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The Financial Situation
NCE again we are confronted with a major labor rest renders the development of all such crises particcrisis. This time it is the cotton textile work- ularly hazardous.
ers who are apparently about to strike. If the claims
Unprecedented Tactics
of the unions are to be taken at face value, the
number of wage earners who will walk out of the mills
EANWHILE the course of events leading up to
will exceed that of any other strike since the inauguthe impasse now existing in this industry has
ration of the present Washington Administration. brought some interesting and perhaps enlightening
In the background, according to these same witnesses, developments at Washington. If Federal relief auis also the possibility of similar action on the part thorities are to provide amply for workers unemployed
of the workers in the related silk, rayon and woolen by reason of any strike not adjudged unwarranted by
industries. On the basis of such testimony the situa- the Department of Labor, the Federal Government
tion is certainly a serious one, coming as it does at. has assumed a position unprecedented in this country
a time when the country is already suffering intensely and, so far as we are aware, in any other country.
from unemployment made worse by heavy declines Yet such seems to the meaning of the various intimain the rate of business activity, and carrying burdens tions of responsible officials during the past week.
imposed by many other
Such an arrangement
more or less sporadic labor
would make of the conoutbreaks and general unAn Urgent Problem
ciliation machinery set up
rest.
The selection of Mr. Upton Sinclair, a
under the recently enacted
well-known Socialist with extreme views, as
Federal law hardly more
Appearances May Deceive
the Democratic candidate for Governorship
than a mechanism for enin the State of California has served quite
naturally to give further impetus to the unYet it may well prove
forcing the edicts of the
easiness felt in thoughtful circles about the
that the real state of afDepartment of Labor,
general drift of political and economic thought
fairs is not nearly so critiin this country.
whose bias in such matters
Yet the trouble seems to us to lie not so
cal as is thus indicated.
and whose political commuch in the growth of radical public opinion
Indeed, it would probably
as in the disorganization, the inarticulateplexion few will care to
ness, the tim;clity, and the reluctance to work
be safe to assert that such
question.
together of those elements in the population
is the case, if the attitude
Such a policy would also
who believe in sanity in the management of
of the Government in the
public affairs and who prefer a vigorous
place the Government in a
capitalism with all its defects to a system
matter had been more
position to bring great
tending more and more toward State Socialstatesmanlike and if public
ism dominated by a mythical'forgotten man."
pressure upon employers
Add to this the inclination on the part of
officials could be counted
by simply underwriting
a good many who do not really believe in curupon to conduct themrent national policies to tolerate them, if not
strikes when they refused
to support them, because they see, or think
selves with reason and justo come to terms. If, on the
they see, some narrow, selfish advantage to be
tice in the future. Those
other hand, the demands
gained therefrom, and we have a situation
that is not only grave but urgent.
who ought to know assert
of labor should be conThose groups whose inclinations lean toconfidently that a relasidered by the Department
ward all sorts of quack economic remedies and
tively small percentage of
cures, whose interests are in financial panaof Labor to be wholly withceas, and whose belief in paternalistic and
the rank and file of the
out warrant, apparently
socialistic schemes is strong and often doubtwage earners in the cotton
less sincere have of late been showing a much
the Government would
greater willingness to strive shoulder to
textile industry of the counstand aside as a neutral,
shoulder for what they want, regardless of
try are genuinely in symparty ties, than have others who understand
unless the President were
that such policies always have and always
pathy with the union leadwilling to undertake to
will prove in the end to be but snares and
ers. So far as can be
bring the pressure of public
delusions.
learned the men have really
The conservatives of the country should not
opinion to bear upon the
longer delay in finding a feasible means of
no grievance. The unions
recalcitrant wage earners
joining forces against their common foes.
whose treasuries are bare
The result would be too costly.
in question. Butfrom the
are in no position to fitrend of events in the nanance a prolonged cessational capital during the
tion of work unless the relief funds of the nation past few weeks, it is difficult to think of the Departare used to underwrite the procedure.
ment of Labor as willing to go on record as condemnMill executives are reliably said to feel that their ing any substantial group of wage earners with strong
employees have already been handsomely treated
union support. A more inequitable policy would be
in the National Recovery Administration codes, as hard to
imagine.
handsomely indeed as the industry can possibly
afford. Stocks of goods on hand are large, and the
A Farmer-Labor Government?
markets not particularly strong. Accordingly there
So marked has the partiality to the farmers and
is little disposition in the industry to worry unduly the labor unions become of late that some astute
about the situation. In fact, in many circles the observers, adopting European terminology, have labopinion is expressed that it would be better to have eled the Administration a Farmer-Labor Governa test of strength now than to permit the chronic ment. If the authorities presently adopt the policy
agitation and threats of strikes to continue to hang which is being urged in influential quarters of using
over the head of the industry as they have for a good the NRA machinery and other governmental agenwhile past. In view of these and other similar cir- cies to launch and carry forward a program of beating
cumstances, it is well not to grow unnecessarily down the prices of industrial products, while insisting
pessimistic about the matter, although existing un- at the same time upon measures that maintain
O
M
and even increase costs, the state of affairs would be
even more serious. In this connection, persistent
reports late in the week that the President intended
to follow the recent order shortening hours and raising
wages in the cotton garment industries with similar
orders applying to a wide range of industries were hardly reassuring.
The Cost of the New Deal
HE Secretary of the Treasury on Tuesday evening
delivered a radio address which has been widely
interpreted as asserting that the entire cost of the
New Deal to date has not exceeded about $505,000,000. The Secretary made no such explicit statement, but did unmistakably imply that the cost of
the whole net-work of programs of the Administration
has been no more than that figure, and indeed that
it has been substantially less than is thus indicated.
Simultaneously with his address,the Secretary handed
to the press for release on Wednesday morning a
consolidated balance sheet of the various corporations
and other organizations through which the Government has been expending vast sums of money during
the past year and longer.
So immeasurably important is this subject that it
is well worth while to make a rather close examination
of the figures thus presented for the first time, and
of the conclusions drawn by the Secretary of the
Treasury from them in conjunction with the usual
Treasury statements. Briefly • put, the Secretary
states his case about as follows: Between March 4
1933, when the present Administration took office,
until June 30 1934, the gross public debt rose from
$21,000,000,000 to $27,000,000,000,or about $6,000,000,000. There are, however, a number of deductions that must be made if the cost of the New Deal
is to be determined. First, the cash balance of the
Treasury rose from about $200,000,000 to $1,800,000,000, or by $1,600,000,000. In the second place,
the so-called profits from the deva nation of the
dollar, none of which are included in the above
figures, amounted to $2,800,000,000. This fund_remains on hand in Washington, nearly all of it in
gold or silver. In the third place, the assets of Government agencies and corporations have increased
during the period in question by about $1,095,000,000. Adding- these three items for deduction,
we obtain the total of $5,495,000,000, which when
subtracted from $6,000,000,000 leaves only $505,000,000. "This is wholly aside," adds the Secretary of the Treasury, "from an increase in the capital
investment of the Government in agencies which are
partially financed by funds raised outside of the
Treasury." At another point he further states that
"we may also note that, outside of the present inventory, other very real and tangible assets in the
form of better roads, better housing, huge new dams
and power plants, modern public buildings and other
projects which, financed in whole or part by Federal
funds, have increased the real wealth of the country."
T
sex. 1
Financial Chronicle
1280
1934
public show the Government's equity in corporations
partly financed by the Treasury at about $930,000,000, much the larger part of which was acquired by
the Government during the past year. The Government's equity interest in the Federal Farm Mortgage
Corporation, the Banks for Cooperatives, the Home
Owners Loan Corporation and the Federal Deposit
Insurance Corporation, all creations of the New
Deal, is reported at $602,000,000, or more than
enough to offset the $505,000,000 left after the deductions actually made by the Secretary.
We do not, however, for one moment believe, and
we do not think that anyone else familiar with the
financial aspects of public policies believes, that
even a remote idea of the cost of the New Deal can
be obtained from any such statistical computation.
For one thing, the Secretary of the Treasury seems
to assume that services and assets financed by taxation or through confiscation of the property of citizens cost nothing. Else why should he take the
increase in public debt as the basis for his computations? However, the real cost of the New Deal is
to be sought not in the dollars and cents of direct
expense involved in the delivery of services and in
the acquirement of assets, but rather in the ill effects, first of the methods employed by the Treasury
in obtaining its funds, and second of the spending
programs of the Government. Considered in this
way the New Deal has already been immeasurably
expensive, and is in all probability destined to be
even more costly in the future. No one can say how
many years or what sacrifices will be required for
the elimination of the destructive factors and influences that have already been firmly established in
our economic and financial system by the crack.
brain experiments of the past year or two.
The Facts
Let the average business man analyze this situation for himself. The facts are clear. From March
1933 to the end of June 1934 the Federal Government
expended $8,324,000,000, excluding public debt retirements,and also without taking into consideration
a substantial volume of expenditures by the Reconstruction Finance Corporation which previous to
June 30, 1933, were not shown in the regular
Treasury statements. If what the Secretary of the
Treasury means by the cost of the New Deal is the
out-of-pocket cost of the services, subsidies and assets provided or acquired by the Roosevelt Administration to the end of June of this year, that price
is plainly more, and substantially more, than $8,324,000,000. If what is desired is an estimate (on the
basis of book value of assets) of the net out-of-pocket
cost of the program during the period in question,
the answer, it seems to us, is $8,324,000,000 less the
$5,495,000,000 in assets listed by the Secretary, or
$2,829,000,000, with a further deduction, perhaps,
of a half billion to a billion dollars to represent the
equity interests of the Government in corporations
partly financed by the Government. These figures,
cost!
Without
let it be understood,are all based upon the book value
the Treasury which the SecreIf these are the facts, and all of the facts, and if of assets carried by
admits may not be, and in all probthis is the correct interpretation of them, it is indeed tary himself
fully realized. If the New Deal
an impressive record that the Secretary of the Treas- ability will not be,
to be considered as only the so-called emergency
ury is presenting to the public. He does not him- is
and if the book value
self go so far, but on his own figures and follow- programs of the Government,
farther he could of assets is really their true value,the Secretary may
ing his own reasoning a few steps
g his computations as
easily have shown that the New Deal has really cost be warranted in presentin
now handed to the representing its approximate out-of-pocket cost. Reus not a cent. His own accounts
1281
Financial Chronicle
Volume 139
ceipts from taxation roughly cover the ordinary outlays of the Government for the period as governmental activities are now classified.
But out-of-pocket cost of such i program, let it
be repeated, is really of only secondary consequence,
large though it is. Consider certain of the other
aspects of the question. First, whence come the funds
to meet these expenditures? The facts in this instance also may be very simply stated. From the
beginning of March 1933 to the end .of June 1934
the Federal Government spent $8,300,000,000, and,
according to the Secretary of the Treasury, enlarged
its working cash balance in the amount of $1,600,000,000. It also accumulated gold and silver totaling
about $2,800,000,000. On the other side of the ledger,
it raised approximately $3,900,000,000 in taxes, confiscated about $2,800,000,000 in gold and borrowed
some $6,000,000,000 to make the accounts balance.
increased, and what augmentation there has been
in the capital funds of the banks has been the re:ult
for the most part of such processes as the arbitrary
writing down of deposits and the exchange of capital
stock or notes for Government securities or their
equivalent. Certainly it is a fact that SUMS well
in excess of the savings held by these institutions
at the beginning of the period were at that time invested in long-term securities and mortgages. It
follows, therefore, that the $4,250,000,000 in Government obligations absorbed by the banks was paid
for not with the savings of the people, but through
the creation of funds for the purpose. What would
some of the defenders of this program have to say
if the Treasury had financed itself, to the extent of
$4,250,000,000, by the issue of greenbacks? The
procedure actually employed is different in no very
essential respect.
Manufacturing Funds
Another View
The process of expropriating the so-called gold
profits was, in practical effect, a devious method of
creating funds; in other words, potential inflation.
It is comparable in practical effect to printing
$2,800,000,000 in greenbacks and storing them, or
practically all of them,in the vaults of the Treasury,
except in its bearing upon those former holders of
the metal who normally expend their funds, or some
important part of them, abroad. For these latter it
was a very real capital levy. Once these enormous
funds cease to lie idle in the Treasury, they become
a part of the banking reserves of the nation. The
inflationistic quality of the procedure will then become self-evident. Once this step, in conjunction
with other official action, registers itself in markedly higher prices, former gold holders finding themselves deprived of a large part of their domestic
purchasing power will realize that they have been
the victims of expropriation. This whole process
may well become one of the active causes of currency, credit and price disorders in this country,
the like of which we have not yet seen. Whether
or not consequences as dire as this actually follow,
the results are all but certain to be exceedingly
troublesome in the end.
Converting Deficits into Money
And what of the $6,000,000,000 increase in public
debt? To what extent has this borrowing program
represented absorption by the Government of funds
saved by the people, and to what degree is it upon
analysis found to have been carried to completion
by the indirect manufacture of the funds flowing
as a consequence into the Treasury? The acquisition by the Government of large portions of the
savings of the people, unless the funds were really
needed and used for legitimate purposes, could
hardly be considered as other than highly unfortunate. The manufacture of money (deposits) for
such purposes is always inexcusable. What are the
facts? A study of the banks' statements readily reveals them. The volume of government obligations
owned by the commercial banks of the United States,
including the Federal Reserve banks, between March
1933 and June 1934 increased by some $4,250,000,000. This means that of the $6,000,000,000 increase
in government obligations outstanding, some $4,250,000,000 were placed in the commercial banks.
There is nothing to indicate that these institutions held more savings at the end of the period than
they did at the beginning. Time deposits have not
Suppose that during the past sixteen months the
banks had merely bought one another's capital stock
or obligations, and borrowed from one another on
security of "good but slow assets" found in bank
portfolios, instead of using the Reconstruction Finance Corporation which they themselves financed,
say to the extent of $1,000,000,000. Suppose further
that they had invested $200,000,000 in Federal Farm
Mortgage Corporation Stock, $110,000,000 in the
stock of Banks for Cooperatives, $154,000,000 in the
stock of the Homes Owners Loan Corporation, and •
a good many hundreds of millions in sundry other •
types of assets of similar sort. How then would
the present situation appear? What they have done
is at bottom not so unlike this procedure as it would
at first glance seem. They have bought Government
obligations, the proceeds of which were used for such
purposes. The Government, meanwhile, by its own
tactics has robbed itself of a market for its securities
except among the banks themselves. It is, of course,
absurd to suppose that the Treasury could convert
its assets into cash except over a long period of
time, unless it did so with the help of these same
banks or by using its prerogative of printing fiat
money. Suppose that instead of reducing the gold
content of the dollar the Government had proportionately reduced reserve requirements all round,
and the banks had correspondingly purchased
$2,800,000,000 more Government securities. The
situation in its domestic aspects, apart from what
has now become a mere technicality of the size of
the ultimate gold reserve of the country, would not
fundamentally be very much different from what it
is at this moment.
But what of the state of affairs that has been
created by this stupendous intrusion of the Government into the business world as entrepreneur and
capitalist? The figures made public by the Secretary of the Treasury show that the Government,
through its wholly owned and wholly Government
financed corporations and agencies, has a proprietary and creditor interest in the business enterprises of the United States amounting to the staggering sum of over $3,500,000,000. It owns and
controls other corporations whose assets now
amount to about $4,250,000,000 and are steadily,
not to say, rapidly increasing day by day. The influence and the power that it is able to exert through
these corporations and through its investments generally are, particularly when taken in conjunction
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Financial Chronicle
with the work of the NRA, the AAA, and the other
agencies it has created, almost beyond realistic appreciation by the average man who has not given
the matter serious study. The expense in future
difficulties in our judgment cannot fail to be enormous. To undertake to estimate the cost of the New
Deal without taking into consideration such factors
as all these to which reference has here been made
is very much like writing a play of Hamlet and
omitting the Danish Prince.
One of the purposes for which the Secretary of
the Treasury gave the public this exposition of
Treasury finances at this particular time was, we
suppose, that of aiding in the preparation for the
large borrowing operations which the Government
must undertake during this month and the next.
No one who has the good of his country at heart
could, therefore, discuss the Treasury program in
the terms we have here used without a feeling of
deep responsibility. Yet we cannot bring ourselves
to believe that there is anything to be gained by
failing to look the facts squarely in the face, particularly at a critical time such as this, or in refraining from suggesting that the patriotic American business man do the same thing. On the contrary, it is our deep conviction that in the long run
all would be much better served if all such matters
were given the attention they deserve at once, while
there is yet time to save ourselves from the certain
evil consequences of an indefinite continuance of
the policies now in vogue. Let us not deceive ourselves. We cannot go a great way farther on this
course without precipitating disaster.
Sept. 1
1934
$4,126,973,000. At this level the excess reserves of
member banks over requirements are approximately
$2,000,000,000—a figure that invites an almost
limitless credit debauche. Deposits of the United
States Treasury on general account were reduced
in the week, but the total deposits with the System,
nevertheless, increased to $4,360,833,000 on Aug. 29
from $4,327,382,000 on Aug.22.
Treasury policy was again adapted to the stimulation of the credit tendency, as an increase of $16,121,000 in the gold certificate holdings of the Reserve System is shown, bringing the total to $4,979,482,000 on Aug. 29 from $4,963,361,000 on Aug. 22.
This increase occurred notwithstanding a net loss
of $6,468,000 in gold through exports to Europe
occasioned by the foreign silver purchases under the
new silver program. American production of gold
was not sufficient to overcome the losses through
exportation, and the credit summary for the week
shows that the monetary gold stocks declined
$2,000,000. There is reason to believe that the
Treasury is dipping somewhat into its so-called gold
"profit" from devaluation of the dollar, in order to
stimulate further the already enormously swollen
credit resources of the country. With other cash
reserves somewhat increased, total reserves of the
System advanced to $5,239,692,000 on Aug. 29 from
$5,216,055,000 on Aug. 22. Noteworthy, also, is a
small decrease of Federal Reserve notes in actual
circulation to $3,103,289,000 from $3,105,028,000,
notwithstanding the emission of ever-larger amounts
of new silver certificates. Normally, the outpouring of silver notes should occasion a much quicker
reduction in Federal Reserve note circulation, and
Another Investigation
the relatively small reduction indicates either that
NNOUNCEMENT was made in Washington on hoarding of currency again is in progress or else
Thursday that the Treasury Department, in that the silver notes are not going into actual circooperation with a number of other agencies, has culation as fast as they are being printed.
now launched an intensive investigation covering
Discounts of the Reserve System finally reflect
the Chicago Federal Reserve District to determine a small increase to $21,007,000 on Aug.29, from $19,whether or not small enterprises are able at present 816,000 on Aug. 22. Open market bankers' bill holdto obtain the credit to which they are entitled. If ings advanced slightly to $5,247,000 from $5,114,000.
this is to be an intelligent and impartial inquiry The holdings of United States Government securiconducted with the bona-fide intention of learning ties again were virtually unchanged at $2,431,and disclosing the facts, it may serve the useful pur- 802,000. The net circulation of Federal Reserve
pose of settling a dispute of long standing. In such bank notes continues to recede, the aggregate being
an event it will more than likely, in our opinion, $31,933,000 on Aug. 29 against $32,303,000 on
rob a number of public officials and others of a Aug. 22. With Federal Reserve note circulation
"talking point" in their condemnation of the banks. not much changed, offsets were provided by the
But, however that may be, it would be a good thing increases of reserves and of deposits, and the ratio
to have the facts at hand. If the real purpose of of total reserves to deposit and note liabilities, comthis elaborate survey is, as may or may not be the bined, was unchanged at 70.2%. Industrial adcase, that of providing material for further villifica- vances by the System were increased in the week to
tion of the banks or for further argument favoring $810,000 from $298,000, this gain being the largest
still more extended Government intrusion into the recorded since the item first appeared more than a
field of banking and credit, the outcome can hardly month ago. Commitments to make such industrial
be other than seriously harmful.
advances were $357,000 on Aug. 29 against $345,000
on Aug. 22.
The Federal Reserve Bank Statement
Foreign Trade in July
HE current condition statement of the 12 Federal Reserve banks, combined, reflects a conHE foreign trade of the United States has been
tinuance of some of the unfortunate tendencies in
showing a hesitating tendency for several
monetary and credit matters that have long been months past, but the July report, just issued, was
in evidence, but there are also some interesting varia- decidedly unfavorable. Merchandise exports last
tions that are obviously due to the silver nationaliza- month were below those for any month since Septemtion program of the Administration. Most alarm- ber last excepting only May this year, while imports
ing in its implications is a further sharp increase continued to show a further recession and were
in member bank deposits on reserve account, which smaller in amount than those of June 1933. Exadvanced $55,000,000 in the week from Aug. 22 to ports still exceed in value those of a year ago, but
Aug. 29, reaching the unprecedented figure of the difference for July was narrowed down to a
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1283
small sum. In the early part of 1933 both exports seven months of this year gold exports were valued
and imports of merchandise were down to the lowest at $13,325,000 and imports at $905,717,000, an examount that they had been for a great many years. cess of imports of $892,392,000. For the same time
Much the same thing was true of our foreign trade in 1933, gold exports amounted to $179,078,000 and
movements in the last half of 1932. There was some imports to $185,011,000, imports exceeding exports
improvement, however, about a year ago, and this by only $4,933,000. The Department of Commerce
in a slight degree is now the occasion for the un- explains that the above values for 1934 have been
reckoned on the new basis of $35 for gold since
favorable showing made for July.
Merchandise exports last month were valued at Jan. 31 this year, against the previous value of
$161,787,000. June exports amounted to $170,- $20.67 per ounce. This difference of 59.06% repre571,000, while in July of last year the value was sents the change in value between the -hi° years.
$144,109,000. Merchandise imports in July were The silver movement in July was again nominal,
reduced to $127,342,000, the lowest in over a year. amounting for exports to $1,789,000 and for imports
The value in June was $136,082,000, and in July of to $1,590,000.
last year $142,980,000. The excess of exports last
The New York Stock Market
month over imports was $34,445,000, but a year ago
ECURITIES of all kinds drifted slowly but
it was only $1,129,000. As showing the tendency
steadily lower in the New York market this
at that time, imports exceeded exports in value in
August a year ago. For the seven months of the week. The tendency in every session was toward
current year exports amounted to $1,197,857,000 lower quotations, not only in the stock market, but
and imports to $990,671,000, exports exceeding im- also in the bond market. Offerings were small in
ports by $207,186,000. For the same time in the almost all sections, but there was even less buying
preceding year, exports were valued at $813,438,000 interest, and only a few issues escaped the modest
and imports at $735,032,000, the excess of exports downward drift. The buying that appeared was
being $78,366,000. The increase in exports for the chiefly in some of the metal stocks with silver or
first seven months of this year over the same period gold aspects, as the fears of currency inflation were
in 1933 was 20.9%, while for the month of July the still current. On the New York Stock Exchange the
increase over that month last year was only 12.3%. week started quietly, with stocks generally a bit
The value of merchandise imports for the seven lower on a turnover of only 534,100 shares. There
months of 1934 also exceeded that for 1933 by 10.7%. was even less trading on Tuesday, and again slight
On the other hand, there was a reduction for July recessions predominated. Many traders and investors began to leave the city on Wednesday for an
this year of 10.8%.
