippers.-.
..25
Boston
100
Carolina
10
City of New York
100
Connecticut General Life.10
Consolidated IndemnItY --6
Continental Casualty
Coemonolitan Fire
10
Eagle Fire
212
Exoem
5
Federal
10
Fidelity & Deposit of Md_20
Firemen's of Newark
5
Franklin Fire
5
General Alliance
•
Georgia Home
10
Glens Falls Fire
5
Globe & Republic)
Globe Az Rutgers Fire._ 25
Great American
5
Great Amer Indemnity .- 1
Halifax Fire
10
Hamilton Fire
25
Hanover Fire
10
Harmonia
10
Hartford Fire
.
.10
Hartford Steam Boiler. 10

Ask
Bid
4
453 473
4
3014 3214
1818 2018
5012 5512
z1312 1512
,
47
8 78
16
13
4
62
4 83
9
8
3614 3914
8
93 113
8
20
18
4
173 193
4
3
24 34
3
323 423
4
4
453 478
1378 157
8
134 144
2814 3014
7
17
8 3s
12
10
1214 1514
2
52 358
9
8
5612 8012
4
203 2234
4
43
4 53
8
163 177
8
83 103
4
4
17
13
2414 2614
4
83 113
4
52 62
153 1714
4
4
52
4 73
8
137 157
8
39
29
3
233 25 4
4
8
147 167
8
4318 4518
473 50 4
4
,

Par
Home
5
10
Home Fire Security
Homestead Fire
10
10
Hudson Insurance
Importers & Exp. of N Y_25
5
Knickerbocker
Lincoln Fire
5
2
Maryland Casualty
25
Mass Bonding & Ins
Merchants Fire Assur com212
Merch & Mfrs Fire Newark 5
10
Missouri States Life
10
National Casualty
10
National Fire
2
National Liberty
00
National Union Fire
5
New Amsterdam Cas
New Brunswick Fire
10
10
New England Fire
New Hampshire Fire
10
New Jersey
20
New York Fire
5
Northern
12.50
North River
2.50
Northwestern National.
.21

Btd
18
138
958
53
4
8
7ti
6
13
8
218
17
273
4
43
8
82
412
4514
518
56
113
8
1478
77
8
3314
1712
10
46
1614
8412

Ask
19,
2
23
8
1118

23
13
418
20
313
4
638
8
25
Oil
4714
618
61
1338
167
8
1278
3614
2012
13
51
1814
8912

Pacific Fire
25 3434 4434
Phoenix
-10 583 603
4
4
13
Preferred Accident
5 11
8
8
Providence-Washington..10 215 233
30
10
Rochester American
St Paul Fire & Marine. _25 114 119
Security New Haven
10 233 25$4
4
Southern Fire
10 1214 1414
Springfield Fire & Marine_25 81
86
7
5
Stuyvesant
10
Sun Life Assurance
100 385 435
Travelers
100 392 407
318 418
U S Fidelity & Guar Co___2
11
4 307 327
8
11 S Fire
20
Westchester Fire
2 50 18

Realty, Surety and Mortgage Companies.
Par Bid
178
Bond A Mortgage Guar__20
Empire Title & Guar-100 22
50
Guaranty Title & Mortgage_
414
Home Title Insurance_ __25
15
International Germanic Ltd

Ask
33
8
50
80
614
20

Par Bid
Ask
Lawyers Title & Guar_100
93 1184
4
Lawyers Mortgage.
20
13
4 314
1
National Title Guaranty 100
.2
24
N Y Title & Mtge
10
13
4

New York Real Estate Securities Exchange
Bonds and Stocks.

Industrial and Railroad Bonds.
Adams Express 4,'47.JAD
American Meter 13s 1948._
Amer Tobacco 4s 1961 FAA
Am Type Fdrs 68 1937 MAN
Debenture 6(31939_ _MAN
Am Wire Fab 78 '42__M&S
Bear Mountain-Hudson
River Bridge 7s 1953 A&O
Chicago Stock Yds 58_1961
Consol Coal 414s 1934 MAN
Comm' Mach Tool 76_1942
Consol Tobacco 4: 1951----

Ask
Par Bid
Ask
2
5
10 Southern Air Transport__•
•
2
3 Swallow Airplane
United Aircraft Transport
4612 50
Preferred x warr
3
1
ly
7 Warner Aircraft Engine__ ..•
5
12
1

Par Bid
Alexander Indus 8% pf-100
Aviation Sec Corp (N El--•
1

80
412
313
4
59
21 2
-147
90
98
1312
3812

Chicago Bank Stocks.
Parl Bid
Ask
Par Bid AM
100 76
79
Amer Nat Bank A Trust _100 76
85 First National
Central Republic
100
112 214 Harris Trust & SavIngs- 100 220 230
100 350 380
Continental Ill Bk A Tr_100 27
28 Northern Trust Co

Bid

Active Issues.
Bonds
Albany Metropolitan Corp
1938
6348
Central Zone Bldg ctfs
1948
Chrysler Bldg as
Cranleigh (The) 641
1937
1941
Dorset (The) 8s
1939
Drake (The) es
80 Fifth Ave Bldg 6s_ 1940
Fifth Ave & 29th St Bldg
1948
65
502 Park Ave Bldg ctts_
40 Wall St Bldg 6s
1958
42d St A Lexington Ave
Bldg 034s
1945
Fox Theatre & Office Bldg
1941
810
Fuller Bldg 51511
1949
Harriman Bldg Corp 65_1951
Hearst Brisbane Prop Os '42
Hotel Lexington 65....1943
Hotel St George 5as_1943
Lincoln Bldg Certificates__ _
Loew's Theatre & Realty
1947
Corp 13s
Marcy (The) 88 1940
Mortgage Bond (N Y)530_
New Weston Hotel Annex
1940
(is

Ask

Active Issues.

Bonds (Concluded)
.1946
N Y Athletic Club Os.
Oliver Cromwell Hotel
20
Certificates
3214
27
43 46 165 B'way Bldg 510_ __1951
Park Central Hotel ctls__
17
20
21 Pennsylvania Bldg Ms_
12
23 Penny (J C)Corp 514s_ _1950
20
32 Savoy Plaza Corp Os ate '45
28
Sherry Netherland Hotel cas
_ 52 616 Madison Ave Bldg 6128
1938
8
1112
42 10 E 40th St Bldg 8s_ __1940
38
301 E 38th St Bldg cas___ _
19 2480 Broadway Bldg 6125 '37
16
Trinity Bidgs Corp 51v_1939
10 2124-34 Bway Bldg etts_ _
43 West End Ave dc 104th St
40
Bldg 68
1939
52
56
5312 56
Stocks
Alliance Realty Co
10
13
29
32 Beaux Arts Apt Inc units_ _
39
42 39 Broadway Bldg Units___
City & Suburban Homes__
40
2012
French (F F) Investing_
3012 36
Preferred
French (F F) Operators
1912 24
Units

Btd

Ask

19

21

1112
51
812
191
99
8
1112

1312
54
812
23
13
1312
18

14
30
29
33
96
71

32
36
99
11

18

19

6
91
5

-9
14
7

1
7

2
9

60

80

Other Over-the-Counter Securities-Friday Oct. 6
Railroad Equipments.

Short Term Securities.
Allis-Chal Mfg S. May 1937
Amer Meta)514s 1934.A&O
Amer Wat Wks 561934 A&O

Bid
84
94 8
,
9512

Bici I Ask
Ask
88
Mag Pet 434. Feb 15 '34-'35 10012
9512 Union 011 5s 1936-- FAA 1014 162I8
967
8i

Water Bonds. .
Bid
Alton Water 5s 1958...A&O 91
Ark Wat 1,1 58 A 1956..A&O 8512
Ashtabula W W 58'58_A&() 8012
Atlantic Co Wat(Se '68 M&S 81
*-e.
4
A'54A&O 98
Birm WW 1st 5
let m 5e 195" ser B_ _JAD 90
88
1st 581957 series C_F&A
Butler Water 5111957__A&O 78
City of Newcastle Wat 6s'41 90
City W (Chat) 55 B '64 JAD 95
94
1st 55 1957 series C_M&N
Commonwealth Water
FAA
91
1st Si 1966 B
1st m as 1957 ser C__F&A 90
Davenport W Is 1961__J&J 88
75
ESL& IntW 5e'42____J&J
1st m Os 1942 ser B__J&J 79
73
1st Ice 1980 set D___F&A




Ask
Bid
Ask
92 Hunt'ton W 1st 6s'54.. MAS 97 100
1st in 5e 1954 ser B__MAS 84
_
87
5,1962
80
82
80
83 Joplin W W 58'57 ser AMAS 78
Kokomo W W55 1958.JAD 77
79
Monm Con W 1st 58'58 JAD 80
99
83
Monon Val W 514s '50_ /A.) 88
.
90
90 Richm W W 1st 5s'57_618eN 8812 88
St Joseph Wat 58 1941..A&O 9412
81
92 South Pitta Water CoFAA
99
_
at 58 1955
ll()
1st & ref 55'60 set A _JA.1 93 95
95
let & ref 5s00 ser B_J&J 93
Terre Ens WW 6s'49A JAD 85 87
92
1st m 55 1958 ser B_ _J&D 83 88
73
75
_ _ Texarkana W 1st 5a '58 FAA
80
Wichita Wat 1st Os '49 MAS 98 100
82
let m 5s '66 ser B.._ FAA 90
75
1st m 54 1960 ser C_MAN 87

BidAsk
Atlantic Coast Line Bs
4.50 3.50 Kanawha & Michigan fla___
4.75 4.00 Kansas City Southern 534s.
Equipment 630
4.75 4.00 Louisville & Nashville 13e___
Baltimore A Ohio 6s
5.00 4.25
Equipment 434s & 5sEquipment 6148
Buff Rod' A Pitts equip 6s. 5 00 4.20 Minn St PASS M 41.0 AS,
Canadian Pacific 4149 A (le 5.50 4.50
Equipment 6541 & 7s...
4.20 3.75 Missouri Pacific 830
Central RR of N J (36
4.15 3.00
Chesapeake de Ohio Os
Equipment 6s
4.15 3 GO Mobile & Ohio 55
Equipment 634:
4.15 3.00 New York Central 434. AS:
Equipment As
8.00 6.50
Equipment 611
Chicago & North West 6eEquipment 79
8 Oa 6 50
Egulpment 6148
Chic RI & Pao 414s & 5s.. 11.00 8.00 Norfolk A Western 4
11.00 8.00 Northern Pacific 75
Equipment 6s
Colorado & Southern Os.... 5.50 5.00 Pacific Fruit Express 7s._ -4.75 4.00 Pennsylvania RR equip 6...
Delaware& Hudson 6s
6.00 5.00 Pittsburgh& Lake Erie 61411
Erie 4%.Ss
6.00 5 00 Reading Co 410 AS.
Equipment Os
4.75 400 St Louis & San Fran S.
Great Northern fla
4.75 4.00 Southern Pacific Co 434....
Equipment 5*
Hocking Valley As
4.40 4.00
Equipment7s
4.40 4.00 Southern RI 414s & fis
Equipment (is
4.75 4.40
Equipment Os
Illinois Central 414s A Se_
4.75 4.40 Toledo & Ohio Central ft-.
Equipment (3s
Equipment 7s A 614s.... 4.75 4.40 Union Paella, 75
• No par

value. 0 Last

reported market.

Bid
5.50
(3.00
465
4.65
12.00
12.00
12.00
12.00
12.00
4.75
4.75
4.75
4 00
4.75
4.50
400
6 00
4.30
12 00
4.75
4.75
5.75
5.75
6.00
4.00

Ask
4.60
5.00
4.15
4.15
8.00
8.00
8.00
8.00
8.50
4.00
4.00
400
3 00
400
8.60
300
6 00
3.60
8.00
4 25
4 25
5.00
500
5.00
3.00

e Defaulted. s Ex-dividend.

Volume 137

Financial Chronicle

2619

Current Earnings—Monthly, Quarterly, Half Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that
have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities, industrial concerns or any
other class and character of enterprise or undertaking. It is all inclusive In that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not-confined to the returns which have come to hand the present week. It includes those given
in our issue of Sept. 30 and some of those given in our issue of Sept. 23. The object of this index is to supplement the information contained
in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly
reports. The "Monthly Earnings Record" was absolutely complete up to the date of issue, Sept. 22, embracing every monthly, semiannual and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The figures in most cases are merely
for a month later, but there are also not a few instances of additions to the list, representing companies which had not yet made up their
returns when the September number of the "Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to every return that has appeared
since the last preceding number of the "Monthly Earnings Record." The latter is complete in and by itself, and for most persons will answer
all purposes. But to those persons who are desirous of seeing the record brought down to date every week, this further and supplementary
Index in the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly Earnings Record'
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down
to date each and every week—an absolutely unique service. A further valuable feature is that at the end of every return, both in the
"Chronicle" and the "Monthly Earnings Record," there is a reference line showing by date and page number the issue of the "Chronicle"
where the latest complete annual report of the company was published.
Issue of Chronicle
Name of Company—
When Published. Page.
Acme Gas & Oil Co.,Ltd
Sept.23_ _2275
Alaska Juneau Gold Mining Co
Oct. 6..2621
Ambassador Petroleum Co
Oct. 6..2640
Agnew-Surpass Shoe Stores, Ltd— _Oct. 6_ _2640
Akron Canton & Youngstown
Sept. 30_2448
Alabama Great Southern RR
Sept.30.-2451
Alabama Power Co
Sept.30...2454
Sept.30 _ _2454
Alabama Water Service Co
Alaska Pacific Salmon Corp
Sept.30..2454
Sept. 30._2465
Alberta Pacific Grain Co., Ltd
Alton RR
Sept.30..2448
Alton & Southern
Sept. 23_ _2262
Sept.23..2263
American Chain Co
Oct. 6_ _2628
American & Foreign Power Co
American Fruit Growers •
Sept.30..2465
Oct. 6..2621
American Gas & Electric Co
Oct. 6 _ _2622
American Hide & Leather Co
-Sept. 23__2263
American La France & Foamite Co.
American Rolling Mill Co
Sept. 30..2454
Sept.30.._2465
American Ship Building Co
.Oct. 6...2621
American Smelting & Refining Co..
Sept.30..2466
American Sumatra Tobacco Co
Amer. Water Works & Elec. Co.,Inc-Sept.30._2454
Ann Arbor RR
Sept.30..2448
A. P. W.Paper Co
Oct. 6_2641
Oct. 6_ _2622
Associated Electric Co
Archer-Daniels Midland Co
Sept.30_ _2466
Arnold Constable & Co., Inc
Sept.30_ _2455
Atchison Topeka & Santa Fe Ry.
System
Sept. 30_2452
Sept.30.-2448
Atchison Topeka & Santa Fe
Sept.30.-2448
Atlanta Birmingham & Coast
Sept.30..2448
Atlanta & West Point
Sept.30..2448
Atlantic Coast Line RR
Atlantic Gulf & W.Indies SS.Lines-Sept.30-2455
Atlas Brewing Co
Sept.30..2454
Automobile Banking Corp. of Phila.Oct. 6..2622
Sept.30..2448
Baltimore & Ohio RR
Bait. & Ohio Chicago Terminal
Sept.30_2448
Bangor & Aroostook RR
Sept.30...2452
Barcelona Trac. Lt.& Pow.Co.,Ltd.Oct. 6..2622
Baton Rouge Electric Co
Oct. 6_ _2622
Oct. 6..2621
Beaumont Sour Lake & Western
Oct. 6..2622
Belden Mtg. Co
Sept.30..2454
Bellanca Aircraft Corp
Belt Ry. of Chicago
Sept.30..2448
Oct. 6_ _2622
Bemedji Wood Products Co
.Sept.30.-2455
Benguet Consolidated Mining Co.
Sept.30 _ _2448
Bessemer & Lake Erie
Sept.30.-2453
Boston & Maine RR
Boston Personal Property Trust
Oct. 6..2622
Blue Ribbon Corp., Ltd
Sept.23_ _2276
Brazilian Trac. Lt.& Pt. Co.,Ltd...Sept.30-2455
Sept.23..2263
Bridgeport Machine Co
British Columbia Packers, Ltd
Oct. 6-2641
British Columbia Power Corp., Ltd _Oct. 6..2633
Sept.30_ _2455
British Type Investors, Inc
Brompton Pulp & Paper Co., Ltd- Oct. 6-2641
Brooklyn Eastern District Term.. Sept.30_ _2448
Oct. 6..2642
Brown Fence & Wire Co
Burlington & Rock Island
Sept.23__2264
Butterick Co
Sept.30...2448
Cambria & Indiana
Sept.30_ 2455
Canada Northern Power Corp
Oct. 6._2622
Canadian Fuels, Ltd
Sept.30..2453
Canadian National Rye
Canadian Nat'l Lines in N. England_Sept.30-2448
Canadian Pacific Lines in M sine_ __ _Oct. 6..2620
Canadian Pacific Lines in Vermont.Oct. 6..2620
Sept. 30..2448
Central of Georgia
Sept.30..2448
Central RR.of New Jersey
Central States Power & Light Corp_ Oct. 6.-2622
Oct. 6..2622
Central States Utilities Corp
Sept.23..2263
Central Vermont Ry Inc
Sept.23..2264
Chapman IC° Cream Co
Charleston & Western Carolina_ _ _ _Sept.30..2448
Sept.23..2262
Chesapeake & Ohio Ry
Sept.30...2448
Chicago Burlington & Quincy
Sept.30.-2448
Chicago & Eastern Illinois
Sept.30..244,
Chicago & Erie
Sept.30_2448
Chicago & Great Western
Sept.30.-2448
Chicago & Illinois Midland
Chicago Indianapolis & Louisville_ _Oct. 6..2620
Sept.30..2448
Chic. Milw. St. Paul & Pacific
Sept.30..2449
Chicago & North Western
Sept.30 _2449
Chicago River & Indiana
Oct. 6.-2620
Chicago Rock Island & Gulf
Chicago Rock Island & Pacific Co.-Oct. 6..2620
Chicago St. Paul Minn.& Omaha Sept.30_2449
Sept.30_.245l
Cinc. N. Orleans & Tex. Pac
Sept.30..2449
Clinchfield
Sept.30 _2467
Columbia Pictures Corp
Sept.30..2449
Columbus & Greenville
Sept.30_ 2455
Commonwealth & Southern
Oct. 6..2620
Colorado & Southern
Sept.23..2267
Com pante Cuban,
Consolidated Gas Electric Light &
Oct. 6_ _2622
Power Co.of Baltimore
Oct. 6__2623
Consolidated Laundries Corp
Consolidated Railroads of Cuba- —Sept.23.-2268
Continental Gas & Electric Corp—Oct. 6..2623
Sept.30_ _2455
Consumers Power Co




ISJIM of Chronicle
Issue of Chronicle
When Published. Pao*.
Name of Company—
Nome of Company—
When Published. Pam
Sept.30..2450
Coty,Inc
Sept.23..2264 Lehigh & Hudson River
Sept.30..2450
Crown Cork International Corp_ _Oct. 6_2622 Lehigh & New England
Sept.30..2450
Crystalite Products Corp
Sept.23..2278 Lehigh Valley
Sept.23..2265
Sept.23_ _2268 Loblaw Groceterias,Ltd
Cuba Co
Sept.30 _ _2451
Sept.23_2267 Long Island
Cuba Northern Ry. Co
Sept.30..2456
Sept.23--2267 Los Angeles Biltmore Co
Cuba RR. Co
Sept.30 _ _ 2452
Day & Meyer Murray & Young
Oct. 6_2622 Los Angeles & Salt Lake
Oct. 6..2620
Delaware & Hudson RR
Sept.30..2449 Louisiana & Arkansas
Oct. 6_2621
Delaware Lackawanqa & Western - -Sept.30.-2449 Louisiana & Arkansas & Texas
Sept.30..2450
(The)Denver & R. Gde.West'n RR.
-Sept.30_ _2453 Louisville & Nashville
Sept.30..2456
Denver & Salt Lake
Oct. 6..2620 Madison S mare Garden Corp
Sept.30...2453
Derby Gas ik Electric Corp
Oct. 6..2623 Maine Central RR
Detroit & Mackinac
Sept.30_ _2449 Management & Engineering Corp—Oct. 6_2625
Detroit Terminal
Sept.30..2449 Maritime Coal Ry.& Pr. Co.,Ltd— --Oct. 6...2625
Oct. 6...2625
Detroit Toledo & Ironton
Sept.30_2449 Market Street Ry. Co
Oct. 6..2625
Detroit & Toledo Shore Line
Sept.30..2449 Metropolitan Edison Corp
Sept.23_2282
Devoe & Reynolds, Inc
Sept. 30..2455 Metropolitan Paving Brick Co
Dominion Woollens & Worsteds,Ltd.Sept.30..2468 Mexican Petroleum Co., Ltd.,of Del-Sept.30_ _2456
Sept. 23...2265
Oct. 6__2623 Mexican Light & Power Co
Douglas Aircraft Co
Sept. 23...2265
Duluth Missabe & Northern
Sept.10_ _2449 Mexico Tramways Co
Sept.23..2282
Duluth South Shore & Atlantic
Sept.30..2449 Mexico-Ohio Oil Co
Sept.30..2449 Mickelberrys Food Products Corp---Sept.23_2265
Duluth Winnipeg & Pacific
Sept.30..2456
Eastern Iowa Electric Co
Oct. 6..2623 Midland Royalty Co
Sept.30..2450
Eastern Steamship Lines, Inc
Oct. 6 _ _2623 Midland Valley
Sept. 30...2450
East Kootenay Power Co
Oct. 6_ _2623 Minn. St. Paul & S.S. Marie
Sept.30_ _2450
Sept.30..2455 Minneapolis & St. Louis
Eastern Mass. Street Ry
Sept.30...2450
Sept.23..2264 Mississippi Central
Eastern Utilities Associates
Sept.30..2450
Edmonton Street Ry
Sept.30..2455 Missouri Illinois
Sept.30..2453
Oct. 6.2623 Missouri-Kansas-Texas Lines
Electric Building Corp
Oct. 6...2621
Oct. 6..2623 Missouri & North Arkansas
Electric Power & Light Corp
Sept.30_ _2450
Elgin Joliet & Eastern
Sept.30..2449 Missouri Pacific
Sept. 30_ _2450
El Paso Electric Co
Oct. 6_2623 Mobile & Ohio
Oct. 6..2625
Engineers Public Service Co
Sept.30..2455 Mohawk Valley Co
Sept.30..2450
Equitable Office Building Corp
Oct. 6..2623 Monongahela
Sept.30_2450
Erie RR. System
Sept.30._2449 Monongahela Connecting
Sept.23..2282
Erie RR
Sept.30..2453 Muirheads Cafeterias, Ltd
Sept.30..2450
Fail River Gas Works Co
Sept.23..2265 Nash. Chatt. & St. Louis
Sept.23..2282
First Chrold Corp
Oct. 6..2623 National Baking Co
Sept.23..2282
Fisk Rubber Co
Sept.30..2455 National Breweries, Ltd
Sept.23..2283
Flock Brewing Co
Sept.23_2265 National Grocers Co,Ltd
Sept.23..2283
Florida East Coast
Sept.30..2449 National Oil Products Co
Sept.30_2456
Fort Smith & Western
Sept.30..2449 National Power & Light Co
Sept.23..2283
Fort Worth & Denver City
Oct. 6_ _2620 Natomas Co
Oct. 6..2621 (The) Nevada Calif. Electric Corp---Sept.30..2456
Fort Worth & Rio Grande
Oct. 6_ _2621
Oct. 6_2623 Nevada Northern
Fourth National Investors Corp_
Sept. 30_ _2449
Fox Film Corp
Sept.30..2455 New Jersey & New York
Sept.23-2265 New Orleans & Northeastern RR—Sept.30_2451
Galveston Electric Co
Sept.30_ _2451
Sept.23_2265 New Orleans Terminal
Galveston-Houston Electric Co
Oct. 6..2621
Sept.23..2278 New Orleans Texas & Mexico
Ganvewell Co
Sept.30_ _2456
General Water Gas & Elec. Corp --Sept.30..2461 New York Athletic Club
Sept.30...2450
New York Central
Georgia
Sept.30..2449
Sept.30..2450
Sept.30_2453 New York Chicago & St. Louis
Georgia & Florida RR
Sept.30..2450
Georgia Power Co
Sept.30..2456 New York Connecting
Sept.30..2453
_Sept.30_2451 N.Y. N.H.& Hartford RR.
Georgia Southern & Florida Ry_
Sept.30-2453
German Credit Corp
Sept.23_2279 N.Y. Ontario & Western Ry
Sept.30..2462
Grand Trunk Western
Sept.30_2449 New York & Richmond Gas Co
(W. TO Grant Co
Oct. 6..2623 N.Y., Susquehanna & Western RR.Sept.30..2451
Sept.30..2456
(W. T.) Grant Realty Corp
Oct. 6..2623 N. Y. Water Service Corp
Great Northern
Sept.30_2449 N. Y. Westchester & Boston Ry----Sept.30_2456
Oct. 6_ _2625
Greater London & Counties Tr.,Ltd Oct. 6_ _2624 Newport Electric Co
Sept.30..2450
Green Bay & Western
Sept.30..2449 Newburgh & South Shore
Sept.23..2283
Gulf Colorado & Santa Fe
Oct. 6..2620 New England Fuel Oil Co
Gulf Mobile & Northern
Oct. 6..2620 New York Central Electric Corp....Sept.23..2265
Sept.23..2283
Gulf & Ship Island
Sept.30..2449 Niagara Wire Weaving Co,Ltd
Sept.30...2451
Gulf States Utilities Co
Oct. 6..2624 Norfolk Southern
Sept.30..2453
Hamburg Elevated Underground &
Norfolk & Western Ry
Sept.30..2463
Street Ry. Co
Oct. 6..2635 North American Co
Sept.23..2284
Hamilton Manufacturing Co
Oct. 6_ _2624 Northam Warren Corp
Sept. 30...2451
Harbauer Co
Sept.23..2280 Northern Alabama Ry
Oct. 6..2637
Haverhill Gas Light Co
Sept.23..2265 Northern Ohio Telephone Co
Sept.30...2451
Honolulu Rapid Transit Co., Ltd..
.Sept.30..2456 Northern Pacific
Sept.30_ _2456
Gulf Coast Lines
Sept.30..2453 Northern States Power Co
Sept.23..2284
Hotel Waldorf Astoria Corp
Sept. 30..2456 North Star Oil Co
Sept.23..2284
Houston Electric Co
Sept.23_2265 Northwest Engineering Co
Oct. 6..2621
Hudson & Manhattan RR.
Sept.30.-2456 Northwestern Pacific
Sept.30..2457
Illinois Central System
Sept.30_2450 Ohio Edison Co
Oct. 6...2625
Illinois Central RR
Sept.30..2450 Ohio Water Service Co
Illinois Co
Sept.30..2451
•. 6..2624 Okla. City Ada-Atoka Ry
Oct. 6..2648
Illinois & Missouri Pipe Line Co- --Oct. 6..2624 Oliver United Filters, Inc
Illinois Terminal
Oct. 6..2625
Sept.30..2449 Ontario Shore Gas Co.. Ltd
Illinois Water Service Co
Sept.23..2284
Oct. 6_2624 Ontario Silknit, Ltd
Indiana Harbor Belt
Sept.30..2472
Sept.30...2450 Oppenheim Collins & Co
Indianapolis Power & Light co
Oct. 6..2625
Oct. 6..2624 Orange & Rockland Elec. Co
International Great Northern
Sept.30_2452
Oct. 6..2620 Oregon Short Line RR
International Investing Corp
Sept.23_ _2280 Oregon-Washington RR.& Nay. Co.Sept.30..2452
Sept.30..2456
International Rys. of Central Amer_Oct. 6...2621 Pacific Western Oil Corp
Internat. Tel. & Tel. Co
,Sept.23..2285
Sept.23..2265 Packer Corp
Interstate Department Stores, Inc.
Sept.23_ _2285
.Oct. 6_2624 Page-Hersey Tubes, Ltd
Interstate Power Co
Sept.23..2285
Oct. 6__2624 Palmer Bros Co
Iowa Southern Utilities Co
Oct. 6..2620
Sept.23_2272 Panhandle & Santa Fe
Kansas City Southern
Sept.23..2265
Sept.3o..2450 Park Utah Consol Mines Co
Kansas City Public Service Co
Oct. 6...2625
Sept.30..2462 Pennsylvania Electric Co
Kansas Oklahoma & Gulf
Sept.30_2451
Sept.30_2450 Pennsylvania RR
Sept.30_ _2454
Keith-Albee-Orpheum Corp
Sept.23..2265 Pennsylvania RR. Regional Sys
Key West Electric Co
Sept.30_2451
Oct. 6__2624 Penn. Reading Seashore Lines
Laclede Gas Light Co
Sept.30..2472
Oct. 6..2624 Pennsylvania Salt mfg. Co
Laclede Power & Light co
Sept.30..2451
Oct. 6..2624 Peoria & Pekin Union
Laclede Securities Co
Sept.30..2472
Oct. 6__2624 Pepperill Manufacturing Co
Lake St.John Pr.& Paper Co.,Ltd Oct. 6..2645 Pere Marquette Ry
Sept.23_2263
Lake Superior & Ishpeming
Sept.30..2473
Oct. 6..2620 Petroleum Exploration Inc
Lake Terminal
Sept.30..2473
Sept.30_2450 Phoenix Securities Corp
..Sept.23..2285
Photo Entir & Electrotypers, Ltd.

Oct. 7

Financial Chronicle

2620

1933

Issue ofChronicle
Issue of Chronicle
Issue of Chronicle
When Published. Page.
Name of CompanyWhen Published. Page.
When l'ublislied. Page.
Name of CompanyName of CompanySept. 23_ _2266
Pittsburgh & Lake Erie
Sept.30_ _2450 Shawmut Bank Investment Trust_ _Oct. 6 _ _2626 Texas Gulf Producing Co
Sept.30..2452
Oct. 6_ _2649 Texas Mexican
Pittsburgh & Shawmut
Sept.30.2451 Sieloff Packing Co
Oct. 6_ _2621
Sept. 23_ _2266 Texas & New Orleans
Pittsburgh Shawmut & N'thern RR-Sept.30451 Sierra Pacific Electric Co
Sept.30_ _2454
Sept.30_2475 Texas & Pacific Ry
Pittsburgh Steel Co
Sept.23_ _2266 Signode Steel Strapping Co
Oct. 6.2627
Sept.23..2287 Third Avenue Ry. Co
Pittsburgh & West Virginia
Sept.30__2451 Singer mg Co
Oct. 6 _ _2626
Sept.30 _ _2475 Third National Investors Corp
Ponce Electric Co
Oct. 6_..2625 Sin-Mac Lines, Ltd
Sept.30_ _2457
Sept.23__2266 Tobacco Products Corp. of N.J
Postal Telegraph & Cable Corp
Sept.23_ _2265 Sioux City Stock Yards Co
Sept.30__2452
Sept.23..2287 Toledo Peoria & Western
Prairie Cities Oil Co., Ltd
Sept.30_2473 Skenandoa Rayon Corp
Sept.30..2452
Oct. 6..2650 Toledo Terminal
Progress Laundry Co
Sept.30_ _2473 (A. 0.) Smith Corp
Sept.30._2453 Union American Investing Corp_ _ Oct. 6_ _2651
Provincial Paper, Ltd
Sept. 23...2285 Soo-Line System
Sept.30_ _2452
Puget Sound Pr. & Lt. Co
Oct. 6.2625 South Bay Consolidated Water Co_ _Sept.30..2457 Union Pacific
Sept.30..2452
Railway Equipment & Realty Co...-Sept.30__2474 Southern Bell Telephone & Tel. Co_Oct. 6...2637 Union RR.of Penne
Sept.30._2457
Sept.30 _ _2457 Union Water Service Co
Railway Express Agency
Oct. 6._2626 Southern Colorado Power Co
Oct. 6 _ _2626
Sept. 23_ _2266 United Collieries, Inc
Raymond Concrete Pile Co
Sept.23_ _2286 Southern Ice Co
Sept.23_ _2289
Oct. 6 _ _2621 United Electric Coal Cos
Reading Co
Sept.30..2451 Southern Pacific SS. Lines
Oct. 6 _ _2626
Oct. 6.i637 United Fruit Co
Regents Knitting Mills, Ltd
Sept.30__2474 Southern Public Utilities Co
Oct. 6_ _2627
Sept. 30..2451 United Light & Power Co
Reliance Grain Co
Sept.23__2286 Southern Ry
Oct. 6..2628
Oct. 6.2637 .United Public Service Co
Richardson & Boynton Co
Sept.30_ _2474 Southern United Gas Co
Oct. 6..2628
Oct. 6._2650 United Public Utilities Co
Richfield 011 Co. of Calif
Sept.23__2286 Southern United Ice Co
Oct. 6._2650 U.S.Smelting Refining & Mng.Co Sept.30..2457
Rich'd Fredericksburg & Potomac--Sept.30_2451 Southwest Petroleum Co., Ltd
Sept.30_ _2457
Oct. 6_ _2621 United Stores Corp
Rike Kumber Co
Sept.30__2474 Spokane International
Oct. 6_ _2621
Sept.30_ _2451 Utah RR
Rochester & L. Ont. Water Serv. Co.Sept.30__2457 Spokane Portland & Seattle
Oct. 6_ _2627
Sept.23__2287 Utilities Elkhorn Coal Co
Rocky Mountain Motor Co
Sept.30...2474 Standard Chemical Co,Ltd
Oct. 6..2627
Oct. 6_.2650 Utilities Power & Light Corp
Rogers Majestic Corp., Ltd
Sept.30..2474 Standard Clay Products, Ltd
Oct. 6_ _2626 Utilities Pr. & Lt. Securities Co_ _ Oct. 6..2627
Rutland RR
Sept.30_ _2451 Standard Gas & Electric Co
Sept.30..2457
Sept. 23...2287 Vadsco Sales Corp
St. Joseph at Grand Island
Sept.30_ _2452 Standard Gas Equipment Corp
Oct. 6_ _2627
Oct. 6 _ _2651 Virginia Electric & Power Co
St. Lawrence Paper Mills Co.,,Ltd_ Oct
. 6.2649 Standard Paving & Materials
Sept.30_ _2452
Sept.23..2288 Virginian RR
St. Louis Brownsville & Mexico
Oct. 6_ _2621 Standard Steel Spring Co
Sept.30_ _2452
Sept.23._2288 Wabash Ry
St. Louis San Francisco of Texas__ - -Oct. 6_ _2621 Standard Textile Products Co
Oct. 6 _ _2650 Weibel Brewing Co. of New Haven,
St. Louis Southwestern
Sept.30..2453 Stanfield's, Ltd
Oct. 6._ 2627
Conn
Sept.30..2451
San Antonio Uvalde & Gulf
Oct. 6_ _2621 Staten Island Rapid Transit
Sept.30_2454
Oct. 6 _2651 Western Maryland Ry
Oct. 6_ _2621 Steel Co. of Canada, Ltd
San Diego, Arizona & Eastern
Sept.30 _ _2457
Oct. 6..2626 Western N. Y. Water Co
Savannah Electric & Power Co
Oct. 6..2626 Subway Terminal Corp
Oct. 6_ _2621
Oct. 6_ _2626 Supertest Petroleum Corp., Ltd_ _Sept.30..2476 Western Pacific
Schulte Retail Stores Corp
Oct. 6_ _2627
Sept.30..2464 Western Public Service Co
Seaboard Air Line
Sept.30_ _2451 Taiwan Elec. Power Co.. Ltd
Sept.30..2452
Oct. 6.2651 Western Ry. of Alabama
Sept.23__2266 (G.) Tamblyn, Ltd
Seattle Gas Co
Sept.23.
.2266 Western Reserve Investinp Corp_ __ _Sept.23..2266
Second National Investors Corp_ _ _ _Oct. 6 _ _2626 Tampa Electric Co
Oct. 6 _ _2627
Oct. 6 _ _2626 West Virginia Water Service Co
Sept. 23__2286 Telephone Bond & Share Co
Selected American Shares
Sept.30..2452
Sept.30..2452 Wheeling & Lake Erie
Sept.30..2475 Tennessee Central
Sentry Safety Control Corp
Oct. 6_ _2621
Sept.30_ _2457 Wichita Falls & Southern
Oct. 6 2649 (The) Tennessee Elec. Power Co
Service Stations, Ltd
Sept.30_ _2457
Sept.30_ _2452 Wilbur Suchard Chocolate Co
Sept. 23__2287 Term. RR. Assoc. of St. Louis
Seton Leather Co
Sept.30__2450
Sept.30_.2450 Yazoo & Mississippi Valley
Oct. 6 2649 Texarkana & Fort Smith
Shaler Co

-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia At Florida
Minneapolis & St Louis
Southern
St Louts Southwestern
Western Maryland

4th
4th
3d
4th
4th
4th
3d

Current
Year.

Previous
Year.

4,430,828
3,604,000
18,450
163,778
2,791,680
362.300
290,205

Period
Covered.
wk of Sept
wk of Sept
wk of Sept
wk of Sept
wx of Sept
wk of Sept
wk of Sept

Inc. (-I-) or
Dec.(-).

5,599,839 -1,169,011
4,760,000 -1,156,000
14,600
+3,850
184,686
-20,908
+216,912
2,574,768
-18,528
380,828
231,426
-58.779

We also give the following comparisons of.the monthly
totals of railroad earnings, both gross and net !the nerbefore
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country:
Gross Earnings.

Length of Road.

Month.
1933.
228,889.421
185,897,862
219.857.606
227.300,543
257.963,036
281,353,909
297,185.484

January
February
March
April
May
June
July

1932.

Inc.(+) or
Dec.(-).

8
274,890,197
231,978.621
288,880.547
267,480.682
254,378,672
245.869,626
237,493.700

$
--46,000,776
-46.080.759
--69.022.941
-40,180.139
+3.584,364
+35,484,283
i-59.691.784

Net Earnings.

1933.

1932.

Miles.
241,881
241,189
240.911
241,680
241,484
241,455
241,348

Miles.
241.991
241.467
241,489
242.160
242,143
242,333
241,906

Inc.(+)or Dec.(-).

Month.
1933.

Amount.

45.603,287
41,460,593
43,100,029
52,585,047
74.844.410
94,448,669
100,482.838

January
February
March
April
May
June
July

1932.
45,964,987
56,187,604
68,356,042
56,261,840
47,416,270
47,018,729
46.148,017

-361,700
-14,727,011
-25.256,013
-3,676,793
+27,428.140
+47,429.940
+54,334,821

Per Cent.
-0.79
-26.21
-36.95
-6.54
+57.85
+100.87
+117.74

Net Earnings Monthly to Latest Dates.
Atch Top & Santa Fe System
Gulf Colorado & Santa Fe1932.
1931.
1930.
August1933.
Gross from railway--- $976,524 $1,151,342 $1,739,672 $2,395,255
277.979
626,587
Net from railway_ ___
114,708
989,053
103,051
437,690
763,087
Net after rents
-34,435
From Jan 1
-

Gross from railway__ - 8,010,027
Net from railway_ .... _
821,253
Net after rents
-598.827
Panhandle & Santa FeAugust1933.
Gross from railway... $693,383
Net from railway_ _ _ _
227,292
Net after rents
116,251

9,273,980 12.874,215 16,992,862
1,417,913' 2,516,269 3,586.476
861,560
1,673.927
-116,681
1931.
1930.
1932
$701,221 $1,204,831 $1,308,205
569.002
571,192
240,872
412,905
450,220
114,520

From Jan 1
-

Gross from railway_ _ _ 5,378.674
Net from railway_ _ _ _ 1,496,470
Net after rents
565,833
Burlington & Rock IslandAugust1933.
Gross from railway... _
$58,348
Net from railway_ _ _ _
-6.104
Net after rents
-18,513

5,568,658
943,481
-156.009

8.203,988 10,618.301
2.429,105
2,332,731
1,041,511
1,108,168

Chicago Indianapolis 8t Louisville1932.
August1933.
$686,396
Gross from railway--- $659,796
159,495
Net from railway......
153,844
15,776
Net after rents
28,376
From Jan 1
-

Gross from railway... 4,681,702 5,291.627 7.730,534 10,125,617
776,450
1,617,166 2,416,879
Net from railway
834,917
201,729
-154,705 -403,060
797,678
Net after rents
Chicago R I Pc Pacific System
Chicago R I & Pacific Co1932.
1931.
1933.
1930.
AugustGross from railway.__ $5,430,626 $5,499.495 $7,958.269 $10.470,475
1.177,017
1,820,145 3,578.925
870,223
Net from railway_ _ __
361,272
161,073
1
Net after rents
From Jan 1
-

Gross from railway.... 40,624,573 45,199,121 66,270.711 80,046,626
Net from railway_ _ _ - 8,258,935 8,903,716 16.864,853 19,877,382
2,373,478 2,016,578 9,202,019 11.684.820
Net after rents
Chicago R I & Gulf1932.
1931.
1933.
August1930.
$315.232
$472,532
Gross from railway... $227,519
$553,008 .
78,540
172,905
71
221,031
Net from railway....
938
100,638
-97,889
Net after rents
153,096
From Jan 1
-

2,809,373
962.265
347,994

4,195,561
1,678,956
1,214,221

4,687.306
1,674,037
1,158,923

1932.
$418,751
35,706
-32,361

1931.
$665,781
152.874
52,881

1930.
$828,230
165,946
71,382

3.446,971
242,996
-404,300

5,078,185
858,279
151,322

6,616,371
1,322,435
584.779

1932.
$424,165
149,074
82,122

1931.
$712.664
281,228
208,129

1930.
$738,269
229,164
165,317

3,418,531
1,246,114
805,110

3,702,782
1,278,344
808,968

5,436,165
2,008,685
1,545.977

6,552,786
1,903,651
1,417,551

1933.
$139,926
64,091
67.008

1932.
$143,871
61,420
50,397

1931.
$269.709
162,886
148,094

1930.
$277,525
73,066
60,057

886,137
Gross from railway
314,412
Net from railway_ _ - _
296.171
Net after rents
Gulf Mobile & NorthernAugust1933.
Gross from railway... $465,014
Net from railway_ _ __
188,258
Net after rents
120.582

1,069,507
405,525
312,120

1,316,340
438,287
353.706

1,864,862
453,528
393,823

1932.
$354,666
30,890
-43,359

1931.
$336,016
68,100
24,633

1930.
$462,652
102.029
45,854

2.196,050
Gross from ralway
561,532
Net from railway_ __ _
-236.295
Net after rents
System
Colorado & Southern
Colorado & Southern1933.
AugustGross from railway_ _ _ $482,219
124,737
Net from railway_ _ _ _
50.770
Net after rents
From Jan 1
-

Grossfrom railway.... 3,121,996
392,354
Net from railway
-191,914
Net after rents
Fort Worth & Denver City
19,3.
AugustGross from railway.... $422,821
139,577
Net from railway_ _ _ _
78,343
Net after rents
From Jan 1
-

Gross from railway_
Net from railway.
Net after rents
Denver & Salt LakeAugust
Gross from railway...
Net from railway_ __ _
Net after rents
From Jan. 1
-

From Jan. 1-

Gross from railway... 2,485,366
2,313.134 2,819,678 4,045,790
783,690
Net from railway- --212,738
447,865
847,727
Net after rents
394.945 -192.446
38,184
366.459
For comparative purposes, operations of New Orleans Great Northern
RR. are included beginning July 1932.
International Great Northern1932.
August1933.
1931.
1930.
$779,534 $1,838,504 $1,273,167
Gross from railway... $890,245
168.668
165,265
Net from railway_ _ _ _
594,074
256,213
36,432
Net after rents
70,566
342,787
151,095

1932.
$56,943
-5,860
-19,796

1931.
$77,098
-13,773
-35,649

1930.
$201,744
8,491
-30.641

599,994
-17,888
-161,787

933,304
58,703
-176,371

1,353,060
-478,294
-767.860

1932.
$85,499
-40,065
-67,308

1931.
$112,963
-99,383
-124,336

1930.
$144,291
--21.569
52,249

Gross from railway__ _ 1,101,073
1,236.532
140,458
Net from railway_ _ _ _
47,945
Net after rents
81,655
203,589
Canadian Pacific Lines in VermontAugust1933.
1932.
$91,108
Gross from railway.-$87,280
3,892
Net from railway__ _ _
-2,992
-19.694
Net after rents
-28,618

1,496,778
-85,675
-338,684

1,773,121
95,947
179,324

1931.
8120,006
2.510
-26,151

1930.
$194,785
61,206
26,714

959,426
Gross from railway.471,564
Net from railway_
329,050
Net after rents
Louisiana & Arkansas
1933.
AugustGross from railway... $371,274
138,082
Net from railway_ _ _ _
Net after rents
107,573

946,259
-78,088
-323,081

1,267,012
40.018
-237,816

Gross from railway.... 2,708,276
961,357
Net from railway__ - 609.233
Net after rents

From Jan 1
-

Gross from railway_ _ _
532,652
Net from railway_ _ _ _
20,570
Net after rents
-92,957
Canadian Pacific Lines in MaineAugust1933.
Gross from railway_ _ _
$88,596
Net from railway._ _ _ -27,450
Net after rents
46.822
From Jan 1
-

From Jan 1

Gross from railway_ _ _
597,309
Net from railway...... -96,284
-277,027
Net after rents




724,596
-105,244
-314.995

1931.
1930.
$951,176 $1,213,228
213,968
301,375
27,328
98,151

From Jan. 1
-

Gross from railway... 8,583,587
Net from railway- _ _ _ 2,550,553
1,212,116
Net after rents
Lake Superior & Ishpeming1933.
AugustGross from railway__ - $325,936
235,178
Net from railway- _193,340
Net after rents

6,731,604 13,627,209 10,032,254
987,805 3,905,438 1,283,759
74.485 2,118.783
243,149
1932.
$47,748
-2,621
-19,144

1931.
$171,709
78,602
54,622

1930.
$343.836
213,918
172,068

221,836
-190,245
-316.194

885,057
LE

:gm

1,640.546

1932.
$332,466
106,570
70,612

1931.
$566,372
250,851
168,874

1930.
$555,389
155,111
80,402

2,690,557
749,059
419,618

3,865.377
1,412,011
879,372

4,836,900
1,481,940
774,591

From Jan. 1
-

From Jan. 1
-

72g3m

Volume 137

Financial Chronicle

Louisiana Arkansas & Texas1930.
August1931.
1933.
1932.
$64,935
Gross from railway_..
$60,276
358.020
$69,275
Net from railway_ _ __
--99
4/114
7,271
8,786
--14,528
Net after rents
--3,673
-6,526
-4,289
From Jan. 1
Gross from railway..__
608,006
527,422
385,403
485,837
--46,349
Net from railway_ _ __
10,853
73,855
10,108
Net after rents
--71,677 --171,772
-61,149
-29,083
Missouri & North Arkansas1930.
August1932.
1931.
1933.
$143,452
Gross from railway.-$68,499
$92,167
$85,400
16,402
2.662
Net from railway_ _ _ _
10,939
36,924
19
Net after rents
-9.631
2,916
27,097
From Jan. 1
1,125,424
812,271
Gross from railway_._
565,880
549,792
166,135
48,440
Net from railway__ _ _
-12,384
83,840
40,148
-56,681
Net after rents
-95,401
-1,841
Nevada Northern1930.
1931.
1932.
August
1933.
$62.351
$32,776
Gross from railway__ _
$23,619
$21,491
28,280
972
Net from railway_ _ _ _
-1,002
-1,131
21,856
-5,111
Net after rents
4,308
-4,098
From Jan. 1
531,635
340,535
220.597
Gross from railway
170,785
227448
73,815
3,582
Net from railway_ _ _ _
-16,484
162,350
-24,194 --225,986
Net after rents
-40,655
New Orleans Texas & Mexico System
New Orleans Texas & Mexico1930.
1931.
1932.
August1933.
$177.898
$187,922
$118,211
Gross
$90,750
15,286
56,019
Net
8,339
-8,623
38,044
70,657
Net after rents
21,712
14,090
From Jan. 1
2,108,690
1,536,938
Gross
1,104,766
872,105
586,992
346,369
Net
188,672
97,351
685,667
439,278
Net after rents
241,907
220,511
Beaumont Sour Lake & Western1930.
1931.
August1932.
1933.
$199,507
3224.349
Gross from railway... $111,593
$124,997
14,661
Net from railway_ _ _ _
95,859
32,544
16,301
-40,064
48,623
Net after rents
-8,077
-19,378
From Jan. 1
2,233.892
1,958,465
Gross from railway....
1,157.148
915,710
544,718
640,318
Net from railway- __ _
286,969
222.937
-6,813
117,491
Net after rents
-116,075 -117.582
St. Louis Brownsville & Mexico1930.
1931.
August1932.
1933.
$748,271
$334,005
Gross from railway... $297.666
$254,258
320,975
61,677
Net from railway__ __
37,267
78,328
28,115
269,750
Net after rents
11.074
54,445
From Jan. 1
6,715,398
4,617,415
Gross from railway
3.604.244
2,795,440
2,674,292
1.618,119
Net from railway.. _ _ 878.134
1,488.977
1,998.950
1,016,713
Net after rents
973,633
422,407
Northwestern Pacific1930.
1931.
1932.
August1933.
$638,476
$464.342
Gross from railway_ -- $324,669
$306,913
258,821
126,274
Net from railway_ __ _
62.464
84,530
210,115
82,947
Net after rents
27,425
54,691
From Jan. 1
3,805.872
2,859,665
Gross from railway.- _ 1,825,619
2.130,234
481,242
84,231
Net from railway_ __ _
18,857
28.333
135,092
Net after rents
-218,303 -309,696 -278.570
St Louis-San Francisco System
Fort Worth & Rio Grande1930.
1931.
1932.
August1933.
$80,100
$53,662
Gross from railway_ - _
$41,414
$29,860
--14,851
--14,035
Net from railway_ _ _ _
-22,730
-48,741
-26,836
-26.289
Net after rents
-57,933
-32,220
From Jan. 1
558.278
468.948
Gross from railway
318.393
264,618
-95,021
Net from railway_ _
-210.478 -173,131 -123,584
Net after rents
-294,550 -271,380 --232,586 --198,389
St Louis-San Francisco of Texas1930.
1931.
August1933.
3185.775
$144,272
Gross from railway...
$80,410
$95,468
55.216
29,294
Not from railway_ ---7,058
5,163
22,331
-4442
Net after rents
-37,857
-26,037
From Jan. 1
1,230.460
955,624
Gross from railway_ _ _
670,083
677,253
94,453
172,637
Net from railway_ __ _
-63,304
-15,674
-90,497
Net after rents
-262,172 -331,365 -187,766
San Antonio Uvalde & Gulf1931.
1930.
1932.
August1933.
$191,257
$108,412
Gross from railway_ _ _
367.735
369,920
71,236
Net from railway..._
12.194
5.733
17.817
39,295
Net after rents
-17.901
19.925
-2,018
From Jan. 1
Gross from railway._.
1,282,954
1,017,886
717,556
489,713
389,006
Net from railway_
254,590
200,942
89,571
Net after rents
135,866
--3,566
-39,583
-104,853
San Diego Arizona & EasternAugust1930.
1931.
1932.
1933.
Gross from railway.-$68,986
346,102
$42,806
$34,914
Net from railway....
3,390
-8,456
1,619
-1,072
Net after rents
-462
-10,854
131
-662
From Jan. 1
Gross from railway_ _ _
788,283
591,079
283,007
316,374
Net from railway_ _ _ _ -11,073 -190,878
207,350
93.037
Net after rents
170,032
64,429
-25,499 -223,345
Southern Pacific System
Southern Pacific SS LinesAugust1931.
1930.
1932.
1933.
Gross from railway-- $466.240
$679,646
$341,133
$514,079
Net from railway__ _ _
69.503
-55,728
31.936
52,933
Net after rents
-56,262
30,648
-70,337
53,218
From Jan. 1
Gross from railway.-- 2,809,466
5,397,412
4,311,525
2,947,990
Net from railway
-321,241 -741,370 --655.791 --355,795
Net after rents
-330,460 -752,064 -667,421 --346,846
Texas & New Orleans1931.
1930.
August1932.
1933.
Gross from railway... $2,481,654 $2,460.151 $4,061,764 $5.449,659
Net from railway___
321,941
1,142,991
1,746,591
495,881
Net after rents
659,131
-98,536
1,123,787
120,643
From Jan. 1
Gross from railway
18,656,079 20,969,662 32,022,630 41,366,203
Net from railway..... 2s59,551
6,058.132
8.755,827
2,288,580
Net after rents
1,919,668
4,038,525
-560,053 -1,465,468
Spokane International1931.
August1932.
1930.
1933.
Gross from railway___
$50,269
$71,217
$102,407
$48,077
Net from railway_ _ _ _
9,356
-2,416
39,913
2,344
Net after rents
--602
-9,707
25,403
5,501
From Jan. 1
533,872
Gross from railway...
358,388
294,082
636,645
128,316
82.804
Net from railway
-38,799
-51,563
44,302
Net after rents
10,515
-94,226 -110,696
Utah1932.
1931.
August
1933.
1930.
$47,665
Gross from railway..
$71,319
$56.702
$80.260
12,830
Net from railway_ __ _
--718
6,104
8,346
Net after rents
--16,669
--3,725
--9,009
-8,339
From Jan. 1
632,462
707.571
Gross from railway__ _
898,281
607,635
152,717
154,851
Net from railway_ _
180,273
191,628
10,381
Net after rents
5.697
31,232
27,561




2621

Western PacificAugust1933.
Gross from railway... $1,089,215
Net from railway__ _ _
283,781
Net after rents
186,658
From Jan. 1
Gross from railway... 6.465.248
757,673
Net from railway....
Net after rents
63,696
Wichita Falls & SouthernAugust1933.
$42,088
Gross from railway- Net from railway..__
10.213
Net after rents
4,489
From Jan. 1
Gross from railway
356,667
Net from railway_ __ _
90,022
41.344
Net after rents

1932.
3962,218
188,031
96,439

1931.
1930.
31,194,856 31,628.578
505,227
276,784
178,702
367.144

6,559.2E6
331.052
-420.994

8.306,992
344.929
-333,033

9,862,124
098,695
30,957

1932.
347,582
12,872
5,251

1931.
375.758
33,129
24.331

1930.
$68.285
17,082
7.083

378.340
91,785
30,150

460.159
112.508
43,920

637.614
176.550
86,760

-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, &e., or where they differ in
some other respect from the reports to the Commission:
International Rys. of Central America.
Month of AugustGross revenues
Operating expenses

1933.
$295,839
266,336

1932.
$329,788
241,603

1931.
$402,556
325,311

1930.
$451,937
335,468

Income applicable to
$116,469
387.985
$77,245
$29,503
fixed charges
8 Mos.End. Aug.31
$3,285,985 $3,511.068 34,280.524 35.247,056
Gross revenues
2,967,111
2,119.852
2,674.073
2,138,855
Operating expenses
Income applicable to
$1,147,130 31,391,216 31,606,451 32,279,945
fixed charges
.Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2969
-

INDUSTRIAL AND MISCELLANEOUS CO'S.
Alaska Juneau Gold Mining Co.
1933-9 Mos.-1932.
-Month-1932.
Period End.Sept.30- 1933
$233,000 $2,416,500 $2,357,500
$270,500
Gross income
Profits after oper. exps.
& devel. charges, but
before depletion, de845,200
1.045,400
85.700
105,900
precia'n & Fed. taxes_
larLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1888

American Gas & Electric Co.
(And Subsidiary Companies)
Sub. Cos. Consol.- -Month of August- -12 Mos. End. Aug. 31
1932.
1932.
1933.
1933.
Interco. items eliminated
$4,792,317 $4.438.509 $56,550.142 $60.353.859
Operating revenue
2.148.172 26,207,855 27,576,988
2,196,602
Operating expenses
Operating Income.... $2,595,714 $2,290.337 330,342.286 532.776.870
795.751
62,535
801.800
92,900
Other income
$2,688,614 32.352.873 $31,144.087 333,572.622
Total income
Res. for renewals & re6.971,162
547.791
7,488.495
739.419
placements (deprec.).
51,949.195

Int. & other deductions.
Preferredstock dividends
Total deductions
Balance
Portion applicable to
minority interests_
Balance
Amer. Gas & Elec. Co.
Bal. of sub. cos. earns.
applic. to Amer. Gas
& Electric Co
Int. & pref. diva, from
subsidiary companies_
Other income

31,805.081 523.677.591 326.601.459

3929,894
417,876

3954,139 311,198.604 311.931,991
4.663.899
418.567
5.006.437

$1,347.771

31.372,707 316.205.041 316.595.890

$601,424

3432.374 37,472,550 310,005,569

$601,424

Balance

$432.376 $7,472,562 510.005,859

*1

*12

*289

601,424

432,376

7.472,562 10,005.859

426.753
44,109

451.315
20.391

5,171.370
326.822

5.535.764
997.850

Balance
Int. & other deductions_
Pref.stock divs, to public
Total deductions

$1.072,287
41,400

5904.082 512,970,754 516.539.475
410,545
646,457
25,386

$1,030,887

Total income
Expense

3878.696 312,560,208 315,891.017

$213,566
177.811

$214,644 32.577.611 32.593,426
2,133.738
177,811
2,133.738

$391.378

3392,456

34.711.349 34.727.164

$486,240 $7,848,859 311,163,852
$639,508
Balance
* Credit.
larLast complete annual report in Financial Chronicle June 10'33, p. 4083

American Smelting & Refining Co.
(And Subsidiaries)
Consolidated Income Account Six Months Ended June 30.
1930.
1932.
1931.
1933.
$227,084 $5,265,571 $11.198,541
Total net earnings
$6,543,636
Interest, rents, divi948.029
711,909
402,533
dends,commis'ns, &c..
651,588
Gross income
$7,195,224
Gen'l & admin. expenses
695,284
Research & examin. exp.
76,901
Corporate taxes (incl.
est. U. 8. & foreign
Income taxes)
733,825
Int. on 1st mtge. 5s_ _
925,547
Int. on Fed. Metals bds_
75,939
Deprec. & obsolescence
& ore depletion
2.657.518
Net income
1st pref. dividends
2d pref. dividends
Common dividends

$629.617 $5,977,480 $12,146,569
883.948
803,050
692.500
193,084
65,019
141,993
14.662
880,307

108,917
900,216

398,408
919,364

2.419,177

2,758,130

2.872.323

$2.030,209def$3442,048 31,265,174 56.879.442
1,750,000
1,750,000
875,000
113.151
600,000
500,000
3,659.880
2,744,910

Bal., sur., for 6 mos_ $2,030,209adf$4617,048def$3629,736 $1,356,411
Total profit & loss, sur- 17.583,200 16,550,619 33,710,882 45,637,578
Shares common stock
1,823.136
outstanding (no par). 1,828,665
1,826.886
1,828,644
Earnings per share
Nil
Nil
4
a Before taking into account appropriation for metal22
° stock reserve
amounting to $1.981,500.
la"Last comptete annuat report in Financial Chronicle Mar 11 '33, p. 170,

Financial Chronicle

2622

Oct. 7 1933

American Hide & Leather Co.

Central States Power & Light Corp.

2 Mos End
Month of
Period-July
August.
Aug.31'33.
Net income after all chgs.incl. res, for
income tax
$128,650
$240,292
$111.642
10 Last complete annual report in Financial Chronicle Sept. 9'33, p. 1939
and Aug.26 '33, p. 1581.

(And Subsidiary Controlled Companies)
12 Months Ended June 30-1933.
1932.
Gross operating revenue
$3,308.372 $3,574.963
Non-operating revenue
71,817
52,118

Associated Electric Co.
(And Subsidiary Companies)
12 Months Ended June 301932.
1933.
Electric revenues
$13,955,524 $15,836,574
Gas revenues
3,415,657
3,238.968
Miscellaneous revenues
4,585,641
2.017.086
Total operating revenues
$19.211,578 $23,837,872
Operating expenses
8.508.920 10.725,985
Maintenance
1,546,819
1.314,999
Provision for retirement, renewals & replacements 1,173.848
1,621,399
Taxes
1,120,688
1,174,157
Operating income
Other income

$7.039,654 $8,822,982
765.829
291,813

Gross income
Deductions from income: Subsidiary companies
Interest on funded and unfunded debt
Dividend on preferred stock
Interest during construction
Income applic. to stks. ofsub. cos. held by public
Assoc. Elec. Co., int. on funded & unfund. debt

$7,331,468 $9,588,811
1,775,958
1,909,087
174
Cr.27,973 Cr.176,759
2.584
309
3,592,029 3,801.539

Balance of income
$1,858,016 $4,185,314
MrLast complete annual report in Financial Chronicle J uly 15'33, p. 487

Automobile Banking Corp. of Philadelphia.
9 Months Ended Sept. 30Gross income
Net profit after expenses,reserves and other charges

1933.
$253,116
76,182

1932.
$249,808
63,017

Barcelona Traction Light & Power Co., Ltd.
-Month of August- -8 Mos.End. Aug.311932.
1932.
1933.
1933.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
8,302,902 74,548,408 72,855,971
Gross earns,from oper__ 8,736,334
2,976,348 25,553,990 24,321 799
Operating expenses
3,285,418
5,326,554 48,994,418 48.534,172
Net earnings
5.450,916
The above figures have been approximated as closely as possible, but
will be subject to final adjustment in the annual accounts. They are also
subject to provision for depreciation, bond, interest, amortization and
other financial charges of the operating companies.
'Last complete annual report in Financial Chronicle July 15 '33, p. 484

Baton Rouge Electric Co.
.31-Month of August- -12 Mos.End. Aug
1933.
1932.
1932.
1933.
$105,174 $1,380,518 $1,426,265
$94,384
693,863
710,056
51,972
56,169
60,722
5,917
59.659
4,445
139,282
13,866
147,291
10,906

Gross earnings
Operation
Maintenance
Taxes

$ 27,060
14.515

$29,221
14,528

$479,705
174,405

$516,204
170,927

$12,544
Balance
Reserve for retirements (accrued)

$14,693

$305,299
115,000

$345.276
115,000

$190,299
37.210

$230,276
37,276

Net operating revenue
Int and amortization__ _

Balance
Dividends on preferred stock

$153,088
$193,000
Balance for common stock divs. and surplus-During the last 26 years, the company has expended for maintenance a
total of 6.72% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 13.66% of these gross earnings.
WLast complete annual report in Financial Chronicle Mar 4'33, p. 1545

Belden Manufacturing Co.
3 Months.
Period Ended June 30 1933$72,785
Net income after deprec., amortiz. & other chgs-$3.90
Earnings per share on 18,680 shs.common stock ___

6 Months
$3,456
$0.19

Bemidji Wood Products Co.
(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
$209,611
Gross sales-less allowances
222,452
Cost of sales
26.021
Selling and administrative expense
36.499
Interest on unfunded debt
2.368
Provision for depreciation
$77,729

Net loss

Boston Personal Property Trust.
12 Mos. End.Sept. 15
Inc. received for year__ Commissions, exp. & int
Taxes

1933.
$190,719
12,528
16,264

1932.
$253,051
15.216
14,311

1931.
$334.633
20,387
6,347

1930.
$327,060
26,240
33.553

Net income
Dividends

$161,926
177,384

$223.522
247,817

$307,899
260,860

3267.267
260,860

$6,407
$47,039
Surplus, balance
def$15,458 def$24,294
Taxes on capital gains
25,633
544
18.680
paid during year
10 Last complete annual report in Financial Chronicle Jan. 7 '33, p. 161
-

Canadian Fuels, Ltd.
(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
(Canadian Dollars)
Gross sales-less allowances
Cost of sales

$141,754
125,786

Gross profit on sales
Commissions earned

$15,967
41

Total income
Selling and administrative expense

316.008
21.599

Net loss from operations
Other income

$5,591
1,206

Net loss-before fixed charges
Interest on unfunded debt

$4.384
6,073

Net loss




$10.457

Total revenue
Operating expense
x Maintenance
Taxes (exclusive of income taxes)
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Other charges and 2% normal tax

$3,380,189 $3,627,082
1,347.069
1,531,081
312,523
285,997
252,111
200,279
742,500
742,500
363,793
320,408
59,076
59,003
15,126
12,927

Net income after expenses and fixed charges_ _ _
Minority interest in net income
Provision for renewals and replacements
Provision for income taxes

$287.991
361
165,419
18.585

$474.887
y302

Net income,earnings applic. to corn.stks. owned $103,626 z$474,585
x Maintenance charged to operations equals the bond indenture requirements. y After allowing for proportionate part of provision for depreciation and income taxes. z Before charges for renewals and replacements
and income taxes.
-Statement for 1933 includes net income of Canadian subsidiaries
Note.
stated in Canadian dollars in the amount of $183,104, which, if converted
to American dollars at the average rate of exchange applicable to each
month's operations, would result in a deduction of $23,826.
OrLast complete annual report in Financial Chronicle June 24'33, p. 4458

Central States Utilities Corp.
(Including Subsidiary and Controlled Companies)
Consolidated Income Account for the 12 Months Ended June 30.
1932.
1933.
1931.
1930.
Gross operating revenue $3,313.651 $3,582.217 $4,049,927 $4,381,445
Non-operating revenue_
3,283
19.312
Cr.4,283
47,977
Total revenue_ _ _____ $3,332,963 $3,585,500 $4.045,644 34.429,422
Operating expense
1.514,215
1,317,916
1,696,431
1,994,371
x Maintenance
295,525
321,682
328,511
356.685
Taxes(excl .of inc. taxes)
256,611
202.689
203,031
187.816
Interest on funded debt_
952,500
952,500
952.500
888,873
Int. on unfunded debt
332,074
391,795
160.707
66,398
Amortiz, of debt disc.
and expense
96,852
96,780
96,527
66,280
Other charges and 2%
normal tax
14,619
17,347
15,049
15.260
Net income after exps.
and fixed charges_ loss$21,741
Div. on prof. stock of
subsidiary company_
y Net income of props.
prior to acquisition.
y Minority int. in net inc.
361

$176,899

$592,889

$833,739

280,000

560,000

569.837

302

174

38,904
216

a Net loss
z$22,103
$103,403 prof$32.715prof$224,781
a Of Central States Utilties Corp. and earnings applicable to common
stocks owned by it, before provision for renewals and replacement and
income taxes. x Maintenance charged to operations equals the bond indenture requirements. y After allowing for proportionate part of provision
for depreciation and income taxes. z Before deducting $165,854 for provision for renewals and replacements. $18,585 for provision for income
taxes and before provision for cumulative dividends on pref. stock of subsidiary company amounting to $560,000.
Note.
-Statement for 1933 includes net income of Canadian subsidiaries
stated in Canadian dollars in the amount of $183,104, which, If converted
to American dollars at the average rate of exchange applicable to each
month's operations, would result in an increase in the net loss of $23,826.
rXeLast complete annual report in Financial Chronicle June 24 '33, p. 4458

0 o
Consolidated Gas Electric and Power C1933f Baltimore.
..
8 Months Ended Aug. 31Revenue from electric sales
Revenue from gas sales
Revenue from steam sales
Miscellaneous operating revenue

x$11,761,516 $11,810,735
x5,719,420
5,906,047
358,554
345,915
242,739
296,386

Total gross operating revenue
Operating expenses
Retirement expense
Taxes

$18.082,229 $18,359,084
8,703,068
8,844,283
1,581.598
1,474.209
2,151,464
2,074,818

Net operating revenue
Miscellaneous non-operating revenue

$5.646.099 $5,965,774
110,086
194.714

Total revenue
Fixed charges

$5,756,186 $6,160,489
1.970,898
1,938,724

Net income
Preferred dividends
Common dividends

$3,785.288 $4,221.765
771,001
762,648
2,801.753
2,801,582

Balance
$212,533
$657,534
x Affected by rate reductions made during 1933.
larLast complete annual report in Financial Chronicle May, 11 '33, p. 1717

Consolidated Laundries Corp.
Period Ended Sept. 9- 1933-3Mos.-1932,
1933-9 Mos.-1932.
Operating earnings
$177.115
$257,998
$520,169
$948,338
Net profit after prov.for
deprec.. int. & income taxes
12,238
61,685
14,392
302,242
1(0 Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1206
-

Crown Cork International Corp.
(And Subsidiaries)
6 Mos.End. June 30
-1933.
1932.
x1931.
x1930.
Net sales
$1,491,083 $1,453,092 $2,150,032 $2,634,682
Cost of sales, excl. deprec
. 954,494
884.881
1,420.942
1,807,408
Depreciation
79,485
62,046
74,879
65,235
Gross oper. profit _ _ _
. $457,104
$506,165
$654,210
$762,038
Selling & admin. exp.....
266,062
280,848
377,380
394,423
Int. & other exps., less
int. & other Income... Cr.13,540
32,590
32,049
14,157
Amortization of trade
rights, &c
14,271
15,292
Special & extra. charges
26.847
3,718
Prov. for U. S. & foreign
income & other taxes_
50,095
47.086
58,911
72,984
Portion of net profit
accruing to minority
shareholders in subs
11,019
12,009
23.636
22,464
Prov.for losses in invest.
& assets in for countr.
154,000
Adjust, of fluctuation in
foreign exchange
Cr.202,527
Cr.33,589
34,818
60,300
Net profit for period_
$179,743
$149.910
$100,569
$203,992
x Adjusted to give effect to the decline in foreign exchange values subto June 30 1931.
6equent
10 Last complete annual report in Financial Chronicle May 13'33, p. 3352
-

Day & Meyer, Murray & Young, Inc.
7 Months Ended July 31Net loss after interest. Federal tax & other charges_

1933.
$27.170

1932.
$23,507

2623

Financial Chronicle

Volume 137

Continental Gas & Electric Corp.

Electric Building Corp.

(And Subsidiaries)
12 Months Ended Aug. 311932.
1933.
Gross oper. earnings of sub. cos. (after eliminating
inter-company transfers)
$29,857,573 $30.092,571
Operating expenses
11,084.664 11.174,937
Maintenance, charged to operation
1,636,145
1,399,141
Taxes, general and income
2,566,463
3.081,189
Depreciation
3,894,239
4,151,251

(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.

Net earnings from opera, ofsub. companies
Non-oper.income of subsidiary companies

$10,141,327 $10,820,787
786,502
596.765

Balance
Expenses of Continental Gas & Electric Corp

$5,392,797 $6,896,222
140,247
136,385

Gross income of Continental Gas & Elec. Corp
Holding company deductions
Interest on debentures
Other interest
Amortization of deb. discount and expense

$5,256,412 $6,755.975

Balance available for dividends
Dividends on prior preference stock

42,491.246 $3,955,582
1,320,053
1,320,053

2,600,000
994
164,172

2,600,000
36.203
164,190

Balance available for corn, stock dividends
41.171.193 $2,635.529
$12.29
Earnings Per share on common stock
$5.46
WLast complete annual report in Financial Chronicle Apr. 15'33, p. 2604

Derby Gas & Electric Corp.
(Including Subsidiary Companies)
12 Mos.End. June 30-1932.
1931.
1930.
1933.
Gross operating revenue $1,143,760 $1,274.479 $1,385,651 $1,520,279
Non-operating revenue_
12,675
18,966
18,593
13,835
Total revenues
$1,157,595 $1,287,154 $1,404,617 $1,538,872
Operating expenses
532,806
595,951
680.259
442,789
x Maintenance
110,876
126,947
92,249
105,254
Taxes, excl, of inc. taxes
58,427
64,700
64,343
65,683
Net earnings before
fixed charges
$639,363
$584,393
$667,323
$556,875
Int. on funded debt
250.000
250,000
250,000
250,000
Int. on unfunded debt
2,201
1,517
1,473
1,306
Amortiz. of debt disct.
& exp.,2% normal tax
& oth.chgs
68,782
34,029
33,938
111,057
Net inc. of corp. and
earns, appl. to cont.
stks. owned by it
bef. prov, for renew.
& repl. & inc. taxes_ y$271,329
$319,275
4304,065
$298,982
x Maintenance charged to operations equals the bond indenture requirements. y Before provision for renewals and replacements amounting to
$57,188.
OrLast complete annual report in Financial Chronicle June 24'33, p. 4459

Douglas Aircraft Co.
Period End. Aug.31- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec.,
Federal taxes, &c
$23,442
$37,816
$161,348
$173,388
Sits. coin. stk. outstand467,403
342,304
467,403
342.304
Earnings per share
$0.34
$0.11
$0.50
$0.05
10 Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2431
-

Eastern Iowa Electric Co.
(A Subsidiary of Utilities Power & Light Corp.)
12 Months Ended June 301933.
Gross operating revenue
$67,115
Non-operating revenue
Dr270.
Total revenue
Operating expense
Maintenance
Taxes (exclusive of income taxes)
Interest on funded debt
Interest on unfunded debt
Other charges
Provisions for renewals and replacements
Provision for income tax

$66,844
32,534
10,550
1,847
3,840
587
3,342
3,356
1,200

1932.
$75,463
Dr.322
475,140
38,470
6,203
900
3,840
163
3,757

Net income
$9.587
x$21,808
x Before provision for renewals, replacements and income taxes.

Eastern Steamship Lines, Inc.
Operating revenue
Operating expense
Operating income
Other income
Other expense

-Month ofAugust- 6 Mos. End. Aug. 311932.
1932.
1933.
1933.
$1.259,039 $1,330,737 $6,527.180 $6,637,308
771,503
788.663
5,451,493
5.672.074
487.536
542,074
1,075,687
965,234
2,554
9,465
40,698
60,936
65,817
73.790
588,823
532.854

Netincome
$424.273
$477.749
$527,562
$493.316
iGrLast complete annual report in Financial Chronicle June 10 '33, p. 4095

East Kootenay Power Co.
Gross earnings
Operating expenses

-Month of August- -5 Mos.End. Aug. 311933.
1932.
1933.
1932.
$35,467
$37.123
$169,009
$179,613
10,386
11,391
55,418
56.482

Net earnings
$25.081
$25,732
$113,591
$123,131
107
-Last complete annual report in Financial Chronicle June 17'33, p. 4265

Electric Power & Light Corp.
(And Subsidiaries.)
12 Mos. End. May 311933.
1932.
1931,
1930.4,
Subs, gross revenues_ _ _ _469,352.967 475,930.973 $83,597,850 $63,649.342
Net after tax
33,451,288 39,032,127 42,974.524 31,484,837
aBalance of sub earn... 2,678,407
9,545,889 13,071,939 10,751,910
Other income
103,563
270.213
180,880
379.888
Total income
$2,781,970 $9,816,102 $13,252,819 $11,131.798
Expenses incl. tax
448,348
522,885
564,597
628,242
& other deduct1,593,210
1,590,364
1,791,966
794.161
Net income
$740,412 $7,702,853 $10,896,256 $9,709,395
Preferred dividends.
5,886,833
5,653,180
4,325,398
Common dividends
2,126,975
1,874.673
1,831,163
Surplus
def$311,005 $3,368,403 $3,552.834
a Balance of subsidiary companies earnings after taxes and depreciation,
depletion, interest, etc.. applicable to Electric Power & Light Corp.
b Earnings of United Gas Corp. and companies of which it has voting control, other than those previously controlled by Electric Power & Light
Corp., are included only from June 1 1930.
a"Last complete annual report in Financial Chronicle Aug. 19 '33, p. 1407




$2,226

Net loss

Total income of subsidiary companies
$10,738,092 311.607.288
Interest on bonds,notes, &c
3,360,032
3,956,171
Amortization of bond and stock discount & expense
324,067
347,495
Dividends on preferred stocks
1,061,774
1,069,210
Propor. of earns, attributable to min. corn. stock
13,299
11,853
Equity of Continental Gas & Elec. Corp. in
earnings of sub. companies
$5,353,364 46,848,115
Earnings of Continental Gas & Electric Corp
39.433
48.107

$78,014
1,317
31,534
23,704
3,317
882
19,486

Income
Expense
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Normal and State taxes on bond interest
Provision for depreciation

El Paso Electric Co (Delaware)

Gross earnings
Operation
Maintenance
Taxes

(And Constituent Companies)
-Month of August- -12 Mos.End.Aug.311932.
1933.
1933.
1932.
$205.312
$216.750 $2,594,377 42.964.011
95,064
90,710
1,096,095
1.254,655
11,552
11,071
132.832
162,394
28,055
27,954
272,276
317,819
$70,640
36,729

Net oper. revenue_
Int. and amortization__ _

$33.910
Balance
Reserve for retirements (accrued)

$87,014 41.093,172 $1,229.142
37,637
437,278
447.549
$49,376

4655,894
230.000

$781,592
230.000

Balance
Dividends on preferred stock of constituent co.__

4425.894
46,710

4551,592
46,819

Balance
Divs, on pref. stock of El Paso Elec. Co.(Del.)._ _

$379,184
194,998

$504,772
194.881

$184,186
4309,891
Balance for common stock dividends and surplus
During the last 31 years, the company and its predecessor companies
have expended for maintenance a total of 6.88% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 10.03% of these gross earnings.
ItgrEast complete annual report in Financial Chronicle Mar. 4'33, p. 1546

Equitable Office Building Corp.
1933-3 Mos.-1932.
-Month-1932.
1933
$415.537 $1,103.974 $1,261,820
$368.677
78.612
19,331
63,239
28,766

Period End. July 31Rentals earned
Miscellaneous earnings
Total income
Oper. & admims. exp....
Depreciation

$397.443
71.109
22,982

4434.868 41.182.586 41,325,059
76.138
210,785
239,023
22,982
68.945
68.945

Net operating profit..
Other income

$303,352
1,879

$335.748
2,379

$902,855 $1,017,091
5,914
19,495

Total
Real estate taxes
Interest
New York State taxes_ _
Res, for doubtful accts.
Provision for Fed. taxes

$305,231
62,775
100,750
3.309
8,047
20,000

$338,127
70.797
102,352
4,877
16,675
18,000

4908,769 $1,036,585
188,325
212,390
302.250
307,056
9,706
14.544
26,843
53.546
55,000
60.000

Net profit
Res. for addit 1 deprec-

4110,350
12,422

4125,426
10,743

$326.645
37,267

$389,048
32,228

$114,684
$356,821
$97,928
$289.379
Available for dividends
Note.
-Dividends on common stock owned by corporation included as
income in 1932.
10 1..est complete annual report in Financial Chronicle June 3'33, p. 3915
-

First Chrold Corp.
Month.
$9,503
950

Period Ended Sept. 30
Realized profits
Management fee reserve
Taxes paid
Tax reserve
Expenses

595
26

9 Months.
$155,494
15,549
1,100
18.599
1,160

$119.085
$7.932
Net profits after taxes
IZ
PLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1724

Fourth National Investors Corp.
9 Mos.End. Sept. 30-Interest on call loans, &c.
Cash dividends
x Profit realized on sale
of securities
Interest on bonds

1933.
$29,423
385,977

$415,401
Total income
Management fee
75.267
Transf. agents', registrars'
21,834
and custodian's fees
Miscsll, corporate exps_
3,867
Prov.for N.Y.State tax
21,500

1932.
$75.170
467,273

1931.
$69,024
524.210

1930.
$73,644
601.537
286,666
6,674

$542,443
69,321

4593.234
107,446

4968,521
141.077

22.528
3,696

15,338
15,024
30.654

48.959
20,396

$446,898
$292.932
$424,771
$758,088
Net income
x Loss realized on sale of securities based on average cost amounted to
$855.977 in 1933 (including $76,000 tentative provision for loss on deposit
in closed bank). $4,412,099 in 1932, and $135,551 in 1931.
Excess of cost over market value of investment Dec. 311932.. $7,346.967
Excess of cost over market value of investment Sept. 30 1933-- 4.860.924
$2,486,034
Decrease in unrealized loss
-Nine Months Ended Sept. 30 1933.
Change in Net Assets
Total.
Per Share.
$24.18
$12,090.249
Net assets at market Dec. 31 1932
292,932
0.59
Net income
1.71
855.977
Loss realized on sale of securities
4.97
2.486.034
Decrease in unrealized loss
0.40
200,000
Dividends on common stock
27.63
Net assets at market Sept. 30 1933
13,813,237
la"Last complete annual report in Financial Chronicle Jan. 7 '33, p. 155

(W. T.) Grant Co.
1930.
6 Mos. End. July 311932.
1931.
1933.
Sales
$34,729,456 433,437,704 $34,202,244 $31,040,161
Cost of mdse. sold & operating expenses
33,473,608 32,872,720 32,330,687 29,717,342
Gross trading profit__ $1,255,848
Other income
61,523

$564,984 $1,871,557 $1,322,819
120,244
71,731
87,400

Total gross income.-- $1,317,371
Depreciation
539,132
Res, for Fed. inc. tax116,267

4836.715 $1,958,957 41,443,013
378.830
474,749' 442.865
129.222
182,914
13.829

$935,011
Net income
$661,972
$148,137 41,333,178
Shs. cont. stk. outstand1.185.850
1,195,355
1,195,355
1,195.355
ing (no par)
$0.79
Earnings per share
$1.11
$0.55
$0.12
1:0
=7..ast complete annual repoa in Financial Chronicle Mar. 25 '33, p. 2077

(W. T.) Grant Realty Corp.
Six Months Ended June 30Net earnings

1933.
$88,723

1932.
472,803

2624

Financial Chronicle

Interstate Department Stores, Inc.

Greater London & Counties Trust Ltd.
(And Subsidiary & Controlled Companies)
Earnings for 12 Months Ended June 30 1933.
Gross operating revenue
Non-operating revenue

£3,822,954
162,115

Total
Operating expense
Maintenance_
Taxes-exclusive of income tax
Interest on funded debt
Interest on unfunded debt
Other charges

£3,985,069
2,220,966
166,945
148,687
310.841
12,623
2,666

Net income-after fixed charges
Dividends on pref. shares ofsub.& controlled companies

£1,122.340
259,660

Net income-before other deductions
Surplus net income of properties prior to acquisition
Net income accruing to minority interest
Depreciation
Income tax
Expenses of Greater London & Counties Trust. Ltd., less interest, directors' fees and miscellaneous receipts

£862,679
755
46,919
421,884
101.934

Gulf States Utilities Co.
-Month of August- -12 Mos.End.Aug.311932.
1933.
1932.
1933.
$533,131 $5,154.580 $5,613,748
$496,951
2,558,921
2,221.969
218,966
203,239
21 ,045
176,079
15,389
16,966
408,227
416,517
40.207
36.304
$240,441
90,898

$258,568 $2,340,013 $2,431,553
170
90,878

3149,543
Balance _______ _ Interest and amortization

$167,689 $2,340,013 $2,431,383
1.091,319
1,092,904

Net operating revenue
Inc. from other sources_

Balance
Reserve for retirements (accrued)
Balance
Dividends on preferred stock

$1.247,109 31,340.064
458,000
458.000
$789,109
567,182

$882,064
567.148

$314,915
$221.926
Balance for common stock divs. and surplus.._
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1546

Hamilton Manufacturing Co.
Earnings for Period from Jan. 1 to July 15 1933.
Gross profit
Net profit after all charges

(And Subsidiaries)
Earnings for 6 Months Ended June 30 1933.
Net sales:
Owned departments
Leased departments

$105,857
97,321

$894,198
594.760
171,431
58,463
50,654
1,274
319
74,056

Total
Operating expense
Maintenance
Taxes-exclusive of income tax
Interest on funded debt
Interest on unfunded debt
Normal tax on bond interest and other charges
Provision for depreciation and depletion
Net loss applicable to common stocks

$56,759

Illinois & Missouri Pipe Line Co.
(A Subsidiary of Ucilities Power & L.ght Corp.)
Earnings for 12 Months Ended June 30 1933.
Gross operating revenue
Non-operating revenue

$447,237
186

Total
Operating expense
Maintenance
Taxes-exclusive of income tax
Interest on unfunded debt
Provision for depreciation

$4447,423
298,757
8,362
8,571
250
33,675
397,807

Net income

Illinois Water Service Co.
Year Ended Aug. 31Operating revenues
Operation
Maintenance
General taxes

1933.
$597.743
215.028
31,461
50,214

1932.
$639,431
234.718
42.528
39.910

Net earnings from operations
Other income

3301,039
2,325

$322,274
1,488

Gross corporate income
Interest on long-term debt
Miscell. int. (incl. int. charged to construction)....,
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions

$303,365
163,684
1.011
1.930
8.313
26,500
2,282

$323,762
157,500
345
581
10,269
15,250
2,279

$137,536
$99,642
Net income
53,400
53.400
Dividends on preferred stock
April 22'33, p.2797
125eLast complete annual report in Financial Chronicle

Indianapolis Power & Light Co.
1930.
1931.
1932.
12 Mos.End. June 30-- 1933.
Gross operating revenue.. $8,708,193 39,508,504 $10,144,813 310,481.097
231,136
208.249
142,538
109,489
Non-operating revenue_
38.817.681 $9,651,042 $10,353,062 310.712.233
Total revenue- - 3,468.510
3,441.499
3,349,613
2,690,489
Operating expense
1,074.800
916.775
801.196
756,125
x Maintenance
Taxes (excl. of income
974.225
950,900
958,392
853,470
taxes)
1,500,000
1,500.000
1,706.000
Interest on funded debt.. 1,900.000
16,467
25,283
15,888
15,875
Int. on unfunded debt
Amort. of debt disct. &
exp..2% normal tax &
111,495
100,447
112.111
126,059
other charges
Net income of co. before prov.for renew•
als & replace. & in42.475,662 32,713.841 33,426,972 $33,557,920
come taxes
x Maintenance charged to operations equals the bond indenture requirements y Before provision for renewals and replacements of $435,410 and
provision for income taxes of 3180.000.
liGgMast complete annual report in Financial Chronicle June 24'33, p. 4459




$260,335
129

Loss
Proportion of loss applic. to minority bit. in sub. co

$260,205
Net loss
Ita'Last complete annual report in Financial Chronicle April 15 '33, p. 2622

Interstate Power Co. (Del.).
(Including Subsidiary and Controlled Companies)
1931.
1930.
1932.
12 Mos.End. June 30- d1933.
Gross oper. revenue_ _ -- 35,509,323 36,179,587 36,547.237 $6,327,651
Dr22 327
Dr22,071
11.639
30,135
Non-oper. revenue
$5,539,458 36.157,260 $6,525,166 $6,339,290
Total revenues
2,156,309
2,267,945
2,026,337
1,867,126
Operating expense
507.644
505,184
536,983
438,407
a Maintenance
(excl. of Federal
Taxes
343.425
351,855
346,503
360,689
Income tax)
1,784.226
1,715,399
1.882,292
Interest on funded debt_ 1.888 750
61.074
96,745
117,921
164,277
Int. on unfunded debt
Amort of debt discount
90,272
115,751
98,612
117,370
and expense
Property rentals, 2%
50,851
41,575
33,098
52.834
normal tax, &c
Net income
Divs. on pref stock of
controlled company
b Minority int. in net Inc

$650,004 31,107.070 $1,385,246 $1,396,398
2.569
5,120

2.569
6,972

Net Inc. of co.& earns.
applic. to corn. stk.
owned by it before
Fed. Inc. tax & res.
for renew.& replace. c$650,004 31,107,070 $1,377,557 31.386.857
a Maintenance charged Lc) operations equals bond indenture requirements.
b After allowing for proportionate part of provision for depreciation and
income tax c Before deducting $274,356 for provision for renewals and
replacements. d Exclus ve of Eastern Iowa Electric Co.
-Operations of Bemidji Wood Products Co.(sold to Utilities Power
Note.
& Light Corp., Oct 11932) for the period from July 11932, to date of sale
have been eliminated from the above statement for 1933.
nrLast complete annual report in Financial Chronicle June 24'33, p. 4459

Illinois Co. And Subsidiaries
(A Sul sidiary of Ut:I t es Power & L ght Corp.)
Earnings for 12 Months Ended June 30 1933.
$887,923
Gross operating revenue
6,275
Non-operating revenue

$8,167,779
1,660,481

$9,828,261
Total sales
Cost of goods sold, sell., oper. & adminis. exps., exclusive of
9,927,071
depreciation and interest
60,158
Adjusts. & settlements applic. in the main to prior years
Cr2,169
Interest in bank balances and other non-trading income
92,643
Depreciation of building and fixtures
8,295
Pre-opening expenses written off
2.597
Interest paid

116,848

Total net income of Greater London & Counties Trust, Ltd.,
£174,337
and earnings accruing to ordinary shares owned by it
-Last complete annual report in Financial Chronicle June 24'33, p. 4459
r'

Gross earnings
Operation
Maintenance
Taxes

Oct. 7 1933

(The) Key West Electric Co.
-Month of August- -12 Afos.End.Aug.31311.642
4.951
895
1,218

314,238
6,138
1,625
1,672

$156,313
65,339
14.077
12,988

$194,887
80,659
20,094
18,985

$4,576
2,227

$4,802
2,264

363.908
27.073

$75,148
27.487

32.348
Balance
Reserve for retirements (accrued)

$2,538

336.834
20,000

347.660
13,333

$16,834
24.500

$34,327
24,500

Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Int. and amortization..

Balance
Dividends on preferred stock_x

y$7,665
$9,827
Balance for common stock dive, and surplus
x Includes cumulative dividends unpaid or not declared. y Deficit.
During the last 26 years the company has expended for maintenance a
total of 9.34% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
14.45% of these gross earnings.
tarLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1547

(The) Laclede Gas Light Co.
(A Subsidiary of Utilities Power & Light Corp.)
1933.
1932.
12 Months Ended June 3036,922.906 37.427,898
Gross operating revenue
506,941
517.569
Non-operating revenue
Total revenue
Operating expense
Maintenance
Taxes (exclusive of income taxes)
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Other charges and 2% normal tax
Provision for renewals and replacements
Provision for income taxes

$7,429,846 $7,945,468
3.091,334
3,329,150
226,121
347,077
671,931
726,997
1,930,000
1,9:30,000
20.439
19,609
96,335
96,327
25,798
24,589
485,170
85,746

$797,802 41.470,887
Net income
x Before provision for renewals and replacements.
10 Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1375

Laclede Power & Light Co.
(A Subsidiary of Utilities Power & Light Corp.)
1933.
1932.
12 Months Ended June 30$1,921,170 $1,937,343
Gross operating revenue
35,092
Non-operating revenue
27,907
Total revenue
Operating expense
Maintenance
Taxes (exclusive of income taxes)
Interest on unfunded debt
Other charges
Provision for renewals and replacements
Provision for income taxes

$1,956,263 $1,965,250
1,242,715
1,279,772
53,620
53,830
132,895
166,764
142,400
108,766
59.716
276,924
8.131

$99,575 $296,401
Net income
x Before provision for renewals, replacements and income taxes.

Laclede Securities Co.
(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
Interest and dividends
Profit on sale of securities
Other income

$45,805
11,872
7

Total income
General expense
Interest on unfunded debt
Provision for depreciation

$57,685
32,565
68.725
778

et loss

$44,383

Financial Chronicle

Volume 137

2625
Newport Electric Corp.

Management & Engineering Corp.
(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
Engineering fees SC profit on construction
Tools and equipment rental
Interest and discounts:
Construction contracts
Current accounts
Other interest and discount
Management and supervision of properties
Special services billed to affiliated company
Loss on sale of equipment and material

$203,452
36,553
3,968
19,499
1,098
116,478
317.312
2,539
$695,822
421,077
9,466
148
49,086

Total income
Expense
Interest on unfunded debt
Other interest
Provision for depreciation

$216,045

Net income

(A Subsidiary of Utilities Power & Light Corp.)
1930.
12 Mos.End. June 301933.
1932.
1931.
$739,048
$800.681
$784,260
Gross operating revenue $753,807
532
Non-operating revenue_
6,280
4,335
6,945
$805,017
275,162
28.675

$791.206
292,181
31,156

$739.580
261.796
34,018

39,147
31,320
773

38.618
31.320
11.489

37.446
31,320
18,841
20.915

37.599
31,320
21,342
40.997

Net inc. before prov.
for renewals & replacements and income taxes
x$396,859
$419.753
$359,345
$312,509
x Before deducting $37.690 for renewals and replacements.
10
-Last complete annual report in Financial Chronicle June 24'33, p. 4460

Maritime Coal, Railway & Power Co., Ltd.

Ontario Shore Gas Co., Ltd.

(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
(Canadian dollars)
Gross operating revenue
Non-operating revenue

$300.147
2,513

Total revenue
Operating expense
Maintenance
Taxes
-exclusive of Dominion income tax
Interest on unfunded debt
Provision for depreciation and depletion

$302,660
239,481
38.760
3.302
4,464
11,214
$5,440

Net income

$760.087
265,421
26,567

Total revenues
Operating expense
Maintenance
Taxes, exclusively of income taxes
Interest on funded debt_
Int. on unfunded debt__
Other charges

(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
(Canadian dollars)
Gross operating revenue
Non-operating revenue

$78,729
781

Total revenue
Operating expense
Maintenance
Taxes--exclusive of Dominion income tax
Interest on funded debt
Interest on unfunded debt
Provision for renewals and replacements

$79.511
58,199
3.549
12.799
20,041
23,973
3.982
$43,033

Net loss

Market Street Railway Co.
(And Subsidiary)
12 Months Ended Aug. 31Gross earnings
Operating expenses, maintenance and taxes

The Orange & Rockland Electric Co.
1933.
$7,436,588
6,483,085

1932.
E8,057,684
7,075,627

Net earnings
Other income

$953,503
10,726

$982,057
12,631

Net earnings including other income
Interest charges-net
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve

$964,229
567,349
30.924
8.936
357,020

$994,688
578,545
34,793
10,446
331,643

Nil
$39,262
Consolidated net income
KN'Last complete annual report in Financial Chronicle April 15 '33, p. 2606

Metropolitan Edison Corp.
(And Subsidiary Companies)
1933.
1932.
12 Months Ended June 30-Total operating revenues
$15,437,872 $16,563,847
4,887,848
5,647.598
Operating expenses
1,187,963
1,539,400
Maintenance
2,959,773
Provision for retirement, renewals and replacem'ts 2,549,394
862,314
791,576
Taxes
$5,598,917 $5,976.936
1,860,304
1,245,607

Operating income
Other income

$7,459,221 $7,222,544
Gross income
Deductions from income:
2,525,831
Subsidiary companies-Int. on fund.& unf. debt 2,705,852
806,168
Dividends on preferred stocks
812,455
Income applicable to common stock of subsidi83,717
47,221
ary company held by the public
Cr.15,668
Interest during construction
Cr.62,327
Met. Ed. Corp. int. on fund. & unfunded debt_ 2.760,308
2,753,437
Balance of income
$1,118,844 $1,145,927
tarLast complete annual report in Financial Chronicle July 15'33, p. 488

-Month of August- -12 Mos. End. Aug. 311932.
1932.
1933.
$724,522
$753,369
$63,07
359,425

Operating revenues
Oper. exp., incl. taxes
but excl. depreciationDepreciation

36,385
7,563

37,332
7,386

402,856
90.045

414.693
88,016

Operating income_
Other income

$15,477
3,220

$18,489
3,058

$231.621
36,063

$250,660
26.556

Gross income
Interest on funded debt..
Other interest
Amortization deductions
Other deductions
Divs. accrued on pf.stk_
Fed. inc. taxes included
in operating expenses_

$18,697
5,208
1,148
464
8.197

$21,547
5,208
9
1,148
418
7,851

$267,684
62.500
737
13,777
4,400
96,918

$277,216
62,470
1,242
13.010
4,231
81,205

2,500

2.500

34.950

32,815

Pennsylvania Electric Co.
(And Subsidiary Companies)
1932.
1933.
12 Months Ended June 30$8,845,273 $10,148,087
Total operating revenues
4,265,433
3,828,637
Operating expenses
558,954
517.669
Maintenance
486,436
659,989
Provision for retirement, renewals & replacements
505.292
436,362
Taxes
Operating income
Other income

$3,576,169 $4,158,419
134,142
413,309

Gross income
r
Interest on unfunded debt
Interest on convertible gold notes
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction

$3,710,311 $4,571,728
1.637,993
1,810,564
319,205
261.257
448,894
164,858
137,164
144,034
Cr.32,109
Cr.26

$1,336,494 $2,053.711
Net income
10 Last complete annual report in Financial Chronicle June 17'33, p. 4267
-

Mohawk Valley Co.

Ponce Electric Co.