Cotton contributed heavily to the loss in merchan- extended Labor Day holiday, and dulness was once
dise exports last month. Foreign shipments of cot- more the prevailing note. Turnover actually inton in the closing month of the cotton year were the creased a trifle, but the downward tendency conlowest of any month, with the exception of May tinued. Small losses were registered Thursday, with
this year, since August 1931. July is usually an off conditions unchanged. The holiday exodus from the
month in cotton exports, although July 1933 was, financial district was marked yesterday, and stocks
in a way, an exception, because of special conditions again dipped in the quietest session of the week.
Movements in stocks were overshadowed by forprevailing at that time. Cotton exports last month
were 323,128 bales, compared with 709,702 bales in eign exchange developments and the problem the
that month last year, a decline this year of 54.5%. United States Treasury faces in its refinancing of
The reduction in the value of cotton exports last $525,000,000 certificates of indebtedness due
month from July 1933 was also very heavy, the Sept. 15. Sterling exchange was permitted by the
value for these two months being, respectively, $20,- British authorities to fall rather sharply from its
030,685 and $36,775,604. The decline this year was former level of around $5.08 to less than $5, and
equivalent to 46.1%. Exports other than cotton in the relationship of sterling to the French franc was
July amounted to $141,446,000 against $107,333,000 similarly altered. There was no definite knowledge
in that month a year ago. The increase this year as to what this portends, but it occasioned an imfor the latter amounted to 31.8%. Possibly 8% or mense amount of conjecture in all markets. With
10% of the amount this year represents higher cost the international currency situation thus again
due to the recent advance in prices. Cotton was prominent, investors were not inclined to enter the
fully 15% or 20% higher in price in July this year markets. In the listed bond market some recesthan it was in that month a year ago. The value sions were noted day by day in United States Govof cotton exports in June was $28,916,846, the high- ernment securities, and the lack of any demand for
est for any month since March. Much of the de- these issues is not a good omen for the large refundcline in merchandise exports last month compared ing transactions that must be accomplished. In a
with shipments abroad in the earlier part of 1934 radio address, late Tuesday, Secretary of the Treaswas due to loss in cotton exports.
ury Henry Morgenthau Jr. attempted to justify the
The monthly movement, to and from foreign ports, "New Deal" on the basis of calculations that show
of the precious metals continues very erratic. Gold only a relatively modest cost. He referred also to
exports for July were reduced again to a compara, the $2,800,000,000 "profit" from devaluation of the
tively insignificant total, and imports, while heavy, dollar in terms of gold as destined eventually to offwere lower than in June, but in excess of the move- set much of the cost. Although the address was
ment in May. Gold exports last month, at the new patently intended to improve the market for Treasvalue, amounted to only $114,000 against $6,586,000 ury obligations, results did not bear out the Treasin June, and $85,375,000 at the old value in July last ury's intentions, as quotations continued to drop.
year. Gold imports at the new value in July were Other departments of the bond market also reflected
$53,330,000 against $70,291,000 in June and the downward drift, while a more marked lowering
$1,497,000 at the old value in July 1933. For the of quotations took place in German dollar bonds,
S
1284
Financial Chronicle
owing to numerous pessimistic statements by Dr.
Hjalmar Schacht, the German economic dictator.
There was again keen interest in the various
indices of trade and industry, but these failed to
furnish satisfactory indications of the autumn
trend. Steel-making operations, as estimated for
the week beginning Aug. 27 by the American Iron
and Steel Institute, fell to 19.1% of capacity, as
against the estimated rate of 21.3% for last week.
Electric power production throughout the United
States for the week ended Aug. 25 was 1,648,107,000
kilowatt hours against 1,674,345,000 kilowatt hours
in the preceding week, the Edison Electric Institute
reported. Car loadings of revenue freight for the
week to Aug. 25, as reported by the American Railway Association, were 605,516 cars, an increase of
0.8% over the preceding week. Commodity markets
were uncertain, and here, also, the investment community preferred to await further indications.
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 102 c. as against 1037/ the
/
1
4
8c.
close on Friday of last week. September corn at
Chicago closed yesterday at 78%c. as against 7712c.
/
the close on Friday of last week. September oats
at Chicago closed yesterday at 5114c. as against
/
50%c. the close on Friday of last week. The spot
price for cotton here in New York closed yesterday
at 13.35c. as against 13.50c. the close on Friday of
last week. The spot price for rubber yesterday was
15.69c. as against 15.75c. the close on Friday of
last week. Domestic copper closed yesterday at 9c.,
the same as on Friday of previous weeks.
In London, the price of bar silver yesterday was
k'8 pence per ounce as against 21 9 16 pence per
/
7
/
ounce on Friday of last week. In the matter of the
foreign exchanges, cable transfers on London Closed
yesterday at$4.991 2 as against $5.071 8 the close on
/
/
Friday of last week, while cable transfers on Paris
closed yesterday at 6.6912c., as was the case on Fri/
day of last week.
On the New York Stock Exchange 32 stocks
reached new high levels for the year, while 16
stocks touched new low levels. On the New York
Curb Exchange 19 stocks touched new high levels
for the year, while 18 stocks touched new low
levels. Call loans on the New York Stock Exchange
remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 436,700
shares; on Monday they were 534,100 shares; on
Tuesday, 404,220 share; on Wednesday, 761,860
shares; on Thursday, 649,650 shares, and on Friday,
400,790 shares. On the New York Curb Exchange
the sales last Saturday were 83,175 shares; on Monday, 101,976 shares; on Tuesday, 109,765 shares; on
Wednesday, 175,470 shares; on Thursday, 115,005
shares, and on Friday, 98,540 shares.
Dulness again characterized the stock market the
present week, trading volume being on a small scale,
with the tendency of prices mostly downward at the
close on Friday. General Electric closed yesterday
at 19 as against 1978 on Friday of last week; Con/
solidated Gas of N. Y. at 28 against 2914; Columbia
/
Gas & Elec. at 9% against 10 ; Public Service of
/
1
4
N. J. at 32% against 34%; J. I. Case Threshing
Machine at 41 against 431 2; International Har/
vester at 2714 against 28%; Sears, Roebuck & Co.
/
/
at 3738 against 3812; Montgomery Ward & Co. at
/
24 against 25 ; Woolworth at 48% against 50%;
/
1
4
/
1
4
Sept. I 1934
American Tel. & Tel. at 1111 8 against 113%, and
/
American Can at 98 against 10078
/.
Allied Chemical & Dye closed yesterday at 129%
bid against 1331 2 on Friday of last week; E. I. du
/
Pont de Nemours at 90 against 9338; National Cash
/
Register A at 1414 against 15%; International
/
Nickel at 2514 against 26; National Dairy Products
/
at 17 ex-div. against 17%; Texas Gulf Sulphur at
34% against 351 8; National Biscuit at 32% against
/
33%; Continental Can at 81 against 82; Eastman
/
Kodak at 993 against 10034; Standard Brands at
4
19% ex-div. against 20%; Westinghouse Elec. &
/
Mfg. at 33% against 3478; Columbian Carbon at 67
/
against 70; Lorillard at 1778 against 18%; United
States Industrial Alcohol at 4014 against 41%;
/
2
Canada Dry at 16 against 1714; Schenley Distillers
at 21% against 22%,and National Distillers at 207 8
/
against 20%.
The steel stocks reversed their course and suffered
moderate losses for the week. United States Steel
/
closed yesterday at 3378 against 3618 on Friday of
/
last week; Bethlehem Steel at 29% against 31; Re/
4
public Steel at 133 against 15%, and Youngstown
/.
Sheet & Tube at 17 against 1814 In the motor
group, Auburn Auto closed yesterday at 23%
against 24%; General Motors at 29% against 31%;
4,
Chrysler at 33 against 353 and Hupp Motors at
2% against 2%. In the rubber group, Goodyear
Tire & Rubber closed yesterday at 2278 against 24%
/
on Friday of last week; B. F. Goodrich at 10%
against 117s and United States Rubber at 1618
/,
/
against 18.
Reaction marked the course of the railroad list,
and prices were lower at the close yesterday than
one week ago. Pennsylvania RR. closed yesterday
at 24 against 2514 on Friday of last week; Atchison
/
/
/
Topeka & Santa Fe at 5078 against 5334; New York
Central at 21.4 against 24; Union Pacific at 99
against 103%; Southern Pacific at 18 against 1978;
/
/
1
4
Southern Railway at 16 against 181 2 and North/,
/.
ern Pacific at 18% against 2038 Among the oil
stocks, Standard Oil of N. J. closed yesterday at
4414 against 451 on Friday of last week; Shell
/
/s
/
Union Oil at 678 against 738, and Atlantic Refining
/
at 25 against 253
4.
In the copper group, Anaconda copper closed
/
1
4
yesterday at 1214 against 13 on Friday of last
/
week; Kennecott'Copper at 19% against 20 ; Amer/
1
4
ican Smelting & Refining at 38 against 3878 and
/,
Phelps Dodge at 16 against 17.
European Stock Markets
L'UROPEAN stock exchanges were generally firm
this week, despite the international furore
occasioned by the profound uncertainty regarding
foreign exchange developments and the currency
situation. Trading was quiet in most sessions, but
on the London and Paris markets the trend was
definitely upward, while some good sessions were
reported also at Berlin. Instead of clearing up, the
international exchange position became•ever more
complicated and widespread apprehensions prevailed toward the end of this week regarding the
real significance of the developments. The British
Exchange Equalization Fund's peg on sterling, in
relation to the French franc, was removed last week,
and sterling was again allowed to drop all this week.
Under the quasi-stabilization of the dollar at 59.06%
of former parity, sterling fell also in _relation to
American currency and reached a level of less than
Volume 139
Financial Chronicle
$5. That the British unit's decline is deliberate is
no longer doubted and there were numerous conjectures regarding its significance. The American
silver nationalization scheme was again a cause for
concern in European markets, but a flow of gold
from New York to France and Belgium tended to
offset such fears to a degree. In France such prominent authorities as Paul Reynaud and Raymond
Patenotre made insistent demands for a new devaluation of the franc, indicating that the subject
will be discussed warmly when Parliament meets
again. Dr. Schacht, the German economic dictator,
declared once again that there will be no devaluation of the mark, but it remains true that German
currency is the most vulnerable of all prominent
units. Notwithstanding these developments and
discussions, it is evident from the firmness of the
European securities markets that immediate incidents of an unfortunate nature are not anticipated.
August holidays being about over, traders and
brokers returned in numbers to London early this
week, and dealings were started on the London Stock
Exchange with a firm tone on Monday. British funds
showed fractional advances as investment buying
was resumed. There were no large movements in
industrial issues, but the trend was favorable. Gold
mining issues advanced because of the steady appreciation of the gold price on the London auction market. International issues were uncertain. Very little
business was done on the London market Tuesday,
and price changes were small but mostly favorable.
British funds again improved, while many industrial stocks showed small gains. International issues were marked down on unfavorable advices from
New York. In further quiet dealings, Wednesday,
British funds resumed their slow advance. South
African gold mining shares moved upward sharply,
and most industrial issues also gained. German
bonds lost ground in the international section, while
Anglo-American trading favorites remained steady.
Activity on Thursday was centered largely in the
gold mining stocks, which resumed their advance
as the price of the metal again was marked upward.
The demand for British funds was not abated by
the decline in sterling exchange. Industrial shares
were moderately active, with improvement the rule,
but international securities dropped, with German
bonds softer than others. Firmness was displayed
yesterday by British funds and gold mining stocks,
but other sections of the market were dull.
Quiet optimism prevailed on the Paris Bourse as
trading was started for the week, and the general
tendency was upward in the initial session. Rentes
were in best demand, owing to a better political outlook which prevailed at the moment. French bank
and industrial stocks also moved forward, while some
gains appeared in the international list. The upward
trend was resumed on Tuesday, at Paris,and trading
also showed an increase. Rentes remained firm,
while small advances were registered in a majority
of French equities.. Reports of a stable monetary
situation in Belgium occasioned a better demand for
some international securities. There was a general
and more determined upswing on the Bourse, Wednesday. Some increase of public buying was noted,
especially in rentes, which continued their advance.
All French stocks were affected and some of the
best gains in recent weeks were recorded, while many
international issues likewise improved. Price
changes on Thursday were small, but the tone was
1285
again firm. A promise by Finance Minister Louis
Germain-Martin that the budget would be balanced
caused renewed buying of rentes. French equities
were not much affected, but the advance of the London gold price caused rapid advances in the quotations for shares of gold mining companies at Paris.
Liquidation developed on a modest scale at Paris,
yesterday, and prices of all issues receded.
On the Berlin Boerse some demand was noted,
'Monday, for shares of companies engaged in the
production of raw materials. Warnings by Dr.
Schacht, the economic dictator of the Reich, that
Germany will have to depend more and more on
domestic production of materials occasioned the
demand and some sizable advances in related securities were registered. The market otherwise was dull
but firm. The advance was continued, Tuesday,
largely because of reports of good buying at the
Leipzig Fair. Movements were small, but almost
all securities were affected. Interest diminished on
Wednesday and the market turned irregular in that
session. Some specialties again improved, but the
bulk of issues tended to recede. Dealings on Thursday were diminutive and the main tendency was
downward. An exceptionally pessimistic speech by
Dr. Schacht caused liquidation in most sections but
it did not attain large proportions and the declines
were small. Recessions again were the rule in a quiet
session at Berlin yesterday.
Cuban Trade Treaty
EPRESENTATIVES of the United States and
Cuban Governments affixed their signatures
late last week to a new trade treaty between the
two countries, designed to stimulate the movement
of goods in both directions and restore a good part
of the $100,000,000 drop in trade which has occurred
during recent years. This commercial pact is of
peculiar significance, since it is the first such accord
completed under the special tariff and trade bargaining powers granted President Roosevelt by Congress
on June 12, last. Broad concessions in tariff rates
are made on both sides and it can hardly be doubted
that the treaty will result in a real and substantial
improvement in the trade relations of the two countries. It is to be followed by similar pacts with
other countries, among them almost all the LatinAmerican States, as well as some European countries. Whether equally favorable arrangements can
be made with other countries than Cuba is rather
doubtful, however, as a number of special circumstances contributed to the beneficial agreement now
concluded. The Cuban treaty comes into full effect
ten days after signature and no ratification by the
Senate is required, since full authority for making
such agreements already exists in the United States.
The Cuban Cabinet met in extraordinary session
last Monday and formally ratified the agreement.
-Most notable of the concessions made in order to
stimulate trade between the two countries is a reduction of the import duty imposed by the United
States on Cuban sugar from 11 2 cents a pound to
/
.9 cents a pound, or to a figure less than half the
1.875 cent rate imposed on sugar imports from other
foreign countries. The reduction of .6 cent a pound
in the duty was estimated in Washington to permit
an increase of something more than $20,000,000 annually in Cuban absorption of our products, based
on the import quota of 1,902,400 short tons of Cuban
sugar. The United States duty on Cuban rum was
R
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Financial Chronicle
reduced from $4 a gallon to $2.50 a gallon, while
on Cuban tobacco and tobacco products heavy reductions also were effected. Cuban fresh fruits and
vegetables are to be admitted on favorable terms at
certain seasons. Concessions granted by Cuba are
likewise of great importance. Cuban internal taxes
on many important American products are to be
reduced, while the import taxes imposed on a long
list of foodstuffs and manufactures also will drop
decidedly. On hog lard, which Cuba formerly
absorbed in large quantities, the Cuban import rate
is reduced from $9.18 to $2.73 a hundred pounds,
and it is noteworthy that Cuban importers promptly
placed large orders for lard under the revised tariff.
Large reductions are effected, similarly, on many
other items of foodstuffs, machinery,textiles, metals,
lumber, paper, leather, rubber goods, cigarettes,
automobiles, electric light bulbs and similar items.
The system of mutual preferences inaugurated by
the treaty of 1902 is retained, and in many instances
the preferences are increased.
The Administration in Washington, concerned in
putting its best foot forward in this as in all other
matters, suggested that Cuba will have at least
$50,000,000 of benefits from the operation of the
treaty during its first year. This estimate was made
by Dr. John Lee Coulter,former member of the Tariff
'Commission, and now special assistant to George N.
Peek, the President's foreign trade adviser. Dr.
Coulter expressed the belief that United States exports to Cuba would mount to $100,000,000 almost
immediately, as against the $50,000,000 level of recent years. A note of caution probably is necessary
here, however, as there are various factors which
may tend to offset the presumed rapid gains. Thus,
it was pointed out by the Washington representative
of the American Farm Bureau Federation that Cuba
has attained virtual self-sufficiency in many agricultural lines during recent years an can hardly
be expected to import American foodstuffs on the
scale once common. It remains true, however, that
the tariff agreement with Cuba is a good step in
the right direction, as a lowering of tariff walls all
over the world is necessary for restoration of international commerce.
Immediately after the agreement was signed late
on Aug. 24, the State Department in Washington
issued an announcement in which it was explained
in general terms. While substantial adjustments are
made in order to stimulate trade, these will not dislocate existing productive forces, the State Department declared. It was admitted that the treaty with
Cuba is in a special category, even though it was
concluded under the authority granted last June.
"Geographical propinquity and historical considerations have given rise to especially close economic
relationships between the United States and Cuba,"
the statement said. "Reciprocity with Cuba still is
'a proposition that stands entirely alone.' The Commercial Convention of 1902 took cognizance of these
special considerations in establishing special rates
of duty for the products of each country when entering the other country. The present agreement continues this special customs treatment for each country, in addition to pledging reduced rates of duty
for certain products of special interest to the other,
grants exclusive and preferential reduction in duty.
Regardless of what rates Cuba may establish hereafter on products of third countries, American products entering Cuba will be accorded reductions from
Sept. 1 1934
such rates, varying from 20 to 60%. In the same
way,the United States will continue to grant certain
percentages of preference to Cuban products. With
no other country does the United States have this
type of arrangement. The mutual concessions accorded under this agreement, of course, are not generalized to third countries on the basis of mostfavored-nation treatment."
Signatures attached to the new treaty were those
of Secretary of State Cordell Hull; Sumner Welles,
Assistant Secretary of State in charge of LatinAmerican affairs; Jefferson Caffery, United States
Ambassador to Cuba; Cosme de la Torriente, Cuban
Secretary of State, and Manuel Marquez Sterling,
Cuban Ambassador to the United States. President
Roosevelt immediately signed and issued the necessary proclamation declaring that the treaty has been
signed and making the reduced duties effective at
the end of a period of ten days. Secretary of State
Hull remarked on signing the treaty that it would
revive the once flourishing trade between the two
countries, and he added that extreme care was exercised in the negotiations, which extended over a
period of twelve months. Dr. Torriente expressed
the appreciation of his Government and the Cuban
people and expressed the view that the pact represented a "substantial help for Cuba." An exchange
of congratulatory telegrams between President Carlos Mendieta of Cuba and Secretary of State Hull
was made public by the State Department, Tuesday.
The Cuban Government, President Mendieta said,
"will not forget the good intentions you have manifested in the treaty of reciprocity in favor of our
people." Secretary Hull expressed his appreciation
in appropriate terms.
Additional Trade Pacts Anticipated
NNOUNCEMENT of the new trade treaty with
Cuba and publication of its terms late last
week resulted in an obviously favorable reaction
throughout the United States, and Washington advices on Monday indicated that the excellent impression created had stimulated the intention of the
authorities there to conclude similar treaties with
other countries. The next reciprocal treaty likely
to be concluded is one with Haiti, it was indicated.
Preparations were started immediately for the public hearings which must be held for thirty days before any treaty is concluded under the special
authority granted the President last June. Trade
between the United States and Haiti is inconsequential at present, it was pointed out, and probably
could be increased greatly by reciprocal reductions
in import duties. "Here again, as in the case of
Cuba, the United States intends to use an economic
instrument to assist political stability," a Washington dispatch to the New York "Times" remarked.
Other countries with which similar tariff negotiations are likely to develop in the near future include
the Dominican Republic, Brazil, Colombia, Sweden,
Portugal, Spain and possibly Vinland. Some preliminary conversations already have been held with
the Brazilian, Portuguese, Swedish and Spanish
Governments, it is indicated. A treaty with Colombia was concluded last Spring but was not sent
to the Senate for ratification. It is now likely that
the form of the Colombian treaty will be changed
so that it can be made effective through Presidential
proclamation under the powers now enjoyed by Mr.
Roosevelt. Finland may be included in the list of
A
Volume 139
Financial Chronicle
countries with which special agreements are sought
owing to the perfect and singular record of the Finland Government on debt payments to the United
States Government.
Russian Debt Negotiations
ARLY last month it was announced rather pretentiously in Washington that negotiations for
the settlement of the Russian debt to the United
States Government and the claims of American nationals against the Soviet regime had been transferred from Moscow to Washington and placed in
personal charge of Secretary of State Cordell Hull.
The impression then given that the problem would
be adjusted in short order has not been borne out,
as recent reports from the capital show that American and Russian views are still widely divergent.
Various officials of this Government have engaged
in protracted discussions with the Soviet Ambassador, Alexander Troyanovsky, and it would appear
that definite proposals have been made on both sides.
Late last week it was admitted at the State Department that a deadlock had been reached, as Russia
had submitted a counter-proposal that was considered unacceptable. State Department officials, when
questioned, admitted that "it is not possible to be
optimistic that any agreement will be reached." The
negotiations apparently reached an impasse because
of Russian requirements for assurances of large
credits in this country. The Soviet Union, a dispatch to the New York "Times" said, was represented to be insistent on obtaining ample credits for
facilitating her foreign trade over the period during
which she would be paying debts to the United
States. In a report to the New York "Herald
Tribune" it is remarked that both sides feel confident of reaching an agreement on the debts and
claims, provided a method is found for assured
financing of Soviet-American trade.
German External Debts
IN A series of declarations this week, Dr. Hjalmar
Schacht, economic dictator of Germany, insisted
that the Reich is in no position to pay anything
whatever on long-term external loans and probably
will not be in a position to pay for several years to
come. Dr. Schacht, who is President of the Reichsbank and Minister of Economics, pointed repeatedly
to the German lack of foreign exchange as the reason
for his insistence on a full moratorium. He bolstered
his arguments by new decrees restricting imports,
and he indicated that substitutes for raw materials
will be utilized increasingly in German industries
owing to the inability of his country to pay for the
products of other countries. Dr. Paul Joseph Goebbels, the Nazi Minister of Propaganda, began work
at the same time on a vast program for accustoming
the German people to "going without," and for glorifying self-sacrifice, so that the hardships of the
coming winter can be borne with greater equanimity.
These statements and preparations naturally have
occasioned a steady downward movement in the quotations for German bonds in all capital markets.
Whether Germany really is unable to pay anything
toward service on her foreign long-term indebtedness is, quite possibly, for the future to determine.
In many circles the impression prevails that the
authorities in Germany simply have no desire to pay.
Noteworthy are indications from Washington,Thursday,that a recent exchange of notes on the question of
1287
German discrimination against American investors
found the two Governments far apart. Although the
United States Government has made repeated representations, it was rebuffed on every occasion.
Dr. Schacht began his latest attacks on the German external debts by declaring last Sunday that
Germany cannot pay the coupons on the Dawes and
Young plan loans, a copyrighted dispatch to the
New York "Times" said. The interest will not be
paid to American bondholders simply because the
funds are not available, he added. "And what is
more, those special arrangements for payments to
England, France and other countries will not do
them any good," Dr. Schacht continued. "They just
simply won't work. Those arrangements were forced
upon us. They are unreasonable and unfeasible.
They will not work because there are no foreign
funds available with which to carry out the agreements." Any intention of discriminating against
American investors was disclaimed by Dr. Schacht.
When the question of foreign trade was brought up,
he asserted that it is up to the United States to see
what can be done about increasing the purchases of
German products. "If the United States does not
buy more, we will see to it that she sells us less,"
he remarked. On the question of mark devaluation,
Dr. Schacht remains adamant. No matter what any
other country may do, any idea of inflation in Germany is unthinkable, he stated.
Again, on Monday, Dr. Schacht discoursed at
length on the German situation and the need for
reliance upon her own resources. Speaking at the
opening of the Leipsiz Fair, he issued a sharp warning to foreign exporters that shipments to Germany
will not be paid for unless German importers obtain
permits in advance from the Reichsbank. The dual
system of controlling the Reich's foreign trade by
clearing agreements and import boards is unsatisfactory, he indicated, and the Reichsbank now is
working out a new scheme of control. The plan probably will involve a further reduction in German imports, according to the economic dictator. "When
our merchandise is excluded from other countries,
or is obviously boycotted, it is the foreign holders of
German bonds and exporters in other countries who
suffer," Dr. Schacht pointed out. In still another
address, made Thursday before the International
Conference of Agricultural Science at Bad Eilsen,
in Germany, Dr. Schacht presented much the same
viewpoint. A full moratorium for several years on
all foreign indebtedness of Germany and its nationals was proposed in this speech, as a means of
meeting the current difficulties. Dr. Schacht referred to this as one of the "heroic" measures needed
to lead the world from an economic impasse that
is "almost hopeless." The two-year moratorium
might enable Germany to recuperate and become a
buyer in the world market, he suggested. There is
no alternative for the Reich, he insisted, other than
the development of her own resources and of substitutes. "There is no point in reminding us we
damage ourselves with such a policy," he added.
"We know it only too well, and we do it only because
no other way is open to us, because without foreign
exchange we cannot buy foreign goods."
Armaments
ITH all nations now engaged in rapid in-
W
creases of armaments, even the appearance
of optimism on the question of disarmament has
1 88
Financial Chronicle
been discarded by all leading Chancelleries, and
attention has turned lately to the form of warfare
to be expected in any new international conflagration. The usual summer "war games" now are being
concluded in a number of countries, and military
experts are engaged in attempting to draw lessons
from these practice maneuvers. Premier Benito
Mussolini, of Italy, who long ago predicted a war
in 1935, addressed his troops at the conclusion of
war maneuvers in Bologna, last week, and declared
they must get ready for real war. "War can break
out from one moment to the next," he added. There
are no apparent efforts in progress at this time to
achieve any agreement on land armaments limitation or reduction, but the naval armaments problem
continues to attract some attention. Norman H.
Davis, American armaments delegate, conferred
with President Roosevelt on Wednesday, and it was
indicated that Mr. Davis will return to London at
the end of this month to continue the informal naval
conversations which were started several months
ago. The Japanese Government indicated officially
on Wednesday that it will propose a new method
of naval armaments limitation and will withdraw
from the Washington treaty unless the method is
accepted by other Powers. In a dispatch to the
New York "Herald Tribune" it is indicated that the
Japanese plan includes parity in principle, abolition
of the ratio system, and global tonnage limitation.
European Diplomacy
THE European diplomatic game was halted for a
time by the Austrian Nazi putsch and the war
scare that developed early last month, but there are
now indications that it is being resumed. Entry by
the Soviet Russian Government into the League of
Nations long has been anticipated, as the new rapprochement between Paris and Moscow was understood to include arrangements of this sort. In London a formal announcement was made by the Foreign Office, Thursday, to the effect that the British,
French and Italian Governments now are conducting an international campaign for agreement by
other member States to Soviet admission into the
League. These three governments, the statement
said,"are making inquiries through their representatives in various capitals with regard to the attitude
of the governments to which they are accredited
toward the entry of the Soviet Union into the League
of Nations." The formal procedure now being followed resembles that adopted on previous occasions
when governments were invited to join the League.
It is obvious that the British, French and Italian
inquiries now would be made only on the understanding that the Soviet Government is willing to
join. France took the lead in the endeavor,to have
Russia join the League organization and thus enable
the Geneva body to recover somewhatfrom the blows
of German and Japanese withdrawal. The British
and Italians were reluctant, at first, to assist the
French campaign for Soviet entry, a London dispatch to the Associated Press states, but the Austrian Nazi putsch evidently was instrumental in
changing the attitude of the London and Rome Governments. Paris dispatches of Thursday indicate
that the Soviet-French plan for an "Eastern Locarno" will be pushed more decidedly in the near
future. Some modifications in the scheme are foreshadowed, in the endeavor to make it somewhat
more attractive to Germany and Poland.
Sept.
1 1934
Saar Election Campaign
DOLF HITLER, the Chancellor-President of
Germany, joined last Sunday in the election
campaign preliminary to the plebiscite, next January, which is to determine whether the Saar area
will be returned to Germany, become French or
remain under the jurisdiction of the League of Nations. A vast gathering of Nazis, many of them
from the Saar territory, was called together at
Coblenz, where the Moselle joins the Rhine, and
Chancellor Hitler there made his first address of
the current campaign. He urged the 500,000 Germans assembled before him, in the shadow of the
fortress of Ehrenbreitstein, to vote for the return
of the rich coal district to Germany, and predicted
that 90% of the people in the Saar would favor a
return. The huge crowd included 150,000 inhabit-.
ants of the Saar, who were carried to Coblenz free
of charge by the German railways. They greeted
the Chancellor with thunderous enthusiasm and
left upon observers the impression that the Saar
would vote overwhelmingly for return to Germany
in the balloting. "The Saar," Herr Hitler declared,
"is the greatest problem now separating France
from us. We shall not give up the conviction that
the other side eventually will view this problem as
it really is, and that France will not deny her assistance in solving it. There is no reason whatever why
two great nations should remain forever hostile on
this issue. After the Saar votes for return to the
Reich, real peace will prevail between France and
Germany," he added. A counter-demonstration,
attended by 60,000 Socialists and Communists, was
staged the same day at Sulzbach, in the Saar, and
the speakers there urged the inhabitants to vote
against a return to Germany because "Hitler means
war, misery and terror."
A
Discount Rates of Foreign Central Banks
HE National Bank of Belgium reduced its discount rate on Aug. 28 from 3% to 23/2%, the
former rate having been in effect since April 25.
Present rates at the leading centers are shown in the
table which follows:
DISCOUNT BATES OF FOREIGN CENTRAL BANKS.
T
Country.
Rate in
Date
Effect
Aug 31 Established.
PreMous
Rate.
Austria....
Belgium...
Bulgaria. _ _
Chile
Colombia._
CzechosioTakla__
Danzig....
Denmark .
.
England..
Estonia....
Finland....
France....
Germany _
.
Greece
4%
234
7
414
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
514
5
334
4
214
2
534
434
234
4
7
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept. 30 1932
Oct. 13 1933
117nnand
ac
Rant IR MR
414
5
3
234
634
5
3
5
734
3
Country.
Rate in
Effect
Date
Aug 31 Established.
Hungary
India
Ireland_ _..
Italy
Japan
Java
Jugoslavia.
Lithuania..
Norway .. _.
Poland._
Portugal...
Rumania ...
South Africa
Spain
Sweden....
shvit,.o.nd
4%
334
3
3
3.65
414
634
6
314
5
534
6
4
6
234
a
PreMous
Rate.
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 314
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
July 18 1934 7
Jan. 2 1934 7
May 23 1933 4
Oct. 26 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 221932 534
Dec. 1 1933 3
Ten
99 1021
14
Foreign Money Rates
LONDON open market discounts for short bills
TN
3
1 on Friday were 4%, as against 34170 on Friday
of last week, and 13-16% for three months' bills, as
against 13-16% on Friday of last week. Money on
call in London yesterday was 4%. At Paris the
3
open market rate was raised on Friday to 21
4%
from 21 3
/ while in Switzerland the rate remains at
%
1M%.
Bank of England Statement
HE statement of the Bank of England for the
week ended Aug. 29 shows a gain in gold holdings of £118,926, which brings the total to another
T
Financial Chronicle
Volume 139
new high, £192,335,853. A year ago the figure was
£191,666,243. As the gain in gold was attended by
a contraction of £87,000 in circulation, reserves rose
£206,000. Public deposits fell off £3,402,000, while
other deposits increased £1,161,504. The latter
consists of bankers' accounts, which rose £1,647,147,
and other accounts, which decreased £485,643. The
reserve ratio is at 47.75%, as compared with 46.93%
last week and 47.26% a year ago. Loans on Government securities fell off £1,132,000 and those on
other securities £1,095,169. Of the latter amount
£155,051 was from discounts and advances and
£940,118 from securities. The rate of discount did
not change from 2%. Below are tabulated the different items with comparisons of previous years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Aug. 29
1934.
Aug. 30
1933.
Aug. 31
1932.
Sept. 2
1931.
Sept. 3
1930.
£
£
£
£
£
Circulation
379,284,000 374,003.359 365,287,400 354.975.935 362,982,501
Public deposits
33,992,000 41,959,840 20,726,776 12,925,140 7,917,302
Other deposits
118,962,714 122,354,975 114,955,063 112,189,246 102,044,151
Bankers' accounts_ 83,746,689 79,424,559 79,548,532 60.351,516 67,427.714
Other accounts_ _ _ 35,216,025 42,930,416 35,406,531 51,837,730 34,616,437
Government secure_ 83,185,781 83,195,963 73,148,993 53,735,906 47,881.247
Other securities
14,959,223 21,670,669 31,242,240 33,939,995 27,788,618
Disct. dr advances _
5,615,506 9,973,041 12,159,215 7,261,693 6,229,394
Securities
9,343,717 11,697,628 19,083,025 26,678,302 21,559,224
Reserve notes dr coin 73,053,000 77,662,884 49,519,079 55,692,492 52.539,027
Coln and bullion__
192,335,853 191,666,243 139,806,479 135,668,427 155,521,528
Proportion of reserve
to liabilities
44.51%
47.75%
36.49%
47.26%
47.77%
Bank rate
3%
2%
2%
2%
434%
1289
year before 25.2%. Notes in circulation reveal a
contraction of 92,290,000 marks, bringing the total of
the item down to 3,502,022,000 marks. Circulation
a year ago aggregated 3,251,439,000 marks and the
year before 3,616,930,000 marks. An increase appears in reserve in foreign currency of 104,000 marks,
in silver and other coin of 38,273,000 marks, in notes
on other. German banks of 3,226,000 marks, in investments of 5,005,000 marks, in other daily maturing obligations of 41,075,000 marks, and in other
liabilities of 2,408,000 marks. A comparison of the
different items for three years appears below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Aug. 23 1934. Aug. 23 1933. Aug. 23 1932.
Assets—
Retchsmarks. Retchstnarks. Retchmrsarks. Retchsmarks.
Gold and bullion
—86,000
74,878,000 286.763,000 768,143,000
Of which depos. abroad
No change
16,848,000
63,657.000
6.353,000
Reserve in foreign curr+104,000
74,244,008 143,585,000
3,400,000
Bills of exch. and checks
—77,340.000 3,188,894,000 2,934.538,000 2,783,734,000
Silver and other coin _
+38,273,000 308,662,000 316,920,000 304,429,000
Notes on other Ger.bke.
4-3,226,000
16,554,000
15,424,000
12,108,000
Advances
—5,769,000
64,929,000
67,833,000
92,495,000
Investments
+5,005.000 714,960,000 319,756,000 365,652,000
Other assets
—12,220,000 622,068,000 503,770,000 775,134,000
Liabilities—
Notes in circulation_ _ _
. —92,290,000 3,502,022,000 3,251,439,000 3,616,930,000
Otherdallymatur.oblig.
+41,075,000 701,518,000 420.280,000 352,974,000
Other liabilities
+2,408,000 174,134,000 221.474,000 707,350.000
Propor. of gold & for.
sum tn nnta oltrtnla'n
Nn rhsinan
9 901.
11 101.
95 ROL
New York Money Market
EALINGS in the New Yoek money market were
exceptionally dull this week, with rates unchanged in all departments. The United States
Treasury sold on Monday an issue of $75,000,000
discount bills due in 182 days, and the average discount on the awards was 0.22%. Call loans on the
New York Stock Exchange were again 1% for all
transactions, whether renewals or new loans, while
in the unofficial street market transactions were
reported every day at 4%. The official rate of 1%
3
has been effective since late last year, without
change. Time loans remained at a range of 4@1%.
The total of brokers' loans against stock and bond
collateral, as reported by the Federal Reserve Bank
for the week to Wednesday night, fell $17,000,000 to
an aggregate of $793,000,000.
D
Bank of France Statement
HE weekly statement of the Bank of France dated
Aug. 24 shows another increase in gold holdings, the current advance being 441,667,725 francs.
The Bank's gold now aggregates 81,759,495,986
francs, in comparison with 82,226,712,560 francs a
year ago and 82,239,200,912 francs two years ago.
French commercial bills discounted and creditor
current accounts register increases of 461,000,000
francs and 1,276,000,000 francs, while bills bought
abroad and advances against securities record decreases of 15,000,000 francs and 58,000,000 francs.
respectively. Notes in circulation reveal a contraction of 499,000,000 francs, bringing the total of notes
outstanding down to 79,971,733,110 francs. Last
New York Money Rates
year circulation stood at 81,142,564,355 francs and
EALING in detail with call loan rates on the
the year before at 79,912,398,105 francs. The proStock Exchange from day to day, 1% remained
portion of gold on hand to sight liabilities is now at
80.05%, compared with 79.39% last year and 76.63% the ruling quotation all through the week for both
the previous year. Below we furnish a comparison new loans and renewals. The market for time money
has shown no activity this week. Rates are nominal
of the various items for three years:
at 4@1% for two to five months, and Komi.% for
BANK OF FRANCE'S COMPARATIVE STATEMENT.
six months. Transactions in prime commercial
Changes
paper have been brisk this week and a good supply
for Week.
Aug. 24 1934, Aug. 25 1933. Aug. 26 1932.
of paper has been available, giving dealers a fairly
Francs.
Francs.
Francs.
Francs.
Gold holdings
+441,667.725 81,759,495,986 82.226.712.56082.239.200,912
Credit bale. abroad_
active week. Rates are 4% for extra choice names
No change
3
13,271.037 1.290.655.428 3,307,657,792
commercial
a French
bills discounted
+461,000.000 3.922,700,999 3,207,385,657 3,466,731,424
running from four to six months and 1% for names
bBillebroughtabroad
—15,000.000 1,109.816.860 1,361,251,972 2.081.798,887
Adv. agent secure..
—58.000,000 3,050,333,831 2,687,723,057 2,760.646,423
less known.
Note circulation_ - — —499,000,000 79,971,733,110 81,142,564,355 79,912,398,105
Cred. cur?. accta_
+1,276,000,000 22,160,963,943 22,422,772,638 27,407,981,856
Bankers' Acceptances
Propor'n of gold on
hand to sight nab_
—0.18%
79.39%
76.63%
80.05%
HE demand for prime bankers' acceptances has
bills purchased in France. b Includes bills discounted abroad.
a Includes
picked up this week. More bills have been
Bank of Germany Statement
available and were disposed of quickly. Rates are
HE Bank of Germany in its statement for the unchanged. Quotations of the American Acceptance
third quarter of August shows a decline in gold Council for bills up to and including 90 days are Y %
.
i
and bullion of 86,000 marks. The Bank's gold, which bid and 3-16% asked; for four months, 4% bid and
now stands at 74,878,000 marks, compares with 4% asked; for five and six months, M% bid and
3
286,763,000 marks a year ago and 768,143,000 marks 4% asked. The bill buying rate of the New York
two years ago. Bills of exchange and checks, Reserve Bank is 1-A% for bills running from 1 to 90
advances and other assets record decreases of 77,- days and proportionately higher for longer maturi340,000' marks, 5,769,000 marks and 12,220,000 ties. The Federal Resefve Banks' holdings of acmarks, respectively. The proportion of gold and ceptances increased from $5,114,000 to $5,247,000.
foreign currency to note circulation remains un- Their holdings of acceptances for foreign corresponchanged at 2.2%; last year it was 11.1% and the dents also increased from $528,000 to $573,000.
T
D
T
T
Financial Chronicle
1290
Open market rates for acceptances are nominal in so
far as the dealers are concerned, as they continue to
fix their own rates. The nominal rates for open
market acceptances are as follows:
SPOT DELIVERY.
Days- -120 Days
Asked.
Asked. Bid.
Bid.
It
SS14
-90 Days- -60 Days- -30 Days
Bid. Asked.
Bid. Asked.
Bid. Asked.
lit
'Is
It
It
Prime eligible bills
'Is
It
FOR DELIVERY WITHIN THIRTY DAYS.
31% bid
Eligible member banks
% bid
Eligible non-member banks
-180 Days-
Bid.
-150
Asked.
Prime eligible bills
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
•
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas My
Dallas
San Francisco
Rate in
Rifest on
Aug. 31.
2
114
214
2
3
3
214
214
3
3
3
2
Dale
Established.
Precious
Rate
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1034
Feb. 9 1934
Feb 10 1934
Oct 21 1933
Feb 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 18 1934
2ti
2
3
2ti
3 ti
3ii
3
3
314
314
334
US
Course of Sterling Exchange
TERLING exchange and all the foreign exchanges
are behaving most erratically. On Friday
sterling dropped to $4.98%, the lowest since last
November. In terms of the French franc, the London check rate on Paris, which on Friday of last
week closed at 75.72 francs to the pound, against a
pegged rate of 76.31 on Friday of the previous week,
dropped on Friday to as low as 74.50. Prior to
the suspension of gold by Great Britain in September, 1931, the sterling-franc parity was 124.21 francs
to the pound. The range for sterling this week has
been between $4.98 and $5.06% for bankers' sight
bills, compared with a range of between $5.063/ and
4
$5.093 last week. The range for cable transfers
has been between 84.98% and $5.07, compared with
a range of between $5.065á and $5.09% a week ago.
/
The following table gives the mean London check
rate on Paris from day to day, the London open market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS.
75.463
Wednesday, Aug. 29
75.687
Saturday, Aug. 25
Thursday, Aug. 30
75.106
75.795
Monday, Aug. 27
Friday, Aug. 31
74.592
76.761
Tuesday, Aug. 28
LONDON OPEN MARKET GOLD PRICE.
Wednesday, Aug. 29___139s. 434d.
139s. 5d.
Saturday, Aug. 25
Thursday, Aug. 30___140s. 3d.
139s. 4d.
Monday, Aug. 27
Aug. 31___140s.11Xd.
139s. 130. Friday,
Tuesday, Aug. 28
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
Wednesday, Aug. 29
35.00
Saturday, Aug. 25
35.00
35.00 Thursday, Aug. 30
Monday, Aug. 27
Aug. 31
35.00
Friday,
35.00
Tuesday, Aug. 28
Foreign exchange quotations have never been
more irregular than during the past few days. From
Wednesday on, sterling was so erratic as to make it
almost impossible to effect transactions. Bankers
both here and abroad are at a loss to explain the
excessively sharp define in the pound. The only
logical conclusion seems to be that the London authorities have determined to allow sterling to fall to
a level whereby the cheap dollar can obtain for
American exporters no advantage in foreign markets.
The drop in sterling came so suddenly that banks
throughout the country were flooded with inquiries
from such of their correspondents as had the slightest interest in foreign exchange asking for opinions
Sept. 1 1934
as to the cause of the slump and the probable course
of sterling exchange.
For several weeks both India and South Africa
have been withholding gold from the London market
in the expectation that the gold price would be lifted
to probably 144s. per fine ounce. Whatever the
course of sterling in the weeks immediately ahead,
it certainly seems probable from the action of the
market this week that there is a fixed intention to
bring the London open market gold price to around
144s. per fine ounce. If the expected price rise
should be effected, sterling would be back to $4.86
and the old parities of the dollar and the pound would
be restored.
The banking world wonders if sterling will be permitted to go to, or be driven to, or be driven below,
$4.86. To maw it seems highly probable that a
currency war is on. Surely so, if the United States
authorities will not rest content with sterling on
exactly old parity. It is intimated in responsible
quarters that the London financial authorities have
lost patience because of the impossibility of deriving a fixed assurance of American financial policies.
All the foreign exchanges, especially the gold bloc
currencies, are seriously disturbed by the present
unsettled relationship between sterling, the dollar
and the French franc.
Of course, the drop in sterling caused a rise in the
price of gold in the London open market. On
Saturday last the price was 139s. 5d. So too, on the
fixing hour on Wednesday there was hardly any
change, the price being 139s. 4 2$1., but on Friday
at the fixing hour, around 11 a.m. London time, the
price was set at 140s. 113/2d. per fine ounce,the highest
on record. In the opinion of many foreign exchange
experts this price brings nearer a real test of the
permanence of the 59.06 cent dollar. When Great
Britain abandoned gold on Sept. 31 1931 (on a
Monday), the open market gold price on the previous
Saturday had been 84s. 113/2d. The first price
posted this year was 127s., on Jan. 2. After the
gold price had been set on Friday at the record high
of 140s. 113/2d. (the price set at the fixing hour is
not changed until the fixing hour the next day), the
over-the-counter market in London is understood to
have bid 90-day gold above 141s. 7d.
Despite the present weakness in sterling, the dollar
is still at a fractional discount both in London and
Paris. On a percentage of the new parity, the dollarsterling rate and the price of gold in London indicated
a value for the dollar in London of between 99.40%
and 99.60% on Friday. This compares with a
range of between 99.09% and 99.21% on Friday of
last week.
The "Wall Street Journal" said among other
things, in commenting on the course of the market
on Thursday: "Before the American suspension of
gold, the pound was allowed at one time to sink to
a low of $3.14, at which level it enjoyed a competitive
trade advantage over the dollar. Devaluation of the
dollar took away this advantage and more, so that
sterling ruled far above instead of below the old
parity. American authorities are understood never
to have favored cheap sterling against the dollar,
any more than British authorities have viewed with
equanimity the cheap dollar in terms of sterling.