(And Subsidiary Companies)
12 Months Ended June 301933.
1932.
Total operating revenues
$334,120,851 $35,940,316
Operating expenses
14,983,194 15,591,300
Maintenance
2,606,081
2,406.551
Provision for retirement, renewals & replacements 1,666,892
2,228,450
Taxes
3,321,226
3,163,098

Gross earnings
Operation
Maintenance
Taxes

Operating income
Other income (net)

Net operating revenue
Interest charges

$11,543,458 $12,550,917
237,686
552,822

Gross income
$11,781,144 $13,103,739
Deductions from income:
Subsidiary companies-Int. on funded debt_
4,003,543
4,094,202
Interest on unfunded debt
254,135
955,718
Dividends on preferred stocks, paid or accrued 1,430,944
1,432,435
Interest during construction
Cr.91,173 Cr.231,669
Mohawk Valley Co.int. on fund.& unfund.debt 2,968,895
3,865,174
Balance of income
$3,214,801 $2,987,880
a"Last complete annual report in Financial Chronicle Aug.26 '33, p. 1579

Ohio Water Service Co.
(Including Ohio Lakes Recreation Co.)
Year Ended Aug. 31
1933.
Operating revenues
$471,742
Operation
145,938
Maintenance
20,820
General taxes
71,675

1932.
$500,855
167,438
21,418
74,822

Net earnings from operation
Other income

$233,217
11,223

$237,175
21,444

Gross corporate income
Interest on long term debt
Miscellaneous interest charges

$244,440
191,000
1,274

$258,620
191,000
1,588

Total interest charges
Lass: Interest on construction capitalized

$192,274
34

$192,588
11,706

Net interest charges
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions

$192,240
10.648
2,666
22,000
1,807

$180,882
10,648
2,624
24,000
2,168

Net income
$15,078
$38,297
* Dividends on preferred stock
16,087
* Preferred dividends for the year ended Aug. 311933. fn the amount of
$77,278 have not been declared, nor accrued on books, but are cumulative.
Preferred dividends for the year ended Aug. 311932, do not include $61,178
which have not been declared, nor accrued on books, but which are
cumulative.
W7..ast complete annual report in Financial Chronicle April 22 '33, p. 2798




-Month of August- -12 Mos.End.Aug.31
$25*16
10,731
1,338
4,814

826,169
11.156
1 ,227
3.505

$32‘2,678
122,466
4135:086611

$328,729
125,645
3169..968055

$8,321
74

$10.278
75

$141,588
906

$146,493
1.027

Balance
$8,247
Reserve for retirements (accrued)

$10,203

$140,681
40,000

$145,465
40,000

$10 6 7
2 91
0 8
5

$105,465
26,163

Balance
Dividends on preferred stock

$79,301
$74,784
Balance for common stock diva. and surplusDuring the last 31 years, the company and its predecessor companies,
have expended for maintenance a total of 7.63% of the entire gross earnings
over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 10.39% of these gross earnings.
r78 1..ast complete annual report in Financial Chronicle Mar. 4 '33, p. 1548
-

Puget Sound Power & Light Co.

Gross earnings
Operation
Maintenance
Taxes

(And Subsidiary Companies)
-Month of August- -12 Mos.End.Aug.3'1932.
1932.
1933.
1933.
$1,029,142 $1,066,286 $12,645,616 $14,237,778
4,793.946
5,630,921
404,733
409,293
737.377
57.201
573,316
50,385
1,035,923
1,269,554
129,667
96,394

Net operating revenue
Inc. from other sources x

$444,355
34,913

$503,397 $6,008,798 $6,833,555
798.600
1,300.655
110.193

Balance
Int.and amortization_ _ _

$479,269
335,937

$613,590 $6,807.399 $8,134,211
4,080,679
4.095,645
341,040

Balance
$143,332
Reserve for retirements (accrued)

$272,550 $2,711,753 $4,053,531
1.'270.782
1,213,103

Balance
Dividends on preferred stock

$1,498,650
y2,133,965

2,782.749
2,126,339

Balance for common stock diva. and surplus__
$656,410
$635,314
x Includes interest on funds for construction purposes, current month,
none (1932, $75.318): current 12 months. $379,879 (1932, $861,906).
y Includes cumulative dividends unpaid or not declared. z DeLcit.
During the last 33 years, the company and its predecessor companies
have expended for maintenance a total of 9.90% of the entire gross earnings
over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 7.28% of these gross earnings.
Itaf
-Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1548

Oct.

Financial Chronicle

2626

Second National Investors Corp.

Railway Express Agency.
-Month of July-- -7 Mos. End. July 311932.
1933.
Revenues and Income1933.
1932.
Charges for transport.,.,$8.744,676 $8,824,853 $67,983,229 $83,110,565
1,751,722
Other revenues & income
208,378
1,434,255
232,097
Total revs. & income_ $8,953,054 $9,056,950 $69.418,484 $84,862,287
Deduct.from Revs.& Inc.Operating expenses
$5,861,303 $6,679.272 $42,231,399 $51,530,491
678,208
923,435
Express taxes
121,314
94.203
1,026.163
1,005,213
Int.& disc,on fund. debt
143,755
146.740
31,367
17,803
1.571
Other deductions
3,607
Total deductions
$6,127.943 $6.923,822 $44,177,850 $53,266,229
Rail transportation rev.
(payments to rail and
other carriers-express
privileges)
$2.825,111 $2,133,128 $25.240,634 $31,596.038
Last complete annual report in FinancialChronicle May 13 '39, p. 3360
Savannah Electric & Power Co.
.End.Aug.31-Month of August- -12 Mos
1932.
Gross earnings
$142,620
$147,g95 $1,766,508 $1,978,918
e
6 7,908
Op ration
0
615,773
56,466
50, 24
118,094
112,980
7,304
Maintenance
9,900
214,427
183,423
17,331
Taxes
14,769
$69,923
33,5 6

$64,198
33,900

$854,330
406,101

$978,488
412,020

Balance
$36,386
Reserves for retirements (accrued)

$30,297

$448,229
150.000

$566,467
100,000

$298,229
209,114

$466,467
208,921

Net operating revenue
Int. and.amortization__ _

Balance
Dividends on debenture and preferred stock

$257,545
$89,114
Balance for common stock diva. and surplus--During the last 31 years the company and its predecessor companies
have expended for maintenance a total of 8.40% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 7.68% of these gross earnings.
ta'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1549

Gas & Electric Co.

Summary of Income and Earned Surplus (not including compants interest in
•
un istributed surplus earnings of subdiairy and affiliatedcos.)
June 30'33. Mar. 31'33.
12 Months Ended$221,940
$214,716
Interest on bonds owned
718,835
661,917
Interest on notes, accounts receivable, &c
Interest accrued on accounts receivable from Deep
Rock Oil Corp.(in receivership) and interest and
diva, accrued on investments in Deep Rock Oil'
408.841
715,400
& Refining Co
Dividends on preferred and common capital stocks
owned-public utility companies, Byllesby En10,284,343 11,079,883
gineering & Management Corp., &c
Credit arising from refunding of bonds of a sub330,000
sidiary company
$11,569,817 $13,066,058
Total income
233,691
225,645
General expenses and taxes
Interest on funded debt, including amortization of
4,566,802
4,563,472
debt discount and expense
298,372
318,506
Miscellaneous interest
Net income
Earned surplus, beginning of period
Sundry credits
Total surplus
rior preference dividends
rior preference dividends
cumulative preferred dividends
Common dividends
Losses on investment securities sold-net

$71e

$6,482,328 $7,947,059
12,591,200 13,121,774
71,777
$19,145,305 $21,068,833
2,574,236 2,650,692
600,000
600,000
x2,019,692 y2,777,074
1,729,377 2.810,051
1,614.557
506,634

$10,607,443 $11,724.382
Earned surplus, end of period
x Eight months dividends to Feb. 28 1933. y Eleven months dividends
to Feb. 28 1933.
-Income from dividends includes $2,695,302 for 12 months ended
Note.
June 30 1933, and $2,594,227 for 12 months ended March 31 1933, charged
subsidiary and affiliated companies to surplus accumulated prior to
by
respective periods.
Consolidated Statement of Earnings.
(Irrespective of changes during the periods in holdings of the parent company
of capital stocks in subsidiary and affiliated companies consolidated
herein, and not including Deep Rock Oil Corp. (in receivership) on a
consolidated basis.)
June 3033. Mar. 31'33.
12 Months Ended$124,640,117 $127,309,557
Gross earnings
Operating expenses, maintenance and taxes
(including $50,000 for the 12 months ended
June 30 1933 and $100,000 for the 12 months
ended March 31 1933, for amortization of
extraordinary operating expenses deferred in
66,718,645
65,258,121
1931)
$59,381.996 $60,590,912
Net earnings
Interest and dividends on outside investments,
profits on engineering and supervision fees
(including those capitalized by subsidiary and
2,580,785
2,457,739
affiliated companies). &c.
-net
Credit representing an inter-company transaction arising from refunding of bonds of a
330,000
subsidiary company
1.135,969
829,410
Interest and rental from Deep Rock 011 Corp.__
Net earnings including other Income, before
appropriation for retirement of property
$82,669.145 $64,637,666
and for depletion
Interest (less interest charged to construction).- 25,467,344 25,358.015
Appropriation for amortization of debt discount
1.4"8,712
1,492,346
and expense
1,730,370
1,727,803
Rent of leased properties
Appropriation for retirement of property and for
14,287.642
14,246.408
depletion
253.828
236,241
Miscellaneous charges
*19,498.915 $21,539,099
Balance
Dividends on capital stocks of subsidiary and
16,893,771
16,398,140
affiliated companies held by public
Less net amount charged by subsidiary and
affiliated companies to surplus, prior to
Cr747,740
Cr635,801
respective periods
$3.736,578 $5,393.068
Consolidated net Income
a"Last complete annual report in Financial Chronicle May 13 '33, p. 3331

Subway Terminal Corp.
Earnings for 6 Months Ended June 30 1933.
$76,192
Net loss after depreciation, Interest and other charges
larLast complete annual report in Financial Chronicle July 15 '33, p. 508




1933.

1932.

1931.

1930.

$10,336
162,315

$30,688
199.788

$28,363
232,645

$25,235
268,489

x

x

x

203,115
5,404

$172,651
29,163

$230,476
28,928

$261,007
45,499

$502.243
62,306

13,221
1,999

7,730
10.958
15,258

38,515
30,339

9 Mos.End. Sept.30Int. on call loans, notes,
&c
Cash dividends
Profit realized on sale of
securities
Interest on bonds
Total income
Management fee
Transfer agents', registrars' & custod'ns fees
Miscell. corp. expenses_
Provision for taxes

12,145
1.528
8,772.

1181.561
$371,082
$186,328
Net income
$123,041
x Net loss on sale of securities amounted to $540,893 (including $32.500
for provision for loss on deposit in closed bank) in 1933, $2,136,569 in 1932
and $161,109 in 1931.
Security Profits Account 9 Months Ended Sept. 30 1933.
Excess of cost over market value of Investments. Dec. 31 1932-- $3,089,745
Excess of cost over market value ofinvestments. Sept.30 1933-- 1.891,967
$1,197,779
Decrease in unrealized loss
217,106
Excess of cost over market value of treasury stock. Sept.30 1933
1933.
Change in Net Assets 9 Months Ended Sept. 30
Per Share of
Pref. Stock
.
Total. (100,000 Sh)
$50.33
15.032,886
Net assets, market value. Dec. 31 1932
Increase for period before dividends:
1.23
123,040
Net income
5.41
540,893
Net loss on sale of securities
11.98
1.197,779
Decrease in unrealized loss
2.17
217.106
Excess of cost over market value of treasury stock..
$562,820
82,617

Dividends on preferred stock

$5.63
0.83

$4.80
$480,203
Increase for period after dividends
55.13
5.513.089
Net assets, market value. Sept. 30 1933
complete annual report in Financial Chronicle Jan. 7 '33, p. 170
larLast

Schulte Retail Stores Corp.
1932.
6 Months Ended June30-1933.
$589,991
$775.984
x Net loss after taxes and charges
x Includes real estate loss of $714,010 in 1933 and $814.000 in 1932.
IZPLast complete annual report in Financial Chronicle May 20 '33, p. 3554
Standard

7 1933

Shawmut Bank Investment Trust.
6 Mos. End. Aug.31Interest and dividends__
Net gain on secur sold__

1933
$104,096
42,496

1932
$128,590

1931
$159,199

1930
$168,479
145.650

Total income
Administrative expenses
Interest paid and accrdReserved for taxes

$146,592
11,581
129,430

$128,590
15.186
137,009

$159,199
28,358
146,240

$314,129
36,593
147,550
6,700

$123,286
$5,581 def$23.605 def$15.399
Surplus earnings__ __
lOrLast complete annual report in Financial Chronicle April 22'33, p. 2810

Telephone Bond & Share Co.
1933.
1932.
6 Months Ended June 30Net loss after expenses, taxes, depreciation,interest,
$77.408 pf.$286,950
amortization and other deductions
Third National Investors Corp.
9 Mos.End. Sept. 30-Interest on call loans,
notes, &c
Cash dividends
Profits realized on sale of
securities
Interest on bonds
Total income
Management fee
Transfer agents', registrars' & custod'ns fees
Macon. corp. expenses_
Provision for taxes

1933.

1932.

1931.

1930.

$8,261
139,980

$24.788
178,463

319,386
224.697

$12,683
258,999

x

x

$148,241
24,180

1203.250
24.594

$244.082
40,302

$496.887
55,308

9,398
1,362
8,380

11,689
1,224

6,026
9,479
1,736

21,890
22,208

223,880
1.324

$165.744
$186,539
1104,920
$397,482
Net income
x Net loss on sale of securities amounted to $487,314 (including tentative
provision for loss on deposit In closed bank of $18,000) In 1933. $2,134,191
in 1932 and $178,447 in 1931.
Security Profits Account 9 Months Ended Sept. 30 1933.
Excess of cost over market value of investments. Dec.31 1932... $3,234,227
Excess of cost over market value ofinvestments, Sept.30 1933-- 2,107,341
$1,126.886
Decrease in unrealized loss
Excess of cost over market value of treasury stock Sept. 30 1933 $268,283
Change in Net Assets 9 Months Ended Sept. 30 1933.
Total.
Per Share.
14,323,887
$19.65
Net assets, market value, Dec. 31 1932
Increase for period before division:
104,919
0.48
Net income
487.314
2.22
Net loss on sale of securities
1,126,886
5.12
Decrease in unrealized loss
1.22
268.283
of cost over market value of treasury stock_
Excess
$476,209
$2.16
66,910
0.30
-Dividends on common stock
Deduct
$409,298
$1.86
Increase for period after dividends
4.733,184
21.51
Net assets, market value. Sept. 30 1933
complete annual report in Financial Chronicle Jan. 7 '33, p. 171
larLast

United Collieries, Inc.
(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
$4,131,871
Gross sales-less freight and allowances
3,652,476
Cost of sales-purchases
Gross profit on sales
Commissions earned

$479,394
22,598

Total Income
Selling and administrative expense

$501.992
327,755

Net profit from operations
Other income
Net income-before fixed charges
Interest on unfunded debt

*174.238
75,509
$249,746
70,154
$179,593

Net income

United Fruit Co.
Period Ended Sept.30- 1933-3 08.-1932. 1933-9 Mos.-x1932.
Net earnings before taxes $4,014,000 $1,430.000 *9.087.000 $5,165,000
Earns, per share on 2,$3.10
$1.76
925.000 sh. no par
depreciation adjustent
adjustment
i
is after giving
x The 1932 figurestk.$1.37 effect to
is therefore directly comparable
called for by the revaluation of property and
with this year's figure.
*Mast complete annual report in Financial Chronicle Feb. 25 '33, p. 1359

Financial Chronicle

Volume 137

United Light & Power Co.
(And Subsidiaries)
12 Months Ended Aug. 311932.
1933.
Gross oper. earns, of sub. & controlled cos. (after
eliminating inter-company transfers)
$72,218,856 $78.434,084Operating expenses
31,199,643 33.137,006
Maintenance, charged to operation
4,367,521
3,897,937
Taxes, general and income
7,789,915
7,886,768
Depreciation
7,825,477
7,013,819
Net earns,from opers. ofsub.& contr. cos
Non-oper.income of sub. & controlled cos

$22,220,688 825,314.166
1,560.858 3.266,128

Total income of sub. & controlled cos
Interest on bonds, notes,&c
Amortiz. of bond and stock discount & expense,
Dividends on preferred stocks

$23.781,547 $28.580,295
11,555,827 11.133,605
734,593
771,009
4.396.959
4,256,966

Balance
$7,234,160 $12,278,721
Propor. of earnings, attributable to minority com.
3.245,312
stock
2,221,252
Equity of United Light & Power Co. in earnings
ofsub. esc controlled companies
$5,012.908 $9,033,409
27,412
65,871
Earnings of United Light & Power Co
Balance
Expenses of United Light & Power Co

$5,040,320 $9,099,279
179,068
133,582

Gross income of United Light & Power Co
Holding company deductions
Interest on funded debt
Other interest
Amortization of bond discount and expense

$2,222,588 $5.850,935
y3,600,000 x3,600,000

Virginia Electric & Power Co.
(And Subsidiary Companies)
-Month of August--12 Mos.End.Aug.311932.
1933.
1933.
1932.
$1,213,845 $1,205.341 814,737.717 815.993,245
463,181
464,932
5,294,481
5,955,266
83,475
79,964
936,988
1,108,948
126,795
131,950
1,368,505
1,498,832

Net oper. revenue_ _ _ _
Inc. from oth. sources*_

$540,393
94

$528.493 $7,137,742 87,430.198
2.867
23.042
34,785

Balance
Int. and amortization_ _ _

$540,487
159,639

$531.361
161,811

Balance
$380,848
Reserve for retirements (accrued)

$7,160,784 87,464.983
1,932,878
1,914,239

$369.549 $5,227,906 $5,550,744
1,800.000
1,900,000

Balance
Dividends on preferred stock

$3.427,906 $3,650,744
1,171.492
1,171.359

Balance for common stock, dive, and surplus__ $2.256,413 $2,479,384
* Interest on funds for construction purposes.
During the last 23 years the company has expended for maintenance a
total of 10.57% of the entire gross earnings over this period, and in addition during this same period has set aside for reserves or retained as surplus
a total of 13.15% of these gross earnings.
IW-Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1550

$4,861,252 $8,965,698

Balance available for dividends
Preferred stock dividends

Gross earnings
Operation
Maintenance
Taxes

2627

2,292,214
83,557
262.893

2,732,524
80,799
301,440

Deficit
$1,377.412prf 2.250.935
Deficit per share
$0.40 prof.$0.65
x Including $1,500,000 accrued, but not declared. y Accrued but not
declared.
00 Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2599
-

Utilities Elkhorn Coal Co.
(A Subsidiary of Utilities Power & Light Corp.)
Earnings for the 12 Months Ended June 30 1933.
Operating income
Non-operating income

$705.339
23,684

Total
Operating expense
Maintenance
Taxes-exclusive of Federal income tax
Interested on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Expense of reserve acreage
Normal and State taxes on bond interest and other charges
Provision for depreciation and depletion

$729.024
467,665
39.595
5,050
88,004
41.787
8,799
8,424
3,092
39.615

Net income

$26,994

Utilities Power & Light Corp.
(Including Subsidiary and Controlled Public Utility Companies)
Consolidated Statement for 12 Months Ended June 30 1933.
(Includes Greater London and Counties Trust Ltd., and its subsidiary and
controlled companies, but excludes fully owned non-utility subsidiary cos.]
Gross operating revenue
846.653.429
Non-operating revenue
1,017,737
Total revenue
Operating expense
Maintenance_a
Taxes-exclusive of income taxes
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Normal and State taxes on bond interest, &c

$47,671,165
21.029,075
2.741,314
3.118.658
8,488,774
136,889
421.957
157,643

Net income
$11.576,855
Dividends on preferred stocks of subsidiary and controlled
public utility companies_c
2,712.566
Surplus net income of properties prior to acquisition
3,679
Net income accruing to minority interests, after providing for
depreciation and income taxes
379.926
Net income ofsubsidiary & controlled public utility companies $8,480,684
Utilities Power & Light Corp.
Income:
Int., discounts, divs. & miscellaneous
$850,781
Common stock diva, from fully owned nonutility subsidiary companies
410,000
Operating
loss orixii' exchange
e foreignNt

$1,260.781
585.928 '
104,378

8690.305
Expenses of Greater London and Counties Trust, Ltd., less
interest, directors' fees and miscellaneous receipts

570,476

82.766.605
34,770

Total
$2.731,834
Amortization of debt discount and expense___ _
200.246
Normal and State taxes on debenture interest.._
29.152
Provision for depreciation and depletion_b
Provision for income taxes

2.961.233
3,816.024
609,724

Total net income_c
$1,095,532
a Maintenance requirements, where stipulated in bond indentures of
subsidiary companies, have been complied with. b Requirements for
renewals and replacements, where stipulated in bond indentures of sunsidiary companies, have been complied with. c Cumulative dividends
on preferred stocks of subsidiary companies in hands of public, which
were not earned or declared, amounted to $1.168,858, and have not been
included as a deduction in the above statement.
Note.
-This is the first statement submitted excluding fully owned nonutility subsidiary companies: therefore, this statement is not comparable
with those previously published.
larLast complete annual report in Financial Chronicle June 24'33, p. 4452

Utilities Power & Light Securities Co.
(A Subsidiary of Utilities Power & Light Corp.)
Earnings for 12 Months Ended June 30 1933.
Interest and dividends
Loss on sale of securities

$248,016
102.053

Total income
General expense
Interest on unfunded debt
Provisions for depreciation

$145.964
64.290
364.275
1,968

Net loss




Earnings for Period from May 10 to Aug. 31 1933.
Net earnings after all charges except income taxes
Earnings per share on 375,000 shares common stock

$146,548

(The) Western Public Service Co.
Gross earnings
Operation
Maintenance
Taxes

(And Subsidiary Companies)
-Month of August--12 Mos.End.Au .31.
1932.
$164,a90
176,037 $1.918,337 12,232,372
80,325
89,359
1,038,031
1,163,267
6.800
78,327
6,788
88.588
11,845
12,750
153.922
117,536

Net oper. revenue_
Inc.from other sources _ *

$65,014

$68,044

5648,055

$862,979
5,162

Balance
Interest & amortization_

$65,014
31,599

$68,044
24,051

$648,055
362,465

$868,141
287,650

Balance
Note int.(Eastern Texas
Electric Co., Del.)_ _ _

$33,415

$43,992

$285,590

$580,491

19,740

44,635

233,185

$24,252

1240.955
206,666

$3347.306
220.000

$34.288
x107,810

$127,306
59.198

Balance
$33,415
Reserve for retirements (accrued)
Balance
Dividends on preferred stock

Balance for common stock, divs, and surplus_ _
x 573.521
$68,107
x Includes cumulative
* Interest on funds for construction purposes.
z Deficit.
dividends unpaid or not declared.
la"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1550

West Virginia Water Service Co.
(Including Bluefield Valley Water Works Co.)
Year Ended Aug. 311933.
1932.
Operating revenues
$1,008,706 31,085.567
Operation
408,358
360,888
52,357
Maintenance
45,113
General taxes
128,326
138.710
Net earnings from operation
Other income

$474,377
8,404

$486,142
1,910

Gross corporate income
Interest on long-term debt
Misc.int. charges (incl. Mt.chgs. to constr.)
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions

8482,782
258,000
4,712
26,308
11,532
54,100
3,550

8488.052
258,000
8.109
26.235
11.816
54,600
3,311

Net income
$124,579
$125.980
Dividends on preferred stock_
.40.250
Dividends on second preference stock
2,500
Preferred dividends for the year ended Aug. 31 1933. in the amount of
$99.000 have not been declared, nor accrued on books, but are cumulative.
Preferred dividends for the year ended Aug. 31 1932, do not include $56.250, which have not been declared, nor accrued on books, but which are
cumulative.
OP
-Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2975

PUBLIC UTILITIES.

568,646

Net income of Utilities Power & Light Corp.& sub,and controlled public utility companies
$8,482,514
Fixed charges of Utilities Power & Light Corp.
Interest on debentures
$2,570.000
Interest on unfunded debt
196.605
Total
Interest during construction capitalized

Weibel Brewing Co. of New Haven, Conn.

$284.569

Third Avenue Railway Co.
(Annual Report
-Year Ended June 30 1933.)
S. W. Huff, President, Oct. 2 ,wrote in part:
The figures (below) are the result of the system's operation after eliminating intra-company transactions between electric lines and inter-company
transactions between bus lines. This statement shows the great handicap
under which the companies of the system are now operating by reason of
the rapid decrease in receipts due mainly to industrial conditions throughout the country. The year 1929 was the year of highest receipts in the
history of the system. There was a decrease in receipts for the year 1930
over this high year of approximately $250,000. with a decrease in 1931 over
1930 of approximately $750,000, and a decrease in 1932 over 1931 of approximately $1,000,000. while the decrease in 1933 over 1932 was approximately $2,250.000. This makes a total decrease for the last five years of
approximately 84.250,000 in receipts while the net income from operation
showed an increase of half a million dollars.
Although this large decrease in receipts has been to a very considerable
extent the result of the general industrial depression throughout the country, some of the lines of the system have suffered seriously by reason of the
traffic diverted to the new city subway lines opened in some cases, as on
the Concourse, directly under the lines being operated by this system.
The opening of the city subway up through the Washington Heights and
North Broadway section diverted a very substantial amount of travel from
our lines in that section. The opening of the subway on the Concourse
diverted about one-third of the travel from the Concourse bus line.
With these large decreases in receipts, it can be appreciated how drastic
have been the reductions in operating expenses to effect the net income shown
during the past year. With a decrease in receipts in the five-year period
of approximately 23%, the decrease in operating expenses was approximately 30%. The total combined net income for the year 1933. $211.118.
it will be noted, is approximately the same as that of the year 1931. It
is approximately $500.000 better than the year of highest receipts
-1929=d it is exceeded to any considerable extent only by the year 1932. when
the net income was 8460.138. During the year 1932 economies resulting
in large savings were put into effect before the heavy decrease in receipts
which characterized the following year were felt. Notwithstanding, the
year 1933, with approximately $2.250.000 decrease in receipts, showed a
net within $250,000 as high as the year before, and if the amount set aside
for depreciation, which you will notice in the last item of the consolidated
income statement, is taken into account, the result of operation for the

Financial Chronicle

2628

year 1933 would be practically the same as that of the year 1932. regardless
of its $2,250,000 decrease in receipts.
Referring again to the last item in the consolidated income statement.
It will be noted that during the years 1929, 1930 and 1931 there was nothing set aside for depreciation in the railway account. It has been the practice of the railway companies of the system for a number of years to set aside
25% of the gross receipts to be used for the maintenance and depreciation
of roadway, equipment and buildings. Any excess over the amount
actually expended out of the 25% of the gross is passed to depreciation.
During the years 1929, 1930 and 1931 the entire 25% was used for maintenance, there being a deficit of $33,000 in the year 1930. In the year 1932
approximately $250,000 was set aside for that purpose and in the year 1933
$500,000. In the case of the buses, the amount set aside for depreciation
has varied as improvements in design and methods of maintenance for
prolonging the effective life of these buses have been worked out. This
has resulted in setting aside the amount for depreciation seen in the last
line of the consolidated income statement.
With a decrease in raiway receipts of approximately $4,500,000 in this
five-year period, the annual funds available for maintenance and depreciation were reduced by 25% of the $4.500,000, or more than $1,000,000.
During the past year or two there has been less track replacement, but It is
not felt that the track structure has been sacrificed in this particular. In
an active campaign of repaving on the part of the city, track is often removed that is not yet ready for replacement and the companies are required
to make large expenditures that are not necessary for the maintenance
of track and paving. Although there has been this slowing-up in the
reconstruction of track, there has been no let-up in its maintenance, particularly in that phase of the maintenance which might be termed "preventive." For some years a large part of the track force has been used upon
"good track." repairing joints upon the first evidence of any movement in
such joints, grinding out corrugations and doing all those things that go to
insure a long life for the track structure. The work has continued without
interruption, and the maximum life for the track structure insured. The
rolling stock of the company was probably never in more reliable and efficient condition, or better maintained, and is being steadily improved in
efficiency and equipment. This applies also to the buildings.
The decrease in capital assets of approximately $7,000,000 and In total
reserves of approximately $5,000,000 is due largely to the writing-off of
property and securities of the Dry Dock Co., the abandonment of which
was reported in 1932; also, the writing off of a number of open and other
obsolete cars and the writing off of the machinery in the Kingsbridge power
plant. The machinery of this power plant had been obsolete for a number
of years but had been rented to the Edison Company as part of the consideration of the contract for power. The writing off of this obsolete and useless property has effected substantial savings in operation, insurance and
taxes without changing the actual value of the property.
It has been possible to maintain the payment of 2% interest on the
adjustment bonds, which is the rate that has been paid for the last eight
years, and at the same time improve substantially the cash position of the
companies. This seemed absolutely necessary with the present uncertainties under which the companies are operating and the uncertainties
ahead-possible Federal restrictions, city taxation and security maturities.
-YEARS END. JUNE 30.
CONSOLIDATED STATEMENT OF INCOME
1930.
1931.
1932.
Operating Revenue1933.
$10,990,511 $12,826,855 $14,085,742 $15,118,748
Railway
2,499,832
2,790,385
2.989,845
Bus
2,695,402
Total operating rev__ _313,685,913 $15,816,700 316.876,128 $17,618,580
*Operating Expenses
$7,625,012 $9,066,223 $10,393,600 $11,560.729
Railway
2,473,696 2.535.738
2,663,316
2,484.174
Bus
Total oper. expenses_ _$10,109,185 $11,729,539 $12,867,296 $14,096,467
Net Operating Revenue
$33.365,500 $3,760,632 $3,692,142 $3,558,019
Railway
def35.906
316,689
326,529
211,228
Bus
Total net oper. rev ._ _ 33.576,728 $4,087,161 $4,008,832 $3,522,112
Taxes
$996,066 $1,053,680 $1,074,891
$835,307
Railway
80,549
88,834
94,620
Bus
85.516
Total taxes
Operating Income
Railway
Bus

$920,823 $1,090,686 $1,142,514 $1,155,440
$2,530,193 $2,764,566 $2,638,462 $2,483,127
227,855 def116,455
231,909
125,712

$2,655,905 $2,996,475 $2,866,318 $2,366,672
Total oper. income
Non-Operating Income
3289.256
$280,762
$303,559
$320,961
Railway
9,580
10,294
10,066
9,907
Bus
$298,837
3291.056
$313,625
Total non-oper. Inc.,.... $3330,868
Gross Income
$2,851,153 $3,068,125 $2,919,225 $2,772,384
Railway
238,149 def106,874
241,975
135,619
Bus
$2,986,773 $3,310,100 $3,157,374 32,665,509
Total gross income
Deductions
$2.567,863 $2,645,907 $2,654,146 $2,663,986
Railway
197,541
213,848
204,055
197,792
Bus '
Total deductions
Net Income or Loss
Railway
Bus

$2,765,655 $2,849,962 $2,867,995 $2,861,528
$283,291
Dr.62,173

$422,218
37,920

$108,397
$265,078
24,300 def304,416

Total combined net income or loss-rail$289,379 def$196,016
3460,138
$221,118
way and bus
•Includes depreciation
Cr$33,934
3210,142
3458,705
Railway
305,014
297,130
446.153
414,241
Bus
BALANCE SHEET JUNE 30.
CONSOLIDATED
1932.
1933.
1932.
1933.
3
AssetsRailroad dr equip_76,434,456 84,208,370 Third Av.Ry stk _ 16,590,000 16,590,000
208,200
189,700
441,628 Control. co's stk__
473,350
Sinking funds_ _ _ _
Fund.debt(bds.)Dep. for matured
635,396 3d Av. Ry. Co.:49,526,500 49,526,500
coupon interest_ 636,944
371,111 Controlled cos__ 4,329,000 6,078,200
Misc,special deps_ 364,498
783,185
Depree. dr coining. 2,331,687 2,331,687 Accts. dr wages_ __ 303,656
Interest matured dr
Depos. with State
635,396
636,944
602,202 unpaid
Indust. Comm'r 595,104
298,085
62,875
2,262,282 1,546,805 Interest accrued
Cash
587,114 Taxes accrued......- 412,099 1,015,327
A cats.receivable_ _ 454,299
799,883 Int. on adjustment
Materials dr supp_ 742,674
368,630 mtge. bonds_ _ _ _ 9,847,840 9,284,440
Mine!.investm't. 470,877
264,595 Reserve for deprec.
48,834
Unexp. Ins. prem_
924,139 other reserves_ _ 5,250,059 10,176,281
Unamort. debt (Its. 904,916
237,192 Excess of book val.
76,824
Miscellaneous_ _ _ _
Deficit
3.485,470 3,327,362 over cost of contr
coo. Bee. owned_ 2,131,343 2,050,503
89,280,016 96,646,116
89,280,016 96,646,116 Total
Total
x Includes 1st mtge. 5% bonds, 35,000,000; 1st ref. mtge. 4% bonds,
321.990,550; adj. mtge. bonds, 322,536,000. V. 137. p. 2464.

American & Foreign Power•Co., Inc.
(Annual Report-Year Ended Dec. 31 1932.)
C. E. Groesbeck, Chairman, and C. E. Calder, President,
report in substance:
Earnings.-Operattng revenues of subsidiaries as given in the statement
of consolidated income (subject to the explanations and qualifications set
ended
forth under "foreign exchange conversions"), for the 12 months the 12
Dec. 31 1932, were $53,137,081. as compared with $65,426,170 for
or 18.8%.
months ended Dec. 31 1931. a decrease of $12,289,089.
Foreign Exchange Conversions.
-The operations of subsidiaries are carried
Income Account Conversions.
on entirely in foreign countries and the earnings of these subsidiaries are




Oct.

7 1933

in the currencies in general use in the 13 countries in which they operate
and the books of accounts of the operating subsidiaries are kept in such
currencies. A large portion of the operating revenues is used to pay the
costs of operation, taxes and other charges within the respective countries
in which the properties are located and for reserves. The balance of these
revenues is available for interest, dividends and other payments in local
currencies and to the extent that the same can be converted into U. S.
currency and other currencies, for similar payments in the U. S. and elsewhere. There accrues to American & Foreign Power Co., Inc., a share of
such balance of revenues, in proportion to its ownership of debt and of
securities of the various controlled companies.
Earnings of operating subsidiaries not needed for costs of operation,
taxes, interest and dividends payable in countries in which the properties
are located, and which by restrictions cannot be remitted in U. S. currency
or in moneys of other countries, are being retained in toe country of origin
and to the extent needed expended currently oy the subsidiaries for additions and improvements and for other corporate purposes.
Before the derangement offoreign exchange the currencies of the countries
In which subsidiaries operate fluctuated normally in small degree, and conversion of these currencies into U. S. currency and remittances thereof
could be easily effected. Under such conditions earnings of subsidiaries
could .se readily calculated in U. S. currency.
Wnen the value of the currencies in some of the countries began to vary
substantially, the policy was adopted, as to such countries, in preparing
the statement of consolidated income of company in U. S. currency, of
computing the earnings each month at the average of the daily closing New
York cable rates of exchange for such month for each country.
The problem of effecting conversion and remittance of some of these
currencies became more difficult during 1932. In six of the countries in
which subsidiaries operate there is a so-called "official" or "nominal"
rate of exchange and also limitations on foreign exchange operations which
restrict the amount of money which can oe converted directly or indirectly
into U. S. currency or remitted from the country. For lack of a Getter
method company continued the policy. in the comparative statement of
consolidated income, of calculating the national currency earnings each
month at the average of the daily closing New York cable rates of exchange
for the month, which in the case of these six countries approximate very
closely the "official" rates of exchange.
Since it is impossible actually to convert and remit to the U. S. all of
the otherwise available earnings, the statement of consolidated income
expressed in U. S. currency is subject both to the ability of the company at
some future time to effect such conversions and to the difference between
the rates then prevailing and those at which the conversions in the income
statement were made.
The statement of consolidated income, subject to the above qualifications and explanations, is given for comparative purposes only and should
not be understood to represent U. S. currency actually received or available
to American & Foreign Power Co. Inc. This statement shows a net equity
of company in the income of subsidiaries for the 12 months ended Dec. 31
1932, of 315.139.161. However, approximately $9,729.886. or 64%, of
this amount was subject to official regulations restricting conversion into
U. S. currency.
-The conversion of current foreign currency
Balance Sheet Conversions.
earnings described in the preceding section is one phase of the exchange
situation. Those earnings-in so far as they are not concurrently invested
in fixed assets-are temporarily held or invested, pending ultimate disposition, in cash, receivables, etc.. the dollar value of which may change.
up or down, between the month of the earnings and the end of the year;
moreover, the dollar value of so much of the net foreign currency assets as
were also on hand the year before may have experienced a change, up or
down, by the end of the following year.
In the balance sheet conversions, two bases have been used in order to
differentiate between the two classes of foreign currency assets and liabilities, as follows:
(a) The foreign currency assets other than fixed assets and the foreign
currency current liabilities and reserves of a current nature have been expressed in dollar values at the end of the year indicated by the rates then
prevalent. These dollar values, as already explained, frequently differ
from the dollar value prevailing at the time when a portion of such net
assets came in as earnings. and also from the values prevailing the year
before, at which the part of the present net assets then on hand were then
valued: this difference is reflected in the exchange loss on working capital
shown in the summary of consolidated surplus.
(b) The remainder of the foreign currency accounts embraced in the
consolidated balance sheet are those reflecting the "capital" assets and
liabilities, as distinguished from those of a current or working capital nature.
The varying rates here used, in their conversions for balance sheet purposes.
represent, as nearly as is practicably determinable, the dollar values at
the various dates when the transactions reflected in such accounts took
place. Coming within this group are the following balance sheet items of
foreign currency origin; (1) Plant and investments: (2) Funded debt:
(3) reserves-retirement, statutory and contingency: and (4) capital stock
of subsidiaries held by public (preferred stock and minority interest in
common stock).
In the case of foreign currency funded debt the amounts are calculated
at the current rates as Dec. 31 1932. and there is separately shown, as an
exchange differential, an amount equal to the difference between the current rates and the original rates at the dates the transactions were effected
the sum of the two representing the conversions on the latter basis. Previously existing funded debt, since matured and l'quidated (purchase money
obligations of certain subsidiaries incurred in connection with the acquisidon of their properties) has produced a realized exchange gain which has
been transferred to the credit of a foreign exchange reserve account: the
1932 part of such gain ($1,966.699), accounted for as such in the summary
of consolidated surplus, has been deducted from surplus, and added to the
amount previously thus realized and transferred ($5,118,896), the aggregate
($7,085,595) being the amount of the foreign exchange reserve account as
shown on the consolidated balance sheet.
The exchange loss for the year, therefore, as shown in the summary of
consolidated surplus, consists of the exchange loss on working capital,
arising from the balance sheet conversions explained above, less the exchange gain realized on funded debt liquidated. The changes made in the
exchange adjustment as of Dec. 31 1931, shown in the summary of consolidated surplus, are made to give the exchange situation prior to that date
the same treatment as that herein outlined for 1932.
In calculating the dollar values of the various balance sheet accounts,
the currencies of Cuba, Panama, and Guatemala have been regarded as
being on a parity with the U. S. dollar: the exchange rates used for other
currencies are those certified by the Federal Reserve Bank of New York,
except for rates on three countries (Costa Rica, Ecuador and Venezuela).
which, not being quoted by the Federal Reserve Bank. have been obtained
from representative New York banks. These rates very closely approximate
the "official" rates of exchange in effect in the countries where foreign exchange transactions are restricted.
In certain of these countries exchange transactions, apparently with
government sanction, take place at rates lower than "official" rates. For
instance, in Chile it has been the practice of the Exchange Control Commission to allow exporters to sell their drafts in limited amounts to importers at a rate known as the "export draft rate," which at Dec. 31 1932.
was approximately 3.025 per Chilean peso, as compared with the "official"
rate of approximately 3.0604. established in April 1932 (the previous rate
having been 3.12165). If this "export draft rate" had been used in calculating the U. S. currency equivalent of Chilean peso accounts included in
the consolidated balance sheet, the working capital exchange adjustment
would have been increased by approximately $1,586,000.
Dividends -The dividends on preferred stock ($7) and $6 preferred
stock were regularly paid quarterly from issuance up to and incl, the final
quarter of 1931. Directors considered it advisable not to declare the regular
quarterly dividends on these stocks ordinarily payable April 1 1932, and
no subsequent dividends have been paid on either of these preferred stocks.
Dividends on second preferred stock, Series A ($7), have been paid in full
to and including Sept. 30 1930.
-Capital changes in 1932 consisted of
Capital Changes During 1932.
the issuance of 148,964 shares of common stock in exchange for a like
amount of option warrents. Holders of the option warrants in exercising
their rights surrendered 37,241 shares of second preferred stock, Series A.
(37), in lieu of cash.
The total funded debt of the subsidiaries held by the public amounts to
363,510,876. This compares with a total, including an obligation to the
Shanghai Municipal Council, of Shanghai taels 34,306,090 ($11,535,423).
of 368.762.033 as reported at the end of 1931. or a net decrease of 35,251.157.
Not all ofthis decrease, however represents actual retirements. The variation
in exchange between Dec. 31 1932 and Dec.31 1931.accounted for approximately $1,382,000 of the net decrease.

Financial Chronicle

Volume 137

Under a plan dated Sept. 23 1932, and amended Nov.30 1932. company's
subsidiary, Mexican Utilities Co. offered to acquire the $750,000 first
mortgage 6% 30-year gold bonds of Guanajuato Power & Elec. Co. which
matured on Oct. 1 1932. The terms of the plan provided that Mexican
Utilities Co. would offer, in exchange for each $1,000 Guanajuato oond,
$800 Mexican Utilities Co.'s new 7
-year 7% collateral trust gold oonds,
due Oct. 1 1939, and $200 in cash, plus an amount equal to bat. due Oct. 1
1932. As of July 31 1933. $685,000 of the Guanajuato bonds had oeen
exchanged under the plan for the Mexican Utilities Co.'s new bonds and
cash.
Of the total principal amount outstanding ($411,000 Canadian currency)
of Northern Mexico Power & Development Co., Ltd., bonds, which matured
on July 1 1933, the maturity date of $326,000 principal amount was extended to July 1 1935. The balance of the outstanding bonds were either
acquired oy the company and cancelled or paid at maturity.
During Jan. 1933, arrangements were concluded with a syndicate headed
by the Hongkong & Shangahi Banking Corp. for the syndicate to underwrite Shanghai theta 33,00 ,000 of Shanghai Power Co. first mortgage
debentures, 53. % series due 1973. The deoentures are dated Feb. 10
1933, run for 40 years, and are redeemable at any time on or after Feb. 10
1943, at the option of the company at the _principa) amount and accrued
interest. On Feo. 10 1933. taels 15,000,000 of these debentures were
publicly offered in Shanghai by the underwriting syndicate at 96 and int.
Previous to this public offering the syndicate had received applications for
and allotted in full taels 18,000,000 of debentures.
The proceeds derived from the sale of the debentures provided the balance
necessary to liquidate the Shanghai company's obligation to the Shanghai
Municipal Council and for the payment of short-term indebtedness due
banks, which at Dec. 31 1932, aggregated taels 2.969,742 ($805,^76)•
These 6.1igations were incurred in connection with the acquisition of the
electric power and light property in the International Settlement of Shanghai, and this financing placed the debt of Shanghai Power Co. on a longterm basis as compared with the short-term maturities previously outstanding.
In addition, to July 31 1933, 220,000 shares of taels 6 cumulative preferred stock of Shanghai Power Co. have oeen disposed of in Cnina. As of
July 31 1933, there were 7,168 preferred stockholders of whom 67% were
Chinese.
Company's subsidiaries, Pernambuco Tramways & Power Co., Ltd.,
The Southern Brazil Electric Co., Ltd., and Telephone Co. of Pernambuco.
Ltd., principally because of the difficulty in obtaining foreign exchange.
were voted consent by their bondholders, at meetings held during 1932,
to the rearrangement of the service charges on their bonds, and to the suspension of the sinking funds on the bonds of the respective companies for
periods extending from two to five years.
During the year 1933, Ptibbla Tramway, Light & Power Co., Compania
Chilena de Electricidad Limitada, and Compania Hidro-Electrica de Tucuman, subsidiaries, were likewise temporarily relieved of sinking fund payments in respect to their bonds.
In May 1933, a plan was completed for the revision of the capital structure of company's five principal Argentine operating companies. Tnis
plan required the delivery of certain amounts of the 7% preferred, 7%
second preferred and common stocks of these companies for cancellation.
The surrender for cancellation of these stocks, together with the corresponding permissible reduction made by these compan'es in their statutory
reserves, enabled them to re-state their fixed capital accounts at values
corresponding to present conditions.
Maturities.
-During 1932, bank loans of sso,oln.o)o owed by company
were renewed for a further period of one year expirmg Oct. 26 1933. and
the indebtedness to Electric Bond & Share Co. was extended to April 15
1934. Negotiations looking to the extension of these maturities and the
$10,C0 ,000 maturity of the South American Power Co. (a subsidiary
company) due Jan. 8 1934, are being carried on at present time.
The schedule of funded debt of subsidiaries held by the puolic at Dec. 31
1932, shows that maturities payable in foreign currency in 1933, stated in
terms of U. S. currency at the rates of exchange prevailing at Dec. 31 1932,
as well as those payable in U. S. currency, totalled $8,336,905. At the
date of this report, all these maturities (principally those of Shanghai
Power Co.) had been provided for, either through the previously-mentioned
financing or from current funds, except only foreign currency debt equivalent to 5399.827 U. S. currency and due after the date of this report and
for which current funds are now available.
Property Additions and Changes.
-During 1932 a total of approximately
86,600,000 in IJ. S. currency and in other currencies calculated at rates of
exchange at time of _payment, was spent by the subsidiary companies for
improvements and additions to the properties, as compared with an average
of more than $30,000,000 for each of the two previous years.
Property additions during the year 1932 resulted in an increase of 17,521
kilowatts in the total installed electric generating station capacity of the
subsidiary companies.
The tramway system of Vera Cruz Electric Light, Power & Traction,
Ltd., which was running at a loss, ceased operations in Nov. 1931. Early
in 1932, the tramway system was sold to the State of Vera Cruz. which
sale was approved by the Vera Cruz company's debenture holders at a
meeting held on April 7 1932. Contracts were made with the State and
Municipality to supply the tramways with electrical energy required in their
operations, with payment partially secured by an agreement that, in event
of non-payment for electrical energy, the company might apply taxes due
the State and Municipality against charges for this service, and the tramways were then conveyed by the State to a co-operative association.
During the year 1932 operation of the urban tramways at Torreon.
Mexico. owned by Ferrocarril de Torreon, S. A., was suspended.
COMPARATIVE CONSOLIDATED STAT WENT OF INCOME
CALENDAR YEARS (INTER-C.114PANY.
ITEMS ELIMINATED).
Subsidiary Companies- y1932.
y1931.
1930.
1929.
Gross earnings
$53,137,081 $65,426,170 $78,655,635 $63,709,207
Oper. expenses and taxes 29,207,180 33,526,370 38,935, 52 31,527.651
Net earnings
Other income

$23,929,901 $31,899,800 $39.719,983 $32.181,556
769,422
1,387,141
2,642,095
3,846,716

Gross corporate
--824,699,323 $33,216,941 $42,362,078 $36,028,272
Int. to public and other
deductions
4,037,447
4,672,800
6,055,384
3,877.213
Interest charged to construct im
Cr249,874 Cr1,674,894 Pref. dive. to public_ _
2,465,368
2,503,043
2,333,412
2,071,049
Renewal & replacement
(depreciation, approp. 3,165,245
3,149,110
3,436.625
3,397,773
Balance
$15.281,137 $24,636,882 830,5,6,657 $23,682,237
Proportion applicable to
minority interest
141,976
230.157
367,938
406,671
Amer.it Foreign Pow.
Co.,Inc.:
Balance of subs. cos.
earnings applic. to
Amer. & Foreign Pr.
Co.. Inc
$15,139,161 $24,406,725 $30,168.719 $26,275,566
Other income
150,426
347,390
679,539
1,555,834
Total income
$15,289,587 $24,754,115 $30,848,258 $27,834,400
Expenses incl. taxes_ _ _ _
415.520
1,600,4211 5,743,380
3,078,095
Int.to pub.& oth. deduct. 7,795,014
6,906,764J
Balance
x$7,079,053 $16,246,930 $25,104,878 $24,756,305
Divs. on $7 pref. stock
of Amer. & Foreign
Power Co., Inc
5,675,046
4,912,862
4,147,343
Divs. of $7 2d pref, stk.,
series A, of Amer. &
Foreign Power Co.
applic. to respective
calendar years whether
paid or unpaid
18,866,057 18,464,270 14.098,947
Balance
$7,079,053de1$8,294,173 $1,727,746 $6,510,015
x Before deducting exchange adjustments (as shown in surplus account
below.)
Note.
-The above statement includes earnings only for the periods
during which the respective properties have been owned.




2629

SUMMARY OF CONSOLIDATED SURPLUS FOR 12 MONTHS ENDED
DEC. 31 1932.
Surplus of
Earned
Subs. at
Consolidated surplus balance at
Total
Surplus. Acquisition.
Dec. 311931Balance before deducting exchange
adjustment
$37,074,415 $31,138,217 85,936.199
Deduct net exchange adjustment on
foreign currency accounts other
than funded debt '
5,585,377
5.585,377
Balance after deducting exchange
adjustment
$31,489,038 $25.552,839 $5,936,199
Add minority interest in surplus of
subsidiaries at Dec. 31 1931
853,746
902,174
Dr48,428
Total consolidated surplus as reported at Dec. 31 1931
$32,342,784 $26,455,013 $5,887,770
Deductions from surplus as of Dec.
31 1931,for items applicable to the
period prior thereto
Transfer from earned surplus to surplus of subsidiaries at dates of acquisition of amounts applicable to
the latter (net)
7,754,202 Cr7,754,202
Additional provision;
Reserves for uncollectible accounts
1,125.790
and inventory adjustment
1,125,790
1,093,694
Reserve for retirements
1,093.694
Adjustments of plant and other asset
accounts and sundry liabilities (net) 4,410,271
1,177,854
3,232.416
Net increase in prior year's exchange
adjustments from the amounts as
previously computed:
Net increase in exchange adjustment on foreign currency accounts
other than funded debt to Dec.
3,930,620. 3,930,620
31 1931
Realized gain to Dec. 31
1931, on funded debt
liquidated
$5,118,895
appropriation
to Foreign Exchange
5,118,895
Reserve
Consolidated surplus balance at
821,782,407 $12,466,545 $9,315,862
Dec. 311931. as adjusted
Balance of consolidated income for
12 months ended Dec. 31 1932
Balance, before exchange
adjustments for 1932 _ _ _$7.079,053
Exchange adjustments for
1932;
Exchange loss on workDr2,249,049
ing capital
Exchange gain on funded
debt liquidated
1,966.699
Bal. of income, as
$6,796,703
adjusted
Add minority int. in un44,447 6,841,149
distributed income

6,841,149

$28,623,557 $19,307,695 $9,315,862
Total
Deductions
Reserve appropriations:
Foreign exchange reserve-amount
of 1932 realized gain on funded
debt liquidated (added to Dec.
311931. balance as shown above,
of $5,118,896-resultant bal. at
1,966,699
Dec. 31 1932, $7,085,595)
1,966.699
37.924
Statutory reserve
37,924
Net loss in bonds reacquired and on
176,255
investments sold and written down
176,255
Minority int.in net def,ofsubsidiaries Cr587,028 Cr289.452 Cr297,575
Elimination of surplus of subs, at acquisition-applied to plant, proper9,613,438
ties, franchises, etc
9,613.438
Consolidated surplus balance at
817.416.268 817,416.268
Dec. 31 1932
Note.
-Foreign currency accounts reflected in the above summary of
surplus have been converted into dollars in accordance with the procedure
and rates described in report to stockholders (see above).
CONSOLIDATED BALANCE SHEET, DEC. 31 1932.
ASSETS
Plant, property, franchises, etc.:
Ledger value$922,363.333
Less: Excess, arising from intercompany eliminations, of par or stated value of securities
of subsidiaries owned over parent companies'
holding valuation thereof
$185,556,361
Balance of capital surplus reserves (other than
for plant retirements) of subsidiaries at dates
of acquisition, as adjusted
36.190,478
Balance of surplus of subsidiaries at dates of
acquisition, as adjusted
9,613,438 231,360.277
Plant, property, franchises, etc. (balance)
$691.003.056
Investments
-at ledger value (including $3,203,872 of securities with availaole market quotations, the market value of
which at Dec.31 1932, was $1.463,051)
8,662,197
Cash and receivables:
Cash in banks
-on demand (including $5,121,451 U. S. currency on deposit in New York)
9,930,169
Cash in banks-time deposits (including $225,000 U. S. currency on deposit in New York)
740,534
Notes tic loans receivable
864,097
Accounts receivable
Customers (exclusive of municipal and other governments) 5,289,589
Officers and employees of subsidiaries
206.315
Subscribers to capital stock and debentures (including
subscriptions from employees)
317.568
Interest and dividends
29.353
Miscellaneous
385,111
Materials and supplies(companies' valuat:on on basis of cost)
_12,502,827
Sundry Assets:
Prepaid accounts-insurance, taxes, rents, etc
264,307
Cash surrender value of life insurance policies
258,349
Working funds (plant managers and petty cash funds), sundry advances, &c
317,193
Sinking funds andspecial deposits
854.183
Due from foreign municipal and other governments:
Balances on service billings, etc., principally past due ($15,562.868. less specific reserves aggregating $5,993,265):
Net balances as of Dec. 31 1931
7,677,690
Net increase from 1932 billings
1,891,913
Chilean Government notes
-U.S. $1,000,000, plus accr. int.
thereon. $64,443; and 6,000,000 Chilean pesos-past due.._
1,425,943
Refundable deposit ($500,000, plus accr. int. thereon,
$105,000)
605.000
Deferred receivables-Due from corporations and individuals
for service billings, etc. (including 1932 service billings of
$495,273)
709,204
Unamortized debt discount and expense
7.951,278
Improvements to leased property
246.760
Miscellaneous suspense
468,419
Total

$752,601,054

Financial Chronicle

2630

Liabilities
-Am.& Foreign Power Co., Inc.(no par)----$393.940.452
a Capital stock
(
Capital stock and related surplus) ofsubs., held by public:
Preferred stocks:
43,295,555
Issued and outstanding
422,062
Subscribed-not issued
944,252
Cumulative undeclared dividends
Common stocks:
Issued and outstanding (amount shown does not reflect
101.500 shares,20.3% of total, of Far East Power Corp.
9,001,635
common stock, stated value $4,069,232
587.028
Less net deficit applicable to minority interests
Funded deot (incl. 1933 maturities):
Dollar obligations:
American & Foreign Power Co.. Inc.:
50,000.000
Gold debentures. 5% series due 2030
-year notes payable CElectric Bond & Share Co.), due
2
35,000,000
April 15 1934
Subsidiaries:
-year secured note. due
South American Power Co.6% 5
10,000,000
Jan.81934
30.099,650
Other (incl. $95,000 maturing in 1933)
Foreign currency ooligations:
Various:
At current rates (incl. $1,110,508 maturing in 1933 and
$161,745 matured, but payment withheld pending
16,279,829
adjustments)
6.625,668
Exchange differential
Shanghai Municipal Council, due in 1933-secured by
mortgage on property (refunded in Feb.1933):
7.131,397
At current rate
6,514,887
Exchange differential
Current liabilities (excl. of funded debt current maturities):
-Am.& Foreign
Notes payable to banks, due Oct. 26 1933
50.000,000
-payable in U.S.currency
Power Co., Inc.
-payable in for'n currencies 1,175,045
Notes and loans payable-subs.
176,624
Dividends declared by subsidiaries
1.301,648
Accounts payable
2,536,838
Customers deposits
Accrued accounts:
3.194,874
Taxes
2,662.082
Interest
830.301
Miscellaneous
247.621
Matured funded debt
303.629
Matured interest and dividends unpaid
851,244
Miscellanems (taxes withheld,&c)
496,242
Miscellaneous suspense credits
Reserves: Relating to fixed capital:
49.704,674
Retirement
1,959.051
Statutory and contingency
2,156.860
Relating to working capital: Uncollectible accounts
698,248
Casualty and insurance
497.325
Invento y adjustment
638,516
Miscellaneous
7,085.594
Foreign exchange
17,416,268
Earned surplus
$752.601.053
Total
a Represented by: Pref. ($7), cum. (entitled upon liquidation to $100 a
share); pani passu vritn $6 pref.; authorized, 900,000 shares; issued and outstanding, 478,995 shares; $6 pref. cum. (entitled upon liquidation to $100 a
share); pad passu with pref. ($7); authorized, 2,000.000 shares; issued and
outstanding, 387,025.65 shares, incl. of 6.65 shares of scrip; Second pref.,
series A ($7), cum. (entitled upon liquidation to $100 a share); authorized.
3,000.000 shares; issued and outstanding. 2,657,946 shares; common,
authorized, 10.000.000 shares; issued and outstanding, 1,840,330 shares;
Option warrants to purchase 6,885,270.8 shares of common stock for $25
per share (one share of second pref. stock, series A ($7). acceptable, in
lieu of cash, with warrants for four shares, in full payment for four shares
of common stock); Capital stock subscribed (allotment ctfs.), $2,180.
-Foreign currency accounts have been converted into dollars in
Notes.
accordance with the procedure and rates described in report to the stockholders (see above.) The net amount of cash and receivables leas current
liabilities located in countries with restrictions on transfers of funds is
$4,881,379. The application to foreign currency working capital accounts
at Dec. 31 1932, of the exchange rates prevailing at July 31. 1933, would
have increased surplus as of Dec. 31 1932, by an amount of approximately
$3,188,000.
No provision has been made for cum. divs. on pref. stocks of American &
Foreign Power Co., Inc. as follows: on $6 and $7 pref, stocks for the year
1932. $2,322,114 and $3,352,965, respectively, and on $7 second pref.
stock for the period from Oct. 1 1930 to Dec. 31 1932. $41.860.513 or an
aggregate of $47,535,592. All diva, on these stocks prior to the dates indicated have been paid.
The provision for United States Federal income taxes for 1932. as well as
for additional amounts claimed for certain prior years, represents the
companies' estimates of the probable ultimate liability; the amounts of
such taxes on the basis of the Government's claims exceed such provision
by approximately $1,500,000. Claims for foreign government taxes and
other foreign governmental impositions, injury and damage claims and contingent or possible liabilities, disputed or not ultimately determined, are
stated through provision of reserves and such reserves are subject as to
their adequacy to the ultimate determination of liability.

Oct. 7

1933

STATEMENT OF EARNINGS 12 MONTHS ENDED DEC. 31.
[American & Foreign Power Co., Inc.]
A comparative statement of earnings of American & Foreign Power Co.,
Inc., reflecting only actual earnings, expenses and interest of the company,
follows:
1929.
1930.
1931.
1932.
Y$8,733,543x$26,751,524428,274,554420,910,308
Gross earnings
1,732,479
2,005,107
1,600,421
415.519
Expenses, incl. taxes-Net earnings
$8,318,022 $25,151,103 $26,269,447 $19,177,829
Interest to pub. & disc.- 7,826,2611 6,906,765 3,738,273 1,187,311
158,305
349,003
237,037
I
Net income of Amer.
& Foreign Pr. Co.,
$491,762 $18,007.302 $22,182,171 $17,832,213
Inc
x Actual and do not include any undistributed income of subsidiaries.
Earnings are collectible in cash; those not collected during the period are
represented by accounts and loans receivable. y Includes only income
actually collected in cash in U. S. currency.
ANALYSIS OF SURPLUS AS OF DEC. 31 1932.
$17,777,376
Surplus Jan. 1 1932
152,781
Adjustmet4 of Federal income taxes-prior years
$17,930,156
Total
Adjustment for dive. received in prior years, applied to reduce
3,236,392
invest. in sub. cos
150,000
Estimated loss on deposit in bank in liquidation
$14,543,765
Balance
491,762
Balance from income statement (as above)
$15,035,526
Earned surplus Dec. 31 1932
COMPARATIVE BALANCE SHEET DEC. 31 (COMPANY ONLY).
1930.
1931.
1932.
Assets
494,011,790 491,711,811 469,054,283
Investments in subs. &c
4,795.1533,031,315. .
Cash
37,836.472 42,972,074 37,950,600
Loans receivable-subsidiaries
2,361,003 3,335,090 5,392,791
Accounts receivable-subsidiaries
54,432
Loans receivable-others
137,695
278,796
34,710
Accounts receivable-others
88,200
400
Treas.securities held in trust for subs_
Stock & debenture subscription rights 23,910,000 c23,910,000 24,408,225
689.373
Contracts receivable-subs
64,005
Claim receivable
Unamortized discount and expense.. 7,674,412 7,541,524 7,866,275
5,725
400
Sundry debits
571,377,318 572.786.735 552,675,068
Total
Liabilities
393.938,270 393,938,272 393,844,754
a Capital stock
2,180
2,180
91,648
b Capital stock subscribed
Gold debentures, 5% series due 2030 50,000,000 50,000,000 50,000,000
Notes and loans payable:
50,000,000 50.000,000 50,000,000
-due Oct. 26
Banks
35,000,000 30.009,000
Electric Bond & Share Co
6,230,000
Subsidiary-Par East Power Corp
1:418:769
1.418,743
Dividends declared
101,646 11,755,098
679,668
Contracts payable
41,443
223,437
958,609
Accounts payable
2.769,316 3,139,019 3.431,199
Accrued accounts
55.440
Subscriptions to pref. stks. of subs
400
88,200
Treas, securities-held for subscribers
23,910,000 c23,910,000 24,408,225
c Stock and deb.subscriptions
911
Sundry credits
16,695
16.695
Reserve
15,035.527 17,777.376 10,431,897
Surplus
571,377,318 572.786.735 552,675,068
Total
Dec. 31 '32. Dec.31 '31. Dec. 31 '30.
Shares.
Shares.
Shares.
a Represented by:
478.995
478,987
stk.($7)(val.in liq. UN a eh.). 478,995
Pref.
387,019
387,018
387,019
$6 pref. stk (val. in lig. UN a sh.)
6.65
6.65
7.65
$6 pref.stk.scrip certif. equiv.to-2d pref. stk. series A ($7) (value in
2,657,946 2.695,187 2,703,204
liquidation $100 a share)
1,840,330 1,691,366
1.655.588
Common stock
Option warrants to purchase common
6,885.270.8 7,034,234.8 7.036,948.8
stock equivalent to
b Securities to be issued upon Payment of subscriptions and surrender
of allotment certifs:
5
5
13
Preferred stock (87)
17
17
904
2d pref. stock, series A ($7)
warrants to purchase common
Option
132
132
33,196
stock equivalent to
c Represents subscription for, and right on payment to receive, securities
of Far East Power Corp. if and as called for payment. Far East Power
Corp. Is a controlled subsidiary which in turn controls Shanghai Power Co
-V.137, p. 2460; V. 136, p. 4265.

General, Corporate and Investment News
STEAM RAILROADS.
-President Roosevelt
Matters Covered In The "Chronicle" of Sept. 30.
studying plan to finance purchase of new rolling stock by railroads-project
is extension of rail-buying plan-Secretary Roper says public works program will catch up with NRA within 30 days., p. 2392.

-To Pay July 1 Interest-Announcement
Ann Arbor RR.
-The receivers have issued
Expected as to Oct. 1 Interest.
the following statement:

Receivers have been authorized by the Court having jurisdiction to pay
out of earnings of the property interest due July 1 1933, on the first mortgage
4% bonds of the company. The above interest will be paid at the office
of the company.
"No provision has yet been made for payment of interest due Oct. 1
1933, on the above bonds. However, it is expected that an announcement
with respect to such interest will be made in the near future."Exchange on
The Committee on Securities of the New York Stock
Oct. 2, issued the following notice:
Notice having been received that the interest due July 1 1933, on the
1st mortgage gold 4% bonds, due 1995, is now being paid. The Committee
ex-interest 1% on Oct. 3
on Securities rules that said bonds be quoted "flat" and in settlement of
1933; that the bonds shall continue to be dealt in
made on and after that date, bonds, to be a delivery, must
transactions
-V. 137. p. 1760.
carry the Oct. 1 1933, and subsequent coupons.

Atchison Topeka & Santa Fe Ry.-To Buy Rails.
The directors on Oct. 3 authorized the purchase of 35,000 tons of 112
pound steel rails.
authorized the construction of the Union Station in
The directors also
conjunction with the Union Pacific and Southern Pacific companies at
Los Angeles, Calif. The share of the Atchison road in the project will
amount to about $3,000,000.-V. 137, p. 2269.

-Air Lines Extended.
Boston & Maine RR.
carriers has been

expanded
Airplane service operated by Now England
Botson
recently with the inauguration of a line going fromJunctionto Montpelier.
on the way.
stopping at Concord. N. H.,and White River
Vt.,




The Boston-Maine Airways, Inc., operating the new line, Is owned
jointly by the Boston & Maine and the Maine Central railroads. At
present the company is also operating a daily service between Boston,
-V. 137, p. 2099.
Portland, Waterville and Bangor, Me.

California & Oregon Coast RR.
-Withdraws Request
for RFC Loan.
-S. C. Commission
This company has withdrawn its application to the I.
for a loan of $5,718,565 from the Reconstruction Finance Corporation.
V. 137, P. 311
.

Canadian Pacific Ry.-Govt. May Back Refunding.

The Toronto "Globe" Sept. 30, in a dispatch from its correspondent in
Ottawa, says:
"The Dominion Government is said to have facilitated refunding operations of the Canadian Pacific Ry, totaling in the neighborhood of $60.000.000. To provide for maturities which could not advantageously be taken
care ofin London or New York markets,the Government pledges its security
to the Canadian banks, which have advanced the necessary credit to the
Canadian Pacific Ry.
"As in the case of advances in respect to wheat pool financing, the Gov-in-council, having power to do so either
ernment took action by orders
under the 'peace, order and good government' legislation, or the Finance
Act, which confer authority upon the Cabinet to deal with matters of
-V. 136, p. 3153.
National emergency."

Chesapeake & Ohio Ry.-Abandonment of Branch.

-S. C. Commission on Sept. 26 issued a certificate permitting the
The I.
company to abandon a line of railroad extending northeasterly from a point
Co.'s turnout, near
about 1.000 feet east of the Hocking Valley Brick in
Hocking County,
Logan, to Monday Creek Junction, 8.56 mlies, all
Ohlo.-V 137. p. 2458.

Chicago & North Western Ry.-Fremont Elkhorn cfc
Missouri Valley Bonds (Unstamped) to Be Dealt in Flat.
The New York Stock Exchange having received notice that the interest
principal due Oct. 1 1933,of the
due Oct. 1 1933 is being paid but that the of refunding of Fremont Elkhorn
bonds which have not assented to the plan
& Missouri Valley RR.,6% consolidated mortgage bonds, due Oct. 1 1933,
e not being paid, the committee on Securities rules that beginning Oct. 2

Financial Chronicle

Volume 137

1933, and until further notice the bonds (unstamped) shall be dealt in
"flat" and to be a delivery carry no coupons.
-V.137, p.2458.

Chicago Rock Island igt Pacific Ry.-Ruling.Notice having been received that the interest due Oct. 1 1933, on the
Chicago Rock Island & Pacific Ry., 1st & ref. mtge. 4% gold bonds, due
1934. and Burlington Cedar Rapids & Northern-Iowa Minnesota & Dakota
Divs. consol. let mtge. 5% bonds, due 1934, will not be paid on said date,
the Committee on Securities of the New York Stock Exchange rules that
beginning Oct. 2 1933. and until further notice the bonds and certificates of
deposit therefor shall be dealt in "flat" and to be a delivery the bonds must
carry the Oct. 1 1933, and subsequent coupons.
e Committee further rules that in settlement of all contracts in said
bonds and certificates of deposit on which interest ordinarily would be
computed through Oct. 1 1933, interets shall be computed up to but not
including Oct. 1 1933.-V. 137. p.2458.
Cleveland Union Terminals Co.
-Successor Trustee.
-

The Central United National Bank of Cleveland, 0., has been appointed
as trustee of an issue of 1st mtge. s f. gold bonds, dated April 1 1932, to
succeed the Union Trust Co. of Cleveland, 0.-V. 137. p. 2269.

Colorado & Southern Ry.-Abandons Narrow-Gauge
Line.
The
C. Commission on Sept. 26 issued a certificate permitting
company to abandon a narrow-gauge branch line of railroad extending
from Sheridan Junction westerly to Morrison, 9.75 miles, all in Arapahoe
and Jefferson Counties, Colo.
-V. 137, p 1410.

Consolidated RRs. of Cuba.
-New Directors, &c.
Martin Taylor has been elected a director. George E. Devendorf,
Gelrge K. Livermore and F. Adair Monroe Jr. retired as directors and the
board was reduced from 11 to nine members. Other directors were reelected.
-V.137. p. 2268.

Cuba Northern Rys.-New Director, &c.
Martin Taylor has been elected a director. Alexander C. Barker,
George E. Devendorf and Pedro F. Diego retired as directors and the size
of the board was reduced from nine to seven members. Other directors
were re-elected.
-V.137, p. 2267.

Cuba RR.
-New Directors, &c.
-

George K. Livermore and Grenville D. Montgomery have been elected
directors. Frederick S. Burroughs, George E. Devendorf, Harold P.
Janisch, and Percy A. Rockefeller, retiring directors, were not re-elected.
Other directors were re-elected. Number of directors was reduced to 11
members from 13.-V. 137. p. 2267.

Delaware
Rail, &c.
-

Lackawanna

&

Western

RR.
-Orders

Co-operating with the Government's rail-purchasing program, commitment for 12,000 tons of new rail has been taken by this road, according to
an announcement made by J. M. Davis, President of the company. This
is in addition to the b,500 tons of new rail laid by the company during the
present year.
Mr. Davis also announced that the company has increased its order for
nine Diesel oil-electric locomotives to 12. Eight of these new engines will
be built by the American Locomotive Co.at Schenectady and four will be
built by the Ingersoll-Rand Co. at'Phillipsburg, N. J.
-V.137, p. 2459.

Denver & Rio Grande Western RR.
-Loan Extension.
The Chase National Bank of New York has extended for four months the
note for $1.500,000 which originally matured Sept. 11. Disclosure of this
action was made in the application of the road to the I.
-S. C. Commission
for an extension for one year from Dec.31 1933 of its outstanding authorization to pledge $8,464,000 of its refunding mortgage 5% gold bonds as collateral for short-term notes. Of these securities. $6,096,000 are held by
Chase National Bank as collateral security for a 51i% note of $1,500,000.
The application stated that the note came due Sept. 11 1934 and has been
renewed.
The road further informed the Commission that "it is anticipated that
the road will not be in funds to pay off the above note Jan. 11 1934, and
that it will be necessary to arrange from time to time for further renewals.'
-V.137, p. 2459.
Kansas City Southern Ry.-Defers Labor Changes.
-

An attempt by the company to effect a drastic change in rules and working conditions of the train service employees has been postponed to March 1
1934. The postponement was made at the request of President Roosevelt
after an emergency board appointed under the Railway Labor Law had
reported on the situation. The proposals of the management resulted in
a strike threat.
-V. 137, p. 861. 682.

Long Island RR.
-Co-ordinator Eastman Rejects Merger
Proposal-Doubtful of Economies.
Joseph B. Eastman, Federal Co-ordinator of Transportation, made it
known Oct. 2 that he would not at this time take steps to compel a consolidation of the Pennsylvania and Long Island railroads under a single
management.
The decision was reached after an exchange of correspondence between
Mr. Eastman and W. W. Atterbury. President of the Pennsylvania, in
which the latter, while expressing the opinion that the consolidation ultimately would take place, said that the Pennsylvania management did not
"regard the time as ripe for this action." He also questioned Mr.Eastman's
authorit' to force the issue
Mr. Eastman was requested to take up the matter on Aug. 11. in a
letter from Ernie Adamson, a resident of Rockville Centre, L. I. who
held, in a petition that consolidation, with the Long Island operated as a
division of the Pennsylvania, would result in economies. He complained
of the rental paid by the Long Island for facilities in the Pennsylvania
Station, unnecessary bookkeeping costs, salaries paid to Long Island RR.
officials, and dividends paid by the Long Island to the Pennsylvania.
See also V. 137, p. 2459.

Mayo 8c Cook's Hammock RR.
-RFC Loan.
This company has applied to the I.
-S. C. Commission for authority to
borrow $200,000 from the Reconstruction Finance Corporation, to be used
in the construction of a line between Mayo, Fla., and Cook's Hammock,
12.5 miles.
It has also applied to the Commission for a certificate authorizing construction of the line and for authority to issue 500 shares (no par) stock and
$200,000 1st mtge. 6% bonds.
The Commission granted a certificate in 1929 but the company was unable
-V. 129, p. 956.
to complete the construction in the time allowed.
Meridian & Bigbee River Ry.-$744,252 RFC Loan.
-S. 0. Commission on Sept. 30 approved a loan of $744.252 from
The I.
the Reconstruction Finance Corporation. The trustee in bankruptcy had
applied for a loan of $750,000. A previous certificate approving a loan
of mom()to the company has been canceled.

The supplemental report of the Commission says in part:

In the original application filed Feb. 23 1932 company requested a loan
of $1,250,000 from the RFC. On May 12 1932, we approved a loan of
$666.066 to be used for the construction of an extension of company's line
from Cromwell, Ala., to Myrtlewood, Ala., imposing conditions which,
upon amended application, the company represented It was unable to fulfill,
and we later denied approval and revoked the certificate previously issued.
Upon additional representations of the company and a petition for reconsideration, we subsequently approved a loan of $600,000.
Our final approval of the loan was conditioned in part upon the pledge
by the company, with the Finance Corporation of $600,000 1st mtge. 6%
bonds of 1939 or such greater principal amount thereof as we might authorize to be issued against capital expenditures. We further provided that
no advance should be made upon the loan until the company had furnished
evidence satisfactory to the RFC of the discharge of all liens and claims
against its property and existing securities.
The company found it impossible to comply with the last requirement,
owing to the attitude of certain of its creditors, and on May 30 1933,flied a
petition with the U. S. District Court for the Eastern Division of the
Southern District of Mississippi for authority to effect a plan of reorganization under Section 77 of Chapter VIII of the Bankruptcy Act, as amended
March 3 1933. On May 31 1933. the District Court entered an order




2631

approving the petition, and on June 14 1933. possession of the property was
taken over by W.E. Hopkins pursuant to his appointment as trustee by the
Court.
By act of Congress approved June 10 1933, the RFC Act was amendecrso
as to authorize loans by the FRC to trustees of railroads which proceed_to
reorganize under the Bankruptcy Act.
The trustee filed with us on Sept. 14 1933, under the authority granted by
the Court, an application requesting a loan to him of $750,000 in place of
the loan of $600,000 heretofore approved by us. The loan is requested for
the following purposes: $661,000 for construction of the line from Cromwell, Ala. to Myrtlewood, Ala.; $72,000 for the purchase of 36,000 tons of
rail; $4.000 for payment of taxes; $8,000 for roadway maintenance on the
line now in operation; and $5,000 for expenses of the trustee for operation
of the property.
The trustee requests that the first $100,000 of the loan requested be made
available to it immediately to be disposed of in accordance with the order
of the Court, subsequent advances to be made upon certification by the
trustee that previous advances have been used solely for purposes authorized by us.
The additional sum of $61,000 requested by the trustee for construction
of the extension of the railway includes $26,000 for wages, $25,000 for
lumber and $10,000 for bridge steel, representing his estimate of the recent
advances in the cost of these items.
,
The rail used by the company in the operation of the line between
Meridian and Cromwell was leased by the Railway company with an option
to purchase. The sum of $72,000 is requested by the trustee to purchase
this rail, so that it may be included in the property upon which a lien is to
be given as security for the loan. In connection with any loan to the
trustee which we may approve, we will require that the rail used in the
operation of the property between Meridian. Miss. and Myrtlewood, Ala..
be acquired free and clear and be subjected to the lien of the security. du
The trustee has filed with us a statement showing Mississippi and Alabama
State, county and municipal taxes due for the years 1931, 1932 and 1933 in
the amount of $3.252, which he proposes to pay with the proceeds of the
loan. An estimate by the company's superintendent also was filed, showing that the sum of$8,000 is needed immediately for maintenance work
including ditching, widening of embankments and replacing ties on the
existing roadbed.
The record contains no statement of specific expenses of the trustee to
be paid from the fund of $5,000 requested for this purpose. It appears that
this sum is desired as a working fund with which the trustee may meet the
continual expense of handling the property.
As collateral for the loan, the trustee offers, subject to authorization by
the Court, to issue and pledge trustee's certificates carrying a first lien on
all of the property and assets of the company.
The existing line of the Railway ocmpany extends from Meridian, Miss.,
to Cromwell, Ala., a distance of approximately 31) runes. The proposed
extension to Myrtlewood will be approximately 20 miles in length.
The company had outstanding at the time its property was taken over
by the trustee, 8500.000 first mortgage 6% bonds of 1939. and $300.000
capital stock. All of the bonds and 8200,000 of the stock represent the
consideration paid to the contractor which constructed the company's line
from Meridian to Cromwell. Other liabilities of the company at the
inception of the reorganization proceedings included loans and bills payable
$12,725; traffic balances payable $91,909; audited accounts and wages
payable $66.820; miscellaneous accounts payable $2,555; and interest;
matured unpaid. $106,338. Unmatured interest accrued amounted to
$28,066. The balance sheet showed a profit and loss account, debit balance
of $275,029.
The investments of the company, shown on the balance sheet as of the
last day prior to the -trusteeship amounted to $827,859, and current assets
were $5,879.
The company's net railway operating income amounted to $776 during
the last month of operation prior to the trusteeship, but during the first
51i months of 1933, there was a deficit of $2,021 in this item. A deficit of
$685 in net railway operating income resulted from the operations under the
turstee during July 1933.
We are of the view that the loan herein approved for the payment of
taxes should be limited to the amount of the taxes now due. We can not
approve a loan to the trustee for the purpose of establishing a working fund
to meet unspecified items of expense.
Conclusion .
Wesconclude:
1. That we should approve a loan not exceeding $744,252 to the trustee
by the RFC, for a period not to exceed three years from the dates the
advances thereon are made, the loan to be used for the payment of taxes
in the amount of $3,252. and for other purposes specified by the trustee in
the loan application, other than expenses of the trusteeship.
2. That the trustee should pledge with the RFC,as security for the loan,
$744.252 of trustee's certificates, duly authorized by the court, which should
constitute a first lien on all of the assets of the company now held by the
trustee or hereafter acquired by him,including all rail used in the operation
of the line between Meridian, Miss., and Myrtlewood. Ala., and the nine
acres, more or less, of land located in Meridian, Miss., owned by the City
of Meridian and used by the company for terminal purposes, to be
to the company or the trustee prior to the making of this loan. conveyed
3. That the trustee should agree with the RFC that during the life of
the loan, he will not permit the creation of any lien which shall have priority
over the lien of the trustee's certificates, nor will he, without the permission
of the RFC, apply to the court for authority to issue trustee's certificates
possessing a lien superior or equal to that of the trustee's certificates herein
provided to be pledged.
4. That an immediate advance of $100.000 should be made
loan and that further advances should be made in the amount ofupon the
$100,000
each or in such lesser sum as may have been authorized but not advanced,
provided that such further advances shall be made only upon the filing
the trustee with the RFC, and with us, of a verified statement showing by
in
detail the disposition of previous advances and certifying that the additional
advances requested are necessary for purposes therein authorized.
5. That before any advance upon the loan be made, the trustee should
furnish bond or other assurance to satisfy the RFC that he will perform and
complete, with the proceeds of this loan, the proposed construction of the
extension of the line from Cromwell, Ala. to Myrtlewood. Ala., and the
reconditioning of the existing line, free and clear of all mechanics' or other
Hens and encumbrances.
6. That the trustee should agree with the RFC that he will, subject to
the powers of the court in the premises, exert all of his proper powers and
authority to continue the trusteeship until the loan is fully paid or otherwise arranged for in a manner satisfactory to the RFC and approved by
us.
-V. 137, p. 2270.

Minneapolis St. Paul & Sault Ste. Marie Ry.-Protective Committee for Leased Line Stock Certificates.
-

A protective committee for holders of the 4% leased line stock certificates
of Minneapolis St. Paul & Sault Ste. Marie Ry. (Wisconsin Central
known as the Soo Line, was announced Oct. 5, to consist of: James Ry.),
Bruce
of New York, former
of the Chase National
M. Hincks, New York, a partner of Calvin Bullock; Hugh G. Bank; John
now associated with Laird & Co., New York, and formerly M. Kelleher,
a member of
Joseph Walker & Sons; Mark W. Potter, New York, attorney,
former
member of the I.
-S. C. Commission and
receiver
St. Paul & Milwaukee RR.,and Charles B. former of New of the Chicago
Wiggin
York. Marland
Gale, 1 Wall St., is Secretary of the committee.
The outstanding certificates total $11,256,400 par value.
They are
listed on the New York Stock Exchange and are currently quoted
at about
$5 each. They were issued in the reorganization of
in 1909 in exchange for shares of preferred stock of Wisconsin Central
Wisconsin Central.
The certificates are secured by the Wisconsin Central
and require the Soo Line to pay $4 annually for each share stock delivered.
represented, in equal instalments on April 1 and Oct. 1, of preferred stock
These payments are not conditional, are not dividends until April 2008.
and in no way depend upon earnings of the Soo Line, according to the
Secretary of the committee. A majority of the voting stock of the Soo Line
dian Pacific Ry., which has guaranteed a major portion is owned by Canaof the bond issues
of its subsidiary.
The trackage of Wisconsin Central has been operated by the Soo
Line
under a lease which provides, in general,
the properties and make the semi-annual that the Soo Line will maintain
payments on
In the latter part of 1932 the Canadian Pacific decided these certificates.
ments on behalf of Wisconsin Central. As a result, in to discontinue payDecember
consin Central was placed in Federal equity receivership. The1932 Wispreferred
stock which secures the 4% certificates of the Soo Line it is stated,
therefore no present tangible value, and the 800 Line having failed to has
meet

2632

the instalments on April 1 and Oct. 1 1933, holders have become entitled
to receive back the Wisconsin Central preferred stock securing these
certificates. The Soo Line has not defaulted on any other obligations.
According to the Secretary, holders have a double relation to the system
that of preferred stockholders of Wisconsin Central and unsecured creditors
of the Soo Line. Any reorganization of Wisconsin Central. 't 'a stated,
would probably Mvolve the Soo Line and would also affect the Canadian
Pacific. The committee is not now asking for deposits. It is further suggested that holders take no action at the present time. The committee,
however, will "endeavor to complete its investigation and preliminary
negotiations as promptly as reasonably possible' and future steps will
-V. 136, p. 2416, 2610, 2719.
depend upon the results of these negotiations.
-Final Valuation.
Missouri Pacific RR.
-S. C. Commission has issued a report placing a: so-called final
The I.
value for rate making purposes on the c •mmon carrier properties of the
Missouri Pacific System at $264,044,997, including $8.608,737 for working
capital, as of June 30 1918.
Investment in road and equipment, including land, on date of valuation
which was carried in its books at $351,088,465 was reduced by the Commission to 337.922,704.
The cost of reproduction new on the total owned properties of the System
was fixed at $264,404,729 and at $199,671,823 less depreciation, and on
the total used properties at $276.358.606 and $208,786,714, respectively.
The report showed that the System's land used for common carrier purposes was valued at $29,487,903 on the basis of present value.
The Missouri Pacific owns and holds for non-carrier purposes, $80,446,053 par value of securities of. and investments in, other companies,
which are recorded as having 131,072,356 book value.

September Loadings Higher.

Revenue freight traffic on the Missouri Pacific RR. last month totalled
93,147 carloads, as compared with 91,111 cars in August. Local loadings
last month were 62,940 cars and receipts from connections, 30,207 cars.
Principal commodities which reflected increases in loadings locally on
Missouri Pacific rails last month are corn, lumber and other forest products,
automobiles, and fruits and vegetables.
The International-Great Northern and the Gulf Coast Lines, subsidiaries,
also reported increased freight traffic last month. The former handled a
total of 18,191 revenue carloads last month, as compared with 15,090 cars
in September, last year, while the Gulf Coast Lines reports 12,136 carloads
last month, as compared with 11,676 cars in the corresponding month
-V. 137, p. 2459, 2270.
last year.

-Abandonment of Branch.
New York Central RR.

-S C. Commission on Sept. 26 issued a certificate permitting the
The I.
company to abandon that part of its Cowanesque Valley branch, which
westerly from Westfield to the end of the branch at Ulysses, 14.6
extends
-V. 137, P. 2100.
miles, all in Potter and Tioga Counties, Pa.

Nord Railway Co. (Compagnie du Chemin de Fer
-Interest Ruling.
du Nord), France.
In view of the arrangements made for the payment of the Oct. 1 1933
coupons attached to 654% external sinking fund gold bonds, due 1950,
upon presentation and surrender at the office of J. P. Morgan & Co. in
U.S.. 8.currency at the dollar equivalent of French francs 25.52 per dollar of
face value of coupon upon the basis of their buying rate of exchange on Paris
at the time of prese Aation the Committee on Securities of the New
York Stock Exchange on Sept. 30 ruled that in settlement of contracts in
said bonds on which delivery is due prior to the interest payment date
and should be made with the next due coupon attached, but where delivery
is made on or after the interest-payment date without the coupon attached,
and in settlement of contracts in said bonds made "delayed delivery between Sept. 23 1933, and Sept. 27 1933, inclusive, the cash settlement
made in lieu of the coupons shall be on the basis of U. S. currency in New
York at the dollar equivalent of French francs at gold parity of exchange,
the said dollar equivalent to be computed at the rate at which coupons may
be cashed at the office of J. P. Morgan & Co. on the date of actual delivery.
The computation of accrued interest is not changed by this ruling.
V. 137, p. 1239.

-Store-Door Service Approved-ComPennsylvania RR.
pany Announces Plan for Handling Less-Than-Carload Lots
on New System.
Plans for the establishment of store-door collection and delivery of less
than carload merchandise Pre ght throughout the terr tory of the Pennsylvan a RR. System were announced Sept. 28 by W. W. Atterbury.
President qf the road.
The announcement followed the approval of the plan by Joseph B.
Eastman, Federal Co-ordinator of Transportation. Strong objections to
the plan were filed by the New York Central RR. In making public his
decision on the plan, Mr. Eastman said he "welcomed the Pennsylvania
road's idea as an experiment."
F. E. Williamson, President of the New York Central, in opposing the
Pennsylvania plan, maintained that it would result in that road being
able to offer service at a considerable reduction from the rates charged
by other lines.
Mr. Atterbury's announcement of the plan said:
"Included in the new arrangement will be provisions for shipping goods
C. 0. D. 'giving seller and buyer the same convenience in effecting a sale
'
as though delivery were made by the merchant's own truck.
"The new service has been decided upon as a far-reaching step to meet
the present-day requirements of industry and commerce and attract additional traffic. Tariffs are now in preparation for filing in the near future
with Federal and State Commissions.
"Inauguration of system-wide door-to-door collection and delivery of
-than-carload freight by the Pennsylvania RR, is a logical development
less
of the position of our management that, in the public interest, rail and truck
service should be brought into the closest co-ordination.
"Up to and including distances of 260 miles, both collection and delivery will be performed on request at the existing rail rates, with a minimum
of 35 cents per 100 pounds or 50 cents per individual shipment.
"Beyond 260 miles, a sliding scale of charges, additional to the stationto-station rate, will be in effect, reaching a maximum at approximately
400 miles of 8 cents per 100 pounds for either collection or delivery
"The Pennsylvania RR. in recent years established store-door collection
and delivery in various limited areas.
"In establishing system-wide service the railroad will contract, wherever
possible with local trucking companies or firms. These will act as agents
of the railroad, and the latter will assume complete responsibility from
shipper's to consignee's door."

On Sept. 28 Joseph B. Eastman, Federal Co-ardinator of
Transportation, made public letters which have passed
between the Co-ordinator and President Atterbury of the
Pennsylvania RR. and between the Co-ordinator and President Williamson of the New York Central. In making
-public the letters, Co-ordinator Eastman stated:
In view of the general interest in this matter among both railroads and
shippers, it is deemed desirable to make this correspondence public The
sum and substance of these letters is that President Atterbury asked the
Co-ordinator whether he would object to the filing by the Pennsylvania
of tariffs providing for store-door receipt and delivery of less-than-carload
freight The Co-ordinator replied that he would welcome such an experiment. Some time thereafter President Williamson wrote expressing the
opinion that the Co-ordinator should forbid this experiment by the Pennsylvania, at least until the Co-ordinator had completed his own study of the
handling of less-than-carload freight by all transportation agencies The
New York Central President contended that the proposed service would
impair the net earnings of all the carriers in the Eastern region, and also
violate certain provisions of the Inter-State Commerce Act.

1933

The Co-ordinator replied to President Williamson that he would not be
justified in forbidding the exper-ment without evidence pointing unmistakably to the: conclusion that it will result in waste: that the experience already
had with such store-door service, both in this country and abroad, does not
point that way: that there is no better way to add to knowledge on this
subject than by actual tests: and that 1the experiment results in infractions
of the Inter-State Commerce Act, there is a remedy before the Commission.
He further pointed out that the Universal Carloading & Distributing Co.,
a car-forwarding company, which the New York Central apparently,controls
is now, and for some time has been, furnishing such service.

Loses Fight to Halt Short Line.

An application of the Pennsylvania RR and allied interests for a per-mile railroad between
manent injunction to stop construction of the 13
Smiths Ferry, Pa., and Negley. Ohio, has been denied by Federal Judge
Samuel H. West at Cleveland, Ohio.
"I have studied the voluminous briefs submitted in this case and have
decided that an injunction should not be issued," said Judge West.
"The proof submitted by the defendant (Pittsburgh Coal Co.)that the
track was purely private enterprise and not a conunon carrier greatly outweighed that of the plaintiff to the contrary.
"It is true that some deception or at least sharp practices were resorted
to by the defendant to secure portions of the right of way. But the enterprise must be looked at as a private venture. While the plaintiffs strongly
suspected otherwise, they were unable to bring proof to the contrary.'
-V. 137, p. 2459.

St. Louis-San Francisco Ry.-RFC Reported Considering
•
Reorganization of Road.reported on

Oct. 2 to
The Reconstruction Finance Corporation was
be considering the early proposal of a new plan of reorganization for the
road. Hearings on the plan put forward by the Frisco's readjustment
managers, which were to have started recently, have been postponed.
-V. 137, p. 2459.

-New Directors.
Western Pacific RR. Co.

Alexander Berger and Willis D. Wood have been elected directors, succeeding Arthur M.Anderson (partner of J. P. Morgan & Co.) and Frederick
H. Ecker (President of the Metropolitan Life Insurance Co.)
Mr. Wood, a member of the firm of Wood, Low & Co., is a director
-V. 137, p. 1937,
of the M.ss.uri-Kansas-Texas RR.

PUBLIC UTILITIES.

-Reorganization.
New Orleans Great Northern RR.

The bondholders' protective committee headed by James G. Blaine,
announces that, pursuant to the plan and agreement for the reorganization
dated as of July 11932. as amended,certificates of deposit for New Orleans
-year gold bonds should be surrendered
Great Northern RR.1st mtge.5% 50
at the corporate agency depahment of Marine Midland Trust Co., 120
Broadway. New York,.in exchange for securities of New Orleans Great
.
Northern Ry. Co. (the "New Company") The period for the deposit
of New Orleans Great Northern RR. bonds with the committee has ex. 137. p. 1238.
pired.-V




Oct. 7

Financial Chronicle

-Percentage increase in
Mailers Covered In The "Chronicle" of Sept. 30.
electric output, as compared with the same week last year, declines. p. 2360.

-Dividend.
American Cities Power & Light Corp.

The directors on Sept. 29 declared the regular quarterly dividend of
1-32d of one share of class B stock upon each share of convertible class A
stock, optional dividend series, payable Nov. 1 to holders of record Oct. 5.
Class A stockholders have the option of receiving 75 cents per share in
cash in lieu of the dividend in class B stock, provided written notice is
received by the corporation on or before Oct. 15.
A similar distribution was made on the class A stock on Aug. 1 last.
.__Nr. 137, p. 1239.

American & Foreign Power Co.,1nc.-Ann. Report.

The annual report for the year 1932 is given in full on a preceding page
of this issue. The earninxs statement for the 12 months ended March 31
1933 was given in issue of Sept. 30, p. 2454.
Balance Sheet March 31 (Company Only).
1933.
1932.
1932.
1933.
IS
Liabilities8
3
8
AssetsInvest. (securs.)493,720,852 494,173,783 a Cap,stock (no
par value)._ _393,938,270 393,938,272
4,472,560 1,512,380
Cash
2,180
2,180
Loans rec., subs. 37,431.131 39,635,838 b Cap. stk. subs
Accts. rec., subs. 1,838,944 3,647,942 Gold dabs., 5%
274,323 series due 2030 50,000,000 50,000,000
19.074
Accts. rec., oth_
Notes & ins, pay.
Treas, secs. held
Banks
50,000,000 50,000,000
in trust for
400
El Bond &
subscribers.
Share Co 35,000,000 30,000,000
C Sec, of sub.
Sub., Far East
subscribed for 23,910,000 23,910,000
Pow. Corp_
1,981,500
Unamort. disc't
695,790
101,646
. 7,530,724 7,460,336 Contr. payable_
& e(pease_ _ _
Accts. payable._
132.603
54,352
180,543
Special deposit_
Accrued accts.- 2,054.155 2,827,789
708,169
recent
Contracts
Subs, to pref.
64.005
Claim reedy.. __
stks of subs_
39,903
3,631
Sundry debits__
Treas.securities,
400
held for subsc.
c Stock & debs.
subscriptions. 23,910,000 23,910,000
4.824
Sundry credits__
400
16,695
Reserve
Surplus
14,146,233 17,737,440

Total
569,879,634 570,615,002
569,879,634 570,615.002
March 31 '33. March 31 '32. March 31 '31.
Shares.
Shares.
by:
Shares.
a Represented
Pref. stk. ($7) (value in
478.987
478,995
liquidation $100 a sh.)_ _- - 478,995
$6 pref. stk. (value in liquida387,019
387,018
387,019
tion $100 a sh.)
$6 Pref. stock scrip ctfs.
7.65
6.65
6.65
equivalent to
2d pref. stock, series A ($7)
(value in liquid'n $100 a
2,703,634
2,655,148
2,684.946
share)
1,657,560
1,732,330
1,851,630
Common stock
Option warrants to purchase
7,068,012.8
6.993,270.8
common stock equiv. to.-- 6,874,070.8
b Securities to be issued upon
payment of subscr p. and
surrender of allot. ctfs.:
5
13
5
Preferred stock ($7)
20
17
17
2d pref. stock, series A ($7)Option warrants to porch.
132
160
__ _
132
corn. stk, equiv. to......
c Represents subscription for, and right on payment to receive, securities
of Far East Power Corp.. if and as called for payment. Far East Power
Corp. is a coatrolied subsidiary which in turn controls Shanghai Power Co.
-V. 137, p. 2480; V. 136, p. 4265.
Total

-Sold.
American Railways Co.

Federal Judge Guy L. Fake approved on Oct. 2 the sale of the assets of
the company to the American Railways Corp. (Del.) for $300.000. Toe
Court acted on a report by Shelton Pitney, special master, that 97M %
of the bondholders of the company favored tile sale.-V. 137, p. 2101, 1762.

-Gain Shown.
American Telephone & Telegraph Co.

The New York "Times" of Oct. 5 had the following:
For the first time since the last quarter of 1930, a gain in telephone
connections over disconnections for the entire American Telephone & Telegraph system was assured on Oct. 4 for September. The New York Telephone Co.,largest operating concern in the system and accounting for about
20% of the total stations, reported a rise of almost 10,000 phones for the
month.
No monthly figures on connections and disconnections are given out
by the company, but reports from several leading operating companies are
made public. Already a gain of about 23,000 phones has been reported
and indications are that the September increase will at least offset the estimated August loss of 30,000 connections. The company gives out quarterly figures on this subject in connection with dividend payments.
The New York Telephone Co. reported a net gain of 9,912 stations for
September, 1933. comparing with a loss of 11,167 in September last year.
In August this latter company lost 7,008 telephone., compared with 20,402

Financial Chronicle

Volume 137

in August 1932. For the year to date the average monthly net loss has
been 15,898. September was the first month since November 1931 that
the New York Telephone Co. had shown a gain in installations over disconnections. For the nine months this year the loss in stations totaled
117,274, against 200,697 in the same period last year.
Another large operating company, the Illinois Bell Telephone Co.,
reported a net gain of 6,753 connections for September, its first rise since
May 1930. In Chicago the company had a net increase of 5,688 installations, against a loss of 2.270 a year before. The down-State gain was 1,065
phones, against a loss of 4,242.
In 1931 and 1932 the Bell System showed a net loss of nearly 2,000,000
telephones in use and in the first three months of this year a further drop
of 343,000 units. The system's first loss in the depression came in the third
quarter of 1930, but a gain marked the fourth quarter of that year, after
which the unbroken chain of quarterly and monthly losses began.
While the gain in September is not expected to be enough to provide
an actual up-turn for the third quarter of this year, the current trend will
probably continue through the year and provide in the last quarter the first
three-month rise in three years.
-V.137. p. 1937.
American Water Works & Electric Co:, Inc.-Output.
Output of electric energy of the company's electric properties for the
week ended Sept. 30 1933 totaled 32,196,000 kwh., an increase of 19%
over the output of 27,156,000 kwh. for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follows;
1930.
1929.
Week Ended1933.
1932. ' 1931.
Sept. 9
33.920,000 25.694,000 29,876,000 32,674,000 34,771.000
Sept. 16
34,738,000 26,007,000 31,771,000 35,279,000 37,610,000
Sept. 2:1
32.642,000 27,836,000 31.945,000 34,374,000 37,219,000
Sept.30
32.196,000 27,156,000 30.781,000 34,803.000 37,783,000
-V.137, p. 2460. 2271.