The question which is uppermost in the minds of
those connected in any way with the foreign exchange
market is at what point the British authorities now
will consider the 'shot in the arm' sufficient and what
Financial Chronicle
Volume 139
will be the reaction here if the pound drops to below
its old dollar parity."
Seasonal pressure on sterling, which under normal
conditions of exchange only now begins to assert
itself, can by no possibility be offered as a reasonable
explanation of the current action of the market.
The quotations of all the currencies in the world are
seriously affected by the present course of sterling.
All currencies allied to sterling are favorably affected,
at least temporarily, in their export position. Those
countries favorably affected include all the British
commonwealths except Canada, whose trade with
the United States exceeds in importance that with
England. The Scandinavian countries and the
South Americans, India and Japan are favored by
the decline. The gold bloc countries find their
position made more difficult. It is strongly suspected in some responsible quarters that the recent
silver-purchasing policy of the United States Treasury is responsible for forcing the hand of the London
authorities at this time.
Despite the fall in sterling it is very evident that
the world-wide confidence in London as the safest
depository for funds is undiminished. Money continues in great abundance in Lombard Street and
rates hardly change from day to day, and have been
at about the same levels for the past few years.
• Call money against bills is in abundant supply at
4%, two-months' bills at 4% to 13-16%, three3
3
months' bills at 25-32% to 13-16%, four-months'
bills at 13-16% to %%, and six-months' bills at
15-16% to 1 1-16%.
Again this week American interests have been
unable to obtain any of the London open market
gold because of the high price. When the gold price
2
was fixed in London on Friday at 140s. 11.3/d. per
fine ounce, the London rate converted into dollars
equaled $35.23 per fine ounce, against the Treasury's
gold price of $35.00. Hence all the gold taken was
for "unknown destinations," which term is generally
accepted as meaning for account of foreign hoarders.
' These hoarders usually leave the gold on deposit
with the London banks. Doubtless some of it goes
to Paris and finds its way into the Bank of France.
There was available in the open market on Saturday
last and taken for unknown destination £160,000;
on Monday, £415,000; on Tuesday, £535,000; on
Wednesday, £165,000; on Thursday, £345,000, and
on Friday, £775,000.
The Bank of England statement for the week ended
Aug. 29 shows an increase in gold holdings of
£118,926, the total standing at £192,335,853, which
compares with £191,666,243 a year ago and with
the minimum of £150,000,000 recommended by the
Cunliffe committee. At the Port of New York the
gold movement for the week ended Aug. 29, as reported by the Federal Reserve Bank of New York,
consisted of imports of $1,691,000, of which $1,680,000 came from Canada and $11,000 from Guatemala.
Exports totaled $8,148,000, of which $6,483,000
was shipped to France and $1,665,000 to Belgium.
The Reserve Bank reported an increase of $11,000 in
gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Aug. 29, as reported by the Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,AUG.23-AUG. 29,INCLUSIVE
Exports.
Import&
$6,483,000 to France
$1,680,000 from Canada
1,665.000 to Belgium
11,000 from Guatemala
$1,691,000 total
$8,148,000 total
1291
Net Change in Gold Earmarked for Foreign Account.
increase: $11,000
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of gold, or change in gold held earmarked
for foreign account. On Friday there were no imports
of gold. $1,402,600 of gold was exported to France.
There was no change in gold held earmarked for
foreign account.
Canadian exchange continues at a premium in
terms of the dollar. On Saturday last Montreal
funds were at a premium of from 2 15-16 to 3%,
on Monday at from 2% to 2 15-16%, on Tuesday
at from 2 13-16 to 2 15-16%, on Wednesday at from
2 9-16 to 3%,on Thursday at from 2 5-16 to 29-16%,
and on Friday at from 1% to 2 15-16%.
Referring to day to day rates, sterling exchange
on Saturday last was steady, with an easy undertone.
A@$5.06% cable transfers,
Bankers'sight was $5.065
$5.06%@$5.07. On Monday the pound was easier.
The range was $5.05%@$5.06M for bankers' sight
and $5.06@$5.06% for cable transfers. On Tuesday
sterling continued to soften. Bankers' sight was
2
4®$5.06; cable transfers $5.053/@$5.06%.
$5.053
On Wednesday sterling went off sharply. The range
was $5.034@$5.053 for bankers' sight and $5.057
4
%
/
down to $5.033 for cable transfers. On Thursday
sterling again went off sharply. The range was
$5.01@$5.033s for bankers' sight and $5.033/ down
/
to $5.013/ for cable transfers. On Friday sterling
was lower, the range was $4.98M@$4.993 for
A
bankers' sight and $4.9834@$4.99% for cable transfers. Closing quotations on Friday were $4.993 for
demand and $4.99 for cable transfers. Commercial sight bills finished at $4.99; 60-day bills at
4
$4.981 90-day bills at .973 ; documents for pay4;
ment (60 days) at $4.983 and seven-day grain bills
at $4.99. Cotton and grain for payment closed at
$4.99.
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries is of
course seriously affected by the demoralized
relationship between sterling, the dollar and the
franc. German marks are an exception. The quotations for marks are entirely nominal and the amount
of free marks available is at all times strictly limited
and restricted by the regulations of the Reichsbank.
The German credit situation becomes steadily more
unfavorable and aggravated. According to press
dispatches on Thursday (which are given in greater
detail in our news columns), Dr. Hjalmar Schacht,
Minister of Economics and President of the Reichsbank, said before the International Conference on
Agricultural Science at Bad Eilson on Thursday that
Germany must have a complete foreign debt moratorium of several years and her indebtedness must
be written down to more favorable proportions.
"Germany will be able to pay its debt service only
if world trade is increased in volume," he said. "She
cannot increase her own world trade under the
pressure of the world deflation process. Therefore,
there will remain no other alternative than to grant
her a complete moratorium of several years for recovery. Simultaneously, the burden of foreign debt
must be reduced to a measure which, after expiration
of the moratorium, can be permanently borne."
French francs continue firm in terms of the dollar
and are firmer in terms of sterling than ever before
recorded. On careful analysis, however, the position
E
Financial Chronicle
1292
of the franc has not changed. Rather it is that sterling and the dollar have been either allowed or forced
to levels inconsistent with the economic and trade
position either of Great Britain or the United States
with respect to that of France. The relationship
of the franc to sterling and the dollar is more fully
discussed in the foregoing resume of sterling exchange.
The Bank of France statement for the week ended
Aug. 24 shows an increase in gold holdings of 441,667,725 francs. This makes the twenty-fifth successive weekly increase in the bank's gold, bringing the
total for the period to 7,831,296,540 francs. The
bank's gold now stands at 81,759,495,986 francs,
which compares with 82,226,712,560 francs a year
ago, and with 28,935,000,000 francs when the unit
was stabilized in June 1928. The bank's ratio on
Aug. 24 stood at 80.05%, compared with 80.23% on
Aug. 17, with 79.39% a year ago, and with legal
requirement of 35%.
Belgian exchange has been ruling well above dollar
parity and the export point for gold from New York
for the past two weeks, moving in sympathy with
the French franc. As noted above, the Federal
Reserve Bank of New York reports shipments of
$7,885,650 to France and $1,665,000 to Belgium.
At the time of going to press it was understood that
further shipments to both countries had been arranged by New York banks. The easier credit situation in Belgium was reflected by a reduction in the
Belgian bank rate from 3% to 23/2%, effective
Aug. 28. The Belgian rate had been at 3% since
April 25 1934.
The following table shows the relation of the leading
European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
6.63
3.92
23.54
13.90
8.91
5.26
40.33
23.82
32.67
19.30
68.06
40.20
Range
Thia Week.
6.66M to 6.69%
23.74M to 23.84
8.67% to 8.713.4
39.38 to 39.95
33.01 to 33.15
68.45 to 68.80
The London check rate on Paris closed on Friday
at 74.53, against 75.72 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.69%, against 6.699/i on Friday of
last week; cable transfers at 6.693/2, against 6.693/
.
2
2
and commercial sigtit bills at 6.673/, against 6.673/
finished at 23.80 for bankers' sight
Antwerp belgas
bills and at 23.81 for cable transfers, against 23.83
and 23.84. Final quotations for Berlin marks were
39.89 for bankers' sight bills and 39.90 for cable
transfers, in comparison with 39.77 and 39.78.
Italian lire closed at 8.693/b for bankers' sight bills
and at 8.703/ for cable transfers, against 8.70 and
8.71. Austrian schillings closed at 19.25, against
19.25; exchange on Czechoslovakia at 4.223., against
/
2
4.22; on Bucharest at 1.023/, against 1.021 2; on
19.21 and on Finland
2
Poland at 19.213/, against
4
at 2.213, against 2.253 . Greek exchange closed
4
at 0.953 for bankers' sight bills and at 0.96 for
4
cable transfers, against 0.953 and 0.963.
--•-XCHANGE on the countries neutral during the
war of course presents mixed trends. the Scandinavian units moving lower in sympathy with
sterling while Dutch guilders and Swiss francs, gold
bloc currencies, are firm, ruling well above new dollar parity in sympathy with the French franc. The
Dutch guilder is regarded in many quarters as the
weakest of the gold bloc currencies. This is due to
the great importance in the commercial world of
E
Sept. 1
1934
the Dutch East Indies. The Java guilder is the
same as that of Amsterdam. Any depreciation of
sterling, if protracted, it is asserted, would affect
Dutch East India trade adversely. The Java industrial interests have been urging devaluation of the
guilder ever since 1932. Amsterdam as constantly
reiterated its determination to maintain the gold
standard at unchanging valuation. Money continues in great abundance in Amsterdam, and rates
have been lowered again. On Tuesday the private
discount rate was reduced to 3'2% from 13-16%,
which had been in effect since July 30. The buying
rate for prime guilder acceptances was lowered to
9-16% from %%. The Swiss national bank shows
steady increase in gold holdings during the past
several weeks. Gold holdings now total 1,700,000,000 Swiss francs, making gold coverage for sight
liabilities of 93.89%. Legal requirement is 40%.
Bankers' sight on Amsterdam finished on Friday
at 68.74, against 68.79 on Friday of last week;
cable transfers at 68.75, against 68.80 and commercial sight bills at 68.72, against 68.77. Swiss
francs closed at 33.13 for checks and at 33.14 for
cable transfers, against 33.13 and 33.14. Copenhagen checks finished at 22.30, and cable transfers at
22.31, against 22.65 and 22.66. Checks on Sweden
closed at 25.24, and cable transfers at 25.25, against
26.14 and 26.15; while checks on Norway finished at •
25.09, and cable transfers at 25.10, against 25.47
and 25.48. Spanish pesetas closed at 13.873/i for
bankers' sight bills and at 13.88 for cable transfers,
against 13.873 and 13.88.
XCHANGE on the South American countries is
expected to move more or less in harmony with
sterling exchange. This is especially expected to
prove the case with Argentine pesos and Brazilian
milreis. Should sterling rule low for any length of
time the export trade of both Argentina and Brazil,
it is expected, will derive some temporary advantages. Chile and Uruguay, however, link their
currencies to French francs, but whether they will
continue to do so is a moot question.
Argentine paper pesos closed on Friday, official
quotations, at 333 for bankers' sight bills against
33% on Friday of last week ; cable transfers at 33%,
against 34. The unofficial or free market close
%
was 273@,27.45, against 27.50@27.60. Brazilian
milreis are nominally quoted 8.40 for bankers' sight
bills and 83' for cable transfers against 8.45 and 83/2.
The unofficial or free market close was 6.80, against
6.90. Chilean exchange is nominally quoted 1034,
against 1034. Peru is nominal at 23.10, against 23.10.
•-XCHANGE on the Far Eastern countries is at
present hesitant and upset by the extreme turn
in sterling exchange and also by American purchases
of silver in London. It can be safely asserted that
Tokio will shape the course of the yen to the movements of sterling, surely in the downward direction.
The Indian rupee must move with sterling, to which
it is legally attached at the fixed ratio of is. 6d. per
rupee. The Chinese authorities are watching with
some anxiety the American silver purchases. It is
against the interests of Chinese trade, both internal
and external, to have the price of silver rise in the
world's market.
Closing quotations for yen checks yesterday were
29.89, against 30.14 on Friday of last week. Hong
Kong closed at 39%@39 9-16, against 39%@39 9-16;
E
E
Financial Chronicle
Volume 139
Shanghai at 35.65@35%, against 353' Manila at
2;
49.85, against 49.85; Singapore at 58.75, against
59.70; Bombay at 37.65, against 38.25 and Calcutta
at 37.65, against 38.25.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 25 TO AUG. 31 1934, INCLUSIVE.
Country
Noon Buying Rate for Cable Transfers in New York.
Value to United Slates Money.
Moneta:,
Unit
and
Aug.25. Aug.27.
Aug.28. Aug.29. Aug.30., Aug.31.
EUROPE8
8
$
$
$
$
Austria,schilling
.190491* .1903084 .1904504 .190875* .190575* .190508*
Belgium, belga
.238215 .237800 .237415 .237848 .237838 .238015
Bulgaria. ley
.013000* .012875* .012880* .013125* .0130004 .013125*
Czechoslovakia, krone .042139 .042082 .042018 .042148 .042148 .042153
Denmark, krone
.226295 .226016 .225754 .225454 .224418 .223000
England, pound
sterling
5.068583 5.061490 5.055750 5.045500 5.022915 4.991291
Finland, markka
.022433 .022395 .022350 .022379 .022300 .022183
France, franc
068932 .066730 .086877 .088923 .066890 .066915
Germany, reichsmark .397269 .395092 .394884 .397476 .398408 .398541
Greece, drachma
009610 .009597 .009583 .009612 .009610 .009608
Holland, guilder
.887778 .885800 .884464 .888800 .888448 .886792
Hungary, pengo
.300250* .299750 .300880 .300375 .3003754 .3008254
Italy, lira
087103 .086898 .088741 .088941 .086955 .086971
Norway, krone
.254600 .254288 .254007 .253745 .252550 .250875
Poland, zloty
.191800 .191525 .191133 .191640 .191850 .191775
Portugal, escudo
.048375 .048318 .046190 .048375 .048020 .045805
Rumania,leu
010175 .010140 .010130 .010155 .010180 .010140
Spain, peseta
.138717 .138380 .138210 .138617 .138638 .138832
Sweden, krona
.281233 .260958 .280661 .260420 .259183 .257450
Switzerland, franc_
.331278 .330314 .330082 .331125 .331110 .331242
Yugoslavia. dinar
.023250 .023187 .023150 .023130 .023218 .023250
ASIAChinaChefoo (yuan) dor .352083 .351875 .352083 .350833 .350833 .354583
Hankow(yuan) dolt .352083 .351875 .352083 .350833 .350833 .354583
Shanghia(yuan)dor .351408 .351093 .351250 .350781 .350488 .354062
Tientsin(yuan)dor .352083 .351875 .352083 .350833 .350833 .354583
Hongkong, dollar
.390825 .389531 .389687 .389375 .388906 .390937
India. rupee
380600 .380570 .380235 .379879 .377900 .374825
Japan, yen
300440 .300200 .300130 .300112 .299315 .297985
Singapore (8. S.) dol'r .593750 .593750 .593125 .591250 .589375 .585000
AUSTRALASIA
Australia, pound
4.03908244.03375044.03093744.021250* 4.0012504 3.972500*
New Zealand. pound_ 4.0508254 4.04593744.043125*4.03312544.0175004 3.9900004
AFRICA
South Africa, pound 5.0137504 5.00875045.01325045.008500* 5.9817504 4.9475004
NORTH AMER.Canada. dollar
1.029375 1.028046 1.028750 1.028437 1.024739 1.019713
Cuba, peso
.999150 .999150 .999150 .999150 .999150 .999150
Mexico, peso (silver). .277018 .277018 .277018 .277018 .2770113 .277018
Newfoundland, dollar1.026875 1.026825 1.028250 1.026000 1.022375 1.017125
SOUTH AMER.Argentina, peso
3377504 .337433* .3370634 .338333* .3348004 .3327884
Brazil, milreis
084833* .0848504 .084912* .0845334 .0848504 .0839684
Chile. peso
1040004 .1035004 .1040004 .1033504 .1038504 .1034004
Uruguay. peso
.8130004 .8170004 8115004 .8199504 .817250 .817500'
Colombia. peso
.566600• .572200. .588200* .581400. .571400 .5747004
•Nominal rates; firm rates not available.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion in the principal European banks as of
Aug. 30 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1934.
1933.
E
192,335,853
654,075,987
2,901,500
90,575,000
88,812,000
71,950,000
75.418,000
82,887,000
15,408,000
7,397,000
8,577,000
i
191,688,243
857,813,700
12,888,200
90,390,000
75.643,000
67,979,000
78,855,000
61,482,000
13,922,000
7,397,000
6,689,000
1932.
1931.
1930.
.£
139.808.479
857,913,807
32,247,750
90,284,000
81,652,000
85,880,000
74,724,000
89,164,000
11,444,000
7,400,000
7,911,000
8
135,688,427
468,503,910
63,328,400
91,023,000
58,093,000
53.978,000
45.227,000
32,787,000
13,204,000
9,544,000
8,129,000
L
155,521,528
377.932,988
123,457,550
98,944,000
58,348,000
32,552.000
34,525,000
25,570,000
13,471,000
9,587,000
8,141,000
Total week 1,248,337,320 1,282,363,143 1,258,408,838
week 1.245.055.353 1255 1122 510 1 91111 ono nut
979,483,737
077 9011 700
938,028,084
England...
France
Germany 13.
a__Spain
Italy
Netherlands
Nat. Beig'm
Switzerland
Sweden._
Denmark _ _
Norway
Prev
090 I200 It 9
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £842,400.
Gathering Clouds
Unless the usual signs are deceptive, the Administration appears to be running into a period
of bad weather. The political and administrative
skies are overcast, there are rumblings of distant
thunder, and the fitful air currents, especially in
city streets, suggest an approaching storm. We do
not have in mind here the recent controversies which
have developed in the unhappy family of the NRA.
It was inevitable that, whenever the attempt was
made to rearrange and strengthen the plans of bu:i-
1293
ness and industrial control that were hurriedly made
last year to aid the recovery that was believed to be
lurking just around the corner, sharp differences of
opinion regarding such matters as one-man rule or
commission or board administration should show
themselves, and that conferences of the inner circle
should generate heat as well as light. Even General
Johnson's melodramatic performance of appearing
to resign on a meagre salary of $6,000 and coming
back shortly on a salary of two and half times that
sum is quite in keeping with the General's lively and
unconventional record. The more significant indications of trouble at the moment are to be found in
some recent utterances of President Roosevelt and
other Administration spokesmen, and in issues
raised by the unemployment relief program, the
plight of the railroads, and the growing volume of
disturbance stirred up by the industrial and business codes.
Some of the public statements made recently by
members of the Cabinet and other spokesmen for
Administration policy have not met with an entirely
happy reception. Secretary Roper, for example,
broadcasting from Washington on Aug. 22 a speech
which the Associated Press stated was "considered
by the Administration as highly significant" and
"timed to coincide with Presidential reorganization
of the NRA on a permanent basis," declared that "it
is a fact that business is better than business sentiment," that "if business courage were equal to the
business statistics we would be in need of controlling
a real business boom," and that the Administration
"believes in just profits for management and capital
and an equitable return to labor." The New York
"Times," commenting editorially on the speech, remarked that Mr. Roper would have been "more helpful if he had defined justice and equity," and asked
pertinently "What statistics, Mr. Secretary? Statistics of trade or statistics having to do with an enormous and growing public debt, with financial insecurity due to governmental currency-juggling,
'with mysterious manipulation of gold and silver,
with taxation which increases whenever a tax-levying
body assembles on any pretext whatsoever, with Federal price fixing, with bureaucratic interference in
the control of private industry, with the growing
menace of public ownership of utilities, with constant official intermeddling between the man who
finances a business and the persons he employs to
help him run it?"
Secretary Ickes, speaking last Monday at the
Drake Memorial Park near Titusville, Pa., where the
first oil well was drilled, had to listen to a stirring
defense by Axtell J. Byles, President of the American Petroleum Institute, of the "rugged individualism" which had built up the oil industry, and heard
Mr. Byles declare that "democracy and autocracy
of bureaucracy cannot long live side by side or
breathe the same air," and appeal to the Administration "to turn as soon as may be from an emergency
government, which is necessarily one of discretion
and fiat, and return to one of law, so that men may
plan and order their affairs with assurance and confidence." Mr. Ickes's reply was the assertion, in substance, that the Administration would not change
its course. "The nation," he declared, "as the representative and protector of all the people and the
defender of their rights and liberties, has a paramount interest in oil which, if it is not to be derelict
in its duty, must be maintained, happily, if it may
1294
Financial Chronicle
be, in co-operation with those engaged in the oil industry, but nevertheless maintained."
On two occasions lately Mr. Roosevelt has had to
come to the aid of his Cabinet associates in an effort
to dispel misunderstandings which their statements
had caused. Secretary Wallace, in a letter to Representative Bland of Virginia, Chairman of the House
Committee on Merchant Marine, intimated that further subsidies to American merchant vessels were
inadvisable and that exports might increase if foreign ships carried more American goods. The outspoken criticism that followed made it necessary for
Mr. Roosevelt to explain to the White House correspondents that while he agreed with Secretary Wallace's economic views, an adequate merchant marine
would be preserved. Secretary Morgenthau's announcement on Tuesday that the $2,800,000,000
"profit" from the devaluation of the dollar was to
be held by the Treasury with the expectation that
"ultimately" the amount would "flow back into the
stream of our other revenues and thereby reduce the
national debt" aroused fears of dangerous inflation
through currency expansion, and Mr. Roosevelt had
to let it be known from Hyde Park that "ultimately"
was the important word and "means a long time in
the future," and that early debt reduction by the
method suggested was not in contemplation.
It cannot be said that Mr. Roosevelt himself was
very happy in his comments, on Aug. 24, upon the
new American Liberty League. The real object of
the League and the nature of its underlying direction
and support are still too vague to be spoken about
with certainty, but its initial statement was dignified and its declared purpose of upholding the Constitution and enforcing the necessity of encouraging
and protecting individual and property rights is entitled to respect. Mr. Roosevelt's comparison of the
League, as reported by the Washington correspondent of the New York "Times," with "a mythical
organization formed to uphold strongly two of the
Ten Commandments but disregarding the other
eight" seems to suggest an irritable hostility to any
movement that does not run on all fours with the
New Deal. Whatever the political effect of the
League's activities may be—one can hardly imagine
that it will do anything but weaken Democratic
solidarity—it is at least significant of the rising
tide of revolt against New Deal policies.