-Earnings.
Associated Electric Co.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137, p. 861.

Associated Gas & Electric Co.-Marked Increase in
Deposits under Plan.
According to an announcement issued Sept. 30. deposits of debentures
under the plan of rearrangement of debt capitalization have shown a marked
increase in the past two weeks culminating Sept. 29 in one of the largest
single day's deposits since the inception of the plan. An increasing number
of security dealers, investment bankers and institutions are depositing
debentures under the plan for their own account and for their clients. The
announcement states:
The number of holders who have deposited their debentures under the
plan is rapidly nearing 30.000.
It has been found that as the plan is explained to holders, opposition and
Indifference have vanished. Even in a State as far away as California,
where about $20,000,000 of the debentures are held, nearly every security
dealer is recommending the deposit to his customers. Although it has
been possible personally to interview only relatively few of them so far,
hundreds of California holders have already deposited. This is typical of
what is happening in other States as the company's organization is able
to cover them and explain tne purpose, aims and results of the plan.
Option One is now the most popular altnough it results in reduction in
income of one-half for a minimum period of five years. after which the
holder can if he chooses restore himself to his original position with certain
definite additional advantages by way of a sinking fund and possible
increased income. Most depositors are availing themselves of it in view
of the apparently poor prospects of the utility industry for at least the
immediate future. At the current rate of deposits the company stated
that it expected that before long over one-half of the bonds proposed to be
ultimately issued under Option One would have been delivered. All
debenture holders have been notified by letters and advertisements of the
details of the plan but in addition to this, the company is making certain
as rapidly as it can that all debenture holders are personally called upon,
as many give little attention to letters and advertisements. At present.
the process of giving personal explanations is being concentrated in the
States of Pennsylvania and California. Other States will be taken up as
rapidly as possible.
The interest savings per year on deposits thus far made under the plan
are substantial and materially assist in offsetting the increased taxes and
expenses incident to co-operation with the NRA and to decreased revenues
due to rate cuts.
-V. 137, p. 2460.

Electric Output Up 9.7%
-Gas Production Lower.
For the week ended Sept. 23, the Associated System reports electric
output, excluding sales to other utilities, of 54,240,609 units (kwh.), an
Increase of 4,782.842 units, or 9.7% above the total reported for the same
week of last year. This percentage increase compares with the increase
of 11.5% reported in electric output for the previous week ended Sept. 16,
when compared with the corresponding week of 1932.
Gas output, at 301,948,200 cubic feet, was 11,929,200 cubic feet, or
3.8% below the sendout reported for the same week last year.
-V. 137.
p. 2460, 2271.

Berlin City Electric Co., Inc.
-Omission of Interrest.In connection with the omission of interest due Oct. 1 on the 5
-year
6% debentures, the company on Sept. 30 stated:
As a result of the decree dated June 9 1933, placing restrictions on the
transfer of funds out of Germany for the purpose of making payments of
interest or amortization on outstanding foreign indebtedness, the company
has been prohibited by law from transmitting to the fiscal agents for the
above-mentioned issue, the funds required for the interest and purchase
fund instalment due on Oct. 1 1933.
In accordance with said decree the company has deposited with the
Conversion Bank for Foreign Debts the Reichsmark equivalent at the rate
of exchange in effect on the date prior to the date of such deposit, of the
interest due on the debentures on Oct. 1 1933. Said decree provides that
such deposit on the part of the undersigned discharges it of its obligation
with respect to such interest payment. In lieu of depositing with the
Conversion Bank the Reichsmark equivalent of the purchase fund instalment of $155.000 due on Oct. 1 1933, the company will deliver for cancellation $511,000 of such debentures, in the hope that in view of the circumstances outlined above such action will be regarded by the holders of the
debentures as substantial compliance with the purchase fund provisions
of the indenture. kSee also V. 137. p. 2460.)

Berlin Electric
Oct. 1 Interest.
-

Elevated &

Underground Rys. Co.
-

Berliner Verkehrs-Atktiengesellschaft on Oct. 2 in a notice to the holders
of30
-year 1st mtge.6 % s. f. gold bonds, due Oct. 1 1956 says in substance:
As a result of the decree dated June 9 1933, placing restrictions on the
transfer of funds out of Germany for the purpose of making payments of
Interest or sinking fund on outstanding foreign indebtedness, we cannot
transmit to the fiscal agents for the above-mentioned issue the funds
necessary for the interest and sinking fund payments due thereon at this
time.
In accordance with said decree we have deposited with the Conversion
Bank for Foreign Debts the Reichsmark equivalent at the rate of exchange
In effect on the date prior to the date of such deposit, of the interest and
sinking fund payments above mentioned. Said decree provides that such
deposit on our part discharges us of our obligations with respect to such
interest and sinking fund payments.
"The Conversion Bank has informed us that 50% of the interest due
Oct. 1 1933 will be transmitted to New York in dollars and the remaining
50% in the form of Reichsmark instruments evidencing the deposit of the
Reichsmark in the Conversion Bank, When the details of payments to
coupon holders of such dollars and Reichsmark instruments have been
arranged, notice will be promptly published to that effect.
-V.137. p. 2460.

-Heating Rate Cut.
Brooklyn Union Gas Co.

2633

Boston Consolidated Gas Co.
-September Output.
Decrease.
Gas Output (Cubic Ft.)
1932.
1933.
1,132,707,000
1.226,027,000
7.6%
January
x February
9.6%
1.200,837,000
1,049,060.000
March
8.5
1,137.186,000„ ,
April
1 008,856,000
1,093.069.000
7.7%
1.071,704,000
May
1.004,554,000
6.3%
June
892,796,000
970,455.000
8.0%
July
837,012,000
873,949.000
4.2%
August
825,216,000
853,179,000
3.3%
September
909,052,000
967,502.000
6.0%
x Actual production figures for February are for full month in both 1932
and 1933. but decrease is figured on comparable number of days (28) since
February 1932 had 29 days.
-V. 137, p. 1049, 1937.

British Columbia Power Corp., Ltd.--Earnings.Years End. June 301933.
1932.
1931.
1930.
Gross revenue
$12,825,554 $14,356,842 $15,119,945 $15,434,341
Operating expenses. incl.
municipal taxes
6,478,049
6,642.903
7,779,964
8,871,058
Prov. for depr. & renew_ 1,827,104
1.869,805
1,870.965 1,877,030
Prov. for Income taxes
484,135
1.324,295
446,458
396,347
Int. on bd. debt & diva.
on pf.stks. ofsub. cos. 2,499,119
2,510.499 2,585,742
2,101,713
$1.537,148 $2,009,339 $2,436,816 $2,188,194
Net income
Divs. on class A shares_ _ 2,000,000
2,000,000
2,000,000
2,000,000
Balance
def$462,853
$9,339
$436,816
$188.194
Consolidated Balance Sheet June 30.
1932.
1931.
Assets1933.
1930.
Cash
$2,179,179 $2,316,416 $3,151,931 $7,306,638
Dom.of Can. bonds,&c_
551,425
Investments
1,469,196
1.308,723
y1,440.319
Bond discount balance
331,034
343,448
355,862
Accounts receivable_... 1,484,940
1,538,296
1,487.100
1,892.420
,Insurance unexpired and
prepaid items
194,036
157,466
102,728
126.986
Empl. housing loans, &c.
503,185
588,698
715,481
590,314
Stores, mat'ls & supplies 1,745,138
1.891,331
2,124,357
2,501,160
Sinking fund
361,326
338.401313,911
Plants & equipment. &c_137,682,197 136,562,072 134,840,486 129,824.517
Total
$145,560,030 $145228,251 $144425,070 $143107,372
Liabilities
Accts. payable, incl. res.
for income taxes
1,904.176
2,269,144
2,469
.083
2.927.559
Deben.& bond int. accr_
503,531
507.743
504,455
687,521
Dividends declared
749,600
749.600
749,703
749,740
Bonded debt
38,849.091 39,004.716 39,065,150 38,799,883
Capital stocks ofsubsids.
held by public:
Brit. Col. El. Ry.,Ltd.,
5% perpetual pref
6,984,000
6.984,000
6.984,000
6.984,000
Brit. Col. El. Pr.& Gas
5,000,000 5,000,000
Co. Ltd. 6% pre_ 5,000,000
5,000,000
3,446
3,446
sh'll'rs of sub.
98,776
109,826
Res.for depr.& renewals 23,834,504 22,421,200 21,220,423 19,733,995
Gen. & accident reserves 1,356,655
1,450,523
1,504,942
1,723,127
x Capital stk.& surpluses 66,375,025 66,837,878 66,828,538 66.391,722
Total
$145,560,030 $145228,251 $144425,070 $143107,372
x Represented by 1,000,000 class A shares and 1,000,000 class B shares,
part of an authorized issue of 1,500,000 class A shares and 1,500,000 class B
shares, both classes without par value. y Market value June 30 1933,
$1,196,883.-V. 135, p. 2489.

California Oregon Power Co.
-Halves Preferred Dividends.
-The directors on Sept. 29 declared dividends of
873/i cents per share on the 7% cum. pref. stock, par $100,
75 cents per share on the 6% cum. pref. stock, par $100,
and 75 cents per share on the 6% cum. pref. stock; series
of 1927, par $100. all payable Oct. 16 to holders of record
Sept. 30. These are one-half of the quarterly dividend
rates paid on July 15 last.
-V. 137, p. 683.
apital Traction Co.-Merger-Effeetive-Lieeri.
-- erged operation of this company and the Washington Railway &

Electric Co., street railway companies serving the National•capital and its
environs, will become effective Dec. 1 when a new company to be
own
as the Capital Traction Co.. will take over the properties of both lines.
Unification of the traction lines was accomplished under a sped resolution of Congress. Majority stockholders of both companies have approved the merger as has the District of Columbia P. U. Commission.
John H. Hanna has been elected President of the new company, with
Wm. F. Ham,designated as Chairman of the Board, and H. D. Crampton,
Secretary Treasurer. Stockholders of the two companies elected 14 directors
for the new company.
Under the merger plan, the new corporation will issue 240,000 shares of
$100 par stock. One-half will go to the Capital Traction Co. (old company)
or a share for share basis. The Washington By. & Electric Co. will receive
120,000 shares of the new stock in exchange for its properties. This company
will not go out of business, but will retain its corporate existence. After the
merger, it will own no street railway properties, but its holdings will consist
of the stock of the Potomac Electric Power Co. and the 120,000 shares of
stock of the Capital Traction Co.
The new company will assume the bonded indebtedness of the Capital
Traction Co. amounting to $5.800.000 of 1st mtge. bonds, $4,000,000 of
1st mtge. bonds of the Washington Ry. & Electric Co., $1,703.000 1st
mtge. bonds of the City & Suburban By. and $2,906,000 1st mtge. bonds
of the Anacostia & Potomac River RR. The last two mentioned are subs.
of the Washington By.& Electric Co.
The Washington Rapid Transit Co.. operator of buses in Washington,
D. C., is not included in the merger. ("Wall Street Journal.")
-V.137. P.
2460.

Central States Power 8c Light Corp.
-Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, p. 4458.

Central States Utilities Corp.-Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, p. 4458.

Chicago Local Transportation Co.
-Fisher as ri•action
Reorganizer.• Federal Judge James H. Wilkerson at Chicago on Sept. 26 announced
that he has selected attorney Walter L. Fisher to expedite the work of
reorganizing the Chicago Surface Lines and the Chicago Rapid Transit Co.
The appointment was satisfactory to all principal parties to the reorganization picture. Selection of Mr. Fisher followed a meeting between Judge
Wilkerson and Albert W. Harris. Melvin A. Traylor and D. F. Kelly.
who represented some of the principal security holders of the companies.
While Judge Wilkerson's announcement did not fully define the powers
and duties of Mr. Fisher, there was a tendency among informed parties to
Interpret toe appointment as that of a direct representative of the Court
who would rush the reorganization plan. Judge Wilkerson nas expressed
himself as desirous that some action be taken to accept the new francnise
for a unified traction company and merge the transportation facilities of
the various companies. It is expected that Mr. Fisher will be the hand of
the Court to see that such action is consummated. He is also expected to
serve as arbiter in regard to any differences that may arise between the
various parties.
-V. 136, p. 156.

A new rate on gas used for space heating by customers of this company,
calculated to save them about $40,000 a year, was approved on Sept. 9
by the New York P. S. Commission to take effect on Oct. 1. The rate is
available to all users upon written application, providing it is accompanied s-----...Chicago South Shore & South Bend RR.
-Would
by a guarantee to the company of a minimum revenue of $80 during the
Reorganize.
heating season of Oct. 1 to May 31, inclusive.
The new rate will be $1 for the first 600 cubic feet of gas or less a month
Company has filed a petition for reorganization in Federal Court in
and 7% cents a 100 cubic feet for all over 600 cubic feet a meter a month.
Hammond, Ind. The petition, authorized by the board of directors Sept.
28, was filed under the section of the recently enacted Federal statute
V. 137, p. 1049.




2634

Oct. 7 1933

Financial Chronicle

providing for reorganization of railroads engaged in inter-State commerce.
.A copy of the petition also has been filed with the L-S. C. Commission.
Is The petition set out that there was'due and unpaid, or becoming due
Wore Dec. 31 1933, a total of $286.810 for rental of equipment under
leases. Dividend payments on equipment trust certificates past due, or
to become due on or before Jan. 1 1934. aggregating a similar amount, are
payable by a trustee hank out of the proceeds of the rental. The company
is without funds to discharge the rental obligation and cannot borrow or
otherwise obtain these funds, the petition said, and is unable to meet its
debts as they mature. The total principal amount of equipment trust
certificates outstanding is $1,341,000.
Officials of the company said they would present a detailed plan to the
L-S. C. Commission for reorganization. The plan will provide that the
maturity date of equipment trust certificates be extended for a period of
three years, and that the dividend rate thereon be increased from 5% to 6%.
This plan was submitted to holders of equipment trust certificates last
March,and was accepted by more than two-thirds of the certificate holders.
A considerable portion of the certificates of nondepositing holders is tied
up in closed banks or otherwise, under circumstances where the certificates
cannot be deposited under the plan. The petition for authority to reorganize was brought before Judge Thomas W. Slick, of the northern
district of Indiana, in order to obtain authority to make the plan effective.
The plan for reorganization submitted to holders of equipment trust
certificates last March stated that the only funded debt was to those
holders of certificates, and that the property of the South Shore line had
been maintained at a high degree of operating efficiency, although drastic
economies in operating expenses had been effected. According to Charles
H. Jones, general manager of the railroad, the current position of the
company is such that it will require three years of operation to place the
railroad in a position to meet these maturities. It also was pointed out
that if the plan is adopted the company will continue the payment of the
dividend warrants at 6% instead of at the present rate of 5%%
.-V.
136, p. 2239.

later than Dec. 311937, and bearing 5% interest, payable semi-annually.
An alternative permit is given for the purchase at a price not exceeding
33,001,852, with $2.000,000 of the amount maturing not later than Sept. 30
1935, and the balance not later than Dec. 31 1937. with interest at 5%,
payable semi
-annually.
-V. 137, p. 1049.

-Bonds Called.
Connecticut Light & Power Co.

Certain outstanding 1st and pref. mtge. 7% sinking fund gold coupon
bonds, series A, dated May 1 1921, aggregating $105,500, have been called
for redemption Nov. 1 at 109 and interest. Payment will be made at the
-V.137, p. 313
Bankers Trust Co., trustee, 16 Wall St., N. Y. City.

Consolidated Gas Electric Light & Power Co. of
Balti more.
-Earnings.
For income statement for 8 months ended Aug. 31 see "Earnings Department" on a preceding page.
In contrast with the adverse effect upon the company's earnings of
increased taxes and reductions in rates, Herbert A. Wagner, President,
points out that an increased demand for electricity and gas indicated a
marked improvement In general business in the company's territory.
"Our output of electricity for the first eight months of the current year
has increased 5.5% over the corresponding period of 1932," he says. "The
improvement for the months April to August inclusive is even more satisfactory and amounted to 9.3% over the corresponding period of last year.
"The gas production, which was running behind that of 1932 during the
first half of this year, has shown an increase over 1932 of 5.8% for July
and August.
"These increases in the output of electricity and gas have resulted from
increased industrial activity and the securing of new business. In recent
months the domestic gas and electric consumption has also shown healthy
improvement.
"The Pennsylvania RR, has resumed construction work on the electrification of its lines to Washington. D. 0., in connection with which this
company has contracted to supply a large amount of electric energy.
"The recent improvements in the company's sales of electricity and gas,
if sustained, should be largely reflected in increased earnings, as the company is now in position to handle greatly incresaed sales without additional
capital outlay and without proportional increase in its operating expenses."
-V. 137. p. 1412.
-Earnings.
Continental Gas 8c Electric Corp.
For income statement for 12 months ended Aug. 31 see 'Earnings De-V. 137, P• 1937.
partment" on a preceding page.

•
• Columbia Gas & Electric Corp.
-Reduces Common
Dividend.
-The directors on Oct. 5 declared quarterly cash
dividends of $1.50 per share on the 6% pref. cumul. stock,
series A; $1.25 per share on the cumul. pref. stock, 5%
series; and $1.25 per share on the cony. cumul. preference
stock; and a dividend on the no par value common stock at
the rate of 1-800 of a share (123/i cents in par value) of
cony. 5% preference stock, all payable on Nov. 15 1933, to
-Operates Wheeling Properties.
Co-Operation Transit Co.
holders of record Oct. 20 1933.
See Wheeling Traction Co. below.
The corporation on May 15 and Aug. 15 last paid dis:-----Plan Operative.
tributions of 20 cents per share in 5% cum. preference stock, ""-Denver Tramway Corp.
Holders of Denver Consol Tramway Co. 1st consol. mtge. 5% gold
par $100, on the common stock as compared with 25 cents bonds. due Oct. 1 1933, were notified Sept. 21 that the exchange plan
per share in the same class of stock in each of the four preced- proposed by the company for this issue has been declared operative. has
The International Trust Co. as depositary, the announcement said,
ing quarters.
received from tne corporation funds for payment of Oct. 1 interest coupons
and also the 10% of face value which holders will receive in cash on bonds
An official statement follows:
deposited under the plan.
During the past several months the operating utility companies of
the Columbia System have sold increased quantities of gas and electricity,
but the revenues derived from these sales have not increased sufficiently
to offset increased tax burdens imposed by various States and the Federal
Government since May 1 of this year.
The Columbia System companies have subscribed to the codes for the
gas and electric operating industries filed with the NRA in support of
the Federal Governments efforts to aid business recovery. The immediate effect of compliance with these codes on the operating companies
has been to increase their operating expenses.
-V. 137, P. 1412.

---- Columbus Gas & Fuel Co.
"
-Rate Cut Delayed.
-cent
The 65,000 consumers of this company will continue paying the 55
gas rate for at least another six months, despite a ruling of the Ohio Supreme
Court ordering the Ohio P. U. Commission to restore the 48
-cent rate.
The difference between the two rates will be impounded in a Columbus
bank while the company's attorney's carry their appeal from the Ohio
Court's decision to the U. S. Supreme Court.
Decision to allow a stay of execution on the Ohio Supreme Court's order
restoring the lower rate was reached on Sept. 26 by Chief Justice Carl
V. Weygandt after he had conferred with his associate Justices. ("Ohio
-V. 137. p. 2272.
State journal.")

Commonwealth Edison Co., Chicago.
-Unification.
-

For the remaining 90% of face value holders will receive new let consol.
mtge. 6% collateral trust sinking fund gold notes. The new notes will be
ready for distribution on Nov. 1, the announcement said.
Earlier in the year a plan of exchange for the company's 6% notes also
maturing Oct. 1 1933. was declared operative.
The bonds have been stricken from the New York Stock Exchange list.
V. 137, p. 1764.

-Earnings.=
Derby Gas & Electric Corp.

•

For income statement for 12 months ended June 30 see "Earnings De-V. 136, o. 4459.
partment" on a preceding page.

-Earnings.
Eastern Iowa Electric Co.
For income statement for 12 months ended June 30 see "Earnings De-V. 135, o. 3164.
partment" on a preceding page.

-Output of Affiliates (Kwh.).
Electric Bond & Share Co.
1932.
1933.
increase.

Week Ended Sept. 28American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
-V. 137, o. 2461, 2272.

83,523,000
38,201,000
72,280,000

69,486,000
36,666,000
57,215,000

+20.2
+4.2
+26.3 o

Electric Power Corp. (Elektrowerke Aktiengesell-

The Chicago "Tribune" of Sept. 27 had the following:
-Oct. 1 Interest Not Paid.
schaft), Germany.
"The stockholders of the Commonwealth Edison Co. and the Public
Notice having been received by the New York Stock Exchange on Oct. 2
Service Co. of Northern Illinois in the near future will be presented witn
the guaranteed 1st mtge. sinking fund
that the interest due Oct. 1 1933 on
a plan for closer unification of the two big electric utilities in the Chicago
,)
gold bonds, 6A % series due 1953. is not being paid, the Committee elt.,
district, according to well authenticated reports in La Salle Street on Sept.26.
Securities ruled that beginning Oct. 2 1933 and until further notice th
"The plan, it is understood, is to be given first to the Illinois Commerce
be
said bonds shall be dealt in "flat" and to' a delivery must carry the ,4
Commission for its tentative approval after which it is to be voted upon at
Oct. 1 1933 and subsequent coupons.
a meeting of the stockholders of Commonwealth Edison Co. The latter will
The committee further ruled that in settlement of all contracts in said e
be called upon to decide whether to authorize issuance of additional stock
bonds on which interest ordinarily would be computed through Oct. 1 1933
to be exchanged for outstanding common stock of Public Service Co.
Interest shall be computed up to but not including Oct. 1 1933.-V. 137,
"The exchange of stock, it is reported, would be on the basis of two
p. 1937.
shares of Commonwealth Edison for every three shares of Public Service Co.
The rate of exchange, however, has not yet been definitely decided upon.
-Earnings.
Electric Power & Light Corp.
"The management of the two companies for some time have been known
For income statement for 12 months ended June 30 see "Earnings
to have been considering a closer unification. No merger is contemplated,
partment" on a preceding page.
-V.137. p. 1579.
according to well informed sources of information, nor does the program
point to a complete merger at any time in the future.
-Interest Defaulted-Protective Comm
"Stockholders of Puolic Service who are not willing to accept the ex-***•••...Erie Rys. Co.
Interest due April 1 1933 on the following bond issues has been defaulted:
change offer may retain their present holdings without being disturbed.
$831,000 1st & ref. mtge. 6s; $475,000 Erie Electric Motor Co., 1st ref.
Nor does the plan affect holders of preferred stock of that company or
sinking fund 55 and $647,800 Erie & Sub. Ry. mtge. bonds.
holders of bonds of either concern. Each will maintain its separate identity.
For the eight months ended Aug. 31 1933 company reports operating
"Economies in operation impossible under the present set-up will be facilirevenues of $468,346 operating expenses. $480,205; taxes, 310,346; operating
Public Service by Commonwealth Edison, it
tated by a closer control of
deficit, $22,205; other, $9,906, leaving a deficit for period, before fixed
Is said.
charges of $12,299.
Is "The Commonwealth Edison Co., through its wholly owned subsidiary.
A. R. Myers, formerly President, was appointed Receiver March 27
Commonwealth Subsidiary Corp., already owns between 28 and 30% of
1933.
the common stock of Public Service Co. This ownership. plus the fact that
-Henry E. Fish, Chairman (Gunnison,
Bondholders' Protective Committee.
two companies are under common management, has made it possible to
the
Fish, Gifford & Chapin), Erie. Pa.; Alex Jarecki (Pres., Jarecid Mfg. Co.),
work together in the past.
Erie, Pa.; John R. McDonald (Pres., First National Bank), Erie, Pa.
lir "Other sizeable blocks of Public Service stock are in the hands of New
-V. 131. p. 2893.
Depositary, First National Bank, Erie, Pa.
York and Chicago banks. These blocks were put up with the banks by the
Insull Investment companies as security for bank loans several years ago
-Earnings.
Greater London & Counties Trust Ltd.
before the Instills lost control of the operating companies and the present
For income statement for 12 months ended June 30 1933 see "Earnings
management took them over. The banks, it is believed, would be willing
Department" on a preceding page,
to accept Commonwealth Edison stock in exchange for their holdings of
Public Smirk's stock.
Condensed Consolidated Balance Sheet June 30 1933.
"Capitalization of the Commonwealth Edison Co. including its subLiabilities
Assets
sidiary, consists of a bonded debt of $195,000,000 and 1,623,150 shares of
1,200,000
Property, plant & equipment_ 17,507,566 Ordinary stock
$100 par capital stock."
Excess cost over book value__ 2,546,358 Subsidiary and controlled cos.:
Preference
1,863,264
4,500.187
Marketable securities
Receives Right to Acquire Additional Power.
Ordinary
1,203,727
1,105,182
Cash
The Illinois Commerce Commission has given permission to the Com644,158 Surplus-Operating:
Accounts receivable
monwealth Edison Co., which is said to be seeking control of the Public
Applio. to minority stock
Inventory-materials, merService Co. of Northern Illinois, to acquire by assignment from the Northern
341,714
of controlled companies.
646,552
chandise & supplies-at cost
Indiana Public Service Co., 50,000 kw. of capacity in the generating
Applic. to stock of Greater
264,958
Una:mortised debt expense.station of the Chicago District Electric Generating Corp. The assignment
London & Counties Trust
Prepayments, preliminary exis for a period of not less than three years and is at the same rate which
477,837
Ltd
2,621,042
penses and other items._ _
Commonwealth is ]paying for 80,000 kw. under a long-term contract. The
18,124 Funded debt
6,471,465
Deferred income
proposal, it is said, is part of a program of Commonwealth to secure an
x Unfunded debt in hands of
adequate supply of electric power for Chicago.
Public
2,488,628
The Commonwealth Edison Co. by securing control of Northern Illinois
Accounts payable
296,225
company through an exchange of stock would have actual control of the
Interest on debentures
79,407
Chicago Electric Generating Corp. as at present it holds 40% of the stock
Miscellaneous accrued items_
62,217
and Northern Illinois controls 30%, with the remainder held by Northern
Dividends accrued-not due_
100,334
Indiana Public Service Co. The Electric Generating company owns and
Consumers' deposits
35,807
operates an electric power house on Lake Michigan, having a present
Due to affiliated company--- 1,822,105
capacity of 208,000 kw. and an ultimate capacity of 1,000,000 kw. The
Deprec.,renewals & replace- 3,028,441
company has a contract until 1979 by which its power is sold to the three
Income tax reserves
278,891
companies holding its stock. As the companies must make monthly payConting. & invest. reserve131,219
ments whether power is taken or not and as Northern Indiana is not in
kw. at present, the assignment appears advantageous
need of the 50,000
Total
24,867,709
24.867,709
Total
to both sides.
-Contingent liabilities: Calls on shares in subsidiary comNotations.
The Commission also authorized the Commonwealth Edison Co. to
panies, £319,820: 12:6; calls on marketable securities, £51.902:15:0.
purchase, at a price not exceeding $2,470.847, certain outstanding notes
x Includes loan due Sept. 15 1933, with privilege of renewal until
of the Electric Generating company, and also to buy not in excess of the
Sept. 15 1934.
par value of $531,004 of the new notes of the company maturing not




Volume 137

Financial Chronicle

Reconciliation of Surplus for the 12 Months Ended June 30 1933.
Balance after depreciation and income tax as per condensed
consolidated statement of revenue and expense
£174,337
Surplus at beginning of period
3,235,918
Net income of properties prior to acquisition
755
Minority interest in net income
46,919
Capital profits, less losses on realization
359,255
Premium on shares issued
83,750
Specific reserves not required,transferred to general reserve- - _
34,306
Contributions from consumers in respect of services
25,058
Total
£3,960,300
Dividends paid (minority interest)
98,007
Premiums and losses on redemption of debentures
154.185
Surplus of subsidiary companies liquidated
348.674
Appropriatio.,s to staff benevolent fund
11.250
Preliminary expenses and costa of capital increases written off- 3.481
Appropriation to depreciation reserve
44,386
Costs of change-over written off
10.850
Transfer to income tax reserve
5,000
Compensation to officials of Oxford Electric Co., Ltd., for loss
of office
580
Miscellaneous adjustments
16.290
-(net)
Balance at June 30 1933
Surplus applicable to minority interest

£3,267,595
646,552

Surplus applicable to Greater London & Counties Trust, Ltd
-V. 136, p. 4459.

£2,621,042

Fort Wayne-Lima RR.
-Property Dismantled.At a hearing on July 5 last in Federal Court the property was resold for
$95,500. The sale has been approved by the Federal Judges in Indiana and
Ohio. The property is now being dismantled. The road which ceased general
operation June 30 1932, was first offered for sale May 16 1933. Total bids
at that time were $68,575.-V. 136, p. 4459.

Hamburg Elevated, Underground & Street Rys. Co.
(Hamburger Hochbahn).-Earnings.-

2635

...... --Interstate Telephone Co., Spokane, Wash.-Div.
"
Deferred.
The company recently decided to defer the q arterly dividend due in
July 1933 on the $6 cum. pref. stock, no par value. Regular quarterly
payments of $1.50 per share had been made up to and incl. April 1933.
-V. 137, p. 488.

-Suit.
-Kansas State Telephone Co.
According to an announcement of Baker, Walsh & Co., of Chicago, the
firm of Williams & Elleman, of Columbus, Kan., has filed suit in the
District Court asking for a receiver and foreclosure on behalf of the bondholders' protective committee. Members of the protective committee are
and W. J.
J. Alger Dake, of Milwaukee; E. L. Kline, of LaPorte.
-V. 136. p. 327.
Walsh of the firm issuing the announcement.
Ind..

-Consolidated
Kentucky Power Co. Inc. (& Subs.).
Balance Sheet Dec. 31 1932.AMU-

Plant, property, rights. franx$3,796,232
chises, 1ic
1,150
Special deposit
Debt discount & expense in
103,421
Process of amortization__
Prepaid accounts and de3,307
ferred charges
163,455
Cash in banks and on hand__
y68,854
Notes & accts. receivable__
27,116
UnbIllecl revenues
38,330
Materials and supplies

Liabilities8% preferred stock
7% preferred stock
656% preferred stock
,
Common stock
Funded debt
Deferred liabilities
Due to United P. S. Co
Accounts payable
Accrued interest
Accrued taxes
Miscellaneous
Reserves
Organization surplus
Deficit

,
$82,100
643.300
10,000
z80,367
1,461,700
37,542
2.014,221
25,328
24,141
1,812
5,049
42,044
28,690
254.429

Total
$4,201,867
$4,201.867
Total
x After property retirements and adjustments of $219,021. y After reserve for uncollectible accounts of $3.550. z Represented by 22,000 shares
of class A stock and 4,616 shares of class B stock, both of no par value.
-V. 126. p. 714.

(In German Reichsmarks)
Year Ended Dec. 311932.
1931.
Gross earnings
42,535,526 57.781,828
Operating expenses
32.294,004 45,390,359

-Earnings.- Laclede Gas Light Co.
For income statement for 12 months ended June 30 see "Earnings De-V. 137, p. 2273.
partment" on a preceding page.

Net earnings
Other income

10,241,522 12,391.469
1,321,582
141,633

For income statement for 12 months ended June 30 see "Earnings De-V. 137, p. 1937.
partment" on a preceding page.

Total income
Interest
Depreciation and amortization
Pension fund
Statutory reserves

11,563,104 12,533.102
1.903,565
1.721,691
5,306.949
4,818,148
300,000
600,000
236,473
236,606

Balance
Distribution to directors
Dividends on "A,""B" and "C' stocks

$4,486,659 $4,486,115
51,667
46,699
4,437,425
4,437,425

Deficit
sur.1,991
2,433
The foregoing has been taken from tne company's annual report.
V. 130, p. 4237.

Illinois Water Service Co.
-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 137, p. 1764.
Indianapolis Power & Light Co.
-Earnings.
-

For income statement'for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, p. 4459.

Interborough Rapid Transit Co.
-Judge Manton Retires from I. R. T. Case-Judge Mack Assigned to Act in
Receivership.
-

-Earnings.
-Laclede Power & Light Co.
-Larger Dividend.
Lincoln Telephone Securities Co.
The directors have declared a quarterly dividend of 25 cents her share
on the no par value class B stock, payable Oct. 10 to holders of record
Sept. 30. This compares with 20 cents per share paid on the above issue on
July 10, when dividends were resumed. Quarterly distributions of 25 cents
per share had been made up to and incl. Oct. 10 1932.-V. 137, p. 136.

-Tenders.
Luzerne County Gas & Electric Co.
-year 7% bonds, has
The Chemical Bank & Trust Co., trustee for the 20
on hand $231,300 as a payment to"the sinking fund for the purchase of
bonds at not exceeding 105%. Offers will be received up to noon Nov. 1
1933.-V. 135. p. 2654.

Marconi International Marine Communication Co.,
Ltd.
-Smaller Interim Dividend.
An Interim dividend of 2%%,less tax, has been declared on the ordinary
registered shares for 1933. This compares with an interim dividend of
5% paid a year ago and a final distribution of 2%% made about six months
ago for the year 1932.-V. 136, p. 1719.

Maritime Coal Railway & Power Co., Ltd.-Earnings.For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page.
-V. 134, p. 325. •

-Earnings.
-Market Street Railway Co.
For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 137. p. 1579.

Judge Martin T. Manton withdrew on Sept. 30from further participation
In the Interborough Rapid Transit Co. receivership case and Chief Justice
-Earnings.
Metropolitan Edison Corp.
Hughes designated Circuit Judge Julian W. Mack to act in his stead.
For income statement for 12 months ended June 30 see "Earnings DeJustice Manton, a Federal circuit judge had designated himself a district
partment" on a preceding page.
-V. 137. p. 866.
judge to act in the application of the American Brake Shoe & Foundry Co.
for receivership for the Interoorough and the Manhattan Railway on the
Michigan Associated Telepone Co.-Div. Deferred.
ground that a regularly consituted district judge might designate a trust
The company, it is announced, deferred action on the quarterly dividend
company as receiver, a course Judge Manton deemed unwise.
due in May 1933 on the 6% cum. pref. stock. par $100. Regular quarterly
Immediately a storm of protest broke, and the U. S. Supreme Court
distributions of 13. % each had been made on this issue up to and incl.
was asked to order him to withdraw. The court, however, found that he
February 1933.-V. 137. P. 488.
had every legal right to sit in the case at his own instance, but, at the same
time,severely critized the propriety of his action. Still he did not withdraw.
Recently tne Manhattan Railway, a subsidiary of the Interborough,
Missouri Edison Co.
-Dividend Rate Decreased.filed mandamus proceedings with the U. S. Supreme Court asking again
A dividend of 58 1-3 cents per share has been declared on the $7 cum.
that Judge Mahton be prohibited from sitting in the case,
pref. stock, no par value, payable Oct. 1 to holders of record Sept. 20.
In response to this action, Associate Justice Stone issued an order
Previously, the company paid regular quarterly dividends of $1.75 Per
forbidding Judge Manton to take any further action in the case pending
-V. 136, p. 3721.
share on this issue.
disposition by the entire Supreme Court of the mandamus proceedings.
Judge Manton's withdrawal came soon after.
-Plan of Reorganization.
"-.,Mobile Gas Co.
The Chief Justice's statement Sept. 30 read:
A plan for the reorganization of the company, dated as of Sept. 1 1933,
has been formulated with the approval of the holders of a substantial
"As the relinquishment of service by Circuit Judge Manton in the case
amount of the outstanding bonds and with the co-operation of Consolidated
of American Brake Shoe & Foundry Co. vs. Interborough Rapid Transit
Electric St Gas Co., the principal other creditor and indirectly the owner
Co. terminated his assignment to sit in the District Court for the Southern
of all the stock of that company. It has also been favorably considered by
District of New York for that purpose, the Chief Justice of the United States
the Alabama Public Service Commission and the U. S. District Court for
has assigned Circuit Judge Julian A. Mack to sit in that case, and to hear
the Southern Division of the Southern District of Alabama.
and determine all applications and proceedings therein, including the
intervention proceedings relating to the Manhattan Ry. Co.
Basis of Exchange.
"This assignment of Circuit judge Mack, who some years ago had been
The plan contemplates the exchange of the 7% series A 1st mtge. gold
designated for service generally in the District Court for the Southern
bonds, due Dec. 1 1951, the 7% series A impt. & ref. mtge. gold bonds,
District of New York, could be made, under the applicable statute, only
due Dec. 1 1951 and 6% series B 1st mtge. gold bonds, due Oct. 1 1956 of
by tne Chief Justice of the United States, and was made by him after
Mobile Gas Co. (the present company) for bonds of Mobre Gas Service
consulting with Justice Van de Vanter, who wrote the opinion for the
Corp.. the new company organized in Alabama as the vehicle for carrying
Supreme Court in the case of Johnson vs. Manhattan Ry.(Jo. (289 U. S.
out the plan of reorganization.] The new company has acquired from
479), and also with Justice Stone, assigned as Circuit Justice to the Second
Consolidated Electric & Gas Co. certain notes and open account indebtedCircuit.
ness of Mobile Gas Co. and has issued in payment therefor its no par corn"The assignment was made without suggestion on the part of any of the
mon stock], the purchase by the new company of the property and assets
parties, receivers or counsel concerned in the proceedings heretofore had."
of the present company and the issue of its bonds in series, equally secured
by a first lien on the fixed property, rights and franchises then owned and
Judge Manton's letter of resignation, dated Sept. 29
thereafter acquired (subject to any liens thereon at the time of acquisition)
was as follows:
as provided In the trust indenture. The bonds to be issued initially and to
hereby certify my desire to be relieved of further judicial service
be exchanged will be limited to $1,833,000 (the aggregate amount of the
under my assignment to sit in the District Court in the case of the American
bonds of the present company now outstanding) and said bonds when
Brake Shoe & Foundry Co. vs. Interborough Rapid Transit Co., and reissued and ready for delivery will be exchanged on the following basis:
quest that another circuit judge be assigned in my stead.
(1) Each holder who deposits Mobile Gas Co. 7% series A 1st mtge.
7
b;nds. due Dec. 1 1951, and each holder who deposits Mobile Gas
Chief Justice Hughes's order relieving him and substituting
gd
series A impt. & ref. gold bonds, due Dec. 1 1951, with June 1
1933 and subsequent coupons attached, will receive the following bonds
Judge Mack read:
and cash of the new company:
"Whereas, Martin T. Manton, Circuit Judge of the Second Judicial
(a) 50% of the principal amount of the deposited bonds in 1st mtge.
Circuit, has certified his desire to be relieved of further judicial service
5% bonds of the new company.
under his assignment to sit in the District Court for the Southern District
(b) 50% of the principal amount of the deposited bonds in 1st mtge.
of New York, in the case of the American Brake Shoe & Foundry Co. vs.
income bonds series A of the new company. These bonds will provide that
Interborough Rapid Transit Co.;
on Oct. 1 1934, the holders will be entitled to interest. if earned, to an
"Now, pursuant to the authority vested in the Chief Justice of the
amount equal to interest from April 1 1933 to Oct. 1 1933 at the rate of
States by Section 201 of the Judicial Code, as amended by the
United
14% per annum (the equivalent of interest for such period on the principal
Act of Congress approved Oct. 22 1913. and the public interest requiring
amount of bonds being exchanged) and from Oct. 1 1933 to Oct. 1 1934
this assignment, I do hereby designate and assign Julian W. Mack, circuit
at the rate of 9% per annum, and thereafter on April 1 and Oct. 1 in each
judge of the United States, heretofore designated for service in the District
year at the rate of 9% per annum until payment of the principal thereof.
Court of the United States for the Southern District of New York, to sit
District Court in the case of the American Brake Shoe & Foundry(c) Cash equivalent to interest on the deposited bonds at the rate of
in said
7% Per annum from Dec. 1 1932 to April 1 1933 (being the date to which
Co. vs. Interborough Rapid Transit Co.. and to hear and determine all
interest on the 6% series B 1st mtge. bonds of Mobile Gas Co. has been
applications and proceedings in said suit in the District Court. and all
paid).
and proceedings on intervention therein, the assignment of
P (2) Each holder who deposits Mobile Gas Co. 6% series B 1st mtge.
.
to
Circuit Judge Martin T. Mann to sit in the District Court for that
gold bonds, due Oct. 1 1956, with Oct. 1 1933 and subsequent coupons
terminated."
-V. 137, p. 2461.
purpose having been
attached, will receive the following bonds of the new company:
(a) 50% of the principal amount of the deposited bonds in 1st mtge. 5%
Interstate Power Co. (Del.).-Earnings.bonds of the new company.
(b) 50% of the principal amount of the deposited bonds in 1st mtge.
For income statement for 12 months ended June 30 see "Earnings De-V. 136, 1. 4459.
partment" on a preceding page.
income bonds series B of the new company. These bonds will provide that




2636

Financial Chronicle

on Oct. 1 1934 the holders will be entitled to interest, if earned, to an
amount equal to interest from April 1 1933 to Oct. 1 1933 at the rate of
12% per annum (the equivalent of interest for such period on the principal
amount of bonds being exchanged) and from Oct. 1 1933 to Oct. 1 1934 at
the rate of 7% per annum, and thereafter on April 1 and Oct. 1 in each
year at the rate of 7% per annum until payment of the principal thereof.
Primary Objects Sought.
The primary objects of the plan may be sumarized as follows:
(a) To give the holders of the bonds of the present company bonds of
the new company at the time of exchange of an equal principal amount
similarly secured by at least the same property.
(b) To reduce the amount of fixed bond interest charges to an amount
commensurate with the indicated ability of the business to pay interest
regularly.
(c) To enable the holders of the bonds of the present company to obtain
interest equal to that formerly received by providing that the balance of
the interest will be paid regularly, if earned, and that such interest will be
cumulative and be payable in full at maturity, thereby affording such
bondholders the protection of obtaining such interest ahead of any distribution of assets in liquidation on junior securities.
(d) To set up a capital structure which adequately protects and preserves the interest of the hAders of the bonds of the present company and
eliminates the burdensome junior indebtedness without forfeiting entirely
the interests of the holders of such indebtedness in the situation and which
will afford the new company a possible medium for senior financing.
Consummation of Plan.
The consummation of this plan to the extent applicable is subject to the
provisions of the Federal Securities Act of 1933, to the further formal
approval of the Alabama Public Service Commission, to further approvals
of the U. S. District Court and to the new company's ability to comply
with other legal requirements.
The new company reserves the right to declare the plan inoperative if.
In the judgment of its board of directors, a sufficient amount of bonds of
the present company is not deposited under the plan or if for any other
reason the plan appears doubtful of successful consummation. Unless at
least a majority of the outstanding bonds of the present company are
deposited for exchange, the plan will in no event be declared effective and
from present indications the concurrence of a substantially larger percentage will be necessary as the new company proposes to use said bonds
to pay in part for the property and assets of the present company.
If in the opinion of the board of directors it is deemed essential, the new
company may amend such plan, formulate a new plan or avail itself of any
other plan otherwise formulated and proceed to carry it out; unless, within
15 days after mailing notice to all depositors of such amendment, new
plan or other plan, the record holders of transferable receipts representing
25% of the principal amount of the deposited bonds file with the new
company their written dissents thereto. Should the plan be declared inoperative, all bonds deposited for exchange will be promptly returned
against the surrender of transferable receipts representing them, duly endorsed if required by the new company.
No expense will be incurred by any bondholder participating in the plan
whether or not the same is consummated, the new company agreeing to
pay such expense out of moneys that were received from the present company prior to the receivership in payment in part of the indebtedness of
that company held by the new company.
Method of Participation.
The holders of the bonds of the present company are urged to forward
before Nov. 1 1933, their 7% series bonds with the June 1 1933 and subsequent appurtenant coupons and their
series
to Merchants National
6%seI
bonds1pautre uapons
Mobile, Mobile, Ala.
Business and Financial Conditions.
The business of the present company has been operated since 1834 and
until natural gas was brought to the city, and the company suffered the
losses resulting from distributing this gas, and rate reductions, as well as
the losses in revenue resulting from general economic conditions, the company was in good financial condition and fully able to meet all its bond
Interest charges. The latest available figures prior to receivership show
that the present company's annual net income, before retirement reserve
appropriations, was approximately 326,000 less than its annual bond
interest charges. A reorganization of the company is essential in order
for it to postpone some of these fixed charges during this period of reduced
revenue, thereby making available sufficient working capital to prevent
deterioration of the property and business.
Pro Forma Statement of Capitalization After Giving Effect to the
Plan of Reorganization.
(If all Mobile Gas Co. bonds are exchanged.)
1st mtge.5% bonds, dated Oct. 1 1933, due Oct. 1 1956, bearing
int. at rate of 5% per annum from Oct. 1 1933 to maturity_ _ _ _ $916,500
First mortgage income bonds:
Series A, entitled to int., payable out of surplus income as
defined in the indenture, at rate of 14% per annum from
April 1 1933 to Oct. 1 1933 and thereafter at rate of 9%
679,550
per annum
Series B, entitled to int., payable out of surplus income as
defined in the indenture, at rate of 12% per annum from
April 1 1933 to Oct. 1 1933 and thereafter at rate of 7%
236,950
per annum
5,000 shs.
Common stock (no par)
Pro Forma Summary of Income.
(Based on operations of present company for 12 months ended May
31 1933, being latest figures prior to receivership.)
$417,337
Gross revenues
320,072
Operating expenses, including maintenance and taxes
Balance
Annual interest on 1st mtge. 5% bonds (y)
Miscellaneous interest charges

$97,2"6
45,825
1.009

Balance
Retirement reserve appropriations

$50,432
31,229

$19,202
x Remainder
x Amount available for capital and other requirements, maintenance of
proper working capital and interest on income bonds. y After Oct. 1 1936
interest on income bonds in part becomes a fixed obligation.
In order to keep the expense at a minimum it is not proposed to have a
protective committee, deposit agreement or a depositary. The First National Bank of Mobile, Mobile. Ala. will be trustee under the indenture
of the new company securing its bonds and Merchants National Bank.
Mobile, Ala., will receive deposits of bonds and hold the same for account
of the new company for use as contemplated by the plan.
Pending the consummation of the plan, the board of directors of the
new company will consist of three members, two to be designated by local
Mobile interests and the third by Consolidated Electric & Gas Co., the
owner of the common stock of the new company. Supervision of the
operation of the properties of Consolidated Electric & Gas Co. and its
subsidiaries is now in the hands of Stone & Webster Service Corp.—V. 137,
p. 2462.

"s•-.....Mobile Gas Service Corp.—Organized to Reorganiz
Mobile Gas Co.—See latter company.
Mohawk Hudson Power Corp.—Earnings Insufficient
to Make Distribution on 2d Preferred Stock, Due to Omission
by Subsidiaries of Common Dividends.—The following letter
has been sent by President P. A. Sehoellkopf to holders of
2nd pref. stock:
Because of insufficient earnings, the quarterly dividend of $1.75 per
share on the 2nd pref. stock, which heretofore has been paid on Oct. 1 for
the third quarter of the year, has not ben declared.
A large portion of the income of the company is derived from dividends
on the common stock of New York Power & Light Corp., the Syracuse
Lighting Co., Inc., Utica Gas & Electric Co. and Cortland County Traction
Co. On account of reduced earnings, due to increases in taxes and decrease
in revenues, all of these companies have been forced to suspend payment
on common stock dividends.
While the electric light and power and gas industries, with their inherent
stability have withstood the economic influences of the depression better
than many other industries, nevertheless they too have finally suffered
heavy losses in revenue.




Oct. 7 1933

revenues were thus reduced, the operating companies put in effect
every economy possible consistent with the rendering of safe and continuous
service to their customers. including in February,of this year a substantial
reduction in wages and salaries of all officers and employees.
Taxes paid by the Mohawk Hudson Power Corp. and its subsidiaries
have steadily mounted until in 1932 the total taxes were 12 cents out of
every dollar of revenue.
On July 1 1933 a new tax called the Federal Capital Stock Tax was
imposed and made effective for the year 1932. /In addition, commencing
Sept. 1 1933, a 3% tax, heretofore paid by commercial and residential
customers, has been transferred to the utilities.
The operating subsidiaries of your company by complying with the codes
for the electric light and power and gas operating industries are furthering
the campaign of the National Recovery Administration to aid business
recovery by the establishment of higher commodity prices, increased employment and wider purchasing power. The immediate effect of such
compliance has been substantial increases in the operating expenses of these
companies.
In view of these facts and until the future course of business is more
clearly determined, your directors feel that your interests in the long run
will be better served by the suspension of dividends on the second preferred stock. It is hoped that this suspension need not be of long duration.
The reinstatement of the dividend and the payment of accumulated amounts
dug on the shares will be effected at the earliest possible moment consistent
with improvement in the revenues of the company's operating subsidaries.
—V. 137, p. 2462.

Mohawk Valley Co.—Earnings.—

For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.—V. 137, p. 1579.

National Electric Power Co.—Appeal Granted to
Creditors—Irving Trust Co.'s Compromise of Claims Opposed—
Bank Represents Conflicting Interests, Petition Avers.—
The "Herald Tribune" Oct. 4 had the following:
Creditors opposing a compromise settlement of claims between other
creditors negotiated by the Irving Trust Co. as trustee in bankruptcy for
Eastern units of the collapsed Insull utility structure won a victory on
Monday (Oct. 2), when the U. S. Circuit Court of Appeals granted a
petition of theirs allowing leave to appeal from an order of the District
Court made by Judge Coxe.
The opposing creditors, Utilities Power & Light Corp. and Mary A.
Walsh, of the bankrupt National Public Service Corp., represent claims
for more than $4,200,000 plus interest. In presenting their petition,
attention was called to the fact that "the Iv sing Trust Co. is trustee in
bankruptcy for four different bankrupt corporations 'National Public
Service Corp., National Electric Power Corp., Seaboard Public Service Co.
and Electric Engineering & Management Corp.], which have millions of
dollars of claims against each other."
The petitioners' appeal is from an "order of the District Court (V. 136,
1: 4460)overruling objections and exceptions by petitioners to the authoriza1•
tion by the referee in bankruptcy, Irwin Kurtz, of a so-called compromise
(V. 136, p. 2422, 3161) negotiated by the Irving Trust Co. with itself
representing all the bankrupt corporations, which have adverse interests
or claims amounting to millions of dollars, and compromising claims against
each other, and making a compromise with the New York Trust Co. and
the Chemical Bank & Trust Co., which asserted claims against some of
the bankrupt corporations amounting to millions of dollars, and have
large amounts of valuable stocks which they claim had been pledged to
them by certain of these corporations."
Groups Clash.
Stating that a clash of the greatest importance existed between the
various groups, the petition asked that the court "shall pass upon the
question of whether one trustee, acting for each of four bankrupts with one
counsel, can negotiate settlements of claims between these various bankrupts by acting on one hand for the bankrupt and at the same time by
acting on the other hand for another bankrupt, and after it has sat on both
sides of the table then to decide what settlement shall be made of the
controversies."
The petition said that a compromise so made "cannot stand." It stated
that the National Public Service Corp. received "practically nothing
under this pretended settlement." "There was no evidence before the
referee or the court as to the merits or demerits of the various claims of
the different companies against each other . . . (or) as to the validity
of the claims of the New York Trust Co. and the Chemical Bank & Trust
Co. against the different' corporations . . . nor as to the merits or
demerits of the claims of the two banking corporations to the collateral
which they held nor as to the value of such collateral.
"The keystone of the so-called 'compromise' is the order of the referee
authorizing the formation and operation for five years of a corporation
. . . with such name, charter and by-laws" as the trust company and
the two banks do mutually approve.
Sale of Collateral Ordered.
"The referee," continues the petition, "directs the sale of collateral
belonging to the corporations, held by the two banks—not a public or
even a private sale, but simply a 'sale'."
With reference to common stock and debentures to be issued to the
corporation whose formation is provided in the compromise, the petition
criticizes provisions for having control administered by a voting trust
which shall remain in force until April 1 1938.
-"Because of this order of the referee containing these provisions and the
veto power, the joint management of the corporation is in effect vested
in the 'trustees' in bankruptcy for the next five years unless all of the
voting trust certificates of the corporation shall sooner have passed out
of the two estates in bankruptcy; or in other words, the bankruptcy court
has control of the operation of the corporation for five years, as the trustee
in bankruptcy must at all times be subject to the order of the bankruptcy
court."
The petition states that these questions above indicated will be presented
to the circuit court for decision. Argument of the petition was made by
Robert G. Starr, of Wellman & Wollman. Associated with him as counsel
were Henry Wollman, Claude M. Terrell and Edward S. Seidman. Edward
T. Williams represented the trusteee.—V. 136, p. 4460.

Newport Electric Co.—Earnings.—
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.—V. 136, p. 4460; V. 135, p. 3166.

North American Co.—Output and Earnings Trend.—
President Frank L. Dame on Oct. 4 made the following quarterly output
report, with comment on trend of earnings:
"Substantial improvement in the electric output of North American
subsidiaries throughout the summer months resulted in an increase of
more tnan 13% for the third quarter of 1933 as compared with tne third
quarter of 1932. For the first time in four years the third quarter showed
a gain over the second quarter.
-Total kilowatt hours were 1,155,000,000 for the third quarter, 3,290.000,000 for the nine months and 4,398,000,000 for the 12 months ended
Sept. 30 1933. In May and June, the first two months of the upward
swing, the increases were 2% and 6% respectively. Following that, tne
rate of increase was substantially accelerated and has been maintained at
a high level during recent months, the comparison with 1932 being 13%
in July, 13 Y % in August and 13%% in September.
i
"The sustained increase in the use of electricity in our territories has
resulted in a gradual improvement in trend of revenue of North American
subsidiaries, though increased kilowatt hour output cannot be immediately
translated into comparable gains in dollar revenue. The principal reasons
are that most of the improvement so far has been in output for industrial
use and that residential use in still some what below expectations because
of doubling up of families and other forms of household economy. Commercial use has also been below normal. However, lately there has been
a noticeable increase in the demand for electricity in the residential and
commercial fields and a continuation of the trend in these fields, as well
as in the industrial group, may be expected to bring substantial increases
in revenue."—V. 137, p. 2463.

• Northwestern Power Co., Ltd.—Meeting Again Postponed.—
The meeting of the bondholders which was scheduled to be held on
Oct. 4 has been further adjourned to Jan. 4 1934.—V. 137, p. 1241.

-Earnings.- ,
Northern Ohio Telephone Co.
8 Months Ended Aug. 31Total telephones installed
Operating revenues
Operating expenses
Depreciation
Operating taxes

1933.
19,854
$472,919
204,474
85,000
55,329

1932.
22.787
$559.381
224,270
115.800
65.203

Net operating incomeOther income

$128,115
623

$154,108
1.324

Income vagable for fixed charges
Interest on funded debt
Other interest deductions
Amortization of discount on funded debt

8128,738
56,888
781
3.360

8155,431
57,663
470
3,360

$67,709
35,920
11,965
14,963

$93,938
35,122
11,791
37.407

$4,861

$9,618

Net income
Preferred dividend paid
Preferred dividend accrued
Common dividend paid
Income balance

Balance Sheet Aug. 31 1933.
LiaMlUtesAssets
Fixed capital installed
$4,002,502 Common capital stock
Investments in affil. cos_ -- 16,845 Preferred capital stock
Sinking funds
10,922 Funded debt
Cash
Cr6,218 Notes payable
1,435 Accounts payable
Working funds
45,700 Matured interest not due
Notes receivable
Due from customers
66,859 Advance billing
1,400 Other current liabilities
Accounts receivable
43 Accrued taxes
Interest and dividends
121,349 Accrued dividends
Material and supplies
Other current assets
1,792 Other accrued liabilities
Prepaid rent
835 Depreciation reserve
Prepaid insurance
3.657 Unappropriated surplus
Discount on capital stock
3,200 Income balance
Discount on funded debt
89,972
Total
-V. 136, p. 2424.

2637

Financial Chronicle

Volume 137

$4,360,291

Total

$1,496,200
1,026,500
1,549,500
19,835
42,410
7,199
1,306
90
79,487
11,949
3,394
76,102
41,458
4,861

As a result of the decree dated June 9 1933 placing restrictions on the
transfer of funds out of Germany for the purpose of making payments of
interest or amortization on outstanding foreign indebtedness, the corporation has been prohibited by law from transmitting to the fiscal agents
for the above issue of funds fleas:Rau for the interest payment due thereon
on Oct. 1 1933. The decree, dated June 9 1933.requires German companies
to deposit with the Conversion Bank for Foreign Debts, for the account
of the respective creditors, the reichsmark equivalent of interest and
sinking fund payments becoming due' on foreign indebtedness. The
corporation has therefore deposited with such Conversion Bank the reichsmark equivalent at the rates of exchange in effect on the date prior to
the date of such deposit of the interest payment due on the above mentioned bonds on Oct. 1 1933. The decree of June 9 1933 further provides
that such deposit on the part of the corporation discharges it of its obligation with respect to the interest payment due on Oct. 1 1933 of the above
-V. 127, p. 2819.
mentioned issue.

-Ceases Operation.
Second Avenue RR. Corp.

On June 26 1933 the company ceased operation and abandoned its
franchise.
-V. 136. p. 2245.

Southern Bell Telephone & Telegraph Co.-Earnings.
Earnings for Eight Months Ended Aug. 31 1933.
$32,105,410
Telephone operating.revenues
19.955.246
Telephone operating expenses
$12,150.164
Net operating revenues
462,049
Uncollectible operating revenues
3,906,929
Federal, State and municipal taxes
Operating income
Net non-operating income

$7,781,186
301.736

Total gross income
Rents
Funded debt interest
Other interest
Amortization of debt discount

$8,082.922
1,136.126
2.080,462
218.947
82.911

Balance, net income
Dividend appropriations of income

$4,564.476
4,999.960

$4,360,291

Ohio Associated Telephone Co.
-To Make Refunds.

$435,484
1,249.990
$5.48

Balance (deficit)
Sharbs capital stock outstanding (par $100)
Earnings per share
-V. 136, p. 1549.

The company will refund $108.000 to its Marion, 0., subscribers during
a 40-montn period which began Sept. 25, officials recently announced.--Southern Berkshire Power & Electric Co.
-Dividend
This action is in compliance with a recent Federal Court order that terReduced.minated an 8
-year rate fight.
Most of the 7,000 subscribers to share in the refund will receive 40 equal
The item appearing in last week's "Chronicle," page 2464, under Southmonthly credits on their telephone bills as payment, while those who have
ern Berkshire Power & Light Co. should have been given under the above
discontinued phone service will receive cash,J. T. Carliss, General Manager,
heading.
-V. 136. p.4661.
said. The refunds represent excess rates collected under bond by the com-Maintains
pany from Jan. 1 1928 to may 11931.-V. 137, p. 489.
...""...5outhern California Edison Co., Ltd.

Ohio Water Service Co.
-Earnings.
-

For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 137, P. 1765.

Ontario Shore Gas Co., Ltd.
-Earnings.
For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page.

Pennsylvania Electric Co.
-Earnings.
For income statement for 12 months ended June 30 see "Earnings Be'
partment" on a preceding page.
-V. 137. p. 867.

Piedmont & Northern Ry.-Extra Dividend.
The directors have declared an extra dividend of $3 per share in addition
to the regular quarterly dividend of 75 cents per share on the capital stock,
par $100, payable Oct. 10 to holders of record Sept.30. An extra distribution
of 82 per share was made on this issue on Jan. 10 last -V. 135, p. 4386.

Power, Gas & Water Securities Corp.
-To Purchase
$286.000 Bonds.
The company in a notice to holders of the collateral trust 5% gold bonds
due Nov. 1 1948. states:
Defaults have recently occurred affecting the eligibility of approximately
30% of the collateral deposited for these bonds.
The corporation is unable to comply with the requirements of its indenture
that such collateral be withdrawn from the trust estate and consequently
is faced with the occurrence of an event of default and the probability of
receivership and foreclosure and forced sale of all of the pledged collateral.
A plan has been formulated involving the retirement of approxirnatel
$286.000 of the corporation's outstanding bonds through payment of $40
per $1.000 principal amount thereof, accompanied by Nov. 1 1933 and
all subsequent coupons, provided such amount of bonds is received on or
before Oct. 31.
Under the offer, bondholders are invited to forward their bonds, accompanied by such coupons, to Central Hanover Bank & Trust Co., 70
Broadway, New York City, which will deliver receipts therefor, and each
receipt will provide that after Oct. 31 1933 Central Hanover Bank & Trust
Co. will either pay to the holder thereof $400 in cash for each $1,000 principal amount of bonds, accompanied by such coupons, represented thereby,
or return the bonds.
In no case will bondholders be required to pay any expenses or taxes
as a condition of such payment or delivery.
If the plan is consummated, the corporation will pay the interest due
a.. Nov. 1 1933 on its bonds remaining outstanding.
-V. 135, p. 2338.

Republic Gas Corp.
-Foreclosure Action.
-

The bondholders' committee, headed by James R. Buck, in order to
put into effect the amended plan of reorganization dated July 19 1933,
has caused Manufacturers Trust Co.. trustee, to commence an action in
the U. S. District Court for the Southern District of New York to foreclose the lien on the collateral held as security under the collateral trust
indenture. The committee expects that judgment will be entered promptly
and that the sale of the collateral will be ordered.
The depositary is Manufacturers Trust Co., 55 Broad St., New York.
and the sub-depositary, Continental Illinois National Bank & Trust Co.,
231 S. LaSalle St., Chicago.
Deposits of Bonds Accepted.Holders of 1st lien coll. 6% cony, bonds, series A, were formally notified
Oct. 2 that in view of recent developments the bondholders' protective
committee has decided to accept further deposits in order that all may
nave equal opportunity of participating in the reorganization, which now
Is in the final stages.
The letter mailed by the committee refers to the foreclosure action now
pending and states that on Sept. 25 the corporation, under a voluntary
petition, was adjudicated bankrupt and a receiver has been appointed.
-In the opinion of the committee," it is added, "this bankruptcy proceeding will not interfere with the pending foreclosure action nor with the
proper and complete reorganization of the company."
It is pointed out that all bondholders must file proof of claim in the
bankruptcy proceeding and "the bondholders' committee proposes to
file such proofs of claim on behalf of all bondholders who have deposited
their bonds with it and who sign and return a power of attorney. In
view of the bankruptcy proceedings the committee has decided to accept
deposits of bonds until further notice and will likewise file proofs of claim
for all bonds hereafter deposited which are accompanied by the necessary
power of attorney. Bondholders who have not yet deposited their bonds
are urged to do so promptly in order to take advantage of the amended
plan of reorganization."
-V. 137, p. 2274.

Rochester Telephone Corp.-Retirement of Bonds.
The $720,900 Rochester Telephone Co. gen. mtge. 1% bonds due Oct. 1
1933 were retired at maturity, either by exchange, face for face for series
B bonds of Rochester Telephone Corp. or payable in cash, at option of
the holder.
-V. 136, p. 3535.
Ruhr Gas Corp.
-Oct. 1 Interest.
The corporation, in a notice to the holders of the 6;i% secured sinking
fund bonds, series A, due Oct. 1 1953. on Oct. 2 stated:




Regular Dividend.-The company has decided to maintain the dividend rate on its commoil
to
stock although the dividend was not fully earned. This is contrary rethe policy adopted recently by several utility companies who either
payment.
duced the rate or omitted the entire
President Harry J. Bauer stated in a letter to the company's more than
123,000 stockholders that the declaration of the dividend was a contribution
toward the recovery program in the district and that while the dividend
was not fully. earned it was believed that with the more hopeful outlook
the board decided that the community as well as the company interest
would be best served by continuance of this long-established dividend rate.
"This company," said Mr. Bauer, "has been paying a dividend at the
annual rate of $2 a share on its common stock. This rate was fixed as
the minimum amount which would attract such investment funds. These
dividends do not represent the distribution of profits, but only payments
property.
of reasonable wages for the savings invested in the company's increased.
"During the intervening years of plenty this dividend was not
but surplus earnings from the operations of the company were returned
to the consumers in the form of rate reductions, of which there have been
more than 20 since 1921, aggregating $88,000.000. or were passed to the
surplus account as a reserve for periods like the present. Rate decreases
made only since Jan. 1 1930 are saving our consumers $2,960,000 annually."
Mr. Bauer stated that the unprecedented increase of taxes, an increase
in fuel bills owing to subnormal rainfall, a general decline in the volume
of business and rate reductions, the earnings during the year 1933 on the
common stock will fall short of $2 a share, notwithstanding increased
efficiency and economies. He further stated that the cash position of
the company was sound and there are no maturities for many years.V.
, p. 2274.

outhern Continental Telephone Co.-24.64rekitirmr.company

o

,by this
esident James N. Cox announced the acquistt
V. 131. p. 2381.
Me Van Buren Telephone Co. at Spencer, Tenn

-Earnings.Southern Public Utilities Co.
[Including Salisbury & Spencer Ry.1
Income Statement 12 Months Ended June 30 1933.
$12,624.979
Gross income
8.952.329
Operating and all other expenses
1.521,180
Renewals and replacements reserve
327.873
Interest on underlying and divisional bonds
-year
Interest on Southern P. U. Co. 5% 1st & ref. mtge. 30
824.350
gold bonds
$999,247
Net income
3,161.308
x Surplus July 1 1932
$4,160.555
1,260.000

Total
Dividends

$2,900.555
Net surplus June 30 1933
x Includes $1,202,396 acquired from subsidiary companies consolidated
July 1 1932, North Carolina Public Service Co., Caldwell Power Co.,
County Service Co., Surry Power Co. and Bradley Electric Co.
Consolidated Balance Sheet June 30 1933.
Liabilities
Assets
Property, plant, equip., &c_ _$55,181,797 Capital stock-company _ _ _ _$21,000,000
8.800
Cash
2,701.826
Salisbury & spencer BY-16,487.000
384,283 1st dr ref. 5s
Short-term investments
6,150,200
Accts., Int. & notes receivable 2,600,143 Underlying & divisional bds
Materials dr supplies
599,200 Accts., int. & notes payable_ 1,669,985
317,939
Stocks of other companies_
56,236 Dividends payable
153,761
Sinking funds
8,093 Bond Interest accrued
13,713,013
Deferred charges
869,672 Reserves
2.900.555
Surplus
Total
-V. 137. p. 1242.

‘
,
62.401,254

$82,401,254

Total

Standard Gas & Electric Co.-Earnings.
For income statement for 12 months ended June 30 see "Earnings Department on a preceding page.
-V. 137. p. 137: V. 136. p. 3909, 3535,
3345, 3331.

Southern United Gas Co.(& Subs.).
-Earnings.
Years Ended Dec. 31Gross earnings
Operation
Maintenance
Provision for depreciation and depletion
Taxes
Net earnings
Subsidiary companies-general interest
Southern United Gas Co.-Int, on funded debt_ _
General interest
Amortization of debt discount and expense_
Net income

1931.
•""^:

1932
$304.545
181,942
9,170
53.515
25,438

'0(WO
14.833

$34,480
440
467
6,751
163

$131,888
264
119.862
25,142
995

212
29.222

$26.659 loss$14.375

Financial Chronicle

2638

Consolidated Balance Sheet Dec. 31 1932.
Assets
Liabilities
Plant, property, rights, fran43,265,000
Common stock
chises, &c
x$6,450,718 Funded debt
1,936,800
Investment in Harper Drill7,307
Deferred liabilities
ing Co
3,250 Demand notes pay.to affil.cos. 408,218
Prepaid accounts and deNote payable
5,000
ferred charges
31,045 Accounts payable
12,908
Cash and working funds_ _ _ _
892
81,975 Accrued Interest
Notes and accounts receiv20,955
Accrued taxes
able
y65,936 Reserves
826,898
148,942
Surplus
Total
$6,832,923 Total
$6,832,923
After property retirements of $57,607. y After reserve for uncollectible
accounts and notes of $17,390. z Represented by 130,100 shares of no
par value.
-V. 136, p. 4268.

Telephone Bond & Share Co.
-Earnings.
-

For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 133. p• 1939.

Trenton Bristol & Philadelphia RR.-14--biquidatien--.
.
rarpany is in liquidation,) The road which ran from Torresdale to Mor17t
)
le, approximately
miles, is no longer being operated.
-V. 128,
p. 2994.
United Gas Improvement Co.
-Electric Output.
Week Ended Sept. 30Electric production of system (in k.w.h.)
-V. 137, p. 2464. 2275.

1932.
1933.
69,299,517 64,202,785

United Light & Power Co.
-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V.137. p. 1938.

United Public Service Co.
-Earningsfor Calendar Years.

Total gross earnings
$5,640.809 $6,616.409
Total operating expenses and taxes
4,419,796 4.321.782
Total interest deductions of subsidiary companies- 1,143,935
1,262,204
Dividends on pref.stock ofsubs. held by public.-356,302
Balance
Interest deductions of United Public Service Co

$77,078
32,007

$676,121
640.838

x Net income
$35,283
$45,071
x Subject to the adequacy of the provisions for depreciation and deple'n.
Consolidated Balance Sheet Dec.31 1932.
LiatsilUles83,388,332
Plant, property, rights. fran$7 preferred stock
chises, &c
160,368
x$46,183,299 $6 preferred stock
z4,258,667
Investments
365,287 Common stock
Special deposits
29,520 Minority Int, in corn,stock &
cap.surp.of sub.cos
13,029
Debt discount and expense In
process of amortization
155,013 Pref. stock of subs, held by
public
5,538,526
95,918
Prepaid sects & def'd charges
28,939,400
Cash
904,000 Funded debt
196.942
Working funds
22,881 Deferred liabilities
Notes & acc'ts receivable..._ 7514,338 Notes payable to MIL cos.__ 5,957,500
89,050
Unbilled revenues
191,306 Notes payable
Contracts discounted
2,265
Construction and operating
Accounts payable
239,580
materials and supplies and
304,476 Accrued Interest
merchandise inventories_
73,082
Accrued taxes
280,395
Miscell. current liabilities_
10,416
Reserves
3,274,106
Donated surplus
100,000
Deficit
3,753,819
Total
$48,766,043
Total
$48,766,043
After property retirements and adjustments of $2,836,895. y After
uncollectible notes and accounts of $89,686. a Represented by
reserve for
-V. 137, p. 2464.
446.444 shares of no par value.

United Public Utilities Co.(& Subs.).
-Earnings.
Years Ended Dec. 31Total gross earnings
Operating expenses and taxes

1932.
1931.
$3.771,686 $4,137,687
2,802,043
2.616,718

Net earnings
Interest deductions of subsidiary companies
Int. deductions of United Public Utilities Co

$969.643 $1,520,968
22.324
33,370
891.868
976.520

x Net income
$55,451
$511.078
a Subject to the adequacy of the provisions for depreciation and depletion.
Consolidated Balance Sheet Dec. 31 1932.
Assets86 preferred stock
$44,437,386
Plant,Iprop.. rights. fran430,105,482 $5.75 preferred stock
401.760
chises, &c
357,439 Common stock
z7,400,000
Investment
20,677 Min. hits, corn, stock & cap.
Special deposits
40,649 surplus of sub.company.
__
11,564
' accts.& def.charges
,
rend.
.
1st lien gold bonds of United
Accts.receiv.from other subs.
1,445
Public Utilities Co
14,505,800
of parent company
456,113 Deferred liabilities
151,483
Cash
Working funds
17,276 Due to parent company &
1,879,671
Notes& accts. receivable..... 7385,409 sub. companies
593,550
Unbilled revenues
164,190 Notes payable
Notes & contr. discounted...
2.265
Constr. & open materials &
supplies & merch. Invent
218,431 Accounts payable
143,250
8,015
Accrued interest
217,120
Accrued taxes
2,319,629
Reserves
322,367
Deficit
Total
$31,747,115
$31,747,115
Total
x After property retirements and adjustments of $620,360. y After
reserve for uncollectible accounts of $52,578. z Represented by 181,000
shares of no par value.
-V.137. p. 2464.

Vesten Electric Railways Corp. (Vestische Kleinbahnen, G.m.b.H.), Germany.
-To Pay June 1 1933 Int.Interest overdue on the coupons of the 7% s f. gold bonds, due 1947.
payable June 1 1933, has been transferred to the corporation's American
paying agents, the Irving Trust Co., I Wall St., N Y. City, so that coupons may now be redeemed.
The corporation further stated; "Having made this payment, it will
be questionable, however, whether the interest on the coupon due Dec. 1
1933 may promptly be made on time. In case this should not be Possible,
holders of the bonds are requested at this early date to exercise patience.
They may rest assured that the company will make every effort to meet
-V. 127, p. 2530.
all its obligations in full."

Washington Ry. & Electric Co.
-Merger Effective
-See Capital Traction Co. above.
-V. 137, p. 2465.
Dec. 1.
"Western Continental Uti ities, Inc.-Removedfrom List

-r

toci

The New York Curb Exchange has removed from unlisted tradin
(no par).
-V. 137, p. 1414.
p vileges the class A common s

-Earnings.
-West Virginia Water Service Co.
see "Earnings

For income statement for 12 months ended Aug. 31
Department" on a preceding page.
-V.137, P. 1766.

Wheeling Traction Co.
-Sold.
The property has been sold and is now being operated
-V. 137, p. 490.
The Co-operation Transit Co.




-Earnings.
-Utilities Power 8c Light Corp.
For consolidated income statement for 12 months ended June 30 1933
see "Earnings Department" on a preceding page.
Consolidated Statement of Revenue and Expense for the 12 Months Ended
June 30 1933.
(Including subsidiary and controlled public utility companies, but
exclusive of Greater London & Counties Trust. Ltd. and its subsidiary
and controlled companies,and fully owned non-utility subsidiary companies)
$28,049,018
Gross operating revenue
Non-operating revenue
228.804
Total revenue
Operating expense
Maintenance_a
Taxes-exclusive of income taxes
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Normal and State taxes on bond interest and other charges

-

by a new company

$28,277.822
10.220,744
1.928,871
2.395,072
6,976,061
75.459
421,957
144,669

$6,114,987
Net income-after fixed charges
Divs,on pref.stocks ofsubs.& controlled public utility cos_c(a) 1,448.931
Net income accruing to minority interests, after providing for
151,594
depreciation and income taxes
Net income of subsidiary and controlled public utility companies-before depreciation, depletion, Federal, State
$4.514,462
and Dominion income taxes
-Income
Utilities Power & Light Corp.
Interest, discounts, dividends and miscellaneous.. $850,781
Common stock divs, from fully owned non410,000
utility subsidiary companies
Operating expense
Net loss on foreign exchange

1931.
1932
$5,651,484 $6,622,741
10,676
6,333

Total operating revenues
Non-operating revenues

Oct. 7 1933

$1,260,781
585.928
104,378
$690.305
570.476

Net income of Utilities Power & Light Corp. and its sub-before
sidiary and controlled public utility companies
debenture interest, &c., depreciation, depletion and
$5,084.937
Income taxes
Fixed charges of Utilities Power & Light Corp.(Part of the proceeds of the debentures of Utilities Power & Light Corp.
were invested in equities in properties in England. The
income accruing to the investment in those equities is not
included in this statement):
$2,570,000
Interest on debentures
196,605
Interest on unfunded debt
Total
Less: Interest during construction capitalized

$2,766,605
34.770

$2,731,834
Total
200,246
Amortization of debt discount and expense
29,152
Normal and State taxes on debenture Interest-2.961.233
Total net income
Provision for depreciation and depletion_b
Provision for income taxes

$2.123,705
1,762.926
113.662

Total net income_c (before considering net income applicable
to investment in Greater London & Counties Trust Ltci_x)
$247,116
a Does not include net income of Greater London & Counties Trust Ltd.
applicable to stocks owned by Utilities Power & Light Corp., as certified
to by Graham, Smart & Annan, chartered accountants, amounting to
4174,338 for the 12 months ended June 30 1933. a Maintenance requirements, where stipulated in bond indentures of subsidiary companies, have
been complied with. b Requirements for renewals and replacements
where stipulated in bond indentures of subsidiary companies, have been
complied with. c (1) Cumulative dividends on preferred stocks of subsidiary companies in hands of public. which were not earned or declared,
amounted to $1,168,858 and have not been included as a deduction in the
above statement. (2) Includes net earnings of Canadian subsidiaries
stated in Canadian dollars in the amount of $115,847, which if converted
to American dollars at the average rate of exchange during the period
would result in a decrease in the total net income of $15,144.
Note.
-This is the first statement submitted excluding fully owned
non-utility subsidiary companies; therefore, this statement is not comparable with those previously published.
Consolidated Balance Sheet at June 30 1933.
[Including subsidiary and controlled public utility companies and
giving effect to the change in capital of reducing the class A, class B and
common stocks of Utilities Power & Light Corp. from no par value to
par value of $1 per share and the revaluation of certain assets as described
In the consolidated capital and operating surplus account. The statement is exclusive of assets and liabilities of Greater London & Counties
Trust Ltd. and its subsidiary and controlled companies, and fully owned
non-utility subsidiary companies.]
Liabilities
Assets
Capital assets
$243,916,795 7% preferred stock
$18,053,400
d Class A stock
Special deposits
1,634,797
16,418,223 Class A scrip_
a Investments
8,192
7,576,223 d Class B stock
Cash
1,197,778
200,300 Class 11 scrip
Marketable securities
105
157,054 d Common stock
Notes receivable
2,238,740
4,877,701 Common scrip
Accounts receivable
10,943
Value of policies
28,650 Subs. & controlled cos.:
2,496,027
Inventory
Preferred stock
37,161,485
b Due tr. subs.& assoc. cos- 15,444,669
Common stock
1,748,230
c Deferred assets
1,215,213 a Surplus
27,971,087
Unamort. debt disc. & cap.. 11,306,942 Dabs of U. P. & L. Corp
50,000,000
Unamort. stk. disc. & exp._
1,178,332 Rds.of subs.& controlled cos 133,418,244
Unarnort. abandoned prop_ _
2,964,719 Contracts payable for pur516,124
Service conversion expanse..
chase of properties
118,054
Prepayments & other items. 1,904,445 Interest & dive. pay.& other
68,805
Treasury securities
liabilities
1,699,010
Notes payable
136,088
Accounts payable
792,991
Interest & dive. accrued_ _ _ _
3,155,579
Taxes account
1,967,088
Miscellaneous accrued items
129,031
Due to non-utility subs cos.
307,871
Consumers' deposits
1,018,411
Deferred liabilities
951,966
Reserves:
Deprec., depl., renewals &
replacements
16,951,591
Fed. & State taxes & Int. 1,670,522
Doubtful accts. receivable
305,434
Contingencies & miscell
9,447,069
$312,091,705
Total
Total
$312,091,705
a Includes preferred and equity stocks of fully owned non-utility subsidiaries. $13,762,512; ordinary shares of Greater London & Counties Trust
Ltd., $7,459,506; real estate-not used in operations, $754,271; other
non-affiliated companies: Bonds, $6,212,23C; stocks. $3,398,917; deposit
certificates and miscellaneous, $232,506; total, $31,819.943; less reserve
provided, $15,403,719.
b Includes Greater London & Counties Trust Ltd. (C1.822.109:11:3
at exchange rate of dates advances were made), $8,883,716; fully owned
non-utility subsidiary companies, $9,228,185; Webster Securities Corp..
$370,000; other companies, $318,305; total, $18,800,206; less reserve provided. $3,355.538.
c Includes due from National Public Service Corp., $4,262,847; accounts
of General Theatres Equipment. Inc.. and subsidiaries. $298,018; due
from officers, directors and employees, $327,021; payments on investments
and properties in process of acquisition, $118.742; investments in nonutility companies formerly owned, in processs of reorganization, $7,578,653;

Volume 137

Financial Chronicle

investment in non-affiliated company In process of reorganization. $135.000; other notes and accounts receivable, $61.860: total, $12.782,141;
less reserves previously provided,$1.531,224; reserve provided,$10,035.703.
d Par value $1.
e As follows: Appropriated to effect conversion of net current assets
of Canadian subsidiaries included in this consolidation, to American dollar
value at current rate of exchange, $3C,696; applicable to minority stocks
of subsidiaries, 52,176,255; applicable to stocks of Utilities Power & Light
Corp., capital surplus, $25,672,919; operating surplus, $91,217.
Consolidated Capital and Operating Surplus Account at June 30 1933.
[Including subsidiary and controlled public utility companies and giving
effect to the change in capital of reducing the class A, class B and common
stocks of corporation from no par to par of $1 per share and the revaluation
of certain assets. It includes surplus accounts of all subsidiary and controlled companies except Greater London & Counties Trust Ltd. and its
subsidiary and controlled companies, and fully owned non-utility subsidiary companies.]
Balance at Dec.31 1932
$4,148,949
Surplus arising from change in capital of reducing the class A.
class B and common stocks of Utilities Power & Light Corp.
from a no par total value of $82,752,332 to a par value of $1
per share
577.661,777
Restoring reserve for operations of non-utility subsidiary companies representing their net loss from date of acquisition to
Dec.31 1932, upon revaluation of investments and advances
and also in accordance with change in policy of handling nonutility subsidiaries
3.416.07t1

2639

to par value of $1 per share and the revaluation of certain assets as described
in the accompanying statement of capital and operating surplus account.)
Liabilities
Assets
$18,053,400
$222,810 7% preferred stock
Furniture & fixtures, &c_..._
1,634,797
421,342 d Class A stock
Special deposits
8,192
Class A scrip
Interstate Power Co. pref.
1,197,777
900 d Class B stock
stock-held for exchange..
105
a Investments
61,804,521 Class B scrip
2,238,740
2,368,757 d Common stock
Cash
10,943
567,687 Common scrip
Marketable securities
13,032,885
28,712,257 Capital surplus
b Notes and accts. rec
691,809
28,650 Operating deficit
Cash value of policies
444,460 30
-year.5% gold debentures_ 36,000,000
Inventory
603,2515 514% 20
-year gold debs_ ___ 14,5100,000
c Deferred assets
3,336,492 Int., diva. & normal tax
Unamort.debt disc. & exp
421,214
payable
leo,874
Prepay.& other def. chrgs
68,805 Accts. payable & accr. Items 2,591,631
Treasury securities
410,017
Deferred liabilities
111,184
Depreciation reserves
Fed. Inc. tax & Mt. reserves 1,372,538
Conting. & mist:ell. reserves 8.355,188
Total
$98,746,806
$98,746,806
Total
a Includes common stocks of subsidiary and controlled public utility
companies, $67.318.643; less unpaid balance of stock subscription. $2,100,500; balance. $65,218,143; preferred stocks of subsidiary public utility
companies. 52,485.652; common stocks of management and construction
and security distriouting subsidiary companies, $7,100.000; preferred
and common stocks of fully owned non-utility subsidiary companies,
$6.500,055; real estate, $754,271; other non-affiliated companies: bonds,
$6,071.729; stocks, $2,083,818; miscellaneous, $210,950; total. $90,424,619:
less reserve provided, $28,620,098.
b Consists of subsidiary and controlled companies: notes receivable.
not pledged, including 56,731.646, partly secured by notes of underlying
subsidiary. $20,497,362; accounts receivable, $10,615,864; accrued dividends, $44,529; General Theatres Equipment, Inc., and subsidiaries.
$298,017; Webster Securities Corp., $370,000; other associated companies,
$318.305; due from officers, directors and employees, $327.021; nonaffiliated companies and individuals, National Public Service Corp. (receivership), $4,262,847; other, $267,914; total $37,001,851. Less: Reserve
previously provided 51,531,226; reserve provided, $6.758,368.
c Includes payments on investments and properties in process of acquisition, $115.248; investment in capital stock of Chicago Bank of Commerce (receivership), $135.000; investments in non-utility companies
formerly owned, in process of reorganization,$7.578.653; total, 57,828.901.
Less: Reserve provided. $7,225.651.
d Par value $l.
Capital and Operating Surplus Account at June 30 1933 (Not Consolidated).
]Giving effect to the change in capital of reducing the class A, class B
and common stocks of Utilities Power & Light Corp. from no pax value
to par value of $1 per share and the revaluation of certain assets.]
$4,838,699
Balance at Dec. 31 1932
Surplus arising from change in capital of reducing the class A,
class B and common stocks of Utilities Power & Light Corp.
from a no par total value of $82.752,332 to a par value of $1
$77,661,777
per share
Restoring reserve for operations of non-utility subsidiary companies representing their net loss from date of acquisition to
Dec.31 1932, upon revaluation of investments and advances
and also in accordance with change in policy of handling
3.373.477
non-utility subsidiaries

Total
585.226.796
Adjustment to eliminate from property accounts the excess
cost of equity stocks in public utility subsidiaries of Utilities
Power & Light Corp., over their book value
12.258,852
Revaluation of investments:
Amounts applied direct against cost ofinvestments as follows:
Ordinary shares of Greater London & Counties Trust Ltd.
representing exchange adjustment on repayment of
advances made for acquisition of property equities
5,308,178
Equity stocks of St. Louis Gas & Coke Corp. and Utilities
Power & Light Realty Trust disposed of
-companies in
process of reorganization
1,090,140
Real estate-representing appreciation
4.500
Reserve provided:
Greater London & Counties Trust Ltd
1.046,434
United Collieries, Inc
671.053
Seven Dearborn St. Building Corp
49,999
Bemidji Wood Products Co
29,900
The Illinois Co
1,292,500
Laclede Securities Co
99,999
Utilities Power & Light Securities Co
6,499,999
American Coke & Chemical Co
199.999
Continental Tank Car Co
74,487
Real estate
443,448
Miscellaneous securities
4.995,900
Reserved for doubtful deferred assets:
Notes and accts. rec. of National Public Service Corp
2.810,052
Investment in closed bank
135,000
Portion of value of other investments in St. Louis Gas &
Coke Corp. and Utilities Power & Light RealtyTrustcompanies in process of reorganization
7,090,651
Amount applied direct against accounts due from St.Louis
Gas & Coke Corp. and Utilities Power & Light Realty
Trust
-in process of reorganization
$85,873.054
2.055,400
Total
Reserved for doubtful accts. due from non-utility subs. cos.:
Revaluation of investments:
Seven Dearborn St. Building Corp
740,000
Amounts applied direct against cost ofinvestments as follows:
Bemidji Wood Products Co
-representing
415,537
Common stock of Interstate Power Co.
Laclede Securities Co
51.627.880
700,000
appreciation
Utilities Power & Light Securities Co
1,500,000
Equity stocks of St. Louis Gas & Coke Corp. and Utilities
Deferred items written off:
-companies in
Realty Trust disposed of
Power & Light
1.090,141
L Stock discount and expense of7% preferred stock of Utilities
process of reorganization
.
Power & Light Corp
4,500
2.074,827
Real estate-representing appreciation
Debt discount and expense of refinanced issues which had
Reserve provided:
been added to discount and expense of present outstanding
8,334,857
Laclede Gas Light Co
1.061,974
debentures of Utilities Power & Light Corp
1,809,399
Laclede Power & Light Co
I Unamortized portion of loss on investment in Society for
2,585.407
Central States Utilities Corp
,- Visual Education
1,203.899
140,000
Interstate Power Co
Reducing value of class A. class B and common stocks of
1,046,434
Utilities Power & Light Corp., Ltd
, Utilities Power & Light Corp. held in treasury to $1 per share
754,151
99.999
Laclede Securities Co
General reserve provided
6.499,999
8,000,000
Utilities Power & Light Securities Co
30,242
Newport Electric Corp
Balance as of Dec. 31 1932 (adjusted)
671,054
$22.936,387
United Collieries, Inc
Net deficit of management and construction and security dis1,292,500
The Illinois Co
tributing subsidiaries at Dec. 31 1932. not included in con49,999
Seven Dearborn St. Building Corp
solidated balance sheet at June 30 1933, due to change in
29,900
Bemidji Wood Products Co
policy of handling non-utility subsidiaries
199,999
$5,264.874
American Coke & Chemical Co.,
Sundry adjustments applicable to prior years
74.487
21,805
Continental Tank Car Co
443,448
Real estate
Total
4.995,900
$28,223,066
Miscellaneous securities
Excess of par value over cost of inter-company securities held
Reeerves provided for accounts and notes:
by)security distributing subsidiaries at Dec. 31 1932. inAmounts applied direct against accts. receivable as follows:
cluded in consolidated surplus at that date
-due to change
Utilities Power & Light Corp., Ltd-to absorb exchange
In policy of handling non-utility subsidiaries
$5.308,177
286,226
adjustment item
Prov. for Fed, income tax provided on books of companiesSt. Louis Gas & Coke Corp. and Utilities Power & Light
-not required on basis of filing consolidated return
2.055.400
115.000
-companies in process of reorganization
Realty Trust
Portion of property, plant and investment abandoned and
Reserve provided:
retired-applicable to capital surplus
592.778
33.288
Central States Utilities Cop
Sundry adjustments applicable to prior years
740,000
48.871
Seven Dearborn St. Building Corp
415,538
Bemidji Wood Products Co
Balance
$27,739,681
1.500,000
Utilities Power & Light Securities Co
Net income for the 6 months ended June 30 1933
199,692
700,000
Laclede Securities Co
Income accruing to minority interests
82,749
2,810,052
National Public Service Corp
Reserves provided for doubtful deferred assets:
Total
$28.022,122
Portion of value of other investments in St. Louis Gas &
Dividends on common stoat of controlled companies
51,036
Coke Corp. and Utilities Power & Light Realty Trust
7,090,653
companies in process of reorganization
Balance at June 30 1933 (as per balance sheet)
$27,971,086
135,000
Value of investment in Chicago Bank of Commerce
Appropriated to effect conversion of net current assets of
To write off account representing recorded increment in value
4 -Canadian subsidiaries included in this consolidation, to
ofinvestments in common stocks of subsidiary and controlled
• American dollar value
30,695
7.370,153
public utility companies
Applicable to minority stocks of subsidiaries
2,176.254
Deferred items written off:
Stock discount and expense of7% preferred stock of Utilities
Balance applicable to stocks of Utilities Power & Light Corp_ $25,764,136
2,074,828
Power & Light Corp
Statement of Income and Expense for the 12 Months Ended June 30 1933.
Debt discount and expense of refinanced issues which had
(Not (.onsolidated).
.
been added to discount and expense of present out.'
Interest and dividends:
1,809,399
standing debentures of Utilities Power & Light Corp.._...
Bonds and notes
Unamortized portion of loss on investment in Society for
$1,270,977
Current accounts
140.000
24,801
Visual Education
Preferred stocks
92.832
Reducing value of class A. class B and common stocks of
Common stocks
1.190,999
Utilities Power & Light Corp. held in treasury to $1 Per
Other interest, discounts, &c
754.151
19,792
share
Rent on real estate
8.000.000
16,000
General reserve provided
Total income (of which $2,402,914 was received or accrued
on stocks, bonds or indebtedness of subsidiary cos.)_
Net loss on foreign exchange
General expense
Expense billed to subs, or charged to invest, or other accts._ _ _
Provision for abandoned developments
Amortization of loss on investments
Provision for doubtful accounts
Interest on debentures
Interest on unfunded debt
Amortization of debt discount and expense
Normal and State taxes on debenture interest
Provision for depreciation

$2,615,403
104,378
920,662
Cr479,679
60,000
35,000
49.944
2,570,000
232.119
200,246
29,152
22,996

31.129,415
Netloss
-This income account includes interest received or accrued on
Note.
Indebtedness of certain subsidiary cob-mantes for the six months ended
Dec. 31 1932. the operations of which resulted in losses for that period.
Balance Sheet at June 30 1933 (Not Consolidated).
[Giving effect to the change in capital of reducing the class A. class B
and common stocks of Utilities Power & Light Corp. from no par value




Balance as of Dec. 31 1932 (adjusted)
Provision for Federal income tax
Sundry adjustments applicable to prior years
Net loss for the 6 months ended June 30 1933
Balance at June 30 1933
-V. 137. p. 2464.

513.035.208
25,000
2,322
666,809
$12,341.077

Wisconsin-Michigan Power Co.
-Reduces Rates.
-The Wisconsin P. S. Commission on Oct. 3 ordered the company to
make rate reductions of $42,300 a year for residential and commercial
consumers in Appleton and Neenah, Wis.
The Commission pointed out that its order, which will be effective for
one year, contained two outstanding features: First, the Commission
creates a metropolitan area served by the Wisconsin-Michigan company,
which includes roughly Appleton and Neenah, and the adjoining suburban
area with only residential and commercial lighting consumers affected;
second, the type of schedule prescribed is what the Commission designates
as a fixed or customer charge rate, a departure from the established type
of rates now used by private utilities in all but a few of the smaller municipalities of the State. The new schedule supplants what is now known as
active room basis wherein rates are charged according to number of current
outlets in rooms. ("Journal of Commerce.").
-V. 137, p. 1052.

Financial Chronicle

2640

INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in the "Chronicle" of Sept. 30: (a) Downward trend in
steel production less pronounced. Operations now at 41% of capacity.
Orders for 1,000,000 tons of rail in prospect. Price of finished steel again
rises, p. 2370: (b) Steel prices advanced by all leading companies. Bars,
plates and shapes raised $2 to $3 a ton, p. 2370; (c) 25,000 silk workers
still on strike in Paterson, N. J., district. Efforts at mediation fail and
mills remain closed. Estimates place cost of walkout to city at $500,000
weekly, p. 2371: (d) New York Stock Exchange abandons plans to move
to New Jersey after Mayor O'Brien vetoes stock transfer levy and tax on
gross income of security dealers. Mayor acted at suggestion of Samuel
Untermeyer, who stressed loss of revenue to State and probable depreciation in real estate values. Exchange had settled on site in Newark, with
Stock Clearing Corporation in Jersey City. Mayor O'Brien's statement,
p. 2380: (e) Eugene Grace, President of Bethlehem Steel Corp. urges use
of employee-representation plan. Asserts benefits of NIRA may be obtained without affiliation with a union, P. 2393; (f) Steel leaders confer
with President Roosevelt regarding plan for Federal financing of 700,000
ton rail purchase. Myron Taylor, Eugene Grace and L. E. Block agree
to compete for business. President warns price must be under $40.P.2392.

Adams Express Co.
-Net Asset Value Lower:
-

The company announces that the net asset value of its common stock at
the close of business Sept. 30 1933, after deducting outstanding bonds at
their principal amount and outstanding pref. stock at its par value, was
$6.44 a share. This compares with $9.33 a share as of June 30 1933.-V.
137. P. 316Agnew-Surpass Shoe Stores, Ltd. (& Subs.)
1930.
1931.
1932.
Years Ended May 311933.
$227,489
$193,237
$134,494
Gross earnings
$101,470
27,664
29,607
31,800
30,248
Depreciation
15,652
15.645
14,882
11,402
Income tax
Net profit
Preferred
shares held
Adjust. redividends_-by
affiliated companies
Equity of minority int.
In prof. of subsidiaries

$59 819
70,000

$87812
70,000

$147,985
70,000

Cr1,802

Cr1,785

$184,172
70.000

1.962
221

350

$113,822
$75,802
Earned surplus
$19,597
def$8,378
Earnings per share on
$1.42
$0.97
Nil
$0.24
common stock (no par)
Consolidated Balance Sheet May 31.
1932.
1933.
Liabilities
1932.
Assets1933.
$147,712 $183,900 Accounts payable. $85,411 $137,908
Cash
22,947
16,224
130,362 Accrued charges. _
195,267
Dom.of Can. bds_
14,881
9,114
Income tax
z Accts. & bills re25,818
25,817
95,005 Fire insur. reserve
71,886
ceivable, &c__ __
17.174
17,056
794,731 Dividend declared
738,017
Inventories
2,148
2,400
8,095 Minority interests
11,823
Prepayment
974,500
35,900 Preferred stock_ _ _ 973,500
Loans
32,283
264,881
462,730 z Common stock_ _ 264,871
y Land, plant, &c_ 437,494
265,467
255,089
15,000 Surplus
Patents
15,000
-31.649,483 $1,725,725
Total
Total
$1,649,483 $1,725,725
After reserve for bad debts of $7.445 in 1933 and $9,630 in 1932.
y After reseve for depreciation of $139,398 in 1933 and $114,320 in 1932.
z Issued 80,000 shares (no par) less 476 (473 in 1932) shares held by affil-V. 135, P. 1656.
iated companies.

Oct. 7 1933

over 21% above the same month last year, and the first 16 days of September show an increase of 8.5% for all stores despite rainy and unusually
warm weather. In the company's Baltimore store where the National
Recovery Administration has the largest effect on payroll, sales had more
than taken care of any increase in cost there. The Brager Eisenberg Co..
which represents about 60% of the entire sales volume of the system,
showed an increase for August 1933 of 31.7% compared with 1932.
The company announces the sale of its store in Lexington, Ky., thereby
eliminating a $140,000 obligation payable annually over a period of years
which, coupled with the rental, made the store unprofitable to operate.
In July the store in Charleston, W. Va.. was put under new management
and the organization completely revamped and further economies effected.
The company has secured a two-year rent reduction for its store in Nyack,
N. Y., from $12,500 a year to $7,000.
On Feb. 1 the parent company owed $492,000 of current liabilities,
whereas on Aug. 31 it owed $308,000. a reduction of $184,000, a change
which has greatly improved its credit position. This was accomplished
largely by an exchange of bonds and payments on bank loans.
Frederick
prominent department store merchandise counsel, was
recently retained to further the program of improving present stores and
May.
building up the company's volume of sales by the addition of new units.
management contracts, acquisitions, or such other means as might prove
-V. 136, p. 3539.
profitable.

-Exchange of Notes.
American Rolling Mill Co.

Chairman Geo. M.Verity on Oct.2 announced that the new5% cony. notes.
-year 4l %
due Nov. 1 1938, which are to be issued in exchange for the 3
gold notes due Nov. 1 1933 under a plan declared operative last week, would
be available on and after Oct. 6 upon surrender of receipts for deposit, and
that thereafter until such time as the right to deposit shall be term nated
by the company new 5% cony. notes w 11 be issued in exchange for any additional 3
-year 434% gold notes which may be deposited under the plan, but
that receipts for deposit will no longer be issued.
-year
%
Mr. Verity also pointed out that the right ofany holder of the 3
notes to deposit under the plan may be terminated by the company at any
time without notice. See V. 137, p. 2465.

-To Pay AccumuAmerican Smelting & Refining Co.
-The directors on
lated Dividend on 7% Cum. Pref. Stock.
Oct. 3 declared a dividend of $1.75 per share on the 7%
cum. pref. stock, par $100, to cover the payment due Sept. 1
1932. payable Dec. 1 to holders of record Nov. 3. The last
regular quarterly distribution of like amount was made on
this issue on June 1 1932.
The directors issued the following statement:
For the first time since suspension of dividends on the 7% and 6%
earned, without counting inven-

preferred stocks, the company currently
tory gains, an amount equal to a quarterly dividend on both stocks for the
months of June. July and August. As the company is in a strong cash
position, the directors have declared a dividend of $1.75 a share on the
7% preferred stock, payable Dec. 1 and allocated to the first dividend
omitted, which normally would have been paid on Sept. 1 1932. While
stockthe board is hopeful of the future, it believes that it should informremain
holders of its present opinion that while world business conditions
so uncertain, future earnings will largely determine the policy as to future
dividend payments.
No dividends can be declared upon the 6% preferred stock until after
the accrued dividends on the 7% preferred stock, now amounting to $8.75
share, have been paid.
a

-Simon Guggenheim, Pres,. states:
Semi-Annual Report.

Alaska Juneau Gold Mining Co.
-Earnings. -

The net earnings for the first six months of ths year amounted to $2.030,209, as compared with a loss of $3,442,048 for the corresponding period
of last year. This marked improvement is due largely, but entirely, to
the enhancement in value of the metal stock inventories in excess of normal.
Alexandria Hotel Realty Corp., Los Angeles.- Revaluation of the excess stocks in June 1932 necessitated a charge against
excess
•earnings of $3,112,501, whereas on June 30 1933 revaluation of the Before
Receivership.
stocks then on hand resulted in a credit to earnings of $1,916,908.
revaluations of the excess stock on June 30
At the instance of the Security-First National Bank, Los Angeles. as
giving effect to the inventory
trustee for the bondholders, Superior Judge Wilson on Sept. 22 appointed
of both years, the net profit for the first six months of this year was $113,301,
W. W. Mines receiver of the leasehold interests. The bank in its capacity
after all cnarges including depreciation, depletion, bond interest and taxes,
as trustee, recently brought suit against the Spring Street Properties,
as compared with a loss of $329.546 for the corresponding period of last year.
Inc., Alexandria Hotel Realty Corp., Alexandria Hotel Co. and others
The inventories as of June 30 this year have been adjusted to cost, which
seeking judgments of $1,144,500.
was materially lower than the market value on the same date. Had the
On a showing that the defendants are in default on payment of ground
excess stock of metals been valued at the market as of June 30 there would
rentals and on the principal, the Court made the appointment of a receiver
have been a further inventory write-up of approximately $3,309,000,
and enjoined the defendants from removing furniture and fixtures of
making a total appreciation on the excess stock of metals of about $5,-V. 124, p. 3211.
the hotel pending hearing of the suit on its merits.
226,000. No part of the excess metal stocks has been sold.
In addition to the write-up of excess metal stocks, the normal metal
-Investment Trust Average stocks have similarly been adjusted to cost, which was lower than market.
Allied-Distributors, Inc.
The write-up of normal stocks was added to metal stock reserve, which
Again Declines.
amounts to $3,473,460„ as of June 30 1933, as against $1,081,240 on
Investment trust securities eased further during the week ended Sept. 29.
Dec.31 1932, or an increase of$2,392,220. Had normal stocks been written
The average for the common stocks of the five leading management trusts,
up to market instead of to cost, the metal stock reserve would have been
Influenced by the leverage factor, as compiled by this corporation, stood
increased by an additional $3,294,300.
at 14.10 as of that date, compared with 15.07 on Sept. 22. The low for the
The total increase in the market value of our metal stocks, both normal
current year to date was 8.22 on March 31.
and excess, as of June 30 1933. as against the market value of these stocks
The average of the non-leverage stocks stood at 13.88 as of the close
on Dec. 311932, was $10,897.340.
Sept. 29,compared with 14.33 at the close on Sept. 22. The average of the
At June 30 1933 the surplus account stands at $17.583,199, as against
mutual funds closed at 10.30, compared with 10.81.-V. 137, P. 2465, 2275.
.
$15,552,990 at the beginning of the year, making an increase a $2,0.30,209
for the six months period.
Allis-Chalmers Mfg. Co.-Receives Order.
Total current and miscellaneous assets amount to $70.414,796. more
a $250,000 order for a 40,000 kw. vertical
The company has received
than 6.635 times total current and miscellaneous liabilities of $10,611,249.
-V. 137, p. 868.
shaft generator for the Boulder Dam project.
At the end of the period company had on hand, in cash and U. S. Government securities, $21,391,056, as compared witn $21.011.655 on Dec.31 last.
-Suit.
of America.
Aluminum Co.
There was an increase in the investment account, during the first six
Judge Victor Woolley of U. S. Circuit Court of Appeals at Pittsburgh
months of the year, of $540,659. The principal additions to the investon Sept. 30, ruled against the company in its suit,to enforce the return
ments were the acquisition of a 51% interest in the Tarkwa Gold Areas,
of $685.632 in taxes paid to the Federal Government in 1918. This deLtd., owning an operating gold mine in the Gold Coast Colony, West
cision confirms one made a year ago in the Federal Court by Federal Judge
Africa, and the purchase of 90,000 shares of Mount Isa Mines, Ltd., 8%
F. P. Schoonmaker.-V. 137. p. 2275.
The on stoek.
debenturely new
property of importance acquired was the Descubridora
--Earnings.
Ambassador Petroleum Co.
Mine, located near Chihuahua, Mexico.
1931.
1932.,
Years Ended Dec. 31$137,372
$115,524
For income statement for 6 months ended June 30 see
Gross operating income
371
229
Non-operating income
"Earnings Department" on a preceding page.
For income statement for month and 9 months ended Sept. 30 see "Earn-V. 137. p. 2465.
ings Department" on a preceding page.

$115,753
169,488
47

$137.743
279.576
119

$53.782

Total income
Operating charges, incl. taxes and depreciation_ _
Interest charges

$141,952

Loss for the period
Balance Sheet Dec. 311932.
Assets-Liabilities
18,148 Accounts payable
Cash
112,405 Notes payable
Accounts receivable
2,573 Accrued liabilities
Other accounts receivable.. _ _
Inventories
4,165 Fixed liabilities
Fixed assets
204,046 Capital stock
2,882 Assessments paid
Prepaid charges
259,123
Deficit
Total

$683,341

Total

$7,157
1,548
1,136
382
420,700
252,420
3683,341

-Obituary.---"
American Beet Sugar Co.
Sidney W. Sinsheimer, President of the company since 1923, died in
Denver. Colo., on Oct. 3.-V. 136, p. 4270.
-New Sub. Co. Director.
American Car & Foundry Co.
Noah A. Stancliffe has been elected a director of the American Car &
Foundry Securities Corp., a subsidiary.
-V. 137, a. 688.
'..American Corp.-Remomzed from List.
Misted trading prIvi(The New York Curb Exchange
removed fro
le

the warrants -V.136, p. 31

-Sharp
American Department Stores Corp. (Del.).
Upturn in Sales-Sells Kentucky Unit.

The most favorable sales increase in the past five years are shown in
reports to this corporation from its various operating units, according
to a letter to stockholders by Treasurer H. J. Koch. Sales in August were




Consolidated Balance S932 June 30 (Including Subsidiaries).
3
.
1heet
1933.
1932.
Liabilities$
Aper y
Pro ssets acct_ _109,880.117 112,079,277 7% 1st pref.stk_ 50,000,000 50,000,000
33,045,241 30,480,573 6% 26 pref. stk_ 20,000,000 20,000,000
Investments__
&
b Common stock 60,998,000 60,998,000
Prepaid taxes insurance_ _ _ - 1,798,760 1,995,628 Bonds outstand_ 36,697,300 34,008,300
Federat'd Metals
Inter-plant ac15,317
16,650 Corp. bonds__ 2,120,500
counts in tran.
4,760,154 4,710,046 Accts., &c., pay. 6,549,488 4,720,951
Cash
476,624
Int.on bonds....
515,505
Invest, in co.'s
233,790
59,767
Unclaimed diva_
49,560
7% pref.stock
Am, taxes not
Invest. In co.'s
due (Fed, tax
2d 6% cum.
464,713 estimated) _ _ _ 2,286,141 3,191.393
635,160
pref. cap. stk_
Res.for obsoies.,
U. S. Governconting., &c... 11,410,943 10,180,745
ment secure 16,630,902 12,678,226
Res.for metal stk 3,473,460 1,533,500
Accts. and notes
6,811,121 10,387,156 Mine & new bus.
receivable_
445,503
542,583
investigations.
Mat'ls & sunpl's 3,806,889 4,384,285
a Metal stocks_ _ 35,722,701 27,328,324 Misc. suspense,
credit accts._ 1,210,556
1,342,396
Surplus
17,583,200 16,550.619
213,340.155 204,504,879 Total
Total
213,340,155 204,504,879
a Metal stocks (not including metals treated on toll basis) less unearned
treatment charges. Inventories are taken at Cost or market, whichever is
lower, except that metals sold under firm contracts for delivery afterJune 30
are valued at sales contract price. b Represented by 1,828,665 (1,828,644
in 1932) shares of no par value, and 425 (432 in 1932) shares of $100 par
value not surrendered in exchange for no par value shares.
The company at present Is running about 50% of capacity, Simon
Guggenheim, President, estimates, and if the trend is maintained the
company likely will take on more employees, he added -V. 137, P. 869.

2641

Financial Chronicle

Volume 137

American Hide & Leather Co.
-Earnings.
--

For income statement for 2 months ended Aug. 31 1933 see "Ea nings
Department" on a preceding page.
Current assets on Sept. 2 were $3,275,006, including $208,647 cash and
$2,212,275 of inventories. Current liabilities amounted to $146,746.
Company has been increasing its inventories, which show an advance of
$418,905 over the June 30 1933 figure of $1,793,370.-V. 137, p. 2275.

Ameiican Trustee Share Corp.
-Div. on Series D Shs.-

The corporation announces distribution of 18.9155 cents per share on
Diversified Trustee Shares, series D. payable Oct. 15. Of this amount
9.8325 cents per share was derived from dividends on the stocks in the
portfolio and approximately 9 cents per share represents piroceeds from the
sale of Drug, Inc. common stock, which was eliminated from the portfolio
in accordance with terms of the trust indenture. The portfolio now contains
the common stocks of 29 companies, the sale of Drug. Inc. shares being the
first elimination from the original list of 30 stocks since this series was introduced.
Six months ago a distribution of 11.927 cents per series D share was made,
4.‹ pared with 12.478 cents a year ago.
A
n
-V. 137, p. 2276.

merican Type Founders Co.
-Receivership.
A voluntary petition in bankruptcy was filed Oct. 4 in Federal Court
at Newark, N. J., on behalf of the company by Philip Goodell of Montcla'r,
appearing for Charles Brodek of New York, attorney of record for the
company. No schedule of assets and liabilities was filed, but accompanying the petition was an affidavit by James A. Coleman, Secretray
of the company, stating that at a meeting of the directors it had been decided that the best interests of the corporation and its creditors would be
served by filing in bankruptcy. The petition was referred to George R.
Beach, referee in bankruptcy.
Referee in Bankruptcy George R. Beach at Newark, N. J., on Oct. 5
appointed Thomas R. Jones of Summit,Pres. & Gen. Mgr. of the company,
and Frank Ferguson, Pres. of the Hudson County National Bank, as receivers. The company filed a voluntary petition in bankrdptcy on Oct. 4.
A statement filed with the referee showed the company is not insolvent,
but is not able to meet interest and sinking fund indebtedness amounting
to $750,000 annually.

Protective Committee for Bond Issues.
-

Announcement is made Oct. 5 of the formation of a protective committee for the holders of various bond issues. The issues are the 6% sinking
fund bonds due May 1 1937; 6% sinking fund bonds due May 1 1939:
15-year 6% sinking fund debentures due Oct. 1 1940, and the serial 6%
notes of Barnhart Brothers & Spindler, due April 1 1934-1935.
The Committee consists of Albert Forsch, of Lazard Freres, Chairman:
Edwin Kriegsman, of Heidelback-Ickelheimer & Co.; Allan S. Lehman, of
Lehman Brothers; Dave H. Morris Jr., Vice-Pres., Bank of New York &
Trust Co., and Ernest Sturm, Chairman, Continental Insurance Co.
Frederick G. Brown, 20 Pine St., New York, is Secretary of the committee.
Holders of these securities are requested to send him their names,addresses,
and a statement of tneir holdings, specifying amounts and maturity dates,
so that the committee may communicate with them by mail.
Counsel for the committee are Cook, Nathan & Lehman, 20 Pine St..
and Sullivan & Cromwell, 48 Wall St.
Deposit agreement and certificates of deposit are being prepared but
deposit of securities with the protective committee will not be accepted
or invited before the effective date of the registration statement, which must
be filed with the Federal Trade Commission in compliance with the provisions of the Federal Securities Act of 1933.

Stockholders' Protective Committee Formed.

Announcement was made Oct. 5 of the formation ofa protectivecommittee
for the preferred and common stockholders. Albert W.Finlay of George H.
Ellis Co.Is Chairman of the stockholders'committee, which includes Jean A.
Remick of Russell Miller & Co. and J. R. Taylor of J. R. Taylor & Co.
Herbert D. Williams, 120 Broadway, New York, is Secretary of the committee and Choate, LaRocque & Mitchell are counsel.
As in the case of the committee for the bondholders, a deposit agreement
and certificates of deposit are being prepared but deposit of securities will
not be accepted or invited before the effective date of the registration statement to be filed with the Federal Trade Commission in conformity with the
provisions of the Federal Securities Act of 1933.

Defaults Oct. 1 Interest on Debentures.
The interest due Oct. 1 1933 on the 15
-year 6% sinking fund gold debentures, due 1940, having not been paid, the Committee on securities of the
New York Stock Exchange rules that beginning Oct.3 1933 and until further
notice the debentures shall be dealt in "flat" and to be a delivery must
carry the Oct. 1 1933 and subsequent doupons.-V. 136. 11• 3165.

A. P. W.Paper Co., Inc.
-Earnings.
Year Ended June 30x1931.
y1930.
x1932.
x1933.
Net sales
$2,714,471 $2,955,675 $3,987,508 $4,247,585
Cost of sales
2.627,833
2,803,862
1.964,777
1.811,330
Gross profit
Other income

$903,141
11,018

Total earnings
Provision for deprec'n
Gen. adminis. expense_ _
Net loss-Canadian co
Int. on funded debt_ _ _ _
Int. on unfunded debt- -

$914,159 $1,001,722 $1,369,715 $1,447,725
97,219
95,810
58,644
99,320
983,766
596,335
744,209
803,311
Cr26,173
212,434
215,062
211,967
180,000
38,138
2,011
4,652
14.366

-$990,898 $1,359,675 $1,443,723
10,824
10,040
4,002

Net income
$4,058 loss$59,422
$244,260
$213,359
Shs. corn. stk. outstand.
(no par)
156,320
156,000
156,000
156,000
Earnings per share
$0.02
Nil
$1.41
$1.36
3C A. P. W. Paper Co. only. y Includes A. P. W.Pulp & Power Co.
Comparative Balance sheet June 30.
Assets1933.
1932.
1932.
1933.
Prop., plant & eq.
mm Common stock_ _51,444,000 81,440,000
(less reserve) _ _ _84,581,204 54,604,304 1st mtge. bonds..,2,833,000 2,890,000
Cash
131,812
137,644 Gold notes
696,000
700,000
Accts. rec. less res. 360,158
232,512 Due to A. P. W.
1st intg.bds.purch.
Pulp & Pap. Co.,
for sinking fund_
3,546
20,132 Ltd
5,982
Adv to & inv. in
Due to Halifax
A.P.W. Pulp &
Power & Pulp
Paper Co., Ltd_
2,502,463 Co., Ltd
21,570
Halifax Power &
Interest accrued_ _
63,258
Pulp Co., Ltd.
Accept. payable_
23,461
99,991
demand notes_ _ 1,609,918
Reserves
1,364,547 2,004,645
Securities owned__
23,194
23,044 Accounts payable.1 153,4741
84,427
Inventories
410,429
524,804 Accrued accounts.)
1
64,113
Other accts.'Tele_
2,093
2,486 Surplus
538,184
777,276
Prepaid charges..
15,138
19,044
Total
$7,137,494 $8,066,435 Total
57.137,494 58,066,435
x Represented by 156,320 shares of no par value in 1933 and 156,000
in 1932.-V. 137, P. 2466.

Armour & Co. (I11.)
-New Recapitalization Plan Probable.
According to current reports, this company and its bankers are said to
be working out a new plan of recapitalization, which would be substituted
for the one proposed last summer.-V. 137, p. 2105.

ssociated Por and Cement Manufacturers, Ltd.
Rcoved from List.
The New York Cu
Exchange) h
removed from unlisted trading
p
loges the Guaranty Trust
. of New York American depositary
receipts for ordinary registered shares, par £1.

-Earns.
Automobile Banking Corp. of Philadelphia.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 136, p.4463.

Belding Manufacturing Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 1933 see "Earnings Department" on a preceding page.
-V. 134, p. 1198.




Bemidji Wood Products Co..--Earnings.For Income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page.

-Awarded Contract.
Bethlehem Steel Corp.
The corporation has been awarded the initial contract for work in connection with construction of the midtown Hudson tunnel, the order calling for
485,500 tons of cast iron segments and special castings and 3,300 tons of
cast steel segments, a total of 51,800 tons, it was announced on Sept. 29.
The value of the order is estimated at $2,358,150.
The placing of the contract follows adoption of proposals for expenditing
the project, which is included in the Federal program for industrial recovery.
Early last month an agreement was signed, under which the Federal Public
Works Administration is to loan the port authorities of New York City the
sum of $37,500,000 to finance the building of the tunnel.
The first requisition for funds under the credit arranged with the Public
Works Department at Washington was forwarded to the National capital
as soon as the contract was awarded. The Bethlehem corporation. it is
understood, will begin work at once on the manufacture of iron and steel
castings ordered.
-V. 137, p. 2466.

-Permission to Issue Receiver's CerBond Electric Corp.
tificates Denied-Time for Filing Claims Extended.
The protective committee for the 10-year 63 % sinking fund gold debentures, due April 1 1937, announces that the New Jersey Chancery
Court has denied the application of the receivers for leave to issue 8100,000
receivers' certificates. Such certificates, if issued, would have constituted
a first lien prior to tne lien of the debentures and prior to all other claims
which accrued prior to and during the course of the receivership.
Tne committee objected to the granting of leave to the receivers to issue
such certificates because of the effect that such issuance would have had
in subordinating the interests of the bondholders to those of the holders of
the receivers' certificates. However, in order to permit the continuance
of the business, the committee solicited and received the co-operation of
several creditors of the receiver who consented to the advance of additional
credit to the receivers in an amount sufficient to meet tne estimates of the
receivers as to the requirements of the business during the peak season.
The receivers have reported to the Court that a small profit of approximately $4,000 was earned during the month of Aug. 1933 and that substantial profits may be expected during tne last four months of the year.
The Court thereupon announced that it insists upon prompt reorganization
or liquidation of the business.
The committee has received the report of Peat, Marwick. Mitchell & Co..
accountants, who were engaged at the request of the committee, indicating
that the accounting methods of the company now in use are unsatisfactory
and that they do not represent a clear and dependable picture of the affairs
and condition of the company. Accogdingly, a prompt reorganization appears to be not only desirable but necessary in tne opinion of the committee
if the business is to function profitably. The committee is now considering
plans for reorganization.
An estension of time to file claims has been granted until Oct. 20 1933.
The Court stated that it would absolutely refuse to consider further appli-V. 137, p. 141.
cations for extension of time.

-Earnings.
Boston Personal Property Trust.

For income statement for 12 months ended Sept. 15 see "Earnings Department" on a preceding page.
Comparative Balance Sheet Sept. 15.
LiabEl Vies1933.
1932.
1932.
1933.
Assets597,812 Capital & surplus.$4,491,465 $5,013,519
$97,812
U. S. securities_ _
417,628 Accrued dividend,
Real estate secure. 417,628
50,736
64,775
Public util. securs. 1,085,069 1,249,023 expenses & taxes
Railroad securities 977,116 1,277,372
Industrial secure.. 1,734.746 1,768,426
157,964
203,924
Miscell. securities_
1
1
Sundry securities_
64,105
71,865
Cash
$4,542,201 85,078,295
54,542,201 55,078,295 Total
Total
Note.
-Aug. 31 1933 appraisal value of fund $3,781,900, equal to $14.50
per share.
-V. 137, p. 142.

-Earnings:
British Columbia Packers, Ltd.
Income Account for Year Ended Feb. 28 1933.

$2,215.871
Sales of salmon, pilchards, &c
Oper., selling, gen. & adm. exp., int. on bank loans & bills pay_ 2,134,849
345,596
Provision for depreciation
21,893
Interest on Wallace Fisheries, Ltd. debenture stock
752
Provision for provincial taxes
$287.219
Loss for the year 1933
Consolidated Balance Sheet,
LiabilitiesFeb. 2833. Feb. 2932.
Assets
Feb. 2833. Feb. 2932.
$590,000 $464,000
Inventories
51,084,423 $851,779 Bank loans
822,755
832,568
Bills payable
Expend,on present
Sundry creditors,
5,774
year's pack....
incl. accrued int.
Prepaid insurance
128,702
82,981
19,129 & taxes
premium, &c_
90,216
87,320
164,295 Reserve for conting
Sundry debtors_
119,862
16,391 Int. of min. shareCash
4,677
holders in cap.
Cash in hands of
26,436
15,258
stks. of sub. cos_
trustee for deb.
6% 1st mtge. deb.
stock of Wallace
2,245
stk. of Wallace
444
Fisheries, Ltd
334,000
373,000
Fisheries, Ltd
by,in & advances
3,940,500 3,939,500
28,952 Preferred stock_
to Allied Co_ _ _ _
28,653
3,730,322 3,730,300
yCommon stock
:Land, buildings,
plant, Ste
6,412,324 6,842,171
1,946,979 1,659,760
Deficit
--Total
Total
$9,603,136 $9,584,722
59 603,136 89,584,722
x After reserve for depreciation of $2,566,859 in 1933 and $2,221,263 in
1932. y Represented by 277,557 shares (no par) in 1933 and 277,556 shares
(no par) in 1932.-V. 132, p. 4247.

Brompton Pulp 8c Paper Co., Ltd. (8c Subs.).-Earns.
Years Ended Dec. 31Net leas
Depreciation
Depletion
Loss
Inventories written off

•

1931.
1932.
3670,930prot$174,321
183,513
101,131
11,051
8,630
$780,691
648,326

$20,244

Deficit
Dividends

$1,429,017

$20,244
75,000

Deficit
Previous surplus
Profit on bonds redeemed
Investment written off
Fire loss
Subsidiaries' deficit

$1,429,017
1,328,900
14,360
Dr317,431
Dr56,586

$95,244
1,653.678

Dr229,534

Deficit, Dec. 31

$459,776sur81329,900
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Assets$
$
Liabilities$
$
Fixed assets
18,305,954 18,068,775 x Common stock_15,025,000 15,025,000
Deferred assets_
70,001
28,726 Bonds
681,500
575,500
Inv. Assoc. Co.'s_
6
301,337 Reserves
4,802,961 4,473,439
Cash
1,04,312
42,837 Capital surplus.. _ 358,650
358,650
Accts. & bills rec. 497,041 1,125,281 Accounts payable_ 220,763
318,509
Insurance deposit_
39,834
35,638 Bank overdraft_
162,456
Inventories
910,523 2,530,134 Def.accts. payable
.
50,899
Call loans
401,104
Surplus
1,328,899
Investments
212,220
160,040
Deferred charges_
33,001
55,686
Deficit
459,775
Total
21,033,775 22,348,455
Total
21,033,775 22,348,455
x Represented by 300,000 shares of no par value.
-V. 132, p. 477

Financial Chronicle

2642

(Robert) Bosch Aktiengesellschaft in Stuttgart.
Bonds Called.
There were recently drawn for redemption as of Oct. 1 1933 a total of
$132.000 7% mtge. gold bonds. due Oct. 1 1950 at par out of funds to be
deposited by the company, upon presentation with all unmatured coupons
attached as the office of Brown Brothers Harriman & Co., 59 Wall St.,
N. Y. City.
In accordance with the decree of the German Government dated June 9
1933 the company has been prohibited by law from transmitting the funds
necessary to pay the interest and redemption price due on the aforesaid
bonds on Oct. 1 1933. The above decree requires the company to deposit
with the Conversion Bank for Foreign Debts for the account of the holders
of the bonds redeemed the Reichsmark equivalent of such interest and
redemption price at rates of exchange current on the day prior to the date
of payment to the Conversion Bank and further provides that such deposit
discharges the company from its obligations with respect to the payment of
such interest and redemption price.
The Reichsbank has indicated that permission will be given in due course
to transmit in dollars 50% of the interest due Oct. 1 1933 on the above
mentioned issue and that the remaining 50% will be paid in the form of a
Reichsmark instrument evidencing the deposit in the Conversion Bank of
Reichsmarks.-V. 134. p. 4664.

Brown Fence & Wire Co.(& Subs.).
-Earnings.
Years Ended June 301933.
Profit from operations_ _ loss 72,736
Other income
61.334

1932.
$24.382
76,634

1931.
5168.714
117.720

1930.
8443,007
131,212

Total income
loss$11,402
Interest on bank loans
Depreciation
40,902
Bond interest
6,435
Provision for loss on accts.
in closed banks
38.000
Federal taxes

5101.015

5286,434

40,449
6,804

49.219
7,948

$574.219
3.792
51,310
9,037

7,542

30.000

60,000

5450,079
Net profit for period__ loss$96,739
5199,267
$46,220
298,941
244,588
Class A dividends
158.057f
a311,839
Class B dividends
77,802
Shares class B stock out129.933
128,883
128,875
standing (no par)_
128,875
$1.16
Nil
' Nil
Nil
Earnings per share
a Estimated by Editor, amount not reported by company.
Consolidated Balance Sheet June 30
1932.
1933.
1932.
Liabilities
Assets1933.
857,334
Accounts payable_ $86,558
Cash & marketable
securities
$165,500 $582,833 Reserve for Fed.
7.500
900
income tax
'rime cas.of dep._
150.000
35,587
34,208
Other curr. habits.
Short-term mtge.
89,300
82,800
trust certificates 100.000
Funded debt
78,486
Accts. & notes rec_
101,077 Res.for prior years
11,500
including tax.
129,463
99,758
Install. accts. rec.
834,140
719,703 y Cl.A cony. pf.stk 825,540
833,169
Inventories
173,794
1.060 z Cl. II corn. stock 173.794
Other curr. assets_
1,648,015 1,044,713
Capital surplus_
x Land, plant
61.511
145,022
584.713 Earned deficit_ _ _
equipment,&c
584,303
63.093
68,693
Deferred charges_ 10,443
10,290
Other assets
Dep.in liquidating
banks
10,583
Total
$2,100,793 82,192,358
Total
$2,100,793 $2,192,358
x After oepreciation of $807,2)3 in 1933 and $769,079 in 1932. y Repreno par shares. z Represented by 128,875
sented by 82.554 (83.414 In l9 2)
no par shares.
-V. 135, p. 2;42.

-Cent Preferred Dividend.
-75
California Group Corp.
A dividend of 75 cents per share was recently declared on the 6% cum.
series A pref. stock. par $100, payable Oct. 1 to holders of record Sept. 30.
A similar distribution was made on this issue on April 1 and July 1 last.
prior to which the stock received regular quarterly dividends of $1.50 per
-V. 137, P. 142.
share.

-Deposit Date Extended.
Canada Steamship Lines, Ltd.
The protective committee for holders of 1st Sz gen. mtge.6% bonds,series
A, due Oct. 1 1941. announced Sept. 29 that the time for depositing bonds
under the deposit agreement dated April 18 1933, had been extended to
Nov.301933. E.G.Smith, Room 101.355 St. James Street West. Montreal
is Secretary of the committee.
-V.137, p. 2106.
Canadian Fuels, Ltd.-Earnings.
For income statement for 12 months ..nded June 30 1933 see "Earnings
Department" on a preceding page.

-ProtecP wer & Pa er Investments, Ltd.
tive Committee.
ting of holders of the 5% debentures. due 1958. was
An informal
held Oct. 3, when the position of the company was reviewed. After discussion the following were appointed a debenture holders committee:
J. A. Raymond, Chairman. Montreal; Sidney T. Smith. Winnipeg;
E. It. Bremner, Ottawa; C. W.G. Gibson, Hamilton, and J. E. McConnell,
London, Out, The committee is proceeding immediately to consider what
steps are advisable to take hi the interests of the debenture holders generally.
-V. 137. P. 871.

-Dividend of 100% Paid on
Capital City Surety Co.
Allowed Claims.
George S. Van Schaick. Superintendent of Insurance, on Oct. 3 announced that checks representing a first and final dividend of 100% and
Interest are being mailed to claimants of this company whose claims have
been allowed by the liquidator and approved by the Supreme Court of
the State of New York.
The total amount of claims filed with the liquidator in the proceeding,
exclusive of claims of stockholders. aggregate $1,943,976. Of this amount
$344.678 have been allowed, 8165,489 suspended and 51,433,809 were
disallowed. Full reserves have been set aside for all suspended claims
pending their final determination. Any ultimate savings out of this
reserve plus any other surplus remaining after providing further liquida-V. 130, p. 979.
tion expenses, will revert to the stockholders.

-Cent Pref. Div.
-15
Central Illinois Securities Corp.

A dividend of 15 cents per share has been declared on the $1.50 cum.
cony. pref. stock, no par value, payable Nov. 1 to holders of record Oct. 20.
A similar distribution was made in each of the preceding three quarters,
prior to which the stock received regular quarterly distributions of 37.
cents per share.
-V. 136, p. 2615.

-Output Up.
Chevrolet Motor Co.
Production of Chevrolet cars and trucks in September practically trebled
that of last September, the company in the month just ended having turned
out 59,357 units, against 20,995 in the comparable 1932 month, according
to W. S. Knudsen, President and General Manager. For the first nine
months this year. Chevrolet manufactured 571,781 units, or 45% more
than in the full 12 months of last year, he said.
Output in September this year was the largest for any month since 1929
and was exceeded by only a few Septembers in the 21 years the company
has been in business. More than 90% of the September total was shipped
to dealers located in the United States.
Assembly operations of the company's eight domestic assembly plants
continuo into October at a rate which will insure the current month production exceeding last October's by a higher margin than has been scored
-V. 137, p. 2106.
in any month so far this year, it was stated.

-Reports Large Sales.- .
.Chrysler Corp.
Domestic dealers of this corporation sold more than 13,300 new automobiles to the public during the week ended Sept. 13, John W. Scoville,
chief statistician, said. "This is nearly five times the sales of new cars
for the corresponding period of 1932 and almost double the sales for the
best week in 1929." Mr. Scoville said. He added that these sales represented the best week's business for Chrysler in more than five years.
Retail sales reported by Dodge dealers for the week ended Sept. 30 were
the highest since July 1926. During the week Dodge dealers delivered




Oct. 7 1933

7.342 cars and trucks against 5,543'during the preceding week, an increase
of 32.5% of the total sales. 3,069 were Dodge passenger cars, 2,710 were
Plymouths. 1,563 were commercial cars and trucks, which compared witn
2.399. 2.109 and 1.035. respectively. in the preceding week. From Jan. 1
to Sept. 30 deliveries by Dodge dealers totaled 142,272 vehicles against
58,257 in the like 1932 period, an increase of 144.2%.
De Soto automobile dealers in the United States in the week ended
Sept. 30 delivered 2.410 new automobiles, according to L. G. Peed, general
sales manager. This is an increase of 238% over delivery for the like week
last year. Used cars delivered by these dealers in the same week totaled
3.089. the largest week's sales of used cars in the history of this sales organization, the figure being more than double that of the corresponding week
last season.
Export shipments by the Chrysler Export Corp. reached a new high for
September, according to W. Ledyard Mitchell, Chairman of the Board.
Shipments were 423.24% of September 1932. September was the best
month in Chrysler Motors overseas business since April 1930. it was stated.
--V. 137. p. 2467.

Compania Cubana.-New Directors, &c.

Grenville P. Montgomery and Martin Taylor have been elected directors
The board was reduced from 11 to 9 members and Alexander C. Barker,
Frederick S. Burroughs, George E. Devendorf and Percy A. Rockefeller
retired as directors. Other directors were reelected at the annual meeting.
-V.137, p. 2267.

ompo Shoe MachinelCorp.-Admitted to List.

t cere New York Curb Exchange as admitted to the list, stock
add
stock (par $1), with authorit
tes for 84,758 shares comm
ti
ock on
additional shares common
stock trust certificates for 32,625
notice of issuance. Transfer agent. Bank of Manhattan,Co.-V. 137,
D. 1245.

Consolidated Laundries Corp.-Earnings.

For income statement for 3 and 9 months ended Sept.. 9 see "Earnings
Department" on a preceding page.
Comparative Consolidated Balance Sheet
Sept.9'33. Sept.10'32.
LiabilitiesSept.9'33. Sept.10'32.
Assets$29,473
Cash
$563,083 $677,530 Notes payable__ $14,737
508,440 Accts. payable &
392,969
a Receivable
379,287
368,344
accrued
818,596
921,851
Inventories
81,790
15,092
127,891 Fed. Income tax_
95,698
Prepaid charges__
408.989 1st mtge. bonds of
358,895
Other assets
subs, due within
b Land, buildings,
75,000
74.000
one year
mach.& delivery
sig
5,492,560 5,896,654 Purch.money mtge.
equipment
payable within
300.000
Purch. route sem. 300,000
226,735
304,735
1
one year
1
Good-will
106,863
Dividends payable
Long-term debts.. 2,603,371 2,994,934
Res.for corning. &
94,480
80,440
Fed, income tax
489,720
Preferred stock... 487,920
stock_ 3,154,401 3,154,401
c Common
Earned surplus... 1,015,118 1,105,418
38,125.058 88,738,103
Total
88.125,058 $8,738,103
Total
a After reserve of 561.769 in 1933 and $75,629 in 1932. b After reserve
'
for depreciation of $3,787,065 in 1933 and 53,484.872 in 1932. c Repre-V. 137. p. 495.
sented by 400,000 no par shares.

-Dissolution Ratified.''
Consolidated Lead & Zinc Co.

The directors on Sept. 28 approved the final dissolution of the company
and made preparations for the distribution of the Eagle Picher Lead stock
one
to present holders of Consolidated Lead shares. The plan, to ive was
share of Eagle Picher to holders of each four shares of Consolidated, of
approved at a special meeting of the stockholders on Sept. 15. Books
the Consolidated were closed on Sept. 30 and will not be reopened.
The New York Curb Exchange has removed from unlisted trading privi--V. 137. p. 2278.
leges the common stock (no par).

-Distribution to Debenture
Continental Terminals, Inc.
Holders.

A second distribution of $12.50 per 51.000 face amount of 6 % cony
debentures, series A, will be made by the New York Trust Co. depositary.
100 Broadway. N. Y. City, on and after Oct. 9 1933, upon presentation to
the depositary of such debentures for stamping to evidence such distribution,
-V.134. p. 4500.
or upon presentation of certificates of deposit therefor.

oved
ourtaulds, Ltd.-Re) from List.

stsd trading Privt
ch
The New York Curb Exang has removed from
depositary receipts
New York Amer!
the Guaranty Trust Co.
1
(par tn.-V. 137, p. 1584.
for 5% preference registered shares

-Resumes Dividend.
Cork International Corp.

Crown
on
The directors on Oct. 6 declared a dividend of 50 cents per share
account of accumulations on the $1 cum. class A stock, no par value.
quarterly
payable Nov. 1. to holders of record Oct. 13. The last regular
payment of 25 cents per share was made on this issue on April 1 1931.
Earnings.

For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1932.
1933.
Liabilities1933.
Assets
1932.
$91,011
$802,932 $296,040 Amounts due banks
Cash
11,275 Accts.& notes Pas•
3,105
Marketable securs.
148,375
& sundry accels $153,435
709,998
Notes & accts. rec. c672,778
871,666 Current accts. with
807.719
Inventories
53,358
150,246
affiliate
15,588
27,884
Prepaid expenses.
175,181 Foreign Inc.& other
Invest. in affil. co. 134,125
121,781
131.421
taxes accrued_ _
a Land,bldgs..4 eq 1,712,703 1,800.872
Due to officers &
Good-will, patents,
1,060
413,265
employees
393,138
dro
Mortgage pay, by
18,500
foreign subs_
Res.against investments, assets in
foreign countries
216,659
&cr
Res.for amount by
which value of
net a.ssests included at current
rate of exchange
45,843
exceeds par_ _..
128,850
Mtge.& accts. Pas
25,868
16,803
Res.for taxes pay.
20,634
Res. for conting.
Min. int. in partly
owned subsids- 189,950
161,718
b Capital stock... 3,294,976 3,294,597
Initial surplus...401,630
401,535
Deficit
75,203
144,776
$4,554,384 $4,293,888
Total
Total
$4,554,384 $4,293,888
a After depreciation of 51.182.858 in 1933 and $1,054,337 in 1932.
b Represented by 359,000 (358.900 in 1932) shares of $1 cumulative class A
stock (no par) and 200.000 shares of class B stock (no par). c After allowance for doubtful notes and accounts of $130,190.-V. 136. p. 3352.

-New Directors, &c.
Cuba Co.
Martin Taylor and Grenville D.Montgomery have been elected directors.
William H. Baker, Alexander C. Barker, Frederick C. Burroughs, George
E. Devendorf, R. Stuyvesant Pierrepont and George N. Lindsay retired
from the board, reducing the directorate to 11 from 15 members. Other
-V. 137. p. 2268.
directors were reelected.

Cutler-Hammer, Inc.-ShOnnents Higher.
Period End.Sept. 30- 1933-3 Mos.-1932.
5700,914
Net shipments
$1.170,512
-V.137. P. $73-

1933-9 Mos.-I932.
52,607.452 52.311,263

Financial Chronicle

Volume 137

Day & Meyer, Murray & Young.
-Earnings.
For income statement for seven months ended July 31 see "Earnings
Department" on a preceding page.
-V. 124. p. 2754.

Deposited Bond Certificates Convertible Debenture
Series 1938.
-Liquidating Dividend.
A liquidating dividend of $7.5101, plus a coupon payment of 10.897
cents on coupon No. 4, have been declared on the Deposited Bond Certificates, convertible debenture series 1938, payable at the Manufacturers
Trust Co., New York.
-V. 137. p. 1584.

Dominion Canners, Ltd.
-Tenders.
-

The Royal Trust Co., 59 Yonge St., Toronto, Ont., will until Nov. 1
receive bids for the sale to it of 1st mt&e. 6% s, f. bonds. Payment will be
made in Toronto funds.
-V.122, p. 1176.

Douglas Aircraft Co.
-Earnings.
-

For income statement for 3 and 9 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V.137, p.497.

Dow Chemical Co.
-Tenders.
-

The company is offering to purchase $500,000 of its 6% sinking fund notes,
due Feb. 1 1940, at prices not to exceed 1013i and int. The offer expires
Nov. 10 or at an earlier date if the full amount is tendered. As of May 31
1933. there were $2,835,000 of the notes outstanding. The notes are callable
Feb. 1 1934 at 101.-V.137, p. 1246.

%.'Dunlop Rubber Co., Ltd.
-Postpones Common Div.
The directors have decided not to pay an interim common dividend but
to postpone the question of the common dividend until result of the full
year's operation has been ascertained. Results up to date are stated to
be satisfactory and have confirmed fully the forecast made by the Chairman
at the annual meeting of the company last May.
-V. 135. p. 3862.

Eastern Steamship Lines, Inc.
-New President,
A. B. Sharp, Comptroller, has been elected President to succeed the late
B.
Captain Eugene E. O'Donnell who died last April.
Jere A. Downs, resigned as Chairman of the board of directors and has
been elected Chairman of the executive committee. George Hawley, was
elected Chairman of board.
-V.137. p. 1770.

Eaton Mfg. Co., Cleveland, Ohio.
-Expansion.
-

The merger of the Detroit Metal Specialties Co.of Detroit and the EasyOn Cap division of the Eaton Mfg. Co. of Cleveland was announced on
Sept. 28, by J. 0. Eaton, Chairman of the board of the latter company.
The merger became effective Oct. 1.
The new company, incorporated under the laws of Ohio, will be called the
Eaton-Detroit Metal Co. and the controlling interest will be held by the
Eaton Mfg. Co. The company will have assets of about $750,000, with
1,500 shares of pref. stock and 10,000 shares of common outstanding, and
will do an annual business of between $2,000,000 and $3,000,000, according
to estimates.
The Detroit Metal Specialties Co. with a plant in Detroit, is a manufacturer of small stamping and hub caps. It also manufactures deep drawn
stampings, automobile trunks and stove fittings. The Easy-On Cap division-of Eaton Mfg. Co. is a leading maker of caps for gas tanks, radiators,
and other purposes.
The main office of the new company will be in Detroit, in conjunction
with the offices of the Eaton Mfg. Co. in that city. It will continue operation of the Detroit and Cleveland plants.
Officers will be J. 0. Eaton, Chairman; W. C. Ireland, former President
of the Detroit Metal Specialties Co.; President; Daniel Dewey, Vice-Pres.;
and F. A. Buchda, Treasurer and Secretary. Directors will be J. 0.Eaton,
C. I. Ochs, H. J. McGinn, W. C. Ireland and David Ireland.
-V. 137.
P. 2469.

Eilert Brewing Co. Cleveland, Ohio -Initial Div.-

The directors have declared an initial semi-annual dividend of 25 cents
per share on the class A common stock, no par value, payable Oct. 15 to
holders of record Oct. 9. (For offering, see V. 136, p. 3914.)-V. 137,
P. 1770.

Electric Building Corp.-Earnings.
-

For income statement for 12 months ended June 30 1933 SW "Earnings
Department" on a preceding page.
-V. 122. P. 2954.

Empire Capital Corp.
-Initial Dividend.

An initial quarterly dividend of 2% has been declared on the 8% noncumulative class A stock, par $5, payable Nov. 29 to holders of record
Nov. 20 1933. See offering in V. 137. p. 1246.

•Equitable Office Building Corp.
-Earnings.
-

For income statement for month and 3 months ended July 31 see "Earnings Department" on a preceding page.
-V. 137. 13• 1771.

Faultless Rubber Co.
-Board Reduced.- .

The stockholders at their annual meeting held on April 29 reduced the
board of directors to nine members from twelve. Ret ring directors are
J. S. Fleek and J. R. Nutt, L. B. Williams had resigned from the board
several months ago. Other directors were re-elected.
-V. 134, p. 140.

First Chrold Corp.
-Earnings.
-

For income statement for month and 9 months ended Sept. 30 1933, see
"Earnings Department" on a preceding page.
Comparative Balance Sheet.
AssetsSept. 30'33. Dec.31'32. Liabilities- Sept. 30 '33. Dee.31'32.
Cash
$678,434 $462,412 Capitalstock
a442,047 14387,093
Speculative long
Undivided profit
178,013
79,233
Positions at marSurplus from sale
ket
3,302
of treas. stock__
3,624
24,226
Investment long
Res. for managePositions at marment fee
15,549
ket
33,208 Reserve for Fed.
inc. taxes, &c_
18,599
2,936
Accr'd expenses_
21
Speculative short
Posit'ns at mkt_
26,015
Total
$678,434 $498,923
Total
$678,434 $498,923
a 4,387 no par shares. b 3,842 no par shares.
-V. 137. p• 19
43.

(M. H.) Fishman
1933
-Sept.
-1932.
$278,115
$218,615
-V.137, p. 1943, 1247.

& Co., Inc.
-September Sales.Increase.
1933-9 Mos.-1932.
Increase.
$59,500 1$1,794,490 $1,744,631
$49,859

Fourth National Investors Corp.
-Earnings.
For Income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
1933.
1933.
1932.
1932.
AssetsLiabilities$
$
$
$
Securities owned_ d11,723,138 a16672,293 Prey. for Fed, excise tax
1,000
Cash
1,031,222
489,380
Unearned Interest_
Notes of General
696
Accrued expenses_
250
300
Motors Accept.
Provision for N. Y.
Corp. and Uni22,000
500
State taxes
versal Cred.Corp 1,000,000
. 500,000
500,000
b Common stock_
Deposit in closed
15,260
c Capital surplus_26,444,757 26,444,757
bank
150,000 Deficit (earned) _13,131,521 6,170,419
Short-term notes3,383,480
U.S. Liberty bonds
179,985
Interest receivable
67,562
j
Divs. receivable__
Total
13,837,183 20,775,138
13,837,183 20,775,138
Total
a Market value, $8,985,975. b Represented by 500,000 $1 par shares.
c Representing the excess of paid-in capital over the par value of capital
stock, after deducting organization expenses. d Cost of above securities
$16,584,061.-V. 137, p. 320.




2643

Fidel Association of New York, Inc.
-Annuities Gain.
The corporation reports new business for the third quarter of $1,438,000.
compared with $974,000 in the corresponding quarter of last year, an
Increase of $464.000, or more than 47%. The Association issues an annuity
contract based on investment in bonds.
Announcement is made of the opening of new offices in Newark, N. J.,
under the management of Louis H. Spinning and in Buffalo, N. Y., under
the management of Hal. T. Boulden.-V. 137. p. 1771.

Gardner-Denver Co.
-Div.on Account of Accruals.
A dividend of $2 per share on account of accumulations has been declared
on the 7% cum. pref. stock, par $100, payable Oct. 15 to holders of record
Oct.5. A distribution of$4 per share was made on this issue on Aug. 15 last.
After the payment of the Oct. 15 dividend, accruals on the pref. stock
will amount to $2.75 per share.
-V. 137. p. 1419.

General Baking Co.
-Volume of Sales Exceed a Year
Ago-Outstanding Debentures Being Reduced.
-An official
announcement says:
Every week since July, the dollar-and-cents volume of current sales
has exceeded the same week of the previous year. This is the first time in
over a year that this has been true.
In amount of Bond Bread sold this year, cumulative sales to date are
40,000,000 loaves better than last year. Currently, in number of Bond
Bread loaves sold each week, the average is 34% above a year ago.
General Banking debentures have recently commanded a market-price
above their callable value. Nevertheless, the company has bought enough
more of these below the callable price so that the sinking fund requirements
are now covered through to October 1935. All-told, the outstanding debentures have been reduced from $7,000,000 in 1930 to the present total
of $3,916,000.
The company has enlisted in, and has fully complied, both in letter
and in spirit, with the provisions of the National Recovery Administration.
The company has increased wages and has added to its personnel over
10% more employees, which brings the total number of employees to approximately the same number as were on the company's payroll in 1929.
These extra expenses must be recaptured through increased prices, increased volume, or both. Improved volume has made it possible to keep
these price increases down to a minimum.
With improvement in general business, the company's volume should
improve still further. In each line, the brand in best demand is surest to
profit most from better buying. Bond Bread is therefore in a strategic
position to acquire additional volume which,together with slightly increased
prices, should at least offset the added costs.
With the last dividend check it was stated that the company looks forward to the future with confidence. Despite the new burdens added by
the nation's recovery efforts, the developments of the last few months
-V. 137,
have confirmed that confidence as expressed three months ago.
13• 698.

-Receives Boulder Dam Order.
General Electric Co.

It is announced that the company has been awarded by the U. S. Bureau
of Reclamation a contract for two large electric generators for the Boulder
Dam project, to be leased to and operated by the City of Los Angeles.
Work is about to no started on the construction of the units at the company's Schenectady, N. Y., plant, with the first unit scheduled for completed installation early in 1935 and the other later that year.
The generators are rated 82,500 kva. unity power factor, three-phase,
-cycle generation at 150 rpm. and 13,800 volts or
and are designed for 50
60-cycle generation at 18.0 rpm. and 16,500 volts.
Boulder Dam unit exceeds in capacity any other generaThe 82,530 kva.
,
tor now in operation. Other large generators include the U. S. S. R.77.500
kva., Niagara Falls 65,000 kva., Ariel 56,250 kva., Spier Falls 47,000 kva.
and Conowingo 40,000 kva. units.
Four 82,500 kva. generators will be installed for the opening of the
station, and ultimate plans call for a total of 15 such units. In addition,
one 40,000 kva, generator will be installed now, and another one later.

Customer Financing. Service Extended.
Branch offices of the General Electric Contracts Corp. have been opened
in New York, Chicago, Philadelphia, Cleveland and Schenectady,serving
14 States which contain more than half the population of the country.
The purpose of the corporation, which started operations here on Jan. 1
1933, is to extend to customers of the General Electric Co. in the home
appliance field, through the regular dealers, a complete financing service.
-V. 137, p. 2278.

General Food Corp.
-Earnings Outlook.
President C. M. Chester stated that the net profit of this company for
the first nine months of this year should "be within range" of the net for
the like 1932 period and estimated, on the basis of steady improvement in
tonnage throughout this year, that the profit for the fourth quarter should
be sufficiently above a year ago to bring net for the full year over that of
1932.
General Foods costs has risen about 10%, Mr. Chester stated.
For the nine months ended Sept. 30 1932. net profit totaled $10.339,147,
equivalent to $1.96 per share on the 5.251.493 no-par common shares. In
the fourth quarter of last year the company reported only a slight profit,
so that net for the entire 12 months of 1932 amounted to $10,343,881, or
$1.97 a share on 5,251,501 shares.
-V. 137, p. 2469.

-Pontiac Sales Hold Gain.
General Motors Corp.
Reported National retail sales of the Pontiac Straight Eight for the year
through Sept. 20 exceeded the same period of 1932 by 30,242 units, according to figures by Sales Manager R. K. White. "This increase in sales
places Pontiac approximately 74% ahead of the sales volume, or about
41,000 units, attained to date in 1932," said Mr. White. "Sales continue
to hold up surprisingly well. In the first 10 days of September retail deliveries exceeded the same period of last year by 1.662 units. In the second
10 days, which is the last complete figure available, retail sales exceeded the
same period of 1932 by 1,604 cars."
-V.137, p. 2279.

Glidden Co., Cleveland.
-Sales Up.
-First 3 Weeks of Sept.-Sales
-V.137, P. 2279, 2108.

1933.
1932.
$1,855,502 $1,454,377

Decrease.
$401,125

Goodyear Tire & Rubber Co. of Canada, Ltd.
-Earns
Year's Dividends.
In a letter to the stockholders accompanying dividend checks for the
third quarter of the current fiscal year, President C. H. Carlisle states
that in the past nine months the company has increased its reserve for
plant depreciation, its cash position and its working capital, and has
considerably more than earned at the current rate its dividends for the
entire year.
Mr. Carlisle points out that for the nine months of the current fiscal
year the volume of sales of the Canadian tire industry has been 6.6%
less than in the corresponding period a year ago. Goodyear shows a
decrease of slightly over 1%.-V. 137, p. 321.

Goodyear Tire & Rubber Co., Akron, Ohio.
-New
Trustee.
The Cleveland Trust Co. of Cleveland, 0., has been appointed trustee
of an issue of 1st mtge. & collateral trust 5% bonds due May 1 1957. to
succeed the Union Trust Co. of Cleveland, 0.-V. 137, p. 2279.

Gorham Mfg. Co.
-Extends Voting Trust.
-

In connection with the proposal to extend the common stock voting
trust agreement to June 1 1939, voting trustees are notifying holders of
voting trust certificates that application for listing the new extended
certificates on the New York Stock Exchange has been authorized by the
trustees and approved by the board of directors. The present agreement, as
amended, expires June 1 1934.
Holders of certificates desiring to become parties to the extension agreement are requested to forward their certificates to Industrial Trust Co..
Providence, R. I., to be exchanged for the extended certificates.
The Chase National Bank of the City of New York has been appointed
registrar for the voting trust certificates for common stock.
-V.137. p. 321.

(W. T.) Grant Realty Corp.
-Earnings.
-

For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 133, p. 1460.

Financial Chronicle
--......,

2644

-September Sales.(W.T.) Grant Co.(Del.).
-1932.
-Sept.
1933
$6.423,347 $5,657,650

Increase.
Increase.
1933-9 Mos.-1932.
$765,6971$51,175,528 $48,644,528 $2,531,000

Earnings.For income statement for 6 months ended July 31 see "Earnings De
partment" on a preceding page.
Balance Sheet July 31.
1932.
1933.
1932.
1933.
$
$
Lineal
$
$
Assets5,139,160 3,828.352 x Common stock__ lu,089,446 10,089,446
Cash
659,140
Accounts payable_ 657,817
26,223
Short term invest_
513,676
40,000 Accrued accounts_ 543,794
792
Notes reeds.(sec.)
,
242,600
172,009 Res. for Fed.taxes 244,000
Accts.receivable__ 156,539
-due
Merchand.Invent_ 7,623,241 7,902,574 Notes pay.
12,500
12,500
1933
Cash surr. val. life
78,022 Notes payle-clue
80,232
insurance
137,500
112,500
1934 to 1938_ .._
Amts. expended on
247,409 Tenants deposits as
756
building constr_
20,062
7,635
371.887 sewn for leases_
518,490
Deposits
Res. for repainting
Accts.,notes,claims
105,307
117,228
211,115 stores
az investments__ 159,703
15,061,744 14,218,493
Surplus
W. T. G. Realty
Corp-corn. stk. 2,666,815 2,316.815
W. T. G. Realty
Corp.
-accounts
117.075
666
receivable
Fixt.-(less depr.) 3,476,166 3,411,943
Alterations & improvement (less
amortization) __ 6.276,040 6,448,232
853,291
Prepaid expense _ _ 721,841
26.846,664 25,998,724
Total
26,846,664 25,998,724
Total
-V. 137. P. 1944.
x Represented by 1,195,355 no par shares.

-September Shipments Show FurGrigsby-Grunow Co.
'
ther Increase Since 1931.September represented the fourth consecutive monthly increase in radio
shipments and the best montn since 1931, according to a statement issued
on Oct. 4 by Leroi J. Williams, Vice-President and General Manager.
)- "Over 51,000 sets were shipped in September." said Mr. Williams,
"and our daily shipments last week reached a total of over 4,000 sets
per day. At present we are producing at the rate of about 3,500 a day.
"Our unfilled orders total over 64.000 radios and we now nave 5.800
employees working night and day shifts in order to fulfill the demand for
our new merchandise. Volume of distributors' orders approximates three
times tnat of last year," continued Mr. Williams, "and in the face of our
eat
tubes.',
tremendous production there is a great sustained demand for both radios
and
Mr. Williams attributed the demand to tne success of the NRA program,
which has been an important factor in the recovery of the radio industry
as a whole. The October production scnedule for Majestic radios repre-V. 137. p. 1944.
sents a 30% increase over that of September.
.

-Earnings.Hamilton Manufacturing Co.

For income statement for period from Jan. 1 to July 15 1933 see "Earn-V. 136. p. 4280.
ings Department" on a preceding page.

"Hansa" Steamship Line (Deutsche Dampfschiff-No Interest
fahrts-Gesellschaft "Hansa"), Bremen.
Payment.Notice having been received that the interest due Oct. 1 1933 on the
-year 6% gold bonds, due 1939, with warrants, is not being paid, the
10
Committee on Securities of the New York Stock Exchange on Oct. 2 ruled
that, beginnIn$ Oct. 2 1933 and until further notice, the said bonds shall be
dealt in 'flat' and to be a delivery must carry the Oct. 1 1933 and subequent coupons.
S The Committee further ruled that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Oct. 1 1933,
Interest shall be computed up to but not including Oct. 1 1933.-V. 137,
p. 1945.

Homestake Mining Co.-Eztra Distribution of $1.--

The directors on Oct. 4 declared an extra dividend of $1 per share in
addition to a monthly dividend of $1 per share on the outstanding capital
stock, par $100, both payable Oct. 25 to holders of record Oct. 20. Like
amounts were maid on Sept. 25 last,
From May 25 1932 to and incl. Aug. 25 1933 the company made regular
monthly distributions of 75 cents per snare, as against 65 cents per share
each month from Oct. 23 1931 to and incl. April 25 1932 and 50 cents per
share previously. An extra of $1 per share was also paid on the stock in
January of each year from 1925 to and incl. 1930, and on Oct. 25 1930.
April 15 1931. Sept. 25 1931, Feb. 25 1932, Sept. 26 1932. and on April 25
1933.-V. 137, p. 1946.

-Shipments.Hupp Motor Car Corp.

Shipments during September totaled 435 ears, an increase of 12% over
September 1932. This was the fifth consecutive month in which shipments
showed a gain over the like month of 1932.-V. 137, 13,878, 1946.

-Earnings.Illinois Company.

For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page.

-Earnings.Illinois & Missouri Pipe Line Co.

For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page.

-Adds to Portfolio.Incorporated Investors
During the past quarter Incorporated Investors added seven new cornpanics to its investment portfolio and increased its holdings in ten cornpanics already owned,
The new companies appearing in the Sept. 30 portfolio are as follows;
Atlantic Refining Co. 10,000 shs.: Dow Chemical Corp., 4,500 shs.:
Freeport, Texas Co.. 16,000 abs.: Hiram Walker. 9,000 shs.: Libbey-OwensFord Co., 10.000 shs.: McIntyre Porcupine Mines, Ltd.. 15.000 shs.:
J. C. Penney Co.. 10,000 shs,
Incorporated Investors also increased its holdings last quarter in the
following compnaies already owned; American Can, 7.500 to 10,000 shs.:
..
Chesapeake & Ohio, 10,000 to 15,000 shs.: General Motors,40,000 to 45,00u
shs.: National Dairy Products, 10,000 to 20,000 shs.: National Steel,
10.000 to 15,000 shs.: Owens-Illinois Glass, 3,000 to 4.000 shs.: Pullman,
10,000 to 15.000 shs.* R. J. Reynolds Tobacco, 10.000 to 15.000 shs.:
T
United Fruit, 7,500 to 10,000 skis.: 1.S. Smelting, 5,000 to 10,000 sha.
During the past quarter Incorporated Investors disposed of its entire
commitment in Atchison (5,050 shs.): Coca-Cola (3,500 shs.): Drug. Inc.
(12,000 shs.): Monsanto Chemical (4.500 shs.): Public Service of N. J.
(7.500 shs.): and Radio (3,333 1-3 shs.).
Other decreases in the Sept. 30 portfolio are as follows; Corn Products,
15,000 to 10,000 shs.: First National Stores, 12,000 to 10.000 shs., and
'Union Pacific, 7,500 to 5,000 shs.-V. 137. p. 2111.

-Auction Postponed.
Insull Utilities Investment, Inc.
Auction of the collateral of bison Utilities Investment, Inc., and Corporation Securities Co. of Chicago, held by New York banks, has been postponed until noon. Nov. 1.-V. 137, p. 1946.

International Business Machines Corp.
-Adds

Oct. 7

1933

-7o Increase Caitaliza'n.
--,International Carriers, Ltd.
increase

The stockholders will vote Nov. 8 on approving a proposa to
toe authorized capital stock from 1,000,000 shares of the par value of $1
Per share to 3,500,000 snares, consisting of 1,000,000 shares of pref. stock
witnout par value, to be issued in series from time to time, and 2,500.000
shares of common stock, par .1.
The preferred stock may be issued from time to time in series, shall be
entitled to dividends payable at such fixed rate or rates and at such times
and cumulative from such dates, be subject to redemption at the option
of the corporation at such fixed amounts or amount and at such times and
on such notice, be entitled to such preferences upon liquidation, dissolution
or winding up of tne corporation, whether voluntary or involuntary.
and have such other preferences, restrictions and qualifications, as may be
fixed and determined by the board of directors prior to tne issue of pre(erred stock of such series.
Each share of pref. stock snail be convertible, at the option of the holder
thereof, at any time, at the office of tne transfer agent for such stock
or at such other places as tne board of directors may from time to time
determine, into full-paid and non-assessable shares of common stock, in
the following ratios: At any time prior to Jan. 1 1935 in the ratio of 13.5
snares of common stock for each share of pref. stock; from Jan. 1 1935 to
Dec. 31 1935 in tne ratio of 1 q shares of common stock for each share of
pref. stock; and from and after Jan. 1 1936 in the ratio of one share of cornmon stock for each share of pref. stock., provided, however, that in case
of tne call for redemption of any shares of pref. stock,such right of conversion shall cease and terminate, as to the shares designated for redemption,
at the close of business on the tenth day prior to the date fixed for redemption.

President Calvin Bullock Oct. 3 in a letter to the stockholders says:
stockholders proposals

At tnis meeting there will be presented to the
to amend the cnarter of the company and to increase its authorized capital
through the authorization of 1,000,000 snares of preferred stock without
par value and 1,500,000 additional shares of common stock.
The purpose of the board of directors in recommending the above changes
is threefold:
1. To build up your company through an expansion of its present limited
assets by the issue of additional capital, and thus to achieve the greater
operating economies attainable only through larger resources.advantageous
2. To raise initially such additional capital in the way most
to tne common stockholders, in the light of probable future economic
trends; that is, through an issue at this time of preferred stock. In the
event of a general rise in security values, the benefit accruing directly to
the common stockholders will be substantially increased, since such pref.
stock cannot participate, unless and until converted into common stock.
in any appreciation of the company's underlying investment holdings.
3. To provide at tne same time, in the form of a convertible preferred
issue, an attractive medium for investment in your company by tne conservative investor who is vitally interested both in security of present income and principal and also in securing an adequate safeguard against
future possibilities of inflation.
The common stock of the company over the past year has sold at discounts from net asset valu varying roughly between 20% and 40%, in line
witn the general experience of the large majority of investment companies
having no class of securities outstanding except common stock. At tne
close of business on Sept. 25 the stock of the company sold on the New
York Stock Exchange at a discount of 29% below its net asset value. On
the other hand,it is general knowledge that common shares of most so-called
leverage trusts-tnat is, investment companies having senior capital outstanding-have sold at substantial premiums above net asset value during
the past two years. This market situation has been especially marked
during the iiast three months. It is, therefore, to be hoped (other tnings
being equal) that the introduction of adequate leverage into the capital
structure of International Carriers, Ltd., througn the creation of a pref.
stock issue will result in lifting the average market price of the company's
common stock up to and probably above its net asset value.
Furthermore, in recommending tnese changes your board feels that the
proposed charter provisions regulating this pref. issue are thoroughly
conservative in concept and protect the interests of all classes of stock.
Tney embody restrictions against reduction in the net asset value behind
the preferred issue to less than 200% of the amounts to which it would be
entitled in liquidation tnrough issue of additional preferred, repurchase of
common stock, or distribution of dividends except out of current income
as defined, as well as restrictions against incurring short-term indebtedness
-V. 137. p. 1588.
or mortgaging the assets of the company.

-Defers Dividend on
International Utilities Corp.
-The directors on Sept. 25 "considered
$1.75 Preferred Stock.
it advisable to defer the declaration of payment of the
quarterly dividend due Oct. 15 on the no par value $1.75
cum. pref. stock, series 1931." The last regular quarterly
4
payment of 433 cents per share On this issue was made on
July 15 1933.
The directors, however, declared the usual quarterly
dividend of $1.75 per share on the $7 cum. prior pref. stock,
no par value, and 87M cents per share on the no par $3.50
cum. prior pref. stock, series 1931, both payable Nov. 1 to
holders of record Oct. 16.
President P. M. Chandler, Sept. 30 stated:
The directors at a meeting held on Sept. 25 1933 considered it advisable
to defer the declaration of payment of the quarterly dividend due Oct. 15
1933 on the $1.75 pref. stock, aeries 1931. .
The two principal investments of the corporation In the public utility
field are represented by its control of General Water, Gas & Electric Co.
and Dominion Gas & Electric Co. The first of these companies is the
result of a drastic and successful reorganization which was recently cornpleted, and the second of these companies has just completed a readjustment of its capital structure. In both of these cases the directors feel that
the interests of International Utilities Corp. have been greatly enhanced
by these two achievements. These two subsidiary companies, however
were left with certain obligations which it was intended should be taken
care of by the sale of capital securities. Present chaotic conditions in the
financial market make it impossible to dispose of capital securities even at
the cost of unwarranted sacrifices.
The board, therefore, feels that the interests of this corporation require
it to keep its cash position and that of its subsidiaries in the strongest possible
position until some better judgment as to the trend of conditions can be
determined.
The dividend on the $1.75 pref. stock, series 1931, is cumulative. The
directors believe that the consolidated earnings of the corporation and its
subsidiaries, in the absence of unforeseen conditions, will permit of the
resumption of dividends when the general situation above referred to has
-V. 137. P• 151.
been cured.

Interstate Department Stores Inc.
-Earnings.-

,

For income statement for 6 months ended June 30 1933 see "Earnings
-V. 137, p. 2111.
Department" on a preceding page.

-Sales.Jewel Tea Co. Inc.
2
Period Ended Sept.9 - 1933-4 Wks.
-1932.
1933-36 Wks.
-1932.
1,47
$780,292
Sales _
$792.210 $6,824,426 $7,612,326
1,355
Number ofsales routes...
1,334
1,335
Sales of the 84 stores of Jewel Food Stores, Inc., a subsidiary, for the
four weeks ended Sept. 9 1933 were $285.527. Sales of the Jewel Food
Stores, Inc., for the 36 weeks ended Sept. 9 1933, with an average of 86
stores, were $2,667,620.-V. 137, p. 1946,

-Defers Preferred Dividend.
Workers.'%....johnson Publishing Co.
Approximately 900 employees have been added to the American organizaThe directors recently decided to defer the quarterly dividend due Oct. 1
tion of this corporation since putting into effect the provisions of the Naon the 8% cum. pref. stock, par $100. The last reguluar qarterly distribuRecovery Administration, President Thomas J. Watson stated on
tional
tion of 2% was made on this issue on July 1 1933.-V. 135. p. 4567
Oct. 4. More than $20,000 a week has been added to payrolls at the cornpanys main plant at Endicott, N. Y. making an additional expenditure in
-September Sales,
(S. S.) Kresge Co.
-Binghamton district of $'1.000.000 a year, he added.
the Endicott
Increased 1933-9 Mos.-1932.
1933-Sept.
The company will have expended more than $1,2130,000 under its modern-1932.
Decrease.
when the new buildings and equipment now under con$1,204,5211384,688,595 $86,023,029 81,334,434
$10,634.773 39,430,252
lzation program
At the end of Sept.. 1933 the company had 676 American and 44 Canastruction are completed, Mr. Watson continued. Of this amount, more
dian 3750,000 will be represented by new engineering, factory and school
dian stores in operation. against a total of 720 at the end of September
-V. 137, p. 1062.
1932.-V. 137, p. 2281, 1947
buildings at Endicott.




Financial Chronicle

Volume 137

Kellogg Co. of Del.
-Adopts Pension Plan.
The company has established a new pension plan for employees, providing a life income after retirement age.
-V. 137, p. 1421.
(S. H.) Kress & Co.
-September Sales.
1933-Sept.
-1932.
$5,405,554 $4,914,392
-V.137, p.2470,1947.

Decrease.
Increase.
1933-9 Mos.-1932.
$491.162 I $42,221,337 $43,444,479 $1,223,142

2645

these bond owners, and explaining the plan to them personally, has caused
consideraole delay in obtaining deposits.
"With extension of time granted it is expected that we will be able to
reach virtually all the owners of these bonds," said John C. Legg Jr. of
Mackubin, Goodrich & Co. in Baltimore, who, with Baker Watts & Co.
and Stein Brothers & Boyce, are managing the plan. "We have found in
the majority of instances that once the bond owners understand this plan
they are convinced that it is to their own best interests to deposit the bonds."
See also V. 137, p. 1590.

Laclede Securities Co.
-Earnings.
-

s. ---Maytag Coe-Resumes Preferred Dividend.--The directors
"
on Oct. 3 declared a dividend of $1.50 per share DE the outstanding 59,263 shares of $6 cum. 1st pref. stock, no par
Lake St. John Power & Paper Co., Ltd.-Earnings.
- value, payable Nov. 1 to holders of record Oct. 16. The
Years Ended Dec. 311932.
1931.
last previous distribution made on this stock was the regular
Operating profit
$569,963
$388,739
quarterly dividend due May 1 1932.-V. 137, p. 1252.
Depreciation and depletion
262,443
174,117
Bond interest
318,369
307,176
-Meeting PostMetal & Thermit Corp., Carteret, N. J.
Debenture interest
183,576
186,035
Postponed interest
6,652
poned.Inventory written off
206,361
For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding Page.

Deficit
Profit on bonds redeemed
Reserves returned to surplus
Previous deficit

$489,143
$196,884
Cr.85,891
Cr.43.133
Cr.50,502
51,987 sur.101.764

Deficit Dec. 31

$404.737
Balance Sheet Dec. 31.
1932.
1932.
1931.
Assets$
$
$
Fixed assets
4,711,000
13,393,043 L5,081,774 Bonds
Cash in trust
137
2,822,000
129 Debentures
Accts., bills, rec__ 353,452
3,600,000
600,690 Preferred stock_
Investments
25,887
37,604 xCommon stock__ 1,000,000
Inventories
555,318
771,204 1,601,244 Bank loan
Cash
Accounts payable_ 152,702
217
Deferred charges__
13,064
297,739
14,329 Due on limits
Deficit
404,737
51,987 Interest accrued__ 455,493
Deferred assets_
43,349
18,290 Canting. reserve_
Depreciation res- 902,472
Depletion reserve_ 366,153
Deferred liabilities
55,515
Capital surplus_ _ _

$51,987
193L.
4,888,000
2,849,000
3,600.000
1,000,00

-Bonds Called.
Missouri-Illinois Realty Co.

All of the outstanding 1st mtge. s% serial gold bonds, dated June 1
1926, have been called for redemption as of Dec. I 1933 at 103 and int.
at the Boatmen's National Bank, trustee, Broadway and Olive Street,
St. Louis, Mo.
Holders may present the bonds to the trustee at any time prior to the
-V. 123,
redemption date and receive 103 and int. to the date of payment.
P. 23.

-Stock Offered.
Th`Christian) Moerlein Brewing Co., Inc.
1•2°7•5°N488,114
-An issue of 400,000 shares of common stock was offered
209,541
in September at $13.75 per share by Assel, Goetz & Moerlein,
Inc., Cincinnati. An official circular affords the following:
728,355
366,153
2,069,385

Total
14,961,744 17,406,049
Total
14,961,744 17,406,049
x Represented by 100,000 shares of no par value.
During 1932 interest on the bonds and deoentures had to be passed and
the security became enforcable by reason of default in interest and sinking
fund. Protective committees have been formed.
-V. 136.p. 1561.

Land Title Building Corp., Phila.-Div. Omitted.", The directors recently decided to omit the quarterly dividend ordinarily

payable about Sept. 30 on the common stock, par $50. In each of the two
preceding quarters a distribution of 50 cents per share was made, compared
t with $1 per share previously.
-V. 134, p. 2536.

awrence Portland Cement Co.-Removed from List.

leg

The directors on Oct. 3 decided to postpone until Oct. 10 actjpn on
the dividend ordinarily payable about Nov. 1 on the common stock, no
par value. From Aug. 1 1932 to and incl. Aug. 1 1933, the company
paid quarterly dividends of $1 per share on this issue, as compared with
-V. 135, p. 998.
$1.50 per share previously.

he New York Curb Exchange as removed from unlisted trading priv the capital stock (par $100).-V. 136,P. 1210.

(The) Lehman Corp.-Asdet Value-Seek Tax Refund.-

A notice to the stockholders says:
"A quarterly dividend of 60 cents per share was declared payable Oct. 4
1933. The net asset value of the capital stock of the corporation as of
Sept. 30 1933, valuing assets at market quotations or, in the absence of
market quotations, at fair value in tne opinion of the directors, and after
deducting the amount of the dividend, was approximately $78.98 per
share of stock outstanding in the nands of the public. Compared with the
amount per share originally paid in, this represents a net impairment of
approximately $21.02 per snare, or an aggregate net impairment of approximately $14,306,212 on the 680,600 shares outstanding in the hands of the
public on Sept. 30 1933:
The stockholders have been asked to sign an authorization to the corporation to apply for a refund of the dividend tax of 5% imposed by the
National Industrial Recovery Act in the event that the amounts withheld
may be recoverable. Certain cases involving this tax are now pending
in the courts, stockholders are informed -V. 137, p. 325.

Link-Belt Co.-Obituary.
-

The Provident Savings Bank & Trust Co., Cincinnati. Ohio, transfer
agent. First National bank of cincinnati, Ohio, registrar.
Authorized. Outstanding.
Capitalization500,000 shs. 420.000 shs.
Common stock (no par value)
-The predecessor corporation was organized and
Company and History.
incorporated in 1881, with a capital stock of $1,000,000. This business
was the outgrowth of a partnership formed by Christian Moerlein in 1853,
and a sole proprietorship held by him from 1866 to the date of incorporation.
At the time of the advent of National prohibition this business had developed to the point where the Christian Moerlein Brewing Co. was the
largest brewery in Cincinnati and had a National reputation.
The Christian Moerlein Brewing Co., Inc., the new company with its
principal office at 218 Provident Bank Building, Cincinnati, Ohio, was
incorporated Aug. 22 1933. in Ohio, for the purpose of acquiring a s,te
and constructing a modern brewery for the manufacture and sale of beer
of legal alcoholic content, and to acquire the good will, trade marks, trade
names, formulas and processes of the Christian Moerlein Brewing Co..
Cincinnati, Ohio.
Purpose.
-Proceeds of the sale of this issue are to be used to defray
the cost of acquiring a site for, constructing and equipping completely,
including bottles, cases and cooperage, an entirely new and modern brewery
plant at Cincinnati, Ohio, and to provide adequate working capital. This
plant will be designed to have an annual production capacity of 500.000
barrels, but with site arranged to provide for expansion to an ultimate
capacity of 1,500,000 barrels. On the basis of the contract entered into
between the company and the underwriter to find purchasers for 400.000
shares of this issue at a price to net the company $12.50 per share, the
estimated net proceeds to the issuer from the sale of this stock will be
$5,000,000. According to the engineering estimates the division of the
proceeds will be as follows;
$225,000
Land and preparation of site
1,125,000
Buildings
1,178,000
Equipment
302,000
Miscellaneous structures and equipment
350,000
Containers
315,000
Engineering, architectural and legal expense, insurance, taxes_ _
505,000
Contingencies and interest during construction

Charles Piez, Chairman of the board, died at Washington, D. C., on
Oct. 2.-V. 137, p. 1251.

Total
Working capital

Lloyd Sabaudo Steamship Line ("Lloyd Sahaudo"
Societa Anonima Per Azioni) Italy.-Merger.
-

$5,000,000
Operations.
-According to the estimates prepared by Ford, Bacon, &
Davis, Inc., the potential market for the company's products is in excess
of 500.000 barrels per annum. This estimate gives consideration both to
probable competitive market conditions and the success of the predecessor
company in marketing its products prior to the advent of prohibition,
and upon the applications received for distributorships.
In view of the economies in operation possible in a modern plant of this
type, it is believed earnings will compare favorably with other units in the
brewing industry.
Officers.
-Joseph H. Assel, Pres. and Tress: Chester F. Kroger, VicePres.- Harry B. Mackoy Jr., Sec.
Directors -The above named officers and William Pister and Herbert
F. Kreimer.
The Christian Moerlein Brewing Co (predecessor corporation) is to
receive an aggregate of 20,000 shares of this issue in consideration for the
transfer to the issuer of the good will, trade marks, trade names, formulas
and processes of the Christian Moerlein Brewing Co (predecessor corporation).

Negotiations for the complete absorption by the Italia company of the
Navigazione Generale Italians and Lloyd Sabaudo are stated to be virtually complete, awaiting only the approval of the shareholders of the two
companies.
It is stated that the shares of the N. G. I. with a nominal value of $500
paper lire and quoted on the stock exchange at 152 at the end of August
and 178 in the first week of September, are to be taken over by the Italla
at 200. A similar arrangement will be made for taking over the shares of
.
the Lloyd Sabaudo, which have a nominal value of 250 paper lire and
were quoted at 31 at the end of August and 34.75 at the end of the first weefs'
of September.
It is indicated that the management of the Italia company intends to
adopt various measures of economy for the purpose of improving the financial position of the company. Elimination of the technical department
of the N. G. I. in New York is considered as the first step in this new
program. ("Journal of Commerce.")
-17. 137, p. 1947.

Lyons-Magnus Inc.-Control Acquired.-

In aIs

See Richardson Corp. below.
-V. 137. P. 153. -.a NM

NU I Ei anisd
"
-Pays Accrued Divs.(.George) Mabbett & Sons Co.

The directors recently declared a dividend of $3.50 per share on the
7% cum. 1st and 2d pref. stocks, par $100, both payable Oct. 1 to holders
of record Sept. 20. This action clears up all accumulations on both issues.
On June 20 last a similar distribution was made on the pref. stocks,
which took care of dividends due Jan. 1 and April 1 1933. The last regular
quarterly payment of $1.75 per share was made on these stocks on Oct.
I 1932.-V. 137, P. 153;_V. 136, p. 168.
-_

- Management & Engineering Corp.-Earnings.
-

For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page.

- - Maryland Casualty Co.
-Extension Given on Bond
Deposits
-RFC Allows More Time for Maryland Casualty
Refunding Plan.
The Reconstruction Finance Corporation has consented to an extension
of the time in which to obtain deposits under the refunding plan for bonds
secured by mortgages guaranteed by the Maryland Casualty Co. or the
United States Fidelity St Guaranty CO., it is announced by the managers
of the plan.
When this refunding plan was developed for the relief of some 35 mortgage companies which issued the bonds, the RFC requested that a report
of progress be submitted on Sept. 1. This report, it is learned, has been
accepted as satisfactory and, in view of the deposits of bonds received daily
from all parts of the country,' the extension of time wog consented to.
More than 80% of the bonds thus far deposited with the refunding plan
managers have been deposited under the second option of the plan, which
calls for a cash payment of $300 for each $1,000 bond, and a debenture of
$700, which matures in 2e, years. The cash payment will he made from
funds loaned by the RFC when sufficient bonds have been deposited to
declare the plan operative.
Approximately 7C0 securities dealers In every State in the country are
explaining the plan to bond owners. and pointing out the reasons why they
should accept it. The great majority of the bonds are said to be held by
small investors. It was pointed out that the necessity for reaching all of




$4,000,000
1,000,000

Mohawk Mining Co.
-Liquidating Distribution.
In connection with the recent declaration of the liquidating dividend of
$8 per share, which will become payable on or after Nov. 1 on the capital
stock, Chairman Charles D. Lanier states: "The stock transfer books will
be closed from Oct. 6 to Nov. 1 1933. Stock certificates must be sent
to the Old Colony Trust Co., 17 Court St., Boston, Mass., who will stamp
the payment of this liquidating dividend on the certificates and mail checks
for dividend.'-V. 137. P. 2471.

Montgomery Ward & Co.
-Net Profit in August.
After operating at a loss for the first half of the fiscal year, the company
on Oct. 4 reported a net profit of about $1,000,000 for August. Of this,
$460,000 represented profit on the current month's operations, while
$535.000 was excess of reserve for inventory shrinkage, set up every month
since Feb. 5, over the actual shrinkage determined Aug. 31 when inventory
was taken at the retail stores. The reserves were normal, the company said,
but actual inventory shrinkage was much less than usual.
August results cut the cum. net loss for the year to Aug. 31 to less than
$2,500,000. For the six months to July 31,a net loss of $3,479,000 had been
reported.
Sales for Month and Eight Months Ended Sept. 30.
1933
-Month-1932.
Increase. I 1933-8 Mos.-1932.
Increase.
$16.599,901 $14,638,277 $1,961,624 5114,039,541 110,628,987 53,410,554
-V. 137. p. 2115.

Mouquin, Inc. (Md.).-Stock Offered.
-E.F. Gillespie &
Co., Inc., New York are accepting subscriptions for 55,000
shares of common stock at $6.75 per share on behalf of the
company.
Transfer agent. Manufacturers Trust Co., New York; registrar, Chase
National Bank, New York.
Listing.-Corporation has agreed to make application to list Its shares
on the New York Curb Exchange.

A prospectus signed by Louis H. F. Mouquin affords the
following:
History of Business.
-The Mouquin business has been under the direct
management of members of the Mouquin family since its foundation in

2646

Financial Chronicle

1857. The business was founded by Henri Mouquin as a restaurant business and was shortly thereafter expanded to include importation of wines,
liqueurs and spirits. Mouquin became one of the large importers of these
products in the United States, a position maintained for more than 40 years
prior to prohibition. The Mouquin Restaurant & Wine Co. was incorporated in 1887 to handle the business founded by Henri Mouquin. The
company imported wines, liqueurs and spirits from Europe and also sold
under its own trade name such products imported in bulk and bottled in
America. Prior to prohibition Mouquin was a large seller of California
wines in the Eastern United States, and the company is at present making
arrangements for the representation of certain domestic wine growers.
Upon the advent of prohibition in 1919 the importation, manufacture
and distribution of non-alcoholic beverages and fancy groceries were started
and subsequently the restaurant business was discontinued. In 1923
Louis H. F. Mouquin organized Mouquin, Inc. in Delaware, to take over
the business of Mouquin Restaurant & Wine Co., the latter company
'
ceasing to do business in 1925. The Mouquin business is now conducted
by Mouquin, Inc., a Maryland corporation, organized on July 19 1933.
to acquire the good-will, assets and business of the Delaware corporation,
and to assume its liabilities.
Activities
.-Mouquin,Inc., has direct sales representation through agents,
jobbers or dealers throughout the United States. Company has, even
under present conditions, more than 3,000 active accounts.
The company, directly or through its wholly owned subsidiary, Pure
Products Syrup Corp. holds Government permits which entitle it to make,
buy and blend wines under bond, to sell wines for medicinal and sacramental
purposes, to import wines and to use wines for experimental purposes.
In the event of repeal of the 18th Amendment, Mouquin, Inc., intends
to resume the importation of foreign wines, liqueurs and spirits and the distribution of such products under its own name, as well as under the names
of foreign producers. The company also expects to handle French cordials.
Scotch and Irish whiskies and English gins as well as Jamaica and Cuban
rum. Company has retained many of its close contacts of long standing,
some of which extend over a period of more than 50 years, with foreign
wine producers, and, in addition, is negotiating contracts for the supply
of wine from important wine-producing countries, including, among others.
France, Hungary, Italy, Portugal and Spain.
Plant Facilities.-Mouquin, Inc. is at the present time occupying, on a
rental basis, approximately 60,000 square feet of factory space in B: rook'
lyn, N. Y., comprising a modern bottling plant with a maximum daily
capacity of 5,000 cases of 12 bottles per case, a modern winery operating
under Government permit and bonded facilities. This plant is also used
for the manufacture, storage and shipment of various other products
handled by the company.
Corporate Structure.
-Corporation has an authorized Wile of 10,000 shares
of pref. stock (par $10) and 300,000 shares of common stock (par $1), of
which 250,000 shares are presently to be issued and outstanding and the
remaining 50,000 shares are to be reserved pending the exercise of the
option and for othercorporate purposes. There has been issued in consideration of the transfer of assets, hereinbefore mentioned, 176,000 shares,
of which Louis H. F. Mouquin has agreed to return 50,000 shares for cancellation if the 18th Amendment shall not be repealed on or before Aug. 1
1934, which, however, will be reissued to Mr. Mouquin, without payment
or further consideration, upon the repeal becoming effective thereafter.
5,000 additional shares have been reserved for sale by the corporation at a
price to yield the corporation $5 per share; net; 2,601 of these shares have
already been issued and sold at private sale at a price to net the corporation $5 Per share. The remainder of the 5,000 shares will be reserved for
sale at:a price not less than that asked for the issue offered herewith.
The resultant capital structure is as follows:
Presently to Be
- Authorized.
Outstanding.
Preferred stock (par $10)
10,000 shs
Common stock (par $1)
300,000 shs.
*250,000 shs.
* The corporation reserves the right to sell less than 55,000 shares, in
which event the capital structure would be modified to that extent.
The Ligue Commerciale Franco-Americaine of Paris, France, the representative of various wine growers in France, holds an option to purchase
the 10,000 shares of pref. stock at $9 per share.
For their compensation, as agents for the corporation in this matter,
E. F. Gillespie & Co., Inc., will receive not more than $1.75 per share
commission for each share of stock sold under this offering, of which not
more than $0.75 per share will be paid to dealers and distributors, and
the balance of not more than $1 is allowed to cover originating commissions
and agents' profits less expenses. For additional compensation, E. F.
Gillespie & Co., Inc.. have been granted certain options.
Income Acct.for Periodfrom Jan. 1 1933 to May 31 1933, Mouquin,Inc.(Del.)
Sales, less returns and allowances
$179,779
Cost of goods sold
89,291
Selling, general and administrative expenses
68,519
Income from manufacturing
Cash discounts earned

$21,968
443

Net income
Provision for Federal and State income taxes

$22,411
3,401

Net income

$19,009
Pro Forma Balance Sheet July 19 1933.
[After giving effect to the agreement for the acquisition of all of the assets
subject to all of the liabilities as at Mai 31 1933 of the Delaware corporation
by Mouquin, Inc. (Md.) in consideration of the issuance to the Delaware
corporation of 176,000 shares of its common stock at $1 per share par value,
and after giving effect to the new financing by the sale of 57,601 shares of
common stock to net the company $5 per share, and after giving effect
to the payment of $14.260 of liabilities.]
Assets
Liabilities
Cash
$273,770 Trade accounts and notes
Customers' notes & accounts
payable
$68,992
receivable-not yet due___
32,294 Accrued liabilities
2,669
Customers' accounts receivAccount payable to subsidiable--past due
ary company
20,062
13,750
Other accounts receivable___
2,481 Reserves for Federal and
8,402
Inventories
92,225
State taxes, &c
Cash value life ins. policies_ _
233,601
910 Common stock
Claims receivable
600,591
321 Initial surplus
Deposits
400
Fixed assets
62,482
Inv. In capital stk. of subsid.
12,000
Prepaid expenses
5,932
Trade names, trade marks,
brands, &c
437,750
$934,318
Total
$934,318
Total
Option.
-Under an agreement between Mouquin, Inc., and E. F. Gillespie & Co., Inc., the latter is granted an option to purchase 14,000 shares
of common stock at $1 per share and an additional option to purchase
30,000 shares of common stock at $7 per share at any time within 18 months
after the repeal of the 18th Amendment, but not to extend beyond July 1
1935.
Purpose.
-It is estimated that the net proceeds to be raised by the sale
of this issue will be $275,000, and that $14,000 will be raised as a result
of the sale of 14,000 shares of common stock to E. F. Gillespie & Co., Inc.,
at $1 per share. The funds so raised are to be employed for working
capital and will be devoted principally to purchasing and importing the
products to be dealt in by the corporation upon the repeal of the 18th
Amendment.
Of the common stock presently outstanding, Louis H. F. Mouquin holds
130,000 shares, Clara Handelsman holds 35,000 and they jointly hold
11,000 shares.

-Oct. 1 Interest Unpaid.
Munson Steamship Line.

The Committee on Securities of the New York Curb Exchangemas issued
the following notice:
"Notice having been received that the interest due Oct. 1 1933 on the
63i% gold del)entures due Jan. 11937, is not being paid to date, the Committee on Securities ruled that beginning Oct. 3 1933, and until further
notice the said debentures shall be dealt In 'flat' and to be a delivery must
carry the Oct. 1 1933 and suosequent coupons. In connection with transactions in the debentures which occurred on Sept. 29 and 30 and Oct.2 1933
the Committee ruled that the seller shall deliver to the buyer the debentures
with the Oct. 1 1933 and all subsequent coupons attached against which
delivery the buyer will oe resuired to pay the price of the transaction plus
six months' accrued interest.'-V. 132, p. 2404.




Oct. 7 1933

--September Sales.(G. C.) Murphy Co.
1933
-Sept.
--1932.

$1,912,000 $1,418,572
-V. 137, p. 1948, 1252.
'fNational Casket
1

Increase.
Increase.' 1933-9 Mos.-1932.
$493,428 $14,284,105 $12,459,453 $1,824,652

from List.

Co.,ardlitas removed from unlistedmov
The New York Curb Exchange
the preferred stock (no p .-V. 137, P. 2116.

tra

g privi-

National Distillers Products Corp.
President Seton Porter, on Oct. 6, announced that a meeting of the stockholders would be called for Nov. 6 to act upon a proposal to split up the
present stock of the company on the basis of three shares for one. The
split-up would apply to stockholders of record at the close of business on
Oct. 16. The total authorized capital stock of the company is 829,587
shares, of which 628.027 shares are issued and outstanding. There is no
-V. 137, p. 2471.
pref. stock and no funded debt.

-Bonds Called.
National Sugar Refining Co. of N. J.
There have been called for payment as of Dec. 1 1933 at 10414 and int.
-year 7% s. f. gold bonds due Dec. 1 1941 of the
$118,000 of 1st mtge. 20
Warner Sugar Refining Co. Payment will be made at the Chase National
-V.136,P. 2256
Bank of the City of New York. 11 Broad St., N. Y. City.

-Chairman Resigns.
National Surety Corp.

-V.137, p.2283.
Witham B.Joyce has resigned as Chairman of the board.

-Proposed Plan Offered.
National Union Mortgage Co.

The protective committee formed for the protection of the holders of the
company's bonds cons sts of George P. Hardgrove, Chairman (Ferris &
Hardgrove), Seattle, Wash.; Edward J. Kelly (Babcock, Rushton & Co.),
Chicago; Barte: B. Bond (Bankers Bond & Securities Co.), Hannibal, Mo.;
John Dane (Dane & Well, Inc.), New Orleans, La.; Henry H. Dewar
(Dewar, Robertson & Pancoast). San Antonio, Texas; George P. Hardgrove (Ferris & Hardgrove), Seattle-Spokane, Wash.; F. W. Reeve (First
National Bank), Winona. Minn.; Gerald Howze (Howze, Spencer & Co.),
Duluth, Minn.; Campbell S. Johnston (W. E. Hutton & Co.,) Cincinnati,
;
Ohio; Herbert K. Moss (Kalman & Co., Inc.), St. Paul, Minn. Arthur A.
Christophel (Love & Co., Inc.), St. Louis, Mo.; John C. Legg Jr. (Mackubin, Goodrich & Co.), Baltimore, Md.; Philip H. Morton, Auburn, Maine;
Frank C. Paine (Paine-Rice & Co.), Spokane, Wash.; Burdick Simons
(Sidi, Simons, Day & Co.), Denver, Colo.; M. H. Sterne (Ward, Sterne
& Co.), Birmingham, Ala.; Norbert B. Hinckley (Wheeler & Woolfolk).
New Orleans, La.; William F. Williams (J. G. White & Co., Inc.), New
York, N. Y.: Auville Eager (Mackubin, Goodrich & Co.), Baltimore, Md.;
C. Stanley Rich, Secretary, Redwood & South Streets, Baltimore, Md.:
Counsel for the committee are Niles, Barton, Morrow & Yost, Baltimore.
The depositary is Maryland Trust Co., Baltimore, Md.

A statement of the protective committee affords the
following:

Formation of Committee.
Company, having defaulted on its interest coupons payable July 1 1933.
under three of its hisilea of outstanding bonds, this protective committee
has been formed in order properly to protect the interests of holders of its
bonds of all issues. The Maryland Trust Co., trustee has petitioned the
Circuit Court of Baltimore City to assume jurisdiction of the trusts and on
such petitions the court has passed orders assuming jurisdiction.
Problems Involved.
The difficulties affecting a large part of the collateral securing National
Union Mortgage, Co bonds arise from the necessity of an adjustment in
respect to $9,422,500 collateral affected by a refunding plan which has been
submitted to the holders of bonds secured by mortgages guaranteed oy
either the United States Fidelity & Guaranty Co. or the Maryland Casualty
Co., and also because the National Surety Co., the guarantor of $1,136,500
of other collateral has been taken over by the Superintendent of Insurance
of the State of New York, as renaJilitator.
Refunding Plan.
Under the refunding plan bondholders are offered two options. Briefly,
Option One provides for the exchange of present bonds, par for par, for bonds
of a new mortgage company. The collateral for the new bonds will consist
of bonds deposited under this option and (or) a representative cross section
of the mortgage collateral securing such deposited bonds. The new bonds
will be dated as of the effective date of the refunding plan and will mature
in 20 years. They will bear interest at the rate of2% for the first five years.
3% for the second five years, 4% for the third five years, and 5% for the
last five years. or an average of3Si %. The payment of an amount sufficient
to pay the principal and interest of the new bonds will be guaranteed to toe
trustee holding the collateral by the surety company which at present
guarantees the mortgages securing the bends deposited under this option.
Option Two, through the co-operation of the RFC, provides for the
-year
payment of $300 in casn per $1,000 bond. together with a $700 20
debenture. The debentures will not be guaranteed as to principal but will
bear interest guaranteed to a trustee by the Surety Co. at the rate of 2%
for the first three years, 3% for the next two years, 4% for the second five
years, 5% for the next five years, and 6% for the last five years, or an
average of 4.35%. The bonds and (or) a representative cross section of the
mortgage collateral securing the bonds deposited under this option will be
pledged with the RFC as security for its loan which shall not exceed 33%
of the face value of the collateral. After repayment of this loan through
liquidation of such portion of the collateral as is necessary the remaining
assets will be returned to the corporation issuing the debentures.
Under both options it is provided that any net earnings in excess of the
guaranteed interest up to a total of 6% in any one year will be paid the
security holders and any further available net earnings in excess of the
6% payment, together with the proceeds of liquidation, after repayment of
the RFC loan in the case of Option Two, will be used for the retirement of
the securities represented by the collateral so liquidated.
It is further provided under both options that there shall be a grace period
for tne deferment of not more than a total of one year's interest during
the first three years. After the third year only a flat six months' grace
period is allowed.
Committee's Recommendation.
This protective committee for the holders of National Union Mortgage
Co. bonds after full consideration of the situation offers the following
tentative plan. The consummation of the tentative plan is dependent upon
the refunding plan, (outlined above), being declared operative; which
plan is applicable to azout 71% of the collateral securing National Union
Mortgage Co. bonds wnen taken as a whole.
This percentage is an average of tne collateral held for all issues of National Union Mortgage Co. gold bonds which is affected by toe refunding
plan.
Although the collateral securing National Union Mortgage Co. bonds
pledged in various proportions under the various issues of the company's
outstanding bonds, the collateral is similar in character and it is the opinion
of this committee that the bonds should be dealt with as an entirety without
regard to the respective issues, for the following reasona, viz.:
By treating all of the issues as a whole it is believed that a cash payment
of not less than $200 per $1,000 bond can be paid to all bondholders; otherwise the holders of bonds of those issues which are secured ny a larger
proportion of bonds secured by mortgages guaranteed by the United States
Fidelity & Guaranty Co. or the Maryland Casualty Co. would receive
a larger cash payment, but would have as collateral for their new collateral
trust bonds a larger proportion of debentures as referred to under the
tentative plan and a smaller proportion of other collateral. On the other
hand, the holders of bonds of issues wnich are secured by a larger proportion of bonds guaranteed by the National Surety Co. and (or) oonds secured
by mortgages guaranteed oy the Fidelity & Deposit Co. of Maryland would
receive a smaller cash payment than ls provided under the tentative plan.
Tentative Plana
If this plan is declared operative, bondholders would receive $200 cash
payment per $1,000 bonds, and $800 new collateral trust bonds, plus
accrued interest to Sept. 1 1933, on all deposited bonds, including coupons
which matured on or before Sept. 1 1933.
The $200 cash payment necessitates the acceptance of option two of the
refunding plan applicaole to bonds secured by mortgages guaranteed by
the United States Fidelity & Guaranty Co. or the Maryland Casualty Co..
and which affects 71% of thc collateral securing National Union Mortgage
Co. bonds. Therefore, a substantial percentage of the collateral for the new
collateral trust bonds tv.,ich would be issued under the tentative plan
would consist of deoentures received under option two of tne refunding plan.