The industrial and labor situation at the moment
is of unwonted gravity. On Aug. 22 Mr. Roosevelt,
evidently with a view to the effect of his action on
the threatened strike of the United Textile Workers
to which the American Federation of Labor had
given its unqualified support, arbitrarily ordered a
reduction of 10% in working hours and an increase
of from 10% to 11% in wages in the cotton textile
industry, about 200,000 workers being affected. On
Monday the representatives of some 4,000 manufacturing units, meeting in New York, voted to inform
the President that it "cannot accept or acquiesce,"
and protested against the order as "unjustifiable, unwarranted, burdensome and inequitable." The defiance of the President by the manufacturers was
met with defiance of the manufacturers by the textile union leaders, and preparations were made for
calling a strike, effective nominally to-night, but in
fact, in most places, next Tuesday, and affecting an
estimated 500,000 workers in cotton textiles and
300,000 in such related industries as silk, rayon, hosiery and embroidery.
Sept. 1
1934
The question of wages and hours in this controversy is important, but less so than that of the constitutional and legal right of the President to exercise
the arbitrary authority which he has claimed. If
the President, by fiat and in his own discretion, may
summarily demand a reduction of wages and hours
in the cotton textile industry, there would seem to
be no reason why he may not do 60 for any industry
and without regard to wage agreements or code
stipulations. Every American industry in that case
will live by sufferance of the President, and his word
will be law. The ostensible reason for the order,
apparently, is that the 40-hour week fixed by the
Cotton Textile Code has not produced a sufficient
reduction in unemployment to satisfy the labor leaders and the NRA. If that is the basis for Executive
fiat, then every American industry is in jeopardy,for
there are admittedly still 7,000,000 to 8,000,000 unemployed.
Very serious interest, accordingly, attaches to the
announcement by William Hodson, Commissioner
of Public Welfare for the City of New York, on
Monday, that strikers would be treated like other
destitute persons in the distribution of public relief,
and that this was in accordance with the policy of
the Federal Government, which provides one-half
of the relief funds. The "theory" enunciated at a
conference at which the question was discussed was
said to be "that to deny relief to strikers as such
would be to say to a man that, regardless of the conditions under which he worked or the amount of
remuneration he received, he must stick to his job
or give up all hope of receiving aid from his Government if he needed it." The logic of the theory seems
pretty flimsy. No destitute person, surely, should
be denied relief if the destitution is genuine, but the
destitution which may befall a striker is due primarily to the deliberate abandonment of a job which
paid, in the great majority of cases, at least as much
in wages as would be paid in relief, and in many cases
considerably more. It is difficult to see why, if a
strike is prolonged until the strikers become destitute, the grant of public relief does not put the Government in the position of virtually financing the
continuance of the strike. Obviously, the policy
which Mr. Hodson has announced can only tend to
encourage strikes and keep them going, since after
savings and strike benefits have been drained there
is still the Government dole. The political use that
may be made of such grants needs no comment, for
relief has not been wholly divorced from politics
even when there was no strike.
From widely separated quarters the clouds of
discontent and resistance are gathering. The Class
I railroads have filed a petition with the Interstate
Commerce Commission for a $170,000,000 increase.
in freight rates, largely to meet increased operating
costs which "reflect the economic policies of the
Government." A committee of the American Bar
Association points out that the pronouncements,
"supposedly having the effect of law," put out by
the NRA alone in a single year greatly exceed in
volume the entire body of Federal statutes now in
force, and declares that "it is not going too far to
say that the judicial branch of the Federal Government is being rapidly and seriously undermined."
The Guaranty Trust Company of New York, in the
current issue of "The Guaranty Survey," asserts
without qualification that "the revival for which the
Federal Government is striving so arduously can
Volume 139
Financial Chronicle
come about only through individual initiative, and
that initiative is being stifled, rather than encouraged, by the restrictions and limitations that have
been placed upon it, with the threat of further
obstacles yet to come." On Tuesday the Bureau of
Labor Statistks of the Department of Labor reported that retail food prices had "reached the highest level since Dec. 15 1931." Will the Administration pay heed to the signs of the times, or will it
await the storm and trust to luck and dictatorial
authority?
A Brief Story of Railway Rates
Pertinent Facts the Public Should Know at This Time
In view of the fact that the railways have presented a petition to the Inter-State Commerce Commission, asking for a general advance in freight
rates ranging up to 10%, it might be most opportune to present a brief history of the development of the present rate structures, especially for
the benefit of those persons who are not students of
transportation.
The present freight rate structure is largely a
development of competition and traffic conditions,
rather than the result of a carefully matured scientific plan. In many cases the railways were built
in advance of settlement and were obliged to accommodate their rates to the needs of traffic growth.
Competition between the railways themselves, between cities or localities, between railways and other
forms of transportation also played an important
part. As industry and the country grew, so did
the railways, and the rates were necessarily changed
and modified to meet changing conditions and demands. The result is the present freight rate structure, a creature of environment, created by conditions and modified likewise.
The Present Rate Structure.
The present freight rate structure is based upon
two primary systems of rates, class rates and commodity rates, and upon the division of the country
into freight classification territories. Due to the
huge number of different commodities offered to
the railways for transportation and the difficulty
of establishing separate rates for each different commodity, a classification system has developed in
which commodities are grouped into classes, each
class containing articles more or less similar in character. Freight rates are established for each class,
covering all articles in that class. These rates,
known as class rates, cover mainly manufactured
or finished articles, and semi-finished articles, and
include the largest number of freight items, but not
the largest tonnage handled by the railways. There
are from six to eleven classes in the several freight
territories, the first class taking the highest rate,
and so on. A few high-grade commodities are listed
as multiples of first class.
In the case of certain commodities, separate rates
are made applying specifically to these articles,
rather than to a general class. Rates of this sort
are known as commodity rates and apply generally
to basic or low-grade commodities moving in carload lots, often over a considerable distance. Commodity rates are usually lower than class rates.
Such commodities as coal, ore, grain, stone and
lumber move under commodity rates.
The principal classification territories in the
country are: Official Classification Territory,
1295
which includes the territory east of a line from
Chicago through Peoria to St. Louis and the Mississippi River and north of the Ohio and Potomac
Rivers; Southern Classification Territory, extending
east of the Mississippi River and south of the Ohio
and the Potomac Rivers; and Western Classification Territory, covering all the country west of
Chicago and the Mississippi River. Each of these
three territories has its own system of freight classification, and each is divided into smaller traffic
associations.
Principles of Rate-Making.
The theoretical principles of rate-making, as applied to railway freight traffic, are so numerous and
complex that only a brief discussion can be attempted. The following statement is general in
scope, applying to the railway system as a whole,
and hence ignores various principles applicable to
individual railways.
To begin, the cost of service is the determinant of
the minimum rate level. Freight rates must be compensatory. That is, they must pay the cost of the
service for which they are received, including not
only the direct transportation cost but also the indirect overhead and interest costs. As between various commodities, variations in the cost of service
may mean similar deviations in rates.
The value of service is the determinant of the
maximum freight level. Freight rates cannot exceed
the value added by transportation to the transported
article, for if they do, the article would not be
shipped. Again, as in the cost of service, differences
in the value of service may mean similar variations
in rates.
Competition between railways and other forms
of transportation is often an important factor in
rate-making, as is also competition for markets between producing areas, for raw materials between
manufacturing areas, and for products between consuming areas.
The value of the commodity also affects the freight
rate. A high-value commodity can normally afford
to pay a higher rate than a low-value commodity.
Also in transporting a high-value commodity, the
carrying railroad incurs a greater financial responsibility in case of loss and damage than in transporting a low-value commodity, and rates may be
higher to meet this increased responsibility.
Further, freight rates are sometimes influenced
by the specific needs of certain industries or localities, but in all instances they are legally subordinated to the degree that they must be just and
reasonable.
How Freight Rates Are Established.
It must be remembered that railway rates are at
all times under strict control of Federal and State
commissions, Federal control being exercised by the
Inter-State Commerce Commission, and State control by the various State railway or public utility
commissions. Proposals for changes in freight
rates may be initiated by these commissions, by the
railways or by shippers, but proposed changes become effective only after investigation and official
approval of the commission under whose jurisdiction the rates under consideration fall.
The Inter-State Commerce Commission is specifically directed by the Transportation Act to establish
rates on a basis that will provide, for the railroads
as a whole, revenues sufficient to meet operating
1296
Financial Chronicle
expenses and taxes and leave a fair and reasonable
margin of return upon the value of the railway property. Although the Commission for two years fixed
upon 6% as the fair and reasonable return to be
expected by the railroads, and since then has fixed
upon 53
4%,the rates of return actually realized by
the railroads in the 13 full years which have elapsed
since the termination of Federal Control have been
as follows:
1921
1922
1923
1924
1925
1926
1927
Per Cent.
2.87
3.59
4.33
4.23
4.74
4.99
4.30
1928
1929
1930
1931
1932
1933
5 mos. 1934
Per Cent.
4.65
4.84
3.30
2.00
1.25
1.83
2.11
Sept. 1
1934
From the foregoing figures it is seen that in 1916
the railways received something over seven mills for
carrying a ton of freight one mile. In 1921 freight
rates reached their peak, the charges being slightly
over a cent and a quarter for transporting a ton of
freight one mile. There have been successive decreases in freight average receipts since 1921, so
that the latest figures which are for the five months
ended May 31 1934 indicate that the Class I railways carried a ton of freight one mile for only
0.843 cent.
When considered as a whole, all the rate reductions and adjustments since 1921 represent a decrease of nearly $850,892,100 annually in gross revenues. In other words, if the freight rates of 1921
had remained in effect, the public in the past 12
years would have had to pay $8,508,921,000 more
than was actually paid to the railways for the same
amount of freight transportation.
If it is found from the evidence to be presented
in the present proceedings that rates are inadequate to maintain the transportation system in a
state of efficiency, they should be advanced to
help out a situation which can be corrected in that
way. There is no honest way to maintain our transportation facilities other than payment by the shippers who use the rail facilities, and the burden of
such payments in the aggregate must be distributed
among such users.
If the railroads as a whole fail to earn the full
amount of the fair and reasonable return expected,
there is no redress. The rate-making provision of
the Transportation Act is not retroactive, and there
is no guaranty of earnings.
Legal Provisions Regarding Rate Control.
There are two important legal provisions regarding rate control, one incorporated in the Transportation Act of 1920, the other the result of a court
decision. The first has considerable, if theoretical,
bearing upon the rates. It is Section 15-A of the
Inter-State Commerce Act as amended by the Transportation Act (known as the rate-making section),
wherein it is provided that the Inter-State Commerce Commission shall establish rates intended to
yield a fair return upon the railway property. This
is a stronger statement, positively made, than the
negative constitutional provision against property A War Dole of Thirty DollarsrPer Month
Major-General Smedley D. Butler, famous as a
confiscation without due process of law, under
former commander of the Marine Corps, now retired,
which rate regulation was formerly limited legally.
The second provision has to do with the relative who in some respects possesses the peculiar traits
powers and jurisdictions of the Inter-State Com- of General Johnson, in an article published
in the
merce Commission and of the various State regula- "Forum" advocates the conscription
of capital one
tory commissions. Prior to 1920, it had generally
month before the enrollment of "manhood," in the
been accepted, from custom and the legislation
event of war. This is the former warrior's answer
authorizing and controlling the Inter-State Commerce Commission, that the said Commission had to the insinuations that war may be inspired by
full powers of authority and jurisdiction over inter- selfish motives on the part of those who would be
State commerce, but that powers of authority and called upon to manufacture and supply the nation
jurisdiction over intra-State traffic were vested in with the means of defense. Terming war the greatthe separate commissions of the individual States. est of rackets, he maintains that the
effective way
After the passage of the Transportation Act in 1920, to
destroy the racket is to draft the officers and
which gave the Inter-State Commerce Commission
corporations manufacturing armaments
power to remove "any undue, unreasonable, or un- directors of
just discrimination against inter-State foreign and ships, restricting their pay to $30 a month, the
commerce," a Supreme Court decision practically wage paid to the men who are called upon to fight
put control of intra-State rates in the hands of the the battles. The General's field of conscription is
Commission.
too narrow. Armies and men in the Navy must be
The Course of Rates in General.
fed and clothed. Would the former commander also
The general course of railway rates since 1916 is conscript the farmers who furnish the food and
seen in the following figures of average annual rev- much of the materials from which clothing and other
enue per ton-mile. These figures represent the equipment are made? In time
of war all prices
amount of money the railways received each year advance, and abnormal profits are
made not only by
for hauling a ton of freight one mile. They furnish the manufacturers of munitions,
but by those who
the best available basis of comparing relative rates till the soil, by owners of
factories of all types, and
at various times and for illustrating the trend of by tradesmen. Would the General
put the whole
rates in general, although the averages are some. people, including workers in
munition shops, on a
what affected by changes in length of haul and $30-a-month basis, and if so, who
would pay for the
composition of traffic:
"keep" of men, women and children? Would all
Average Revenue Per Ton-Mile 1916-1933.
prices come down to a dollar a day basis? General
Avge. Revenue
Arge. Revenue
Year Ended
Per Ton-Mile.
Year Ended
Per Ton-Mile.
Butler, and others who are currently advocating the
Dec. 31—
(cents)
Dec. 31—
(cents)
1916
0.707
1926
1.081
marshaling of all forces of the nation under Federal
1917
0.715
1927
1.080
1918
0.849
1928
1.081
control in the event of war, only scratch the surface
1919
0.973
1929
1.076
1920
1.052
1930
1.063
of the difficulty, but perhaps they have given us
1921
1.275
1931
1.051
1922
1.177
1932
1.046
something to think about, and more light may be
1923
1.116
1933
0.997
1924
1.116
5 months 1934
0.843
shed upon a problem which is far from new.
1925
1.097
1297
Financial Chronicle
Motor Truck Fleets in The United States required by
Volume 139
There is undoubtedly a tendency at the present
time for some of our large corporations to set up
their own highway transportation establishments
to cover a delivery radius of from 50 to 100 or more
miles. In certain instances this development does
not seriously affect railway transportation. Where,
however, the corporations concerned dispatched
fairly heavy and valuable traffic in full truck loads,
the situation of necessity must be given a more serious consideration by the railways.
The following tabulation sets forth a list of the
important corporations which at the present time
operate their own fleets of motor trucks. It is interesting to note that the number of vehicles total
154,966.
Fleets in the United States.
Trucks.
Trucks. Fleet Owner
Fleet Owner
American Tel.& Tel
13,600 Sun Oil Co
650
12,000 Burns Brothers
Standard Oil of N. J
640
Railway Express Agency_ _ _ _ 8,962 City of Detroit. Div. Motor
n'ansp
Borden Co
7,600
630
National Dairy Products_ _ _ _ 5,894 N. Y. City Fire Dept
624
5,791 American Gas & Electric Co..
U.S. War Department
608
N. Y. Dept. of Sant. (city)... 3,188 Standard Gas & Electric Co_
596
Continental Baking Co
3,200 Brinks Express Co
575
2,800 Associated Oil Co
Cities Service Co.(sub.)
516
Mid-West Utilities Co
512
2,750 N. Y. State Highway Div....
Standard Brands Inc
500
2,695 U. S. Eng. Corp.(sub.)
Ward Baking Co
483
2,100 National Refining Co
Armour & Co
451
2,057 U. S. Bureau of Public Roads
Standard Oil Co.of N. Y..
450
2,000 Great American Tea Co
Division of Highways
448
_ 2,000 Humble Oil & Refining Co
Standard Oil Co.(Calif.).
436
- 1,967 Chic. Com'w'Ith Edison Co
General Baking Co
433
1,875 Minn. State Highway Dept..
Gulf Refining Co
432
1,837 Rubel Ice Co
Standard Oil Co.(Ind.)
429
1,652 Los Angeles Mech. Dept_ _
National Biscuit Co
427
1,652 Goodyear Tire & Rubber Co_
Purity Baking Corp
426
1,645 Philadelphia Electric Co_ _ _ _
N. C. State Highway Com_ _ 1,629 American Stores Co
420
The Texas Co
415
1,606 Con. Laundries Corp
State of California
414
1,578 Shell Eastern Petrol. Prod__ _
400
American Ice Co
1,537 Farm Crest Bakeries. Inc.....
Quality Bakers of America _ _ _ 1,500 Marshall Field Co
400
U. S. Navy Department _ _ _ - 1,482 R. H. Macy & Co
394
390
N.Y.Div. of Stands. & Pur_ 1.465 Crane Co
361
Standard Oil Co.(Ky.)
1,427 State Road Dept. of Florida_
Jewel Tea Co
360
1,410 Mich. State Highway Dept-340
Texas State Highway Dept_ _ 1,323 Fed. Water Service System..
326
Beatrice Creamery Co
1,278 N.Y.Power & Light Corp_ _ _
325
Pacific Gas & Electric Co_ _ _ _ 1.276 Kansas State Highway Dept.
320
Sheffield Farms
1,231 Postal Teleg.-Cable Co
319
The Atlantic Refining Co_ _ _ _ 1,225 Phila. Bur. of Maint. & Rep.
317
United Parcel Service
1,200 Pie Bakeries, Inc
304
Western Dairy Products Co
1,197 South. Calif. Edison Co
300
ShellPetroleum Corp.(Mo.)- 1,185 Amer. Fruit Growers, Inc_ _ _
285
Union Oil Co.(Calif.)
1,166 Mass. Dept. of Public Works
282
Indiana State Highway Com. 1,060 Reid Ice Cream Corp
276
Virginia Dept.of Highways_ _ 1,052 Eastern Greyhound
274
Calif. Dept. of Pub. Works_ _ 1,022 Pub. Ser. Co. of No. Illinois_
271
Shell Oil Co. (Calif.)
1,001 Consumers Power Co
268
Sinclair Refining Co
1,001 Continental Oil Co
Con. Gas Co. of N.Y
995 N. Y. C. Dept. of Water &
256
Gas & Electric
990
Penn. Dept. of Highways...251
Hertz Driv-ur-Seif Stations._
975 Ohio Edison Co
250
Kroger Grocery & Baking Co.
950 General Cigar Co
215
General Ice Cream Corp_ _
900 Motor Haulage Co
210
Metropolitan District, Inc_ ._
900 Cleveland Elec. Ilium. Co__ _
The Pure Oil Co
200
900 Pittsburgh Plate Glass Co...
196
Tenn. Dept. of Highways &
Beech-Nut Packing Co
Public Works
192
869 Brooklyn Edison Co
U.S. Dept. of Commerce_ _
865 N. Y. & Queens Elec. Light
191
Golden State Creamery. Ltd.
& Power Co
829
165
Western Dairies. Inc
800 Hofftnan Beverage Co
153
General Food Sales Co
780 Edison Elec. Co. of Boston..
Los Angeles Dept. of Water
134
Georgia Power Co
& Power
131
771 N.Y. Edison Co
U. S. Trucking Corp
130
750 Brooklyn Union Gas Co
Loose Wiles Biscuit Co
130
750 Boston Elevated Railway.._
Standard Oil Co.(Ohio)
125
744 Cent. Union Tr. Term., Inc..
Illinois Bell Tel. Co
123
716 N. Y. City Police Dept
120
Firestone Tire & Rubber Co_
707 Empire Oil St Refining Co_ _ _
The Cudahy Packing Co_ _ _
107
700 Alabama Power Co
City of Cleveland
653
Total
154,966
All of these corporations are in a position to
accept freight at their own warehouses or establishments, and to effect delivery at destination, in a
number of cases, in a shorter time than would be
railway, and with much less chance of
loss or damage in transit.
By operating their privately-owned fleets of motor
trucks these corporations are not required to observe
the stringent conditions as to packing, necessarily
insisted upon by the railway companies for freight
consigned at their risk, and consequently these
private fleets must have a particular advantage to
concerns which manufacture highly perishable or
fragile products.
It is over such corporations as these, who already
have years of experience as public carriers, that
the railways should be deeply concerned. In any
event, they can be relied upon to give that spur to
the railways, which the history of all highly centralized or concentrated organizations has proved
to be essential to the exercise of enterprise and
initiative.
As a Banker Sees It
Editor the "Commercial and Financial Chronicle":
Dear Sir: An article appearing in your issue of Aug. 11,
relative to our closing of small accounts, has been forwarded
to me, and for which I say: "Many thanks." . . .
Our stand is just this: For 45 years the depositor has
come first, last and always. When we can loan money and
protect these widows and orphans that one hears so much
about
-the thousands of poor people who are struggling to
.save a dollar-then we will gladly loan money.
Credit, as I understand it, is based on two elements: confidence in the borrower and a knowledge of his ability to
pay. There is the fly in the ointment. I have the same confidence I always had in hundreds of our borrowers, but their
ability to pay, under the present Administration, is gone.
The average business man doesn't have a Chinaman's chance
of succeeding. Taxation and regimentation, with their redistribution of wealth, has practically eliminated the business man's chances of borrowing, or ever paying if he does
succeed in borrowing.
A sincere banker will not accept deposits when he has the
slightest doubt of his ability to pay. There is nothing left
in which to place the people's money but Government bonds,
and unless every law of economics is repudiated, these bonds
cannot long hold their present market value.
Therefore, I am handing the people's money back and refusing all new accounts. My intention is to pay off the
• little fellow as quickly as possible and get down to a comparatively few of the larger accounts. If conditions should
suddenly change for the worse, these fellows could be paid
off in a hurry.
-not by a long
I am not going out of the banking business
shot. I will probably be one of the few that stay in it. It
takes drastic steps to meet drastic times. Socialism cannot
be fought with powder puffs. It will be checked in this
country, but it is going to be a battle, and it is only those
with the foresight to see it coming that will survive the
conflagration.
Respectfully yours,
J. M. NICFIOLS, President.
[Editor's note: Mr. Nichols is President of the First
National Rank of Englewood, Chicago, and the above letter
Is reproduced with his permission.)
Railroads Seek $170,000,000 Rise in Freight Rates-In Petition to Inter-State Commerce Commission Carriers Claim Increase Is Necessary to Offset Higher Costs in
Wages, Materials Under NRA-Hold Solvency Will Be Jeopardized by Denial.
Freight rate increases aggregating $170,000,000 annually
were demanded by the nation's Class I railroads, Aug. 27, on
the ground that many railroads are threatened by insolvency.
The carriers asked the Inter-State Commerce Commission
to authorize the increases, saying they are in dire need of
revenue to partially offset economic forces such as wage increases and rising costs of materials and equipment "growing out of the Government's economic policy."
The proposed increases embrace almost the entire freight
rate structure and range from 1% to 10%, by zones and by
short and long hauls. The application, filed with the Commission on behalf of Class I railroads by the Association of
Railway Executives, had been long anticipated and followed
a vote of the nation's big railway systems at the annual convention in Atlantic City recently.
Few commodities would be exempted, although the proposed increases are miscellaneous rather than horizonthl.
In applying for the freight increases, the railroads are seeking revenues to meet, in part, additional expenses to which
they have been subjected by increases in operating expenses.
These increases, occasioned by an increased wage level and
increased prices of materials and supplies, are estimated at
$293.000,000 annually.
"An increase in operating expenses of more than $2443,000,000 per annum, representing the increased level of wages
of railway labor and increased unit prices of materials And
1298
Financial Chronicle
supplies," says the application, "without an increase in the
level of existing freight rates and charges, and without substantial increase in the volume of traffic, will so affect net
railway operating income of the railroads of the United
States as to jeopardize the solvency of a large number of
important railway systems."
In a statement issued simultaneously with the filing of
the petition with the Commission, the Association of Railway Executives asserted that the carriers' action was necessary and asked for public support. It stated that the $170,000,000 increase, if approved, would equal less than 60% of
the increased operating expenses due to higher labor and
material costs, and added:
The railroads confidently assert that if their application is granted the
new rates will be reasonable and will permit the free movement of traffic.
The schedules submitted have been prepared with due regard to relationships of rates.
It is generally conceded that nothing is more essential to business recovery than the prompt restoration of the purchasing and employing capacity
of the railroads. The money derived from the proposed increases will
speedily find its way back to the channels of trade.
The Commissiow has been requested to grant an early hearing on the
application. The railroads hope that the reasonableness of their request
will appeal to their patrons and the public generally and justify their
rapport.
The text of the Class I railroads' petition to the IOC for
freight rate increases, excluding appendices, reads as
follows:
The Class I railroads in the United States listed in Appendix I attached
hereto, hereinafter referred to as petitioners, confronted with very substantial
increases in their operating expenses due primarily to an increased level of
wages and increased prices of materials and supplies, which increased expenses now and will hereafter seriously impair their financial resources, and
threaten to impair their capacity to continue in the public interest the adequate and efficient railway transportation service contemplated by Section 15(a) of the Inter-State Commerce Act, as amended, respectfully petition the Commission for authority to increase their freight
rates and charges in the manner and to the extent herein set forth, and in
support thereof show:
Pursuant to the procedure provided for in the Railway Labor Act (Act of
May 20 1926), petitioners on Jan. 31 1932 entered into an agreement with
their employees represented by the Railway Labor Executives Association
for a deduction of 10% in the basic rates of pay of railway labor, that is,
the rates et pay in effect prior to Feb. 1 1932. This, or a greater deduction,
was applied to all persons in the service of petitioners and was effective
from Feb 1 1932 to Jan. 1 1933. By subsequent agreements, this deduction of 10% was continued in effect until June 30 1934.
On April 26 1934 petitioners and their employees represented by the
Railway Executives Association, acting pursuant to the procedure provided
for in the Railway Labor Act, entered into an agreement under which the
deduction in the said basic rates of pay should be 7%% from July 1 1934
to Dec. 31 1934, and 5% from Jan. 1 1935 to March 31 1935. Under this
agreement the said basic rates of pay are to be restored on April 1 1935.
Petitioners estimate that because of the increase in the level of wages
of railway labor that took effect on July 1 1934. their operating expenses
for the year 1934 will be $20,500,000 greater than they would be had there
been no increase at that time, and that if the said basic rates of pay had
been restored in full on Jan. 1 1934, petitioners' operating expenses for the
calendar year 1934 would be $156,000,000 more than they would be under
the rates of pay of railway labor that were in effect during 1933.
Petitioners have also been confronted during the past 12 months, and are
now being confronted, with substantial increases in the prices of materials
and supplies currently and necessarily used by them in the operation of their
properties. Petitioners estimate that the increase in their operating ex•
penses in 1934, due to increases in the unit prices of materials and supplies
so currently and necessarily used by them over and above the unit prices in
1933, will amount to approximately $100,000,000. Petitioners further estimate that if the unit prices of materials and supplies that are in effect
to-day had been in effect since Jan. 1 1934, their operating expenses in
1934 would have been increased in an additional amount of approximately
$37,000,000, or a total annual increase of $137,000,000.
The estimated annual increased cost as a result of both the increase in
the level of wages and increase in the cost of materials and supplies is the
sum of $156,000,000 and $137,000,000, or a total of $293,000,000.
Petitioners state that as a result of the increases in their operating expenses, due to the said increased level of wages and to the said increased
prices of materials and supplies, many of the petitioners, on the basis of
the present volume of traffic and the present level of freight rates, will
be unable to earn revenues sufficient to pay in full even their operating
expenses and taxes; that others that are now failing to earn sufficient net
railway operating income to pay their fixed charges will have their deficits
substantially increased; that many others will be unable to earn sufficient
net railway operating income to pay their fixed charges, and that petitioners
as a whole will fail to earn their fixed charges by a very substantial sum.
Petitioners state that the rate of return earned by them as a whole for
the first six months of 1934, based on their property investment as shown
by their books, including materials and supplies, and cash V/1113 only 2.09%
on an annual basis, and that even this inadequate rate of return was produced only by th most drastic economies in the operation of their respective
properties, including economies in expenditures for maintenance-of-way and
structures and of equipment, and that any large increase at this time in
their operating expenses will further substantially reduce the already inadequate rate of return petitioners are now receiving.
It is a matter of common knowledge that the carriers are in dire need of
additional revenues. The additional increase in their operating expenses
that now confronts them intensifies that need.
IV.
Petitioners state that, based upon the actual results for the first six
months of 1934, it is their best judgment that their net railway operating
Income for the calendar year 1934 will amount to approximately $463,000,000; that the net railway operating income required to meet petitioners'
Sept. 1 1934
fixed charges is $516,000,000, leaving a deficit for the calendar year 1934of $53,000,000.
However, the estimated deficit of $53,000,000 reflects only a partial
restoration of the wage deduction and does not fully reflect the full annual
effect of the increase in the unit prices of materials and supplies. If the'
basic rates of pay had been restored in full as of Jan. 1 1934, and had been
in effect during the entire calendar year 1934, and if the unit prices of
materials and supplies prevailing at this time had been in effect since Jan. 1
1934, petitioners' operating expenses for the calendar year 1934 would be
further increased $135,500,000 on account of the increased level of wages
and $37,000,000 on account of the increased unit prices of materials and
supplies, which, when added to the aforesaid deficit of $53,000,000, would
result in a deficit of $225,500,000, based upon operations for the year 1934.
V.
Petitioners set forth below a statement which shows the value of Class I
railroads in the United States computed first, on the basis of their property
Investment as shown by their books, including materials and supplies, and
cash, and second, on the basis of the value of their property used by the
ICC in ex parte 74, readjusted and brought down to date, as of Dec. 31 1932,
and Dec. 31 1933, the net railway operating income of Class I railways in
the United States for the calendar years 1932 and 1933 and for the first
six months of 1934, the annual rate of return earned by Class I railways
during the said periods on each basis, and the portion of the value on each
basis on which a rate of return of 5% 70 was earned:
,
Item.
1932.
1933.
$
8
6 Mos. 1934.
$
1. Pioperty investment at end of
year
926,326,058,979 26,126.379,547
2. Ex Paste 74 findings plus net
additions and betterments__ 24,603,696.658 24.431.083.265
3. Net railway operating income_
326,298,008
474,295,597
225,803.916
4. Rate of return on
5. Property investment
1.24%
•
1.82%
a2.09%
6. Ex Paste 74 findings
1.33%
1.94%
a2.23%
7. Value on which 5X% was
earned
5,674,747,900 8,248.619.000 9.478,697.000
a Rate of return six months 1934 computed on an "annual basis," and based on
investment values at beginning of year. C Includes material and supplies and cash.
The Class I railroads of the United States at the present time are earning a return of 5% on a value that represents only about 36.28% of the
value of their property as shown by their books, and only about 38.80% of
the value of their property as used by the ICC in ex parte 74, readjusted
and brought down to date.
VI.
An increase in petitioners' operating expenses of more than $293,000,000
per annum, representing the increased level of wages of railway labor and
the increased unit prices of materials and supplies, without an increase in
the level of existing freight rates and charges and without a substantial
increase in the volume of traffic, will so affect the new railway operating
income of the railroads of the United States as to jeopardize the solvency
of a large number of important railway systems.
Petitioners are not seeking in this proceeding the fair return on the
value of their property which the law contemplates they should receive.
They are seeking in this proceeding only such reasonable increases in their
freight rates and charges as will, taking into consideration the effect of
such increases on the movement of traffic, increase their revenues and thus
enable them to meet, in part, the increases in their operating expenses
chargeable to the increases in the level of wages of railroad labor and in
the unit prices of materials and supplies, which increases their operating
expenses but reflect the economic pollicies of the Government.
VII.
Petitioners refer to what the ICC said in its report of July 31 1933, in
Docket No. 26000, General Rate Level Investigation, 1933, 195 ICC 5, respecting efficiency and economy of operation. Petitioners are of the opinion
that they cannot, by increased savings, in view of the various restrictions
imposed upon them, effect economies, in addition to those heretofore
effected, that will materially offset the increase in their operating expenses
which will result from the increased cost of labor, materials and supplies.
VIII.
Petitioners set forth below a statement which shows the number of tons
of revenue freight originating on the lines of Class I railroads in the United
States during the calendar years 1932 and 1933 and during the first three
months of 1934, and the revenue ton-miles handled by such railroads during
those periods. The figures were as follows:
REVENUE TONS ORIGINATED.
Calendar Years.
:
Commodities Group.
Products of agriculture
Animals and products
Products of minas
Products of forests
Manufactures and miscellaneous.
All local freight
1932.
80,916,000
18,054.000
362,225,000
26.109,000
143,682,000
15,233.000
1933.
81,702.000
17,650,000
395,064.000
33,164.006
157,009,000
14,350,000
First 3 Months.
1934.
17,141,000
4,232,000
110,837,000
8,820,000
42,171,000
3,447,000
Total
646,222,000
698,942,000
186,649,000
Revenue ton-miles
233,977.008,859 249,223.180,347 67,308.579 000
Petitioners will incur increased costs of operation hereinbefore set out
In the handling of all their traffic, and petitioners submit that under such
circumstances all classes of traffic handled by them ought reasonably to
pay at least some part of these imavoidable increases in the costs of operation.
IX.
Petitioners attach hereto, marked Appendix II, a statement of the increases in the freight rates and charges, including joint rail and water
rates and charges, which in the judgment of petitioners will not exceed
the bounds of reasonable maximum rates, will not bring about an undue
•iisturbance in business conditions, and, considering the possible loss of
traffic to conipeting agencies of transportation,. will result in a net increase
In revenue.
X.
Petitioners estimate that if they are permitted to increase their rates and
charges as outlined in Appendix II, after taking into consideration such
traffic as they may lose to competing agencies of transportation as a result
of these increases in rates, they will increase their revenues, based upon the
traffic that moved in 1933 and that is now moving, by approximately $170,000,000 per year.
XI.
In view of these considerations petitioners pray that they be permitted to
increase their freight rates and charges, including joint rail and water rates
and charges, by such percentages or in such amounts in cents per 100 pounds.
Volume 139
Financial Chronicle
in cents per ton, or m dollars per car, as are set out in the tables attached
hereto marked Appendix II ; that the ICC institute promptly, and as speedily
as practicable conduct, such Sr. investigation as may enable the ICC to
determine and find that their freight rates and charges increased in the
manner and to the extent proposed in Appendix II will be just and reasonable and not in excess of such maximum reasonable rates as are necessary
in the public interest to enable petitioners to provide the adequate and
efficient railway transportation service required by law; that tariffs so
increasing their rates and charges shall be permitted to become effective
without suspension; that the ICC grant petitioners special permission to
make effective such increases as here proposed to be made by the publication of special supplements; that the ICC enter a general order modifying
all its outstanding orders to the extent necessary to enable petitioners to
make effective the increases herein proposed; that where the application of
the increases herein proposed to the existing rates would result in departures
from Section 4 of the Inter-State Commerce Act, the ICC, by the entry of
special orders, authorize such departures.
Petitioners state that the increases in their operating expenses herein.
before set forth are being incurred and will be incurred in the handling of
intra-State as well as inter-State traffic, and that the estimate of increased
revenues which petitioners will receive as set forth in Paragraph X reflects
the application of the proposed increases in freight rates and charges to
intra-State traffic. It is respectfully suggested, therefore, that the co-operation of the State commissions be invited as provided by law in any investigation instituted and conducted by the ICC as herein prayed for.
Respectfully submitted,
R. V. FLETCHER,
R. W. BARRETT,
GUERNSEY ORCUTT,
T. P. HEALEY,
M. CARTER HALL,
F. G. DORETY,
J. M. SOUBY,
M. G. ROBERTS,
J. R. BELL,
W. A. NORTHCTJTT,
W. N. McGEHEE,
F. W. GWATHMEY,
ELMER A. SMITH,
J. CARTER FORT,
Attorneys for Petitioners.
Transportation Building, Washington, D. C.,
Aug. 27 1934.
A summary of the proposed rates, as reported by the New
York "Times," is as follows:
Among the more important commodities, rates on wheat, corn, barley,
oats, rye and other grains and products thereof would be increased Sc. a
hundred pounds, but would not apply to rates in Eastern territory, nor would
the increase apply from Ohio and Mississippi River crossings when from
points west of the Mississippi.
10% Increase on Cotton Sought.
Rates on leaf tobacco would be increased 10%, with a maximum of 4c.
a hundred pounds. Cotton rates are increased 10%, with a maximum of Sc.,
but the increase would not apply on traffic the rates on which were increased 15% Aug. 20. On cottonseed the increase would be a half cent a
hundred pounds.
No change would be made in existing commodity rates on fresh citrons
fruits, including grapefruit, mandarins, satsumas, tangerines, citrons, kumquats, lemons and limes. Other fresh fruit rates, except those designated
"cold pack," would be increased 10%, with a maximum of 3c., this also
applying to bananas.
Fresh or green vegetables rates would be increased, as would rates on
dried beans, peas, dried fruit, cake or meal, by 10%, with prescribed maximum varying from 3c. to Sc. The same would apply to coconut, cottonseed,
peanut, soya bean, flaxseed and similar oils. Cauliflower, cucumbers and
other vegetables in brine would be increased by the same amount.
Existing rates on livestock, including cattle and calves, sheep and goats
and hogs, would be increased by 10%, except that rates of 25c. a hundred
pounds or less would be left unchanged.
For iron ore, Iron sinter and iron ore concentrates, a specific increase of
16c. a gross ton is proposed, without exemption for short haul. On lake
cargo movement of this traffic, a single increase of the same amount is
requested, the increased rate to be divided between Eastern and Western
lines on traffic on which both receive a road haul.
5c. a Ton Rise for Gravel.
The rate on grave/ in its various forms would be increased by Sc. a ton,
except that in all but Mountain-Pacific territory no change would be made
in rates amounting to 60c. a ton or more.
•
The rate increase and limitation as to freight territories would also apply
broken, ground or crushed stem.
to
On crude petroleum and crude petroleum oil and asphalt and by-products,
the existing rate would be increased lc. a hundred pounds without exempticn for short hauls. Specific increases of Sc. and lc., respectively, are
proposed on common and icdized er sulphurated salt and unground phosphate
rock
Among forest products, rates on logs and bolts would be increased by $1
a car, regardless of the unit in which rates are quoted. Rates on fuel wood,
pulp weed, posts, poles and piling, shingles, cooperage materials, veneer
and built-up wood are proposed to be increased 10%. with a maximum of Sc
a hundred pounds in all territories except between and within Arizona,
Nevada, New Mexico, Utah and Texas (El Paso). In the latter areas, a
specific increase of Sc. a hundred pounds is requested.
10% Proposed for Newsprint.
Among so called manufacturers' materials, an increase in the rate on
newsprint and other paper of 10% is proposed, with a maximum of 3c. a
hundred pounds, but no increase would be made in "truck competitive rates."
Pig-iron, articles classified as "iron and steel," rails and supplementary
equipment, cast iron and Iron and steel pipe and unwoven iron and steel
nails would bear rates 10% higher than at present, with a maximum of 2c. a
hundred pounds prescribed.
Rates on copper, whether in blister or bars, billets, bullion, cakes, ingots
and a variety of other forms, would be increased 10%, with a maximum
increase of 214e. a hundred pounds. Within and from Mountain-Pacific
territory a flat increase of 2%c. a hundred pounds is suggested.
The same increase in rates and territorial limitation is proposed for rates
on lead and zinc in a wide variety of forms and conditions. Aluminum
ingots, pigs and slabs would be increased the same amount as copper, lead
and zinc.
1299
Among building material rates, an increase of lc. a hundred pounds is
proposed on hydraulic, portland and natural cement, bricks and building
tile and common hydrated, quick and slaked lime.
Rates on various kinds of plaster and gypsum tile and blocks would be
raised 10%, with a maximum of 2c.
Canned or preserved foodstuffs of virtually every kind would take a rate
10% higher than at present, with a maximum limitation of Sc. per 100
pounds over present rates.
Coal Schedule Suggested.
Increases in rates on coal, ranging from Sc. to 30c. a ton, according to the
amount of the present rate, are proposed in the petition. Proposed increases
in rates on coal and coke in terms of present rates were shown as follows in
cents per ton net or gross, as rated:
COKE.
COAL.
Proposed Inc.
Proposed Inc. Present Rate.
Present Rate.
(Per Ton.)
(Per Ton.)
(Per Ton.)
(Per Ton.)
3 cents
3 cents $0.00 to $0.75
$0.00 to $0.75
Scents
5 cents 0.76 to 1.00
0.76 to 1.00
10 cents
10 cents 1.01 to 1.25
1.01 to 1.25
15 cents
15 cents 1.26 to 1.50
1.26(0 1.50
20 cents
20 cents 1.51 to 1.75
1.51 to 1.75
25 cents
25 cents 1.76 to 2.00
1.76 to 2.00
30 cents
30 cents 2.01 to 2.25
Over
2.00
35 cents
2.26 to 2.50
40 cents
2.51 to 2.75
45 cents
2.76 and over
Bates for Lake Cargoes.
The increase in rates on lake cargo coal of 30c. a ton are proposed to be
handled in the same fashion as iron ore moving by that route. On revenuebearing coal, moving from docks on Lake Superior in the United States and
the west side of Lake Michigan to destination in the United States, the
total increase will be divided between Eastern and Western lines receiving
a road haul.
The arrangement is designed to prevent a double increase in rates on the
lake cargo movement by collection of the increase by both Eastern and
Western lines.
As for proposed increases in class rates, it is proposed for Eastern territory, including Illinois but excepting New England territory, to increase
the fourth class or 50% of the first class rate by 4c. a hundred pounds where
the first-class rate is from 56c. to 76c.
Where the latter first-class rate applies and where the rate sought is
lower than 50% of the first-class rate the increase would be Sc. a hundred
pounds.
For New England territory, Zone A, where the first class rate is 59c. or
lower, it is proposed to increase the fourth-class rate by 4c. a hundred
pounds and rates less than 50% of the first-class rate by lc. per hundred
pounds.
Where the first-class rate is over 50c. hut not more than 80c., the New
England fourth-class rate would be increased by 4c. a hundred pounds and
rates under fourth-class by Sc. a hundred pounds.
Differentials to Be Maintained.
The same relative increases over present rates would be made in Zone B
and between Zones A and B in New England territory, where the first-class
rate is 65c. or lower, and where the first-class rate is more than 65c., but
net more than 80c. per 100 pounds.
Similar increases are proposed in class rates of the other freight territories
in a manner calculated to maintain existing inter-territorial rate relationships.
No increases are proposed to be made in class rates on fresh milk and
cream handled in either freight or passenger service.
Commodity rates on mixed carload shipments would be increased by the
greatest increase proposed for any article in the shipment.
In applying the proposed increases to rates specifically designated for
export, import, intercoastal and coastwise traffic, the existing differentials
governing movements to and from North Atlantic, South Atlantic and Gulf
ports are to be maintained under the new tariff schedules.
Short Lines Join Freight Rate Plea-Asking'Increase,
They Tell ICC 67% of Their Number Will Have
Deficits this Year.
Increases in freight rates, equivalent to those proposed by
the larger railroad systems, were asked Aug. 28 by 328 short
line carriers in a joint petition to the Inter-State Commerce
Commission. In joining the Class I railroads in requesting
approval of the proposed rate increases the short lines said
that, on account of increased operating expenses, 67% of
their number would operate at a loss during 1934. A total
of 80% of the Class II and Class III railroads would fail to
earn fixed charges this year for the same reason, said the
petition.
Citing the failure of 38% of their number to earn operating expenses last year, and of all to earn fixed charges by
$6,500,000, the short lines attributed their plight largely to
the economic policies of the Government, as did the Class I
roads in their original petition.
"These carriers have effected all possible economies in the operation of
their lines," the petition states, "and the increased cost of operation is
in no wise due to any action on their part, but is due, in large measure,
to the present legislative and economic policies of the Government.
"In 1933," the petition continues, "788 of such roads were authorized for
abandonment. The majority of this mileage had to be abandoned by reason
of the inability of the carriers to earn operating expenses. According to
the best available figures, there were 805 short-line railroads in the United
States in 1929. By July 1933 this number had been reduced to 577."
Rail Rate Hearing Is Set for Oct. 1- Roads Must Prove
Needs
The petitions of various Class I railroads for authority to
Increase freight rates and charges, and of the American
Short Line Railroad Association in support thereof, are
assigned for hearing Oct. 1, at the office of the Inter-State
Commerce Commission, Washington, D. C. Later announcement will be made as to the Commissioners by whom the
hearing will be conducted. The Commission as a whole will
1300
Financial Chronicle
hear argument as soon as possible after the close of the hearing, when opportunity will be afforded for discussion of the
questions of law and fact developed upon the record. The
Commission has laid down the following rules for the presentation of evidence:
It is the purpose of the hearing to elicit facts upon which the petitions
must be decided. At the hearings, argumentative discussions will be out
of place. Questions of law and of policy are to be deferred until the argument before the Commission.
The carriers will have the burden of proof, and will open and close. It
is not necessary for protestants or persons supporting the petitions to tile
intervening petitions. All persons who appear and offer material evidence
within the scope of the issue will be heard. Every effort will be made, however, to expedite the proceeding and to confine the evidence within reasonable bounds. To this end it is desired that evidence be presented as concisely as possible; that exhibits be concise, containing only facts necessary
or desirable for the Commission to have before it when it comes to make a
decision; that they be not argumentative; that they be arranged with such
care as to be as self-explanatory as possible, and to avoid the necessity for
long oral explanation.
No decision has been made as to whether any hearings will be conducted
outside Washington. It is expected that the petitioners will complete their
testimony in support of the petitions at the initial hearings.
Parties desiring to offer evidence in this proceeding should notify the
Commission on or before Sept. 25 1934, indicating the number of witnesses,
the general character of evidence, and the approximate amount of time
required.
It will materially shorten the proceedings if, before the commencement
thereof, the interested parties arrange to consolidate their presentations (including cross-examination) according to their respective interests.
As similar petitions have been filed by petitioners with the several State
Commissions having regulatory powers, the Commission has requested the
co-operation of the State Commissions, as provided by Section 13 of the Act.
Reads Ordered to Start Adding Pension Funds
-2%
Deductions from Pay of all Employees Called for
by Retirement Board.