Volume 137

These de 3entures would bear a guaranteed fixed interest but the principal
would not be guaranteed. The balance of the collateral would consist of
bonds guaranteed by the National Surety Co. and bonds secured by mortgages guaranteed by the Fidelity & Deposit Co. of Maryland.
Tne new $800 bonds would mature in 20 years from the effective date of
the plan and bear interest at the rate of 2% for the first three years, beginning Sept. 1 1933. 3% for the next two years, 4% for the second five
years, 5% for the next five years and 6% for the last five years, or an
average rate of 4.35% over the life of the bonds. Any excess net income
would be used to retire bonds by purchase in the open market. The total
guaranteed interest on the collateral would, it is estimated, equal the
interest on the new collateral trust bonds.
Special attention is called to the fact that the 3300 cash payment per
$1.000 bond under the refunding plan is applicable to only 71% of the
collateral securing National Union Mortgage Co. bonds. The proceeds of
such cash payment together with the cash on deposit with the trustee
would amount to approximately $250 per $1,000 National Union Mortgage
Co. bond. Although the expenses of this committee, including its compensation, are limited to $20 per $1,000 bond, there necessarily will be other
charges in connection with the consummation of the proposed plans, such
as trustee's fees and expenses, cost and taxes incident to the preparation,
issue and delivery of the new securities, &c. Therefore the committee does
not consider it advisable to distribute all cash that would be available, as
this may result in an assessment against the bondholders. Any cash remaining after the plan is consummated would be used for the benefit of
bondholders by the redemption of bonds or otherwise. It is the °Willem
of the committee that there will be available for distribution not less than
$200 per $1,000 National Union Mortgage Co. bond, as is set forth in the
tentative plan above.
Optional Plan.
If the holders of 10% of National Union Mortgage Co. bonds so elect,
this committee will also offer a plan providing for the issuance of now
bonds to be delivered to present oondholders, par for par, in exchange for
their present bonds. Such plan,(termed tne optional plan), would be based
upon the acceptance of option one of the refunding plan. Such new bonds
would mature in 20 years from the effective date of the plan and would
bear interest at the rate of 2% for the first tve years, beginring Sept. 1
1933 (to which date accrued interest would be paid on deposited ponds),
3% for the second five years, 4% for the third five years, and 5% for the
last five years or an average interest rate of 3%%. The new bonds to be
issued under this proposed optional plan would be secured in large part by
the bonds received under option one of the refunding plan. The payment
of an amount sufficient to pay the principal and interest of any such bonds
received under the refunding plan would be guaranteed to the trustee holding the collateral by the Iblited States Fidelity & Guaranty Co. or the
Maryland Casualty Co. The balance of the collateral would consist of
bonds guaranteed by the National Surety Co. and of bonds secured by
mortgages guaranteed by the Fidelity & Deposit Co. of Maryland. Therefore. this optional plan would War from the tentative plan described above
in two main respects. There would be no cash payment; all the collateral
would consist of bonds protected ay a guarantee of a surety company.
In the opinion of the committee, and subject to the refunding plan being
declared operative, the above tentative and optional plans are the best
the present status of the collateral permits to be offered to bonds
holders. $1,136,500 principal amount of the collateral consists of bondguaranteed by the National Surety Co. It is hoped that this defaulted
collateral may be favorably affected by plans for a solution of the National Surety Co. problems, and this together with the possibility of income
on other collateral in excess of the minimum amount estimated by the
committee, in working out the above plans, may result in further advantages for bondholders.
Status of Collateral Securing National Union Mortgage Co. Gold Bonds.
There are outstanding $13,191,125 principal amount of bonds of the
National Union Mortgage Co. which, as of Aug. 1 1933. were secured by
pledge with the Maryland Trust Co., trustee, of $12,720,500 principal
amount of bonds of other mortgage companies, such bonds being either
guaranteed as to payment of principal and interest by a surety company or
secured by mortgages guaranteed as to payment of principal and interest
by a surety company and by pledge of $472.250 of principal cash and $29,234 of income, &c., cash or total collateral in excess of the principal amount
of outstanding bonds. It is obvious, therefore, that any permanent default
of either the principal or interest of any substantial part of the collateral in
turn creates a default in the payment of the principal or interest of National Union Mortgage Co. gold bonds.
The National Surety Co. of New York guarantees the principal and
interest of $1,136,500 principal amount of bonds held as part collateral for
various issues of National Union Mortgage Co. bonds. This collateral
consists of $905,000 of bonds of Union Mortgage Co., Charleston, W. Va.,
3223,500 of bonds of the Southern Securities Corp. Ashland, Ky., and
$8,000 of bonds of the mortgage Co. of Alabama, BirMingham, Ala. This
committee is reliably informed that the above three mortgage companies
will be unable to pa,y either principal or interest on their bonds and the
status of the guarantor, the National Surety Co.. eliminates any immediate
revenue from this source. Until some acceptable plan is offered in connection with the above bonds guaranteed by the National Surety Co. this
$1,136,500 of collateral will remain as a non-producing asset and its value
'
cannot be satisfactorily determined for consideration under any definite
plan in connection with National Union Mortgage Co. bonds. Under
present restrictions, the trustee cannot deposit collateral under plans which
may be offered in connection with such bonds as a satisfactory solution
essential for the best protection of the investment, and proper authority to
act under these circumstances should be granted this committee by bondholders by the deposit of their bonds so that it may request the court to
instruct the'trustee to act on such matters at the request of this committee,
it being the opinion of the committee that the above mentioned bonds
should be deposited with the committee which has been designated as
the "Boyce committee.'
$8.194,000 principal amount of bonds deposited as part collateral for
National Union Mortgage Co. bonds are secured by mortgages guaranteed
by the Maryland Casualty Co. and other eligible collateral as provided in
the indentures securing such bonds. These bonds consist of $7,311.500
.
of bonds of the Carolina Mortgage Co., Raleigh, N. C., of which amount
$20,000 bonds are covered by a repurchase agreement from the company
which is guaranteed by the surety. and $882,500 of bonds of Franklin
Bond & Mortgage Co.,
'
'Memphis, Tenn., of which amount $81,000 bonds
are also guaranteed by endorsement by the surety company. These two
mortgage companies, in conjunction with the Maryland Casualty Co..
have authorized the issuance of statements to bondholders that a continuation of the payment of interest and principal on outstanding bonds is
impossible. The bonds of both the Carolina Mortgage Co. and the Franklin
Bond & Mortgage Co. are affected by the refunding plan applying to bonds
secured by mortgages guaranteed by the Maryland Casualty Co.
$1,228,500 principal amount of bonds deposited as part collateral for
National Union Mortgage Co. bonds are secured by mortgages guaranteed
by the United States Fidelity & Guaranty Co. and other eliaible collateral
as provided in the indentures securing such bonds. These bonds consist
of $878,000 of bonds of the Florida First Mortgage Corp., Orlando. Fla.,
of which amount $75,000 bonds are also guaranteed by special agreement
with the surety; and $350,500 principal amount of bonds of the Security
Mortgage Co., Atlanta, Ga. The bonds of both of these companies are
affected by the refunding plan applying to bonds secured by mortgages
guaranteed by the United States Fidelity & Guaranty Co.
As the National Union Mortgage Co.is the holder of a total of $9,422,500
principal amount of bonds affected by the refunding plan, this committee
was faced with the important decision of recommending the acceptance or
rejection of such refunding plan, for, in the opinion of the committee, the
success or failure of the refunding plan rests largely upon the depositing of
the above mentioned collateral because it represents a substantial percentage of the total amount of bonds eligible for deposit under the refund ng
plan. The RFC resolution provides that the refunding plan shall be assented to within such time, by the holders of bonds in such amount, as shall
be satisfactory to the RFC in its absolute discretion, it being contemplated
that the plan shall be assented to by the holders of substantially all outstanding bonds. The trustee cannot modify the strict terms of the indentures, even though such modification may unquestionable be advisable
for the hest protection of the bondholders. This committee believes, therefore, that in order to avoid complete collapse and forced liquidation and to
obtain the continued servicing of the loans and properties it is necessary
and advisable to accept the refunding plan which is applicable to 71% of
the collateral securing National Union Mortgage Co. bonds. Bondholders
are offered a choice of the provisions of the refunding plan as outlined in the
tentative and optional plans.
The remaining surety guaranteed mortgage bonds deposited with the
trustee consist of $2,161,500 principal amount of bonds of the Provident
Mortgage Co., Oklahoma City, Okla., secured by mortgages guaranteed




2647

Financial Chronicle

by the Fidelity & Deposit Co. of Maryland. All interest and principal on
this collateral has been paid promptly when due.
The National Union Mortgage Co. was incorporated in March 1925.
To date, the company has paid to bondholders, in interest alone, the sum
of $6,631,675, and there was no default in interest payments until July 1
1933. From the foregoing outline, it is obvious that the safety of National
Union Mortgage Co. bonds is dependent upon the safety of the collateral
securing them. In view of the status of the National Surety Co. which
guarantees $1,136,500 principal amount of the collateral and the necessary
adjustment on other collateral amounting to approximately 71% of the
total collateral securing National Union Mortgage Co. bonds, it is also
obvious that 5%% and 6% interset cannot be paid on outstanding National Union Mortgage Co. bonds.
Reconstruction Finance Loan.
The RFC has agreed to make loans on certain terms and conditions to
aid in carrying out the "refunding plan" applicable to 71% of the collateral
securing National Union Mortgage Co. bonds, and the $200 cash payment
to National Union Mortgage Co. bondholders contemplated under the
tentative plan of this committee is dependent upon the consummation of
the loan offer of the RFC on certain collateral securing National Union
Mortgage Co. bonds. The RFO resolution relating to the "refunding plan"
provides that the "refunding plan" shall be assented to within such time as
shall be satisfactory to the RFC by the holders of the bonds now outstanding in such amount as shall be satisfactory to the RFC in its absolute
discretion, it being contemplated that the "refunding plan" shall be assented to by the holders of substantially all bonds to which such plan is
applicable.
Since over $9,400,000 of bonds affected by the "refunding plan" are
deposited as collateral for National Union Mortgage Co. bonds, the importance of immediate action on the part of holders of National Union
Mortgage Co. bonds is obvious. As the withdrawal of the loan offer rests
entirely with the RFC and the time within which the plan shall be assented
to by a satisfactory percentage of bondholders is also in its absolute discretion, it is extremely important that there be no undue delay in declaring
operative a plan for holders of National Union Mortgage Co. bonds.
Funded Debt Outstanding.
The total funded debt outstanding as of Aug. 1 1933, amounted to
$13,191,125 par value of bonds, as follows: issued under trust
indenture
$815,500 6% bonds, due May 1 1945, and
dated May 1 1925.
$4,042,000 6% bonds, due Sept. 1 1945, and issued under trust indenture
dated Sept. 1 1925.
82361,000 6% bonds due April 1 1946, and issued under trust indenture
dated April 1 1926.
84.678.500 bonds (of which $843,500 are 6% bonds due Sept. 1 1936
81,213,500 are 6% bonds due Sept. 1 1946; $1,059,000 are 6% bonds du
Nov. 1 1936; $95.000 are 6% bonds due Jan. 1 1947; $85.500 are 6% bond
due April 1 1937; 896,000 are 6% bonds due April 1 1947; $404.500 are
5%% onds due Dec. 1 1937, and $881,500 are 5%% bonds due Jan. 1
1938), all issued under trust indenture dated Aug. 10 1926.
8621,000 bonds (of which $90,500 are 5%% bonds due Oct. 1 1933 and
$530,500 are 5%% bonds due Oct. 1 1938), both issued under trust indenture dated Oct. 1 1928.
8673,125 bonds (of which $293,375 are 54% bonds due Dec. 1 1937,
$257,625 are 5%% bonds due Jan. 1 1938 and $122,125 are 5%% bonds
due Oct. 1 1938), all issued under trust indenture dated Oct. 1 1932.
Income for 7 Months Ended July 31 1933.
$140.294
Interest received on investments
Accrued interest on pledged investments not in default at
203,317
July 31 1933
Accrued interest on investments in default:
11,494
On pledged investments
57
On unpledged investments
96,027
Coupons in default: From pledged investments
102
From unpledged investments
18,220
Adjustment of investments to par value
1,422
Interest received on deposits, dtc
475
Miscellaneous fees remived for services rendered
Total
Interest paid on outstanding bonds of the company default at
Accrued interest on bonds of the company not in
July 31 1933
Accrued int,on bonds of the company in default at July 31 1933.
Coupons from company bonds in default at July 31 1933
Interest paid depositing bondholders
Miscellaneous corporate expenses
Provision for expense of trustee
Commissions on bonds bought
Tax on bonds sold and checks issued
Miscellaneous interest. &c

$471.408
159,316
251,464
5.696
34,176
2,557
2.590
588
50
82
21
814.869

Surplus, July 31 1933

General Balance Sheet July 31 1933.
Liabilities
Assets
393 Common stock (10,000 shares
Cash, on deposit
$100.000
34,404
no par)
Accounts receivable
13,191,125
x Bonds payable
Accrued int, on pledged In5,500
203,317 Matured bonds outstanding_
vestments not in default
Accrued lot, payable on bonds
Accrued interest on invest251,464
payable not in default_ _ _ _
11,552
ments In default
96,129 Accrued lot,payable on bonds
Coupons receivable in default
5,696
Payable in default
Redemption fund for matured
5,500 Coupons payable from bonds
bonds payable
34,176
payable in default
43,945
Unpledged inv.-book value_
14
Tax withheld-due Fed.Gov.
Assets pledged with trustee
14.079
13,221,984 Reserve for exps.of trustee
for outstanding bonds
14,869
Surplus
513,816,924
Total
$13.616,924
Total
x Secured by bonds of other companies which in turn are secured by
mortgages guaranteed by various surety companies; and secured by bonds
of other companies which are guaranteed directly by surety companies,
of a par value aggregating $12,720.500. and by cash in the amount o
$501.484.-V. 137, p.2116.

-September Sales.Neisner Bros., Inc.
1933--Sept.--1932.
$1,248.775 81.124,748
-V. 137. p. 1948, 1776.

Increase.
1933-9 Mos.-1932.
$124,027j$10.053.552 81,0194,656

Decrease.
$141.104

(J. J.) Newberry Co., Inc.
-September Sales.
1933-Sept.
-1932.
$3,036,060 $2,694,796
-V.137. p. 1949.

Increase.
Increase. I 1933-9 Mos.-1932.
$341,2641 $23,145,036 $22.096.172 $1,048,864

ew York Depositor Corp.-Removed from List.
The New York Produce Exchange as roved from dealings
ternpo ary bearer certificates for trustedN. Y. City bank notes.
-V. 137.
P. 2116.

New York Title Insurance Co.
-Extends Serivce.President Frederic J. Fuller on Oct. 2 announced that advisory committees, representative of the legal, real estate, banking and other interests
of communities in which the company operates offices, have been appointed
with a view to aiding the company and its customers throughout Westchester, Kings, Queens and Nassau Counties. This innovation in the
service which the company will render, will later be supplemented by the
appointment of similar advisory committees in Suffolk County and Richmond. The company operates branch offices in all these counties and the
respective committees will meet regularly to discuss matters pertaining to
the real estate, title, mortgage and insurance business with a view to keeping informed and maintaining close touch with developments affecting their
business and that of the title holders. These committees will be of great
assistance to the various offices of the company, according to Mr. Fuller.
-V.137, p. 1253.

North American Aviation, Inc.
-Traffic Gains.
The corporation on Oct. 3 announced its transport lines carried more
passengers, air express and air mail during August than in August 1932.
A total of 13,694 revenue passengers were transported during August 1933.

2648

Financial Chronicle

an increase of 92% over the same month, of 1932 President E. R. Breech
reported. Airmail totaled 199,324 pounds, an increase of 30%, and air
express totaled 34,538 pounds, or an increase of 86%•
Eastern Air Transport, Inc., a subsidiary, carried 7,707 passengers in
September, an increase of 3,461 over the same month of 1932. In the first
nine months of 1933, 54,224 passengers were transported, compared with
27,592 in the 1932 period, a gain of 26,632, or 96.5%. The company
flew a total of 3,201,121 miles in the first eight months this year, compared
with 2,731,982 in the 1932 period of last year, an increase of 17%.

Transfer Agents.
It is announced that the corporation will maintain facilities for the transfer of its capital stock at its office, General Motors Building, at Broadway
and 57th St.. N. Y. City, effective Nov. 1 1933.
Certificates for transfer must be delivered directly to the uptown transfer
office, but certificates issued upon such transfers will be redelivered through
the office of the registrar, the Bankers Trust Co.
-V. 137, p. 1949.

Northland Greyhound Lines, Inc.
-Resumes Dividend
-Pays Accumulations.
The directors recently declared a quarterly dividend of $1.623i per share
and a dividend of like amount to clear up accumulations on the $6.50
cum. preferred stock, no par value, both payable Oct. 1 to holders of record
Sept. 20. The previous regular quarterly payment of $1.6234 per share was
made on this issue on April 1 1933, the July 1 payment having been deferred.
-V.137. p. 1064.

Oliver United Filters, Inc.
-Earnings.
-Years Ended Dec.31Net income for year
Previous surplus

1931
, 1932
x$55,923 loss$54,718
240.284
74,316

Total surplus
Dividends on 60,000 shs. A stock
Dividends on 170,000 shs. B stock

$130,239

$185,566
90,000
21,250

Earned surplus, Dec. 31
$74.316
$130,239
x From debentures, &c , after the deduction of $5,322 for miscellaneous
expenses.
Balance Sheet Dec. 31
1931.
1932.
AssetsLiabilities1932.
1931.
$31,713
Investments
$2,469,078 $3,073,491 Notes St accts. pay $10,874
Accts. ,f, int. rec.30,000
34,080
32,681 Dividend payable_
Cash
8,768
5,083 Capital stock_ x_ _ 2,975,226 2,975,226
74.316
Good-will
604,413
Earned surplus.. _ _ 130,239
Total
$3,116,339 $3,111,256
Total
$3,116,339 $3,111,256
x 60,000 shs. A convertible stock and 170,000 shs. B stock, no par value
-V.134. p. 4169.

Packard Motor Car Co.
-Sales Gain.
The company on Oct. 5 reported that the dollar volume of its sales in
September was the largest of any month in more than two years. Shipments
were 1,514 cars, and actual sales by dealers and distributers were 1,325.
The company reported unfilled orders for 940 cars on Oct. 1.
Stocks of cars are far below normal, it was said. Inventories of new
automobiles on Oct. 1 were less than half the total on similar dates of the
last 10 years. The company recently introduced its 1934 models.
-V. 137,
p. 1424, 1065.

Peerless Corp.
-New Name-Rights.
See Peerless Motor Car Corp. below.

Peerless Motor Car corp.-Incre ses Ca 'tali ation and
Changes Name-ltivirts.
-44-•
The stockholders on Oct. 4 approved a proposal to issue 92,3 8 additional
shares of capital stock, par $3, and change the corporation's name to Peerless
Corp.
President J. A. Bohanon also announced that the stockholders had approved the directors' program offering to shareholders rights to subscribe
to additional shares of the company's stock.
The board of directors, Mr. Bohanon said, had been increased from
5 to 9 members. New directors elected were George A. Ellis, William
Dewey Louchs, Edward P. Taylor and John M. Lee.
An application to list 554,087 shares of capital stock ($3 par value) of
the Peerless Corp. has oeen announced by Ashbel Green, Secretary of the
Committee of Stock List of the New York Stock Exchange.
-V.137, p.2285.

Penn Mercantile Properties, Inc.
-Oct. 1 1933 Coupons
Not Paid.
Fidelity-Philadelphia Trust Co., Philadelphia, in a notice dated Oct'. 2
to holders of Oct. 1 1933 coupons appurtenant to Penn Mercantile Properties
secured sinking fund 51i% gold bonds due April 1 1948, states:
As trustee under trust agreement dated April 1 1928 securing the above
bonds, the undersigned has been advised by counsel that it should in the
exercise of discretionary powers conferred upon it by the agreement,
reserve in its possession sufficient funds to enable it to make any and
all payments which may be presently required to preserve or protect the
interests of the bondholders in the trust estate, including payment of the interest and amortization charges under the first mortgage of $895,000
upon the leased premises held by Metropolitan Life Insurance Co. of
New York, which have accrued in the amount of $18,250 to date and
will amount to $27,375 on Dec. 1 1933, and of the real estate taxes on
the leased property which are now payable in the amount of $30,525 Plus
penalties at 1% per month since July 1 1933. The tenant's trustee in
bankruptcy has neither adopted nor rejected the lease as an obligation
of the bankrupt estate and has successively reduced its monthly payments
for use and occupancy of the premises from $12,500, which was the full
equivalent of the reserved rental, to $8,333.33 per month on July 1 1933,
and to $6,916.67 on Aug. 1 1933 and subsequently, creating a total deficiency in rentals of $15,333.33 to Oct. 1 1933 and a prospective deficiency
?
on Dec. 1 1933 of 832,083.33, assuming that the trustee in bankruptcy
will continue to pa the sum of $6,916.6 monthly for use and occupancy
of the premises.
here is no assurance, however, of a continuation of
these payments, or that the trustee in bankruptcy will pay the real estate
taxes above mentioned as required by the lease.
The undersigned deems it essential to the interests of the bondholders
in the trust estate that provision should be made for the first mortgage
carrying charges, and the real estate taxes above mentioned. As the funds
in its possession are insufficient to provide therefor and in addition for
the payment of the Oct. 1 1933 coupons, and as no funds have been furnished by Penn Mercantile Properties, Inc., for either purpose from other
sources,such coupons will not be paid at the present time.
-V.126, p.2161.

Pennsylvania Co.for Insurances on Lives & Granting
Annuities.
--Balance Sheet Sept. 30.1932.
1933.
1933.
1932.
Assets-

Cash due from
banks
39,957,433
U. S. Gov. sec. 50,053,581
Loans upon collateral
74,206,473
Invest. secur
32,836,839
Commerel paper 13,789,398
Res.fd. for protect'n of "cash
bal. In trust
accounts"____ 5,144,925
Misc. assets___ 4,830,165
Interest accrued 1,737,015
Bank !Adv., &c 2,248,510
Customers' liab.
acct. letters of
cred. issued &
153,083
accepts. exec.

Total
-V. 137,

Liabilities
Capital
8,400,000 8,400,900
51,292,833 Surplus
17,000,000 27,000,000
37,119,931 Undivided prof_ 1,962,930 1,289,948
630,000
Res. for divs
336,000
781,366
85,769,348 Res. for bldg.,39,560,575 Res. for taxes
387,127
16,807,107
and expenses 1,186,581
Res. for contln9,308.525 6,777,351
geodes
Treas.' checks,
6,070,002
clearing house
2,333,632
due bills out825,995
1,731,434 standing
444,654
556,060
4,011,451 Int. pay. dee'rs
128,751
149,004
Misc. liabilities_
Letters of credit
& acceptances
385,040
executed for
153,083
385,040
customers
186,016,646 197,919,718
Deposits

224.957,422 245,081,356

p. 506.




Total

224,957,422 245,081,356

Oct. 7 1933

Pennsylvania Dock & Warehouse Co.
-Sold at Auction.
The company's property was sold at auction for $2,100,000 by special
Master George R. Beach on the steps of the Hudson County Court House,
Sept. 27.
Pierpont B. Davis and Paxton Blair of New York, representing first
mortgage bondholders were the only bidders.
They also bid $3,500 for office equipment of the warehouse and 5,000
shares of preferred and 4,000 shares of common stock of the General Cold
Storage Co., which operates a plant in the h ge building.
The property was offered for sale by Special Master Beach under a foreclosure decree obtained by the Pennsylvania Co.for Insurances on Lives &
Granting Annuities of Pailadelphia, which holds a first mortgage on the
premises. (Compare reorganization plan in V. 136, p. 1215.)-V. 137,
p. 1592.

Pennsylvania Salt Mfg. Co.-Consol. Bal. Sheet June 30.
1932.
1932.
1933.
1933.
Liabilities$
Assets
341,768
Cash
968,401
730,026 Accounts payable_ 410,155
112,500
Marketable maws. 150,528
170,047 Dividend payable_ 112,500
Notes receivable
257,832
19,033 Taxes and sundry
accrued items__ 127,444
109,992
Acc'ts receivable 1,200,446 1,054,143
Inventories
1,842,394 2,036,523 Devel. & research
18,904
18,904
Prepaid expenses.. 239,819
209,129 reserves
231,543
Insur. fund res'es 225,747
lava. in subs, and
Capital stock
7,500,000 7,500,000
other cos. not
2,000,000 2,000,000
203,601 Paid-in surplus
consolidated
203,601
Earned surplus.__ 3,946,440 4,424,889
x Bldgs., mach'y
and equipment. 8,283,261 9,137,879
Real estate, incl.
732,497
741,005
coal lands
446,717
Tr.
-marks & pats_ 453,901
Total
14,341,189 14,739,596
Total
14,341,189 14,739,596
x After reserve for depreciation of $8,782,810 in 1933 and $8,632,898
in 1932.
Our usual comparative income statement for the year ended June 30 1933
was published in V. 137, p.2472.

-Asset Value.
Petroleum Corp. of America.
The net assets value of the capital stock of this corporation outstanding
in the hands of the public as at the close of business Sept. 30 1933 was
announced to be $15.67. This figure is comparable with a net asset value
of $7.23 per share as at the close of business Dec. 31 1932. and $16.08 Per
share as at the close of business June 30 1933.-V. 137. P. 1592.

-Accumulated Dividend.
Phillips-Jones Corp.
The directors on Oct. 5 declared a dividend of $1.75 per share on the
7% cum. pref. stock, par $100, payable Nov. 1 to holders of record Oct. 20.
The company on March 14 last paid a dividend of $3.50 per share on this
issue which cleared up all accruals to and incl. Feb. 1 1933.-V.137 p. 1592.

ittsburgh Forgings

-Admitted to List.

he New York Curb Exchange as admitted to unlisted trad
ued share for share in exch
the new capital stock (par $1),
capital stock (no par).
-V. 137. P. 2118.

rIvileges
ge for old

-To Reorganize Under
Price Brothers & Co., Ltd.
Bowater's Paper Mills of London.
The protective committee for holders of the company's bonds, announced
Sept. 30 that it had concluded an agreement with Bowater's Paper Mills,
Ltd., newsprint manufacturers, of London, Eng., for a reorganization of
Price Brothers. Documents embodying the terms of the agreement were
signed and exchanged Sept. 30.
Formal notice will be given to the bondholders and full details will be
communicated to them as soon as the necessary steps can be taken in
accordance with the deposit agreement under which the committee is
acting, it was announced.
Bowater Paper Mills represents large paper interests in Great Britain
operated by the Imperial Mills. They will, it is said, take 100,000 tons of
newsprint yearly from the Price Brothers mills.
Price Brothers & Co. defaulted interest on its funded debt on Aug. 1
1932, and the protective committee which was formed to represent holders
of the $11,000,000 6% 1st mtge. bonds is made up as follows: Ross H.
McMaster, J. It. Eccles, both of Montreal: John Hall Kelly, Quebec:
Thomas Bradshaw, Toronto: W. M. Dodge, New York and W. E.
McGregor, Boston, Chairman. This committee, it has been indicated
represent over $8,000,000 of the bonds.
On application of the Duke-Price Power Co., the company was adjudged
bankrupt and placed in the hands of Gordon Scott, as receiver, on April 10
last.
-V. 137, p. 884.

-Receives Order.
Pullman Car & Mfg. Co.

Armour & Co. have ordered 500 refrigerator ears to be built in their
own shops. The steel underframes will be made by the Pullman Car &
Manufacturing Co.
-V. 137, p. 2474.

-Sales Continue Gain.
Quarterly Income Shares, Inc.
September sales of Quarterly Income Shares totaled 824,237 shares.
This brings the total number of shares outstanding on Sept 30 to 10,631,398
shares, according to the monthly sales report issued on Oct 3 by Benj. F.
Castle, Vice-President of the Administrative and Research Corporation,
sponsors of the investment fund.
"Holdings in the common stocks of the 35 companies on the investment
list were increased from 291,853 shares on Aug. 31 to 317,811 on Sept. 30,
Mr. Castle stated.
The monthly increase in the number of shares outstanding at the close
of the first nine months of 1933 is shown in the tabulation below:
January
409,928 April
4,701,812 July
8,873,753
February
1,671,111 May
5,938,194 August
9,807,161
March
2,986,197 June
7,136,704 September...-10,631. 9
-V. 137, p. 2286, 1950.

"'-Rainier Pulp & Paper Co.
--Proposed' Merger.
Eugene Bashore of San Francisco on Sept. 26 announced that plans
ve been agreed on for merging the Rainier Pulp & Paper Co. of Shelton,
he Olympic Forest Prolts Co. of Port Angeles and the poundview
lp Co. of Evett, Wash
Everett,
Mr. Bashore, represen
ve of Blyth & Co., Irfc., which handled the
negotiations, said the plans will be ratified by directors of the companies
involved "in the near future."
The merger, Mr. Bashore said, will create a company, to be named later,
having physical assets of about $10,000,000 and producing 150,000 tons of
high uade pulp annually.
"While negotiations are in the preliminary stage," Mr. Bashore commented,"there is little doubt concerning ratification. The plan has been agreed
upon by representatives of each concern, and is to be submitted to the
board of directors of each"
-(San Francisco "Chronicle").
-V.137, p. 1950.

Rayon Industries Corp.
-Balance Sheet July 311933.-.
Assets
Cash
Accounts receivable
Inventories
Property
Other assets:
Mill dr factory supplies
Deferred assets
Organization exp. paid

Liabilities
$763,635 Accounts & notes payable_ __
67,335 Mortgages payable
149,343 Res. for taxes, mtge. Int.
1,568,924
other expense
a Class A stock
14,358 a Class It stock
9,076 Capital surplus
8,912 Earned surplus

$26,286
202,750
11,954
1,000,000
500,000
766,887
73,708

Total
$2,581,585
Total
$2,581,585
-V. 137. p. 2474.
x Represented by shares of $1 par value.

-Filing of Claims.
Realty Foundation, Inc.
The bondholders' committee for various classes of ponds, of which
Robert P. Marshall is Chairman, announces that it nas neon notified by
the referee in bankruptcy that the last day for filing claims against the
company with the trustee in bankruptcy has been set for Oct. 18. On
or before that date the committee announces that it will file claims on
,
behalf of bondholders who have deposited with the New Y rk Trust Co.
Substantially more than a majority of the outstanding bonds have
already been deposited with the committee.

Financial Chronicle

Volume 137

The various classes of oonds are as follows:
(1) Guaranteed 6% secured gold bonds, series A, dated Feb. 1 1928.
(2) Guaranteed participating 6% gold bonds,series B,dated reo. 1 1928.
(3) Guaranteed first mortgage 53'j% collateral gold bonds,series A.dated
April 15 1928.
(4) Guaranteed participating 6% secured gold bonds, series C, dated
July 1 1928.
(5) Guaranteed participating 6% secured gold bonds, series D. dated
Nov. 1 1928.
(6) Guaranteed participating 6% secured gold bonds, series E, dated
Feb. 1 1929.
(7) Insured 6% participating trust certificates. series A, dated April 1
1927.-V. 137, p. 2118.

""'"...,Richardson Corp., Rochester, N. Y.-A-crrrertreanri
.
trl
eve c-Coneern
.rporation on Sept. 29 announced it had aci
cored the controlling
Interest in the Lyons-Magnus Corp. of San Francisco
hees
Leon L. Benham,
President of the Richardson concern, said the Lys
-Magnus company
owns the E. G. Lyons & Raas Co. The latter was a large manufacterer
In this country prior to 1918 of cordials and California wine products.

Roos Brothers, Inc.
-81

Cent Preferred Dividend.-

A dividend of 81 ji cents per share has been declared on the $6.50 cum.
cony. pref. stock. par $100. payable Nov. 1 to holders of record Oct. 15.
A like amount has been paid each quarter since and incl. Aug. 1 1932, prior
to which the stock received regular quarterly dividends of $1.62j per
,
5
share.
-V. 137, p. 157.

Ruhr Housing Corp.
-Bonds Drawn for Sinking Fund.-

Dillon, Read & Co., as fiscal agents, announce that $34,000 of 1st mtge.
63i% sinking fund bonds have been drawn for redemption on Nov. 1 for
sinking fund purposes. Payment will be made at par at the office of Dillon,
Read & Co. in New York. At the option of holders, principal and interest
may also be collected in London, England,at the office of M.Samuel & Co.,
Ltd.,in pounds sterling, or in Amsterdam, Holland, at the office of Mendelssohn & Co., Amsterdam, in Dutch guilders, or in Basle or Zurich. Switzerland, at the office of Scoiete do Banque Suisse and of Credit Suisse, in Swiss
francs, or in Stockholm, Sweden, at the office of Skandinaviska Kreditaktiebolaget, in Swedish kronor, at the buying rate in London or Amsterdam or
Basle or Zurich or Stockholm, as the case may be, for sight exchange on
New York City on the day of presentation for collection.
Dillon, Read Sr Co. Sept. 29 further announced as follows:
'We are advised by counsel that, under the terms of the law of the German Government of June 9 1933, the Ruhr Housing Corp. is required to
make interest and sinking fund payments on the bonds above referred to
In reichsinarks to the Conversion Bank for Foreign Debts. a German
public corporation, for the account of the person or persons entitled to
receive such payments under the terms of the indenture, to be held and
applied in accordance with regulations to be adopted."
-V. 135, P. 2349.

St. Lawrence Corp., Ltd.
-Balance Sheet, Dec. 31 1932.
.
$20,396,800 Class A 4% cum. cony. pref.
514,719,750
stock (par 850)
13,227
123,159 Common stock (567,710 shs.
5,677,100
no Dar)
St. Lawrence Paper Mills Co.,
136,337
Limited

Total
520,533,187
Total
520,533,187
a 498.235 shs. of St. Lawrence Paper Mills Co., Ltd. (no par value),
common; 294,395 shs. of I3rompton Pulp & Paper Co., Ltd (no par value).
common; 99,246 shs. of Lake St. John Power & Paper Co.. Ltd. (no par
value), common.
-V. 131, p. 3995.

St. Lawrence Paper Mills Co., Ltd.
-Earnings.Years Ended Dec. 31Operating loss
Provision for depreciation
Reserve for contingencies
Loss
Inventories written off
Loss
Dividends

1931.
1932.
S286.670prof$427,452
393,550
161,338
300,003
$748,008 prof.$33,902
846,075
$1,594,083 prof.$33.902
106,875

Deficit
51,594,083
Previous surplus
101,545
Amount previously included in accts, payable for
contingent liaollities now transferred to surplus_
134,884
Adjustments
Investments written off
Dr.125,178

$72,973
169,122

Second National Investors Corp.-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
1933
Assets1932.
1932
Liabilities1933.
Securities
c$4,478,903 c157039,887 Unearned interest_
$17
Cash
257,092
221,262 Accrued expenses_
51,100
800
Pref. stock in tress 649,690
.
Provision for N.Y.
Dep. in closed bk_
400
7,043
State taxes
6,000
Short-term notes__ 100,000
75,000 Provision for Fed.
U. S. Govt. oblig_
1,278,073 excise tax
500
Interest receivable
1
29,396 Prov. for Federal
4,801
Dividends rec____
27,680f
Income tax
100,000
c $5 cony. pt stk_ 100,000
300,000
300,000
b Common stock
a Capital surplus_ 10,200,000 10,200,000
5,086,911 1,962,683
Earned deficit
$5,520,407 $8,643,618
Total
55,520,407 58,643,618
Total
a Representing the excess of paid-in capital over the par or stated value
of capital stock. b Represented by 300.000 $1 par shares. c Represented by 100,000 Si par shares. di Market value, $3,871,000. e Cost
of above securities, $6,370,869.-V. 137, p. 328.
Consolidated Income Accountfor Year Ended Dec. 31 1932.
Operating losses for year
8368.007
Provision for depreciation
275.073
Net loss
Previous surplus Jan. 1 1932
Federal income taxes recovered

8643.080
1,398.499
13.247

Total surplus
Charges to surplus
Dividends paid on 6% preference stocks

$768,666
168.504
107,013

5493,149
Balance, Dec. 31 1932
Comparative Balance Sheet.
Dec.31'32. zJan. 1 '33Dec.31'32. z Jan.1 '33.
Liabilities
Assets$
S
Land, bldgs., plant
Accts. pay.& accr.
204.643
204.643
and equipment_x3,584,151 1,535,201
charges
Prem. paid for shs.
Res. for Dorn. inc.
6,778
taxes
6,778
of subs. acq'd__ 5.950,040
301,000 Outstand. debs. of
Inv.In affII. cos__ 772.909
139,000
139,000
Patents, rights &
a subsidiary__
1 6% preference stk. 3,081,800 3,081.800
licenses
1
Cash on hand & in
pref.series A__ 1,438,500 1,438,500
714,936
635,947 y Common stock__ 7,783,457
banks
635,947
Call loan & seer.
Surp. by appraisal
100,430
100,430
Interest
of fixed assets_ _ 1,402,378
748,965 Surp. earned Ind.
Marketle securs
748,965
493,149
892,746
Rills & accts. rev.. 892,746
.
surp. of subs _ _ 493,149
1,696,018 1,696,018
Inventories
168,497
Other assets
168,497
14,549,707 6,078,808
14,549,707 6,078,808
Total
Total
x After reserve for depreciation of 82,479.917. y Represented by 188.312
shares of class A stock and 50,000 shares of class B stock both of no par
value. z l'roposed revision to take effect Jan. 1 1933.-V. 137. p.1067.

-Earnings.
Shaler Co.
Earnings for the Year Ended Dec. 31 1932.
Net sales
Cost of sales, selling and administrative expenses
Depreciation of fixed assets

$607,237
595,324
13.803

Net loss from operations
Interest, discount and sundry income

81.889
15,191

Total Income
Interest charges
Foreign exchange fluctuation
Amortization of organization expenses
Sundry

$13,302
674
2,457
1,001
2,986
$6,184

Net income, before amortization of patents
Consolidated Balance Sheet Dec. 31.
1932.
Assets
Liabilities1931.
1932.
Cash
$24,981 Notes payable._
$47,487
x Customers accts.
Trade accept. pay.
receivable
195,542 Trade accts. pay__ 524,655
119,972
Inventories
192,558 Accr'd royalites &
143,553
Prepaid expenses.
commissions _
9,763
7,072
Foreign bank accts
16,784
Sundry accts. pay_
8,618
Cash value of life
Accr. wages & inInsurance
3,543
surance, &c_ _ __
3,519
Employ., officers
3,330
Provision for taxes
& sundry reedy.
Mortgage payable
20,133
Sundry investm'ts
7,000
-due 1933
and advances_ _ _
45,300 Deferred nab, for
52,086
y Land, buildings,
golf club departmach.& equip- - 133,267
9,086
146,194
ment assets_ _
Patents & patent
648,784
Class A stock
389,512
rights
750,619
800,647 Class 11 stock
Deferred charges to
183,630
Surplus
future operations
1,000

1931.
525,000
800
43.744
22,647
16,035
3,531
3,036
7,000
9,085
732,253
389,137
163.715

5.394

Deficit

51.482.835 sur$101.543
Consolidated Balance Sheet Dec. 31.
932.
1031.
1931.
1932.
Assets$
S
Liabilities$
Fixed assets
05 499,849 25,443,051 Preferred stock.. _14,225.600 14,225.600
Deferred assets...
70,247
108,736 :Common stock_ _12,121,225 12,121,225
Invest, in subsids_ 2,286,342 2,251,307 Overdraft
229,972 1,108,000
Cash
28,289
Accts. payable,&c. 146,478
642,026
Accts. receivable
355,707 1,385,452 Reserves
3,550,023 3.088,685
Insurance deposits
49,725
47,569 Surplus
640.133
Inventory
1,012,287 2.559,217
Sundry investment
8,340
8,392
Deferred charges..
20,265
21,942
Deficit
944,245
I Total
Total
30,273,299 31,825,670
30,273,299 31,825,670
x Represented by 514,675 shares of no par value.
-V. 132, p. 4781.

San Carlos Milling Co., Ltd.
-Extra Distribution.
-

An extra dividend of 50 cents per share has been declared on the common
stock, par $10, in addition to the regular monthly dividend of 20 cents per
share, both payable Oct. 16 to holders of record Oct. 2. An extra distribution of like amount was also made on this issue on May 15 and on Aug. 15
last.
-V. 137, P. 1255.

Schulte Retail Stores Corp.
-Sells Distillers' Shares.
-

The common stock of the National Distillers Products Corp., which was
acquired by Schulte Retail Stores Corp. and Park & Tilford, Inc., in exchange for their controlling interest in the Overholt distillery, has been
sold at a "good price." it was announced on Oct. 5 by D. A. Schulte,
President of the Schulte company and Chairman of the board of Park &
Tilford.
The distillery was purchased by National Distillers Products last June
for 102.000 shares of the latter's common stock and $600,000 in cash. The
Schulte corporation had owned about 70% of the Overholt stock, and Park
& Tilford about 20% •




Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137. p..508.

-Earnings.
Service Stations, Ltd.(& Subs.).
-

Ruhr Chemical Corp.
-Interest-Sinking Fund.The company in a notice to the holders of 6% sinking fund mtge bonds,
series A, due April 11945. on Oct. 2 stated:
As a result of the decree dated June 9 1933, placing restrictions on the
transfer of funds out of Germany for the purpose of making payments of
interest or amortization on outstanding foreign indebtednms, the corporation has been prohibited by law from transmitting to the fiscal agents for
the above issue the funds necessary for the interest and sinking fund payments duo thereon on Oct. 1 1933. The decree dated June 9, 1933 requires
German companies to deposit with the Conversion Bank for Foreign Debts.
for the account of the respective creditors, the Reichsmark equivalent
of interest and sinking fund payments becoming due on foreign indebtedness.
The corporation has therefore deposited with such Conversion Bank the
Reichsmark equivalent at rates of exchange in effect on the date prior to
the date of such deposit, of the interest and sinking fund payments due on
the above mentioned bonds on Oct. 1 1933. The decree of June 9 1933
further provides that such deposit on the part of the corporation discharges
It of its obligations with respect to the interest and sinking fund payments
due on Oct. 1 1933 on the above mentioned issue. The corporation in
addition to the deposit referred to above will deliver $100,000 principal
amount of its bonds for cancellation. See also V 137, p. 2475.

Assets
a Investments
Furniture & fixtures
Organization expense

2649

51,286,326 $1,415,987
51,286,326 51,415,987
Total
Total
x Less reserve for bad debts $8,579 in 1932 and $14,403 in 1931. y Less
reserve for depreciation of $106,516 in 1932 and 593,551 in 1931.-V.
135, p. 1006.
.

Shawmut Bank Investment Trust.
-Earnings.
For income statement for 6 months ended Aug. 30 see "Earnings Department" on a preceding page.
Condensed Balance Sheet Aug. 31
Assets1932.
1933.
1932.
1933.
Liabilitiesx Invest, at cost_ _54,862,572 $4,945,929 Debentures & notes
Accrued int. rec.._ 24,501
33,181
55,035,000 55,421,000
payable
Reichsm arks In
Reserve for Federal
German banks__
1,419
4,916
income taxes_
Partic, in credit to
57,600
Accr'd int. payable 115,200
for'n concerns__ 167,546
122,003
196,500 Surplus
STIet42,169
Cash
56,909
424,993
Total
$5,112,947 $5,600,603
g5,112,947 $5,600,603
Total
x Market value $3,953,400 in 1933 and $3,240,000 in 1932. y Represented by 75,000 no par shares -V 136, p 4475.

Shell Union Oil Corp.
-Affiliated Company Increases Stk.

Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated Sept. 15 1933, increasing the capital
stock of the Shell Oil Co. of Canada, Ltd., an affiliated company, from
$5,000,000 to 510.000,000. such increase to consist of 50.000 new shares of
the par value of $100 each.
-V. 137. p. 2287.

Sieloff Packing Co., St. Louis, Mo.-Earnings.-Income Account for Year Ended March 31 1933.
Net income
Preferred dividends
Common dividends
Deficit
Previous surplus
Surplus March 31 1933

828.343
32,249
12,467
$16,373
193.456
$177.083

Financial Chronicle

2650
Balance Sheet March 31 1933.
Assets
Liabilities
Cash
235,169 Accounts payable
Accounts receivable
72,163 Accrued wages
124,930 Accrued general taxes
Inventories
21,721 Income taxes payable
Miscellaneous assets
Plant properties
485,014 Notes payable
Non-operating properties_ _ _ _
44,273 7% preferred stock
16,803 x Common stock
Treasury stock
Deferred charges
17,189 Surplus

$14,340
4,251
1,099
5,588
125,000
189,900
300,000
177,083

$817,261
Total
$817,261
Total
x Represented by 28,500 shares of no par value.
-V. 137, P. 157.

Silverwood's Dairies, Ltd.-PreferreU Dividend.
A dividend 0181 per share was recently declared on the 7% cum.pref.stock,
par $100, payable Oct. 2 to holders of record Sept. 22. A similar distribution was made on this issue on April 3 and July 3last, as against regular
quarterly dividends of $1.75 per share previously paid.
Earnings for Years EndedApril 1 '33. April 2 '32
Sales, including inter-company sales
$6.186,715 $6,640,722
Cost of materials
3.388,625
3,659.8
38
Productive wages & direct expenses
1.722,309
1,769,212
Gross profit on sales
Iceles.s cabinet rentals and other revenue

81,028,878
87.347

81,258,575
100,135

Gross trading profit
81,116.226
Administrative and indirect expenses
605.084
Amortiz'n of patent license & organization expenses
17,652
Provision for depreciation
272.763
Interest paid on deferred payment subscriptions
9,465
Provision for Provincial corporation tax
8,155
Provision for Dominion income tax
29,161

$1,358,710
693,570
18,078
326,856
20,166

Net profit
Previous surplus
Income under dividend guarantees
Surplus on redemption of preference shares

8173.944
1,359
40,000
8,597

$300,040
10,998

Total surplus
Preference dividends
/
Class A dividends
Common dividends
Divs. paid to minority shareholders by subs. cos
Payments in lieu of dividends to employees & milk
producers on subscriptions for class A stock_
Res, to cover additional liability for 1932 Dominion
income taxes

$223,901
203,150

$311,038
233,124
52,365
9,375
62

60

$1,359

Total
$5,118,792 $5,338,115
Total
$5,118,792 $5,336,115
a After reserve for bad debts of $59,759 in 1933 and 876,058 in 1932.
b After reserve for depreciation of $1,746,873 in 1933 and $1,491,044 in
1932. c Represented by 147.789 no par shares in 1933 and 147,765 in
-V.136, p 4476.
1932. d Represented by 25,000 no par shares.

(A. 0.) Smith Corp.
-Earnings.
1930.
1932.
1931.
1933.
$477,916ydf$1.859,99943,971,911 46.599,329
235,430
251.680
177,111
218.326
2,798.225

502,042
See x

922,000
See x

Net income
def$1,931.390def$4876,550
Pref. dividends (7%) - 94.080
39.926
Common dividends
Rate

$3,234,439
94.080
1,000,000
($2.00)

$5.425,649
94,080
1,000,000
($2.00)

2,232,195

Balance, surplus
$1,971.316def$4970,630 $2,140,359 $4,331.569
500,000
500,000
Shs.com.stk.out.(no par)
500,000
500.000
Earnings per share
$10.66
$6.28
Nil
Nil
x After .depreciation. y Includes non-recurring income of $206,594.
Comparative Balance Sheet July 31.
1932.
1933.
1933.
1932.
$
AssetsLiabilities$
$
$
1,344,000
Cash
323,376 3,185,729 Preferred stock_
Good-will
2,221,751 2,221,751 d Common stock_ 4,000,000 4,000,000
3,181,500
a Marketable scour 2,978,246 4,792,767 let M.6Si% bonds
C Accts.& notes reObliga'n to retire
685,410
ceivable
pref. shares_
1,052,575
446,430
123,101
634,805
Inventories
2,783.682 2,437,304 Accounts payable_
35,461
220,293
Other assets
508,307 Payroll
494,842
23,520
10,904
Cash in hands of
Dividends payable
518,878
305,474
trustees
61,877 Accrued items
611,494
608,760
Investments
868,871
809,840 Res. for conting
b Land, bldgs.,&c_13,350,093 15,540,795 Surplus
18,150,898 20,256,574
Land (non-oper.)_
211,932
Deferred charges
331,175
89.729
24,616,546 30,094,529
Total
Total
24,616,546 30,094,529
a Market value, $1.099,510 in 1933 and $2,179.123 in 1932. b After
deducting reserve for depreciation and amortization of $18,127,938 in 1933
and 815,912,217 in 1932. c After reserve for doubtful accounts of $43,909
in 1933 and $53,026 in 1932. d Represented by 500,000 shares of.no par
value.
-V. 137. p. 1428.

-Salaries Increased 10%.
Socony-Vacuum Corp.
The corporation on Sept. 29 announced that, effective pct. 1. it would
advance salaries of all clerical staffs 10%. This will restore the level of
salaries to that prevailing in June, when a 10% reduction was ordered.
V. 137. P. 1428.

onotone Corp.-Admiy to List.
to list 600,000 shares
de New York Curb Exchang has admit
-V.
common stock par 81. Trans( agent, Manufacturers Trust Co.
137. p. 705.




Southern Sugar Co.
-Scrip Certificates.Although scrip certificates, issued under the reorganization plan dated
April 1 1931 in bearer form, representing fractional interests in any securities deliverable under the plan, became void after Oct. 1, any securities
deliverable under the plan will continue until Dec. 31 to be delivered upon
surrender of such scrip certificates. This announcement was made on
Sept. 30 by Bitting, Inc., New York, reorganization manager, and Reed &
Co., Los Angeles, associate reorganization manager.
-V. 134, p. 146.

-Earnings.
-Southern United Ice Co.
Years Ended Dec. 31Gross earnings
Operation expenses
Maintenance
Provision for depreciation
Taxes

1932$1,138,071
790,618
39,401
201,245
63,611

Net earnings
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expenses
Interest charged to construction

1931.
$1.655,734
1,071,288
68,295
29,280
63,011

$43,196
149,315
34,628
9,070
Cr2

$423,860
147,928
31,717
9,070
Cr1,050

Net income

81.507
Comparative Consolidated Balance Sheet.:
LiabilitiesAprU 1 '33. April 2'32.
AssetsApril 1 '33. April 2'32
Bk. overdrafts (seCash on hand and
$15,357
In transit
$6,176
$4,815
cured)
Bank loans (secur.)
184,400
Cash in hands of
49,164
buyers & branch.
8,830
11,674 Lien notes payable $12,217
24,095
Cash in bank
48,015
25,264 Notes payable_
12,000
a Notes &accts.rec. 209,604
198,305 Accts. payable and
293,484
306,353
180,566
accrued charges_
Inventories
235,297
58,871
Life Ins -cash sur31,449
Dividends payable
render value_ _ _
8,080
37,564 Res. for Dom.ins.
49,011
55,965
Mtges. receivable_
7,200
taxes
10,100
Sundry invent:11s.
4,587
3,335 Bond & mtge. int.
7,119
Due from associate
12,286
accrued
cos.
43,894
-less res.34,252 Deferred lien notes
9,802
3,485
289,494
285,494
Land
payable
19,730
17,770
b Bldgs., mach'y.
Def'd accts. pay'le
& equip., &c_ _ 3,232,974 3,415,724 6% cony,coil trust
261,374
Prepaid expense_ _
56,852
debs
52,262
171,700
Milk routes, purch.
Mortgages payable 153,025
238,650
& expan. office_
439,807 Bonds outstanding 219,300
439,807
Amt.owing on purCream top bottle
257,055
pat. license less
256,555
chase agreem'ts_
written off
90,000 Amts. receiv. from
80,000
Organlz.exps.,incl.
employ. & milk
disct. on shs.less
producers on cl.
103,483
143,456
39,229
written off
31,577
A stock subscr
Min. shareholders'
Cost of shs in cer2,369
2,180
int, in subs. cos_
452,994
tain subsid. cos_
471,132
7% cum.preference
3,132,800 3,332,500
shares
c Non-voting fully
507,245
cl. A abs. 507,787
1
1
d Common shares_
1,359
1,507
Surplus

Years End.July 31Profits for period
Interest
Reserve for Federal and
State income taxes_
Deprec'n on property_

The securities division of the Massachusetts Department of Public
Utilities has barred from sale in Massachusetts the 536% cumulative preferred stock of the corporation. In his order Director Hull said:
"In accordance with provisions of• Section 7 of Chapter 110A of the
General Laws, the securities division required information from officers of
Solvay American Investment Corp. necessary in the division's judgment to
enable it to ascertain whether the sale of such securities would be fraudulent
or would result in fraud, the information to be filed on or before Aug. 31
1933. The officers of the corporation have failed to file the information
and have made no satisfactory explanation of such failure."
The New York "Times" Oct. 4, states:
Since early this year the securities division and Solvay American Investment have had differences of opinion as to the status of the company. The
division held that it is an investment trust and as such was required under
the laws of the Commonwealth to file information quarterly. Solvay
American, on the other hand, maintained, that it was not an investment
trust, but a private holding corporation, all of its common stock being
owned by Solvay et Cie of Brussels, Belgium. On Aug. 18 it notified the
division that the only information that it would furnish was that furnished
to the New York Stock Exchange, and that "you will have to act as seems
best to you in the circumstances."
-V. 137, p. 157.

14,752
19,184

Surplus end of period

•

Oct. 7 1933

American Investment Corp.
-Sale of Preferred
Stock in Massachusetts Forbidden for Lack of Data.
Solvay

loss$149,814
$236,195
Balance Sheet Dec. 31 1932.
Liabilities
Assets
Plant, prop., equipment, 0,0_05,986,946 Capital stock
z54,200,000
1,200 Funded debt
Special deposits & investmls_
2,421,300
Due to United P.S.Co
Bond discount & exps. in pro457,505
51,592 Accounts payable
cess of amortization
52,293
19,854 Accrued taxes
Prepaid accts. & def. chgs_
38,010
54,413 Accrued int. on funded debt..
Due from MM.companies_ _ _
42,032
87,244 Miscellaneous
Cash & working funds
5,367
y44,639 Reserves
Accts.& note receivable
84,137
47,714 Deficit
Materials and supplies
1,007,041
$6,293,604
Total
Total
$6,293,604
x After property retirements and adjustments $1,935,306. y After reserve
for uncollectible accounts of $16,167. z Represented by 42,000 shares of
no par value.
-V. 137, p. 1594.

-Earnings..
Southwest Petroleum Co., Ltd.
Earnings for the Year Ended Dec. 31 1932.
Crude naphtha sales
Gas consumed in operations
Miscellaneous income

815,468
360
1,127

Total
Operating, general, office and administration expense
Municipal, school and provincial corporation taxes paid
Depreciation and depletion
Rciyalties
Interest charges
Sundry expenses and losses

$16,956
$6,814
768
9,998
1,128
4,208
1,361

Loss for year
Assets
Cash
Accounts receivable
Inventories of oils
Materials and supplies
x Fixed assets

$7,321
Balance Sheet Dec. 311932.
Liabilities
$1,368 Accounts payable
310 Deferred credits
621 Capital stock (750,006 shs.)
10,280 Deficit
627,692

$199,173
269
624,336
183,507

Total
Total
$640,271
$640,271
x After depreciation and depletion of $19,603.-V. 128, p. 1573.

Spiegel, May, Stern & Co., Inc.
-Accumulated Div.
-

A further dividend of 14% was recently declared on account of accumulations on the 654% cum. pref. stock, par $100, payable Oct. 2 to holders
of record Sept. 15. A similar payment was made on this issue on July 1
and on Sept. 1 last. Accumulations, after tho above distributions, now
amount to 654%.-V. 137, p. 1429.

Standard Brewing Co.

Scranton.-Admitted to List
The New York Curb Exchange has admitted to list 375,000 shar
nimon stock (no par). Transfe agent, Commercial National Bank
Trust Co.
-V. 136. p. 3737.
..

Standard Clay Products, Ltd.
-Earnings.
1932.
1931.
1930.
$19.469 $201,040 $134.838

Calendar YearsOperating earnings
Bond interest
Depreciation
Tax provision
Additional expenses..

1929.
k $124,059
44,715
56,972
3,140

45,000
34,002

45,000
62,011
10,000

45,000
58,087
3,600
5,385

Net profit
def$59,534
Dividends
30.000
Additional inc. tax 1931
2,041

$84,029
15,000

$22,765
15,000

$19,232
15,000

Surplus
Previous surplus

$69,029
121.030

$7,765
113,264

$4,232
109,032

def$91,575
190,059

Profit and loss balance

398.483
$190,059
$121,029
$113,284
Comparative Balance Sheet Dec. 31.
1932.
1931.
AssetsLiabilities1932.
1931.
Cash
$45,664
$97,021 Accounts payable_
$6,809
$33,071
93,678 Accrued Interest__
18,461
Accts. receivable_
3,703
3,703
32,647 Funded debt
Bills receivable_
486,500
510,900
69,566 Common stock. _ _
73,152
Investments
750,000
750,000
239,259
210,868 Surplus
Inventories
98,483
190,059
928,293
908,081
Properties
Good-will
50,000
50,000
3,821
5,661
Deferred assets.. _ _
Total
$1,345,495 $1,487,733
-V. 136, P. 1568.

Total

21,345,495 $1,487,733

Stanfield's, Ltd.
-Earnings:
Earnings for Year Ended Dec. 311932.
\
Net profit for year after deducting all oper. & admin. exp.,
incl. prov. for bad debts, deprec. & Federal taxes, &c
Previous surplus
Total surplus

$19,864
18,213
$38,078

Volume 137

Financial Chronicle

Balance Sheet Dec. 31 1932.
AssetsUabftulesBldgs., land, machinery, &e. $299,005 6% cumulative pref. stock__
Manufactured stock es max Common stk. & cap. surp_
terials on hand
190,726 Accounts payable
Accounts & bills receivable..
196,456 Provision for bad debts
Call loan and investment227,681 Reserve for income tax
Cash
403,362 Profit and loss account

$400,000
773,875
9.515
91,983
3,780
38,078

Total
$1,317,232
Total
31,317.232
x Represented by 10,000 no par shares.
-V. 131, p. 3360.

Standard Paving & Materials(& Subs.).
-Earnings.
-

Years End. Mar. 311933.
Net profit from oper___ loss$41,633
Miscellaneousincome_ _ _
34,593

1932.
$274,351
50,705

1931.
$580,472
51,402

1930.
$747,150
58,838

Net earnings
loss$7,040
Depreciation
131,156
Reserve for income taxOther reserves
4,000
Invest, written down_

$325,056
150,000
13,500
7,500

3631.874
200,000
31,443
2,500
7,662

$805,988
200,000
42.856
8,864

Net profit
def$142,196
Preferred dividend
27,360
Pref. div. (C. S. & G.)21,464
Common dividends

$154,055
99,925
75,754
52,429

$390,279
100,774
76,742
209,714

$554,268
104.364
79,216
209,744

Surplus for year
def$191,021
Previous surplus
1,024,076
Contingency reserve__
Capital surplus
Credit adjust. of res'ves
for Fed. income taxes
2,720

def$74,052 ,
$3,049
1,125,628
1,143,824
19,850
29,145

$160.944
982,880

Total
Organization expense__
Adjustment of reserves
for Fed,income taxes_

31.051.576 31,195,868 $1.143,824
70,240

$835,776

27.500

Balance carried forw'd

$835,776 $1,024,076 $1,125,628 $1,143,821
,
Consolidated Balance Sheet March 31.
Assets1933.
1932.
1933.
1932.
Investment bonds. $406,384 $477,555 Bank loans
$68,516
$99,235
Accrued interest8,101
28,951
9,689 Accts. payable,&c.
46,543
Accte.receivable__ 133,343
309,937 Res'ves for Federal
Inventories
86,184
Income taxes.
60,929
78,352
Surrender value of
Mortgages payable
7,000
16,000
life ins. policies_
20,093
23,209 Reserves
98.194
72.615
Mortgage bonds_ _
20,000 Interest of minority
Invest, in. adv.
shareholders
7,272
8,440
to associated cos.
88,537
57,036 Cap.stk.of Consol.
Deferred charges__
76,021
58,464
Sand&GravelLtd 1,072,200 1,074,200
Real est.,b1dgs.,&c.y2,106,525 2,238,782 Preferred stock
1,310,500 1.427,500
Patents
105,223
46,000 x Common stock._
46,000
105,223
Good-will
633,025 Surplus
600,000
835,776 1,024,076
Total
53,553,633 $3,952,184
33,553,633 $3,952,184
Total
Represented by 104.872 no par shares. y After reserves for depreciation and depletion of 31,527,692.-V. 135, p. 3537.

State Street Investment Corp.
-Stock Increased.

The stockholders on Sept. 29 voted to increase authorized capital from
300,000 to 500,000 shares of no par value. Currently there are about
280,000 shares outstanding. The authorized stock was increased to permit
full absorption of Mohawk Investment Corp.
-V. 137. p. 1069.

Steel Co. of Canada, Ltd. (& Subs.).-Earnings.
Calendar Years1932.
Manufacturing profits__ $1,435,873
Income from investment
398,939

1929.
1930.
1931.
$2,058,653 $3,219,009 $4,936,068
358,459
365,818
399,189

Total
$1,834,812 $2,424,472 $3,577,468 $5,335.257
Sinking fund reserve....
363,266
337,765
350.166
325,828
Depreciation reserve_ _ _
1,200,000
998,014
1,204.063
1,158.897
Bond interest 275,756
256,106
312,263
294.358
Employees' pension fund
100,000
Employ, benefit plan res
200.000
Net income
Preferred diva. (7%)__ Common dividends

$217,426
454,741
805.000

$598.550 $1.741,282 $3,238,267
454,741
454,741
454,741
805.000
805,000
805,000

Surplus
def$1,042.315 def$661,191
Previous surplus
13,796,087 14,502.444
Retroac. Dom. Gov. tax
Dr45,166

$481,542
14.020.903

31,978.526
12,042.376

Profit & loss surplus_ _$12,753,772 $13,796,087 $14,502,444 314,020.903
Sbs. corn. outst.(no par)
460,000
460,000
460,000
460,000
Earns. per sh. on corn_ __
Nil
$0.31
$6.05
$2.79
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
Assets5
Liabilities$
$
$
Cost of workr....39,442,857 39,459,687 7% cumul.pretshs 6,496,300 6,496,300
Invest.& advances 2,833,218 2,972,551 x Ordinary shares_11,500,000 11.500,000
Cash
893,570 1,307,426 Funded debt
4,098,615 4,438,116
Secured call loans.
85,000
300,000 Accounts payable,
Victory bonds &
& income tax
682,328 1,083,112
approved secur. 6,693,308 5,685,719 Bills payable
10,074
Bills receivable...
62,783
83,051 Unclaimed dive3,153
3,555
Accts. receivable_ 1,730,723 2.355,041 Divs. payable.... 314.935
314,935
Inventories
5,448.758 5,489,672 Benefit plan res.. 419,070
422,503
Shs. held In trust
Pension plan res.. 799,704
802,242
for employees._
199,994
230,745 Furnace relining 5c
Benefit plan fund_ 419,070
422,503
rebuilding, and
Pension plan fund. 799,704
802,242
other oper. res_ 1,785,920 1,724,991
Deferred charges.48,648
58,596 Contingent reserve 601,384
637,588
Depreciation res__12,595,012 11,694,360
Bond sink Jund res 4,577,362 4.214,096
Approp. surplus... 2,029,674 2,029,674
Surplus
12,753,772 13,796,087
Total
58,657,631 59,167,233
Total
58,657.631 59,167,233
Represented by 460.000 shares (no par).
-V. 137, p. 158.

(B. F.) Sturtevant Co.
-New Vice-President.
--

J. F. G. Miller, formerly Vice-President and Treasurer of American
Blower Corp. of Detroit, has been elected a Vice-President of B. F. Sturtevant Co.
-V. 137, p. 706.

Subway Terminal Corp.
-Earnings.
For income statement for 6 months ended June 30 1933 see "Earnings
,
Department" on a preceding page.
-V. 137, p. 508.

Susquehanna Silk Mills.
-New Secretary-Treasyrer.Leon J. Wehbring, Assistant Vice-President of the Irving Trt Co., has
been appointed Secretary and Treasurer of the Susquehanna Silk Mills and
their subsidiary companies. lie assumed his new duties on Oct. 2.
Mr. Wehbring's appointment fills the vacancy caused by the resignation in
August of Frederick H. Knight, who resigned to resume the practice of law
in Philadelphia.
-V.135, p. 3537.

Transamerica Corp.
-Business of Insurance Subsidiary
Increased.
With a total volume of 85,277.032 in new insurance completed during
August, an increase of 75% over the corresponding month of 1932, the
Occidental Life Insurance Co., a subsidiary, has ended its fourth consecutive
record-breaking month,according to announcement made by V.II. Jenkins,
Vice-President.
The company's production for the last four months totaled $20,560,739,
an increase of 76% over the like period of last year. Total production for the
year 1933 to date is $33,520,125, or only 33,307.898 below the entire total
for the full year of 1932.




2651

The figures announced by Mr. Jenkins exclude group insurance written
by the company during the periods under comparison. For the first eight
months of 1933 the company has shown a gain of 39%% in new insurance
completed, excluding group insurance.
The Occidental Life Insurance Co.'s August production was the second
largest in the history of the concern, exceeding all other months with the
exception of July. the announcement concluded.
-V.137, p.2288.

(G.) Tamblyn, Ltd.
-New President, &c.
-

W. E. Corlett has been elected President in the place of the late G.
Tamblyn, who died suddenly on Aug. 18 last.
W. CD. Scott, who has been Secretary-Treasurer, has been elected VicePresident in place of Mr. Corlett, and W. H. Campbell. who has been a
member of the board, has been appointed Secretary-Treasurer.
Calendar Years1932.
1931.
1930.
Operating profit
3215.928
$266.564
$237.914
Interest
5.825
6,238
10.825
Taxes
19.580
x23.173
14,197
Depreciation
55.101
47.412
53.333
Net profit
Preferred dividend
Surplus
Balance forward

$135,421
37.842

$179.234
40,649

$170,067
43.260

$97,580
494.701

$138,585
356,116

$126,807
229,309

Total surplus
3592,281
3494.701
$356,116
x Including additional tax of $3,535 on 1930 profit.
Balance Sheet Dec. 31.
Assets
1931.
1932.
Liabilities1932.
1931.
Bonds
$76,900
$9,900 Accts. & bills pay- $262,852 $311,509
Cash
77,649 Dividend payable_
86,057
9,460
10.162
Receivables
9,814 Provision tax
3.082
19,623
23,173
Inventory
658,781
761,486 Mortgage payable
95,000
147.600
Deferred charges
10,411
9,877 Preferred stock... 505,900
538.600
Good-will
150,000
150,000 y Common stock
177,289
177,289
Property account_ z677,174
684,303 x Deferred stock
1
1
Surplus
592,281
494,701
$1,662,406 $1,703,034
Total
Total
$1,662,406 $1,703.03
x Authorized and issued one share. y Represented by 28,000 no par
shares. z After reserve for depreciation of $185.008.-V. 137. p. 329.

Third National Investors Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
Assets
-1933.
1932.
Liabilities1933.
1932.
Securities
43,561,777 b$6698,085 Provision for N.Y.
Cash
261,420
195,
State taxes
$7,600
$220
Cora.stk. in treas. 889,717
Accrued expenses.
1,900
1,300
Dep. in closed bk.
3,700
Prov. for Federal
Short-term notes
excise tax
75,000
500
U.S. Liberty bds_
1,027,419 Prov.for Fed.tax_
13,981
Int.receivable_
I
27,697 a Common stock__ 220,000
220,000
Divs. receivable._
25,970J
c Capital surplus._ 10,146,502 10,148,502
Deficit
5,635,317 2,361,065
Total
$4,742,584 58,023,538
Total
$4,742,584 $8,023,538
a Represented by 220,000 $1 par shares. b Market value, 33,389.563.
c Representing the excess in paid-In capital over the par value of capital
stock after deducting organization expenses. d Cost of above securities.
$5,669.119.-V. 137. p. 509.

Thompson Products, Inc.
-Obituary.
President Charles E. Thompson died in Washington, D. C., on Oct. 4.V. 137. p. 2288.

Title Guarantee & Trust Co.
-President Resigns.
Joseph V. McKee on Sept. 29 stated that he had resigned as President of
this company in order to conduct his campaign for the office of Mayor of
the City of New York.
-V. 137. p. 2288.

United Fruit Co.
-Earnings.
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
Cash and government securities as of Sept. 30 1933. totaled approximately $36,000,000, compared with 327.600,000 at end of Sept. 1932.
These figures are exclusive of the company's insurance fund of 310.000,000.
which is invested in government securities.
-V. 137, P. 1596.

Union American Investing Corp.-Earntngs..Years Ended Mau 31Dividends on stocks
Interest on bonds
Interest on call loans and bank balances
Total income
Interest on debentures
Amortization of discount on debs_
Taxes
Other expenses

1933.
$53.152
93,325
438

1932.
$84,940
91.471
438

1931.
3145.825
84.740
5.209

$146,915
77.684
2,714
2.266
19,537

$176.849
90,833
3,155
2,577
26,840

$235,773
113,527
3,943
2,354
32,070

Net income for year carried to undistributed income account
353,443
$44,714
$83.878
Notes.
-Net loss realized on sale of securities during the year ended
May 31 1933, which has been charged against a special account under
surplus, amounts to $212,033. Such net loss is computed by applying
sales against the securities purchased at the highest cost.
Unrealized depreciation in market value of securities as compared with
cost amounted to $693,520 at May 31 1933, as compared with 81,671,767
at May 31 1932.
Surplus Accounts for the Year Ended May 31.
Capital Surplus1933.
1932.
1931.
Balance as at May 31
$955.007 $1,171,657
8957.143
Transfer from earned surplus
27.395
Credit arising from repurchase of debentures at a discount
18,198
96,411
71.710
Reduction in cap. result from cancel.
of corn. stk. reacq. from public_ _
325.755
Reduct. in stated value of corn stk_
818.000
Total surplus
32,119.096
Cost of shares of common stock repurchased & canceled
34,712

$1,051,418
94,275

315.756

Balance as at May 31
$2.084,384
Realized Net Losses on Securities Sold
Amt. transferred from earned surplus
as at May 31
def183,168
Net loss realized on securities sold
sold during year
212,034

$957.143

$955,007

597,767

1.292,300

780.935

694.533

31.270,763

Balance as at May 31
def$395.202 def$183,168 sur$597,767
Undistributed Income AccountBal. of earned surplus as at May 31
$288,000 $1,519,100
$339.559
Prov.for Fed.inc.& N.Y.State taxes
Or4,718
Dr1,885
Total
Amount transferred to cap, surplus
representing profit realized during
Year ended May 31 1930 on repurchase and sale of corporation's own
common stock and debentures_
Realized net profits on securities sold,
less taxes thereon, transferred to
separate account above

8339.559

Balance
Net income for the year

$339.559
44,714

3286,115
53.442

8204,122
83.87.8

Balance as at May 31

$384,273

$339,559

$288,001

3286,115

81,523,818

27.395
1,292,300

Balance Sheet May 31.
1932.
1933.
1933.
1932.
Assetsa Securities owned,
5% S. debs.,ser. A$1,521,000 $1,594,000
$3,902,394 $4,107,231 Accts. Day., accr.
tit cost
4,365
4,831
45,912
85,639 exps., drc
Cash
b Common stock
409,000 1,552,755
Int, accrued, diva.
957,143
19,261
2.084,384
&c__
20,214 Capital surplus
receivable,
936 Realized net losses
793
Furn. & fixtures__
183,168
on secur.sold ._ _ 395,202
Unamort. dlsct. on
44,633 Undistrib. Income
39,927
debentures
339,559
384,273
account
$4,008,287 $4,264,653
$4,008,287 $4,264,653 Total
Total
The cost of securities owned as at May 31 1933 was $693,520 in excess
of the aggregate market value thereof. b Represented by 78.900 no par
shares in 1933 and 81,800 in 1932.-V. 134, p. 4676.

-Earnings.
United Collieries, Inc.
For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page

-Plans Recapitalization.
United Dyewood Corp.

The corporation has prepared a recapitalization plan, for submission to
stockholders at a special meeting on Dec. 7, involving a revaluation of
investments in stocks of subsidiaries and rehabilitation of surplus, it was
announced on Oct. 3.
The plan provides for reducing the par value of the authorized common
stock to $10from $100 per share. This would reduce capital of$18.418,300.
represented by 45.000 shares of pref. stock and 139,183 snares of common
stock to $5,819,830, represented by 45,000 shares of $100 par pref. and
139.183 shares of $10 par common stock.
If approved the directors would be authorized to apply the $12,526,470
capital surplus created by the reduction in par value of common to the
setting up of reserves for contingencies as may be deemed advisable, and to
writing down the present $17,846,304 book value of investments in the
-V. 137, p. 2289.
stocks of subsidiary companies.

-Reorganization Plan.
---,United Puerto Rican Sugar Co.
A plan for reorganizing the company, a subsidiary of the United Puerto
Rican Sugar Co. of Md., has been sent to security holders and creditors.
The plan provides for the formation of a new company to be known as
the East Puerto Rican Sugar Co. It will have two classes of stock-preferred and common.
Creditors who approve the plan will receive 123.% of their claims in
cash and the balance in notes of the new company, payable in three years.
bearing 5% interest, payable semi-annually, excepting certain creditors,
who w 11 receive preferred stock.
The common stock will be issued to the common and preferred stockholders of the Maryland company on the basis of five shares of common
stock for each 16 shares of old common stock and one share of common
for each share of old preferred.
A letter to creditors says that the Puerto Rican company has a total
indebtedness of approximately 812,250.000, in addition to unpaid taxes
of slightly less than $600,000. The receiver has on hand about $2,500,000,
including sugars and molasses sold, but not delivered. The net book
value of all of the company's properties and assets Is 816,341,346, according to the balance sheet of the receiver as of July 1 1933. AU of the
capital stock is owned by the Maryland company.
An order for the sale of the properties and other assets of this company
was ordered entered at San Juan, P. R., on Sept. 30 by Judge Ira K. Wells
In the U. S. District Court. The Court instructed Albert E Lee, receiver
for the company, to prepare a decree upon the conditions andterms of sale,
and authorized the reorganization committee, to submit its plan to the
creditors.
The company's assets have a book value of$16,000,000. The claims total
$18,000,000. a figure which is expected to be reduced to $12.000,000 or
$15.000,000 before the claims are approved. The largest creditor Is the
National City Bank, with 87.000.000. The Union Trust Co. of Maryland, trustee, has a claim of $3,000,000. The note holders have obtained
-V.137. p.2121.
the approval of the Maryland courts for a reorganization.

-Earnings.
Utilities Elkhorn Coal Co.

For income statement for 12 months ended June 30 1933 see "Earnings
-V. 127. P. 426.
Department" on a preceding page.

--Earnings.
Utilities Power & Light Securities Co.

For income statement for 12 months ended June 30 1933 see "Earnings
Department" on a preceding page.

-New President.
Van Dorn Iron Works Co.

Floyd G.Smith has been elected President and General Manager.succeedng Alfred J4Kroenke.-V. 128, p. 1418.

l
f
,4
- V
---- L eeder-Root, Inc.-Re: ed from List.
Exchange has removed rro
p

The New York Curb
leges the capital stock (no p

unlisted trading

.-V. 137. P. 1597.

-Stock Retirement Plan
Chemical Co.
Fought.

George S. Kemp, who has served as a director of the company for the
preference stock to
past 12 months, is writing to holders of the 7% prior stockholders to be
of
ask them not to sign ;proxies for the annual meeting information about the
held on Oct. 11, until they are supplied with more
purposes of the meeting.
It Is understood that the proposed retirement of 84,871 shares of the
of the
stock will result in control of the company passing outlong hands of the
as $10,000,00
prior pref. stockholders. The by-laws provide that so to elect a majority
of the stock is outstanding the nold.rs shall have the right this right as the
of the ooard. Retirement of the stock will cancel
by one
-V.137.P.2476.
amount outstanding will drop below the stipulated sum.

-Expansion
(Hiram) Walker-Gooderham & Worts, Ltd.
Plans of Subsidiary Completed.

Hiram Walker & Sons, Ltd., a subsidiary, have on hand 14,500,000 proof
gallons of whiskey, most of which is more than four years old, according
to President W. J. Hume.
Plans have been completed by the company for the erection of a 100,000
wine-gallon a day plant at Peoria, Ill. More than 20 acres of land for
building contracts
this new distillery were purchased last summer and thePeoria. 3,1r. Hume
already have oeen awarded. The initial investment at
said, will exceed $2,500,600 and expenditures involving several additional
mills are In contemplation if repeal takes place.
Present plans indicate an annual requirement for this plant of approximwill
ately 6.000.000 bushels of grain, chiefly corn and rye. The distillery and
be completed and ready for operation early in 1934. Mr. Hume states,
will afford regular employment to several hundred persons. Production
will consist principally of rye and oouroon whiskies. The plant will be
the largest distillery in the world.
The combined production capacity of the Walker plant at Walkerville,
Ont., and the Gooderham & Worts plant at Toronto is approximately
8,000,000 imperial proof gallons annually, with maturing warehouse
capacity of 15,000.000 proof gallons.
In addition to Its two Canadian plants, Hiram Walker-Gooderham &
Worts, Ltd. has an affiliation in Scotland, where it controls the Scotch
whiskey firms of Jas. & Geo. Stodart, Ltd., and the Stirling Bonding Co.,
-V. 137. p. 1953.
Ltd., of Glasgow-("Wall Street Journal").

-Defers Dividend.
--Wallace Sandstone Quarries, Ltd.
--semi-annual dividend due Oct. 15
The directors have voted to defer the
of 1% was made on
A
on the 7% cum. pref. stock, par $100.withdistribution
1%% semi-annually from Oct.
this issue on April 15 last, compared
including Oct. 15 1932.-V. 136. p. 2445.
15 1926 to and

-Earnings.
Weibel Brewing Co. of New Haven, Conn.

see
For income statement for period from May 10 1933 to Aug,31 1933
-V. 137. p. 1597.
"Earnings Department" on a preceding page.

-'Removed from List.JnJ
elch Grape Juice Co.
from

rhe New York Curb Exchange
egos the preferred stock par
p

as removed
.-V. 137. P. 2289.

trading

-Navy Order.
Westinghouse Electric 8c Mfg. Co.

-ton
the six 1,500
Electrical equipment totaling more than $1,000,000 forhas been ordered
built in private shipyards
U. S. Navy destroyers being




Oct. 7 1933

Financial Chronicle

2652

from the Westinghouse corbpany. Approximately half of the total equipment will be manufactured at the latter's East .Pittsburgh works and the
-V. 137. D. 1953.
remainder at the company's South Philadelphia works.

Westchester Fire Insurance Co. of New York.-Comparative Balance Sheet.
June 30'33. Dec. 31 '32.
June 30'33. Dec. 31 '32.
Liabilities
Assets
Res. for unearned
1,143,805 1,480,351
Cash
premium
6,528,847 7,269,436
U.S. Gov't bonds_ 1,443,135 1,324,597
6,611,283 6,661,906 Res. for losses in
Other bonds
process of adjust 1,774,444 1,651,043
Stocks
7,918.473 8,258,951
835,946
343,600 Other liabilities. __ 624,947
1st mtges on real eat 330,110
Contingency res._ 3,068,489 4,635,824
Prem, in course of
1,000,000 1,000,000
958,829 Capital
850,294
collection
5,573,260 3,934,583
142,756 Surplus
Rills, rec., not due 141,771
121,998
Interest accrued__ 108.399
Reinsurance due &
33,784
22,716
other assets___
18,569,986 19,326,833
18,569,986 19,326,833 Total
Total
-V. 136, p. 1907.
Wiley-Bickford-Sweet Co., Worcester, Masse-Resumes

Dividend.

The directors recently declared a quarterly dividend of 75 cents per share
on the $3 pref. stock. payable Oct. 2. A regular quarterly payment of
-V. 136.
like amount was made on this issue on Jan. 1 1933; none since.
D. 2445.

-Tenders.Wilson & Co. Inc.

The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
-year
10 a. in. on Oct. 16 receive bids for the sale to it of 1st mtge. 6% 25
s. f. gold bonds due April 1 1941, series A, to an amount sufficient to exhaust $189,602. at a price not exceeding 107% and int.-V. 136.P.2445.

-September Sales.
(F. W.) Woolworth Co.

1933-9 Mos.-1932. Decrease.
Increase.
1933
-Sept.
-1932.
321,641,558 819,462,786 $2,178,7721$170.487,343 3174,100,85933,613,516
-V. 137, p. 1953, 1258.

Y Oil & Gas
co

oti from List

removed
as roved f
Co.-RemTh
ur
New York Curb Exchang
on stock par $1.-V. 136. p. 1040.

the list the class A

CURRENT NOTICES.
-THE ANNUAL FINANCIAL REVIEW, a manual of Canadian
corporate life, has made its 33rd consecutive appearance. Familiarly
known in financial circles of the Dominion as the "Blue Book," the
current edition again goes exhaustively into essential details of the changes
in corporate statistics of the past year and records with all the accuracy
possible, trends of Canadian financial and commercial activities. The new
book treats some 1,750 companies, giving their histories; description et
plant and properties; details of funded debt; capital authorized and issued,
latest balance sheet; changes in dividends and market records, all carefully
compiled and edited in a manner calculated best to serve the interests of
the reader.
In addition, the "Annual Financial Review," which has the official
sanction of the Toronto and Montreal Stock Exchanges, contains a
record of high and low prices of all listed stocks and bonds extending back
for 10 years while the number of shares transacted each month is set out
for each of the Issues for the previous 18 months.
There are lists of the Toronto, Montreal, Standard Stock and Mining and
Montreal Curb Exchanges with rates of commission applicable to trading
on each market; a list of representative brokers in other Canadian cities'
details of Dominion and Provincial financing; bank debits and a host or
information otherwise difficult to obtain.
Primarily compiled with a view of providing a record of stocks listed on
the two main Canadian Exchanges, the "Blue Book" has grown from 323
pages in 1901 to 1156 pages to-day. At the time of the first Issue in 1901
only 126 stocks were listed on the two Canadian Exchanges then in existence. The "Annual Financial Review" is published by Houston's
Standard Publications, Toronto. Canada.
-Carl D. Montgomery, associated for the last five years with City Bank
Farmers Trust Co., is establishing his own business at 1 Cedar St., specializing in investment management. In his new work Mr. Montgomery
expects to be particularly active in working out corporate reorganizations
through the medium of bondholders' protective committees. Mr. Montgomery's experience in the financial district dates from the end of the war.
when he entered the Guaranty Co.'s bond school. Subsequently he spent
10 years with the National City organization, the last half of the time
being assigned to trust work. Robert H. Chamberlin, formerly with the
National City Co., is associated with Mr. Montgomery.
-Announcement is made of the formation of the New York Stock
Exchange firm of Sands, de Rham & Co., with offices at 115 Broadway.
Partners in the now firm are Harold A. Sands, formerly a general partner
of Morrison & Townsena and a special partner of Jenks, Gwynn° & Co.,
and more cecently associated with Appenzellar, Allen & Hill; Casimir
de Rhara. member New York Stock Exchange, former Vice-President of
Durham-Duplex Razor Co.; Oswald E. Cooper, and Katheryne Y. Fosdick,
associates of Mr. Sands for several years.
-Coincident with the formation of the Stock Exchange firm of Bissinger
& Co. In San Francisco, Rhoades Williams & Co., members of the New
York Stock Exchange, announce a correspondent arrangement with the
new firm, and the Installation of a direct private wire connecting the
offices in New York and San Francisco.
-Madison & Co., Inc., dealers in municipal, State, Government, and
Land Bank bonds, announce that Edward B. Wulbern, formerly with
W. 0. Gay & Co., has become associated with them as manager of the
firm's Southern Municipal Bond Department.
James Talcott, Inc., has been appointed factor for Rosen & Rosen
of New York City, distributors of knit goods: Rayon By-Products Corp.,
Boston, distributors of rayon tops, and the Tremont Silk Co. of Paterson,
N. J., manufacturers.
-Charles Sincere & Co., Chicago, announce that James J. Fitzgerald,
during the past 12 years with the First National Bank of Chicago, has
become associated with them as investment counselor.
Mallory, Pynchon & Eisemann announce the opening of a bond
department under the management of Saul Rosenberg, who has been identified with the bond business for a number of years.
have
-George Workrnaster Jr., William C. ICnef, and Willard Higgins
become associated with MacLetchle, Smith & Co., 120 Broadway, New
York, in their trading department.
the
-B. E. Arnole& Co., Inc., announce the opening of an office in
Royster Bldg.. Norfolk, Va., under the management of G. Arch Rennie.
become asso-Chas. C. Conover, formerly of Conover & Phillips, has
stocks.
ciated with Hammons & Co.. Inc., as trader in industrial
& Hutzler as
-Jerome W. Nammack has retired from Salomon Bros.
a general partner.

Volume 137

Financial Chronicle

2653

The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES--METALS-DRY GOODS
-WOOL
-ETC.

COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a demartment headed INDICATIONS OF
BUSINESS ACTIVITY.

Friday Night, Oct. 6 1933.
COFFEE.
-On the 2nd inst., Santos contracts closed 14
to 15 points higher with sales of 2,000 bags and Rio was 19
to 20 points lower with sales of 21,000 bags. On the 3rd
inst., futures closed unchanged to 1 point higher with sales
of only 8 lots of Santos and 1 lot of Rio. The October allotment of 62,500 bags of government coffee brought 8.86 to
9.250. It was reported that the bulk of this coffee went to
chain store buyers. Spot coffee was dull with Santos 4s
3
5
held at 91% to 9%c.; Rio 7s, 73/i to 7%c.; Victoria 7-8s,
73.( to 7%c. On the 4th inst., futures closed 3 points lower
to 5 points higher in quiet trading. On the 5th inst., futures
closed 1 to 3 points lower on Rio and 6 to 8 off on Santos,
with spot demand poor, offerings small and a weaker Brazilian market. To-day futures closed 4 to 7 points lower.
There was much discussion of the plan to have government
relief agencies take over the 175,000 bags the Grain Stabilization holds. Rio coffee prices closed as follows:
Spot (unofficial)
December
March

.
5 4 MY
7
6.00 September

8.45
8.51
8.76

Santos coffee prices closed as follows:
Spot
December
(unofficial)8.2513
1g
9 1
March
8.37 September

8.45
8.51
8.76

COCOA.
-Futures on the 2nd inst. closed 10 to 12 points
lower with sales of 737 tons. December ended at 4.21 to
4.220., January at 4.30c., March at 4.47c., May at 4.620.
and September at 4.93c. On the 3rd inst., futures closed
6 to 8 points lower with sales of 4,462 tons. Although
liquidation was heavy, it was readily taken. October closed
at 3e., December at 4.15c., January at 4.24c., March at
4.40c., May at 4.550., July at 4.70c. and September at 4.85e.
On the 4th inst., prices closed unchanged to 2 points higher
with sales of 2,492 tons. Wall Street liquidation was readily
absorbed in the early trading. December ended at 4.15e.,
January at 4.22c., March at 4.420., May at 4.550., July at
4.700. and September at 4.87c. To-day futures closed 9
to 14 points lower with sales of 317 lots. December ended
at 3.98e., January at 4.04c., March at 4.200., May at
4.39c., July at 4.550. and September at 4.70e. Warehouse
stocks were 899,934 bags against 886,357 a month ago and
591,111 on the same day last year.
SUGAR-On the 2nd inst. futures closed 1 point lower
with sales of 12,000 bags. On the 3rd inst. futures closed
unchanged to 1 point higher with sales of 6,300 tons. Sentiment was better owing to reports that recent sales of Cubas
to refiners had been canceled because it was impossible to
make shipment. Some 1,700 tons of Cubas ex-store New
York sold at 3.53e. Refined was 4.60e. On the 4th inst.
futures closed 2 to 4 points higher in a quiet market. • Sales
were only 6,550 tons. Buying was induced by the disturbances in Cuba which threaten shipments from Cuba. On
the 5th inst. futures closed 4 to 5 points lower with sales of
24,350 tons. The report that the sugar stabilization 'plan
would be dropped or modified was construed as bearish.
To-day futures, after opening 1 to 3 points higher, receded
and ended unchanged to 2 points lower. News from Washington indicated that Western Senators were urging the
President to sign the sugar marketing agreement. Raw
sold at 1.53c. Futures closed as follows:
December
January
March

1.4.31May
1.42 July
1.47

1.51
1.56

LARD futures on Sept. 30th declined 8 to 17 points under
general liquidation. On the 2nd inst. futures closed 5 to 15
points higher owing to the firmness of hogs. Packers were
good buyers. Lard stooks on Oct. 1st totaled 111,529,000
lbs. This is a decrease of 8,000,000 lbs. since Sept. 15.
Exports were 370,440 lbs. to Southampton and London.
Hogs were 15 to 25e. higher. Cash lard in tierces, 5.40c.;
refined to Continent, 61%e.; South American, 6% to 63.c.
On the 3rd inst. futures closed 13 to 15 points higher on a
good demand. Liquidation is believed to have been com-




pleted. Exports were 1,389,220 lbs. to United Kingdom
ports, Copenhagen and Helsingfors. Hogs were 15 to 25c.
higher with receipts small. Cash in tierces, 5.57c.; refined
to Continen ,63c.; South American, 65s to 63 0. Futures
/
/
on the 4th inst. closed 10 to 15 points higher on buying by
trade interests prompted by the s rength in outside markets
and a better cash demand. On the 5th inst. prices ended
17 to 20 points lower owing to larger hog receipts. Liquidation was general. Exports of lard fell off to 5,600 lbs.
Hogs were 10 to 15c. lower with the top $5.25. Cash lard
in tierces, 5.55c.• refined to Continent, 63. to 6% South
ic.•
American, 65 to 63 c. To-day futures ended 20 to 33
A
4
'
points lower with grain and hogs easier.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
October
5.25
5.37
5.55
5.70
5.50
5.30
December
5.72
5.80
5.90
5.97
5.80
5.52
January
6.32
6.45
6.55
6.35
6.02
Season's High and When Made.
Season's Low and When Made.
October
8.50
July 19 1933 October
4.57
December--- _8.87
July 19 1933 December_ _ _5.20
5.20
Aug. 17 1933

PORK steady. Mess $18.75; family $17.50; fat backs
$13. to $13.75. Beef steady; mess nominal; packet, nominal;
family $11.87 to $12.75; extra India mess nominal. Cut
meats steady; pickled hams 4 to °lbs. 5%c.• 6 to 8lbs. 53 0.;
/
8 to 10 lbs. 5%c.; 14 to 16 lbs. 10%c.; 18 ' 20 lbs. 10c.; 22
to
to 24 lbs. 91%c.; bellies, clear, 6 to 12 lbs. 100.; bellies, clear,
dry salted, boxed, N. Y. 14 to 20 lbs. 71%e. Butter, creamery, firsts to premium marks and higher score than extras
18 to 25e. Cheese, 20 to 213/2e. Eggs, mixed colors,
checks to special packs 133 to 32e.
OILS.
-Linseed was steady of late at 9.5c. for tank cars
though demand was small. Cocoanut, Manila, coast tanks
2% to 21%c.; tanks, New York spot 3 to 31%e. Corn,crude,
tanks f.o.b. Western mills 4 to 43jc. China wood, N. Y.
drums, delivered 71% to 73 c.; tanks, spot 7.1e.; Pacific
%
Coast, tanks spot 6.8c. Olive, denatured, Greek 70c.,
Spanish 75c.; shipment carlots, Greek 70c.• Spanish 73 tc:
75c. Soya bean, tankcars, f.o.b. western Mills 6.3 to 6.5e.;
ears, N. Y. 7.4c.; L.C.L. 7.8c. Edible olive $1.55. Lard
prime 93/20.; extra strained winter 8c. Cod, Newfoundland
36 to 37c. Turpentine 461% to 503 e. Rosin $4.95 to $5.60.
4
COTTONSEED OIL sales to-day including switches 17
1
contracts. Crude S.E. 3% to 3%c. Prices closed as
follows:
Spot
October
November
December
January

4.50
4 50
4.62
4.69
4.76

February
March
April
May

4.78
4.88
5.00
5.11

PETROLEUM.
-The summary and tables of prices formerly appearing here will be found on an earlier page in our
department of "Business Indications," in the article entitled
"Petroleum and Its Products."
RUBBER futures on Sept. 30 were more active and
ended 43 to 64 points higher. Sales were 4,750 tons.
Oct. closed at 8.45c., Dec. at 8.70c., Jan. at 8.85c., March
at 9.17c., May at 9.55c. and July at 9.79c. Futures on
the 2d inst. closed 50 to 70 points lower with sales of 6,030
tons. Oct. ended at 7.920., Dec. at 8.20e., Jan. at 8.35c.,
March at 8.63e., May at 8.850. and July at 9.11c. On
the 3rd inst. futures closed 22 to 25 points lower with the
cables disappointing and other markets weaker. There
was some liquidation of speculative accounts. Oct. closed
at 7.68c., Dec. at 7.950., Jan. at 8.10e., March at 8.40c.,
May at 8.63c. to 8.66e. and July at 8.86c. London ended
%d. lower. Singapore was off 7-32d. to %d. On the 4th
inst. futures closed 37 to 48 points higher with sales of 4,020.
The strength of other markets helped. Oct. ended at
7.80e., Dec. at 8.35 to 8.390., Jan. at 8.50 to 8.51c., March
at 8.82 to 8.840., May at 9.09e. and July at 9.34e. Actuals
were firmer. On the 5th inst., under scattered liquidation,
futures declined 23 to 31 points. Dec. ended at 8.10c.,
Jan. at 8.25c., March at 8.550., May at 8.78 to 8.80c. and
July at 9.03c. To-day futures closed 5 to 13 points higher
on good buying by trade interests. Dec. ended at 8.21e.,
Jan. at 8.36c., March at 8.66c., May at 8.88c. and
at 9.08c. Sales were 327 lots. The spot market July
was
strong and active with bids around the 8c. level.
HIDES futures on Sept. 30 after declining early 10 to 15
points rallied and closed 5 points lower to 10 points higher.
Sales were 160,000 lbs. Dec. ended at 10.60c., Mar. at
10.85e., June at 11.00e. and Sept. at 11.25e. On the 2nd
inst. futures closed 2 to 5 points lower with sales of 1,360,000
lbs. Dec. ended at 10.40c., Mar. at 10.70c. and June at
10.95c. Futures on the 3rd inst. closed 25 to 30 points
lower with sales of only 8 contracts. There was some liquidation of long accounts, owing to a weaker spot market.
The demand for spot hides showed little change. There
was more inquiry but tanners and killers ideas are far apart.
Dec. ended at 10.10 to 10.20c., Mar. at 10.40 to 10.50c.,

2654

Financial Chronicle

Oct.