Railroads were ordered, Aug. 24, by the Railroad Retirement Board, to deduct 2% of the salary of every employee
each month to provide funds for pensioning old workers, beginning Feb. 1 next year. They also were ordered to furnish
the Retirement Board, by Sept. 15, the names of each employee who was born on or before Feb. 1 1865, and who was
on the payroll on or after June 27 1933.
The order referring to deductions from pay checks was understood to have
been prompted by the fact that some of the railroads did not make deductions during August, intending to make such deductions in a lump sum after
court action on the attack by Class I railroads on constitutionality of the
retirement law.
The Board said the law required that 2% be deducted each month, and
that it must be done in that way instead of permitting the contribution to
the pension fund to accumulate.
The railroads are required to make payments into the fund every three
months unless otherwise ordered by the Board.
BOOK REVIEW
THE SECURITIES EXCHANGE ACT OF 1934. By
Charles H. Meyer. 251 pages. New York: Francis Emory
Fitch, Inc. $2.50.
Mr. Meyer well observes, in beginning his work, that,
with the adoption of the Securities Exchange Act of 1934,
a slow process of development which had previously been
evolution practically "has become revolution," and that
"those whose activities are concerned with security markets
will find that they are regulated by an entirely strange
body of law. They must know and adhere to this law,
or run the risk of subjecting themselves to severe penalties,
both civil and criminal in nature." It is to assist in the
initial stages of installing and interpreting this new body of
statutory law-soon to become the basis of elaborate and
technical regulation and interpretation-that Mr. Meyer has
devoted his efforts in the volume now before us. His
attempt is largely expository; where opinions are expressed,
they are carefully referred to as such, and the reasons for
them made plain. Every sub-division begins with a verbatim
quotation of the paragraph or section of the Act to which it
relates; this is then followed by careful analysis and explanation of its terms. One who reads the text of the
volume can have no excuse for not possessing a substantial
knowledge of the content and significance of both the
Securities Exchange Act of 1934, and its predecessor, the
Securities Act of 1933. Although the two statutes are
lengthy and detailed, with much technical elaboration, Mr.
Meyer is able, by judicious condensation and presentation,
to cover the whole ground in a book of the present moderate
length.
Although much of the discussion is naturally and necessarily given to exposition and explanation, the author finds
opportunity for many astute observations and enlightening
comments. He does not adopt a partisan point of view in
any instance but remarks that, while the measure is an
experiment in a new field and its success, therefore, to be
ascertained through trial, it is now the law of the land
and should be duly regarded as a controlling authority
Sept. 1 1934
pending the time when experience will lead to modification-as, of course, it does and must in all such novel
statutory efforts.
Mr. Meyer's book will be of material service to everyone
engaged in buying, selling, or trading in securities through
marginal operations, and is an invaluable guide for the
business man whose securities are listed on any exchange.
or who contemplates making new flotations, or, indeed.
financing himself in any way. It should have a very extensive circulation, since without it much of the new legislation must be obscure to the layman.
The Course of the Bond Market
Bond prices have not made much progress this week, nor
have they declined greatly, with the exception of some weakness in lower-grade railroad issues. Last Saturday and Mon-
day witnessed a generally firming tendency among all domestic groups of bonds, followed by several days of heaviness.
Measured by the yield averages, industrial issues closed the
week with fractional gains over last Friday, as did utility
bonds, but the railroad group suffered a decline.
The U. S. Government bond market showed a good degree
of stability early this week, but declined again on Thursday
and Friday, despite the Tuesday radio speech of Secretary
Morgenthau which was apparently designed to inspire confidence in Treasury issues. The average of eight long term
Treasury bonds stood at 104.56 on Frday, down 0.34 from a
week ago. The current average compares with the recent
low of 104.21 on Aug. 11, and the year's high of 106.81 on
July 11.
The Treasury sold its most recent issue of bills at an average
yield rate of 0.22%, down slightly from the rate on this issue
of Aug. 15, which was 0.27%. Bank reserves at the Federal
Reserve increased $55,000,000 this week, bringing these reserves to new high levels.
Price fluctuations of high-grade railroad issues were very
small on lighter volume. Atchison gen. 4s, 1995, closed at
10214,compared with 102 last week,Union Pacific land grant
4s, 1947, advanced fractionally to 1073 . The market for
%
medium-grade rails was listless with a tendency toward lower
prices. Great Northern gen. 7s, 1936, closed at 89 compared
with 903% last Friday,Northern Pacific ref. 6s,2047, declined
4
X Point, closing at 913 . Weakness and lower prices were
general throughout the lower-grade issues. St. Paul mtge.
5s, 1975, were off 3 points, closing at 293%, Denver & Rio
Grande Western gen. 5s, 1955,closed at 153/3, compared with
17 last week, Missouri Pacific gen. 4s, 1975, closed at 9, off
13% points.
Utility bonds in the highest brackets did not show much
change in price. Lower grades fluctuated more widely although on the whole net changes were small. Particular
interest attached to issues of utilities operating in the Northwest. Bonds of these companies showed extraordinary
strength although late in the week they reacted considerably.
2s,
Puget Sound Power & Light 53' 1949, closed the week at
54, up 55% points since last Friday,Pacific Power & Light 5s,
1955,advanced 3 points to 47,Portland General Electric 43%s,
1960, closing at 463/8, gained 53% points for the week. Net
losses were shown by such issues as Standard Power and
Light 6s, 1957, which 'closed at 43, down 1M points, and
National Power and Light 5s, 2030, which declined % of a
3
point to close at 573%.
The volume of trading continued light in industrial bonds
and changes of more than a fraction of a point were few. In
Th73'steel group, for example, Youngstown Sheet & Tube 5s,
1978, were off % for the week,closing at 84M,National Steel
5s, 1956, advanced M point to 1033% and Inland Steel 43%s,
1978, were unchanged at 1003%. Among tire and rubber
issues the Goodyear and Goodrich bonds showed only fractional changes, but U. S. Rubber 5s, 1947, advanced 13%
points to 864. Oils remained dull in a narrow range. While
Lowes 6s, 1941, gained 4 point to close at 1023%, more
3
speculative amusement bonds reacted, Paramount Famous
Lasky filed 6s, 1947, declining to 47 from 483%, and Warner
Bros.Pictures 6s, 1939, declining 33% points to 53.
Pronounced weakness in all groups of German bonds was
one of the outstanding features of the foreign bond market.
Other foreign bonds showed a mixed trend. Rotterdam 6s,
and Royal Dutch 4s, appreciated sharply, possibly due to
some favorable development with regard to their eventual
service on a gold basis. Antwerp 58 rose 53% points for the
week. Most South American issues continued fairly steady,
as did Finnish, Norwegian and Danish bonds. The Japanese
Financial Chronicle
Volume 139
group as a whole was rather weak, with a marked drop in the
price for Government issues,
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES.
(Based on Average Yields.)
120 Domestic Corporate*
by Ratings.
79.68
80.60
78.88
78.66
79.68
80.37
78.88
78.99
75.50
74.36
70.52
66.55
83.72
66.38
77.66
53.16
72.26
65.37
104.85
104.85
105.03
105.03
105.03
104.68
104.51
104.51
104.68
104.68
104.51
104.68
104.51
104.51
104.33
104.16
103.99
103.99
104.85
105.03
105.03
105.03
105.37
105.20
105.20
105.20
105.03
91.25
93.55
93.40
92.82
92.82
92.82
92.53
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
104.85
106.42
106.60
106.07
106.07
106.07
105.89
105.37
104.85
104.85
104.68
104.85
104.68
104.51
104.33
103.65
102.81
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.55
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
106.78
96.54
99.04
78.44
WW
CO•410.4
bOoWe*C.11:4166;-,
ebb.
WWCW-.4
90.69
90.83
90.83
90.69
90.69
90.69
90.55
90.55
90.41
90.55
90.41
90.41
90.41
90.13
89.72
89.59
89.17
89.59
90.41
90.83
90.97
91.11
91.39
91.53
91.67
91.67
91.39
4.1.W
P. U. Indus.
C0.4.0QWWW-.04..4...4
40
,
0
LiCoLilai4b;-.Eob>k.iabi4Cablix6.'01.14..Co
0000AWWW4.00,00WWWWWWWWWWWWWW
0000r000000000000000200000000
,
0000
, 0004.00011.00000000000004.
78.21
81.54
82.50
82.02
82.02
81.90
82.26
81.54
80.72
81.07
82.02
81.66
81.78
83.48
83.60
82.74
81.18
008800000080C0SCO
00
Q000W0 000 0...1
0
RR.
004800000000
0000
OW
00, .00..470.410.4
0
4
Baa.
77.11
77.22
77.55
77.55
77.77
77.66
77.44
77.33
77.11
77.11
76.78
76.89
76.78
76.35
75.61
75.29
74.88
75.09
76.03
76.46
76.67
76.89
77.44
77.66
77.77
77.99
77.77
0
A.
W
0
Aa.
120 Domestic
Corporate* by Groups.
81.30
98.41
0
Aaa,
Aug. 31.... 104.56 96.54 114.63 106.60 94.29
30._ 104.67 96.70 114.63 106.96 94.43
29_ 104.86 96.85 114.82 106.96 94.43
28_ 104.83 96.85 114.82 107.14 94.43
27__ 104.84 97.00 114.82 107.14 94.58
25._ 104.99 96.85 114.43 106.96 94.58
Aug.24-- 104.90 96.70 114.43 106.96 94.29
23-- 104.83 96.70 114.43 106.96 94.43
22-- 104.83 96.70 114.63 106.96 94.43
21-- 104.92 96.54 114.63 106.96 94.29
20-- 105.09 96.54 114.63 106.96 94.58
18.- 105.24 96.54 114.63 106.96 94.58
17-- 105.29 96.54 114.63 106.96 94.58
16- 105.23 96.23 114.63 106.60 94.43
15- 105.15 95.78 114.24 106.42 93.99
14-- 104.84 95.48 114.04 106.07 93.40
13-- 104.48 95.03 113.65 105.72 92.97
11.- 104.21 95.18 114.04 105.89 92.97
10.- 105.24 93.23 114.43 106.96 94.43
9- 105.60 96.70 114.82 107.31 95.03
8- 105.50 97.00 115.02 107.49 95.48
7- 105.73 97.16 115.02 107.49 95.78
6- 105.84 97.47 115.21 107.85 96.08
4__ 105.95 97.62 115.41 107.85 96.08
3-- 105.97 97.62 115.41 107.85 96.08
2-- 105.95 97.62 115.41 107.67 95.93
1_ 105.75 97.47 115.02 107.67 95.78
Weekly
July 27-- 106.06 97.62 115.02 107.31 96.08
20-- 106.79 99.68 116.01 108.39 97.94
13... 106.74 100.00 115.81 108.39 97.94
6-- 106.31 99.36 115.21 107.85 97.00
June 29._ 106 04 99.36 115.02 108.03 97.16
22_ 105 79 99.20 114.82 108.03 97.16
15- 106.00 99.36 115.02 107.85 97.16
8_ 105.52 98 73 114.63 107.14 96.39
1_ 105.27 98.09 114.04 106.78 95.78
May 25- 105.13 98.25 113.65 106.78 96.23
18-- 105.05 98.57 113.26 106.60 96.70
11- 105.11 98.41 112.88 106.42 96.85
4_ 104.76 98.73 112.50 106.42 97.00
Apr. 27- 104.21 98.88 112.50 105.89 97.31
20- 103.66 98.88 112.31 105.89 97.31
13._ 104.35 98.25 111.92 105.54 96.70
6_ 104.03 97.16 111.16 104.68 95.78
Mar.30_ Stock It xchang a Close d.
23.. 103.32 95.93 110.42 103.48 94.43
16.. 103.52 96.70 111.16 104.16 95.18
9- 103.08 95.63 110.79 103.15 94.14
2_ 101.88 94.88 110.23 101.81 93.11
Feb. 23- 102.34 95.18 110.23 101.97 93.26
16.. 102.21 95.83 109.86 101.47 93.26
9_. 101.69 93.99 109.12 100.00 92.10
2.. 101.77 93.85 108.75 99.68 91.81
Jan. 26- 100.41 91.53 107.67 98.41 89.31
19_ 100.36 90.65 107.67 97.16 87.96
12_ 99.71 87.69 106.25 95.48 84.85
5- 100.42 84.85 105.37 93.26 82.02
High 1934 106.81 100.00 116.01 108.57 98.09
Low 1934 99.06 84.85 105.37 93.11 81.78
High 1933 108.82 92.39 108.03 100.33 89.31
Low 1933 98.20 74.15 97.47 82.99 71.87
Yr. AgoAug.31•33 103.52 90.00 107.14 98.41 87.96
2 Yrs.Apo
Atur.31'32 101.16 80.49 00 an R717 7035
MOODY'S BOND YIELD AVERAGES.1*
(Based on Individual Closing Prices.)
.4
0
U. S.
120
1934
Govt. DomesDaily
Bonds. tic.
Averages.
**
Corp.*
1301
85.35
81.78
All
120 Domestic Corporate
1934
120
by Ratings.
Daily
DomesAverages.
Atm.
Ac.
A.
Baa.
tic.
Aug.3L
30.._
29._
27__
25_
Aug.24..
23..
22__
21_
20_
18_
1716..
15._
14_
13_
11_
10_
Weekly
July 2720._
13__
4.97
4.96
4.95
4.95
4.94
4.95
4.96
4.96
4.96
4.97
4.97
4.97
4.97
4.99
5.02
5.04
5.07
5.06
4.99
4.96
4.94
4.93
4.91
4.90
4.90
4.90
4.91
3.93
3.93
3.92
3.92
3.92
3.94
3.94
3.94
3.93
3.93
3.93
3.93
3.93
3.93
3.95
3.96
3.98
3.96
3.94
3.92
3.91
3.91
3.90
3.89
3.89
3.89
3.91
3.91
4.90
3.86
4.77
4.75
3.87
4.79
3.90
June 29__ 4 79
3.91
22.._ 4.80
3.92
3.91
15__ 4.79
4.83
3.93
4.87
3.96
May 25._ 4.86
3.98
18-- 4.84
4.00
4.02
4.85
4.83
4.04
Apr. 27._ 4.82
4.04
2o._ 4.82 4.05
13.. 4.86
4.07
6.. 4.93
4.11
Mar.30_ Stock E =hang e
23-- 5.01
4.15
16_ 4.96
4.11
5.03
4.13
5.08
4.16
Feb. 23_- 5.06
4.16
16
- 5.05
4.18
4.22
5.14
5.15
4.24
Jan. 26_ 5.31
4.30
19_ 5.38
4.30
12._ 5.59
4.38
5.81
4.43
Low 1934 4.75
3.86
nigh 1934 5.81
4.43
Low 1933 4.96
4.11
Efigh 1933 6.75
4.91
Yr. A goAug.31'33 5.42
4.33
2 Yrs.Ago
Aug.31'32 6.17
4.79
120 Domestic
Corporate by Groups.
RR.
ts
so
For
P. U. Indus. dens.
5.12
5.11
5.11
5.11
5.10
5.10
5.12
5.11
5.11
5.12
5.10
5.10
5.10
5.11
5.14
5.18
5.21
5.21
5.11
5.07
5.04
5.02
5.00
5.00
5.00
5.01
5.02
6.47
6.46
6.43
6.43
6.41
6.42
6.44
6.45
6.47
6.47
6.50
6.49
6.50
6.54
6.61
6.64
6.68
6.66
6.57
6.53
6.51
5.49
6.44
6.42
6.41
6.39
6.41
5.08
5.06
5.04
5.02
5.01
5.01
5.03
5.03
5.03
5.05
5.04
5.04
5.05
5.07
5.12
5.18
5.23
5.22
5.13
5.07
5.05
5.02
4.97
4.96
4.96
4.95
4.96
5.37
5.36
.5.36
5.37
5.37
.5.37
5.38
5.38
5.39
5.38
5.39
5.39
5.39
5.41
5.44
5.45
5.48
5.45
5.39
5.36
5.35
5.34
5.32
5.31
5.30
5.30
5.32
4.46
4.46
4.45
4.45
4.45
4.47
4.48
4.48
4.47
4.47
4.48
4.47
4.48
4.48
4.49
4.50
4.51
4.51
4.46
4.45
4.45
4.45
4.43
4.44
4.44
4.44
4.45
7.31
7.29
7.31
7.32
7.34
7.33
7.34
7.29
7.31
7.31
7.32
7.32
7.33
7.32
7.32
7.32
7.34
7.30
7.30
7.30
7.30
7.30
7.35
7.37
7.37
7.39
7.40
4.32
5.00
4.26
4.88
4.26
4.88
4.94
4.29
4.93
4.28
4.93
4.28
4.29
4.93
4.98
4.33
4.35
5.02
4.35
4.99
4.36
4.96
4.95
4.37
4.94
4.37
4.92
4.40
4.92
4.40
4.42
4.96
4.47
5.02
Close d.
4.54
5.11
4.50
5.06
4.56
5.13
5.20
4.64
4.63
5.19
4.66
5.19
5.27
4.75
5.29
4.77
5.47
4.85
5.57
4.93
5.81
5.04
6.04
5.19
4.25
4.87
5.20
6.06
4.49
5.04
5.96
6.98
6.37
6.08
6.00
6.04
6.04
6 05
6.02
6.08
6.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
4.91
4.77
4.72
4.78
4.77
4.77
4.74
4.80
4.84
4.83
4.81
4.82
4.77
4.76
4.73
4.76
4.81
5.33
5.17
5.18
5.22
5.22
5.22
5.24
5.27
5.31
5.30
5.2.5
5.28
5.24
5.24
5.25
5.30
5.40
4.48
4.37
4.36
4.39
4.39
4.39
4.40
4.43
4.46
4.46
4.47
4.46
4.47
4.48
4.49
4.53
4.58
7.47
7.36
7.37
7.45
7.46
7.49
7.53
7.35
7.29
7.25
7.20
7.14
7.16
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.72
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.17
6.74
5.43
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.35
4.97
4.60
6.35
7.84
7.23
7.25
7.38
7.49
7.52
7.55
7.57
7.97
8.05
8.32
8.63
7.13
8.65
7.23
11.19
4.85
5.57
6.94
5.32
6.10
4.85
9.28
5.63
6.54
7.70
6.66
5.77
6.06
11.07
4.36
4.34
4.34
4.33
4.33
4.34
4.34
4.34
4.34
4.34
4.34
4.34
4.34
4.36
4.37
4.39
4.41
4.40
4.34
4.32
4.31
4.31
4.29
4.29
4.29
4.30
4.30
•These prices are computed from average yields on the basis 01 000 "Ideal" bond (43(% coupon, maturing 1n31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the Issue of Feb. 6 1932. page 907.
.."1 Acta .1 average price of 8 long-term Treasury Issues. t The latest complete list of bonds used in computing these indexes was published in the issue of Feb. 10 1934.
.
page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, Aug. 31 1934.
Wholesale and retail business continued to expand, but
industrial activity showed a further falling off, and,in many
Instances, is largely dependent on Government-subsidized
business. Steel operations declined to the lowest point seen
since March 1933, and while electric output is still greater
than that of the same time last year, it shows a falling off
for the latest week of 1.5%. There was also a further decrease in bituminous coal production, but for the year
through August it has increased nearly 15% over the 1933
output. Bank clearings suffered a slight setback, and there
was a small increase in the number of commercial failures.
On the other hand, car loadings rose slightly, but they are
still below the 1933 level. Lumber production and shipments
were maintained at their recent good level, and oil production fell off to a point more in line with the Federal limit.
Wholesale orders, it is true, were somewhat smaller than in
the previous week, but business volume showed an increase.
There was a good demand for women's wear in anticipation
of higher prices for popular fall styles. Buying of gifts, toys
and novelties for the Christmas season was also large. Not
only has much interest continued to be shown in clothing,
groceries, furniture and electrical goods, but it has spread to
nearly all divisions. Cotton goods were more active and
higher, owing largely to the threatened textile strike, which
is now virtually certain. Cooler weather helped retail business. Department store sales during the week showed a substantial increase, aided by heavy buying of school needs.
Sales of many dry goods departments were nearly doubled,
because of the threatened textile strike. Sales of men's and
boys' clothing, furnishings and shoes were larger, and there
was a better demand for furs, women's coats and fall suits.
Commodity prices maintained their high level, but the markets generally were less active. Cotton shows a decline for
the week, owing to unfavorable news concerning the textile
strike and more favorable weather. With the exception of
wheat, grain prices have shown considerable firmness,
especially corn. The expectation of further reductions in
crop estimates on corn influenced buying. Oats reflected
the rise in corn. Lard advanced in sympathy with hogs,
which rose to new high levels. Sugar was more active and
higher, on buying in anticipation of the signing of a Cuban
decree, which, it is believed, will fix a minimum sales price
of 2.10c. on sales of raw sugar to this country. Rubber also
showed an increase in prices. Declines were shown in wheat,
rye, coffee and lambs. As to the weather, it was rainy here
early in the week, but recently it became clear, and lower
temperatures prevailed. Good rains fell in parts of Texas
in the fore part of the week, and Kansas City had the heaviest rainfall on the 27th inst. since May 13. It was much
cooler in the Mid West. In the northern Adirondacks temperatures dropped below freezing for the first time this season, and snowflakes were seen in some parts. A hurricane,
reported over the Gulf of Mexico and headed for Texas coast
towns, caused considerable apprehension, but was later said
to have changed its direction northeastwardly. To
-day it
was fair and warm here, with temperatures ranging from
1302
Financial Chronicle
56 to 72 degrees. The forecast was for fair to-night and
Saturday; warmer Saturday. Overnight at Boston it was
52 to 66 degrees; Baltimore, 52 to 72; Pittsburgh, 54 to 72;
Portland, Me., 48 to 66; Chicago, 62 to 74; Cincinnati, 50 to
76; Cleveland, 52 to 64; Detroit, 46 to 70; Charleston, 64 to
80; Milwaukee, 64 to 68; Dallas, 74 to 92; Savannah, 66 to
78; Kansas City, 72 to 88; Springfield, Mo., 64 to 80; St.
Louis, 60 to 80; Oklahoma City, 74 to 94; Denver, 62 to 88;
Salt Lake City, 60 to 82; Los Angeles, 58 to 82; San Francisco, 50 to 52; Seattle, 52 to 70; Montreal, 48 to 66, and
Winnipeg, 48 to 76.
Number of Surplus Freight Cars in Good Repair
Shows Increase.
Class I railroads on July 31 had 348,240 surplus freight
cars in good repair and immediately available for service,
the American Railway Association announced on Aug. 30.
This was an increase of 8,361 cars compared with July 14, at
which time there were 339,879 surplus freight cars.
Surplus coal cars on July 31 totaled 111,456, an increase
of 9,396 cars above the previous period, while surplus box
cars totaled 200,933, an increase of 5,193 cars compared
with July 14.