7 1933

PIG IRON was rather dull. Production fell off 14% in
daily rate during September. There was a net loss of nine
active furnaces. Daily production was 50,742 tons as
against 59,142 tons daily in the preceding month, according
to the "Iron Age." Total production for the month was
1,522,257 tons against 1,833,394 tons the preceding month.
Shipments, however, are holding up well. Consumers seem
to be well supplied. Most of the demand in the East was
for carlots. A substantial revival in purchasing is not
looked for until December, when consumers begin to provide
for their fourth-quarter requirements. Bookings in the
East during September were estimated to be the smallest
since February. Sales at New York during the week were.
fairly good according to some agents.
WOOL was less active recently but sales included pracloads Montreal-Hamburg.
-1%
CHARTERS included: Grain booked.
-Middle Oct., Gulf to West Indies, $3.25. Trips.
Sc. Scrap iron.
tically all grades of both scoured and greasy wools. Prices
prompt West Indies, round. 95c.
West Indies, round, 80c.:
were firm. Territory wools were in fair demand with as
COAL-Bituminous prices were advanced for smokeless high as 83c. reported paid for some choice lots of strictly
and for most of the high volatiles. What is called coarse combing fine territory. Three-eighth blood sold rather freely
mine run having a high percentage of coal not broken down at 76 to 78c. and half blood at 80 to 82e. Fine territory
so much was quoted at $2, but the straight run of mine price combing clean was quoted at 81 to 83c. French combing
was $1.75 for smokeless. Domestic sizes of some produc- was 80 to 81c.; % blood, 80 to 82c.; % blood, 76 to 78e.,
tions are $1 above the quotations of a year ago, but are and 3.4 blood, 70 to 720. Fine Ohio fleece was quoted at
much below those in 1926 to 1930 inclusive. In the week 32 to 34c.; % blood at 34 to 36c.; % blood at 40 to 42c.,
ended Sept. 23, the total hard and soft coal output was and 34 blood, 40 to 41c. grease basis. In London on Oct.
the
almost 7,800,000 tons against nearly 9,000,000 tons for was 2nd offerings of 8,915 ' were mostly of New Zealand
bales
previous week. For the year to date soft coal output the and Puntas greasy crossbreds with Yorkshire taking most of
tons more than in
21,000,000 tons and hard 1,000,000
the former and the Continent the latter. Prices firm. For
same period of 1932. Hampton Roads loadings in the week a liberal supply of New Zealand slipe crossbred bids were
to 387,000 tons.
ended Sept. 23 increased 96,000 tons
a half-penny under the previous level and mostly
the generally
SILVER futures on Sept. 30th were less active butwere unacceptable with the result that withdrawals were frequent,
chiefly of fine grades.
ending was at an advance of 25 to 60 points. Sales
In London on Oct. 3rd offerings of 10,344 bales, mostly
1,575,000 ounces. The close was with December at 40.45c.,
March at 41.15e. May at 41.70c. and July at 42.20e. On greasy merinos and crossbreds met with a good demand from
the 2nd inst., futures after showing early strength reacted Yorkshire and the Continent. Prices were firm with the
with other commodities and ended 20 to 65 points net lower exception of faulty merinos which were irregular. Medium
with sales of 3,100,000 ounces. December ended at 40.25c., and coarse grades of New Zealand slipe crossbred were in
March at 40.86c. and May at 41.25e. Futures on the 3rd good demand but sellers were firm in their ideas on the smaller
mostly withdrawn. Details:
inst. ended unchanged to 15 points lower with sales of supply of fine qualities which wasto 18d. Queensland, 1,130 bales:
Sydney, 408 bales:
2,975,000 ounces. Bar silver declined 34 to 393%c. October scoured merinos,2331 greasy merinos, 11
to 2531d greasy, 1531 to 20%d. Victoria,497 bales:
closed at 40c., December at 40.300., January at 40.45c., greasy merinos, 1531 to 2031d. South Australia, 339 bales: scoured
greasy, 1331 to 1631d. West Australia, 1,273 bales:
March at 40.99 to 41c. and May at 41.35 to 41.50e. On merinos, 15 to 21d.: to 1411d. New Zealand,6,126 bales:scoured merinos,
2431d.; greasy, 531 to 1510. New
the 4th inst., after early weakness, the market rallied and greasy merinos, 1031
18 to 25d.: scoured crossbreds, 811 to143/scl., the latter price for halfbred
d to
ended 10 to 18 points net higher with sales of 4,500,000 Zealand slipe ranget from
ounces. The New York bar price rose 31, to 393/sc. Futures lambs.
In London on Oct. 4th offerings were 11,450 bales. There
closed with December, 40.40e.; March, 41.10c.; May,
crossbred
41.900. On the 5th inst., futures closed was a liberal supply of merinos andYorkshire s, best grades
41.500., and July,
and the Conoff with sales of 3,375,000 ounces. December meeting with a good demand from faulty grades were easier
15 to 30 points
March at 40.80e. and May at 41.200. To- tinent at firm prices. Inferior and In London on Oct. 5th
ended at 40.180.,
numerous.
day futures ended 45 to 59 points lower with sales of 4,500,000 and withdrawals were
bales with Yorkshire and the Continent
ounces. October ended at 39.40 to 39.50e., November at offerings were 9,230 values were maintained except for slipe
39.54c., December at 39.65 to 39.70c., March, 40.35e. and good buyers. Latefrequently withdrawn. Several bales of
May, 40.750. The bar price here was unchanged at 183/2cl., grades which wree
superior greasy merino marked "Congi New England"
and so was London at 393%c.
the Continent. Details:
trade was better, realized 24d., being secured by15 to 24d. Queensland. 2,058 bales:
COPPER was quiet but the feeling in the
Sydney, 284 bales: greasy merinos,
code was very scoured merinos, 21 to 26104 greasy, 1131 to 1510. Victoria, 680 bales:
due it was said to the fact that the copper
scoured crossbreds, 12 to 21d. New Zealand,
much nearer completion. A substantial tonnage was said scoured merinos,21 to 25%d.; 93/s to 243/sd.: greasy,4% to 1410. Cape,
6,104 bales:scoured crossbreds,
to have been sold late last week at 83%o. delivered or Vic. 99 bales: greasy merinos, 10 to 12d. New Zealand slipe ranged from 63/sd.
lambs.
under the official price. Recently the foreign quotation was to 1510., the latter price for hall'bred
SILK futures on the 2nd inst. ended 2 to Sc. lower with
lower at 8.200. In London on the 4th inst. standard advanced 3s. 9d. to £35 for spot and £35 5s. for futures; sales sales of 240 bales. The weakness of the stock market
300 tons of spot and 900 tons of futures; electrolytic bid un- prompted heavy selling pressure. General news was bearsecond
changed at £38 5s.; asked 10s. higher at £39; at the25 tons ish. October closed at $1.71, November at $1.69 to $1.71,
December at $1.69 to $1.70, and January, February, March,
London session standard dropped is. 3d. on sales of
April and May $1.69 to $1.70 On the 3rd inst. futures
of spot.
TIN advanced to a new high for the year on the 5th inst. closed 4 to 00. lower under heavy liquidation. Sales were
In
to 483/i to 48.90c. for spot Straits. Demand was small. 15s. 2,610 bales. Crack double extra was reduced 6c. to an
average spot level of $1.77 The weakness in other commodiLondon on the 5th inst. standard advanced £2 to 1224
Straits
for spot and futures; sales 580 tons of futures; spotto £228 ties and securities and the general expectation of a bearish
rose £3 to £231 10s.; Eastern c.i.f. advanced a 5s. sales of report on mill takings of raw silk during September were
the depressing influences. October closed at $1.66 to
5s.• at the second session standard dropped 5s. on
$1.68, November at $1.64 to $1.65, December at $1.65,
'
20 tons of spot and 530 tons of futures.
February at $1.64, and March, April
LEAD was rather quiet of late but prices were firm at January and $1.63 to $1.64. On the 4th inst. futures
at
4.500. New York and 4.35c. East St. Louis. Shipments and May to decline and prices ended 3 to 6 points lower
during October are expected to be the largest for the year. continued
bales. October ended at $1.60 to $1.63,
Sales
Sales thus far this month are over 22,000 tons. about with sales of 2,430 to $1.62, and December, January, FebNovember at $1.60
during September were about 38,000 tons, of which
and May at $1.60 to $1.61. On the
27,000 tons are for September delivery. Sales for November ruary, March, April steady and ended 1 to 2 points lower
shipment to date are estimated to be about 12,000 tons. 5th inst. futures held
bales. Double extra was also steady.
Battery makers were the best buyers. Sheet lead, pipe after sales of 1,140 to $1.61, November at $1.59 to $1.60,
and pigment makers also bought. In London on the 5th October closed at $1.59 $1.59, January and February $1.59,
inst. spot advanced 2s. 6d. to £12 is. 3d.• futures up is. 3d. December at $1.58 to May $1.58 to $1.59. To-day futures
and
to .£12 7s. 6d.; sales, 300 tons of spot and 400 tons of futures. and March, April to 1 point higher on buying and covering
ended unchanged
ZINC was rather quiet at 4.75c. East St. Louis. In prompted by the progress on the silk industry code. Yet
London on the 5th inst. spot advanced Is. 3d. to £16 13s. 9d.; Japanese markets were a little low. October ended at $1.59
futures up 2s. 6d. to £17 2s. 6d.; sales, 300 tons of spot to $1.62, December at $1.58 to $1.60, and January, Februand 300 tons of futures. At the second London session ary, March, April and May $1.59 to $1.60.
prices declined Is. 3d. on sales of 50 tons of spot.
-Requirements for railroads have thus far
STEEL.
reached, it is estimated, 300,000 tons, and are expected to
COTTON
reach more than 700,000 tons before the end of the year
Friday Night, Oct. 6 1933.
as
for 1934 delivery. Ingot production for the country
THE MOVEMENT OF THE CROP, as indicated by
whole shows a rise of a point to 42% of capacity, despite our telegrams from the South to-night, is given below. For
a
some sharp declines in some districts owing to labor troubles. the week ending this evening the total receipts have reached
the
At Pittsburgh production rose 6 points to 35%, and in t is 401,837 bales, against 406,645 bales last week and 328,745
Valleys 2 points to 50%. The fall buying movemenfact bales the previous week, making the total receipts since
not expected to show its usual increase owing to the view Aug. 1 1933, 2,165,519 bales, against 1,817,530 bales for the
that many consumers have anticipated requirements in
same period of 1932, showing an increase since Aug. 1 1933
of advancing prices. Stocks of some manufacturing con- of 347,989 bales.
the largest in many years.
sumers are

June at 10.70 to 10.76c. and Sept. at 10.95c. Packer,
native steers and butt brands, 12c.; Colorados, 11 %e.;
Chicago, light native cows, 110. New York City calfsldns,
9-12s, 2.45; 7-9s, 1.75; 5-7s, 1.27. On the 4th inst. futures
closed 25 to 35 points higher with sales of 1,280,000 lbs.
There was considerable short covering. Dec. ended at
10.25c., Mar. at 10.70c. and June at 11c. On the 5th inst.
trading was active and prices broke 55 to 65 points. Sales
were 1,440,000 lbs. Dec. ended at 9.70c. Mar. at 10.150.,
June at 10.35e. and Sept. at 10.75c. To-day futures closed
2 to 16 points lower in response to the general weakness in
other commodities. Dec. closed at 9.50 to 9.600. Mar. at
9.95 to 10c. and May at 10.19c. Sales were 33 fots.
OCEAN FREIGHTS were rather quieter.




Financial Chronicle

Volume 137
Receipts at-

Sat.

Mon.

Tues.

Wed.

Thurs.

Fri.

Total.

Galveston
19.958 17.883 37,113 16,694 15,086 10,155 116,889
Texas City
---- 9,052 9,052
Houston
14,203 23.668 29,5g 14 54 13,139 40,872 134,980
.
,
Corpus Christi
2.443 2,394 2,158 1,740 1.046 1,610 11,391
New Orleans
32,982
___- 17,691 8,080 8,735 11,129 78,617
Mobile
1,342 1,008 1,1134 1,025 2.033 1,043 7,615
Pensacola
,845
--------6,845
Jacksonville ---------------- ---------460
_
460
Savannah
2,208 1,959 1,830 1,188 1,345 1,309 9,839
Charleston
1.021
795 1,094
883
'7'74 5,597 10,164
Lake Charles____
____
____
__
____
_- 8,519 8,519
Wilmington
770
388
370
141
92
402 2.163
Norfolk
676
749
711
632
528
636 3,932
Baltimore
394
------------977 1.371
Totals this week 75,559 48,502 91.556 51.681 42,778 91.761401.837

The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
1932.

1933.

Receipts to
October 6.

Stock.

This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.

Galveston
116,889
Texas City
9,052
Houston
134.980
Corpus Christi
11,391
Beaumont
New Orleans
78,617
Gulfport
Mobile
7.615
Pensacola
6.845
Jacksonville
460
Savannah
9,839
Brunswick
Charleston
10,164
Lake Charles_ --- 8,519
Wilmington
2.163
Norfolk
3,932
N'port News. &c_
New York
Boston
Baltimore
1,371
Philadelphia
Totals

1932.

1933.

442,938 103,256 316.322 610,757 588,666
32,611
18,574
23,259
41.306 4,732
769,197 107,446 577,660 1,383,727 1,189,284
263,342 6.508 215,635 166.227 110.396
13,125
---14,326
16,008
4,209
269,099 40,846 296,317 762,904 930,224
40,797 12,118
62,521
---710
7,233
97,075 6,813
7,647
68,048 10,003
63,838 11.178
7,274 3,165
11,740 4,196

68,882
37.536
3,940
69.981
12,050
71,276
79,210
11.567
13.039

293

4,848

9,255

125,194
37.560
7,483
145,829

167,654
3.170
19,868
207,598

66,422
70,933
17,404
22,211

94,563
91,945
15,998
50.180

116,972 204,014
10,155
12,935
1.750
1.350
5,389

401,837 2.165,519 311.264 1,817.530 3.593,644 3.723,754

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1933.

Total thls wk_
Since Alice 1

1932.

1931.

1930.

1929.

1928.

116,889
134,980
78,617
7.615
9,839

103,256
107,446
40,846
12,118
6,813

118.057
257,377
45.338
13.385
20,567

101,019
216,512
69,100
18,953
32,862

127,783
213.822
84.475
24,639
18,487

170.273
188,142
60,913
10,550
25,687

10,164
2,163
3.932

10,003
3,165
4.196

12,584
3.107
5,981

22,794
3,556
14.673

8,763
4,845
2,118

20.211
9,548
11,614

37,638

Galveston_....
Houston
New OrleansMobile
Savannah---Brunswick _
Charleston.._ Wilmington _ Norfolk
Newport News
All others_ __ -

23.421

41,325

30,459

28,051

21.899

401,837 311,264 517,721 509,927 512.983 521,837
9 155 ma I gl7 5•In 1 080 752:1 11&R20 28S1.773 2.514.177

The exports for the week ending this evening reach a total
of 194,592 bales, of which 15,959 were to Great Britain,
32,108 to France, 46,703 to Germany, 31,349 to Italy,
nil to Russia, 42,310 to Japan and China, and 26,164 to
other destinations. In the corresponding week last year
total exports were 225,629 bales. For the season to date
aggregate exports have been 1,485,317 bales, against
1,337,250 bales in the same period of the previous season.
Below are the exports for the week:
Exported to
Week Ended
Oct. 6 1933.
Great
Japan&
GerExports from
- BrUain. France. many. Italy. Russia. China. Other.
Galveston
Houston
Corpus Christi_ _
Texas City
New Orleans_ _ _ _
Lake Charles__
Mobile
Jacksonville _ _
Pensacola
Savannah
Charleston
Wilmington
_
New York
Los Angeles_
Total
Total 1932
Total 1931

7,826 17,995 5,793 3,872
2,087 17,354 13,317

1,654
751
599

3,243
7,583

1,200

4,568

480
80

2,491
6,840
4,135 2:165
2,650 1,244
851
231 10,616
2,437
1,800
2,121

Galveston _
Houston __Corp. Christi
Texas City_ _
Beaumont_
New Orleans_
Lake Charles
Mobile
Jacksonville
Pensacola
Panama City
Savannah _
Brunswick _
Charleston _
Wilm'gton
Norfolk
New York_ _ _
Los Angeles.
San Fran..
Total
Total 1932_
Total 1931._

100

15,959 32,108 46.703 31,349

42,310 26,164 194,592

24,583 36,175 74,390 24,470
17,383 1.950 5,517 4,790

From
Aug. 1 1933 tol
GerOct. 6 1933.
_1 Great
Exports from BrUain. France. many.
31,070 41,304
55,410 64,093
57,100 40,544
2,436 4,058
3,900
39,038 23,788
2,179 7,184
4,593 3,559
230
7,710
15,424
14,164
2,488
13,061
1,828
7,879
1,355
93

30,220
96,015
18,880
6,238
300
26,760
9,327
20,247
3,228
13,543
8,67
31,40
5,134
20,81
3,300
1,25
2,29
50

Total.

28,687 10,244 74,417
5,900 12,126 50,784
3,850
3,850
1.088 8,476
1,906 16,329
7,086
5,693
851
10,847
3.028 "ioo 3,325
7,005
"inO 2,000
848
400 3,849
80

__

30.050 35,961 225,629
45,931 14,223 89,794

Exported to
;Japan &
Italy. Russia, China. Other.' Total.
21,115
66,175
9,099

86,094 47,112 256,915
159,212 76,482 517,387
83,520 22,495 231.638
1,368 14,100
8041
5,004
30,45221,274 31,905 20,2061 193,423
2,200 8,950
8,000 5,261 43,101
3,244
4,700 2,00(31 38,349
,
300
3,758
3,900
10,716
1501 36,019
361 24,131
6,198 2,350 54,214
100
7,647
251
796 34,671
200,
1
3.500
1061
3,184
848
5861 11,609
3,390
6231
5,868
656
60
799
_

256,058 188,430j 298,175 143,10130,224 388.423l80,9061;485,317
171,841 204,5771 425,800128.462 ---- 241.987,169,783 1,337,250
56,660 37.0421 168,112 74,303 __-- 442,583131,582 910.282




2655

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Sit pboard Not Cleared for
Oct. 6 atGalveston
New Orleans_ _
Savannah
Charleston_
Mobile
Norfolk
Other ports *_

Great
GerOther CoastBritain. France. many. Foreign wise.
3,000
7,420
1,§fig
2,500

Total 1933.. 14,908
Total 193228,306
Total 1931 17.712
* Estimated.

2,000
1,568

Total.

Leaving
Stock.

580.257
701,797
142,829
66,422
120,698
22,211
1.000 70,000 1,795,327

5,000 18,500 2,000 30,500
7.145 41,942 3,032 61,107
3,000
--------3,000
_
____
___
--------2,408
i(313 4,;iiie
-

1,000

4,000 61,500

4,568 19.145 124,350 6,132 169.1033,429.541
8,583 9,304 68.526 1,890 116,6093.607,145
6,669 17.393 107.621 13.413 162,8083.563,179

SPECULATION in cotton for future delivery has been
dull, and with the movement of the crop in the South
increasing there was practically no speculative activity. The
weather was generally favorable, and there was a disposition on the part of the trade to await Monday's Government report. On Sept. 30 the market was comparatively
quiet, and after declining slightly, rallied and ended 4 to 7
points net higher. The market moved feverishly within
a narrow range. The trade was the chief buyer. The
South sold. Southern advices said that farmers were still
inclined to hold their cotton owing to the Government loan
offer. A late upturn in securities caused covering and
some buying by the trade. The spot basis was firm and
desirable cotton was said to be difficult to purchase in
most of the markets. Worth Street was more active on
Friday and sales were said to be the largest in several
days. Speculative buying however, was not aggressive.
On the 2nd inst. the market was inactive and after showing early gains of 3 to 9 points on overnight buying owing
to better Liverpool cables than due and a decline in the
dollar prices eased on Southern and New Orleans selling
and ended with net losses of 4 to 9 points. The trade was
a good buyer. Nothing new was heard from Washington
regarding the loan offer. The President's address to the
American Legion in Chicago was received with favorable
comment, but there was disappointment over the fact that
he failed to give any new light on the future of the dollar.
The weather was unsettled, with scattered rains but was
generally favorable. The movement in the South continued
large and is expected to reach its peak in the near future.
The New York Cotton Exchange Service said the world's
consumption of American cotton in August was the largest
for that month since 1927 and approximated 1,266,000 bales
against 1,267,000 in July and 1,067,000 in August last year.
On the 3rd inst. hedge selling and liquidation sent prices
down to new low levels for the movement. The close was
9 to 12 points lower. Support was lacking. The demand
was confined mostly to moderate trade fixing of prices,
but this was not enough to check the decline. The weather
was favorable over the belt and a generally favorable
weekly weather report was expected to-morrow. No definite announcement came from Washington on the loan
plan but rumor had it that an important statement was
to be made and was expected to include a proposal to loan
10 cents at the farm on low middling 'Th-inch cotton and
other provisions for loans of greater amounts on better
grades and staples. A New Orleans report suggested that
the loan basis might be raised from 10c. to 12c., but this
lacked confirmation. Worth Street was quiet. Two private
estimates were issued, one making the crop 12,909,000 bales
and the other 12,810,000 bales. These estimates are below
the figures of the same authorities a month ago, but are
well above the Government estimate last month. New
Orleans and commission houses sold. The Trade and the
Far East were buying.
On the 4th inst. prices ended 9 to 12 points higher on
trade buying together with professional and commission
houses purchases, encouraged by the upturn in stocks and
wheat. There was a slight reaction towards the close owing
to hedging pressure. Private advices from Washington
again said that early completion and announcement of the
plan to lend 10 cents a pound to farmers was expected.
Weather conditions over the cotton belt were generally
favorable. There was little or no rain. The weekly
weather report indicated favorable progress of the crop.
Texas reports stated that the peak of the movement had
been about reached, except in the northwestern portions.
Farmers were still inclined to hold their crop except in
the Delta where long staple cotton commanded a premium.
The Fossick Bureau estimated the crop at 11,750,000 bales
against 11,683,000 in September. The "Journal of Commerce" placed the indicated yield at 11,701,000 against
11,079,000 last month. Southern spot markets were 10 to 17
points higher. There was a slight broadening of outside
interest. Liverpool bought.
On the 5th inst. hedge selling combined with the weakness of wheat and securities resulted in a decline of 18 to
23 points at the close. Demand was limitetd. New lows
for the present downward movement were made. The
South Wall Street and commission houses sold. Trade
interests bought on the dips. The weather continued

favorable. There was some evening up for the Government report which will appear on Monday. Most traders
are holding aloof, awaiting the report. The average of six
private reports so far published indicated a yield of
12,395,000 bales, and the average guess of 77 members of
the Exchange was 12,539,000 bales. Southern spot markets
were lower. Liverpool closed unchanged to one point net
higher.
To
-day prices declined 21 to 29 points on hedge selling.
.The delay in reaching some agreement on the terms of the
proposed loan to farmers and the failure of any definite
announcement on the Administration's monetary policy to
appear had a decidedly depressing effect. The weather was
again favorable, with fair conditions prevailing over virtually the whole belt, and the forecast pointed to continued
fair weather. A private report put the crop at 12,512,000
bales. All of the private reports thus far have been above
the last Government estimate. Final prices are 41 to 51
points lower than a week ago. Spot cotton ended at 9.50c.
for middling, a decline since last Friday of 40 points.
Staple Premiums
80% of average of
six markets quoting
or deliveries on
Oct. 13 1933.
16-16
Inch.
.11
.11
.11
.11
.11
.10
.09

.31
.31
.31
.31
.29
.25
.22

Differences between grades established
for deliveries on contract 0 t. 13 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.

1-inch &
longer.

.11
.11
.10

.30
.29
.25

.11
.11
.11

.25
.25
.25

.10

.24

.10

.24

.10
.10

.25
.25

.67 on Mid.
White
Middling Fair
.55
do
do
Strict Good Middling_
do
.42
do
Good Middling
do
.29
do
Strict Middling
do
Basis
Middling
.37 off Mid.
Strict Low Middling....._ do
.80
do
do
Low Middling
1.29
do
*Strict Good Ordinary- do
do
do
1.71
*Good Ordinary
Extra White
42 on do
Good Middling
do
.29
do do
Strict Middling
Even
do
do do
Middling
37 off do
Strict Low Middling..., do do
do
do do
80
Low Middling
.24 on do
Spotted
Good Middling
.01 off do
do
Strict Middling
do
39 off do
Middling
do
.80
*Strict Low Middling- do
do
do
1.29
*Low Middling
.02 off do
.
Strict Good Middling __Yellow Tinged
.25 off do
do do
Good Middling
.43
do
do do
Strict Middling
do
80
do do
*Middling
do
1.26
do do
*Strict Low Middling_
do
do do
1.70
*Low Middling
Light Yellow Stained_ .41 off do
Good Middling
do
do do
do - .80
*Strict Middling
do
do
do
do __1.25
*Middling
..
Yellow Stained
.79 off do
Good Middling
1.25
do
do do
*Strict Middling
1.70
do
do do
*Middling
Gray
.26 off do
Good Middling
do
do
.52
Strict Middling
do
*Middling
do
.84
.81 off do
Blue Stained
*Good Middling
do
do do
1.26
*Strict Middling
do do
1.70
do
*Middling

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed.Thurs.
9.95
9.90
9.80
9.90
9.70

Sept. 3010 Oct. 6Middling upland

Fri.
9.50

-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Sept. 30.

Monday,
Oct. 2.

Tuesday, Wednesday, Thursday,
Oct. 4.
Oct. 5.
Oct. 3.

n Nominal.

Range of future prices at New York for week ending
Oct. 6 1933 and since trading began on each option:
Option for-

Range/or Week.
9.24 Oct. 6 9.78 Oct. 2
9.38 Oct. 6 9.99 Oct. 2
9.45 Oct. 6 10.08 Oct. 2
9.63 Oct. 6 10.25 Oct. 2
9.78 Oct. 6 10.39 Oct. 2

Range Since Beg nning of Option.
6.07 Dec. 8 1932 11.82 July 18 1933
5.93 Dec. 8 1932 12.00 July 18 1933
6.50 Feb. 21 1933 10.50 July 21 1933
6.30 Feb. 6 1933 12.20 July 18 1933
6.35 Feb. 6 1933 12.25 July 18 1933
6.62 Feb. 24 1933 9.92 Aug. 28 1933
6.84 Mar. 28 1933 12.39 July 18 1933
8.91 May 22 1933 9.80 May 27 1933
9.28 Sept. 9 1933 2.52 July 18 1933

9.93 Oct. 6 10.53 Oct. 2 9.42 Sept. 9 1933 11.78 July 27 1933




7 1933

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
1932.
1931.
1930.
1933.
Oct. 6624,000 594,000
bales

Stock at Liverpool
Stock at London
Stock at Manchester

746,000

64,2,000

96.000

131,000

115,000

763,000

755,000

709,000

429,000
200,000
24,000
63,000
87,000

Total Continental stocks

121,000

842,000

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

317,000
164.000
17,000
61.000
59,000

210,000
217,000
6,000
62,000
34,000

273,000
182,000
10,000
88,000
11,000

803,000

618,000

529,000

564,000

1,645,000 1,381,000 1,284,000 1,273,000
Total European stocks
26,000
58,000
72.000
42,000
India cotton afloat for Europe_ _ _
American cotton afloat for Europe 448,000 468,000 246,000 566,000
95,000 108,000
90,000
Egypt.Brazil. &c..afrt for Europe 86,000
250,000 448.000 573.000 517,000
Stock in Alexandria, Egypt
641,000 664,000 530,000 514,000
Stock in Bombay. India
3.593.644 3,723.754 3,725,987 3,052.226
Stock in U. S. ports
Stock in U. S. interior towns_ -1,502,765 1,695,492 1,141,662 1,098,865
26.764
31,606
30.444
400
U. S. exports to-day
8,240,015 8,558,690 7,648413 7,201,491
Total visible supply
Of the above, totals of Americaan and other descriptions are as follows;
American
394,000 294,000 234,000
197,000
Liverpool stock
47,000
64,000 • 35,000
47,000
Manchester stock
724.000 564,000 440,000 448.000
Continental stock
448.000 468.000 246.000 566,000
American afloat for Europe
3,593,644 3,723,754 3,725,987 3,052,226
U. S. port stocks
1,502,765 1,695.492 1,141,662 1,098,865
U. S. interior stocks
30.444
26.764
400
31,606
U. S. exports to-day
Total American
East Indian, Brazil,
Liverpo51 stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
Total American

6,741,015 6,839,690 5,849,413 5,409,491
352.000

348,000

390,000

397,000

49,000
79,000
42,000
86.000
250,000
641,000

57.000
54.000
58.000
90,000
448.000
664.000

96,000
89,000
26,000
95,000
573,000
530,000

68,000
116.000
72,000
108,000
617,000
514,000

1,499,000 1.719.000 1,799,000 1,792.000
6,741,015 6,839,690 5,849,413 5,409,491

8,240,015 8,558,690 7.648,413 7,201,491
Total visible supply
5.700.
4.56d.
5.44d.
5.54d.
Middling uplands, Liverpool. _ 7.05c.
5.80c.
9.50c.
10.30c.
Middling uplands, New York..__..
9.40d.
10.50d.
7.82d.
8.30d.
Egypt, good Sake!, Liverpool........
Peruvian, rough good. Liverpoo_
5.51d.
4.06d.
4 20d.
4.56d.
Broach, fine, Liverpool
5.64d.
4.51d.
5.19d.
5.35d.
Tinnevelly, good, Liverpool

Continental imports for past week have been 137,000 bales.
The above figures for 1933 show an increase over last
week of 339,005 bales, a loss of 318,675 from 1932, an
increase of 591,602 bales over 1931, and a gain of 1,038,524
hales over 1930.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:

DrMay,
Oc . 6.

Oct. (1933)
Range__ 9.63- 9.69 9.63- 9.78 9.53- 9.65 9.53- 9.62 9.45- 9.62 9.2. 9.98
9.45n
9.2.
in
Closing.. 9.69- 9.65- 9.53- 9.65n
NOD.
Range _ _
9.3In
9.55n
9.64n
9.76n
9.740
Closing 9.800
Dec.
Range _ _ 9.80- 9.95 9.84- 9.99 9.73- 9.87 9.75- 9.94 9.65- 9.83 9.31 - 9.66
Closing _ 9.92- 9.93 9.84- 9.85 9.75- 9.76 9.87- 9.88 9.66- 9.67 9.31 9.40
Jan.(1934)
Range.. 9.86-10.01 9.92-10.08 9.80- 9.95 9.83-10.00 9.73- 9.89 9.44 9.73
Closing _ 10.01- 9.92- 9.83- 9.92- 9.74- 9.4;
Feb.
Range.._
9.2-DI
9.82n
10.01n
9.91n
10.01n
Closing.. 10.09n
March
flange.... 10.05-10.17 10.08-10.25 9.99-10.13 10.00-10.19 9.90-10.08 9.61 9.90
in
10.11- 9.90- 9.91 9.5
10.10-10.11 10.00Closing.. 10.17April
Range _ _
9.71Pt
9.97n
10.19n
10.08n
10.18n
Closing _ 10.24n
May
Range 10.21-10.33 10.25-10.39 10.16-10.30 10.16-10.34 10.05-10.24 9.71 10.06
10.16-10.18 10.28 -- 10.05-10.08 9.71
Closing.. 10.32-10.33 10.27June
Range...
9.84
10.12n
10.35n
10.34n
10.24n
Closing_ 10.40n
July
flange.. _ 10.36-10.49 10.41-10.53 10.32-10.44 10.34-10.47 10.20-10.38 9.91 10.20
10.20-10.21 9.5 9.94
10.41-10.42 10.32-10.33 10.43Closing _ 10.49Aug.
Range _ _
Closing _
Sept.
Range _ _
Closing _

Sept.1933__
Oct. 1933....
Nov.1933
Dec. 1933
Jan. 1934_ _
Feb. 1934
Mar.1934
Apr. 1934
May 1934
June 1934
July 1934._

Oct.

Financial Chronicle

2656

Movement to Oct. 7 1932,

Movement to Oct. 6 1933.
Towns.

Ship- Stocks
merits. Oct.
6.
Week. Season. Week.

Receipts.

Receipts.

Week. Season.

Ship- Stock
ments. Oct.
Week.
7.

5,045 1,362 7,268
127 7,091 1,639
3,003
Ala., Birming'm 1,336
460
272 6,293
3,334
4,000
313 6,590
642
Eufaula
294 38,536 2,207
13,084
13,196
612 48,966
Montgomery. 2.732
230 41,252 4,653 26,066 1,176 54,097
3,807 20.713
Selma
19,626 2.667 30,726 8,050 54,812 4,068 62.526
Ark.,Blytheville 7,797
522 11,332 1,695
2,607
5,065
1,224
Forest City
562 16,681
10,962 4,068 24,632 4,174
17,122 1,154 34,176
3,790
Helena
19.173 3,891 17,390 4,958 24,185
4,767
742 27,039
Hope
1,365 1,646
1,785
910
1,764
771
96 2,283
Jonesboro.. _
.
17,927 7,939 42,744 8,622 23,630 3,729 52,672
8,565
Little Rock
500 9,512 3,767
3,545
12,145 1,046 19.837
Newport........ 1,500
Pine Bluff.... 9,730 23,236 3,261 37,863 10,378 29,254 3,689 52,625
493 4,863 5,501
3,401
13,190 1,547 13,827
Walnut Ridge 2,367
7,604
373 6,703
129
904
734
31 2,995
Ga., Albany....
11,925 1,200 52,520 1,140
6,755
700 94,370
4,260
Athens
6,358 2,268 175,026 1,929
11,003 1,897128.892
1,481
Atlanta
10,617 69,110 2,899131,611 6,636 42,433 3,038 110,337
Augusta
500 18,001 1,309
3,787
5.600
590 22,217
1,000
Columbus
6,704
908 34,325 1,185
9,851
1,736
449 40,080
Macon
400 6.035
490
1,648
1,216
790
300 8.467
Rome
La., Shreveport 4,377 22,318 3,274 33,135 7,620 35,869 3,606 74,057
Miss,Clarksdale 10,300 40,169 3,580 42,311 8,629 41,903 7,533 70,421
804
500 6,294
3,522
2,785..__
7,454
Columbus_ _
. 1,000
Greenwood.... 15,903 58,988 6,945 76,500 7,877 48,174 3,140 91,800
15,063 1.212 28,113
2,584 11,050 3,393 19,592 2,587
Jackson
469
125 2,812
464
3,102
168
77 6,070
Natchez
612 8,458 1,775 15,357
4,817
969 19,065
Vicksburg... 1,631
3,620 13,272 2,463 16,248 2,449 13,996
683 24,541
Yazoo City
152 3.768
18,151 3,892
124
Mo., St. Louis_ 2,795 22,350 2,645
1011 17,072
491
544
1,135
191 12,802
121
IsI.C.,Greensb'ro
I
Oklahoma15 towns'...... 62,588 113.184 30,044 71,007 51,579 127,502 30.059 80,671
17,281 3,121 67,176
3.C., Greenville 3,825 22,706 4,124 78,742 4,111
Tenti.,Memphis 72,000 221,959 27,993346,667 75,643 308,327 41,954384,522
618
2,212
6,807 2,000 1,640
504
295
Texas, Abilene. 2,500
10,611 1,193 4,089
1,000 12,936 1,000 4,420 1,210
Austin
20,685 1,605 7,892 1,208
9.190
60. 7,885
2,108
Brenham
9,403 39,392 6,681 21,034 7.985 24.087 4,647 12,746
Dallas
19,145 3,210 12,378
5,808 21,650 5,349 11,872 4.779
Paris
648 2,068
66
6,148
4,395
302 1,933
60
Robstown_
954
257
7,866
8,141 1,497
307
976
443
San Antonio_
17,325 1,696 19,956
7,685 1,857 14,638 4,353
3,132
Texarkana
22,968 4.527 12,524
6,070 49,530 5,350 21,156 7,471
Waco
..-• - -____

nnn •n
.

nro ono 110 llil, IR110111K Sari

nal 1

At') St KO 1 Ail ARA I gulg .1 nO

•Includes the combined totals of 15 towns in Oklahoma.

The above totals show that the interior stocks have

increased during the week 136,176 bales and are t3-night

192.727 bales less than at the same period last year. The

receipts at all the towns have been 17,100 bales more than
the same week last year.
omi
STEW YORKV.TITATIONS FOR 32 YENTre7The quotations for middling upland at New York on
Oct. 6 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926

9.50c.
7.05c.
5.85c.
10.25c.
18.90c.
19.05c.
21.30c.
13.65c.

1925
1924
1923
1922
1921
1920
1919
1918

23.20c.
26.25c.
28.55c.
21.50c.
20.80c.
25.25c.
32.650.
33.100.

13.300.
9.05c.
13.25c.
10.80c.
10.20c.
10.45c.
9.50c.
8.90c,

27.00c. 1909
17.00c. 1908
12.45c. 1907
1906
14.10c. 1905
11.250. 1904
9.950. 1903
14.150. 1902 .

1917
1916
1915
1914
1913
1912
1911
1910

MARKET AND SALES AT NEW YORK. lag
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
SALES.

Futures
Market
Closed.

Spot Market
Closed.

Spot. Contr't. Total.

Saturday_ -- Steady. 5 pts. ad-_ Very steady ___
.
Monday _ -- Quiet,5 pts. dec. _ Barely steady-Tuesday -- Quiet, 10 pts. dec-..- Steady
Wednesday_ Steady. 10 pts. adv_ Steady
Thursday -- Quiet,20 pts.dec._ _ Barely steady _ _
Quiet,20 pts. dec___ Barely steady
Friday

700

700
46,000

46;666
1.100

1,000
400
500

400
500

1,600 47,100 48,700
17.486 51,800 69,286

Total week_
Since Aug. 1

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraph reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-----1933
Oct. 6Shipped•
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c

Since
Aug.!.
22,438

Week.
2,645
•--409
4,371
4,080

932
-Since
Week. Aug. 1.
18,818
3,892
52
466

1.892
37,516
34,879

150
3.293
3,000

1,242
33.229
25,000

11,505

96,725

10,387

78,755

1,371
306
3,645

Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South

9,250
2,405
30.646

293
198
2,659

4,838
1,753
26,149

5,322

42,301

3,150

32,740

6,183

Total to be deducted
Leaving total net overland •

54.424

7,237

46,015

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
this year has been 6,183 bales, against 7,237 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 8,409 bales.
1932
1933
Since
Since
In Sight and Spinners'
Aug.!.
Week.
Aug.!. Week.
Takings.
Receipts at ports to Oct.6
401.837 2,165.519 311.264 1,817,530
Net overland to Oct 6
54,424
7,237
46,015
6,183
South'n consumption to Oct.6-105.000 1,120,000 85,000
785,000
Total marketed
513,020 3,339,943 403,501 2,648,545
Interior stocks in excess
310,901 123,581
346,787
136.176
Excess of Southern mill takings
over consumption to Sept. 1-*121,424
---- *190,238
Came into sight during week
Total in sight Oct.6

649,196

521,082
3,460,606

North.spinn's' takings to Oct.6-- 20,859

171,874

2,873,908
12,165

157,370

• Decrease.

Movement into sight in previous years:
Week1931-Oct. 9
1930
-Oct. 10
1929
-Oct. 11

Bales.
Since Aug. 1819,873 1931
750,620 1930
789,901 1929

Bales.
3.230,206
4,430,321
4,212,493

QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Oct. b.

Closing Quotations for Middling Cotton on
Saturaay. monaay. suesaay. Wea'day. Thursd'y. Friday.

Galveston
New Orleans__ _
Mobile
Savannah
Norfolk
Montgomery__.
Augusta
Memphis
Houston
Little Rock....
Dallas
Fort Worth_ _

2657

Financial Chronicle

Volume 137

9.65
9.72
9.55
9.68
9.70
9.40
9.73
9.40
9.65
9.22
935
9.35

9 60
9.61
9.50
9.65
9.60
9.35
9.65
9.35
9.55
9 20
9.30
9.30

9.50
9.56
9.38
9.56
9.54
9.25
9.56
9.25
9.50
9 15
9.20
9.20

9.60
9.69
9.62
9.73
9.65
9.40
9.68
9.35
9.60
9.32
9.30
9.30

9.40
9.47
9.40
9.52
942
9.15
9.47
9.15
9.40
9.11
9.10
9.10

9.15
9.19
9.13
9.24
9.19
8.95
9.19
8.90
9.15
883
8.85
8.85

NEW YORK COTTON EXCHANGE SUSPENDS
TRADING FOR TWO MINUTES ON ARMISTICE
-The Board of Managers at a meeting held on Oct.
DAY.
5 decided to suspended trading for two minutes at 11:00
a. m. on Nov. 11, Armistice Day.
NEW MEMBER OF NEW YORK COTTON EXCHANGE.
-Mr. Alden H. Vose, Jr., was elected on Oct.
5 to membership in the New York Cotton Exchange. Mr.
Vose is a member of the firm of McCarthy & Vose, of New
York City, who do a general commission business in cotton,
stocks and bonds. He is the son of Alden H. Vose, a member
of the firm of Harriss & Vose.




-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Sept. 30.

Monday,
Oct. 2.

Tuesday, Wednesday, Thursday,
Oct. 4.
Oct. 5.
Oct. 3.

Friday.
Oct. 6.

Sept(1933)
Dctober __ 9.66 Bid. 9.56 Bid. 9.47 Bid. 9.62 Bid. 9.40 Bid. 9.12 Bid
November
December_ 9.90- 9.91 9.79- 9.80 9.70- 9.71 9.84- 9.85 9.61- 9.62 9.34- 9.35
ran.(1934) 9.95- 9.88- 9.78- 9.93 --- 9.68 Bid. 9.41February - 10.09
9.87- 9.59Harch____ 10.15-10.16 10.05- 9.96April
10.26- 10.02
9.75- 9.76
May
10.33-10.20 Bid. 10.12rime
10.47 Bid. 10.36 Bid. 10.26-10.29 10.40-10.42 10.18 Bid. 9.915-9.92a
Tilly
August _ _ _
.
ToneSteady.
Steady.
Steady.
Steady.
Steady.
Steady.
lPot
Steady. Barely stdy Barely stdY
Steady. Q't but sty Steady.
3ptions

WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph this evening denote that the week, as a
whole, has been mostly favorable for 'cotton. There have
been some heavy rains locally but otherwise rainfall has been
light. The crop is nearly all open and picking is making
satisfactory progress, except in the wetter sections.
Memphis, Tenn.
-The weather has been favorable for
picking, which work is progressing rapidly.
Rain. Rainfall.
2 days 4.91 in.
2 days 0.33 in.
1 day 0.64 in.
dry
1. day 0.10 in.
2 days 2.78 in.
3 days 0.74 in.
dry
1 day 0.12 in.
1 day 0.26 in.
dry
2 days 0.03 in.
1 day 1.08 in.
1 day 0.34 in.
1 day 0.74 in.
dry
1 day 0.12 in.
1 day 0.24 in.
2 days 0.10 in.
1 day 0.24 in.
dry
.dry
1 day 0.56 In.
1 day 0.04 in.
dry
dry
1 day 0.35 in.
2 days 0.71 in.
1 day 0.03 in.
1 day 2.21 in.
dry
1 day 0.62 in.
1 day 0.69 in.
3 days 0.59 in.
1 day 0.40 in.
dry
5 days 3.17 in.
5 days 9,92 in.
dry
dry
dry
1 day 0.26 in.
1 day 0.04 in.
1 day 0.02 in.
2 days 2.01 in.
1 day 0.03 in.
1 day 0.40 in.
1 day 0.25 in.
1 day 0.64 in.
1 day 2.29 in.
2 days 0.34 in.
dry
2 days 0.65 in.
1 day 0.58 in.
1 day 0.21 in.
1 day 0.68 in.
dry

Galveston, Tex
Amarillo, Tex
Austin, Tex
Ablene, Tex
Brenham, Tex
Brownsville Tex.
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Meridian, Miss
Vicksbtwg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Greenwood, S. C
Columbia, S.0
Conway, S.0
Asheville, N.0
Charlotte, N.0
Newbern, N.0
Raleigh, N.0
Weldon, N.C
Wilmington, N.0
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn

high 87
high 86
high 94
high 96
high 90
high 88
high 88
high 92
high 90
high 92
high 96
high 90
high 98
high 92
high 90
high 90
high 90
high 92
high 92
high 94
high 96
high 84
high 94
high 92
high 86
high 95
high 91
high 95
high 90
high 94
high 95
high 90
high 90
high 93
high 90
high 94
high 86
high 86
high 88
high 92
high 96
high 86
high 92
high 92
high 89
high 92
high 90
high 91
high 84
high 88
high 90
high 88
high 92
high 86
high 88
high 88
high 80

Thermometer
low 68 mean 78
low 68 mean 77
low 50 mean 72
low 50 mean 73
low 60 mean 75
low 66 mean 77
low 66 mean 77
low 54 mean 73
low 60 mean 75
low 58 mean 75
low 52 mean 74
low 46 mean 68
low 46 mean 72
low 54 mean 73
low 58 mean 74
low 48 mean 69
low.58 mean 74
low 54 mean 73
low 62 mean 77
low 50 mean 72
low 48 mean 72
low 52 mean 68
low 53 mean 74
low 50 mean 71
low 52 mean 69
low 52 mean 74
low 57 mean 74
low 54 mean 80
low 70 mean 79
low 58 mean 79
low 55 mean 75
low 52 mean 71
low 54 mean 72
low 65 mean 79
low 48 mean 69
low 56 mean 75
low 72 mean 79
low 72 mean 79
low 62 mean 75
low 62 mean 77
low 55 mean 81
low 54 mean 70
low 56 mean 74
low 56 mean 74
low 60 mean 75
low 51 mean 72
low 54 mean 72
low 52 mean 72
low 42 mean 63
low 50 mean 68
low 58 mean 74
low 52 mean 70
low 51 mean 72
low 56 mean 71
low 53 mean 70
low 54 mean 71
low 56 mean 68

The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. in. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge-

Oct. 6 1933.
2.2
5.9
9.8
6.8
7.3

Oct. 7 1932.
1.9
4.8
8.9
3.6
7.2

RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
al
Ends

Receipts at Ports.
1933.

1932.

Stocks at Interior Towns.

1931. 1933,

1932.

1931.

Receiptsfrom Plantations
1933. 1932. 9131.

July
7-- 80,277 34,4
13,152 1,310,456 1,409,172 854,3 47,049 13,044
NU
14-- 82,93 31,295 16,171 1,283,311 1,388,86 833,586 55,790 10,987
Nil
21-- 125,404 31,530 16,304 1,255,569 1,361,854 818,42, 97,662 4,52, 1,148
28..103,031 62,468 40.927 1,204,989 1,352,270 798,241 64,451 52.884 20.743
Aug.
4._ 96,56 98,6 : 12,986 1,177,653 1.332,994 776,01 57.227 79,362
NU
11._ 77.62 75,802 24,02 1,151,524 1,313,487 755.5101 51.108 56,075 3.518
__ 103,437 85,716 49,406 213.9731,293.783 743,005 82,275 66,02 38,901
25__ 142,921 111,142 80,8091,109,002 1,269,523 734.805121,850 86,882 72.600
Sept.
1..206,619 154,55. 126,9621,111,5251,261,49, 725,430209,142146,525117,587
&.188,48 183.676167,441 1,118.779 1,271,735 728,548195,738 193,916 170,5.59
15_ _ 276,295235.434241,8001,152,214 1,344,300 749,994309.710307,999263,246
22..328.745255.127.22.6981,231,502 1.452,801 811,978408,033356.228384,682
29__ 406,645322, 445,906 1.368,589 1,571,911 945,683541.732441,574579,611
Oct. I
6._ 401,837311,2644517.721 1.502,7651.695,492 1,141,662 538,013123.581 713,700

The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 2,476,422 bales;
in 1932 were 1,798,149 bales and in 1931 wete 2,342,413
bales. (2) That, although the receipts at the outports the

past week were 401,837 bales, the actual movement from
plantations was 538,013 bales, stock at interior towns
having increased 136,176 bales during the week. Last year
receipts from the plantations for the week were 123,581
bales and for 1931 they were 713,700 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
gonea
,out of sight for the like period:
Cotton Takings,
Week and Season.

1932.

1933.
Week.

Season.

Week.

Season.

8.250.752
Visible supply Sept. 29
7.901.010
7,791,048
Visible supply Aug.1
7,632,242
527,082 2,873.908
American in sight to Oct.6_ __
649,196 3,460,606
251.000
13,000
Bombay receipts to Oct. 5.....
13,000
102,000
68,000
21,000
Other India ship'ts to Oct.5-116,000
11,000
79.000
34,000
Alexandria receipts to Oct. 4_
42,000
104,400
100,000
10,000
83,000
Other supply to Oct.4 *8.
9.000
8,625,206 11,498,248 8.855,834 11,162,956

Total supply
Deduct-Visible supply Oct.6

8,240,015 8,240,015 8,558.690 8,558,690

297.144 2.604.266
Total takings to Oct. 6_a
385,191 3,258,233
221,144 1,932,266
Of which American
293,191 2,561.833
672,000
76,000
696,400
Of which other
92.000
* Embraces receipts in Europe from Brazil, Smyrna. West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,120,000 bales in 1933 and 785,000 bales in 1932
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 2.138,233 bales in 1933 and 1.819.266 bales in 1932, of
which 1,441,833 bales and 1,147,266 bales American.
I, Estimated.

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1 as cabled, for three years, have been as follows:
1933.

1932.

1931.

Since
Week. Aug. 1.

Oct. 5.
Receipts at
-

Since
Week. Aug. 1.

Since
Week. Aug. 1.

13,0001 102,000 13,0001 251,000

Bombay

119,000

7,000

Since Aug. 1.

For the Week.
Exports
from--

Great
Great Conti- Japan&
Britain. neat. China. Total. Britain.

Conti- Japan &
China. Total.
natl.

Bombay
2,000 4,000 6,000
1933
12.000 15,000 27,000
1932
7.000 10,000 17.000
1931
Other India:
11.000
2,000 9,000
1933
21,000
3,000 18,000
1932
1,000
10,000
1931

34,000
18.000
25,000

Total all-1933
1932
1931

40,000 142,000 39,000 221,000
21,000 89,000 121,000 231,000
29,000 84,000 248.000 361,000

2,000 11,000 4,000 1,000
3,000 30.000 15,000 48,000
8,000 10,000 18.000

6,000
3,000
4,000

60.000 39,000 105,000
39,000 121,000 163,000
39,000 248.000 291.000
116.000
68.000
70.000

82,000
50.000
45,000

Exports from all India ports record a decrease of 31,000
bales during the week, and since Aug. 1 show a decrease
of 10,000 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:
1933.

Receipts (Contests)
This week
Alnce Aug. 1

1932.

1931.

210,000
519,431

Alexandria, Egypt,
October 4
-

170,000
393.287

165,000
945,975

This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.

Exports (Bales)-

15,276 -- -_ 12,769 4,000 19,498
To Liverpool
7,000 21.161 4,000 12,217 4,000 16,758
To Manchester, &c
To Continent and India- 9,000 66,678 15,000 72,696 7,000 94.769
__-- 4.025 ---- 2,642
9.061
To America
16.000 112,176 19,000101.707 15,000 133,667
Total exports
-A cantar is 99 lbs. Egyptian bales weigh about 750 pounds.
Note.
This statement shows that the receipts for the week ended Oct. 4 were
210,000 canters and the foreign shipments 16.000 bales.

-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for India is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1932.

1933. ,

d.
July
-

9%010If
14___ 934610%
934591034
28__ _. 934591034
Aug.
9%010%
11---- 9 yi 010%
8345910
18-8%010

9 010%
8%0 9%
15...- 8%010
8%010
8%010
Oct.
8345910

834 Lbs. Shirt- Cotton
fags, Common Middrg 32s Cop
Cords.
to Finest.
s. d.
87
87
87
87
87
87
84
84
84
83
83
84
84
84




d.

d.

6.40
6.33
6.23
8.47

s. d.

0 00000 0000 0000

325 Coy
Twist.

Sept.-

Oct.

Financial Chronicle

2658

83i(4) 9%
8 to 9,4
7%0 934
7%0 934

1
6
6

5.60
5.38
5.47
5.42
5.60

6

5.44

a. d.

s. d.

d.

159 84
'to 84
'to 84
'to 84

4.87
4.66
4.56
4 67

'to 84
259 8.5
359 88
759 90

4.69
5.51
5.76
6.45

9Y.4 610%
9%611
9)4 61034

92
7
5 6 90
359 86
359 86
359 86

6.57
6.38
5.88
6.07
5.73

934 5911

3 to 8 6

5.79

6.25
5.90
5.66
5.53

5
5
6
6

WA, Lbs. Shirt- Cotton
togs, Common Mtattl'a
to Finest.
Upt'de.

954 @1134

low,On%

7 1933

-Shipments in detail:
SHIPPING NEWS.
Bales.
-Wales Meru, 1.550-Sept. 30
HOUSTON
-To Japan-Sept. 29
-Kinaa Meru,3,650
5,200
To Barcelona-Oct. 5-Aldecoa, 4.815
4,815
To Malaga-Oct. 5-Aldecoa, 100
100
To China-Sept.30-Kinai Maru,700
700
To Lisbon-Sept. 30-Jomar, 390
390
To Leixoes
-Sept. 30-Jomar, 1,156
1,156
-Chester
Td Bremen-Sept.29-Drachenfels,9.700_ -Sept.30
Valley. 7,204
16:904
To Oporto-Sept.30-Jomar,1,979
979
To Passages-Sept.30-Jomar.350
350
To Hamburg-Sept.30
-Chester Valley,450
450
To Bilboa-Sept. 30-Jomar. 53
To Havre-Oct.5-Nashaba,2,087
2,087
5
3
To Venice-Sept. 29
-Giulia, 3,713
3,713
To Ghent
-Oct.5-Nashaba,1,356
1,356
To Antwerp-Oct. 5-Nashaba, 230
230
To Trieste-Sept. 29-Giulla, 3,391
3.391
1,447
To Rotterdam-Oct.5-Nashaba,1,447
To Guayaquille-Sept.30
-Stella Lykes,250
250
To Genoa-Sept. 3-Monstella,5,813
5,813
To Naples
-Sept. 3-Monstella, 400
400
NEW ORLEANS
-To Barcelona-Sept.27-Aldecoa,400
400
-City of
To Havre-Sept. 30
-San Pedro, 2.815--Oct. 2
4,983
Joliet, 2,168
To Dunkirk-Sept.30
400
-San Pedro,400
To Antwerp-Sept. 30
200
-San Pedro, 200
To Oporto Colombia-Sept.30-Turrialba,400
400
To Panama CIty-Sept.30-Turrialba,6
To San Felipe-Sept. 27-Tivives, 100
4,877
To Bremen-Sept.30
-Ingram,4,877
10
6
0
-Ingram,419
To Hamburg-Sept.30
419
To Gdynia-Sept. 30
-Ingram, 50
50
To Oporto-Sept. 30
-Ingram, 150
150
To Stockholm-Sept. 30
-Ingram, 25
25
To Bremen-Sept. 30
-Aquarius, 1,544
1,544
To Rotterdam-Oct. 2
-City of Joliet, 425
425
To Ghent
-Oct.2
-City of Joliet, 150
150
To Dunkirk-Oct.2
-City of Joliet, 2,200
2,200
MOBILE-To Liver. 1-Sept. 19-Kenowis. 127--Sept. 23Chancellor, 1;i* *
227
c lanches
To Ilor,2 ter-Sept. 19-Kenowis, 172-Sept. 23
00
-Chan372
To Bremen-Sept. 23
-Ingram, 2,650
2,650
To Havre-Sept.22
-San Francisco, 1,200
1,200
8109
To Mestre-Sept. 23
-Alberta,819
To Genoa-Sept. 18
-West Gambo. 425
425
PENSACOLA-To Genoa-Sept. 29-Tapti, 4,800-Oct. 2Oakman,416
5,216
To Bremen-Sept. 29-Veerhaven,5,631
5,631
SAVANNAH-To Japan-Sept. 29-Phemius, 3,025
To Rotterdam-Sept. 30-Wildwood, 200
30 0
'2
205
To Genoa-Oct.3
-Ida Zo, 100
100
WILMINGTON-To Bremen-Sept. 29-Taransay, 1,800
1,800
To Ghent
-Sept. 29-Taransay,200
200
-General von Steuben, 1,585.- 1,585
NEW YORK
-To Bremen-Sept.7
-Sept.29
-Laconia,480
To Liverpool
480
To Gdynia-Oct.4-Scanyoke.900
900
-President Harding, 536
To Hamburg
-Oct.3
536
To Japan-Oct.3-( 7) 848
848
-Santa Clara Valley,
-To Japan-Sept. 30
CORPUS CHRISTI
2,825
2,825
-Santa Clara Valley, 1,025
To China-Sept.30
1,025
-Oct. 1-Dakotian, 1,875
CHARLESTON-To Liverpool
1,875
To Manchester-Oct. 1-Dakotian, 2,693
2,693
-Dulwich, 2,175
To Bremen-Oct. 3
2,175
-Dulwich,262
To Hamburg-Oct.3
262
-Santa Clara Valley, 1,666-GALVESTON-To Japan-Sept. 29
Sept. 30-Kinai Maru, 5,635; Sheafholm, 5.920; Eimbank,
8,466; Wales Maru,5.225
261:797152
-Santa Clara Valley, 1,775
To China-Sept.29
-West Chatala, 2,896. Sept. 30
To Liverpool
-Sept. 30
Wayfarer 2,789
5,685
To Havre-Sept. 30-Labette, 4,174; San Francisco, 6,267;
Duquesne, 4,635
15,076
To Dunkirk-Sept. 30
-San Francisco, 529; Blankaholm,
1,890; Duquesne,500
2,919
To Ghent
-Sept.30
-San Francisco,307; Duquesne,504
811
To Gothenburg-Sept.30-Blankaholm,1,787
1.787
To Copenhagen-Sept.30-Blankahom,133
133
To Gdynia-Sept. 30-1,755
1,755
-Duquesne, 100
To Antwerp-Sept.30
105
5
0
-Duquesne, 524
To Rotterdam--Sept. 30
524
-Chester Valley. 2,693; Ileddernhelm,
To Bremen-Sept. 30
3,100
To Barcelona-Sept.30
-West Gambo,3.162
35,169000321
To Genoa-Sept.30
-West Gambo,501
To Naples
-West Gambo. 100
-Sept. 30
To Oporto-Sept. 30--Jomar. 1,256
1,221294526
To Passages-Sept.30-Jomar,194
To Bilboa-Sept.30-Jomar,222
To Manchester-Sept. 26-Wayfarer. 1.389..-West 49Phatala, 752
2,314001
Sept. 30
To Buena Ventura-Sept.26
-Stella Lykes, 300
To Venice-Oct.3
--Giulia, 1.762
To Trieste-Oct. 3-Glulia, 1,509
7029
5
1. 6
-To Liverpool
TEXAS CITY.
-Sept. 30
-Chester Valley, 285
Oct.2
-Wayfarer.1.152
To Manchester-Sept. 30
-Chester Valley. 199---Oct. 2- "37
Wayfarer,18
217
To Havre-Sept.30
-Duquesne,2.115; San Francisco,584-2,699
To Ghent
-Sept.30
-Duquesne,366; San Francisco,324
690
To Bremen-Sept. 28-Drachenfels, 1,849-Sept. 30-Heddenheim.642
2.454941
To Dunkirk-Sept. 30
-San Francisco, 544
To Gdynia-Sept. 30-11eddenheirn, 398
398
LAKE CHARLES.
-To Liverpool
651
-Sept. 28-Elmsport. 651
To Manchester-Sept. 2S-Elms ort, 100
100
To Genoa-Oct.1-Monstella,2200
4:213050
2
To Bremen-Oct. 4
-Hercules, 4.135
LOS ANGELES.
-To Liverpool-Sept. 30-Lockmonar, 30
Oct. 4
-Steel Engineer. 50
• 80
JACKSONVILLE.
-To Bremen-Sept. 30
851
-Tulsa, 851
Total
195,092
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .25c.
Manchester.25c.
Antwerp .360.
Havre
.250.
Rotterdam .35e.
.400.
Genoa
Oslo
.46c.
Stockholm .42c.
*Rate Is open.

High
StandDensity.
ard.
.25o. 'Trieste
Mo.
.600.
.260. Flume
.500. Barcelona .350.
.40c. Japan
•
.50c. Shanghai
.550. Bombay z .40o.
.61e. Bremen
.350.
.570. Hamburg .350.
z Only small lots.

Standard.
.650.
.65e.
.600.
4,
•
.55c.
.500.
.600.

StandHigh
Density. ard.
Piraeus
.750.
.90e.
.900.
Salonlca .750.
Venice
.500.
.650.
Copenh'gen.38c.
.530.
Naples
.40c.
.550.
Leghorn .400.
.55c.
Gothenberg.420.
.570.

-By cable from Liverpool we have.the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American

Sept. 15.
53.000
721,000
368,000
19,000
4.000
222,000
134,000

Sept. 22. Sept. 29.
43.000
46,000
743,000 748,000
398.000 400,000
59,000
74,000
33.000
61.000
179,000 174,000
99,000
92,000

Oct. 6.
56,000
746.000
394,000
49,000
23,000
160,000
93.000

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.

Saturday.

Monday,

Tuesday,

Quiet.

A fair
business
doing,

Quiet.

Market. I
12:15
P. M. I
Mid.Uprds

5.56d.

5.53d.

5.47d.

Wednesday. Thursday.

Friday.

Moderate
demand.

Moderate
demand.

Quiet.

5.44d.

5.49d.

5.44(1.

Steady,
Steady,
Futures.1 Steady,
Steady,
Steady,
Steady,
Market
7 to 8 pts. 2 to 3 pts. 1 to 2 pts. 3 to 4 pts. 3 to 4 pts. 6 points
decline.
advance.
decline.
opened
decline,
advance.
decline,
Market, I
Steady, Quiet, un- Quiet but
Quiet but
Quiet,
Quiet,
4
9 to 10 pts. 6 to 7 pts.stdy., 1 pt. 1 pt. dec. ch'ged to 1 stdy.,6to7
P.M.
pt. adv. pts. decline
decline,
decline. adv. to 3 to 1 pt.
nt der
advance.

Prices of futures at Liverpool for each day are given below:
Sat.
Sept. 30.
to
Oct. 6.

Mon.

Tues.

Wed.

I Thurs. I

Fri.

12:15 12:30 12:15 4:0012:15 4:0012:15 4:0012:15 4:0012:15 4:00
p.m.p. m.p. m p. m. p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.

d.
d.
Neu, Contrast. d,
October (1933)__ - 5.39 5.38
January (1934) _ _- 5.44 5.43
March
5.48 5.47
May
5.51 5.51
July
5.55 5.54
October
5.58 __ _
December
-- -- 5.62__ _
January (1935)._ - 5.63__ _
March
5.86- -May
5.69- -July
5.73__ -_

d.
cl.
d.
d,
5.33 5.32 5.34 5.29
5.38 5.36 5.37 5.32
5.42 5.40 5.41 5.36
5.45 5.43 5.44 5.39
5.48 5.46 5.47 5.42
5.52_ - 5.50_.. __
5.55__ __ 5.53__ __
6.56__ - 5.54.. 5.60 __ __ 557__ 5.63.. _ 5.61.. _
5.67... - 5.65_ _

d.
d.
5.33 5.34
5.37 5.38
5.41 5.42
5.44 5.45
5.47 5.49
5.50__ __
5.53__ __
5.54__ -5.55__ __
5.61_. -_
5.64.,. __

ci.
d,
5.33 5.29
5.371 5.33
5.411 5.37
5.
441 5.40
5.481 5.
5.51 ____
5.
___
5-55 ---5.59 ____
5.62 ____
5.65 ----

d.
5.27
5.30
5.34
5.38
5.41
5.44
5.47
6.45
5.52
5.55
5.58

BREADSTUFFS.
Friday Night, Oct. 6 1933.
FLOUR has been quiet, with an easier tone, influenced
by the weakness in wheat. All grades advanced at one
time 10c., but later on standard patents dropped 5c. and
family 10c.
WHEAT fluctuated within narrow limits most the week
until to-day, when there was a sharp decline. On Sept. 30,
c.
1
2
after an early decline, prices rallied and ended / lower
to %c. higher. Lower cables and the weakness of securities caused early selling, and when Winnipeg weakened
selling pressure increased, especially from the East. Reports of an offer of recognition of Russia induced buying
and a late rally. Winnipeg recovered some of the early
losses, and ended % to %c. lower. Ex,port demand for
Canadian wheat was quiet. Country marketings were
2,824,000 bushels against 4,279,000 last year. Liverpool
was %d. to id. lower. One authority estimated the winter
and spring wheat yield at 471,000,000 bushels as of Oct. 1.
On the 2nd inst. prices ended %c. lower, or at about the
low point of the day. Trading was rather quiet, but Eastern
selling, while not heavy, was sufficient to depress prices.
The President's speech at Chicago to the American Legion,
while considered constructive, was received with much disappointment because of the fact that he failed to mention
the Administration's monetary policy. Yet it had little or
no effect on prices. Liverpool was unchanged to Ihd. lower,
and Winnipeg ended % to %c. off. Export demand for
Canadian wheat was smaller. Liverpool's stock of wheat
increased 608,000 bushels to a total of 4,088,000 bushels
against 1,128,000 bushels a year ago. On the 3rd inst. prices
moved within a range of lc., and the final result was a loss
of % to
c. The market closed at noon in observance of
the American Legion parade. Scattered selling, induced by
disappointing cables, caused the decline. Trading was
small and of a local character. The general opinion is that
the Government will not take any action to advance grain
prices until a good majority of farmers have signed the
acreage reduction agreement.
On the 4th inst. prices advanced 1% to 1%c., owing to
increased speculative buying on the belief that President
Roosevelt would announce his monetary policy in his speech
at New York. The strength of stocks induced scattered commission house buying. Winnipeg, after early weakness,
rallied and ended % to %c. higher, in response to the advance in Chicago. Country marketings were light. Export
clearances for the week ended Sept. 29 showed a decrease
of 73,000 bushels as compared with the preceding week,
and were more than 3,000,000 bushels smaller than in the
same week last year. On the 5th inst. prices ended 1% to
1%c. lower, on selling owing to the failure of the President
to discuss the monetary situation in last night's broadcast.
Early prices were steadied •by the strength at Winnipeg.
The weakness in corn also led to some selling. Another
bearish influence was reports that the Administration is
working on a plan for extending the processing tax to all
foodstuffs in order to finance the Federal relief program
this winter. Liverpool ended %d. to %d. lower.




2659

To-day prices ended 3% to 3%c. lower, under general
liquidation. Deferred deliveries made new lows for the
season. There was nothing in the news to account for the
sudden wave of liquidation. Some thought it was due to
the absence of a definite announcement from Washington
on the Administration's monetary policy. Eastern interests
sold. Final prices show a decline for the week of 4% to 6%e.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
102% 102% 102% 103% 102
98%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
December
90
89% 89% 90% 89
85
94
May
93% 9334 9434 93% 89%
July
92
91% 93% 9134 87
Season's Low and When Made.
Season's High and When Made.
July 18 1933 December-__ 68%
December.._.124
Apr. 28 1933
July 18 1933 May
May
88%
Oct. 6 1933
128%
Oct., 2 1933 July
87
Oct. 6 1933
93%
July
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Frs.
61% 61% 60% 60% 61
October
5934
6234 62% 60% 6154 6134 5934
a
December
67% 6754 6534 66
May
65% 64%

INDIAN CORN was rather quiet, and sold off on an
absence of general buying and a further increase in stocks.
The visible supply increased 1,062,000 bushels to 57,713,000
bushels against 18,458,000 bushels a year ago. Private crop
estimates averaged 2,276,000,000 bushels against 2,235,000,000 bushels in September, 2,285,000,000 bushels the Government's September estimate, and 2,876,000,000 bushels the
/
final last year. On Sept. 30 prices closed %c. lower to 34c.
higher, in small trading. Country offerings to arrive were
larger, receivers booking 60,000 bushels overnight The
weather was favorable. Local receipts were 198 cars. On
the 2nd inst prices declined va to 1%c., on liquidation
prompted by heavier country selling and favorable weather
for the maturing crop. Private crop estimates were less
bullish than expected. On the 3rd inst. prices ended lc.
lower under hedging pressure and other selling. Country
offerings to arrive were heavier, receivers booking 116,000
bushels overnight
/
1c.
On the 4th inst. prices broke 12 early, under heavy
hedge selling, but rallied later and closed % to %c. lower.
The weather, too, was favorable, and country selling was
heavy. On the 5th inst. prices ended 2 to 2y lower, under
4c.
hedging sales and liquidation. The weather was favorable,
and country offerings were heavy. The bulk of the crop
is now said to be safe from frost damage. To-day prices
ended 4c. lower, under general liquidation and stop-loss
selling. Final prices are 8% to 9c. under those of a
week ago.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
62% 605'e 59% 5934 5634 52%

No. 2 yellow

DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Tues. Fri.
December
5034 49
48
47% 45% 41%
May
4234 4234 5434 5334 5134 47%
July
40
---- 56% 54
50
Season's High and When Made.
Season's Low and When Made.
July 17 1933 December-__ 47%
December-- 77
Oct. 6 1933
May
July 17 1933 May
82
50
Oct. 6 1933
July
Oct. 4 1933 July
57
50
Oct. 6 1933

OATS followed the trend of other grain. Private crop
estimates averaged 670,000,000 bushels against 660,000,000
bushels last month, 688,000,000 bushels the Government's
estimate last month, and 1,238,000,000 bushels the final
last year. On Sept 30 prices closed % to lc. lower, with
support lacking. On the 2nd inst. prices declined % to /
1c.,
2
on selling by commission houses. Locals were buying on
the recessions. On the 3rd inst. prices closed % to %c.
lower, in sympathy with the decline in wheat. On the 4th
inst. prices closed unchanged to %c. lower, in rather light
trading. On the 5th inst. prices ended 1% to 1%c. lower,
in sympathy with the weakness of other grain, and demand
was small. To-day prices declined 3c., in sympathy with
the break in wheat and corn. Liquidation was general.
Final prices are 5% to 5%c. lower than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Tues. Fri.
48
47% 47% 47% 45% 42%

No.2 white

DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
December
39
3834 3834 3834 36% 3334
May
42% 42% 41% 41% 40% 37%
July
40
3934 39% 3734 3434
Season's High and When Made.
Season's Low and When Made.
December-__ 5254
July 17 1933 December___ 37%
Oct. 6 1933
May
56%
July 17 1933 May
343
Oct. 6 1933
July
40%
Oct. 3 1933 July
Oct. 6 1933
3434
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
October
3034 30
3054
December
3134 31% 3134

IN WINNIPEG.
Wed. Thurs. Fri.
30% 30
2934
29%
3134 31

RYE was only moderately active, and followed other
grain generally. Rye showed some independent strength on
Sept. 30 and ended % to %c. higher, on reports that some
100,000 bushels of cash rye had been sold to distillers. On
the 2nd inst. prices declined 1 to 114c., in response to the
/
weakness in other grain and also owing to scattered long
liquidation. Selling was not aggressive, but demand was
small. On the 3rd inst. prices were governed by the trend
of wheat, and ended unchanged to %c. lower. On the 4th
inst. prices ended % to %c. higher, on a good demand from

Financial Chronicle

2660

commission houses. Cash interests were also good buyers
on recessions. Barley was higher. On the 5th inst. prices
followed those of other grain, and ended 2 to 2 8c. lower.
1
/
The demand was light, and although selling was not aggressive, it was large enough to send prices downward. To-day
prices broke the limit of 5c. allowed, in sympathy with the
weakness in other grain, as well as because of general
liquidation. Final prices show a decline for the week of
7% to 7%c.
.._DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
70A 693
68% 6941 6741 6241
May
7741 7641 753( 7534 733616831
-Ir eason's High and When Made.
S
Season's Low and;When Marie.
December---111%
July 19 1933 December___ Si
May, 5 1933
May
116%
July 19 1933 May
Oct. 6 1933
68%

Oct. 7 1933

The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 toSept. 30 July 1
1933.
1933.

Wheat.
Week
Sept. 30
1933.

Corn.

Since
July 1
1933.

Week
Sept. 30
1933.

Barrels. Barrels.
Bushels.
Bushels. Bushels.
United Kingdom- 39,130 . 876,530 1,795,000 13,627,000
Continent
20,945
223,787 1,428,000 17,498,000
So.& Cent. Amer.. 1,000
3,000
72,000
13,000
West Indies
5,000
9,000
17,000
210,000
Brit.No.Am.Cols_
3,000
Other countries_
151.000
8,000
69,175
Total 1933
Total 1932

86,075 1,395,492 3,231,000 31,357,000
83,485
896,479 6,300.000 48,934,000

54,000

Since
Juy 1
1933.
Bushels.

19,000
3,000
22,000
538,000

The visible supply of grain, comprising the stocks in
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
granary at principal points of accumulation at lake and
Sat. Mon. Tues7 Wed. Thurs. Fri:"
seaboard ports Saturday, Sept. 30, were as follows:
October
5034 4936 4834 4936 483( 44
December
5134 493 51
523
49. _4536
5
4
GRAIN STOCKS.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Corn,
Oats,
Rye.
Barley,
Wheat,
bush,
bush.
bush.
bush.
Sat. Mon. Tues. Wed. Thurs. Fri.
United Statesbush,
4,000
December
Boston
5736 57
5634 56% 5534 " 5034
431.000
252,000
12,000
May
New York
109,000
6134 62• 6041 56
6334 62
111,000
37,000
14,000
9,000
Philadelphia
477,000
DAILY,CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
13,000
37,000
10,000
4,000
Baltimore
1,764,000
Sat. Mon. Tues. Wed. Thurs. Fri.
Newport News
30,000
October
279,000
96,000
9,000
3334 3336 3341 3434 3336 3236
New Orleans
170,000
December
35
35
3436 3551 3534 34
Galveston
475,000
95.000
785,000
4,000
77,000
Fort Worth
6,694,000
Closing quotations were as follows:
44.000
18,000
Wichita
2,227,000
Hutchinson
5,715,000
GRAIN.
567,000
20,000
, Joseph
St.
4,784,000 2,791,000
Oats, New York
-Wheat, New York
615,000
82,000
53,000
Kansas City
37,358,000 3,121,000
No. 2 white
No.2 red,cif.,domestic-. 98A
424
68,000
10,092,000 7,085,000 2,795.000
194,000
Omaha
No. 3 white
Manitoba No.1,f.o.b. N.Y_ 68%
41
21,000
531,000
521,000
8,000
Sioux City
708,000
Rye,No.2,f.o.b.bond N.Y- 50
558,000
St. Louis
5,697,000 2,316,000
29,000
4,000
Chicago, No.2
Corn. New Yceknom
2.000
1,066,000 1,670,000 1,152,000
Indianapolis
52
Barley
No. yellow,all rail
2
374,000
379.000
Peoria
27,000
65.000
N.Y..4741 lbe. malting. 644i
No.3 yellow.all rail
524
6,806,000 17,667.000 6.084,000 3,849,000 1,515,000
Chicago
Chicago, cash
50-77
1,242,000
1,154,000
" afloat
137,000
908,000
On Lakes
1,145,000
90,000
FLOUR.
32,000
722.000 2,562,000 3,592,000
Milwaukee
637,000
Spring pats., high protein $6.95-$7.20 Rye flour patents
$50545.30
29,472,000 2,577,000 17,558,000 3,656.000 8,590,000
Minneapolis
Springpatents
6.55- 6.85 Seminola, bbl., Nos. 1-3 8.00- 8.50
20,746.000 3,942,000 10,852,000 2,637,000 2,938,000
Duluth
first spring
6.35- 6.60 Oats goods
Clears,
2.35
8,000
24,000
27,000
352,000
18,000
Detroit
Soft winter straights____ 5.75- 6.25 Corn flour
1.70
5,578,000 8,664,000 1,580,000 1,087,000
741,000
Buffalo
Hard winter straights___ 6.55- 6.75 Barley goods
731,000
100,000
92,000
5,780,000
63,000
" afloat
6.90- 7.15
Coarse
Hard winter patents
4.00
151,000
28,C00
On Canal
Fancy pearl.Nos.2.4.47 5.50- 5.70
5.80- 6.15
Hard winter clears
Total Sept. 30 1933_147,994,000 57,313,000 47.771,000 12,988,000 14,823,000
All the statements below regarding the movement of grain
Total Sept. 23 1933_147,612,000 56,261,000 46,559,000 12,914,000 14,535,000
-receipts, exports, visible supply, &c.
-are prepared by us
Total Oct. 1 1932.-187,521,000 18,458,000 26,330,000 8,660,000 6,816,000
Note.
-Bonded grain not included above: Wheat, New York, 35.000 bushels;
from figures collected by the New York Produce Exchange.
Buffalo, 1,686,000; Buffalo afloat, 1,386,000; Duluth,
First we give the receipts at Western lake and river ports New York afloat. 402,000;Lakes. 229,000; Canal,941,000;total,6,690,000 bushels,
132,000; Erie, 1,879.000:09
for the week ending last Saturday and since Aug. 1 for against 11,446,000 bushels in 1932.
Rye,
Oats,
Corn,
Wheat,
each of the last three years:
Barley,
bush,
bitsh.
bush,
bush,
bush.
CanadianMontreal and other water
Flour.
Wheat.
Corn.
Receipts atOats.
Rye.
Barley.
2,540.000
946,000
38,047,000
810,000
points
3,955,000 2,611.000 4,387,000
Ft. William & Pt. Arthur 61,278,000
Ns.196lbs.bush.60 lbs.bush.56 lbs.bush. 32 lbs. bush.56lbs.bitsh.481bs
.
976,000
92,000
13,757,000
593,000
Other Canadian
175,000
364,000 2,395,000
Chicago
416,000 390,000 211,000
Minneapolis_
1,292,000
375,000
439,000
68,000 829,000
7,471,000 3,649,000 5,790,000
Total Sept. 30 1933_ -113,082.000
1,558,000
Duluth
95,000
268,000
19,000 249.000
7,032,000 3,777,000 5,774,000
Total Sept. 23 1933..114,246,000
12,000
4,000
Milwaukee...
718,000
233.000
35,000 354,000
2,822,000 3,699,000 2,314,000
Total Oct. 1 1932-100.886,000
162,000
23,000
38,000
Toledo
1,600
summary
28,000
5,000
Detroit
14,000
5,000
22,000
147,994,000 57,313,000 47,771,000 12,988,000 14,823,000
American
Indianapolis_
40,000
351,000
116,000
7,471,000 3,649,000 5,790,000
Canadian
113,082,000
119,000
187,000
St. Louis__ _ _
290,000
80,000
1.000
19,000
41,000
24,000
Peoria
296,000
28,000
6,000
48,000
Total Sept. 30 1933-.261.076,000 57.313,000 55,242,000 16,637,000 20,613,000
Kansas City...
11.000
415,000
370,000
46,000
Total Sept. 23 1933_261,858,000 56,261.000 53,591,000 16,691,000 20,309,000
344,000
233,000
Omaha
43,000
Total Oct. 1 1932_288,407,000 18,458,000 29,152,000 12,359,000 8,930,000
117.000
120,000
St. Joseph_
26,000
167,000
24,000
5,000
Wichita
The wcrld's shipment of wheat and corn, as furnished by
15,000
39.000
2,000
Sioux City_
15,000
Broomhall to the New York Produce Exchange,for the week
2,968,000
55,000
Buffalo
99,000
Total wk. '33
Same wk. '32
Same wk. '31

358,000 7,685,000
456.000 15,612,000
517,000 7,453,000

5,389,000
5.668,000
3,158,000

1,754.000
1,973,000
1,814,000

524,000 1,847.000
193,000 1,144,000
631,000 1,153,000

Since Aug.11933
2,754,000 62,142,000 36,525,000 29,225,000 3,422,00014,368,000
3.400.000107.14l,000 40,388,000 38,151,000 3.611,00011,911,000
1932
1021
4472 nnn124 217 non 25.405000 22.800.000 1 027 non11 manna
Total receipts pf flour and grain at the seaboard ports for
the week ending Saturday, Sept. 30, follow:
Receipts at-

Corn.

Wheat.

Flour.

Oats.

Rye.

Barley.

.bush.48lbs
.
bbls.1961bs. bush.60 lbs.bush.56 lbs.bush. 32 lbs.bush.56Ibs
4,000
32,000
2,000
New York_ _ _
110,000
175,000
2,000
3,000
12,000
Philadelphia__
22,000
8,000
21,000
10,000
9,000
1,000
Baltimore _ _
.
18,000
53,000
NewportNews
1,000
New Orleans.
33,000
27,000
84,000
27,000
Galveston_
22,000
Montreal _ _ _ _
54,000 1,647,000
9,000
Sorel
590,000
Boston
39,000
1,000
2,000
1,000
Quebec
477,000
alifax
5,000
- ital wk. '33 282,000 2,999,000
; nee Jan.11311,266.000 70,180,000

113,000
4,388,000

92,000
3,391,000

317,000 6,176,000
Week 1932._
000.2. Tan vn212 142 rinn'is 77R nnn

145,000
4 ARO non

492,000
85,000
23,000
7R02 000111 040 non 5 €105 onn

14,000
264,000

1,000
522,000

•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, Sept. 30 1933, are shown in the annexed
ststement:
Exports fromNew York
DOEtt011
Baltimore
Newport News
Sorel
New Orleans
Galveston
Montreal
Quebec
Halifax

Wheat.

Corn.

Flour.

Oats.

Rye.

Barley.

Bushels.
Bushels. Barrels. Bushels. Bushels. Bushels.
517.000
12,075
1,000
3,000
1,000
590,000
3,000
1,000
7,000
1,647,000
54,000
9,000
477,000
5,000

Total week 1933._ 3,231,000
a........ ...gar 1029
5 200 000




54_0(141

86,075
52.455

10,000
4420110

80
.000

21 non

ending Friday, Sept. 29, 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
Sept. 29
1933.

Since
July 1
1933.

Bushels.
4,378,00
1,040.000
1,281,000
2,021.011
960,

Bushels. I
52,079,000
6,872,0001
,38,460,000
25,170.000
6,648,000

Corn.
Since
July 2
1932.

Week
Sept. 29
1933.

Since
July 1
1933.

Since
July 2
1932.

Bushels.
Bushels.
Bushels.
Bushels.
74,566,000
4,000
60,000
663,000
6,920,000 655,000 13,530,000 7,915,000
10,271,000 4,600,000 57,047,000 76,022,000
19,771,000
10,629,000
102,000 1.524,000 6,692,000

9,680,Ill 129,229.000122.157.0

5.361000 72.161,000 91,292,000

WEATHER REPORT FOR THE WEEK ENDED
OCT. 4.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Oct.4 follows:
During the first part of the week widespread showers occurred in too
interior, toe Lake region, and the Northeast. and at the same time there
was a sharp drop in temperature in Central and Eastern States. Warmer
weather prevailed in the Northwest about the middle of the week, with a
rise in temperatures in Central and Eastern States about toe close of
September when showers were rather widely scattered and of a local
character. During the last part of the period an extensive "high" moved
from the Northwest to the Atlantic States, preceded by general rains from
the Mississippi Valley eastward and attended by a sharp drop in temperature. Frost, but mostly of a light character, occurred in northern sections,
extending southward in Appalachian districts to West Virginia.
The table snows that the weekly mean temperatures were above normal
in nearly all sections of the country, with plus departures in the Southwestern, Southern, and more eastern States ranging from 5 degrees to
9 degrees. In other sections the temperature averages were slightly above
normal, with a few stations reporting deficiencies. Freezing weather
occurred only in a limited area of the Northwest and locally in the interior
of the Northeast. The lowest temperature reported from first-order
stations was 26 degrees at Sneridan and Yellowstone Park, Wyo., on
Oct. 1.
The table shows also that precipitation was substantial over most of the
Mississippi and Ohio Valleys, the lower Lake region, the middle Atlantic
area, and locally in the extreme Southeast. In other eastern sections the
amounts were light to moderate, but very little rain occurred over the
western half of the country.
The mild temperatures, ratner abundant sunshine, and absence of heavy
rains, except in limited areas, made a generally favorable week for seasonal
operations on farms, which are well advanced. Summer crops continue
to mature rapidly and are now mostly made in Central and Southern
States, while harvesting operations progressed favorably in the North.
An outstanding feature of the week's weather was the generous rain in
the central and western Ohio Valley districts where moisture was needed;
this facilitated seeding fall grains and conditioned the soil for germination.
The States receiving the greatest benefit were Indiana and Illinois, while

Volume 137

Financial Chronicle

Michigan and the Northeast, as far south as Maryland, have sufficient
soil moisture for present needs. It is rather too wet in a few interior
sections, principally northern and western Kentucky, parts of Missouri,
northern Arkansas, and western Tennessee.
Rains are needed for fall crops, pastures, and for conditioning the soil
in many southeastern sections from Virginia to Louisiana, though limited
areas are fairly well supplied with moisture. Florida, especially, needs
rain for truck crops, and Louisiana for truck and cane. In much of the
Great Plains tne soil is in good condition, except in the north, principally
the Dakotas where it continues too dry,and at the same time showers would
be helpful in Wisconsin and Minnesota. Montana and Wyoming are
In good shape, with practical ideal conditions for the starting of winter
grains, but some wheat areas tithe Pacific Northwest are too dry, especially
the western part of the main producing section of Washington. Frost
damage so far this fall has been of a minor character.
SMALL GRAINS.—In the Ohio Valley rains were very beneficial in
conditioning the foil, which is now in fine shape; seeding winter wheat and
rye is making good progress, with tne weather favorable for rapid germination, and much up to good stands. Tn e soil continues too dry for fall
plowing and seeding in the Dakotas and some sections to the eastward,
while seeded crops need rain for good growth, although some are looking
well where recent showers occurred. In most of the central and southwestern part of the main Wheat Belt plowing and seeding made rapid
advance; three fourths of the wheat crop has been seeded in Kansas. with
the early making a good start. In the Southwest from southwestern Kansas
southward over western Oklahoma and west-central Texas, rain is rather
badly needed, with some reseeding necessary in Oklahoma.
In tne central and northern Rocky Mountains conditions continue very
favorable, with much winter grain up in good to excellent shape. In the
eastern Great Basin seeding is well along, but rain is needed for germination, wnile in Idaho dry soil retarded progress. In the Pacific Northwest
seeding is progressing in the moister eastern half of the grain belt, but
some western areas are too dry. In much of the East, from Virginia
southward, fall plowing nas been delayed by dry weather, but good advance
was made to the northward. Cutting and threshing rice continued in
Louisiana, while harvest progressed satisfactorily in California.
CORN.—The corn crop is now practically safe from frost, except in a
few late sections of the lower Ohio and upper Mississippi Valleys, principally
the southern portions of Indiana and Illinois, and the southeastern parts of
Iowa and Missouri. Cutting made good progress where this method of
harvest is practised and some husking is reported. In Iowa corn is mostly
safe from frost, tnough about 10% is still susceptible in the southeast;
the grain dried rapidly and local husking is reported. Some storm-damaged
corn has been abandoned in tne middle Atlantic area, especially Virginia.
COTTON.—The week was warm and sunny in much of the Cotton Belt,
with mostly light rain, except in nortn-central districts. The crop is now
nearly all open and picking is making satisfactory progress, except in the
wetter sections. In the western belt harvest is well along, being about
half done in Oklahoma. In the central States there was considerable
cloudy, rainy weather, and picking advanced less favorably, especially in
western Tennessee, Mississippi, central and northern Arkansas, and
southern Missouri; elsewhere favorable progress was reported. In the
eastern belt picking advanced satisfactorily, with the prevailing favorable
weather.

2661

of many stores, is believed to have brought the volume
slightly above that of the corresponding period of 1932,
although it was at this time last year that retail sales had
their first spurt following the protracted depression. Relatively most satisfactory results were obtained in home
wares and dress accessories. Business in sections where
the while-collar trade predominates was decidedly spotty,
while industrial districts, due to better employment conditions, Continued to show substantial improvement. Advance estimates for September place department store sales
during the month at approximately 3% below the fairly
high 1932 level, while chain stores are believed to show an
increase ill dollar value amounting to from 10% to 15%.
It will be remembered that in the month of August department store sales rose 16%, and those of chain stores from
15% to 33%. After the excellent August showing, merchants had hoped that the improvement would carry into
September, but rain and unseasonable weather were largely
responsible in upsetting previous calculations. Again emphasis is placed on the fact that September offerings did
not fully reflect present high replacement figures, but were
still based on purchases made prior to the time when the
more drastic price advances went into effect.
Reflecting the reduced level of retail sales during the
larger part of last month, trading in the primary dry goods
markets showed a continued slowing down. In some instances this was welcomed, as it afforded manufacturers
an opportunity to atch up on deliveries. At the same time,
some shading of prices has made its appearance as a result
of the lull in business, and should the latter continue little
doubt is felt that price concessions will spread in quick
order. Mail orders have shown a slight increase, but the
number of buyers in the market has shrunk considerably.
Trading in silk fabrics suffere,d from the protracted strike
in the dyeing, printing and finishing industries. Greige
goods prices continue to show an upward trend, with demand active. Velvet prices are weakening. Failles and
satins continue to maintain their lead in piece goods sales.
The Weather Bureau furnishes the following resume of Indications point to a continuance of the scarcity in rayon
yarns. Bookings for December shipment, which started to
the conditions in the different States:
be accepted at the beginning of the current month, are said
Virginia.—Richmond: Temperatures substantially above normal; rainfall generally light. Weather favorable for farm work, except too dry for
to have assumed substantial proportions. Rumors continue
fall plowing. Picking cotton under way. Tobacco harvest finished; curing
to be heard that a slight advance in prices may result from
progressing favorably. Picking conunercial apples continues. Digging
to potatoes fair; sweet potatoes good.
the higher cost of materials and the increased expenses
peanuts begun; grade good.
pastures, and meadows due to
Further serious deterioration of late truck,
under the NRA code.
dryness.
North Carolina—Raleigh: Warm and dry,followed by scattered showers
DOMESTIC COTTON GOODS.—Following a mild spurt
and normal temperatures near close of week. Dry spell favorable for
in the sales of gray cloths at the end of the previous week,
harvesting and saving storm-damaged crops in coast section, but caused
ofland in central and west.
late crops to deteriorate and delayed preparation
trading again relapsed into a state of inertia. Offerings of
Picking cotton excellent progress.
second hands, however, kept within very narrow bounds,
South Carolina—Columbia: Dryness materially relieved in central an
plowing retardec
north by heavy rains; temperatures abnormally nigh. Fall
and, as a result, mills very generally held prices steady.
nard, dry soil. Haying made good progress and last alfalfa crop being
Most mills are said to be in a stronger financial condition,
harvested. Sweet potato digging quite general. Considerable cabbage
open and
replanting along coast account droutn. Cotton practically all
so that distress selling is not regarded likely to develop.
picking completed in central and south, except gleaning, and about 75%
Drills, sateens and other heavy goods held steady on modgathered in north; ginning active.
erate sales volume. An improved tone prevailed in fine
Georgia.—Atlanta: Warm, with scattered showers, mostly in north.
Favorable for digging sweet potatoes and harvesting other crops; congoods markets as converters covered more extensively on
siderable hay saved. Cotton practically all open and picldng well advanced
staple numbers. Fancy goods in a wide variety of new
and nearing completion in most places; ginning well along. Oats and rye
sown where moisture sufficient. Further rain needed in most sections for
weaves moved in good volume. Quotations of percales were
late crops.
reduced by leading converters from their previous list price
Florida—Jacksonville: Hot and dry, except in extreme south. Cotton
mostly
fair to good. Corn harvest practically completed. Sweet potatoes
of 17c. to 14%c. for spot delivery of fall goods, for the
good. Truck planting and growth slow; rain badly needed. Citrus ripening
sake of putting a stop to excessive price-cutting in all corpoearly and shipments being made; some dropping and splitting.
Alabama.—Montgomery: Warm, with beneficial rains in places, but
ration and converter-printer sections of the market. NarIrregular and more needed, particularly in west and north. Cotton openrow sheetings were dull and unchanged. Closing quotations
ing rapidly and picking and ginning advanced satisfactorily. Haying and
4c.; 383 -inch 809s, 91
in print cloths were as follows: 39
saving fall crops progressed well, but preparations for winter crops backward; germination and growth slow, except where season favorable.
1
inch 60x48's, 5% to 5%c.; 38%-inch 64x60rs, 6% to 67 c.;
Mississippi.—Vicksburg: Warm to Saturday, but generally cool there39-inch 68x72's, 7% to 7c.; 39-inch 72x76's, 8% to 8%c.
after; mostly moderate to heavy rains. Cotton picking generally fair
work
advance first half of week, but somewhat slow thereafter; this
WOOLEN GOODS.—Trading in mews wear fabrics conapproaching completion in southern third;some local rain damage to staple;
fairly good progress of ginning. Late-planted corn generally fair advance.
tinued slow. Many mills are said to have booked all of
Louisiana.—New Orleans: Warm,except at close;only scattered showers.
the business they can handle for the time being, and they
Continued favorable for harvesting summer crops and making hay. Picking cotton finished south and nearing completion in northwest. Cutting
are reluctant to accept additional spring orders at this
and tnreshing rico good advance, With only slight interruption by showers.
time. Clothing manufacturers are facing a difficult situaToo dry for cane and truck in most sections and growth retarded.
Texas—Houston; Warm during week; dry in most of western nalf of
tion as a result of consumer resistance to higher prices for
State, but light to heavy showers in eastern half. Picking and ginning
fall season merchandise. The immediate demand for clothcotton rapid advance in most localities; prospects of top crop poor. Much
corn remains to be harvested in north. Light showers in Panhandle beneing has mainly been for merchandise to retail at $25, due
-central
ficial for seeding and winter wheat, but too dry in some west
to the retailers' desire to offer the public popular-price merdistricts. Ranges good in east, but spotted in west; cattle continue mostly
chandise, thereby offsetting any impression that prices have
good.
Oklahoma.—Oklanoma City: Week averaged warm, but cool at close.
advanced too rapidly. Trading in cloakings and dress goods
Light or no rain in west, north-central, and south-central, but moderate
has shown a marked falling-off. This was partly due to
to heavy falls elsewhere: Week, as a whole, favorable for farm activities.
Cotton opening rapidly and picking 75% completed in some localities, but
the adverse weather conditions, but in part the present lull
averages about 50%. Corn harvest nearing completion. Progress of
may be regarded as an aftermath of a period of large prowinter wheat fair, but rain needed in much of west and some resowing
necessary. Pastures and minor crops advanced satisfactorily.
duction. Garment manufacturers carry large supplies of
Arkansas.—Little Rock: Progress of cotton rather poor in north and
cloakings, and retail sales up to now have failed to come
some central portions due to cloudy, rainy weather which slowed picking
up to expectations, with dress coats in particular moving
and was favorable for weevil activity, while top crop on low ground deprogress very good and crop about made; picking and
teriorated; elsewhere
slowly because of the weather.
ginning excellent advance. Weather very favorable for late corn, meadows,
pastures, and truck.
FOREIGN DRY GOODS.—Showings of linen suitings
unfavorable for tobacco
Tennessee—Nashville: Heavy rains in northwest
for next season are now in full swing. Foreign makers,
in fields and barns, delayed ripening and prevented proper curing. Late
of crop matured; mostly favorable for cutting
corn benefited by rain; bulk
anticipating added prominence for linen during the coming
and fodder pulling. Rapid progress in saving hay. Pastures fine. Condiresort season and for next spring, have supplied importers
tion of cotton fairly good and picking good advance, except locally in west.
localities.,
Considerable plowing, but moisture needed in many
with fancies for style uses. A great deal of sampling is
Kentucky.—Louisville: Temperatures above normal. Cloudy, rainy
being done, not only by the dress houses, but also by coat
weather unfavorable in nortn and west where progress of corn and tobacco
cutting and haying very slow; fill tomatoes and much pea and bean hay
and suit concerns, which have not previously used linens
damaged. Better weather and progress in southeast. Some tobacco
to any extent. Due to the protracted holiday season in
still out in hill districts. Most late corn safe. Preparations for seeding
the primary market, and in view of the suggestion made in
active; soil in fine condition.
Washington that a compensating tax be placed on jute products, trading in burlap came to a virtual standstill. With
THE DRY GOODS TRADE
the re-opening of business in Calcutta, local spot quotations
which had been largely nominal experienced a sharp drop.
New York, Friday Night, Oct. 6 1933.
Mill stocks at Calcutta at the end of September showed
More seasonal weather has brought a slight improvement
in retail sales without, however, approaching the high level another decline of 7.2 million yards to a new low record of
of the period prior to Labor Day. The upturn in sales, 70.1 million yards. Domestically, lightweights were quoted
helped also by sustained promotional efforts on the part at 4.65c., heavies at 5.95c.




2662

Financial Chronicle

Oct.

7 1933

State and City Department
MUNICIPAL BOND FINANCING IN SEPTEMBER.
Long-term bond financing by States and municipalities during the month of September was on a small scale comparable
with that of the previous month, awards having aggregated
$37,410,790, as compared with $40,738,218 in August. In
September 1932 the total was $64,034,466. The City of
Boston, Mass., was the largest individual contributor to the
total for September, having sold $8,500,000 bonds to a syndicate headed by the City Co.of New York. However,in order
to effect the sale, the City was obliged to permit an increase
in the rate of interest on the obligations. No bids had been
submitted for $5,000,000 at 43% and $3,500,000 at 4%,
but award was later made on the basis of $3,500,000 4s,
$2,000,000 43 s, $2,000,000 4s and $1,000,000 43.js.
4
The sales of $1,000,000 or more during September comprised the following:
$8,500,000 Boston. Mass. bonds, comprising $3,500,000 4s, $2.000,000
4 Xs, $2,000,0150 4;is and $1,000,000 4.4s, were awarded to a
syndicate headed by the City Co. of New York at a price of
100.09. Due serially from 1934 to 1983 incl. Some of the bonds
are optional in 1953 and thereafter, at par and accrued interest.
7,500,000 Louisiana (State of) 5% highway bonds were purchased at a
price of par by the Union Bond & Mortgage Co. of Baton
Rouge. This institution acted as agent for various creditors of
the State Highway Commission, who agreed to accept bonds in
settlement of their claims. Similar procedure will be followed
in toe case of the additional $2,500,000 5% highway bonds being
offered for sale on Oct. 16.-V. 137, p. 2139, 2307.
3,000,000 Los Angeles County Flood Control District, Calif., 5% bonds
were awarded at par to the Bank.of America of Los Angeles and
associates and the Security First National Bank of Los Angeles.
Due serially from 1934 to 1964 incl.
1,700,000 St. Louis, Mo., 4% public bldg. and impt. bonds, due serially
from 1938 to 1953 incl., purchased by a syndicate under the
management of the Bankers Trust Co. of New York. Sale was
made at a price of 100.84, a basis of about 3.91%.
1,250,000 Worcester, Mass.,3% relief bonds were sold to the Lee, Higginson Corp. of Boston and associates at a price of 100.71, a basis
of about 2.75%. Due $250,000 annually from 1934 to 1938 incl.
1,060,000 Syracuse, N. Y., 4.20% various purpose bonds, due annually
from 1934 to 1953 incl., were awarded at a price of 100.21, a
basis of about 4.16% by a syndicate under the leadership of
Halsey, Stuart & Co., Inc. of New York.
1,000,000 Monroe Co., N. Y., 6% tax revenue bonds, due annually from
1934 to 1938 incl., were awarded to Lehman Bros. of New York
and associates at par and a small premium.
1,000,000 Washington (State of) 454% bonds, due in from 10 to 20 years,
were purchased at a price of 100.565 by the Spokane Eastern
Co. of Spokane and associates. The group obtained a 30-day
option on an additional, $2,000,000 worth at the same price.

The difficulty experienced by municipalities throughout
the country in finding a market for their issues continued in
evidence during September. Our usual compilation shows
that 45 municipalities, whose respective offerings amounted
in the aggregate to $22,561,045, failed to market their issues.
In August the amount involved was $16,669,242, comprising
offerings by 37 political subdivisions. The City of Newark,
N. J., contributed heavily to the total in September, having
offered an issue of $2,850,000 bonds without success. No
bids were expected to be submitted for the loan, however,
the offering notice having stated that the Reconstruction
Finance Corporation intended to purchase the bonds.
In the table which follows we furnish a list of the unsuccessful September offerings, showing the name of the municipality, the amount and rate of interest named in the issue,
together with the reason, if any, assigned for the non-sale
of the bonds:
RECORD OF ISSUES THAT FAILED OF SALE DURING
SEPTEMBER.
Int. Rate.
Amount.
Report.
Name.
Page.
2866 Altoona S. D.,Pa. 19.9 not exc. 4J(4% $475,000 No bids
6%
14,311 No bids
1966- _Berea Sewer Dist.,0..
2488 Bevier Con. S. D. No.
12.500 No bids
4 Mo
not exc. 5%
x
400,000 Partially sold
2303 Birmingham, Ala
2488-Bowbells 8. D.No.14
,
N. Dak
x
5.000 No bids
2304 Clark Co. S. D. No.
14,000 No bids
100, Wash
not exc. 6%
62,000 No bids
2136 Coal Grove,
96,560 No bids
Ohio.
not exc. 4%
'
2489 Dearborn, Mich
51,000 No bids
6%
2489 Defiance. Ohio
5;i%
13,300 No bids
2137 Dennison, Ohio
not exc.6%
325,000 No bids
2489 aEast Orange, N. J
2489 Eden Valley S. D. No.
1, N. Dak
not exc. 7%
2,500 No bids
5%
30,000 Not sold
26r9 Frazee, Minn
2490 bHarrison, Ohio
4%
4,000 No bids
2490 Hempstead S. D. No.
21,000 No bids
21, N. Y
not exc. 6%
912,000 No bids
6%
2138 cHillside Twp., N J.
54
7
300,000 No bids
2306 Hoboken, N. J
112,998 No bids
1968 Jefferson Co.. Ohio
6/
2,228,000 No bids
not exc.%%
2490 Kearny, N. J
not exc. 6%
1,000,000 No bids
1968 King Co., Wash
250.000 No bids
4%
1969 Lansing, Mich
2139 Linn Co. S. D.No.29,
not exc. 6%
Ore
25,000 No bids
2307 Los Angeles Co. S. D.
not exc. 43 % 6,808,000 No bids
,
6
(s) Calif
311,000 No bids
6%
2308 Medford, Ore
not exc. 4%
300,000 PWA bid
2308 Mitchell, S. Dak
not exc. 4M % 2,850,000 No bids
1970 dNewark, N. J
5
5,000 No bids
2309 Ontario Tvrp., N.Dak.
4%
31,500 No bids
2492 Painted Post, N. Y2140 Phillips Co. S. D. No.
not exc. 6%
5.700 No bids
29, Mont




Amount.
Report.
Rate.
Page.
Name.
500.000 No bids
2309 Pierce Co., Wash_..
%
2140 Polk Co Ind. S. D.,
75,000 No bids
Minn
4%
50,000 Bid rejected
2492 ePort Jervis, N.Y
not exc. 6%
20,000 No bids
2140 Portsmouth S D.,0
90,000 No bids
1971 St. Joseph Co., Ind__ _
,
46R
1,913.000 No bids
2141 S
Seattle. Wash
D.,
not exc. s%
1971 Shaker Heights S.
136,150 No bids
6%
15,000 Bids rejected
1971 fSomerset. Pa
Ohio
435%
80,840 No bids
1971 Struthers, Ohio
280,000 No bids
2311 Teaneck Twp., N. J
6
352,000 No bids
1972 Toledo City S. D.,0
5-6
186,387 No bids
2142 Warren, Ohio
5%
2,000,000 Option granted
2311 gWashington (State of)..not exc. 5%
31,299 No bids
2494 Washington, Ohio
6%
128,000 No bids
2494 Weehawken Twp.,N.J. 5-5H%
38,000 No bids
2674 Williamsburg, Ohio_
6%
x Rate of interest was optional with the bidder. a Syndicate headed by
-day option on the bonds, as 6s,
Lehman Bros. of New York requested 30
at a price of par. b Issue is being re-offered for award on Oct. 20, with the
interest rate increased to 6%. c Township is seeking to exchange current
issue for maturing obligations. d In making announcement of the offering.
the City stated that such action was merely to comply with legal requirements, as the RFC had advised that it would purchase the issue. a The
rejected bid, an offer of 100.189, was submitted by the First National Bank
of Port Jervis f The offer of par plus a premium of $57.50, made by Glover
& MacGregor, Inc. of Pittsburgh. was the tender refused. g The State
offered a total of $3,000.000 bonds, for which the Spokane Eastern Co. of
Spokane and associates paid a price of 100.56 for a block of $1.000,000 as
43s. and obtained a 30
-day option on the balance of $2,000,000 on the
same terms.

-Additional
Record of Municipal Loans Made by the RFC
$500,000,000 Fund Established.
The RFC which, under the terms of the Emergency Relief
and Construction Act of 1932, was empowered to make
direct poor relief loans to States and Territories of the
United States from a fund of $300,000,000, distributed the
last of the money available during the month of May. The
Corporation has been succeeded in this capacity by an
agency known as the Federal Emergency Relief Administration, in accordance with the terms of the so-called Wagner
relief bill signed by President Roosevelt on May 12. A fund
of $500,000,000 has been appropriated to continue the
Federal Government's effort to relieve destitution.
The conditions governing the distribution of the new
$500,000,000 poor relief fund are different from those which
ppplied in the case of the $300,000,000 RFC appropriation.
Subsection (B) of Section 4 of the new law, which is cited
as the Federal Emergency Relief Act of 1933, sets aside a
specific sum of $250,000,000 which is to be'advanced to the
various States on the basis of one-third of the amount
expended by such States for poor relief from their own and
private resources. The balance of $250,000,000 is to be
disbursed to the States at the discretion of the Relief Administrator under the provisions of Subsection (F) of Section
4. In making announcement of the sums advanced to various
States, the Relief Administrator specifically refers to the
advances as "grants," as distinguished from the word
"loans" used in the statements of the RFC.
A report issued on July 6 (V. 137, p. 351) by Harry L.
Hopkins, Federal Emergency Relief Administrator, shows
that the distribution of funds of the new appropriation began
on May 22. Grants from that date to June 30, inclusive,
aggregated $51,531,731. The amount advanced during the
May period was $32,600,019, while in the month of June
grants in amounts of $18,931,712 were allotted. During July
the amount disbursed was $31,045,765, while for the month
of August the figure increased to $49,882,034. No reports of
such grants have come to hand for September. Neither the
grants made by the Relief Administrator or the bonds to be
purchased by the RFC, or any other Federal agency, form
part of our totals of either permanent or temporary financing
by States and municipalities as compiled by us from month
to month.
Announcement was made on Sept. 25 by Harvey C. Couch,
one of the directors of the RFC, that approximately $200,000,000 bonds of States and municipalities which had been
acquired by that agency during the past 15 months would be
offered for purchase by bond dealers, institutional dealers
and other interested parties. The notice stated that although
the above total is the aggregate amount which the Corporation has agreed to purchase, the bonds actually in its possession approximate $33,000,000. The announcement was
accompanied by a circular describing the various issues
which make up the total holdings. Details of the proposal
appeared in V. 137, p. 2487.
The Public Works Administration, provided for in the
National Industrial Recovery Act, and having at its disposal
a fund of $3,300,000,000 to be expended on public works,
is now assuming the functions heretofore exercised by the

Volume 137

Financial Chronicle

RFC in the matter of financing so-called self-liquidating
municipal projects. The PWA, however, in sponsoring a
project, agrees to finance the cost thereof on the basis of
making available a sum equal to 30% of the ultimate expenditure as a direct grant, not subject to re-payment, while
the balance of 70% will constitute a loan to the municipality,
secured by its 4% bonds. During September this agency
agreed to finance projects amounting in the aggregate to
$31,389,721, of which about $7,759,840 is to be made available as an outright gift from the Government.
The following table lists the municipalities whose projects
are reported to have been approved, and indicates the page
number of the "Chronicle" where an account of such approval has been published:
RECORD OF PWA ALLOTMENTS DURING SEPTEMBER.
Approximate
Amount
Total
as Grant.
Allotment
Page.
Name.
$105.000
$167,000
2666 Albert Lea, Minn
31,000
124,750
2303 Bel Air, Md
150.000
683.160
2667 Cedar Rapids, Iowa
77,160
231,580
2304 k incinnati, Ohio
23.000
5.400
2304 Clear Spring, Md
8,990,000
2,100,000
2483 (
leveland, Ohio
150.000
650,000
2304 Cleveland Met.Park Dist., Ohio
6,000
25,500
2304 Colome, S. Dak
75,000
250.000
2306 Eau Claire, Wis
13,000
50,000
2668 Fairfax Co.. Va
127.000
512.000
2306 Fargo, N. Dak
18,350
• 58.310
2306 Fort Atkinson, Wis
722.907
174,000
Bay Met. Sewerage Dist., Wis.2306 Green
25,200
84.750
2307 Huntingburg. Ind
8,800
38,000
2669 Kenneth. Mc
32,000
135,000
2308 Madison. Wis
281.000
913.000
2308 Madison Met. Sewerage Dist., Wis_
25.000
8,400
2308 Marlboro, Mass
44,400
160.000
2670 Massillon, Ohio
14,300
48,300
2670 Miller Co. Con.S.D.No.!. Mo
555,000
1.850,000
2308 Milwaukee Co., Wis
2,730
9.100
2308 Minnesota Lake, Minn
29,700
110,000
2309 North Kingston, R. I
261,000
968,000
2309 Oshkosh, Wis
21,000
90,000
2672 Portsmouth, R. I
103.000
408.000
2672 Prince George's Co.. Md
9,000
30.000
2492 Pulaski, Va
2.800,000
11,700,000
2310 Sacramento Mun.Dist., Calif
1.385,000
288,000
2310 Springfield, Ill
904.364
232.500
2310 Springfield, Ohio
4,400
16,000
2673 Stoughton, Wis
7,500
27,000
•
2311 Vienna, Md

Temporary loans negotiated by States and municipalities
during the month of September aggregated $45,585,026, of
which $34,647,305 was obtained by the City of New York.
During August the city borrowed $14,828,055 on Short-term
loans, although its request for an additional $72,000,000 was
denied by the bankers. The seriousness of the financial
condition of the city, with its ultimate possibility of default
on payrolls and debt service charges, finally resulted in the
request by both municipal officials and banking representatives that Governor Lehman of New York State be a
party to the loan negotiations in progress. Following.a series
of four conferences, attended by the Governor and representatives of the city government and local banks, a plan
was decided upon, providing for the granting of additional
loans to the city during the next four years. The State
Legislature will be convened in special session for the purpose
of enacting such laws as will permit the city to comply with
the conditions set forth by the bankers in the program. In
addition to arranging to take care of the city's tax anticipation requirements, the plan provides for the purchase by
banks and insurance companies of $70,000,000 of bonds for
unemployment relief purposes, including $45,000,000 longterm and $25,000,000 on a short-term basis. In return for
thus establishing its credit, the city government agreed to
abandon the proposed special taxes on local savings banks,
life insurance companies,stock brokers and on stock transfers
-V. 137, p. 2486.
Long-term bond financing by Canadian municipalities
during September amounted to only $565,300, as compared
with $85,598,475 in the previous month. The latter total,
however, included $66,500,000 of 4% Dominion of Canada
bonds which were placed in London, England.
No United States Possession financing was negotiated
during September.
A comparison is given in the table below of all the various
forms of securities placed in September of the last five years:
1932.
1931.
1933.
1930.
1929.
$
8
$
$
i
Perm.loans (U. S.).. 37,410,790 64,034,466 117,083,951 80,358,117 100,028,167
*Temp.Pus(U. S.)_ 45,585,026 67,784,773 101,015,541 66,760,534 93.475,000
Can.loans(perm.)
701,300 6,389,384 9,457,163
Placed in Canada_
565,300 9,502,211
None 1,750,000 1,000,000
None x60,000,000
Placed in U. S_ _ _
None
500,000
Bds. of U. B. poss'ns
None
None
None
General fund bonds
None
None 8,250,000 4,600,000
None
(New York City)_
83,561,116 201,321,450 219,300,792 163,508,035 208,560,330
Total
* Including temporary securities issued by New York City, 834,647,305 in Sept.
1933, $48,350,000 In Sept. 1932, 377,000,000 in Sept. 1931, 817,700,000 in Sept.
1930 and $50,850,000 In Sept. 1929.
x Representing a 860,000,000 Dominion of Canada 4% note Issue, due Oct. 1
1933, optional July 1 1933, underwritten In the United States.

The number of municipalities emitting permanent bonds
and the number of separate issues made during September




2663

1933 were 111 and 129, respectively. This contrasts with
156 and 191 for August 1933 and with 203 and 294 for
September 1932.
For comparative purposes we add the following table,
showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for a
series of years:
1933
1932
119931
30
192
928
9
1927
1926
1925
1924
1923
1922
1921
1920
1919
11991178
1916
1915
1914
1913

For the
Month of
September. Nine Months.
3333,146,489
837,410,790
658,175,205
64,034,466
117,083,951 1.140,002,546
80,358,117 1,056,321,229
936,398,760
100,028,167
994,840,978
66,704,334
117,571,822 1,178,508,094
136,795,778 1,046,221,618
115,290,336 1,095,486.400
124,336,682 1,138,425,601
765,963,785
56,398,075
918,854,893
99,770,656
754,294,623
88,656,257
489.716,223
49,820,768
519,669,754
70,839,634
238,179,833
24,732,420
328,078,924
31,175,017
308,388,101
22,174,179
406,496,817
26.707,493
408,044,823
13,378,480
288,024,714
26,025,969

1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892

Month of
For the
September. Nine Months.
825,469,043
3317,912,921
26,487,290
314,503,570
18,364,021
231,921,042
23,001,771
272,389,451
34,531,814
243,241,117
47,947,077
199,722,964
8,980,418
163,152,345
9,825,200
141,021,727
10,694,671
197,921,657
8,762,079
111,745,993
9,179,654
117,678,355
14,408,056
99,324,001
4,033,899
97,194,441
7,201,593
95,026,437
6,173,665
83,150,559
9,272.691
106,387,463
3,693,457
56,229,416
11,423,212
92,253,916
8,240,347
90,454,836
3,885,137
40,072,566
6,242,952
63,583,834

In the following table we give a list of September loans in
the amount of $37,410,790, issued by 111 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where accounts of the sale are given.
Name.
Rate. Maturity. Amount. Price. Basis.
Page.
1934-1963 $750.000 94.07 5.58
2303-..Anne Arundel Co., Md_ _5
5
r10.000
1943
2303-Ashland, Nob
334 1934-1938 160,000 100.10 3.48
2135--Attleboro, Mass
61,682 100
5.00
2488--Beaverhead Co., Mont--5
2135__Benton Co. S. D. No. 17.
Wash
5
2-15 yrs.
40.295 100
5.00
7
1938-1942
50.000 95
7.92
2488-Birmingham, Ala
6
1935-1938 100.000 103.05 ---2303_ _Boise, Idaho
5
1934-1938 r10,000
2666_ _Boone, Iowa
4
1934-1938 3,500,000 100.10
2488--Boston, Mass
2488_-Boston, Mass
434 1953-198342,000,000 100.10 _-_2488_ _Boston, Mass
434. 1953-196342,000.000 100.10 --2488__Boston, Mass.(3 iss.)_ _ _ _43
, 1934-1953 1,000,000 100.10 ---i
1935-1942 r15,649 100.07 3.98
2136- _Bowling Green, Ohio_ _ --6
5
1942
r10.000 100.05 4.99
2136--Boyle Co., Ky
434 1938-1947
2136- _Braddock S. D., Pa
70.000 101.80 4.28
2488--Broad Top Twp. S. D.,
Pa
5
1935-1952
18,000
2136-_Cambridge, Mass
334 1934-1938 700.000 100.26 3.16
1936-1950
2304-Columbus, Ohio (4 iss.)_ _5
44,795 100.20 4.97
5
2305.-Dale S. D.,Pa
1943
13.000 100
5.00
2137__ Des Moines. Iowa
5
1934-1948 138,617
-Dubuque Co., Iowa
434 1936-1940
46,500 100.46 4.39
2305.
3
1 year
2137-_Eau Claire Co., Wis
100.000
2306-Elm City, N. C
6
1933-1939
2,000 100
6.00
2489--Erie, Pa
534 1940-1953 500,000 100
5.50
2489_ -Fort Calhoun, Neb
r17,200
6
2137...Fort Thomas, Ky
1936-1953
66,000 100
6.00
2137-Gallatin Co.S. D.No.28.
Mont
6
600,000 100
6.00
2490-_Glen Park, N. Y
6
1934-1945
12,000 100.11
5.98
2490-_Grays Harbor Co. S. D.
No.117. Wash
5
30,000 100
5.00
Me
2490--Hancock
1944-1953
80.000
Co.,
2490-Harrison, N.Y.(3 iss.) -6
1938-1952 305,000 100
6.00
1968_ _Hicks% ille, Ohio
5
1934-1937
8.000 100
5.00
2440-..Holton S. D., Mich
6
1935-1939
2.000 100
6.00
2669_ _Jefferson Co., Iowa
454 1936-1939
17.000 100.30 4.43
1968-Kalamazoo S. D., Mich_ _5
1936-1945 r50,000 97.7,1
5.37
1968__Kalamazoo S. 13., Mich 5
1939-1942 r26,000 9720 5.44
2138_ _Kansas City, Kan. Is.) _4 34 1935-1973 500,000 100.43 4.22
(4
2307_ _Kenosha County, Wis__ _534
200,000
2307_ _King Co. S. D., Wash.
(2 issues)
5
3-23 yrs.
52.500 100
5.00
2490_ Lancaster, Ohio
1934-1943
12,500
2138.._Le Center. Minn
434 1936-1941
6,000 100.10 4.48
2669_ _Linn County,Iowa
434 1935-1940
80,000 100
4.50
2670-Logansport School City,
Ind
53.4
5 years
21,000 100.01
5.24
2139_ _Los Angeles County Flood
Control Dist. No. 29,
Calif
5
1934-1964 3,000,000 100
5.00
2670-Louisiana (State of)
5
7.500,000 100
5.00
249L._Loveland, Colo
434 1935-1942 r120,000 100.46 4.40
2139--McKees Rock S. D.,Pa
_ 1939-1943 100,000
2139__Manchester, Conn
434 1935-1973 650.000 101.79 4.36
1969_ _Mansfield, Ohio
5
1934-1936
5,500 100
5.00
2491. MariettaCity S. 13., Ohio
(2 issues)
53( 1935-1948 r29,000 100.13 5.73
1969_ _Marion County, Ohio - - _5
1935-1939
54,000 100.61
4.81
2139--Marion, Ind
1935-1944
50,000 100.75 5.84
6
2308-Marion County, Miss--6
1938
r35.000 100
6 00
2491--Martinsville, Va
5
1934-1967 r68,000 100
5.00
2139-Milford Conn
43.4' 1934-1942
90,000 102.08 3.78
2308- _Milwaukee Co., Wis
434 1943-1952 240,000 95.27 4.78
1969__Minneapolls, Minn
334 1935-1938 500.000 100.01
3.49
1970--Monongahela S. D . Pa_ _5
1938-1948
50.000 100.60 4.92
1970-Monroe Co., N.Y
6
1934-1938 1,000,000
2308-Moriah, N. Y.(2 iss.)___53i 1934-1943
67,000 100
5.25
2140-Musselshe1l Co. S. 13. No.
49, Mont
2,000
2308-New Hampshire (State 01)334 1945-1953 4950,000 104.52 3.01
1970_ _New Mexico (State of).
91,500 99.75 ---2671Newton S. D. No. 46,
Wash
5
1935-1953
44.800 100
5.00
2492„Northampton, Pa
44 1938-1954 4167,000
2492--Norwood, Mass
4
1934-1941 , 16,500 100
4.00
2140__Oregon (State of)
434 1939-1940 200,000 95.18 5.15
1970--Ouachita Parish D.D.No.
1, La
21,000
2309_ _Patton Twp., Pa
534 1936-1943
42,000 100.42 5.43
2140-Philipps Co. S. D. No. 3,
Mont
6
1938-1943
1,200 100
6.00
2492__Port Huron, Mich
1945
5
r103,000 91.73 5.97
2140Port of Grays Harbor,
Wash
5
60.000 100
5.00
2141_ _Pullman S. D. No. 59.
Wash
4.95
20,000 100
4.95
2141__Pun sutawney 13. D.,Pa..454 3-10 yrs.
430,000 100
4.50
2492-rincy, Mass
43i, 1934-1945 120,000 100.27 4.17
2492-- uincy, Mass
4
1934-1939
30,000 100.27 4.17
2492__ acine Co. Wis
5
1934-1943 500,000 95.50 5.87
2492„Reynoldsville, Pa
414 1934-1953
4.50
35.500 100
2141--Richland Co. S. D. No.
105, Mont
350 100
2141-Rittman. Ohio (2 iss.)--6
16,705 100.12 _
2493-St. Louis, Mo
4
1938-1953 1,700,000 100.84 3.91
1971-_St. Paris, Ohio
6
1934-1943
2,487 100.44 5.90
2493„Salem, Mass
334 1934-1938
65,000 100.42 3.35
1971_ _Springfield, Mass
3
1934-1938 890,000 101.13 2.60
2493__Syracuse, N. Y.(6 iss.) 4.20 1934-1953 1.060,000 100.21
4.16
6
1971-Teaneck Twp., N.J
179.000 99
----

Financial Chronicle

2664

Page.
Name.
Rate. Maturity. Amoum. Price. Basis.
2673_ _Thomas County, Neb_
r14,000
2673-Thurston County S. D.
No. 204, Wash
5.00
5
10 years
7,500 100
2493__Tioga County, N.Y
4.17
4.20 1934-1943
75,000 100.14
26/3_ _Travis County, Texas- _ _5
5.00
1934-1945
46,000 100
2111_ _Troy, Ohio
4.99
5
16,225 100.06
1935-1944
5.78
2141-Tuckahoe, N. Y
5.80 1935-1953
65,000 100.17
2494-Utica, N.Y.(5 issues)---4.40 1934-1953 553,371 100.26
4.33
i972 VincennesSchool City,
Ind
5.00
5
19.500 100
2311_-Walden, N. Y
5.34
5.40 1935-1966
86.000 100.57
2311--Warren County, N. Y....4
3.93
1934-1953 350,000 100.68
2311_ _Washington (State of)---4X 10-20 years 1,000,000 100.56 ---2494_ _Wayne County, Iowa_ _--5
12,000
5.70
2311_ _Westport N.Y
5.70 1937-1963
54,500 100
3.18
2311--West Springfield, Mass_ _3 X 1934-1938
82,000 100.17
4.04
2142_ _Wichita, Kan
4) 1-10 years
47.414 101.02
6.00
15.000 100
2494--West Long Beach, N. J...6
1934-1943
4.97
2312--Woodbury County,Iowa-5
1940-1844 100,000 100.26
2142--Worcester, Mass
1934-1938 1,250,000 100.71
3
12
2312--Wright County,
--4 X 1939-1946 300,000 100.57 "4Iowa_2312--Yakima County S. lb.
5.00
No. 49, Wash
25,000 100
2-20 years
5
Total bond sales for September (111 municipalities. covering 129 separate issues)-- --437.410,790
- d Subject to call in and during the earlier years and to mature in the
later years. k Not including 815,585,026 temporary loans or $31.389.721
RFC municipal loans. r Refunding bonds.

The following items included in our total for the previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Amount.
5150.000
15,000

Name.
Page.
2304Burlington County, N. J. (July)
2306-Hamilton County, Iowa (August)

We have also learned of the following adilittonal sales
for previous months:
5
Rate.
Page.
Name.
24 7-Ambridge S. D. Pa
2303-Anderson Co., Kan.(July)5
2304- _Burlington Co.,N.J.(July)6
2136 CarbonCo. S. D. No. 23.
.--6
Mont
2305-Dawson Co. S. D. No. 1,
5
Mont
937-Gallatin Co. S. D. No. 1.
Mont
2137_ _Gallatin Co.S. D.No.48,
Mont
2137--Gallatin Co.8. D.No.73,
Mont
6
2137-Garfield Co. S. D. No. 1,
Mont
6
2306--Hamilton County, Iowa-434
2139-Madison Co.S. D.No.11,
Mont
6
2139-Madison Co.S. D.No.33.
Mont
6
2491__Musselshell Co. S. D.
No. 43, Mont
6
2492_ _North Canton S. D.,Ohio6
2140_ _Passaic, N. J. (Julyl_ _- _6
2492-Phillips Co. S. D. No. 4,
6
Mont
2492_ _Richland Co. S. D. No.
13, Mont
6
2493_ _Salem. Ohio
5)1
2141--Sandusky, Ohio
2493-Sheridan Co. S. D. No. 2.
Mont
6
2493-Sheridan Co. S.D. No.29,
Mont
2493-..Sherman Co. S. D. No.
Kan
5

Price. Basis.
Maturity. Amount.
5.00
1-10 years $100,000 100
4.77
29,500 100.84
1935-1939
6.00
40.000 100
7,000 100
1934-1943

6.00

100

5.00

22,000
2,800

100

6.00

513 100

6.00

4,800
13,000

100

6.00

5.685

100

6.00

471

100

6.00

657 100
d14,000 100
612,000 100

6.00
6.00
6.00

4.004 100

6.00

16,340
r60,800
42,700 100.04

5.24

10 years

1943
1936-1940

1934-1940
1934-1943

429

10 years
1-11 years
1935-1941

10,000
8,500
1935-1939

2,000

96

6.13

All of the above sales (except as indicated) are for August.
These additional issues will make the total sales(not including
tamporary or RFC loans) for that month $40,738.218.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES
IN SEPTEMBER.
Price. Basis.
Rate. Maturity. Amount.
Name.
Page.
40.000 101.76
5.27
53. 1-20 years
2312- _Cobourg, Ont
99.15 4.81
1-5 years 100.000
4X
2494__Halifax. N.8
35,300 101.21
4.81
1-15 years
2142_ _Lanark County, Ont__ _ _5
90.000
5.89
10 years
97.11
534
1972-Longueuil. Que
50.000
10 Years
2494_..New Westminster. B.C--6
30 years 200,000
5
1972_ -Ottawa. Ont
2142--Ste. Madeleine School
99.12
50,000
5.18
1943
Municipality. Qua.- - -5
Total of Canadian bonds sold during Sept.... $565,300

NEWS ITEMS
-Governor Sholtz Asserts Census Bureau's Debt
Florida.
-It has been asserted by
Figures for State Over-Stated.
Governor Sholtz that the figures recently made public by
the Federal Bureau of the Census on the gross debt of the
State and its political subdivisions for 1931 are incorrect
in that the total arrived at is too high. An Associated
Press dispatch from Tallahassee on Sept. 26 reported as
follows on the Governor's statement:
Governor Sholtz, in a letter mailed to-night, told the Federal Bureau
of Census it made a miltake when it figured the gross debt of the State
and its political sub-divisions for 1931 was 5878.294.567.
On the contrary, he said, recent statistics show the total dent is $508.229.757.97. He asked that the Bureau of the Census, which is a division
of the Department of Commerce, make a correction.
The Governor wrote that Florida newspapers on Sept. 20, published a
dispatch from Wasiington. quoting the bureau as follows:
For 1931 the comoined gross debt of the State (of Florida) and its
political sub-divisions, less sinking fund assets set aside to meet such debt,
was 5878,294,567, or an average of $578.21 per person. This compared
with the 1922 per capita average of $95.96 and the 1912 average of $22.72."
Governor Sholtz wrote the bureau: "We are wondering what method you used in arriving at these figures,
for they do not compare with detailed investigation made just this year
by Mr. Kenneth Ballinger, in co-operation with the State Auditing Department."
Recapitulation of the public funded debt of Florida politicalsub-divisions,
based on the Ballinger survey as of Dec. 31 1932, showed "outstanding
bonded indebtedness in the principal amount of 5508,229,757.97."
Continuing, he said: "The State of Florida has no outstanding indebtedness. Interest to maturity on these bonds in the amount of $346,385,623.43 cannot oe included as part of the debt outstanding as of Dec.31 1932,
because these bonds mature over periods of ten, fifteen and twenty years.
"Taking the principal amount of bonds outstanding, 5508.229.757.97.
and adding that to the interest in default, $25,203.600.10, we show an
outstanding indebtedness of $533.433.358.07 as of December 31 1932.




Oct. 7 1933

which is at most not over one year after your figure of $878.294.567, and
our figure is before deducting sinking fund assets set aside to meet tills
indebtedness.
"Based on your estimate of the State's population of 1,519,000 at Jan. 1
1932, our figures show per capita average debt of $351.17 instead of $578.21
as stated by you.
"We would appreciate it very much if you would make this correction."

Kansas.
-New State Treasurer Appointed to Succeed
-Governor All M. Landon is said to have
Thomas B. Boyd.
announced on Oct. 1 that William H. Jardine,retiring Ambassador to Egypt and former Secretary of Agriculture,had
accepted the appointment as State Treasurer to succeed
Thomas B. Boyd who resigned the office following his
indictment in the million-dollar municipal bond forgery
scandal which is now being investigated-V. 137, p. 2134.
Kentucky.
-Special Session on Unemployment Relief
Adjourns.
-Six weeks after it started its work, the special
session of the State Legislature adjourned sine die late on
Sept. 26. When the session came to an end the Legislature had given its approval to all the bills except one in
the call issued by Governor Ruby Laffoon last month, and
the Chief Executive shortly thereafter had affixed his signature to the last of the five major measures passed. By
virtue of their emergency clauses the measures became law
immediately upon signature. Among the measures in this
category were bills taxing whisky, beer and wine, with all
the revenua to be used for relief. The Louisville "CourierJournal" of Sept. 27 summed up the results of the session
as follows:
The five major bills enacted into law by the special session were: To
submit repeal of the Eighteenth Amendment to Kentucky voters Nov. 7:
to tax beer and wine, with all the revenue to be used for relief; to tax whisky,
with all the revenue to be used for relief; to enable State banks to avail
themselves of Federal banking legislation, and to enable owners of passenger
automobiles to purchase licenses on a monthly basis for the rest of 1933
only.
In addition, the Legislature passed a bill to permit corporations formed
for slum clearance work to condemn property and borrow from the Reconstruction Finance Corporation. All the bills except the slum clearance
measure have been signed by the Governor.
The rejected bill in the Governor's program was the gross receipts tax
proposal, which precipitated the prolonged deadlock in the House. The
bill was rejected twice by the House and only after a compromise agreement last week was a kindred measure, the consumers' tax bill, passed
by the House. The Senate promptly killed it.
The beer and wine tax bill was not enacted as the Governor proposed it.
The Chief Executive asked that half the revenue from the measure be
used for the general expenditure fund and half for retirement of State warrants. M finally passed all the revenue goes to relief.
Governor Laffoon has not expressed publicly his opinion of the Legislature's work but his supporters said he was sorely disappointed at the treatment accorded his proposed gross receipts tax. Administration men say
they and the Governor do not believe the beer and whisky taxes will yield
enough revenue to meet Federal relief requirements. Some Administration
followers have gone so far as to predict that a second special session will
be called soon to enact further revenue measures. The Governor himself
nas declined to discuss reports of another special session.
Anti-sales tax forces insist the beer and whisky taxes will provide sufficiently for relief until the regular session is convened next January.
They contend the Governor's claim that 53.000.000 should have been
raised by the special session was in error and that the Federal Government
will match whatever funds are raised.
A summary of the Legislature's activity during its six weeks, which, according to State Inspector and Examiner Nat B. Sewell, cost in the neighhood of $100,000, shows that more oills were rejected than were approved.
Bills killed or not acted on finally included: To levy a salary-income
tax; to tax gross receipts of all places of amusement; to tax manufactured
tobacco products; to divert part of the gasoline tax for relief; to tax natural
gas and electric current; to tax gross receipts of utilities; to assess an outage
fee on purchasers of tobacco; to tax malt and a malt syrup and extracts
to impose a license tax on operators of telephone lines and instruments
to tax horse racing bets; to tax coal production; to tax stock transactions
to tax newspapers, magazines and other periodicals; to tax luoricating oils
to reduce license fees for automobiles and use the revenue for relief; to
reduce the gasoline tax and use all the revenue for relief; to authorize cities
of all six classes to issue bonds for waterwork systems and to authorize
counties to use surplus money in their sinking funds to retire authorized
road bonds which have not been issued.
Two "armies" of unemployed men from Northern and Western Kentucky
seeking relief legislation, and a large delegation of Louisville tobacco workers opposed to a tobacco tax came to the capital during the session.

-Addition to List of Legal Investments for
Massachusetts.
-It was reported on Oct. 5 that the State
Savings Banks.
Bank Commissioner has added to the list of bonds legal for
investment by Massachusetts savings banks, the additional
issue of $750,000 1st ez ref. 5% gold bonds, series A, of the
Public Service Co.of New Hampshire,due on Nov.1 1956.
(The complete list of investments was given in V. 137,
p.2299.)
-State Legislature to Convene on Oct. 17 to Enact
Missouri.
-It was announced by Governor Park on
Revenue Measures.
Sept. 27 that the Legislature will be called into special
session on Oct. 17. It is said that the call was made necessary because of the depleted condition of State revenues,
and to pass bills permitting Missouri to share in the Federal
relief and public works money. A Jefferson City dispatch
to the St. Louis "Globe-Democrat" of Sept. 28 reported
on the call as follows:
Gov. Park announced to-day that he will Issue a call for the Fifty-Seventh
General Assembly to convene in special session on Tuesday, Oct. 17, to
consider such matters as he will lay before it. The formal call for the
extra session, the Governor said, will not be issued by him for several days.
Subjects that will be incorporated in the proclamation of the Governor,
still are somewhat a matter of speculation. There will, of course, be the
revenue question, but whether the Governor will recommend enactment
of a sale tax, or advise raising the needed additional revenue from other
sources will not be known until the proclamation is issued.
Apparently there is much general objection being urged to a sales tax.
Practically all of the elective State officers seem to prefer that the needed
revenue be secured by a greater tax on beer, taxation of the hard liquor
traffic when the Eighteenth Amendment is repealed, doubling the corporation franchise tax and enacting a law taxing the sale of cigarettes

New York City.--7'entative Tax Rolls Show Decrease of
-James J. Sexton, Presi$1,056,883,898 Under 1933 Figure.
dent of the Department of Taxes and Assessments,
on October 2 issued the annual statement bearing on the
assessed valuation of the city property for the year 1934.
The new tax rolls show a tentative total of $16,702,961,046,
a reduction of $1,056,883,898 from the 1933 final assessment. The gross amount of the reduction for the entire
city is $1,162,945,883, distributed as follows: Manhattan,

Financial Chronicle

Volume 137

$737,698,390; The Bronx, $96,782,668; Brooklyn, $187,439,565; Queens, $118,569,625; and Richmond, $22,455,635.
The official statement on the tentative assessment rolls
reads in part as follows: •
The tentative assessment of taxable real estate for the year 1934 in the
City of New York is $16,702,961,046. This amount is $1.056.883,898
less than the final real estate assessment for 1933, being, therefore, a net
reduction of that amount.
The gross amount of reductions in the entire city is $1,162.945,883,
distributed as follows:
Manhattan
$118.569,625
$737,698,390 I Queens
The Bronx
22,455,635
96,782,668 Richmond
Brooklyn
187,439.565
From this gross reduction is deducted $106,061,985 representing toe
increase for improvements and equalization, leaving a net reduction of
$1,056,883,898 as previously stated.
Reductions have been made of the assessed valuations during the past
four years of approximately $2,283,921,808, so that since the depression
started over $3,400,000,000 has oeen reduced from the total taxable real
estate valuation, indicating that the department has taken cognizance of
the stagnant conditions of the realty market. The Department believes
that the assessment tnis year is an equitable one. It has inien our constant
aim to have it so.
It had been hoped that the bottom had been reached last winter. From
present indications it may be confidently expected that we are about to
enjoy the realization of that hope, as signs of improvement are beginning
to appear, ouilding permits are increasing in number and brokers report
a decided Improvement in renting conditions. If the NRA program of
President Roosevelt proves successful, as everyone hopes and prays that
it will, we may look forward to the early upward rise of the barometer.
Then this depression will take its place with all past depressions and be
only a memory which we all will no glad to forget.
Special franchise assessments will not be completed until January next,
and will no douat approximate $725,000,000.
Upon the recommendation of Mayor O'Brien,the Department advocated
the abolition of the Personal Property Law. It was repealed at the last
regular session of the State Legislature. It had become so emasculated as a
result of the enactment of the State Income Tax Law that widows, orphans
and small business people were largely in the majority of those who were
taxable.
Any taxpayer feeling aggrieved at the assessment placed against his
property may make application for the correction of same between Oct. 1
and Nov. 15. Blanks for this purpose may be obtained in the office of this
Department in the borough wherein the property is located. Applications
receive the same consideration whether filed'by the owner or his representative and whether a hearing is granted or.not.
The total number of separately assessed parcels of real estate and new
buildings are:
Parcels.
New Bldgs.
Borough—
11
77.381
Manhattan
381
93.683
The Bronx
408
293.469
Brooklyn
893
269.891
Queens
171
74,800
Richmond
1,864
809,224
The total exemption of property of every kind and class for the year 1933
—that is, exempted by law—now reaches the sum of $4,689,803.389. distributed as follows:
$191.637,700
United States Government
69.569,775
State of New York
3.451,704,025
City of New York
Churches. asylums, homes, hospitals, patriotic, benevolent,
969,343.889
charitable associations, pensioners, parsonages, &c
7.548.000
State Housing Law exemption
$4,689,803,389
RECAPITULATION 1934.
Increase for
New
1933 AssessImprovem'ts.
Manhattan—
meat Roll.
Bldgs.
Real estate
$8,955,039.715 $51,329.00u
11
1,492,50t,
Real estate of corporation
227,106,600
Total
The Bronx—
Real estate
Real estate of corporation

11
381

$9.182.146.315 $52.821.500
$1,887,118,534
59,372,450

$5.319.600

Total
Brooklyn—
Real estate
Real estate of corporation

381

$1,946,490,984

$5,319,600

408

$4,026.943,310
60.215.800

$8,283.440

Total
Queens—
Real estate
Real estate of corporation

408

$4,087,159,110

$8,283,440

893

$2,171,015.625
57,429,950

$5.68 l,065

893

$2.228.445,575

$5.680.065

171

3309.456.160
6,146.800

3705.825

171

$315,602,96C

$705.825

Total
Richmond—
Real estate
Real estate of corporation
Total
Grand Recapitulation—
Real estate
Real estate of corporation

1,864 317,349.573,344 $71.317,930
410,271.600
1,492,500

Total

1 864 317.759.844,944 $72.810.430
'
1934 Tentative
Net
Annual Record
Decrease.
Decrease.
Oct. 11933.
$721.917,390
$659,292,140 $8,295,747,575
15.781,000
5,518,500
221,588,100

Manhattan—
Real estate
Real estate ofcorporation
Total
The Bronx—
Real estate
Real estate ofcorporation

$737.698,390

Total
Brooklyn—
Real estate
Realestate ofcorporation

$664,810,640 $8.517.335.675

$94.982,268
1,800,400

$88,946,068 31.798,172,466
1,800.400
57,572,050

$96,782,668

$90,746,468 S1.855,744.516

$179,681,970
7.757,595

$167.715,890 *3,859.227,420
2,962.500
57,253.300

Total
Queens—
Real estate
Realestate of corporation

$187.439,565

$170,678,390 33,916,480,720

$114,494,175
4,075,450

$105,630,850 $2,065.384,775
4.075.450
53.354,500

Total
Richmond—
Real estate
Real estate ofcorporation

$118,569,625

$109,706,300 $2,118.739,275

$22.208,235
247,400

$20,694,700
247,400

$288,761.460
5.899,400

Total
$22,455,635
$20,942,100
$294,660,860
Grand Recapitulation—
$1.133,284,038 $1,042,279,648 $16.307.293,696
Real estate
29.661,845
14,604,250
Real estate ofcorporation
395,667.350
Total

$1,162,945,883 $1,056,883,898 $16,702,961,046

1933 assessment roll
Net decrease
1934 tentative annual record Oct. 1 1933

$17.759,844,944
1,056,883,898
S16.702,961.046

Tentative 1934 Budget Shows Increase of $19,814,955.67
Over 1933.—Mayor John O'Brien submitted to the Board
of Estimate on Oct. 2 a tentative 1934 city budget showing
an increase of $19,814,955.67 over the 1933 appropriations,




2665

The budget summary indicates a reduction in the tax levy
of $4,125,044.13, upon which the Mayor laid great stress,
but the message of transmittal admitted that the summary
did not include everything. There is yet to be incorporated
an appropriation of $23,950,000 to cover the reserve against
the tax delinquencies required in the recent agreement with
the banking syndicate which is committed to financing the
city for the next four years. It is this mandatory appropriation which converts the apparent reduction in the tax
levy budget to an increase of nearly $20,000,000.
The budget department's summary gives two budget
totals, the total to be raised from taxes on real estate, which
is $514,302,928.03, as compared with $518,427,972.16 in
1933, and the total from all funds, fees charged for city
services and refunds from the State as well as real estate
taxes, the whole amounting to $578,888,680.62 for 1934,
as compared with $585,655,178.73. These figures would
appear to mean that the city proposes to spend from all its
revenues $6,766,493.11 more than it did in 1933 and from
the real estate revenues alone, the sum of $4,125,044.13
less. These conclusions do not take into account the tax
reserve appropriation mentioned above.
Public hearings will be held on the budget at City Hall
on Oct. 11 at 11 a. m.; Oct. 13 at 2:30 p. m.; Oct. 25 at
11 a, m., and on Oct. 26, at 2:30 p. m. The 1934 budget
is the first to be prepared by the Mayor under the executive
budget law passed last spring. Heretofore the function of
getting up the budget has been the Board of Estimate's
task, although the actual work had been delegated by resolution to the Mayor's appointee, the Budget Director.
Ohio.—Special Legislative Session Ends.—The first special
session of the 90th General Assembly, which convened on
Aug. 16 to consider measures dealing with unemployment
relief, school financing and general economies—V. 137,
p. 1272—adjourned sine die on Sept. 22. The Columbus
"State Journal" of Sept. 23 reports that the session was a
failure as far as aid to schools is concerned as the only measure
for this purpose to come up for a vote was defeated. We
quote in part as follows from the newspaper article dealing
with the results of this session:
The talk of ousting Speaker Frank Cave and Speaker Pro Tern Kent
Lawrence was prevalent among both Democratic and Republican members
yesterday as the Speaker's gavel actually adjourned the first special session
of the 90th General Assembly sine die.
The closing scene at the skeleton session was peaceful, revolting House
members having decided to let the responsibility for the strong-arm tactics
by which the ajournment resolution was forced through shortly before
midnight Thursday rest with the discredited leadership.
Governor White Denies "Gag."
Governor White denied he was in any way responsible for the developments in the House by which the Gunsett School Aid bill was reconsidered
and defeated and by which the Haynes Utilities Excise Tax bill was prevented from coming to a vote.
He also denied he had anything to do with the gag rule which prevailed
throughout most of Thursday's session, but he said he thought there was
no danger of Mr. Cave or Mr. Lawrence being ousted.
The Governor said the Legislattue had been "at the point of breaking
up for a week" and that it appeared a majority of the legislators "did not
want to tax anybody."
Session Is Fiasco.
The only tax measure designed to raise school revenues which was ever
brought to a vote in the House, however, was the Governor's General
Retail Sales Tax. That was defeated overwhelmingly 10 days ago.
So far as succor for the State aid schools is concerned, the special session
was a complete fiasco. It was one of the two principal purposes for which
thesession was convened ,the other being poor relief,for which the legislators
provided $9,000.000 in revenues.
No effort was made by protestants against adjournment to block the
perfunctory proceedings in the House yesterday afternoon in which the
session finally came to an end.

United States.—Revenue Bureau Rules Municipal Bonds
Exempt from Excess Profits Tax Provisions of NRA.—It was
stated by Commissioner Guy T. Helvering of the Internal
Revenue Bureau that the Bureau has ruled that interest on
all Government bonds including Federal, State and city
bonds are exempt from the 5% excess profits tax provisions
of the NRA. The following report on the ruling is taken
from a United Press dispatch from Washington to the
"Wall Street Journal" of Sept. 30:
The Internal Revenue Bureau has ruled that interest on all government
bonds, including Federal, State and city bonds, are exempt from the 5%
excess profits tax provisions of the National Recovery Act. Commissioner
Helvering said.
"Interest received on obligations of a State or political subdivision thereof,
Including interest received on municipal bonds is wholly exempt for income
tax purposes and such interest is therefore exempt and not to be included
In the new income of a corporation for the purpose of the excess profits
tax," Mr. Helvering said.
The commissioner held that the interest received on all present outstanding bonds and similar obligations of the United States is not to be
Included in the net income of a corporation for the purpose of the excess
profits tax imposed by Article 216 of the Industrial Recovery Act.

United States.—Comparative Debt Statements on States
and Municipalities Issued.—It is pointed out by Webster,
Kennedy & Co. of New York in the semi-annual edition of
"Comparative Debt Statements," which has just been
issued by them, that slow tax collections and early principal
maturities continue to be responsible for most of the municipal
bond defaults. "The four largest cities in this country,"
states the firm,"have experienced difficulties in the management of their fiscal affairs, and bonds of these have been
purchasable during the last year at prices of 75 or under.
It is difficult to estimate the total number of municipalities
which have experienced a default, or the number of those,
the bonds of which have been so seriously depressed that
they have been selling at defaulted prices, but they number
several hundred." The pamphlet gives the principal factors
in the financial statements of the individual States and
leading cities and counties.
Virginia.—Voters Ratify Prohibition Repeal.—At an election held on Oct. 3, the voters of this State, which was the
second State to ratify the 18th Amendment, gave their

2666

Financial Chronicle

approval to its repeal, thus becoming the 32nd State to
favor this action. Associated Press dispatches from Richmond on Oct. 3 reported that both urban and rural voters
contributed to the slightly less than two-to-one margin held
by repeal with about three-fourths of the precincts reported.
With Virginia in the repeal column, favorable action by
only four more States is necessary to remove the 18th Amendment from the Constitution. Florida will vote on Oct. 10
and on Nov. 7 referendums will be held in North and South
Carolina, Ohio, Kentucky, Pennsylvania and Utah.
West Virginia.
-Supreme Court Ruling on Debt Payments
Places Current Expenses of Municipalities as Secondary
Obligations.
-A constitutional amendment was approved in
November 1932, designed to lessen the tax burden on real
estate, farms and homes and to shift some of the load to
bonds, stocks and mortgages. The measure classifies all
property and sets specific limits of taxation on each class
V. 135, p. 4581. A decision was recently handed down by
the State Supreme Court holding that all municipalities
must pay their old debts before they can spend for current
needs, thus creating a difficult situation for the municipalities in meeting their ordinary running obligations. The
Supreme Court ruling says: "Regardless of constitutional
limits on levies, old obligations must be paid and paid from
restricted levies before any money is used for current expenses."
Replying to our inquiry regarding the effect of this decision on the fiscal affairs of his city, we received the following letter, dated Sept. 25, from Mayor Paul 0. Summers of
Morgantown, in which he concisely outlines the situation:
William B. Dana Co.,
New York, N. Y.
Gentlemen:
In reply to your letter of Sept. 23, I wish to advise that on Nov. 7 last
there was adopted an amendment to our State Constitution which classified
the different classes of property for the purposes of taxation and put upon
those classes a limitation of the amount of taxes which could be levied on
such property, such limitation to include State, county and municipal
levies.
The decision of the Supreme Court of West Virginia in the Huntington
case handed down Sept. 18 made plain that bonded indebtedness and old
debts incurred prior to Nov. 7 last must be levied for and paid first under
the limitation, and that tne only place the levying body can go beyond the
limitation is when the amount obtainable under the maximum levy is not
sufficient to pay bonded indebtedness or old debts. Therefore, you can
readily see since the most of our governmental units within the State have
considerable bonded indebtedness that there is nothing left for operating
expenses of the governmental agencies. As for our own local situation it
requires all the money obtainable under the maximum levy to pay bonded
indebtedness and interest thereon, and as a result thereof there is nothing
left for operating expenses, except those receipts outside of the general tax
levy which are all a small amount and hardly worth consideration, (the
city owns and operates none of the public utilities operating within the
city, but receives from the West Penn approximately $20,000.00 for a
franchise extended to it to operate within the city).
I might further say that now the city is without funds to operate its
fire department, police department, maintain streets, maintain sewerage
and garbage disposal, city lighting and costs of administration of government.
Hoping that this information answers your query I remain,
Yours very truly,
PAUL 0. SUMMERS, Mayor.

BOND PROPOSALS AND NEGOTIATIONS
-Both
ABERDEEN, Brown County, S. Dak.-BOND OFFERING.
sealed and open bids will be received by Lydia W. KohlhoiT, City Auditor,
until 10 a. m.on Oct. 19,for the purchase of two issues of4% bonds, aggregating $622,000, divided as follows:
$515,000 water works bonds. Due on Nov. 1 as follows: $15.500 in 1936
and $18,500, 1937 to 1963, inclusive.
107,000 sewage disposal plant bonds. Due on Nov. 1 as follows: $3,500.
1936 to 1945, and $4,000, 1946 to 1963, all inclusive.
Denoms. $1,000 and $500. Dated Nov. 1 1933. All of said bonds shall
contain a provision permitting prepayment on any interest payment date.
Bids will be received for delivery and payment of said bonds and one block
and-or for delivery and payment In instalments from month to month
during the construction of the projects, for which the bonds are issued in
amounts equal to the estimated cost from that month, in which case the
city shall receive credit for interest accrued on all bonds prior to delivery.
Bonds will be subject to a legal approving opinion.
AKRON, KENMORE AND PORTAGE TOWNSHIPS SCHOOL
-Under date of
DISTRICTS, Ohio.
-NOTICE TO BONDHOLDERS.
Sept. 28, Hazel Meek, Clerk of the Board of Education, announced to
bondholders as follows:
"Due to banking and delinquent tax conditions, we have been unable
to meet 1933 maturities and cannot pay in full 1933 principal when due.
"Funds have been provided to clear up all interest defaults and we will
pay, through usual agencies, October, November and December interest.
"We are preparing an adjustment plan for 1933 principal obligations.
-to-mature bonds are requested to advise us
Holders of past
-due or about
of bond numbers and amount of holdings.
"Our adjustment plan will be ready in October, we believe, and full
details will be sent to known holders as soon as the proposal is ready."
-FEDERAL FUND
ALBERT LEA, Freeborn County, Minn.
ALLOTMENT MADE.
-It has been announced by the PWA that an
allotment of $167,000 has been made to this city for street improvements.
A grant of 30% a the above amount is made by the Administration, to be
used for labor and materials. The remainder is a loan to be secured by 4%
general obligation bonds.
-The $150,000 issue of registered street impt. bonds offered
BOND SALE.
-was purchased by the Federal Govern,
for sale on Oct. 2-V. 137, p. 2303
ment, as 4s, at par. Dated Oct. 2 1933. Due $10.000 from Oct. 2 1935 to
1949 incl. No other bids were received.
ALGONA SCHOOL DISTRICT (P. 0. Seattle), King County,
-BONDS VOTED.
Wash.
-At the election held on Sept. 26-V. 137,
-the voters approved the issuance of $16,000 in 5% school building
p. 2135
bonds. Due in 23 years after date, optional in 3 years.
ALMA HIGH SCHOOL DISTRICT (P. 0. Alma), Bacon County,
-It was announced by the
Ga.-FEDERAL FUND ALLOTMENT.
Public Works Administration on Oct. 4 that it had made an allotment of
$27,100 to the Board of Trustees for the construction of a school building. Of tne total, approximately $6,700 is a grant, representing the cost
of Government's portion of the labor and material. The remainder is a
loan secured by 4% general obligation bonds.
-BONDS
ALTOONA SCHOOL DISTRICT, Blair County, Pa.
-The issue of $475,000 coupon tax anticipation bonds offered
NOT SOLD.
at not to exceed 43i% interest on Sept. 28-V. 137, p. 2135, failed of sale
as no bids were obtained. Dated Oct. 1 1933 and clue serially on Oct. 1
from 1934 to 1939, inclusive.
-OFFERED--INTEREST RATE INCREASED.
-The above
BONDS RE
issue of bonds is being re-offered for award at 7:33 p. m. on Oct. 26. Rate
interest in this instance has been increased to a maximum of 5 I%•
of
Bidders are requested to name one of the following rates for the entire loan:
455. 4 U. 5 or 53i.%. Bids should be addressed to W. N. Decker,
secretary of the Board of Directors. Bonds bear date of Nov. 1 1033




Oct. 7 1933

Denom.$1,000. Due Nov. 1 as follows: $50,000 in 1934 $75,000 from 1935
to 1937 incl. and $100,000 in 1938 and 1939. Coupon bonds, registerable
as to principal only. Interest is payable in M. & N. Successful bidder to
pay for the printing of the bonds and for any legal opinion required, but the
District will obtain approval of the loan by the State Department of
Internal Affairs at its own expense. A certified check for $5,000, payable
to the order of the District, must accompany each proposal. Bonds are
being issued pursuant to Act. No. 132 of the General Assembly, approved
May 18 1933.
ANNAPOLIS, Anne Arundel County, Md.-PWA ALLOTS FUNDS.
-The Public Works Administration announced on Oct. 4 the allotment of
$490,000 to the Metropolitan Sewerage Commission for various improvements. The amount includes $152,400 as a grant, while the balance constitutes a loan secured by 4% general obligation bonds.
ARKANSAS, State of (P. 0. Little Rock).-WARRANT ISSUANCE
AUTHORI7ED.-On Sept. 29 the State Debt Board authorized the issuance of $350,000 in short-term bonds to refund outstanding Penal Board
warrants, under an agreement whereby warrant holders will meet the
expense of issuance.
ARKANSAS, State of (P. 0. Little Rock).
-COUNTIES MUST
VOTE ON BUILDING PROPOSALS.
-Counties may borrow money from
the Public Works Administration to build or repair court houses, but the
question of whether to build must be submitted to the people at an election,
Assistant Attorney-General Robert F. Smith held on Sept. 29 in an opinion
to Judge J. C. Childers of Lawrence County, according to press dispatches
from Little Rock on that day.
ARLINGTON SCHOOL DISTRICT (P. 0. Everett), Snohomish
County, Wash.
-It is reported that at an election held
-BONDS VOTED.
on Sept. 16 the voters approved the issuance of $88,000 in high school
bonds. That amount is said to be approximately half the cost of the
building, the remainder of the cost will be sought through State and Federal aid.
AVON, Hartford County, Conn.
-VOTES TO BORROW $100,000.
At a special town meeting held on Sept. 29 the voters approved of the
proposal to ask the Public Works Administration for a combined loan and
grant of $100.000 for road construction purposes. The total includes 30%
desired as an outright gift, with the balance of 70% to constitute a loan
from the Government.
BALLSTON SPA, Saratoga County, N. Y.
-BONDS DEFEATED.At the election held on Sept. 26-V. 137, p. 2303
-the proposal to issue
$85,000 sewage disposal plant construction lponds was defeated by a vote
of 157 to 111.
BASIL, Fairfield County, Ohio.
-BOND ELECTION.
-At the
general election to be held on Nov. 7 the voters will consider the question
of issuing $38,000 bonds for water works purposes.
-BONDS VOTED.
BATH, Steuben County, N. Y.
-John W.Taggart,
Village Clerk, reports that at the election held on Sept. 28-V. 137, p. 2303,
the voters approved of the issuance of $370,000 bonds, comprising issues of
$200,000 water system, $150,000 sanitary sewer and $20,000 storm sewer.
Appllcation for Federal aid has already been made.
-PROPOSED FEDERAL AID.
BEACH HAVEN, Ocean County, N. J.
- a recent meeting the Borough Council discussed the possibility of
At
applying to the Public Works Administration for funds with which to pay
the cost of relaying of the sewer main the entire length of the Borough.
The money would be sought on the basis of 30% of the cost being furnished
as a grant, with the balance of 70% constituting a loan, secured by 4%
bonds to mature over a period of 20 years.
BEAVER CITY, Fumes County, Neb.-BONDS VOTED.
-At the
-the voters approved the issuelection held on Sept. 25-V. 137, p. 1966
ance of the $17,500 ice plant bonds by a majority of about 6 to 1.
BELLINGHAM, Whatcom County, Wash.
-BOND ELECTION.
-It
is said that at the municipal election to be held in December the voters
will pass on a proposal to issue $150,000 in light and power plant bonds.
BEND, Deschutes County, Ore.-130NDS OFFERED.
-Sealed bids
were received until 7:30 p. m. on Oct. 5, by L. G. McReynolds, City
Recorder, for the purchase of a $25,000 issue of 6% semi-annual refunding
bonds Due as follows: $1,500, 1935 and 1936; $2,600, 1937 and 1938;
.
$2.500, 1939 and 1940; $3,000, 1941 and 1942 and $3,500 in 1943 and 1944.
COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Prosser),
-It is said that an election was held on Oct. 7
Nash.
-BOND ELECTION.
Wash.
in order to vote on the proposed issuance of $9,173.94 in not exceeding 6%
semi-annual school bonds. Due in 20 years.
BERNARDSVILLE, Somerset County, N. J.
-ALLOTMENT OF
-It was announced by the nibllc Works Administration on
PWA FUNDS.
Oct. 4 that $80,000 has been allotted to the Borough for the construction
of sanitary sewer extensions. This includes a grant of $18,000, with the
balance representing a loan, secured by 4% general obligation bonds.
BIRMINGHAM, Jefferson County,Ala.
-BONDS SOLD.
-A $300,000
block of 7% semi-ann. refunding bonds is being offered on the market by
Steiner Bros. of Birmingham. Due $60,000 from Sept. 30 1938 to 1942,
inclusive. (On Sept. 19 the city offered for sale two issues of refunding
bonds aggregating $400.000. of which $50,000 was sold-V.137, p.2488.)
BOONE, Boone County, lowa.-BOND SALE.
-It is stated by the
City Clerk that a $10,000 issue of 5% refunding bonds has been purchased
recently by the Carleton D. Beh Co. of Des Moines. Denom. $1,000.
Dated July 1 1933. Due on Nov. 1 as follows: $3,000 in 1934; $1,000,
1935 and 1936; $2,000, 1937 and $3,000 in 1938. Prin. and int.(M.& N.)
payable at the City Treasurer's office.
BOSTON, Suffolk County, Mass.
-TAX COLLECTIONS
-FINAN-It was reported on Oct. 4 that collection had been
CIAL STATEMENT.
made of $32,677,047. or 55.96% of the entire 1933 tax levy of $58,384,000.
The final day's collections, which include taxes mailed up to midnight
Oct. 2 reached a total of $18,585,643 at 12 m. on Oct. 4, it is said. Last
year's total collection up to time of imposition of the tax interest penalty
was 62% of the entire levy of $67,574,000.
MATURING LOANS AGGREGATE $21,003,000.
-City Treasurer Edmund L. Dolan announced on Oct. 4 that from that date to Oct. 10 an
aggregate of $21,003,000 temporary loans mature as follows: $6,061,000
on Oct. 4, $4,050,000 Oct. 5, $5,868,000 Oct. 6 and $5,024,000 on Oct. 10.
The loans represent the balance outstanding of the city's temporary borrowings during the present year. The total amount which could be borrowed
against 1933 taxes was faed early in the year at $42,500,000, of which
$37,000,000 has actually been obtained to date. Further loans are expected to be negotiated during the remainder of this year. The Treasurer's
office had approximately $20,000,000 cash on hand to meet the maturities,
according to report. This did not include late tax returns or the proceeds
of the $8,500,000 bonds awarded last week
-V. 137, p. 2488. In connection with the bond sale the following has been issued:
Debt Statement (As of Sept. 1 1933).
Total bonded debt (incl. entire Suffolk County debt)----$163,901,999.95
Includes rapid transit debt of $58,932.700, which is selfsupporting through lease to the Boston Elevated Ry.
at rentals which provide service and sinking fund.
Includes traffic tunnel debt of $13000,000 under construction and to be self-supporting through tolls.
Less-Sinking funds
$37,859,528.58
Water debt
408,000.00
38,267,528.58
-so called
Net bonded debt
Less-Enterprise debt above (self-supporting)

$125,634,471.37
71,932,700.00

Net bonded debt (service to be met from taxes)
$53,701.771.37
Collection of Taxes.
Collected
Per
Tax
Outstanding
Per
Year.
Sept. 20 1933. Cent. Sept. 20 1933. Cent.
Levy.
1932 - -367,598,242.65 $58.329,793.88 86.289 $9,268,448.77 13.711
1931 ---- 62,247,533.70 60,779,364.73 97.642
1,468,168.97
2.358
60,787.518.41 99.105
1930 ____ 61,336,399.73
548,881.32 0.895
54,986,091.02 99.557
1929 ---- 55.230,531.64
244,440.62 0.443
1928 ____ 58,700,989.97
56.573,761.27 99.776
127,228.70 0.224
City has deferred tax sales to aid property owners and has title to only
$1,400.000 real property through tax sales. Recent legislation would
permit the city to borrow on tax titles from the Commonwealth of Massachusetts. None has been borrowed. There are no loans, temporary or

Volume 137

Financial Chronicle

term, outstanding against uncollected taxes. Collections of outstanding
taxes will apply toward reducing the tax rate for 1934.
Assessed Valuation.
The assessed valuation of taxable real and personal property as of April 1
1933 is $1,780,000,000. The assessed valuation of city-owned real estate
is $208,210,600. The assessed valuation of exempt real estate is $459,849,400, including properties of the Government of the United States,
Commonwealth of Massachusetts, religious and charitable organizations.
Tax Rate.
The tax rate for 1933 has been established at $32.80 per $1,000 of assessed
valuation, including city tax of $21.50. school tax of $6.75. State tax of
$2.87 and county tax of $1.68. Rates in previous years were as follows:
1932, $35.50; 1931, $31.80; 1930. $30.80, and $28 in 1929.
The direct tax levy for 1933 has been established at $58,491,052, as
compared with $67,598,242 in 1932. $62,247,533 in 1931 and $61,336,399
in 1930.
Tax levies during the last 16 years have included $40,000,000 for new
school house construction. Present value school properties $59,742,000.
on which there is debt outstanding of $5,478,309 (included in total bonded
debt). Tax levies during the last 10 years have included $16,000,000 for
employees' contributory pension system establish,poi in 1923. Since the
adoption of the segregated budget in 1916. total- expenses of city have
never exceeded total appropriations. Prior to the receipt of Federal funds
in August 1933 the city of Boston has provided all welfare funds from
taxation, expending from revenue $35,000 000 in four years. Without
'
curtailment of education activities school expenses have been reduced from
$20,500,000 in 1930 to $14,000,000 in 1933.
Boston was founded in 1630 and incorporated in 1822 as a city. Population is 791,944. The city of Boston has met every financial obligation
it has ever incurred when due,including salaries and wages to its employees.
BOWIE,Montague County, Tex.
-BOND ELECTION.
-It is reported
that an election will be held on Oct. 24 in order to vote on the proposed
issuance of $125,000 in 4% water works bonds. Due in 40 years.
BRENTWOOD SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny County, Pa.
-The issue of $60,000 coupon school
-BOND .SALE.
bonds offered on Oct. 3-V. 137, P. 2304
-was awarded as 5s at par and
accrued interest to Singer, Deane & Scribner, Inc., of Pittsburgh, the only
bidder. Dated Oct. 1 1933 and due Oct. 1 as follows: $5,000 from 1940
to 1945 incl. and $10,000 from 1946 to 1948 incl.
BROAD TOP TOWNSHIP SCHOOL DISTRICT (P. 0. Defiance),
Bedford County, Pa.
-ADDITIONAL INFORMATION -The First
National Bank of Everett paid a price of par for the issue of $18,000
5% school bonds purchased on Sept. 8-V. 137, p. 2488. Dated Sept. 1
1933 and due $1,000 annually on Sept. 1 from 1935 to 1952, incl.
BUCYRUS Crawford County, Ohio.
-WILL NOT VOTE ON BOND
ISSUE.-H.A. Barth, City Clerk, reports that a proposal to issue $130,000
sewage disposal plant construction bonds will not be voted on at the general
election Nov. 7-V. 137, p. 2136
-as the resolution providing for such
action was defeated by a vote of 5 to 2.
BUHL, Twin Falls County, Ida.
-BOND ELECTION.
-We are
Informed by the Town Clerk that the election to vote on the proposed
issuance of $35,000 4% water system bonds will be held on Oct. 17, not
Sept. 26, as reported in V. 137, p. 2136. It is expected that these bonds
will be sold to the Federal Government under the terms of the Public
Works Administration. Due in 20 years.
BUTTERFIELD, Watonwan County, Minn.
-BONDS VOTED.
-At
the election on Sept. 26-V. 137, p. 2304
-the voters approved the issuance
of $11,000 in 4;,';% water works system bonds by a count of 126 to 32.
Due in 20 years without option.
CADILLAC, Wexford County, Mich.
-TO REFUND $20,000 BONDS.
-The City Commission plans to ask the State Public Debt Commission
for permission to refund $20,000 sewage disposal bonds, including $10,000
which were defaulted on July 1 1933 and $10,000 due on July 1 1934. The
bonds are part of an original issue of $65,000 sold in 1922. Annual payments were maintained until the present year, when the $10,000 due were
not redeemed, owing to the large volume of tax delinquencies.
CALIFORNIA, State of (P. 0. Sacramento).
-WATER PLAN
ELECTION CALLED.
-According to a news dispatch from San Francisco
to the "Wall Street Journal" of Oct. 6, Governor Rolph has called a special
State-wide election for Dec. 19 on the Central Valley water project, following the qualification of referendum petitions. The Legislature recently
adopted a plan authorizing $170,000,000 of revenue bonds
-V. 137, P.
1444. The plan also sets up a water and power authority similar to proposals three times voted down by the California electors.
CARLISLE SCHOOL DISTRICT NO. 74 (P. 0. Montesano), Grays
Harbor County, Wash.
-BONDS OFFERED -Sealed bids were received
until 10 a.m. on Oct 6, by Asa B. Wilson, County Treasurer, for the purchase of a $2,500 issue of refunding bonds. Interest rate not to exceed 6%.
payable semi-annually. Dated Oct. 20 1933. Principal and interest payable at the office of the County Treasurer.
CAROLINA BEACH, N. C.
-PROPOSED FEDERAL LOAN.
-The
State Public Works Board is said to have approved the town's application
for a $50,000 loan from the Public Works Administration for the construction of a water works system. It is reported that the application is now
being considered by the Federal agency.
CARTHAGE, Miner County, S. Dak.-BONDS TO BE RESUBMITTED.
-It is reported that another election will be necessary to have
tne voters again pass on the issuance of sewer bonds. The original $9,000
that was voted for this purpose recently
-V. 137, p. 2136
-will be insufficient, according to report, and plans are being made to set a larger figure
and a new date for balloting.
CASS COUNTY (P. 0. Atlantic), Iowa.
-BONDS VOTED.
-At the
election held on Sept. 26-V. 137, p 1795
-the voters are stated to have
approved the issuance of the $65,000 In court house bonds. It is said that
an application has been filed for Federal funds and as soon as this is approved the sale of the bonds will be advertised.
CASS COUNTY (P. 0. Cassopolis), Mich.
-BONDS OFFERED.
The Finance Committee of the Board of Supervisors received sealed bids
until 2 p. m. on Oct. 7 for the purchase of $15,000 4%% refunding bonds.
Dated April 1 1933. Denom. $1,000. Due Dec. 1 as follows: $2.000
in 1937 and $13,000 in 1938.
CASTLE SHANNON SCHOOL DISTRICT,Allegheny County,Pa.
BOND OFFERING.
-9. W. Provost, Secretary of the School Board, will
receive sealed bids until 8 p. m. on Oct. 23 for the purchase of $55,000 4,
4%, 4%, 41.i or 5% coupon school bonds. Dated Nov. 1 1933. Denom.
$1,000. Due Nov. 1 as follows: $5,000 in 1935, 1937, 1939 1941 and in
1943; also $30,000 in 1953. Interest is payable in M.& N. A '
certified check
for $1,000, payable to the order of the District Treasurer, must accompany
each proposal. Legality to be approved by Burgwin, Scully & Burgwin of
Pittsburgh. Sales of the bonds is subject to approval of the Pennsylvania
Department of Internal Affairs.
CEDARHURST, Nassau County, N. Y.
-RESULT OF BOND ELECTION.
-Arthur L. Semel, Village Clerk and Treasurer, reports that at the
election held recently the voters approved of the issuance of $550,000 4%
sanitary sewer construction bonds by a vote of 289 to 210. The Public
Works Administration will be asked to finance the project. Bonds will
mature in 40 years. At the same time, the proposal to issue $170,000 street
paving bonds was defeated by a count of 338 to 102.
CEDAR RAPIDS, Linn County, lowa.-FEDERAL FUND ALLOTVIENT.-It has been announced by the PWA that an allotment of $683,160
has been made to this city for the completion of a sewage treatment plant,
Of the allotment, 30% is a grant for the cost of labor and materials. The
balance is a loan secured by 4% general obligation bonds. The allotment
Is subject to completion of a contract satisfactory to the AdMinistration.
CEDAR RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND ELECTION -An election
Cedar Rapids), Linn County, Iowa.
will be held on Oct 25, according to report, in order to vote on the proissuance of $590,000 in high school bonds.
posed
CHAMBERLAIN, Brule County, S. Dak.-ADDITIONAL INFORMATION.
-We are informed by W. E. Mussman, City Auditor, that the
$21.000 not to exceed 4% semi-ann. water works bonds voted on Sept. 12
-have not as yet been offered, but it is understood that
-V. 137, P. 2304
the Federal Government will buy them.
-BOND OFFERING.
CHELAN COUNTY (P. 0. Wenatchee), Wash.
Sealed bids will be received until 10 a. m. on Oct. 14, by E. M. Gillette,




2667

County Auditor, for the purchase of an issue of $100,000 refunding bonds.
Interest rate is not to exceed 6%, payable M. & N. Dated Nov. 1 1933.
Due on Nov. 1 as follows: $6,500 in 1935; $7,000, 1936; $7,500, 1937:
$8,500, 1938: $9,000. 1939: $10.500. 194C; $11,000. 1941: $12.500. 1942:
$13.000. 1943 and $14,500 in 1944. Bids may be submitted for any part
of said bonds not less than $50,003. Prin. and int. payable at the County
Treasurer's office. Legality will be approved by Preston, Thorgrimson &
Turner of Seattle. A certified check for 5% of the amount bid is required.
CHICAGO SOUTH PARK DISTRICT, Cook County, III.
-SEEKS
FEDERAL LOAN OF $10,000,000.
-At a meeting on Sept. 22, the Park
Board voted to ask the Federal Government for a loan of $10,000,000 for
the purpose of financing the completion of various improvement projects.
CHOKIO, Stevens County, Minn.
-BOND SALE.
-We are informed
by the Village Clerk that the $2,000 issue of 411% coupon funding bonds
voted on Sept. 12-V. 137. p. 2304
-was purchased by the State of Minnesota, on Sept. 25, at par. Denom. $500. Due $500 from July 1 1939
to 1942, incl. Interest payable July 1.
CINCINNATI, Hamilton County, Ohio.
-BONDS SOLD
-DEBT
-The Sinking Fund Trustees purchased on Sept. 28,
CHARGES PAID.
at par, a block of $126,000 bonds of a $150,000 water works issue recently
authorized by the City Council. The balance of $24,000 bonds will be purchased by the Municipal Retirement System. The Trustees also bought
an issue of $20,758.75 special assessment bonds.
On Oct. 1 payment was made from the sinking fund of $174,016.28 in
debt service charges, including $61,500 for bond retirement purposes.
The balance was paid on account of bond interest. A further payment of
$31,646.65 was made on account of interest on Board of Education bonds.
CLARK COUNTY SCHOOL DISTRICT NO. 100 (P. 0. Vancouver),
-It is reported by the County Treasurer that the
Wash.
-BONDS SOLD.
$14,000 issue of school bonds offered for sale without success on Sept. 1
-V.137, p. 2304
-has been sold to the State of Washington as 6s at par.
CLAY COUNTY COMMON SCHOOL DISTRICT NO. 109 (P. 0.
-The $1,500 issue of 43 % semi-BONDS NOT SOLD.
Hawley), Minn.
-was not sold,
annual school bonds offered on Sept. 15-V. 137. P. 2136
reports the District Clerk.
-REFUNDING PLAN OFFERED
CLEVELAND HEIGHTS, Ohio.
TO BONDHOLDERS.
-Holders of approximately $770,000 bonds maturing
on Oct. 1 1933 are being asked to accept a refunding plan based on the
,payment in cash of all interest charges and 50% of the bond principal due
on that date, witn the balance of 50% payable in 5% refunding bonds,
dated Oct. 1 1933.and due annually on Oct. 1 from 1935 to 1944. incl.
The plan has been authorized by the Bureau of Inspection and Supervision
of Public Offices of the Department of State Auditor and is recommended
by the Ohio Municipal Advisory Council of Cleveland. It is said. In
making the offer publiz, the City announced that there is $329,569.70
impounded in local banks, representing deposits of the municipality and
its share of the county deposits. In addition it is pointed out that the
Sinking Fund holds $153,700 of Cleveland Heights bonds which mature in
1934 or thereafter, and which could not possibly be sold at the present time
without a considerabie joss being sustained. A further factor in the situation is the statement of tne County Auditor that the total delinquent
general taxes, after the first nalf of 1933 settlement, is $404,850. while
the corresponding delinquency in special assessment taxes amounts to
$850,756. The assessed valuation at present is given as $121.571.820,
and the bonded debt is $3,826,322. Tne city states that although it is
offering for sale on Sept. 21 a total of $385,000 5% refunding bonds
V. 137. p. 2136-the present offer is being made in the event that no bids
for the issues are received at that time. The offer is further reported on
as follow.:
"This proposal is not contingent for its operation upon acceptarce by all,
or any particular holders, therefore as soon and at such time as substantial
aggregates of bonds are received, allotment of materitles and determination of required denominations with respect to such group aggregates will
made.
"Holders of the present bonds are asked to send them to the Cleveland
Trust Co.. Corporate Trust Department, Cleveland, Ohio, wnere the exchange transaction will be made, and where it is expected that funds
for all the interest due and 50% of tne principal will be on hand. The
approving opinion of Squire, Sanders & Dempsey of Cleveland will be furnb.ned."
REFUNDING BONDS NOT SOLD.
-No bids were obtained at the offering on Sept. 21 of two issues of 5% refunding bonds aggregating $385,000.V. 137, p. 2136.
CLIFTON, Passaic County, N. J.
-BOND RENEWAL.
-City Treasures John Franz has been authorized to renew $67,000 of bonds which
came due on Oct. 1 and to arrange for the sale of $62,000 tax anticipation
notes to cover delinquent taxes.
CLINTONVILLE SCHOOL DISTRICT NO. 1 (P. 0. Clintonville)
Waupaca County, Wis.--CORRECTION.-We are informed by the Super.
intendent of Schools that the $33,000 issue of refunding bonds that was
purchased by local investors last June
-V. 136, p. 4491-bears interest at
%, not 5%, as previously reported. Due from 1934 to 1948.
COLEVILLE, FENTON, SANFORD & WINDSOR CENTRAL
SCHOOL DISTRICT NO. 1 (P. 0. Harpursville), Broome County,
N. Y.
-BONDS DEFEATED.
-At an election held on Sept. 23 the voters
defeated the proposal to issue $149,000 school bonds by a count of 245
to 182.
COLORADO, State of (P. 0. Denver).-PWA LOAN DELAYED.
The allotment of the Public Works Administration to this State of $10,000.000 for highway construction purposes, of which $7,000,000 is to be a loan
and $3,000,000 a grant (see V. 137, P. 2304) will be delayed until the State
Supreme Court passes upon several questions submitted by the Federal
authorities to Governor Johnson, according to Denver advices on Oct. 6.
These are said to relate to the authority of the Legislature to authorize the
Governor to borrow the money in the name of the State and the guarantee
which can be given that the gasoline tax money set aside to repay the loan
will not again be transferred before the loan is paid.
-FEDERAL FUND ALLOTCOLORADO, State of (P. 0. Denver).
MENT PENDING.
-We are informed that no definite arrangements have
been made as yet for the allotment of $10,000,000 of Federal funds to be
used for highway construction purposes, as erroneously reported in V. 137,
p. 2304. It is reported by the State Treasurer that the matter is in the
hands of the Governor and the Attorney-General's office.
-BORROWS ADDITIONAL $l,000,000.
CONNECTICUT (State of).
State Treasurer W. J. Hope recently borrowed an additional $1,000,000
from local banks to meet October payroll requirements. This is the fifth
loan negotiated in recent months, the amounts on previous occasions having
been $1,000,000, $500.000. $600.000 and $300,000.-V. 137. p. 2304.
COUNCIL BLUFFS SCHOOL DISTRICTS (P. 0. Council Bluffs)
-It is said that an
Pottawattamie County, lowa.-BOND ELECTION.
election will be held on Oct. 30, in order to pass on a proposal calling for
the issuance of $350,000 in school bonds.
CRAFTON, Allegheny County, Pa.
-BOND SALE.
-The issue of
$40,000 bonds offered on Oct. 3-V. 137,•p. 2137
-was awarded as 5s to
E. H. Rollins & Sons of Philadelphia, at par plus a ;premium of $152.40,
equal to 100.381, a basis of about 4.97%. Dated Nov. 1 1933 and due
$2,000 annually on Nov. 1 from 1941 to 1960 incl.
A bid of par plus a premium of $26 wassubmitted by Glover & MacGregor,
Inc. of Pittsburgh.
CRAIGHEAD COUNTY (P. 0. Jonesboro), Ark.
-SPECIAL ELECTION CALLED.
-It is reported that a special election has been called for
Oct. 31 by Sheriff Johnson to vote on a building tax to finance the erection
of a new court house and the construction of extensions to the present court
house. The County Clerk is said to have filed plans for the two projects
and an application for a Federal loan of $112,000 from the PWA will be
made by the county.
CROTON, N. Y.
-BONDS VOTED.
-At an election held on Sept. 20
the proposal to issue $90,000 water improvement bonds was approved by a
vote of 138 to 106. The Public Works Administration will be asked to
finance the work.
-V. 137, p. 2137.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.
-BONDS NOT
-EXCHANGE OFFER PLANNED.
SOLD
-No bids were obtained at the
offering on Oct. 3 of $3,760,000 6% coupon or registered funding bonds,
including issues of $2,740,000. $735.000 and $285,000. The bonds will now
be offered to bondholders in exchange for a corresponding amount which

2668

Financial Chronicle

matured on Oct. 1 1933. Announcement to this effect was made on Sept.'19
137, P. 2304.
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
-NOTICE TO BONDHOLDERS.
Ohio.
-A. B. Season, Clerk-Treasurer
of the Board of Education, announced under date of Sept. 26 that funds are
available at the Firestone Park Trust & Savings Bank, Akron, to pay interest charges on all bonds which have already matured or are due on Oct. 1
1933. However, the District is offering 6% refunding bonds in exchange
for obligations due April 1 and Oct. 1 1933. Details of the offer may be
obtained from Mr. Season, at 2300 Fourth St., Cuyahoga Falls.
-BONDS VOTED.
-At the election held
CYRUS,Pope County, Minn.
on Sept. 16-V. 137, p. 2137
-the voters approved the issuance of $22,000
in water works supply bonds by a wide margin. Interest rate is not to
exceed 4%%. Due in 30 years. No date ofsale has as yet been determined.
DAYTON CITY SCHOOL DISTRICT,Montgomery.County,Ohio.
BOND OFFERING.
-Sealed bids addressed to the Clerk of the Board of
Education will be received until Oct. 24 for the purchase of $260,000 5%
coupon refunding bonds, divided as follows: $189,000 bonds payable from
ample taxes levied within the 15
-mill limitations and $71,000 bonds payable
from taxes unlimited as to rate or amount. Each issue will be dated Oct. 1
1933. Proceeds of the sale will be used to meet bond maturities from Oct. 1
to Dec. 3 1933 incl.
-REPORT ON $150,000
DAYTON, Montgomery County, Ohio.
NOTE ISSUE.
-Writing in connection with the issue of $450,000 notes
recently authorized by the City Commission-V. 137, p. 2305. Director
of Finance Earl E. Hagerman said:
"The Tax Anticipation notes referred to are those commonly referred to
as scrip. These notes are non-interest bearing, are payaole Sept. 15 1938,
and can be used at par in the payment of taxes or other charges due the
city. Most of them will be used in meeting payrolls and other charges
against the operating funds of the city. They are being issued only in lieu
of 1933 delinquent taxes and apply only to the operating fund. Many of
them will probaoly be purchased locally and only from a civic spirited standpoint, and will be held until the next tax-paying period."
.
-BOND REFUNDING
DESHA COUNTY (P.O. Arkansas City), Ark.
ELECTION.
-It is said that an election will be held on Nov. 1 to submit
to the voters a proposal for refunding a $91,000 bond issue. The proposal
is reported to include a seven-mill tax levy to retire these bonds in 15 years.
-PROPOSED SUBWAY BOND
DETROIT, Wayne County Mich.
-Leo J. Monahan, Deputy City
ISSUE NOT TO EXCEED $87.854,000.
Comptroller, states that the proposal to be submitted for consideration of
the voters at the general election on Nov. 7, providing for the construction
and operation of a rapid transit system-V. 137. P. 2305, will include tne
proviso that bonds for the purpose are not to exceed $87,854,000, with the
rate of interest limited to 4%. Should the voters sanction the proposition,
the Public Works Administration will be asked to supply the requisite funds
for the project. It is understood that the city or its taxpayers will not be
liable for the re-payment of any portion of the cost of constructing or
operating the system.
DOUGLAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 11
-Sealed bids will be re-BOND OFFERING.
(P. 0. Reedsport), Ore.
ceived until 8 p. m. on Oct. 9 by B. Borrevik, District Verk, for the purchase of a $10,000 issue of 6% funding bonds. Dated July 15 1933. Due
$1.000 from July 15 1934 to 1943 incl. Prin. and int. (J. & J.) payable
at the office of the County Treasurer. A certified check for 5% of the
bid is required.
-00T. 1 DEBT CHARGES
DOVER, Tuscarawas County, Ohio.
PAID.
-Under date of Sept. 28 City Auditor 0. L. Youngen announced
that sufficient funds were on hand to meet Oct. 1 1933 maturities, as follows:
Prtncipal Amount.
Interest.
$3,759.03
$14,636.00
General bonds
9,600.00
1,900.09
Special bonds
5,000.00
2,006.25
Water works bonds
4,000.00
1,127.50
Electric light bonds
-BONDS VOTED.
-A favorable
DOWAG1AC, Cass County, Mich.
vote of 1,116 to 527 was cast in favor of the proposal to issue $202,C00
municipal electric light plant bonds, which was submitted at an election
held on Sept. 24. Legal technicalities involved in the balloting may
necessitate court action to definitely determine the status of the issue,
it is said.
EASTCHESTER (P. 0. Tuckahoe), Westchester County, N. Y.
-The $45,000 coupon or registered bonds offered on Oct.4BOND SALE.
-were awarded as 5.80s to Phelps, Fenn & Co. of New York
V.137, p. 2489
at par plus a premium of $135, equal to 100.30, a basis of about 5.75%.
total consists of:
$33.000 series A 1933 street impt. bonds. Due Nov. 1 as follows: $2,000
from 1934 to 1949 incl. and $1,000 in 1950.
12,000 series K sewer bonds. Due $1.000 annually on Nov. 1 from 1934
to 1945 mcI.
Each issue is dated Nov. 1 1933.
Bids for the issue were as follows:
Int.Rate. Prem.
Bidder5.80
$135.00
Phelps., Fenn & Co.(Purchasers)
13.50
5.80
A. C. Allyn & Co
5.90%
81.00
Rutter & Co
CLEVELAND, Cuyahoga County, Ohio.
-TO PAY OCTOBER
EAST
-City Manager Charles A. Carran is reported to have
DEBT CHARGES.
stated that the $312,000 in bond principal and interest charges due on Oct. 1
1933 will be paid in full in cash. Incidentally, no general or special assessment debt has peen created in 1932 or 1933, although more than $500.000
in bonds has been paid off in that period, it is said. F. D. Green, Director
of Finance, recently commented on the financial position of the city as
follows:
"On April 1 1933 we borrowed $40,000 to meet maturities on that date.
This was due to the fact that a considerable portion of our funds was tied
up in closed banks, and to the tax muddle, which made it impossible for US
to secure the moneys due us at that time. This loan was secured by a portion of the bonds representing our sinking fund investments, and was repaid
on June 26 1933 and the bonds restored to the safe deposit box. We have
now in this box bonds amounting to $353,500, which are under the control
of the Sinking Fund Commission, and the box cannot be opened except in
the presence of the Secretary and at least two members of this Commission.
All of these bonds are our own East Cleveland bonds with the exception of
$40,000 which were issued by the City of Cleveland Heights.
"No other sinking fund bonds have been pledged as security for loans,
and there are no such loans outstanding at the present time. Our city
payroll and other expenses for August were met by receipts from taxation,
and from local sources, in the same manner as such expenses have been met
in the past."
EAST CONEMAUGH SCHOOL DISTRICT (P. 0. Johnstown),
Cambria County, Pa.
-BOND OFFERING.
-Carl I. Phillips, Secretary
of Board of Directors, will receive sealed bids until 8 p. m. on Oct. 18 for
the purchase of $20,000 334, 4, 434, 5 or 534% delinquent tax bonds.
Dated Sept. 16 1933. Denom. $1,000. Due on Sept. 16 1943. Interest is
payable in M.& S. A certified check for $100, Payable to the order of the
District, must accompany each proposal.
EAST LIVERPOOL, Columbia County, Ohio.
-INTEREST RATE
ON BONDS INCREASED.
-In an effort to encourage bids from investment
bankers, the City Council on Sept. 26 voted to increase from 5 to 6% the
rate of interest on $79.000 street and sewer bonds.
EAST RUTHERFORD, Bergen County, N. J.
-BOND SALE.
-The
State Teachers' Pension and Annuity Fund has purchased at par the
balance of $92,000 bonds of the $106,000 coupon or registered public
improvement issue for which no bids were received on Aug. 21-V. 137,
p. 1613. The entire issue is dated March 1 1933 and due serially on March 1
from 1935 to 1948, inclusive.
-In
EAU CLAIRE, Eau Claire County, Wis.-BOND DETAILS.
connection with the report given in V. 137, p. 2306, that an allotment of
$250,000 had been made to the city by the Public Works Administration,
for the construction of a water works system, we are now informed that the
bonds to be issued will be dated May 1 1933 and will be issued in denoms.
of 51,000 each. They w'll bear interest at the rate of4%.Payable M.& N.,
at the Union National Bank of Eau Claire.
EKALAKA, Carter County, Mont.
-BONDS OFFERED.
-It is reported that sealed bids were received until 7:30 pr. m. on Oct. 7 by Olive B.
Davis. Town Clerk, for the purchase of a $35,000 issue of water supply




Oct. 7 1933

bonds. (These bonds were voted at the election held on Aug.30-V. 137.
P. 2306.)
ELGIN, Antelope County, Neb.-BONDS SOLD.
-The $52,000 issue
of refunding bonds authorized last May
-V. 136, p. 3572
-Is said to have
been sold to an undisclosed purchaser.
-At the
ELK POINT, Union County., •S. Dak.-BONDS VOTED.
-the voters are said to have
election held on Sept. 26-V. 137, P. 2306
approved the issuance of $35,000 in bonds, divided as follows: $25,000
ectric line bonds by a count of 237 to 7, and $10,000 public works bonds
by a count of 278 to 30.
ELLINGDALE SCHOOL DISTRICT NO. 23 (P. 0. Orrin), Pierce
County, N. Dak.-CERTIFICATES NOT SOLD.
-The $4,000 issue of
-was not
certificates of indebtedness offered on Sept. 23-V. 137, p. 2306
sold, as no bids were received. Due in one year.
EL SEGUNDO MUNICIPAL IMPROVEMENT DISTRICT NO. 1
-BOND SALE.
-A
(P. 0. El Segundo), Los Angeles County, Calif.
$45,000 issue of 6% coupon highway construction bonds was purchased on
Sept. 14 by Mr. Leslie R. Tarr, of Los Angeles, at par. Denom. $1,000.
Dated Nov. 18 1931._ Due $3,000 from 1936 to 1950, incl. Interest
payable M. dc N.
-Consideration ii
-PROPOSED FEDERAL LOAN.
ELSMERE, Del.
being given to the question of applying to the Federal Government for a
loan of $50,000 to finance the construction of a new sewerage system.
-The $500.
-BONDSPUBLICLY OFFERED.
ERIE, Erie County, Pa.
000 516% coupon or registered funding and refunding bonds awarded on
Sept. 29 at par and accrued int. to E. H. Rollins & Sons of Philadelphia and
associates, the only bidders
-V. 137, p. 2489, are being re-offered by the
bankers for public Investment at prices to yield from 4.90 to 5%,according
to maturity. Dated Sept. 15 1933 and due serially from 1940 to 1953 incl.
The bonds,it is said, are legal investment for trust funds and savings banks
in the States of Pennsylvania and New York. Principal and interest(M.&
S. 15) payable at the City Treasurer's office. They are also stated to be
direct and general obligations of the City. In addition to E. H. Rollins &
Sons, the group includes A. C. Wood Jr. & Co., Edward Lowber Stokes &
Co. and Singer, Deane & Scribner, Inc.
FinancialStatement.
5159,573,375.00
Assessed valuation on taxable property for 1933
6.227,000.00
-- Bonded debt, including pending issue of $500,000,
of
Assets in sinking funds to apply on redemption is--this
377,737.02
bonded debt is
$6,227,000.00
Amount of bonded debt
377,737.02
Assets in sinking funds

l

$5.849,262.98
Net bonded indebtedness
2.141,248.66
Amount of uncollected taxes
maturities and carrying charges of water works bonds are being
The
paid annually from water works earnings, but the maturities of general
city of Erie full faith and credit bonds for the ensuing five years are:
Maturities Assets in Sinking Funds to Apply
$273,000.00
1933
$155,833.33
448,000.00
1934
26,545.32
308,000.00
1935
279.000.00
1936
280,000.00
1937
The Municipal Securities Service have checked and computed the Sinking
Fund and advise that it is adequately supported and up to schedule.
Tax delinquencies due the city of Erie for the past years are as of dates
shown:
Delinquency as
Delinquency
of Close of
as of
Fiscal. 3r
q'
Year
e
L
Fiscal Year
Sept. 1 1933
Ending
$231,007.83
$6,372.20
31,663,265.34
1927
265,019.11
17,685.13
1,893,721.25
1928
310,254.79
75,777.31
1,955,749.98
1929
344,519.19
122,700.42
1,989,611.99
1930
464,233.16
2,177,636.44
233,009.48
1931
591,420.50
461,472.06
2,143,495.86
1932
2,154,240.55
1,205,339.17
1933
Statement of delinquent city taxes at end of second year from date of
original tax levy:
Uncollected at End of
Per Cent
Original
Second Year
Levy
Uncollected
$130,512.14
$1,893,721.25
6.8
1928
153,076.21
1,955,749.98
7.8
1929
1,989,811.99. •
1930
268,587.95
2,177,636.44
12.334
1931
Taxable valuation by years: $159,573,375 in 1933. 3158,653,695 in 1932
and $157.785,395 in 1931.
City tax rate per $100 by years: $1.35 in 1933 and 1932 and $1.38 in 1931.
Erie was chartered as a city on April 14 1851. Population of the city,
according to United States Official Census: 102,093 in 1910 and 115,917
in 1930.
-BOND SALE.
ESCANABA, Delta County, Mich.
-Carl E. Anderson:
City Clerk, reports that local investors purchased on Sept. 1, at par, two
issues of refunding bonds aggregating $45,000. This includes $9,000.
bearing 5% interest, dated Sept. 1 1933 and due on Sept. 1 1936.
ESCONDIDO, San Diego County, Calif.
-BONDS DEFEATED.At the election held on Sept. 26-V. 13'7, P. 1967
-the voters rejected the
proposal to issue 882,000 in not to exceed 6% light and power plant bonds,
according to the City Clerk.
-BOND OFFERING.
ETNA, Allegheny County, Pa.
-J. C. Armstrong, Borough Secretary, will receive sealed bids until 8 p. m. (Eastern
Standard Time) on Oct. 16 for the purchase of $16,000 434.434, 43i or 57
bonds. Dated Nov. 1 1933. Denom. $1,000. Due $5,000 on Nov. 1
In 1938 and 1943 and $6,000 Nov. 1 1918. Interest is payable in M.& N.
Sale of the bonds is subject to the approval of the Pennsylvania Department of Internal Affairs. A certified check for $500, payable to the order
of the Borough Treasurer, must accompany each proposal. The successful
bidder will be furnished with the legal opinion of Burgwin, Scully & Burgwin
of Pittsburgh. Bonds are free of all taxes (except inheritance taxes) levied
pursuant to any law of the Commonwealth of Pennsylvania.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-FEDERAL FUNDS ALLOTTED.
-It has been announced by the PWA that it has made an allotment of 350.000 to the Board of Supervisors for jail construction purposes.
Of the allotment, 30% of the cost of labor and material, estimated at
$13,000, represents a grant. The remainder is a loan secured by 4% general obligation bonds.
FAIRVIEW, Guernsey County, Ohlo.-PLAN BOND REFUNDING.
-The Village Council on Sept. 27 authorized the preparation of legislation
providing for the refunding of its entire general bond indebteftess of
$176,000. Bondholders will be asked to approve of the plan.
FERNDALE, Oakland County, Mich.
-PLANS $200,000 PUBLIC
-City Manager Jay F. Gibbs has submitted for conWORKS PROGRAM.
sideration of the Michigan Public Works Advisory Board a program providing for the expenditure of $200,000 on various improvements. The
PWA will be asked to finance the program on the basis of 30% of the cost
as a grant, with the balance of 70% made available as a loan to the city.
FLATHEAD COUNTY (P. 0. Kalispell) Mont.
-WARRANTS
CALLED.
-It is stated by C. A. Robinson, County Treasurer, that the
following warrants were called for payment at his office on and after Oct. 2,
on which date interest ceased: All road and all bridge fund, registered on or
before Sept 1 1933: all poor and all general fund, registered on or before
Aug. 1 1933.
FLORIDA, State of (P. 0. Tallah
1.
-STATE TAX LEVY SET
AT 634 MILLS.
-The 1933 tax levy for State purposes was set at 634 mills
on Sept. 23 by Governor Dave Shoitz. That is the maximum allowed by the
Legislature. Last year's levy was 434 mills. The assessed valuation of
property is put at $437,000,000. The increase in mileage Is said to be due in
large measure to the decrease in revenues.
FLORIDA, State of (P. 0. Tallahassee).
-ADMINISTRATION
BOARD APPROVES BOND PURCHASES UNDER KANNER ACT.
The following report on bonds purchased by the State Board of Administration under the provisions of the recently enacted Kanner bill, is taken from
the Jacksonville "Times
-Union" of Sept. 28:

Volume 137

Financial Chronicle

2669

next three years, 4% the next three years, 5% the next two years and
"The Board approved purchase, subject to receipt of $161,000 worth
514% thereafter.
of bonds, and also bought for benefit of Washington County $4,000 of
Road District No. 8 bonds now drawing -5A % interest are to be refunded
that county's road bonds, at 87 and interest.
at par, and will draw 1 s % the first year, 214% the next two years, 3%
The approved purchasers under the Kanner Act were; $2,000 Hardee
the next three years, 4% the next three years, 5% the next three years
highway at 32 flat, $5.000 Hardee highway at 343 flat, $2.000 Hardee
and 514% thereafter.
Road and Bridge District 2 at 3434 flat, $4,000 Hardee Road and Bridge
Special Road bonds now drawing 514% interest are to be refunded at
District 2 at 19A flat, $10,000 Hardee Road and Bridge District 3 at
par, and will draw 4% the first three years, 4;4% the next three years,
29A flat, $2,000 Hardee Road and Bridge District 6 at 293 flat, $63,000
5% the next three years and 514% thereafter.
Okeechobee County road bonds at 26 flat, $3,000 Okeechobee road at 21A
'Vetter Improvement (Flood Control) bonds now drawing 6% interest are
flat,$1,000 Bay County highway at 27 flat. $35,000 Bay County toll bridge
to be refunded at par, and will draw 2A % the first year, 414% the next
at 29A flat, and $25,000 Bay County road and bridge at 30 flat.'
three years, 5% the next five years and 514% thereafter.
FORT CALHOUN, Washington County, Neb.-BOND SALE DE-It was
-BOND EXCHANGE.
HILLSIDE TOWNSHIP, N. J.
TAILS.
-In connection with toe sale of the $17,200 refunding bonds
reported on Sept. 28 that the Township had effected the exchange of
V. 137, p. 2489
-we are now informed tnat the transaction was made by
$396,000 long-term bonds for a corresponding amount of temporary securithe United States National Co. of Omaha.
ties which came due on Sept. 25, leaving $104,000 bonds to be refinanced of
-BONDS NOT SOLD
.-The $30.000
FRAZEE, Becker County, Minn.
the original maturity of 3500.000. Exchange of the bonds was effected
Issue of 5% refunding series B bonds offered on Sept. 15-V. 137. p. 1968
- through H. L. Allen & Co. of New York, acting as agent for the Township.
was not sold, according to the Village Clerk.
This procedure was decided upon following the failure to obtain a bid for
BONDS RE
-OFFERED.
-Sealed bids will again be received by J. M. 6912.000 6% bonds offered at public sale on Sept. 13.-V. 137, p. 2306.
Baldwin, Village Clerk, until 8 p. m.on Oct. 7for the purchase of the above
HOLLIDAYSBURG SCHOOL DISTRICT, Blair County, Pa.
bonds. Denom. $500. Dated Oct. 1 1933. Due on Oct. 1 as follows:
Secretary of the Board of Direc$1,000, 1936 to 1946: $3.000, 1947 to 1951. and $2,000 in 1952 and 1953. BOND OFFERING.-Blanche M. Davis, m. on Oct. 19 for the purchase
tors, will receive sealed bids until 7:30 p.
Interest payable A. & 0.
of $16.000 5% tax anticipation bonds. Dated Oct. 2 1933. Denom. $500.
-BONDS AUTHORIZED.
- Due Oct. 2 1943, optional three years. Interest is payable in A. &.-0.
GALVESTON, Galveston County, Tex.
It is reported that the city School Board was authorized recently to sell a
A certified check for $500, payable to the order of the District, must accomblock of $100,000 bonds of the $2,000,000 issued in 1929.
pany each proposal. Successful bidder to pay for any legal opinion required.
Bonds are being issued pursuant to Act No. 132, approved May 18 1933.
-BOND
GLADSTONE SCHOOL DISTRICT, Delta County, Mich.
Approval of issue by the Pennsylvania Department of Internal Affairs
ELECTION.
-A proposal to issue $25,000 school building repair bonds will
will be obtained at the District's expense.
be submitted for consideration of the voters at an election to be held on
-It is stated-by
HURON, Beadle County, S. Dak.-BONDS VOTED.
Oct. 16.
-the
The City Auditor that at the election held on Sept. 26-V.137. p. 2138
-BONDS VOTED.
GLEN ROCK,Bergen County, N.J.
-The Borough
voters approved the issuance of the following bonds; $90,000 storm sewer.
Council on Sept. 25 voted to issue $22,000 tax revenue bonds of 1932.
and $100,000 street improvement bonds. (These are the bonds that are
which are to be used to liquidate the Board of Education's debt to the
being offered for sale on Oct 2-V. 137, p. 2490.)
Ridgewood School Board. The bonds would mature on June 15 1934.
-It is said that at the same time the voters
BONDS DEFEATED.
GLENWOOD, Pope County, Minn.
-BONDS VOTED.
-At the elecrejected a proposal to issue 614,000 in Ravine Park lake improvement bonds.
tion held on Sept. 26-V. 137, p. 2306
-the voters approved the issuance
-It is stated
-WARRANTS CALLED.
IDAHO, State of (P. 0. Boise).
of $140,000 in 4% light and power plant bonds in order to secure a loan for
by Myrtle P. Enking, State Treasurer, that the following State general
this project from the Federal Government.
• fund warrants were called for payment at her office, interest ceasing 10
GLOUCESTER, Camden County, N. J.
-PROPOSED BOND REdays from Sept. 18: Nos. 119, 334 to 119,339 of Series 1931-32, and Nos.
FUNDING -The city is planning to refund an issue of $50,000 bonds
15,326 to 18.322 of Series 1933-34.
which matures on Nov 1 1933
he bonds were issued in 1927 for the
-REFUNDING WARRANTS
IOWA, State of (P. 0. Des Moines).
purpose of paying the cost of water mains laid in the Gloucester Heights
ISSUED.
-We are informed by our Western correspondent that State
District. The refunding issue is expected to carry a long-term maturity
Treasurer Wegman issued on Sept. 29 a total of $1,500,000 5% refunding
date.
warrants to replace outstanding anticipation warrants against the'State
GOODING COUNTY (P. 0. Gooding), Ida.
-NOTE SALE.
-It
Sinking Fund which have matured since May 1. Denom. $2,000. Due on
Is stated by the County Clerk that an issue of $15,000 tax anticipation notes
Oct. 1 1934.
has been purchased by an undisclosed investor.
--TAX PAYMENT SUIT ADJOURNED.
IRONDEQUOIT, N. Y.
GOSHEN SCHOOL DISTRICT, Elkhart County, Ind.
-BOND
The tax suit to compel payment by Monroe County of approximately
EXCHANGE.
-J. W. Foreman, Superintendent of Schools, reports that
$700,000 in uncollected 1931 and 1932 taxes has been adjourned to Oct. 10,
local investors accepted $10,000 43 % coupon refunding bonds in exchange
according to Rochester advices on Oct. 4. Upon the decision will depend
for a like amount that came due. The new issue is dated Sept. 1 1933 and
the liability of the county as a whole toward unpaid taxes in the towns
due on Sept. 1 1939. Interest payable in M. & S. Denom. $500.
within its boundaries. The liability of the county so far is reported to have
resulted in payment on demand of over $1.000,000. An adverse decision will
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 112 (P. 0.
mean it is stated the repayment of these so-called loans with spreading
Montesano), Wash.
-BOND SALE.
-The $2,600 issue of coupon school
of heavy assessments on property owners involved.
funding bonds offered for sale on Sept. 25-V. 137, p. 2306
-was purchased by the State of Washington as 58 at par. Due serially in 20 years.
-CONSIDER METHOD OF
IRON RIVER, Iron County, Mich.
Dated Oct. 1 1933. Interest payable A. & 0. Denom. $500 and $1,000.
REFUNDING.
-A special meeting of the City Commission was held on
Sept. 26 to consider further steps for the projected refunding of $82,000 of
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 76 (P. 0.
outstanding bonds, which has been approved by the State Public Debt
Montesano), Wash.
-BOND OFFERING.
-Sealed bids will be received
Commission. The bulk of the securities is held by local investors, it is said.
until 10 a. m. on Oct. 14 by Asa B. Wilson, County Treasurer, for the
Refunding would be arranged over a period of 20 years, in which case the
purchase of a $6,500 issue of refunding bonds. Interest rate is not to
city could easily service the debt.
exceed 6%, payable semi-annually. Denominations in multiples of $100.
Dated Nov. 1 1933. Bonds to run for a period of 10 years. The various
-REFUNDING BONDS AUTHIRON RIVER, Iron County, Mich.
annual maturities of said bonds will commence with the second year after
ORIZED.
-The State Public Debt Commission has approved the city's
date of issue of the bonds, and will (as nearly as practicable) be in such
application for authority to refund $82,000 of existing bonds, including
amounts as will, together with the interest on the outstanding bonds, be
$67,000 of special assessment obligations. Some of the bonds are in default,
met by an equal annual tax levy for the payment of said bonds and interest;
It is said. The $67,000 bonds will be refunded over a period of 20 years,
provided, however, that said school district reserves the right to pay or
while the balance of $15,000 will mature in three years.
redeem any or all of them at any time after two years on any interestpaying date. Prin. and int. payable at the County Treasurer or at the
JACKSONVILLE, Duval County, Fla.
-BOND REFUNDING PROState's fiscal agency in New York. A certified check for 5% must accomPOSED.
-It is stated that the Laws and Rules Committee of the City
pany the bid.
Council recently approved the refunding of $300,000 in bonds on Jan..1.
-Union" of Sept. 24;
We quote in part as followsfrom the Jacksonville "Times
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 117 (P. 0.
"The city's 1934 budget setup will provide for the refunding of $500,000
Montesano), Wash.
-BOND SALE.
-The $30,000 issue of coupon
worth of bond maturities, it was definitely decided yesterday.
school funding bonds offered for sale on Sept. 23-V. 137, P. 2306
-was
"John M. King, chairman of the City Council budget committee,
purchased by the State of Washington, as 5s, at par. Denorns. $500 and
announced following a conference of city officials with local bankers that
$1,000. Dated Oct. 1 1933. Due in 20 years, optional on any interest
the half a million dollar refunding program had been approved.
paying date. Interest payable A. & 0.
"King, who has been personally opposed to refunding any bonds, said
It was the consensus of the conference that it would be better to refund that
GREEN VALE SCHOOL DISTRICT NO. 13 (P. 0. Beulah), Oliver
County, N. Dak.-CERTIF/CA TES NOT SOLD.
amount of bonds than to add a levy of some six and a half mills to the tax
-The $2.500 issue of
rate for next year.
certificates of indebtedness offered on Sept. 12-V. 137, p. 1968
-was not
"As it stands now the budget calls for a levy of about 20 mills, with some
sold, according to the District Clerk. Due in two years.
$166.000 worth of proposed public improvements not included by the City
GREENVILLE, Greenville County, S. C.
-PROPOSED BOND
Commission. The $166,000, which has been tentatively restored tethe
ELECTION.
-At a special meeting held recently the Board of Aldermen
budget by action of the budget committee, would require an additional levy
Is said to have decided to call a bond election for the erection of a swimming
of slightly more than two mills.
pool. It has been estimated that the pool would cost about$15,000 and a
Federal loan will be solicited for this project.
-BOND SALE.
-It
JEFFERSON COUNTY (P. 0. Fairfield), Iowa.
Is stated by the County Treasurer that a $17,000 issue of 4 A % semi-ann.
HAMILTON COUNTY(P.O.Cincinnati), Ohio.
-BONDELECTION. funding bonds was purchased on Sept. 12 by the White-Phillips Co. of
-The County Commissioners on Oct. 3 decided to submit for consideration
Davenport,for a premium of $51.68, equal to 100.30,a basis of about 4.43%.
of the voters at the general election on Nov. 7, a public works program
Due on Dec. 1 as follows; $4,000. 1936 to 1938, and 15.000 in 1939.
providing for the issuance of $7,700,000 bonds. This represents the county's
(These bonds take the place of the issue scheduled for sale on Sept. 11share of the projected 611,400,000 public works expenditure, contemplated
V. 137, P. 1968.)
with the aid of Federal funds.
JEFFERSON AND MADISON COUNTIES CONSOLIDATED
HAMILTON COUNTY (P. 0. Chattanoo(a) Tenn.
-PROPOSED
SCHOOL DISTRICT NOS. 16 AND 81 (P. 0. Cardwell), Mont.
FEDERAL LOAN.
-It was announced on Sept. 27 ) the State Advisory
d
y
BOND SALE.
-Of the $9,608.97 Issue of coupon funding bonds offered for
Board to the Public Works Administration that it had scheduled a meeting
sale on Aug. 22-V. 137, p. 1446-the State Land Board purchased a block
in Chattanooga on Oct. 11 to indorse projects running into expenditures of
of $9,500 as 6s at par. Due in 1944. Interest payable J. & J.
$18,000,000 from the county government alone. The projects up for con-BONDED DEBT.
sideration are; Chickamauga dam, estimated to cost $17,000,000: a
-The annual
JERSEYVILLE, Jersey County, 111.
school building program: a $400,000 road program. The custoreport of City Treasurer William P. Hanley, dated July 1 1933, indicates
$560,000
that the outstanding indebtedness consists of $111,125 special assessment
mary 30% grant is expected from the Federal Government.
improvement bonds. NO default has occurred on debt payments, it is said,
HARTFORD, Hartford County, Conn.
-235,000 BONDS RETIRED.
JUNCTION CITY,
-FEDERAL LOAN APPLICounty, Ark.
-Payment was made on Oct. 2 of $35,000 in water bond maturities from
CATION FILED.
-It is said that a formal application for 118.000 to cons
funds supplied by A. D. Johnson, Treasurer of the Metropolitan District,
struct a water supply system, was received recently by the State Advisory
which assumed the water debt.
Board of the Public Works Administration.
HERKIMER (P. 0. Herkimer), Herkimer County, N. Y.
-BONDS
KENNETT, Dunklin County Mo.-FEDERAL FUND ALLOTAUTHORIZED.
-The Town Board on Sept. 25 adopted a resolution
MENT.
-The Public Works Administration has announced the allotment
providing for the issuance of $12,000 judgment bonds.
of $38,000 to this city for the construction of a sewage disposal plant. Of
the total, 30% is a free grant for labor and materials. The remainder is a
HIDALGO COUNTY (P. 0. Edinburg), Tex.
-BOND REFINANCloan secured by 4% general obligations. The allotment is subject to the
-Under date of Oct. 2 we are furnished the following outline
ING PLAN.
completion of a contract satisfactory to the Administration.
of the interest rates to be applied on the new issues of bonds for the obligations of this county. This information is furnished by Chas. K. Leslie Jr.
KIMBALL, Stearns County, Minn.
-BOND ELECTION.
-It is said
pursuant to the report on the proposed refunding, given in V. 137, p. 2138.
that an election was held on Oct. 7 in order to vote on the issuance of
Under the refinancing plan the following interest rates apply:
$24,000 in water works system bonds.
Road District No. 1 bonds now drawing 5A % interest are to be refunded
LEWISTON, Cache County, Utah.
-BOND ELECTION.
-It is
at par, and will draw 1% the first year, 2% the next two years, 3% the next
reported that at the general election to be held in November, the voters
three years, 4% the next three years, 5% the next three years and 5A %
will be asked to pass on a proposed $35,000 bond issue for the construction
thereafter.
of a community center building.
Road District No. 2 bonds now drawing 5% interest are to be refunded
at par, and will draw 1 A % the first year, 2A % the next two years, 35 %.
LINCOLN PARK, Morris County, N. J.
-PROPOSED FEDERAL
the next three years, 43% the next three years, 5% the next three years
LOAN.
-The Public Works Administration will be asked to supply
and 514% thereafter.
$237,000, which will be used for the construction of a new water system.
Road District No. 3 bonds now drawing 5A % interest are to be refunded
The money will be sought on the basis of $62,000 being made available as
at par, and will draw the same rates of interest as Road District No. 1.
a grant, with the balance of $175,000 constituting a loan, secured by
Road District Aro. 4 bonds now drawing 5A % interest are to be refunded
bonds of the Borough.
at par, and will draw 1% the first year, 2% the next two years, 3% the
LINCOLNTON, Lincoln County, N. C.
-NOTE SALE.
-A $5,000
next three years, 3A % the next three years, 4% the next three years, 5%
issue of tax anticipation notes is reported to have been purchased recently
the next three years and 5A % thereafter.
by the First National Bank of Lincolnton, at 6%.
Road District No. 5 and Road District No. 6 bonds now drawing 5%
interest are to be refunded at par, and will draw 1 A % the first year, 3%
LINN COUNTY (P. 0. Cedar Rapids), Iowa.
-BOND SALE.
-The
the next two years, 4% the next three years, 4A % the next three years,
$80,000 issue of poor funding bonds offered for sale on Sept. 28-V. 137,
5% the next three years and 5A % thereafter.
-was purchased by the White-Phillips Co. of Davenport, as 414s
P. 2490
at par. Due $15.000 on May and Nov. 11935, and $5,000 on May and
Road District No. 7 bonds now drawing 5A % interest are to be refunded
Nov. 1 from 1936 to 1940.
at par, and will draw 1% the first year, 2% the next three years, 3% the




Financial Chronicle

2670

LIVINGSTON TOWNSHIP (P. 0. Livingston) Essex County,
N. J.
-BOND SALE.
-It is reported that the Livingston National Bank
Will purchase as 6s, at a price of par, a total of $148,000 bonds, the proceeds
of which will be applied to the payment of outstanding water, paving and
other improvement notes. The total is divided as follows:
$99.000 bonds, due as follows; $9,000 Nov. 1 1934 and $5,000 on May and
Nov. 1 from 1935 to 1943, inclusive.
49,000 bonds, due as follows; $4,000 Nov. 1 1934 and $2,500 on May
and Nov. 1 from 1935 to 1943. inclusive.
LOCKLAND CITY SCHOOL DISTRICT, Warren County Ohio.ALLOTMENT OF PWA FUNDS.
-The Public Works Administration
announced on Oct. 4 an allotment of $50,000 to the District for the construction of a grade school bldg. at Arlington Heights. Of the total, $12,800
Is a grant, with the balance a loan to the District, secured by 4% general
oaligation bonds.
LOGANSPORT SCHOOL CITY, Cass County, Ind.
-BOND SALE.
Mary Meyer, Clerk of the Board of Trustees, reports that the Farmers &
Merchants State Bank of Logansport purchased on Sept. 26 an issue of
$21,000 511% coupon refunding bonds at par plus a premium of $6, equal
to 100.01, a basis of about 5.24%. Dated Sept. 30 1933. Denoms. $1,000
and $500. Due in five years. Interest is payable semi-annually.
LONG BEACH, Nassau County, N. Y.
-JUDGMENT ON $560,000
-The attempt of a group of banks,including the Central
NOTES DENIED.
Hanover Bank & Trust Co. of New York, to obtain a summary judgment
against the City for the payment of $560,000 tax anticipation notes has
failed, a decision in favor of the municipality having been issued recently
by Justice Alfred Frankenthaler,in Special Term,Supreme Court,New York
City. The banks had presented the notes to the City Treasurer for pay-V.136.
ment last March and suit to collect on them was instituted in April
p. 2831. The "Brooklyn Eagle" of Sept. 23 commented on the decision
as follows:
"Corporation Counsel Tonna filed an answer in which, among other defenses, he alleged that the notes, despite the fact that they were bearer
notes and payable on demand, would not mature and be payable until and
unless the City of Long Beach failed to live up to an existing working agreement entered into between the bankers' committee and the city.
"Shortly after Tolins' answer wasfiled, the bankers'committee moved for
summary judgment on the notes. The motion was argued on July 31 before
Justice Alfred Frankenthaler in Special Term, Supreme Court, New York
County. with Hawkins Delafield and Longfellow representing the bankers, ,
and with Tolins springing some new and novel defenses on behalf of the City
of Long Beach.
"Judge Frankenthaler reserved decision and has now decided in favor of
the city, denying the nine motions for summary judgment in a brief decision
stating that 'in view of the questions of law and fact here represented,
tnese motions for summary judgment are denied.'
"The only recourse now open to the creditor banks is to appealfrom Judge
Frankentnaler's decision or await the leisurely processes of the courts on
the nine actions started in April and which they hoped to expedite by toe
application for summary judgment.
"In either case, final judgment could not be secured by the bankers in
time to force the Long Beach Council to take the judgment into account
when formulating the budget for 1934."
-UNEMPLOYMENT
LOUISIANA, State of (P. 0. Baton Rouge).
-The following report on
RELIEF FOR OCTOBER TOTALS 51,225,000.
Federal unemployment relief funds given to this State for October, is
-Picayune" of Sept. 28:
taken from the New Orleans "Times
"Louisiana was granted $1,255,000 for unemployment relief work during
October by the Federal Relief Administration Wednesday, according to
Washington dispatches, which also announced the allotment of $25,000
to the State for transient relief.
"The sum allotted Louisiana for unemployment relief in October is in
line with a similar allotment of funds for September, officials of the Emergency Relief Administration here said Wednesday. Approximately 70,000
families are on the relief rolls at the present time.
"The appropriation of $25,000 for relief of transient unemployed who pass
through New Orleans and the State will enable the Emergency Relief
Administration to take over much work for transients now being carried on
by various agencies, according to J. K. Byrne, member of the executive
committee of the Emergency Relief Administration, who is in charge of
transient relief."
LOUISIANA, State of (P. 0. Baton Rouge ).-BOND SALE.-Tha
$7.500,000 issue of 5% coupon or registered semi-annual highway,series H,
-was purchased by the
bonds offered for sale on Sept. 30-V. 137, p. 1615
Union Bond & Mortgage Co., Inc., Agent,of Baton Rouge,at par. Dated
Sept. 1 1932. Due $1,500,000 from 1936 to 1940, incl. Optional one year
after date of issuance. No other bids were received.
LOVELAND Larimer County, Colo.
-BONDS CALLED.
-The City
Treasurer is said to be calling for payment on Nov. 1, on which date
interest shall cease, 4 1ai% water extension bonds, numbered from 31 to 150,
for $1,000 each. Dated July 1 1923. Due on July 1 1938.
-A $6,000
-NOTE SALE.
LUMBERTON, Robeson County, N. C.
Issue of revenue anticipation notes is reported to have been purchased on
Sept. 26 by the National Bank of Lumberton, at 6%.
LYNCHBURG, Campbell County, Va.-FINANCIAL STATEMENT.
-The following financial information is furnished to us by John
M. Otey, City Auditor, in connection with the offering scheduled for
Oct. 28 of the $450,000 issue of 4% coupon or registered water supply
conduit bonds
-V. 137, p. 2491;
Financial Statement and Statistics.
Population 1920 U. S. Census, 30,070: 1930 U. S. Census, 40,661: 1933
(estimated), 42.500.
Incorporated as a village, October 1786: as a town Jan. 10 1805 and as a
city May 20 1852. Area, 13.93 square miles.
1933 Rate of TaxaI
lion on per $LOW
EfAssessed Value for 1933 Taxation and
of Assessed Value.
Appraisal as of Jan. 1 1933.
$37,634,531.00
1. Real estate
$21.00
2. Public Service Corp., real estate and
4.060,483.00
$21.00
tangible property (1933)
$441,695,014.00
Total real estate
3,498,250.00
3. Tangible personal property (1933)

$21.00

$45,193,264.00
Total
Statement of Debt Ratio Under New York Law (as of Dec. 31 1932).
$5,739,972.00
Gross debt
Less; Water works debt
1,853.666.67
Gross debt exclusive of water
Gross sinking fund
Less; Sinking fund applicable to water

$3,886,305.33
$1.566,023.08
522,000.00

1,044,023.08

Net debt on basis New York law
$2,842,282.25
Debt ratio equals 6.80% New York limit equals 15%
The requirements of the New York law are fully met by the City of
Lnychburg whose bonds therefore become legal investments in the State of
New York.
-All intangible estimated at $20,000,000 segregated to the State,
Note.
by Legislative enactment, for exclusive taxation.
McINTOSH COUNTY (P. 0. Ashley), N. Dak.-CERTIFICATES
-We are informed by the County Auditor that the $50,000
NOT SOLD.
certificates of indebtedness offered on Oct. 3-V. 137, p. 2307
-were not
sold.
McKENZIECOUNTY (P.O.Shafer), N. Dak.-BONDS DEFEATED.
-the voters rejected
-At the election held on Sept. 22-V. 137, p. 2307
the proposed issuance of $32,000 in court house building bonds, the count
being 1,117 "for" to 1,354 "against."
McMINN COUNTY (P. 0. Athens), Tenn.
-TEMPORARY BOR-On Oct. 2 the County Court is said to have
ROWING AUTHORIZED.
voted to borrow $25,000 on short-term anticipation notes to pay the salaries
of high school teachers.
-NOTE SALE.
MADISON, Rockingham County, N. C.
-An $8,300
issue of revenue anticipation notes is reported to have been purchased by
the Bank of Madison, at 6%, at a sale held on Sept. 26.
MADISON,Lake County, S. Dak.-BOND OFFERING.
-It is reported
that sealed bids will be received until 2 p.m. on Oct.20, by the City Auditor,




Oct. 7 1933

for the purchase of three issues of bonds aggregating $34,500, divided as
follows: $17,500 water tower: $10,000 swimming pool, and $7,000 city
garage bonds. (These bonds were voted at an election on Sept. 12-V. 137.
P. 2308.)
MALINTA-GRELTON UNION RURAL SCHOOL DISTRICT (P. 0.
-BOND SALE.
Malinta) Henry County, Ohio.
-The $2,033.86 5%
coupon funding bonds offered on Sept. 23-V.137. p.2139
-were purchased
at par and accrued interest by the State Teachers Retirement System, the
only bidder. Dated Sept. 10 1933 and due semi-annually from 1934 to
1937,inclusive.
MAPLEWOOD TOWNSHIP (P. 0. Maplewood) Essex County,
N. J.
-BOND OFFERING.
-Sealed bids will be received until Oct. 17, for
the purchase of $250,000 6% tax revenue bonds dated Nov. 1 1933 and due
In from 1 to 3 years. Bids must be for the entire issue. Bonds are being
issued against delinquent 1931 and 1932 taxes. Arrears for 1931 total
$54,569.67, a fractional per cent of the actual levy, while for 1932 the
amount is $264,705.
-FEDERAL FUND ALLOTMENT.MARION, Linn County., Iowa.
On Oct. 4 it was announced by the Public Works Administration that it
had made an allotment of $20,000 to the city for the construction of a sewage
disposal plant. Of the total, 30% of the cost of labor and material, representing about $5,000, is the usual Government grant. The remainder is a
loan secured by 4% special tax bonds.
-It is
MARION, Crittenden County, Ky.-BONDS PURCHASED.
now stated that the Reconstruction Finance Corporation has purchased the
$35.000 6% water revenue bonds it had contracted for on March 22V. 136. p. 2101. Dated June 1 1933. Legality approved by Benj. H.
Charles of St. Louis.
MARSHFIELD, Wood County, Wis.-PROPOSED FEDERAL LOAN.
-In connection with the $70.000 sewer and sewage disposal plant bonds
-V. 137. p. 2308
-it is stated
authorized on Sept. 5 by the City Council
by the City Clerk that negotiations are in progress with the Federal Government for a loan of $100,000, of which the above bonds would represent the
security on the portion of the funds advanced.
-MATURITY.
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-The $15,000 issue of revenue anticipation notes that was purchased by
t 33 harlotte National Bank, at 6%-V. 137, p. 2491-is due on Dec. 19
ite C
.
-FEDERAL LOAN APPLICAMEMPHIS, Shelby County, Tenn.
-The City Commission is said to have authTION AUTHORIZED.
orized an application to the Federal Government for a loan of $280,000 to
be used on a sewer installation project. The estimated cost of the project
to the city will be about $196.000, the Government contributing the
remaining 30% as a free grant under the terms of the National Industrial
Recovery Act.
MILLER COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
-FEDERAL FUND ALLOTMENT.
-It has
(P. 0. Bagnell Dam), M0.
been announced recently by the Public Works Administration that an
allotment of $48,300 was made to this district for the construction of a
high school building.
-TAX LEVY FIXED AT
MINNESOTA, State of (P. 0. St. Paul),
11.06 MILLS.
-The State tax rate for the next fiscal year was fixed by
State Auditor Stafford King on Sept. 28 at 11.06 mills. toe highest in tne
history of toe State and an increase of 2.77 mills over this year, according
to the Minneapolis "Journal" of Sept. 29.
MINOT SCHOOL DISTRICT (P. 0. Minot) Ward County, N. Dak.
.-Th e $25,000 issue of certificates of indebtedness
-CERTIFICATE SALE
-was jointly purchased by the
offered for sale on Sept. 30-V. 137, p. 2308
First National Bank and Trust Co., and the Union National Bank & Trust
Co., both of Minot, at 7%. Due in six months. No other bids were
received.
-BOND OFFERING.
MONROE COUNTY (P. 0. Rochester), N. Y.
-Clarence A. Smith, Clerk of the Board of Supervisors, will receive sealed
bids until 11 a, m. on Oct. 9, for the purchase of $800,000 not to exceed
6% interest coupon or registered bonds, divided as follows:
$500,000 emergency relief bonds. Due $50,000 annually on Oct. 5 from
1934 to 1943, inclusive.
300,000 series B tax revenue bonds. Due $60,000 annually on Oct.5from
1934 to 1938. inclusive.
Each issue is dated Oct. 5 1933. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of X of
1-10th of 1%. Principal and interest (A. & 0. 5) are payable in lawful
money of the United States at the Union Trust Co., Rochester, or at the
Marine Midland Bank & Trust Co., New York City. A certified check
for $16,000, payable to the order of the county, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
-PROPOSED FEDERAL PURMONTANA, State of (P. 0. Helena).
CHASE OF BONDS.
-It is reported by the State Treasurer in connection
with the sale of the $250,000 State Highway treasury anticipation bonds
-V. 137, p. 1798
to John Nuveen & Co. of Chicago
-that he expects to
hear something definite in the near future from the Federal Government
regarding its proposal to take up the remainder of the issue of 51,250,000.
-BONDS VOTED.
MOORHEAD, Sunflower County, Miss.
-At an
election neld recently the voters are reported to have approved the issuance
of $4,000 in pool construction bonds.
-BONDS VOTED.
MOUND, Hennepin County, Minn.
-The voters
are reported to have approved the issuance of $20,000 in water works
system bonds at an election held on Sept. 18.
MOUNTFtAIL COUNTY SCHOOL DISTRICT NO. 120 (P. 0. Stan-At toe election held on Sept. 22
ley), N. Dak.-BONDS DEFEATED.
- 137. p. 2308
-17,
-the voters rejected the proposal to issue $3,000 in school
erection bonds by a count of 21 "for" to 44 "against.'
MOUNT VERNON, Westchester County, N. Y.-21,750,000 CER-The Common Council on Sept. 27
TIFICATE ISSUE AUTHORIZED.
voted to issue 51.750,000 certificates of indebtedness in anticipation of 1933
tax collections, for the purpose of meeting city obligations and budget
deficiencies.
-BOND OFFERING.
MUSKEGON, Muskegon County, Mich.
-Ida
L. Christiansen. City Clerk, will receive sealed bids until 2 p. m. on Oct. 9,
for the purchase of $502,000 not to exceed 6% interest bonds, divided as
follows:
$128,000 special improv't bonds.
$.374,000 general improv't bonds.
Each issue is dated Jan. 1 1934. Denoms. $1,000 and $500. Principal
interest (J. & J.) are payable at the City Treasurer's office. Successful
and
bidder to furnish bonds and coupons. A certified chock for $10,000 must
accompany each proposal. The approving opinion of Miller, Canfield,
Paddock & Stone of Detroit, will be furnished the purchaser of the bonds.
Mich.
-REFUNDING
MUSKEGON HEIGHTS,
AUTHORITY
SOUGHT.
-The city's application for authority to refund $399,325 bonds,
Including $222,325 special assessment and $177.000 general obligation issues,
was formally submitted to the State Public Debt Commission on Sept. 26.
The total Includes some bonds which have already matured, although the
majority of them come due the remainder of 1933 and in 1934, also on
Jan. 1 1935.
MUSSELSHELL COUNTY (P. 0. Roundup), Mont.
-REPORT ON
-The following report was sent to us on Sept. 26 by
BOND DEFAULT.
Harold P. Bennett. County Clerk and Treasurer, showing the bond default
situation in this county:
Date of first default: On principal and interest Sept. 1 1932. Default
occurred on the following issues of general obligation bonds:
Amount
unt
as
Amount of Default
of This Date.
of
Date of
Interest.
Princtpa
septe.ja3u1It9.
Principal. Interest.
D
rsiseu .
D
51,150.00
523.000
$23,000
1912
32
$1.150.00
577.50
11,000
11,000
Sept. 1 1932
1918
577.50
12.000
660.00
Sept. 1 1932
12,000
1919
660.00
15,000
1918
Sept. 1 1933
16,000
Sept. 1 1933
1919
7.500
Jan. 1 1934
1931
ssed
Cause of default: Loss of assessed valuation, continued drout and
county acquiring considerable property through tax deed.

Volume 137

Financial Chronicle

Outlook for resumption of payment: None, unless the county can refund
for considerably less than the present indebtedness as the county's ability
to pay is very limited.
No bondholders' protective committee has been formed.
NASHVILLE, Davidson County, Tenn.
-BOND ELECTION
-We
are informed that the ordinance proposing a bond issue totaling $3,900,000
was passed on final reading by the City Council at a meeting on Oct. 3,
and an election will be held on Nov. 16 to determine public opinion. The
bonds would be used as collateral for a public works loan of that amount
to be expended for improvements to streets, sewers, water works, public
and school buildings
-V. 137, p. 2308.
NEWARK, Essex County, N. J.
-TAX COLLECTIONS IN AUGUST
UNUSUALLY HEAVY.- It was announced recently that tax collections during August on account of the 1933 levy and for taxes in arrears
were larger in volume than for any corresponding month, the total received
57, including $629,831 on account of this year's levy and
being $1.
2004
*570,726 on account of taxes in arrears. The remarkable showing is attributed primarily to the general improvement in business, and partly_ to the
personal solicitations made by Reginald Parnell. Director of the Department of Revenue and Finance. The report points out that since Jan. 1
1933 the volume of tax delinquency has been reduced by more than $5.000.000, while collections based upon the 1933 levy aggregated almost $14,000,000. Although a delay of about 10 days was occasioned in meeting payrolls
in April, all charges, including payrolls, current bills and sinking fund
requirements, have been met to date, it is further noted. Borrowing on tax
anticipation notes between Jan. 1 and Sept. 1 1933. amounted to $3,000.000.
whereas such obligations in the previous year had increased from $100,000
at the close of 1931 to $10,960.000 as of Dec. 31 1932. That part of the
statement dealing with August tax collections reads as follows:
"Total tax collections based upon the real estate levy aggregated $1,200,557 during August, of which $629,831 was on account of current taxes and
$570,726 on account of taxes in arrears. Collections on taxes in arrears were
$363.703 for August 1932 and $280.511 in August 1931.
"As of Jan. 11933, total taxes n arrears for the years 1929-32. inclusive,
aggregated $18,489.561. As of Sept. 1 1933 this amount was reduced to
$13.023,479. As a result taxes in arrears for 1932, which were uncollected
to the extent of 33.3% as of Jan.! 1933, and to the extent of 14.4% of the
1931 levy, were reduced to 24.3 and 8.7%,respectively, as of Sept. 1 1933.
"Of the $28.816,741 of taxes levied on real estate for 1933. a total of
*13,930.346 was collected to Sept 1, or 49% of the levy. This compared
with 36% collected to June 1 1933. Of the first six months taxes which fell
due June 1, 42% was collected to that date, but this amount has been
increased to 62% as of Sept. 1."
NEW JERSEY (State of).-$12,199,000 BONDS SCHEDULED FOR
SALE.
-State Treasurer Middleton announced on Oct. 3 that the State
had received $12,199,030 Delaware River Joint Commission bonds in payment of its share of the cost of constructing the Delaware River Bridge.
The project, which was financed jointly by the States of New Jersey and
Pennsylvania, also the City of Philadelphia. has been turned over for operation by the Joint Commission created by concurrent legislative Acts of each
State. John Colt, Finance Commissioner of New Jersey, stated that the
bonds, as intended by Governor Moore, will be sold for the purpcse of making loans to various municipalities to provide for teachers' salaries and other
school costs, The State will accept tax anticipation notes from the local
units as collateral for the advances.
-V. 137, p. 2491.
SYNDICATE BIDS PAR FOR BONDS.
-Acting Governor Emerson L.
Richards stated on Oct. 5 that a syndicate of New York and Philadelphia
bankers has offered to purchase a 'block of $9,200,000 bonds at a price of
Par.
NEW HAVEN, New Haven County, Conn.
-62,000.000 PAID ON
FLOATING DEBT.
-The city made payment on Oct. 2 of a $2,000,000
note maturity, thereby reducing the floating debt to $25,000, which is
due on Oct. 10. In March 1933 the total was 65,375,000.
NEW ORLEANS, Orleans Parish, La.
-DEBT LIQUIDATION
BOARD PAYS OUT $479,332.50 ON OCT. 1 OBLIGATIONS.
-The following report on the payment of Oct. 1 bond principal and interest maturities
is taken from the New Orleans "Times
-Picayune of Sept. 29:
"The Board of Liquidation of the City Debt will retire $113,000 in sewerage, water and drainage serial gold bonds and will pay $366,332.50 interest
due on outstanding bonds on Oct. 1, it was announced Thursday by Horace
P. Williams, Secretary of the Board. The total amount involved will
aggregate $479,332.50.
"Bonds to be retired will be $54,000 City of New Orleans 434% serial
gold bonds, series of 1927; $27,000 series A. $20,000 series B and $12,000
series C sewerage, water and drainage serial gold bonds.
"Interest to be paid will be $164,340 on City of New Orleans 43'% serial
gold bonds, series of 1927; 188,335 on series A, $66.667.50 cn series B and
$44,730 on series C sewerage, water and drainage gold serial bonds. A total
of $2,260 also will be paid on floating debt bonds."
NEWTON SCHOOL DISTRICT NO. 46 (P. 0. Montesano) Grays
Harbor County, Wash.
-The $4,800 issue of coupon
-BOND SALE.
school funding bonds offered for sale on Sept. 22-V. 137, P. 2309 was
purchased by the State of Washington, as 58 at par. Dated Oct. 10 1933.
Due in 1953, optional after two years. Interest payable Oct. 1.
NEW YORK, N. Y.
-OBTAINS $25,000,000 LOAN AT 4%% INTEREST.
-The initial payment to the city under the terms of the four year
financial plan formulated last week, following a series of conferences
attended by officials of the municipal government and representatives of
the Clearing House banking group
-V.137, p. 2486, was made on Sept. 29.
The amount of the loan, bearing 434% interest. was $25,000,000. Proceeds
were applied to the payment of the salaries of municipal employees and
bond interest charges due on Sept. 30 and Oct. 1. The city issued revenue
bills as security for the loan, due on Dec. 4 1933. The coupon rate of
04% compares with interest charges of 5;4 and 6% which the municipality was obliged to pay on virtually all of the short-term loans negotiated
during the past two years.
TAX COLLECTIONS.
-It was reported on Oct. 3 that tax collections
up to Oct. 1. on account of the 1933 levy, totaled $210,897,133, or approximately 46% of the year's levy of $456,970.460. This compares with collections, a year earlier. of $220,546.460, or about 40% of the 1932 levy of
*535.534.293. The improved showing in the current period was attributed
to the sale of .534 % revenue bills to taxpayers in anticipation of taxes for
the second half of the year which are not due until November.
"The city's collections on account of arrears have been more gratifying
to officials. Such receipts to the end of September totaled $77,812,275,
compared with collections of $58,429.563 a year earlier. However, the
amount of delinquent taxes outstanding against 1932 levy and levies of
previous years is substantial. Under the plan worked out last week for
funding outstanding revenue bills originally issued in anticipation of such
taxes, receipts against delinquent taxes will be earmarked to pay off new
three-year 4% securities.
"A month ago the city had collected $186.773,548, or nearly 41% of
the current year's levy, compared with $206,669,309, or about 3836%
of the 1932 levy on the corresponding date last year."
SEPTEMBER BORROWINGS.
-The City borrowed a total of $34.647.
305 during the month of SeRtember, which figure includes $3,097.305 of
so-called 534% "baby bonds subscribed for by taxpayers in anticipation
of their Nov. 1933 tax charges. The balance of the money was obtained
through issuance of the following:
Revenue Bills of 1933.
Amount.
Maturity.
Int. Rate.
Date Issued.
$25.000,000
Dec. 4 1933
454%
Sept. 29
4,000,000
Sept. 1 1934
4%
Sept. 2
Special Revenue Bonds of 1933.
700,000
Sept. 11 1934
4
Sept. 11
150,000
Sept. 13 1934
5
Sept. 13
Tax Notes of 1933.
Sept. 11 1934
350,000
4%
Sept. 11
Special Corporate Tax Notes.
Sept. 8 1934
850,000
5
Sept. 8
Sept. 11 1934
500,000
5 0
Sept. 11
NEW YORK (State of).
-ANNOUNCES OFFERING OF $29,500,000
-Morris S. Tremaine, State Comptroller, has announced that he
BONDS.
will receive sealed bids until Oct. 24 for the purchase of $29,500,000 bonds.
consisting of $10,000,000 general improvement $10,000,000 emergency
construction and $9,500,000 grade crossing elimination issues. The first
two issues will mature serially in from 1 to 25 years, and the latter loan
in from 1 to 50 years. Bidders will be asked to name the rate of interest
in multiples of Yei, of 1%. In announcing the proposed sale on Oct. 4,
Mr. Tremaine stated that the net debt of the Commonwealth on Oct. 1




2671

1933 was $484,128,083, amounting to approximately 1.7% of the assessed
valuation of property subject to taxation for State purposes.
-The most recent bond award by
LAST PREVIOUS BOND AWARD,
the State occurred on June 28 1933 when $26,595,000 bonds, comprising
*14,595,000 Ms and $12,000,000 3s, were awarded to a syndicate headed
by the Chase National Bank of New York at a price of 100.143, or a net
interest cost basis of only 2.936%. This is the lowest cost basis at which
long-term financing has been accomplished by the State in about 25 years.
-V.137, p. 178.
The following record of the bond sales conducted by the State in the past
20 years appeared in the "Wall Street Journal" of Oct. 6:
DateAmount Coupon % Int. cost basis
2.936
June, 1933
$26,595,000
23'-3
3.027'
Dec., 1932
3 -314
• 30,400.000
Sept., 1931
3.2289
40,000,000
3 -4
April, 1931
3.4645
, 34,975,000
311-334
,
April, 1930
31,550,000
Mar., 1928
22,500,000
334-4
3.7037
Sept., 1926
28,175,000
4
3.80-3.865
Sept., 1926
28.175,000
4
3.85
April, 1924
45,000,000
4.10
June, 1921
31,800,000
5
4.89
April, 1917
25,000,000
4
3.785
Jan., 1916
25,000,000
4
3.847
Mar., 1915
27,000,000
431
4.080
Jan., 1914
51,000,000
4%
4.210
June, 1912
25.950,000
4
3.99
NORRISTOWN, Montgomery County, Pa.
-BOND SALE.
-The
issue of $100.000 coupon bonds flared on Oct. 3-V. 137. p. 2309
-was
awarded as 334s to Halsey, Stuart & Co., Inc., of New York. at a price of
100.355, a basis of about 3.46%. Dated Oct. 15 1933 and due $5,000
annually on Oct. 1 from 1934 to 1953, inclusive.
The following is an official list of the bids submitted at the sale:
Int. Rate
Role Bid
BidderBrown Brothers, Harriman & Co
%
R. M. Snyder & Co
100.33
336
Leach Bros., Inc
100.13
W. H. Newbold's Son & Co
354
100.27999
Edward Lowber Stokes & Co
33'%100,577
E. H. Rollins & Sons
334 0
100.259
Halsey, Stuart &Co
100.3555.5
336%
Moncure. Biddle & Co
100.6175
354
Geo. E. Snyder & Co
33
,
100.125
4%
Graham, Parsons & Co
3
100.769
Fisher H
hand & Co., Inc
100.28
The City Company of New York
,3
1r
100.4099
100.3444
Norristown Penn Trust Co
3 %
-NOTE RENEWAL.
NORTH CAROLINA, State of (P. 0. Raleigh).
-It is stated that arrangements have been made by the State with the First
National Bank, the National City Bank• the Bankers Trust Co. and the
Chase National Bank, all of New 'York, for the renewal of about $3,000,000
in 5% notes due on Oct. 16, for another six months at 434%•
NORTH CORNWALL TOWNSHIP SCHOOL DISTRICT (P. 0.
Cleona) Lebanon County, Pa.
-BOND ELECTION.
-At the general
election on Nov.7 the voters will consider a proposal calling for the issuance
of $36,000 school bonds.
-FEDERAL FUND ALLOTMENT.
NORTON, Norton County, Kan.
-It was reported on Oct. 4 by the Public Works Administration that it
had made an allotment of $38,500 to the city for the construction of a sewage
disposal plant. The Government will furnish 30% of the total, or about
$9,000, as a grant for the cost of labor and materials. The remainder is
a loan secured by 4% general obligation bonds.
OAK PARK, Cook County, 111.
-BONDS NOT SOLD.
-The UMW of
$400,000 5% coupon working clash fund bonds offered on Sept. 20-V.
137, p. 1799
-failed of sale, as no bids were obtained. Dated Aug. 1 1933
and due serially on Aug. 1 from 1936 to 1953, inclusive.
OGDEN SCHOOL DISTRICT (P. 0. Ogden) Weber County, Utah.
-PROPOSED FEDERAL LOAN.
-It is reported by the Clerk of the Board
of Education that an application has been filed for a Federal loan of $700.000
to be used for a high school building, but the State Advisory Board of the
Public Works Administration has taken no action on the matter as yet.
No bond issue is contemplated for the project.
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.-OCT. 1
BOND PAYMENT MADE.
-It was stated by William F. Vahlberg,
County Treasurer, on Sept. 26, that the county had averted threatened
default by sending $142,943.97 to the Manufacturers' Prust Co. in New
York. the State's fiscal agency, on the payments due Oct. 1 on 1927 road
bonds. The sum is said to represent $110,000 or principal amount while
the remainder, except $356.47 as commission, represents the interest due.
OKLAHOMA., State of (P. 0. Oklahoma City), Okla.
-LEGALITY
OF BONDS UPHELD.
-The State Supreme Court is said to have upheld
recently the validity of a $450,000 bond issue authorized by the 1931
Legislature for the construction of dormitories at A. & M. College in
Stillwater. It is reported that the court defined the proposed issue as a
direct obligation of the State, payable from rentals and other fees received
from the operation of the dormitories. The issue had been attacked by a
local taxpayer as illegal in that no State levy was authorized for bond
retirement.
-NOTE SALE.
-A
ORANGE COUNTY (P. 0. Hillsboro), N. C.
total of $10,000 tax anticipation notes is said to have been purchased on
Sept. 28. at 6%, as follows; $5,000 by the Farmers & Merchants Bank of
Hillsboro, and $5,000 by the Bank of Orange, of Hillsboro.
PARKER, Turner County, S. Dak.-PROPOSED BOND OFFERING.
-We are informed by the City Clerk that the $8,000 4% water works
-will be offered for sale in
plant bonds voted on Sept. 19-V. 137, p. 2492
October. Due in 20 years.
-A.D. Bolton,
PASSAIC,Passaic County N. J.-B011TD OFFERING.
City Clerk, will receive sealed bids until 3:30 p.m. on Oct. 17 for the pur'
chase of $1,410,000 5, 534 or 67 coupon or registered water system bonds.
o
Dated Nov. 1 1933. Denom. $1,000. In the event that the bonds are
sold bearing 507 interest, they will mature serially on Nov. 1 as follows:
$10,000 from 1935 to 1940 incl.: $15,000, 1941 to 1950; *20.000, 1951 to
1954,• $25.000, 1955 to 1958: $30,000, 1959 to 1961; $35.000, 1962 to 1964:
640,000, 1965 to 1967; $45,000 in 1968 and 1969; *50.000 in 1970 and 1971;
$55.000 in 1972 and 1973; $60,000 in 1974 and 1975; $C5,000 in 1676;
$70,000 in 1977 and $75,000 in 1978 and 1979. If the interest rate is
53407. the issue will mature as follows: $10,000 from 1935 to 1944 incl.;
$15,000, 1945 to 1951;$20,000, 1952 to 1955:$25,000, 1956 to 1958; $30,000.
1959 to 1961: $35,
000, 1962 to 1964; $40,000 in 1965 and 1966; $45.000 in
1967 and 1968; 350 000 in 196 and 1970; $55,000 in 1971 and 1972; 160,000
in 1973 and 1974; $5,000 in 1975 and 1976; $70,000 in 1977; $75,000 in
'
1978 and $80,000 in 1979. Finally, if the bonds are awarded to bear 6%
interest the annual maturities will be as follows: 10,000 from 1935 to
1947 incl., $15,000, 1948 to 1951: $20,000, 1952 to 1955; $25,000, 1956 to
1959; $30,000, 1960 to 1962: $35.000 in 1963 and 1964; $40,000 in 1965 and
1966; $45,000 in 1967 and 1968,• 150,000 in 1969 and 1970; 355.000 in 1971
and 1972; $60,000 in 1973 and 1974; 165,000 in 1975; $70,000 in 1976;
$75,000 in 1977; $80,000 in 1978 and $90,000 in 1979. Principal and
semi-annual interest (M. & N.) are payable in lawful money of the United
States at the Passaic National Bank & Trust Co. Passaic, or at the Chase
National Bank, New York City. A certified check for 2% of the bonds
bid for, payable to the order of the City, must accompany each proposal.
The approving opinion of Hawkins, Delafield & Longfellow of New York
will be furnished the successful bidder.
PEMB1NE SCHOOL DISTRICT NO. 1 (P. 0. Pembine) Marinette
County, Wis.-BOND DETAILS.
-In connection with the report given
in V. 137, p. 2492
-that a $24,500 issue of 4% grade school building bonds
had been voted, we are now informed that the bonds are dated Oct. 1 1933.
sold mature from 1934 to 1948. It is said that the bonds will probably be
an d in 3d
PEORIA COUNTY (P. 0. Peoria), Ill.
-6250.000 ROAD EXPENDITURE APPROVED.
-The State Department of Public Works at Springfield has approved the county's application for permission to spend $250,000
on road construction work under the provisions of NRA.
PHILADELPHIA, Pa.
-OBTAINS $1,750,000 LOAN.
-The Sinking
Fund Commission voted on Oct. 2 to lend the city $1,750,000 without

2672

PITMAN, Gloucester County, N. J.
-The
-BONDS AUTHORIZED.
Borough contemplates the sale of $15,000 4X% assessment refunding bonds
In accordance with a resolution adopted on Sept. 25. Denom. $1,000.
PITTSBURGH, Allegheny County, Pa.
-BOND OFFERING.-James
P. Kerr, City Comptroller, will receive sealed bids until 10 a.m. on Oct. 17
for the purchase of $300,000 46.1'7 series B public works relief bonds,
0
recently approved by the Finance Committee.
-V. 137, p. 2492. Dated
Oct. 11933. Coupon bonds of $1,000 denoms., exchangeable at the option
of the holder at any time, for a registered bond or bonds of the same maturity, and of the denom. of $100 or a multiple thereof, not exceeding the
aggregate principal amount of the coupon bond or bonds surrendered in
exchange therefor. Due $15,000 annually on Oct. 1 from 1934 to 1953
incl. Interest is payable in A. & 0. The issue was voted at an election
held on April 26 1932. The City reserves the right to deliver temporary
certificates, pending the preparation of definitive bonds. A certified
check for 2% of the issue bid for, payable to the order of the City, must
accompany each proposal. The approving opinion of Reed, Smith, Shaw
& McClay of Pittsburgn will be furnished the successful bidder.
PITTSBURGH Allegheny County, Pa.
-BORROWS $750,000.City Comptroller J P. Kerr announced on Sept. 29 that he had negotiated
J.
a loan of 3750,000 from the Union Trust Co. of Pittsburgh for the purpose
of meeting general operating expenses from now to the close of the year.
The money was obtained at an interest rate of 43i% and is repayable in
two months. The Finance Committee authorized the borrowing on
Sept. 25-V. 137: p. 2492.
-Sherwood
-BOND SALE.
PLATTSBURG, Clinton County, N. Y.
& Merrifield, Inc. of New York purchased on Sept. 8 an issue of $10,000
4.70% special appropriation bonds at a price of 100.11, a basis of about
4.68%. Dated Oct. 1 1933. Denom. $1,000. Due $1,000 annually on
Oct. 1 from 1934 to 1943, incl. Principal and interest (A. ,Sv 0.) payable at
the Merchants National Bank, Plattsburg. Legality approved by Clay.
Dillon & Vandewater of New York. The Merchants National Bank of
Plattsburgh named a price of par for 5% bonds.
-BOND OFFERING.
PORT CHESTER, Westchester County, N.Y.
Edward F. Burnes, Village Clerk, will receive sealed bids until 8 p. m. on
Oct. 9 for the purchase of 3100,000 not to exceed 6% interest coupon or
registered tax relief bonds. Dated Oct. 1 1933. Denom. $1,000. Due
Oct. 1 1936. Bidder to name single interest rate for the entire issue, expressed in a multiple of 61 of 1%. Principal and interest (A. & 0.) are
payable in lawful money of the United States at the First National Bank &
Trust Co., Port Chester. A certified check for 2% of the bonds bid for,
payable to the order of the village, must accompany each proposal. The
successful bidder will be furnished with the opinion of Reed, Hoyt & Washburn of New York that the bonds are binding and legal obligations of
the town.
Debt Statement as at Aug. 31 1933.
Assessed valuation (100%), 1933
$56,399,363.00
Total funded debt
2,995,500.00
Including special assessment debt
$1,261,000.00
Total unfunded debt (see below)
345,500.00
Sinking fund (not incl. unpaid assessments and taxes)
161,733.14
$2,879,266.86
Unfunded Debt Outstanding.
{$100,000
-Due Sept. 1 1933 (paid)
Tax anticipation notes
100,000
-Due Jan. 17 1934
100,000
-Due Oct. 1 1933
Bond anticipation notes
12,500
-Due Sept. 5 1933
2,000
-Due April 29 1934
Contracts and unpaid bills
1
2,000
-Due April 29 1935
I 29,000
-Due during Sept. 1933
Total
$345,500
Total Levy (Not Uncollected at
Uncollected
Fiscal Year Incl. Spectal End of Yr. of ' Per
at
Per
Beginning Assessm Is)
Levy, Amt.
Cent. Aug. 31 1933.
Cent.
Apr. 1 1929-$720,945.69
$62,168.87
8.62
2.28
9616,467.31
Apr. 1 1930--769,808.68
87,999.02
11.43
28,702.25
3.72
Apr. 1 1931__702,634.37
126,785.02
18.04
74,490.91
10.60
Apr. I 1932.-648,931.81
200,546.03
30.91
131,669.49
20.29
Current year's levy, $901,375.33.
Collections This Year as Comparable to Last Two Years (First 52 Days).
Current collections to Aug. 31 1933
$411,330.89
45.63%
1932 levy, collections to Oct. 3 1932
,315,921.25
48 68%
1931 levy, collections to Sept. 24 1931
185,347.13
26.37%
Accumulated total of uncollected taxes for fiscal years prior to April 1
1929 as at Aug. 31 1933, $53,934.28.
The taxes in 1932 and 1933 were payable in two instalments, second
Instalment of current tax is not due until Jan. 10 1934. A discount of 4%
per annum is allowed on second instalment when paid prior to due date.
A flat penalty of 5% and interest at the rate of 7% per annum attaches
to unpaid taxes.
Tax liens have not been sold regularly, but it is anticipated that the 1932
taxes will be sold in February or March 1934.
-FEDERAL ALLOTMENT
PORTSMOUTH, Newport County, R. I.
-The PWA has made an allotment of $90,000 to the Town
OF FUNDS.
for grade school building purposes. The total includes $21,000 made
available as a grant, with the balance obtained as a loan, secured by 4%
general obligation bonds.
PRINCE GEORGES COUNTY (P. 0. Upper Marlboro) Md.-It is announced that the 1AVA has
RECEIVES PWA ALLOTMENT.
allotted $408,000 to the Board of Education for the purpose of constructing
new school buildings and extensions. The amount includes $103,000
furnished as a grant, with the balance made available as a loan. The allotment is subject to completion of a contract satisfactory to the Administration.
-FEDERAL FUNDS ALPRINCETON, Mercer County, N. J.
LOTTED.
-The Borough has obtained an allotment of $35,000 for the
financing the construction of an incinerator, according to an announcement
by the Public Works Administration on Oct. 4. Of the total, $8.200
represents a grant, while the balance constitutes a loan to the Borough
secured by 4% general obligation bonds.
PROVO, Utah County, Utah.
-PROPOSED BOND ISSUE-An
ordinance is said to have been published on Sept. 22 providing for the
Issuance of $15,000 in 6% refunding bonds to take up a like amount of
bonds dated Oct. 1 1919.
RAKE SCHOOL DISTRICT (P. 0. Rake) Winnebago County,
--BOND ELECTION.
Iowa.
-An election is said to be scheduled for
Oct. 17 in order to vote on the proposed issuance of $21,000 in school bonds.
REDWOOD FALLS, Redwood County, Minn.
-BONDS VOTED.
-the voters favored the
At the election held on Oct. 3-V. 137, p. 2309
Issuance of $15,000 in 44% sewer bonds by a count of 697 "for" to 33
"against." Due as follows: 81,500. 1939 and 1940, and $1,000, 1941 to
1953, incl. The date of sale has not been set as yet.
-BOND
RENOVO SCHOOL DISTRICT, Clinton County, Pa.
-C. W. Weeks, Secretary of the Board of Directors, will
OFFERING.
receive sealed bids until 8 p.m. on Oct. 22 for the purchase of $10,000 4%
coupon or registered school bonds. Dated Nov. 11933. Denom. $1,000.
Due $1,000 on Nov. 1 from 1934 to 1943 incl. Interest is payable in M.&
N. A certified check for 2% of the bonds bid for, payable to the order of
the District Treasurer, must accompany each proposal. Bonds are being
Issued subject to the favorable approving opinion of Townsend, Elliott &
Munson of Philadelphia.
RENVILLE COUNTY (P.O. Mohall), N. Dak.-BONDS DEFEATED.
-the voters rejected
-At the election held on Sept. 22-V. 137, p. 1800
the proposal to issue $40,000 in not to exceed 5% memorial court house and
jail bonds by a vote of 928 "for" to 1,323 "against."
RICHFORD, Franklin County, Vt.-OBTAINS P WA ALLOTMENT.
-The Public Works Administration announced on Oct. 4 the allotment




Oct. 7 1933

Financial Chronicle

interest to be applied to the payment of $2,539,953 in 1931 and 1932
deficiency bills, leaving a balance of about $790,000 to be obtained out of
current receipts.

of S80,000 to the Village for the construction of a dam and water supply
line. This includes 859.000 made available as an outright gift, with the
balance constituting a loan, secured by 4% general obligation bonds.
- RICHLAND COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Savage),
Mont.
-BOND SALE.
-The $6,492 issue of funding bonds offered for sale
on Aug 16-V. 137, p. 1449
-was purchased by the State Board of Land
Commissioners, according to the District clerk.
RICHLAND COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Sioux
Pass), Mont.
-BOND SALE.
-The $1,329.39 issue of funding bonds offered for sale on Aug. 16-V. 137, p. 906
-was purchased by the State
Board of Land Commissioners, reports the District Clerk.
-BOND OFFERING.
ROCKVILLE CENTRE, Nassau County, N. Y.
-George S. Utter. Village Clerk, will receive sealed bids until 8 13• m•
on Oct. 18 for the purchase of $100,000 not to exceed 6% interest coupon
or registered lighting system bonds. Dated Oct. 1 1933. Denom. $1,000.
Duo $10,000 on Oct. 1 from 1935 to 1944 incl. Bidder to name a single
rate of interest for all of the bonds, expressed in a multiple of X or 1-10 of
1%. Principal and interest (A, & 0.) are payable in lawful money of the
United States at the Bank of Rockville Centre. A certified check for
$2,000, 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.
-In
ROME, Oneida County, N. Y.
-FINANCIAL STATEMENT.
connection with the report of the award of $152,383.33 43(i% coupon
or registered bonds, comprising three issues, to the Manufacturers &
Traders Trust Co. of Buffalo at 100.07. a basis of about 4.23%-V. 137.
-the following has been issued:
p. 529
Financial Statement.
Assessed valuation of the real estate of the City of Rome, subject to
taxation as it appeared by the assessment rolls of said City of the last assessment for State or county taxes prior to the date of this certificate, namely.
the assessment roll for the year 1933 is as follows:
$28,213,781.00
Real estate
1,093,190.00
Specialfranchises
Total
$29,306,971.00
Total existing indebtedness of said City June 1 1933 is as follows:
$604,166.69
General city bonds
School bonds
803,000.00
Water bonds
166,000.00
122,880.00
Assessment bonds
Total bonded indebtedness

$1,696,046.69
Loans.

Temporary current loans
Temporary home relief loans
Temporary work relief loans
Temporary assessment loans
Total indebtedness

*12,356.38
*30,000.00
*64,301.32
*22,324.26
$1,825,028.75

Statutory Debt Limit.
10% of valuation
Total bonded indebtedness
Less water bonds
Net debt

$2,930,697.10
1,696,046.69
166,000.00
1,530,046.69

Net debt deducted from debt limit above debt margin_ _ _ _ $1,400,650.41
City of Rome, Incorporatated 1870.
Population: National census. 1930, 32,496.
Tax Collection Report (June 11933).
Uncollected at
End of Year Uncollect,
Total Levy. of Levy. June 11933.
ear0
$721,105.47 $28,719.86
$2,367.94
1930
797.287.02
47,410.87
1931
10,564.05
689,448.36
92,761.53 79,817.78
2
19 3
3
786,109.91
305,815.63
Fiscal year: Jan. 1 to Dec.31.
Taxes payable one-half in April-one-half in October.
* These loans are to be retired from the proceeds of the sale of the current
bonds
-PAYMENT OF OCT. 1
ROYAL OAK, Oakland County, Mich.
.-Minnie N. Reeves, City Treasurer, has
WATER BOND INTEREST
stated that interest coupons, dated Oct. 1 1933, on water works mortgage
bonds, dated April 1 1927. are payable at her office. Coupons should be
mailed or presented for payment during the present month.
RUMFORD AND MEXICO WATER DISTRICT (P. 0. Rumford),
-John P. MacGregor, District Treasurer, has called
-BOND CALL.
Me.
for redemption on Nov. 1 1933, at the First National Bank of Boston, the
following numbered bonds of the issue dated May 2 1932 and due May 1
1937: M46, M63, M95, M114, M164 M176, M180, M184, M188 and
M217. Interest on the bonds will cease Nov. 1 1933.
ST. JOHN SCHOOL DISTRICT NO. 3 (P. 0. St. John), Rolette
-We are informed by the District
County, N. Dak.-BONDS VOTED.
Clerk that at the election held on Sept. 28-V. 137, p. 2309
-the voters
favored the issuance of the $35,000 in 4% school building bonds by a count
of 109 to 55. Due serially in 20 years. These bonds are being issued for
the purpose of obtaining a Federal loan, according to the Clerk.
ST. LOUIS Mo.-PROPOSED FEDERAL LOAN-In a report by the
Board of Public Service on Sept. 27 to the State Advisory Board of the
Public Works Administration, it was said that an application for Federal
grants to help finance public improvement projects costing about $6,000,000,
will be prepared as soon as possible. Of this total sum,the Federal Government will be expected to provide over $1,500 000, representing the 30%
grant for labor and material cost,set out under the provisions of the National
Industry Recovery Act.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO.17
-BOND OFFERING.-Sealed bids will be received
(P.O. Hibbing), Minn.
until 2 p.m. on Oct. 16, by H. W.Schmitt, District Clerk, for the purchase
of an issue of $100,000 funding bonds. All bidders are requested to bid
upon these bonds on the basis of said bonds bearing 57 interest, in addition
0
to any other interest rate which the bidder might see fit to state. Attention
is called, however, to the fact that all bonds must bear the same interest
rate, and that no bids will be considered providing for varying rates of
interest on different bonds of this issue. Said bonds are issued for the
purpose of paying and disCharging the valid indebtedness of this district,
except bonds, which existed Jan. 1 1933, together with Interest thereon
until paid: will be in the denomination of $500, bearing interest at a rate to
be fixed by the purchaser, but in no case to exceed 6%,payable M.& N.
1934, in accordance with the coupons attached to such bonds, principal and
Interest to be payable at the office of the District Treasurer, and to mature
and be payable as follows; $100,000 on Nov. 11934. A certified check for
81.000. payable to 0. H. Reynolds, District Treasurer, must accompany
the bid. (These bonds were authorized recently under the caption of
"Hibbing"
-V. 137, p. 2490.)
SALEM, Dent County, Mo.-INJUNCTION GRANTED AGAINST
BORROWING.-We are advised that on Sept. 30 a permanent injunction
was granted by Circuit Judge J. H. Bowron against the city to prevent it
from borrowing $40,000 from the PWA. Judge Bowron is said to have held
that the city officials had no authority to borrow money and pledge the
earnings of the municipal light and water plants in payment, and that the
said officials could not incur such a debt without two-thirds of the voters
approving.
In connection with their report we quote as follows from the "Electrical
World" of Sept. 30:
"In injunction proceedings brought before Circuit Judge Bowron by a
resident, of this city the question of the legality of a Missouri municipality
borrowing money for municipal improvements from the Federal Public
Works Administration under the NIRA, when such a loan would increase
the city's debt beyond the constitutional limitation, has been raised. The
action is directed against Mayor G. II. Slawson and other city officials from
proceeding further with their application for a $40,000 grant and loan.
The petition alleges the loan would increase the city's bonded indebtedness
beyond the 10% of the assessed valuation of property within the city limits.
Last month the Missouri Supreme Court held that a contract entered into
by Salem with Fairbanks, Morse & Company to purchase machinery for
the light plant and to pay for same out of plants earnings was void because
it created a debt in excess of the constitutional limit ('Electrical World,'
Aug. 19, page 233)."

Volume 137

Financial Chronicle

SALEM, Washington County, N. Y.
-BOND SALE.
-An issue of
0.500 4% street inapt. bonds was sold recently to Mrs. Huldah Parrish, a
local investor, at a price of 100.33, a basis of about 3.78%. Due Sept. 15
as follows: $1,000 from 1934 to 1937 incl. and $500 in 1938.
SALEM, Marion County, Ore.
-BONDS NOT SOLD.
-The $25.000
Issue of 434% semi-ann, sanitary sewer bonds offered on Oct. 2-V. 137.
p. 2493
-was not sold, as no bids were received, according to the City
Recorder, Dated Sept. 1 1933. Due from Sept. 1 1934 to 1946.
SALT LAKE CITY, Salt Lake County, Utah.
-BOND ELECTION.We are informed by Etnel MacDonald, City Clerk, that at the regular
election to oe held on Nov. 7 the voters will ballot on a proposition calling
for the issuance of bonds in an amount not exceeding $18,000,000. to pay
for the cost of the acquisition or construction of the electric plant and system
to be owned and operated by the city, to furnish light and power to the
residents. We quote in part as follows from the official ordinance calling
the said election:
"Section 4. To provide funds for the payment of the interest to accrue
upon said Salt Lake City municipal light and power revenue bonds, and
to retire said bonds at their maturity. Salt Lake City shall establish a
special fund, to be known as the (Municipal Electric Light Fund), into
whica shall be paid all revenues derived by the city from the operation of
the electric plant and system contemplated by this ordinance.
"The city shall, through the appropriate action of its Board of City Commissioners, establish and enforce a schedule of charges for electric current,
sufficient at all times punctually to pay the interest accruing upon said
municipal light and power revenue bonds, to discharge the principal thereof
at maturity and to cover all operating expenses, maintenance and depreciation charges, all in accordance with such approved methods of operation
and accounting as are usually applied in the operation of similar utilities
by public corporations, but the maximum rate the city will charge for said
electric current, shall not exceed the present schedule of charges for the
different classes of service as established by the Public Utilities Commission of the State of Utah effective in Salt Lake City.
"Out of said special fund the city shall pay the necessary costs and expenses of the efficient and economical maintenance and operation of said
municipal light and power system; the interest as the same shall accrue
and the principal at maturity of the municipal light and power revenue bonds
which may be issued and outstanding under the provisions of this ordinance;
and after the foregoing deductions and payments. extension and improvement of the system or for the purchase and retirement of the Salt Lake City
municipal light and power revenue bonds, to be issued as contemplated by
this ordinance, and thereafter to the general fund for the reduction of taxes."
SANDALE SCHOOL DISTRICT NO. 27 (P. 0. Rugby), Pierce
County, N. Dak.-CERTIFICA TES OFFERED.
-It is reported that sealed
bids were received until 2 p.m. on Oct. 5 by Mike Reiter, District Clerk,
for the purchase of a $2,000 issue of certificates of indebtedness. Denom.
$500. Due in one year.
SAN FRANCISCO (City and County), Calif.
-NOTE SALE DETAILS.
-In connection with the sale of the $1.650,000 tax anticipation
notes to the Anglo-California Bank of San Francisco, at 1.20%-V. 137.
p. 2493
-we are now informed that the notes are dated Sept. 25 1933, are
in the denomination of $10,000 and mature on Dec.20 1933. The following
is a complete official list of the bids received for the above notes:
BidderPrice Bid.
Bank of America N.T.& S. A
1.45%
"The Anglo California National Bank of San Francisco-American
Trust Co
1.2%
The First of Boston Corporation
1.60%
R. H. Moulton & (Jo. Weeden & Co
xii,650,u00
•Successful bid. x Being the par value of said notes, and accrued
Interest to date of delivery together with a premium of $131.00.
SCARVILLE INDEPENDENT SCHOOL DISTRICT(P.O. Scarville),
Winnebago County, lowa.-BONDS VOTED.
-At the election held on
Sept. 26-'V. 137. p. 2141-the voters are said to have approved the issuance
of the $17.500 school bonds by a large margin.
It was later stated by the District Secretary that the above bonds will
not be issued in all probability as the Government regulations are not
satisfactory.
•

SCOTT COUNTY (P. 0. Waldron), Ark.
-PROPOSED FEDERAL
LOAN.
-It is said that an application for a loan of about $48,000, to be
used for a new county court house, was filed with the State Advisory Board
of the Public Works Administration on Sept. 25.
SEA CLIFF, Nassau County, N. .-PROPOSED DEBT SERVICE
LOAN.
-The village has adopted a resolution proposing that a loan of
$17,000 be obtained to meet bond principal and interest charges due on
Jan. 1 1934. An effort will be made to obtain the money on certificates
of indebtedness.
SEATTLE, King County, Wash.
-BONDS CALLED.
-It is reported
by H. I.. Collier, City Treasurer, that he is calling for payment from
Sept. 21 to Sept 30, various local improvement district bonds.
SEQUIN, Guadalupe County, Tex.
-BOND ELECTION CANCELED.
-It is reported loT the Mayor that the order has been rescinded for
an election to be held on the proposed issuance of $125,000 in water and
light utility bonds that were to be offered to the Federal Government as
security for a loan-V.137, p. 2493-because it has been found unnecessary
to issue these bonds, the Government agreeing to accept the income from
the utility in payment of the loan.
SHELBY, Richland County, Ohio.
-BOND OFFERING.
-Bert Fix,
Director of Finance and Public Record, will receive sealed bids until 12 m.
on Oct. 18 for the purchase of $500 5% property portion improvement
bonds. Dated Oct. 1 1933. Denom. $50. Due one bond annually on
Oct. 1 from 1935 to 1944, Inc! Interest is payable in A. & 0. Bids for
the issue to bear interest at a rate other then 5%, expressed in a multiple
of 3i of 1%, will also be considered. A certified check for 5% of the bonds
bid for, payable to the order of the City, must accompany each proposal.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-NOTE SALE.
issue of $20,000 notes offered on Oct. 2-V. 137. p. 2141-was sold -The
Interest at par, as follows: $10.000 each to the Shelby National at 6%
Bank
and the Farmers National Bank, Shelby. The issue is dated Oct. 2 1933
and due on Nov. 15 1933.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 46 (P. 0. Redstone), Mont.
-BOND SALE.
-The $1,879.52 issue of funding bonds
offered for sale on Sept. 9-V. 137, P. 1449
-was purchased by toe State
of Montana, as 6s, at par.
SIOUX FALLS, Minnehaha County, S. Dak.-BOND OFFERING.
Sealed bids will be received oy Walter C. Leyse, City Auditor, until 2 p.m.
on Oct. 23 for the purchase of five issues of4% bonds aggregating $1.175.000
divided as follows: 000.000 school; 3300.000 city nail; $210,000 sewage
disposal plant; $35,000 park improvement, and $30.000 trunk sewer bonds.
Due serially in 30 years. (These bonds wore favorably voted at the election held on Sept. 26-V. 137, p. 1800).
SPRINGFIELD, Hampden County, Mass.
-BOND OFFERING.
George W. Rice, City Treasurer, will receive sealed bids until 11 a. m. on
Oct. 10 for the purchase of $630.000 coupon bonds, divided as follows:
$320,000 331% street paving loan bonds of 1933. Due $64,000 annually
on Oct. 1 from 1934 to 1938 incl.
310,000 3j.% sewer loan bonds of 1933. Due Oct. 1 as follows: $11,000
from 1934 to 1943 incl. and $10,000 from 1944 to 1963 incl.
Each issue is dated Oct. 11933. Denom. $1,000. Principal and interest
(A. & 0.) are payable at the First National Bank of Boston. Should the
holder obtain registered bonds, principal and interest of same will be payable at the City Treasurer's office. A certified check for 2% of the issues
bid for, payable to the order of the city, must accompany each proposal.
SPRINGVIEW, Keyapaha County, Neb.-BONDS VOTED.
-At the
election held on Sept. 29-V. 137. p. 2310-the Voters approved the issuance
of the $4,000 6% water bonds by a count of 105 to 19. Due in 20 years.
optional in 5 years. The date of sale has not been set, but it will be soon,
reports the Town Clerk.
STOUGHTON, Dane County, Wis.-FEDERAL FUND ALLOTMENT -It has been announced recently by the Public Works Administration that it has made an allotment of $16.000 to this city for the construction of a water filtration plant. A grant of 30% is included in the
above amount, to be used for labor and materials. The balance is a loan
secured by 4% general obligation bonds. The allotment is subject to the
completion of a contract satisfactory to the Administration




2673

STRATFORD, Marathon County, Wis.-BONDS VOTED.
-At th
election held on Sept. 27-V. 137, p. 2310
-the voters approved the issuance of $24,000 in 4% water works bonds by a count of 238 "for" to 14
"against.
Dated Nov 1 1933. Due $1,000 each year from date. No
date of sale has been decided on as yet.
TACOMA, Pierce County, Wash.
-BONDS DEFEATED.
-At the
election held on Sept. 26-V. 137, To. 1618
-the voters are said to have
defeated the proposed issuance of 0,000,000 in sewer system bonds.
TENNESSEE, State of (P. 0. Nashville).
-BOND PAYMENT NOTICE.
-In a letter dated Oct.3 we were informed by J. J. Bean, State Treasurer, that as of Oct. 1 the State is taking up and paying off $550,000 principal amount of bonds without any recourse to refunding or bank loans.
He states that this completes all maturities for the year 1933, except $8,000
due on Nov. 1, which will be taken up promptly on that date.
TERRE HAUTE, Vigo County, Ind.
-RECEIVES PWA ALLO71
MENT.-The Public Works Administration announced on Oct. 4 the
allotment of $60,000 to the City for a street lighting system. Of the total,
$15,600 represents a grant, while the balance is a loan, secured by 4%
general obligation city bonds.
THOMAS COUNTY (P. 0. Thedford), Neb.-BOND SALE.
-A
$14.000 issue of refunding bonds is stated to have been purchased by the
Kirkpatrick-Pettis-Loomis Co. of Omaha.
6. THOMASVILLE, Davidson County, Irb:7 OTE SALE.
,
N
-A $4,660
Issue of revenue anticipation notes is reported to have been purchased
recently by the First National Bank of Thomasville. at 6%.
Niggegid
THURSTON COUNTY SCHOOL DISTRICT NO. 204 (P. 0. OlymWash.
SALE.
-BOND
-The $7,500 issue of school bonds offered
pia),
for sale on Sept. 23-V. 137, p. 2311-was purchased by the State of
Washington, as 5s, at pit% Due in 10 years.
-BONDS AU7'HORI7ED.-The
TOLEDO, Lucas County, Ohio.
Finance Committee has authorized the issuance of $30.000 bonds to provide
for the payment of the city's share of the cost of bridge construction. The
bonds are part of the $3,000,000 grade crossing elimination issue voted
several years ago, of which $1.499,500 has been sold.
-BOND SALE.
-The $46,000
TRAVIS COUNTY (P.O. Austin), Tex.
Issue of8% semi-annual fundihg bonds offered for sale on Sept. 16.-V. 137,
p. 1801-was purchased by Mr. J. T. Bowman of Austin. at par. Due
from 1934 to 1945.
-BOND ELECTION.
-The question of
TROY, Miami County, Ohio.
Issuing $50,000 5% iron removal plant bonds will be submitted for consideration of the voters at the general election to be held on Nov. 7. dewed
-BONDS NOTSOLD.
TRUMBULL COUNTY(P.O. Warren), Ohio.
The issue of $142,800 43.% refunding bonds offered on Oct. 3-V. 137,
p. 2311-was not sold, as no bids were obtained. Dated Oct. 1 1933 and
due semi-annually on April and Oct. 1 from 1935 to 1944 incl. iftimmigail
UPPER DARBY TOWNSHIP (P. 0. Upper Darby), Delaware
-BOND SALE.
County, Pa.
-The issue of 050,000 33% registered
-was purchased at par by the
bonds offered on Oct. 3-V. 137. p. 2494
Sinking Fund Commission. Dated Oct. 1 1933. Due Oct. 1 1943,optional
Oct. 1 1938.
UTICA, Oneida County, N. Y.
-FINANCIAL STATEMENT.
connection with the award on Sept. 26 of 053,370.71 4.40% bonds to
Halsey, Stuart & Co., Inc., of New York and associates, at 100.26, a basis
-the following has been issued;
of about 4.33%-V. 137, p. 2494
Tax Collections.
Uncoil. at End Uncollected
Total
Fiscal
Tax Collection
Levy.
Year.
of Fiscal Year. Aug. 311933.
Began.
1929 _34,008.885.56 $226,605.00
.00 1st Monday in August
4,329.118.49
402,731.87
.00 1st Monday in August
1930
.00 1st Mondale in August
547,740.01
1931 -_ 4,286.774.86
,
652,909.21
1932 __ 4,241,901.00
.00
81.646,516.71
1933 -- 3,341,893.97
* Law changed to provide for collection of city tax: 1st half, June 1;
2d half, Oct. 1. Tax becomes delinquent one month later.
No overlapping debt. No special tax districts other than two special
lighting districts. Special lighting district tax included in city tax charges
on property within lighting district. No debt incurred for this service.
Temporary Debt.
Tax anticipation notes, 1933
31.000,000, due Nov. 1 1933
Comparative Statement.
Operating Receipts and Disbursements.
1930.
1929.
1931.
1932.
Tax budget
35,608,644.78 0,990,685.91 $6.218,584.09 36.014,263.20
Total receipts__ _ _12.342,179.95 13,683,809.47 13.862,739.81 12,405,957.85
Total expendit's-12.454.954.40 13,392,528.49 14.203,048.41 12,535.421.45
Cash bal. Dec. 31 804,090.02 1,095,371.00
755.062.40
625,598.80
Tax budget bal_ _
2e,341.71 -68,843.46 -242.950.91
30,627.73
Budget balances are used to offset succeeding tax levy. Budget deficits
are charged against succeeding year's revenues. All bonds are general
obligation of city payable from unlimited tax. Tax sale, last week in May
of each year. Tax penalties, 1% per month until paid or redeemed. Fiscal
year, Jan. 1 to Dec. 31. Prepayment of 2d half of city tax, 2% discount.
Bonded debt limit, 10% of assessed valuations. Tax limit. 2% of assessed
valuations in excess of debt requirements. Deferred assessment account
self-supporting.
Population, Federal Census: 1910, 74,419; 1920. 94,156; 1930, 101.652
Water debt
None
Utility debt
None
City incorporated 1832.
No default in payment of interest or principal.
VIRGIN!A.
-RFC GRANTS $2.037,726 FOR WORK RELIEF PROJECTS
IN STATE.
-The Washington 'Post" of.Sept. 29 carried the following
report on grants made to municipalities in this State recently by the Reconstruction Finance Corporation for work relief projects:
"The RFC to-day notified the Virginia Public Works Committee that
grants totaling $2,037,726 had been made by the Corporation for projects
in Virginia. Applications for grants total $11,954,289.
"The applications were made in response to a campaign headed by
Gov. Pollard through the State Committee to place Federal money in Virginia to stimulate employment.
"The projects approved include a request by Radford for $125,646 for
a power protect; James Madison Memorial Bridge, Bowling Green,$134,580:
Richmond ridge Corp. application for 81,700.000 for toll bridges in the
City of Richmond; water project for Brookneal. $27,500; water project
for Mineral,$25,000; water project for Honaker, $25,000."
VOLGA, Brookings County, S. Dak.-BOND SALE NOT CONTEMPLATED.
-It is stated by the City Auditor that the city will not sell
the $3,600 4% semi-annual street improvement fire department and water
supply bonds voted on Sept. 19.-V. 137, p. 2494.
WACONIA,Carver County, Minn.
-BONDS VOTED.
-At the election
held on Sept. 25-V. 137, p. 2141-the voters approved the issuance of the
$18,000 in
% sewage treatment plant bonds by a count of 318 to 129.
Due serially from 1939 to 1953.
It was later reported by the City Recorder tnat these bonds will be
sold to the State of Minnesota.
WAHOO SCHOOL DISTRICT (P. 0. Wahoo) Saunders County,
Neb.-BONDS VOTED.
-At the election held on Sept. 22-V. 137. jo.
2141-the voters approved the issuance of $17,000 in scho-el building addi
tion bonds by a two to one ratio. It is said that the School Board will
apply to the Public Works Administration for a $24,000 loan to finance
this project.
WALKER COUNTY (P. 0. Jasper), Ala.
-FEDERAL LOAN APPLICATION TENTATIVELY APPROVED,
-It has been announced by the
County Commissioners that the State Public Works Advisory Board tentatively approved on Sept. 23 the County's application for a Public Works
Administration loan of approximately $400,000 to be used for public
buildings and roads.
CORRECTION.
-We were later informed that the County Commission
decided to issue warrants instead of bonds to finance the above program. It
is said that the program is ready for presentation to the State Advisory Board
of the Public Works Administration for,its approval within the next few
days,

2674

Financial Chronicle

WATERTOWN, Codington County, S. Dak.-BONDS VOTED.
At the election held on Sept. 23-V. 137. p 2311-the voters are stated
to have approved the issuance of $100,000 In bonds as follows: $80,000
street improvement bonds fly a count of 1,119 to 351. and $20,000 street
improvement bonds by a count of 1,124 to 349.
-The
WAYNE COUNTY (P. 0. Corydon) lowa.-BOND DETAILS.
$12,000 issue of 5% semi-ann. funding bonds that was purchased by the
White-Phillips Co. of Davenport
-was sold at par and
-V. 137, p. 2494
matures $4,000 yearly from Nov. 1 1935 to 1937 incl.
-NOTE
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-The Chase National Bank of New York purchased on Oct. 4 a
SALE.
total of $900,000 notes, including a $500,000 4% tax anticipation issue,
due Dec. 1 1933, and a $400,000 5% bond anticipation issue, due June 5
1934. Each issue is dated Oct. 6 1933. Notes have been approved as to
legality by Hawkins, Delaffeld & Longfellow of New York.
WESTERVILLE, Franklin County, Ohlo.-BONDS AUTHORIZED.
-The Village Council recently adopted ordinances providing for the issuance of $43,500 6% bonds, divided as follows;
$39,500 refunding bonds. Due Oct. 1 as follows: $7,500 in 1938 and $8,000
from 1939 to 1942 incl.
4,000 fire station and jail construction bonds. Due $500 annually on
Oct. 1 from 1935 to 1942 incl.
Each issue is dated Oct. 1 1933. Principal and interest (A. & 0.) are
payable at the State Treasurer's office in Columbus.
-RENEWAL OF LOANS
WEST NEW YORK, Hudson County, N. J.
AUTHORIZED.
-The Board of Commissioners adopted a resolution on
Sept. 26 authorizing the renewal of $360,000 tax anticipation notes of
1933, $550,000 tax revenue bonds of 1932, $240,000 tax revenue bonds of
1931 and $68,000 of 1930 revenue bonds. The Town Treasurer was intructed to reserve all cash tax receipts for the payment of the revenue
bonds. Bonds in amount of $73.000 and interest of $34,202.72, due on
Sept. 30, were ordered paid.
-TAX COLLECWEST PALM BEACH, Palm Beach County, Fla.
-The following report on
TION INVOLVES UNUSUAL PROCEDURE.
the payment of taxes in this city through the operation of a recently enacted
law, involving an unusual method, it taken from the Jacksonville 'Times
Union" of Oct. 1:
"West Palm Beacn begins functioning to-morrow as two cities in one,
under a new scheme of raising money for operating purposes.
"A special act of the last Legislature created a special district comprising tne whole city. The district can levy taxes to operate itself, bringing about a situation under which property owners can pay separate taxes
for district operation and separate city taxes for retirement and interest
on bonds.
"Villages, effective with beginning of the new fiscal year to-morrow,
seek collection of $365.000 district taxes for operating purposes and $285,000
City taxes for bond payments.
WEST POINT, Cuming County, Neb.-BONDS AUTHORIZED.
The City Council is said to have passed ordinances calling for the issuance
of $19,030 in bonds, divided as follows: $10,000 paving, and $9,000 intersection oonds.
-BOND
WEST SENECA (P. 0. Ebenezer), Erie County, N. Y.
SALE
.-The issue of $28,000 coupon or registered highway bonds offered
-was sold as 6s, at a price of par, to the
on Sept. 25-V. 137. p. 2142
Marine Trust Co. of Buffalo. Dated April 1 1933 and due $2,000 annually
on April 1 from 1935 to 1958, inclusive.
-BOND OFFERING.
WEST VIRGINIA, State of (P. 0. Charleston).
-Sealed bids -will be received by Governor H. G. Kump until 1 p. m. on
Oct. 11 for the purcnase of a $2,500,000 issue of 4% coupon or registered
refunding bonds. Dated June 1 1933. Coupon bonds in $1,000 denominations, convertible into fully registered bonds of $1,000 and $5,000 denominations. Due $125,000 from June 1 1934 to 1953 incl. The bonds
will bear interest at the rate of 434 %. or in any lesser rate wnich is a multiple of Ri of 1%, which may be named, the rate to be named by the bidder.
A part of tee issue may bear one rate and a part a different rate. No more
tnan two rates will be considered in any one old. Toe bonds cannot be
sold at less than par and accrued interest. Purchaser will be required to
pay accrued interest to the date of delivery. Delivery will be made in
New York City. Prin. and int. (J. & J.) payable in lawful money at the
State Treasurer's office, or at tne Chase National Bank in New York.
The purchaser or purchasers will be furnished with the final approving
opinion of Caldwell & Raymond of New York, but will be required to pay
the fee for approving said bonds. A certified check for 2% of the face
value of the bonds bid for, payable to the State. is required.
These bonds are issued under authority of an Act of the Legislature of
the State of West Virginia. passed on the 3d day of June 1933 (the validity
of this Act was sustained by decision of the Supreme Court of Appeals of
West Virginia rendered June 27 1933) and are a part of an authorization
of $5,000,000. To secure the payment of these bonds, principal sum and
Interest, when other funds and revenues sufficient are not available for
teat purpose, it is agreed that the Board of Public Works of the State of
West Virginia shall annually cause to be levied and collected an annual
State tax on all property in the State, until said bonds are fully paid, sufficient to pay the annual interest on said bonds and the principal sum thereof
within the time the bonds become due and payable.
Financial Statement.
$1,671,276,370
Assessed valuation 1932
Assessed valuation 1933, advance figures and subject to re1,781,431,209
vision
Bonded indebtedness
4,050.000
1. 1919 Virginia debt bonds (original issue $13,500,000)80,625,000
2. State road bonds
-not including this offer__ - $84,675,000
Total bonded indebtedness
1. $675.000 required to be retired annually, beginning in 1919.
2. Issued pursuant to the Good Roads Amendments to the Constitution
and payable serially, last maturity April 1 1957.
The State has outstanding notes as follows:
$500,000
Issued for general revenue phrposes, due Jan. 12 1934
1.000,000
Issued for general revenue purposes, due Feb. 26 1934
800,000
Issued for general revenue purposes, due June 26 1934
1,200,000
Issued for general revenue purposes, due Sept. 26 1934
500,000
Issued for general revenue purposes, due Jan. 1 1935
100.000
Issued for general revenue purposes, due Feb. 1 1935
800,000
Issued for Capitol Building purposes, due Dec. 15 1933
900.000
Issued for Capitol Building purposes, due Feb. 1 1934
$5,800,000
Total
The refunding bonds described by this offer are for the purpose of payment of indebtedness of the State created by casual deficits, and will be
used for said purpose, retiring toe outstanding notes described above,
and will be supplemented by the proceeds of a special direct levy authorized
for the construction of the Capitol Building. It is estimated that the
amount yet to be collected under this special levy will be sufficient to retire
all outstanding Capitol Building notes, except $575,000.
Population (1920 Census). 1.463,701: 11930 Census). 1,728.510.
-BONDED DEBT.
WETHERSFIELD, Hartford County, Conn.
The annual report of the Board of Finance for the year ended Aug. 31 1933
Includes the following:
Statement of Town Debt as of Aug. 31 1933.
$13,000.00
First school society demand note 4% interest
36,000.00
1915 series bonds (town) 434%
38,000.00
1923 series bonds
riswoldville School) 434%
240,000.00
'series bonds
Hi hh
1928
1930 series bonds(Ridge Rd. School & g% School add'n)4j4% 104,000.00
64,000.00
1932 series bonds (school additions) 534%
9,000.00
Sewer construction note
$504,000.00
Total debt as of Aug. 31 1933
-BONDS NOT SOLD.
WILLIAMSBURG, Clermont County, Ohio.
No bids were obtained at the offering on Sept. 29 of $38,000 6% first mortgage water works bonds, dated Feb. 1 1933 and due semi-annually from
-V. 137. p. 2142.
1935 to 1954 inclusive
-It is
WILLOW LAKE, Clark County S. Dak.-BOND OFFERING.
reported that sealed bids will be received until 8 p. m. on Oct. 9, by G. E.
Thomas, City Auditor, for the purchase of a $40,000 issue of 4% semiannual water works bonds. A certified check for 5% must accompany
the bid.




Oct. 7 1933

-A $40,000 issue of
-NOTE SALE.
WILSON, Wilson County, N. C.
revenue anticipation notes was purchased by the Bank of Wilson, on
Sept. 26, at 6%. Dated Sept. 28 1933. Due in three months.
-NOTE ISSUANCE AUTHORI7ED.
WILSON,Wilson County, N. C.
-The Board of Aldermen is said to have unanimously approved the issuance
of $40,000 in short-term tax anticipation notes. We understand that the
Issuance of the warrants is made necessary by the falling due of a considerable number of bonds during October, and a sufficient amount of taxes
has not-yet been collected to pay off the bonds coming due.
-TEMPORARY
WILMINGTON, New Hanover County, N. C.
-The Board of City Commissioners Is
BORROWING AUTHORIZED.
reported to have passed a resolution recently authorizing the borrowing of
$50,000 for 60 days. It is said toe funds are needed to meet bond and int.
maturities due Oct. 1, pending the collection of taxes for the year, which do
not become due until the same date.
NOTE SALE.
-On Sept. 28 a $50.000 issue of tax anticipation notes was
purchased by the Wilmington Savings Bank & Trust Co., at 6%•
-The
-NOTE SALE.
WINSTON-SALEM, Forsyth County, N. C.
Wachovia Bank & Trust Co. of Winston-Salem is reported to have purchased on Oct. 2 a $33,000 issue of bond anticipation notes at 6%.
.We are
YANKTON, Yankton County, S. Dak.-BOND DETAILS
Informed by the City Clerk that at the election held on Sept. 20(not Sept. 12)
of the $114,250 in public works projects
the voters approved the issuance
bonds by a majority of about 3 to 1. The issues are as follows; $28.500 water
works and sewerage impt.: $8,750 street widening: $70,000 city hall, and
$7,000 paving repair bonds. Interest rate not to exceed 4%.Payable semiannually. Due in from 3 to 20 years.
-Sealed
YANKTON, Yankton County, S. Dak.-BOND OFFERING.
bids will oe received until 8 p.m. on Oct. 23 by Gertrude L. Tripp, City
Auditor, for the purchase of four issues of 4% semi-annual ponds aggregating $114,250, divided as follows: $70,000 city hall; $28,500 water works
and sewerage: $8,753 paving repair, and $7,000 street improvement bonds.
Dated Nov. 1 1933. (These bonds were voted at the election held on
Sept. 12-V. 137, p. 2494.)
YELM IRRIGATION DISTRICT (P. 0. Yelm), Thurston County,
-BOND SALE.
Wash.
-The $92.000 of oonds that were approved by the
voters at the election on Aug. 26-V. 137. p. 1972-are said to have been
sold to the State of Washington. The bonds are divined as follows: $81,500
refunding, and $10,500 improvement bonds.
-BOND OFFERING.YONKERS, Westchester County, N. Y.
James E. Hushion, City Comptroller, will receive sealed bids until Oct. 7
for the purchase of $1,088,000 bonds,including issues of $600,000, $260,000,
$190,000 and $38,000.

CANADA, Its Provinces and Municipalities
-BRIEF DECLARES BANKS
BRITISH COLUMBIA (Province of).
-In a brief recently subACT ILLEGALLY IN BOND TRANSACTIONS.
mitted to the Royal Commission on banking for the British Columbia
Bond Dealers' Association. G. Lyall Fraser of the Western City Co., Vancouver, contends that the active selling of bonds by Canadian chartered
banks does not come within the scope of their authority under the Bank
Act. Mr. Fraser cited several court decisions in support of his allegation.
The "Financial Post" of Canada of Sept. 30 commented further in part as
follows:
curtailed..
"The prime object of the brief is to have the banks' activities in the
underwriting and distributing of securities 'at least greatly
The paper was presented to the Commission too late for a public hearing
because the transcontinental movements of the Commissioners were apparently too swift to allow Mr. Fraser to catch up with it. One underlying
theme in the document is that unrestricted security dealings by banks
may have undesirable moral effects. It is also suggested that the Bank
Act should be revised every five years instead of decennially as at present.'
-The issue of $20,600
BUCKINGHAM, Oue.-BONDS NOT SOLD.
5% general fund bonds, re-offered on Oct. 2 after having failed of sale
-again proved impossible of award, due to
on Sept. 5-V. 137. p. 2494
a lack of bids. Bonds bear date of Nov. 1 1933 and mature serially on
Nov. 1 from 1934 to 1963 incl.
-TO RECEIVE $300,000 AS LOAN-A special
EDMONTON, Alta.
loan of $300,000 will be made to the City by the Dominion Government,
acting through the Alberta Provincial Government, according to report.
-Sealed bids will be received by the
HULL, Que.-BOND OFFERING.
City until Oct. 16 for the purchase of $115.500 5% coupon bonds, dated
May 1 1933 and due serially on May 1 as follows: $2,000 from 1934 to
1942, inclusive and $97.500 in 1943.
-An issue of $35,000 534% ImprovePRESCOTT, Ont.-BOND SALE.
ment bonds, due in 20 years, has been purchased by A. E. Ames & Co.
of Toronto.
ROCKLAND, Ont.-SUPERVISORY BOARD NAMED.
-As a result
of the default on bond interest charges, the Ontario Municipal Board has
appointed a committee to supervise the financial affairs of the town.
-An issue of $38.682 5% bonds of
-BOND SALE.
ST. JOHN, N. B.
the City and County of St. John was purchased recently by J. M.Robinson
& Co. of Toronto at a price of 100.50, a basis of about 4.96%. Due in
from 15 to 30 years.
ST. HYACINTHE, Que.-BOND ELECTION.
-At an election to be
held on Oct. 24 the voters will be asked to approve of the issuance of$310,000
municipal electric light plant construction bonds.
-BOND SALE.
-An issue of $15,000 bonds was awarded
TRURO, N. S.
recently as 55 to Central Agencies, Ltd.. at a price of 101.50, a basis of
about 4.90%. Due in 30 years. In response to the request for alternative bids at interest rates of4yi% and 5%,the following offers were received:
Rate Bid
Bidder4ji.7
5%
Central Agencies, Ltd
96.d
101.50
G. H. Morrison & Co
93.11
100.55
Nova Scotia Bond Corp
94.51
100.00
J. C. Mackintosh & Co
96.07
100.25
Johnston & Ward
94.75
99.80
Eastern Securities Co
93.07
99.17
Sterling Securities, Ltd
92.25
99.50
Dominion Securities Corp
92.51
99.11
Royal Bank of Canada
92.28
98.48
J. M.Robinson & Co
92.27
98.50
Royal Securities Corp
94.52
_ _ -YORK TOWNSHIP, Ont.-BOND REFUNDING PLANNED.
The township plans to ask holders of $256,000 bonds which matured on
Oct. 1 and of bonds due on Nov. 1 and Dec. 1 1933 to surrender them for
new refunding bonds, according to the "Financial Post" of Sept. 30. Oct. 1
Interest was met, it is said. The township, bordering on Toronto, has a
funded debt of about $18,000,000 and a population of 68,000. Mounting
tax delinquencies and heavy relief expenditures are cited as reasons for the
necitsity of a refunding arrangement. At the end of 1932 tax arrears
aggregated $2,023,964, including $1,199,731 due on account of that year's
levy. Bank loans outstanding on Dec. 13 1932 amounted to $1,250,000.
The township hopes to reduce the interest rates on the bonds from the
present coupons of 534 and 6% to 5%. A committee named to confer
with bondholders regarding the refunding of October maturities consists of
Reeve Alfred Gray, Comptroller 0. M. Wrenshall, Howard A. Hall, K.O.,
Township Solicitor, and Lancelot A. Dack of the Canadian Bank of Commerce. The "Financial Post" article included the following report on the
collection of current and delinquent taxes:
York Township Tax Collections to Sept. 23.
1932.
1933.
1931.
$1,258,000 $1,435,000 $1,266,000
708,000
648,000
602,000
2,980,000
2,923,000
2,973,000
71.3%
66.0%
62.8%

Ctsfent'
Arrears
Levy
Ratio of collections to levy