Reports also showed 12,458 surplus stock cars, a decrease
of 7,727 compared with July 14, while surplus refrigerator
cars totaled 10,080, an increase of 960 for the same period.
Freight Cars and Locomotives on Order Aug. 1 1934
Higher Than Last Year.
Class I railroads of the United States on Aug. 1 had 13,755
new freight cars on order, according to reports received by
the American Railway Association and made public Aug. 31.
On the same day last year, 1,187 new freight cars were on
order and on the same date two years ago, there were 1,572.
The railroads on Aug. 1 this year also had 35 new steam locomotives on
order and 107 electric locomotives. New steam locomotives on order on
Aug. 11933. totaled one and on the same date in 1932. there were six. No
figures are available to show the number of new electric locomotives on
order in previous years.
In the first seven months of 1934, the railroads installed 9,483 new
freight cars. In the same period last year, 1.391 new cars were placed in
service and for the same period two years ago, the total number installed
was 1,646.
Six new steam locomotives and eight new electric locomotives were installed in service in the first seven months this year. The railroads in
the first seven months of 1933 installed one new steam locomotive, and
34 in the corresponding period in 1932.
Freight cars or locomotives leased or otherwise acquired are not included
in the above figures.
Moody's Daily Index of Staple Commodity Prices
Recedes After Reaching New High.
As in previous weeks, rapidly moving hog prices have
dominated the commodity markets and also the behavior of
Moody's Daily Index of Staple Commodity Prices. The
Index reached 156.2, the highest level in nearly three years,
on Wednesday, when hogs also reached the peak of their
recent rise. On the last two days of the week hog prices
joined in a rather general decline of commodity prices, the
Index closing at 154.9, a loss of 0.4 points for the week.
Nine of the fifteen staples comprising the Index registered
declines during the week. The decreases in wheat, steel
scrap and cotton were the most important, with hides, wool
tops, coffee, cocoa, rubber, and silk following. Even after
a reaction, hogs closed the week at an advance of 40 cents
per cwt., offsetting a large part of the losses in other commodities. Corn and sugar also advanced slightly, the latter
only nominally, as the adjustment to new duty-paid status
on Monday will more than offset recent gains.
The movement of the Index number during the week, with
comparisons, follows:
Fri., Aug.24
,
-155.3 2 Weeks Ago, Aug. 17
Sat., Aug. 25
not compiled Month Ago, July 31--.....152.1
143.2
Mon., Aug.27
Year Ago,
155.1
Aug. 31 1933 -130.4
Tues., Aug. 28
Weds., Aug.29
Thurs.,Aug.30
Fri., Aug.31
155.3
156.2
155.6
154.9
1933 High,
Low,
1934 High,
Low,
July 18
Feb. 4
Aug.29
Jan. 2
148.9
78.7
156.2
126.0
Revenue Freight Car Load.ngs for Latest Week Show
Small Gain.
Loadings of revenue freight for the week ended Aug. 25
1934 totaled 605,516 cars, an increase of 4,952 cars or 0.8%
over the preceding week but a decline of 31,994 cars or 5%
from the total for the corresponding week of 1933. The
comparison, however, is more favorable when made with
the same week of 1932. The current week's loadings were
67,749 cars or 12.6% higher. For the week ended Aug. 18
loadings were 6.7% under the corresponding week in 1933,
but 15.8% above the 1932 week. Loadings for the week
ended Aug. 11 showed a loss of 4.3% when compared with
1933, but a gain of 17.7% when the comparison is with
the same week in 1932.
Sept. 1 1934
The first 16 major railroads to report for the week ended
Aug. 25 loaded a total of 264,728 cars of revenue•freight
on their own lines, compared with 262,524 cars in the preceding week and 276,709 cars in the seven days ended
Aug. 26 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars).
Loaded on Own Lines
Weeks Ended
-
Receivedfrom Conneatons
Weeks Ended
Aug. 25 Aug. 18 Aug.26 Aug.25 Aug. 18 Aug.28
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe RY _
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chic. Milw. St. Paul dr Pac. Ry-Chicago & North Western Ry---Gulf Coast Lines
International Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry.
Norfolk& Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
21,534
19,473
16,248
20,516
16,274
2,064
3,078
4,701
14,400
38,379
4,684
17,422
51,258
4,379
25,029
5,289
22,027
19,106
16,199
20,435
17,002
2,010
2,640
4,325
14,302
38,261
4,433
15,843
50,794
4,441
25,464
5,242
18,944 4,935 4,916 4,191
24,010 9,467 8,862 8,421
14,593 6.372 6,455 6.007
17,707 8,302 6,100 6,332
14,463 8,451 8,887 7,813
1,773 1,316 1,191
950
2,406 1,806 1,728 1,406
4,573 2,538 2,357 2,383
13,980 7,418 7,345 6,786
45,121 49,876 49,496 57,128
4,513 6,930 6.931 7,644
21,088 3,468 3,502 3,920
60,509 28,882 30.759 35,002
4,221 3,710 3,627 4,119
23,508
5,300 6,594 6,327 6,265
264,728 262,524 276,709 148,065 148.483 158,367
Total
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended
Aug. 25 1934. Aug. 18 1934. Aug. 26 1933.
Total
22,168
26,652
12,618
21,769
26,493
13,094
20,007
24,827
12,194
61,438
Chicago Rock Island & Pacific RyIllinois Central System
St. Louis-San Francisco Ry
61,356
57,028
The Americal Railway Association, in reviewing the week
ende 1 Aug. 1 i 1934, reported as follows:
Loading of revenue freight for the week ended Aug. 18 totaled 600,564
cars, which was a decrease of 1,966 cars below the preceding week, and
42,842 cars under the corresponding week in 1933. but an increase of 82,124
cars above the corresponding week in 1932.
Miscellaneous freight loading for the week ended Aug. 18 totaled 222.652
cars, a decrease of 960 cars below the preceding week, and 2,524 cars
below the corresponding ',week in 1933, but 40,734 cars above the corresponding week in 1932.
Loading of merchandise less-than-carload-lot freight totaled 159,848
cars, an increase of 1,848 cars above the preceding week this year. but
9,516 cars below the corresponding week in 1933, and 9.788 cars below
the same week in 1932.
Grain and grain products loading for the week totaled 39,571 cars, a
decrease of 1,588 cars below the preceding week, but 10,844 cars above
the corresponding week in 1933. and 1.425 cars above the same week
in 1932. In the Western districts alone grain and grain products loading
for the week ended Aug. 18 totaled 26,615 cars, an increase of 7,450 cars
above the same week in 1933.
Forest products loading totaled 22,547 cars, a decrease of 695 cars below
the preceding week and 4,802 cars below the same week in 1933, but an
increase of 6.885 cars above the same week in 1932.
Ore loading amounted to 28.668 cars, a decrease of 588 cars below the
preceding week, and 10,843 cars below the corresponding week in 1933,
but 21,437 cars above the corresponding week in 1932.
Coal loading amounted to 92,062 cars, an increase of 707 cars above the
Preceding week, but a decrease of 36.856 cars below the corresponding
week in 1933. It was, however, an increase of 6,453 cars above the same
week in 1932.
Coke loading amounted to 3.734 cars, a decrease of 75 cars below the
Preceding week, and 3,269 cars below the same week in 1933, but an increase of 1.119 cars above the same week in 1932.
Livestock loading amounted to 31.482 cars, a decrease of 615 cars
below the preceding week, but an increase of 14.124 cars above the same
week in 1933. and 13,859 cars above the same week in 1932. In Western
districts alone loading of livestock for the week ended Aug. 18 totaled
28.779 cars, an increase of 13,357 cars above the same week in 1933.
The Eastern. Allegheny, Pocahontas and Southern districts reported
reductions for the week ended Aug. 18, compared with the corresponding
week in 1933, bu, the Northwestern, Central Western and Southwestern
districts reported increases. All districts, however, reported increases
compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous
years follows:
1934.
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Four weeks in July
Week ended Aug. 4
Week ended Aug. 11
Week ended Aug. 18
l'ntftl
1933.
2,177.562
2,308,869
3,059,217
2,334,831
2,441,653
3,078,199
2,346,297
611,298
602,530
600,564
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
2,498,390
620,482
629,743
643,406
2,266,771
2,243,221
2,825,798
2,229.173
2,088,088
2.454,769
1,932.704
496,626
511,965
518,440
19.561.020
17.755.521
17.567,555
1932.
In the following table we undertak3 to show also the loadings for the separate roads and systems for the week ended
Aug. 18 1934. During this period a total of 60 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Atchison Topeka & Santa Fe Ry. System,
the Southern Pacific Co. (Pacific Lines), the Union Pacific
System, the Chicago Milwaukee St. Paul & Pacific Ry., the
Illinois Central System, the Chicago & North Western RR.,
he Chicago Burlington & Quincy RR., the Chicago Rook
Island & Pacific Ry., the Missouri Pacific Ry., and the
treat Northern RR.
1303
Financial Chronicle
Volume 139
-WEEK ENDED AUG. 18.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)
1934.
Eastern District.
Group .4
Bangor az Aroostook
Boston az Albany
Boston di Maine
Central Vermont
Maine Central
N.Y. N. H. di Hartford
Rutland
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh az Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario az Western_ _
Pittsburgh az Shawmut
Pittsburgh Shawmut & North
Total
Grand total Eastern District-
1932.
1934.
698
2,725
7,152
586
2,510
9,525
587
247
3,845
8,362
2,257
1,444
9,374
823
207
4,881
10,446
2,273
1,546
12,001
970
24,170
26,394
23,783
26,352
32,324
4,694
7,853
11.634
123
1,316
6,579
2,018
18,690
1,991
190
267
6,213
8,875
13,511
119
1,030
7,712
2,054
21,624
2,097
582
409
4,436
7,517
10,201
153
1,366
6,164
1,248
17,375
2,167
353
229
5,896
5,129
11,882
1,570
927
6,134
52
24,446
1,634
29
147
7,294
5,343
13.727
1,948
1,028
6,533
45
29,079
2,047
29
273
55,355
64,226
51,209
57,846
67,346
542
1,232
6,347
27
258
230
1,825
3,299
6,373
2,975
4,433
4,441
4,075
1,055
5,242
2,873
558
1,161
8,015
13
204
241
1,719
3,073
7,130
3,965
4,591
4,377
6,348
1,468
5,139
4,607
452
1,730
7,323
18
481
157
1,020
2,096
4,891
2,711
4,676
3,545
2,940
922
5,065
2,655
967
1,670
9,447
51
108
1,799
716
5,038
6,777
203
6,931
3.682
4,828
747
6,327
2,212
1,022
1,717
11,950
91
133
1,909
808
5,515
7.730
194
8,361
4,408
5,887
775
6,610
2,988
45,227
52,609
40,682
51,503
60,102
124,752
143,229
115,674
135,701
159.772
375
24,285
3,785
230
4,635
77
234
56
854
1,239
50,794
10,902
5,383
40
2,984
510
30,412
3,503
276
5,501
3
326
123
1,125
1,443
63,392
11,918
10,950
70
3,107
a
23,519
1,220
145
5,219
2
186
78
995
1,241
47,924
10.387
2,551
35
2,505
527
12,977
1,308
8
8,621
84
19
15
1,576
850
30,759
12,343
2,999
2
4,469
722
14,674
2,301
4
9,387
28
19
27
2,616
1,308
37,018
13,896
4,393
1
4,503
105,873
132,859
96,007
76,557
90,897
19,106
15,843
730
3,071
23,882
20,991
757
3,278
18,545
14,092
686
2,940
8,862
3,502
974
646
8,517
3,964
1,143
472
38,750
48,908
36,263
13,984
14,096
6,801
6,806
1,097
1,004
332323
160
140
36
40
1,284
1,087
438
476
345
336
6,290
6,199
18,221
17,678
150
170
5,644
644
324
134
50
1,353
456
304
5,838
16,685
172
4,643
1,347
747
441
73
1,319
738
1,901
3,458
10,120
642
4,046
1,319
680
573
72
1,097
700
1,915
2,984
10,836
766
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk di Portsmouth Belt Line
Virginian
Total
Southern District
Group A
Atlantic Coast Line
Clinch field
Charleston az Western Carolina_
Durham & Southern
Gainesville Midland*
Norfolk Southern
Piedmont di Northern
Richmond Fred. az Potomac...
Southern Air Line
Southern System
Winston-Salem Southbound
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1934.
1933.
926
2,681
7,900
1,008
2,653
10,594
632
Allegheny District
Akron Canton & Youngstown_
Baltimore & Ohio
Bessmer & Lake Erie
Buffalo Creek & Gattley•
Central RR. of New Jersey-Cornwall
Cumberland & Pennsylvania_ _ _
Ligonier Valley
Long Island
bPenn.-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
1933.
689
2,676
7,074
904
2,700
9,565
562
Group C
Ann Arbor
Chicago Indianapolis & Loulsv.
SC. C. C.& St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line...
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y. Chicago & St. Louts
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh dc West Virginia_ _
Wabash
Wheeling & Lake Erie
Total
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
Group B
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
-W.RR.of Ala..
AU.& W.P.
Centralof Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia az Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chattanooga az St. L.
Tennessee Central
1933.
1932.
182
738
573
3,363
179
377
717
409
1,176
18,210
15,871
172
109
1,674
2,566
336
203
705
591
3,172
285
295
603
678
1,351
17,415
19,165
178
151
1,761
2,606
338
1934.
181
616
564
3,117
169
370
605
265
1,026
16,773
15,085
131
131
1,580
2,217
261
172
544
836
2,206
192
363
1,277
307
718
9,060
3.614
401
297
1,325
2,037
575
1933.
115
401
866
2,064
196
198
1,180
333
697
8,234
3,226
245
307
1,319
1.838
655
46,652
49,457
43,091
23.924
21,874
Grand total Southern District
80,920
84,602
74,695
49,353
46,862
Northwestern District
Belt Sty. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific_
Chicago St.P. Minn.& Omaha_
Duluth Missabe & Northern- _
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming..
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland az Seattle....
707
18,427
3,096
20,435
3,935
8,850
726
3,686
410
16,247
524
1,543
2,512
5,480
9,621
292
1,630
757
17,709
2,373
17.558
3,388
13,293
1,056
4,976
312
14,958
517
2,674
1,529
5,539
9,167
281
932
1,227
14,351
2,262
15,641
3,433
2,236
355
2,472
299
9,987
526
a
1,876
4,570
8,183
a
1,217
2,009
8,887
2,403
6,100
3,542
185
352
3,292
114
2,562
370
80
1,312
1,759
2.541
210
1,166
1,689
8,041
2,150
6,244
2,666
64
331
4,725
123
2,202
340
76
1,401
2,062
2,217
172
872
98,121
97.019
68,635
36,884
35,375
22,027
2,657
177
16,199
1,386
12,185
2,254
915
3,433
254
916
1,753
871
106
19,568
176
396
13,716
224
1,638
18,393
2.845
167
14,736
1,314
10,681
2,732
820
2,075
232
881
2,381
700
217
17,545
248
379
10,764
248
1,246
18,922
3,143
164
14,441
a
11,472
2,594
671
1,847
287
832
a
711
201
15,702
193
346
11,092
254
1,423
4,916
2,100
26
6,455
544
6,136
1,726
1,233
2,425
19
1,017
856
255
43
3,322
217
1.009
7,234
5
2,309
4,191
1,697
19
5,897
630
5,732
1,929
939
998
19
844
1,008
368
67
3,098
412
980
6,117
8
1,997
100,851
88,604
84,295
41,847
37,950
183
188
119
1,827
2,559
164
1,546
1,096
99
280
643
157
4,534
13,880
41
68
7,762
1,802
5,490
3,389
2.326
32
151
152
122
1,646
1,788
97
1,380
1,017
a
118
611
74
4,551
11,597
36
65
7,368
1,842
5,141
3,452
1,643
20
3,281
272
187
1,191
1,728
796
1,468
724
336
743
224
188
2,357
7,345
14
129
3,312
1,350
2,074
3,292
14,842
29
3,404
211
124
969
1,419
760
1,316
652
227
689
186
237
2,167
6,562
13
113
3,134
1,252
1,819
2,854
14,608
28
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
Chicago & Illinois Midland....
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Ft. Worth & Denver City
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria di Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton dr Southern
Burlington-Reek Island
Ft. Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas__ - _
Missouri
-Kansas
-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas az New Orleans
Texas & Pacific
Terminal RR.of St. Louis
Weatherford M. W.& N. W.-.
130
140
128
2,010
2,640
128
1,571
1,266
100
254
617
95
4,325
14,302
41
184
8,374
1,883
5,896
4,609
2,587
17
42,744
45,882
Total
35,145
42,871
24,988
48,185
34.268
31.604
25,429
Total
51,297
a Not available. b Pennsylvania-Beading Seashore Lines include the new consolidated lines of the West Jersey az Seashore RR.. formerly part of Pennsylvania
RR., and Atlantic City RR., formerly part of Reading Co. • Previous figures.
Continued Increase Noted in "Annalist" Weekly Index
of Wholesale Commodity Prices for Week of Aug. 28
-Monthly Index Also Higher.
Continuing its sharp advance, the "Annalist" Weekly
Index of Wholesale Commodity Prices advanced 2.2 points
during the week to 120.7 on Aug. 28, a new high in nearly
four years. In reporting this the "Annalist" said:
The advance, like last week's, was due to the very sharp rise in the prices
of livestocks and meats, lower wheat and flour, butter, potatoes, coffee,
cotton, tin and zinc much more than offsetting higher eggs, hay, rubber
and lubricating oil. In terms of old gold dollars, the index reached the
highest point since October. Reflecting the sharp rise in the weekly index.
the monthly average for August also attained a new high since 1930 of
117.7, an advance of 3.3 points over the average for July.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation (1913=100).
Aug. 21 1934.
C1C(
rt'R'R -4
N-.VMOMMNOC
zmocowow4.woo
Aug. 28 1934.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
.. On onrn',IMOinsa nn n1r1 anl hnala
Aug. 29 1933.
87.2
104.8
125.3
123.0
104.8
107.8
97.2
86.3
102.0
71 11
x Revised. z Based on exchange quotations for France, Switzerland, Holland
and Belgium.
TIIE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Se•sonal Variation. (1913=100)
August 1934.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
z All commodirim on Mel tinl haals_
107.2
117.6
114.3
163.8
110.1
113.2
98.7
82.5
117.7
60 Cl
July 1934.
100.4
113.2
112.1
163.4
110.2
113.8
98.9
88.4
114.4
68.0
August 1933.
89.3
104.2
127.4
121.9
104.4
107.6
97.2
86.5
102.7
75.2
a Based on exchange quotations for France, Switzerland, Holland and Belgium.
Number of Freight Cars in Need of Repair Increases
Locomotives Show Small Decrease.
Class I railroads on Aug. 1 had 299,780 freight cars in need
of repair, or 15.5% of the number on line, according to the
American Railway Association. This was an increase of 934
cars above the number in need of such repair on July 1, at
which time there were 208,846, or 15.3%.
Freight cars in need of heavy repairs on Aug. 1 totaled
233,247, or 12.1%, an increase of 1,287 cars compared with
the number in need of such repairs July 1, while freight cars
in need of light repairs totaled 66,533 cars, or 3.4%, a decrease of 353 compared with July 1.
Financial Chronicle
1,000
Dollars.
161,787
127,342
Exports
Imports
Excess of exports
Excess of imports
1933.
1,000
Dollars.
144,109
142,980
34,445
1,129
1933.
Increase(-1-)
Decrease(-)
1,000
Dollars.
1,197,857
990,671
1.000
Dollars.
813,438
735,072
1,000
Dollars.
+384,419
+255,599
207,186
78,366
1934.
Exports and Imports of Merchandise, by Months.
1934.
Exports,Including
Re-exports-January
February
March
April
May
June
July
August
September
October
November
December
1933.
1932.
1931.
1930.
1.000
1,000
1.000
1,000
1.000
Dollars. Dollars. Dollars. Dollars. Dollars.
172,220 120.589 150,022 249.598 410.849
162.729 101,515 153.972 224,346 348,852
190,899 108.015 154,876 235.899 369,549
179,451 105,217 135,095 215.077 331,732
160,200 114,203 131.899 203,970 320 035
170,571 119,790 114,148 187,077 294,701
161,787 144,109 106,830 180.772 266,762
131,473 108,599 164.808 297,765
160,119 132,037 180,228 312,207
193,069 153.090 204,905 326.896
184,256 138,834 193.540 288,978
192,638 131,614 184.070 274,856
1929.
1,000
Dollars.
488.023
441,751
489,851
425.264
385,013
393,186
402,861
380,564
437,163
528,514
442,254
426,551
7 months ending July_ 1,177,424
798,475
923,932 1,466,576 2;310,237 2,972,323
Importsfor Consump don-128,737
January
125,010
February
March
153,075
April
141,158
146,865
May
June
135,120
July
124,123
August
September
October
November
December
92,718
84.164
91,893
88,107
109,141
123,931
141,018
152,714
147,599
149,288
125,269
127,170
134,311
129,804
130,584
123,176
112,611
112,509
79,934
93.375
102,933
104,662
105,295
95,898
7 months ending July_
7 months ending July
12 months ended Dec
135.513
132,656
157,908
148.523
154.647
136.082
127,342
990,871
96.006
83,748
94,860
88,412
106.869
122,197
142,980
154,918
146.643
150,867
128,541
133.518
135,520
130,999
131,189
126,522
112,276
110,280
79,421
91.102
98,411
105,499
104,468
97,087
183,148
174,946
210.202
185,706
179,694
173,455
174,460
166,679
170,384
168,708
149.480
153,773
310,968
281,707
300,460
307,824
284.683
250,343
220,558
218,417
226,352
247,367
203.593
208.636
368,897
369.442
383,818
410,666
400,149
353,403
352,980
369,358
351.304
391,063
338,472
309,809
735,072 826,207 1.281,6111.956.543 2,639,355
1.449.559 1.322.774 2.090.635 3.060.908 4.399.381
316,705
283.713
304,435
305.970
282,474
314,277
218.089
216,920
227.767
245,443
196,917
201,367
7 Months Ended July.
July.
Increase(-I-)
Decrease-)
1934.
1933,
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
114
53,330
85,375
1,497
13,325
905,717
179,078
185,011
____
53,216
83,878
____
892,392
5,933
1,789
1,590
Excess of exports_
Excess of Imports
Silver
Exports
Imports
2,572
5,386
9,514
20,954
5,371
31,963
2.184
11.440
26.592
1933.
1,000
Dollars.
Gold
Exports
Imports
358,872
364,188
371,215
396,825
381,114
350,347
347.133
372,757
356,512
396,227
332,635
302,692
730,972 822,929 1,274,842 2,025,663 2,569,694
Gold and Silrer.
1934.
Excess of exports......
Extvma a Immrtst
1,000
Dollars.
-165,753
+720,706
+4,143
-11,009
199
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Sliver.
Gold.
1934.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
1931.
1932.
1934.
1933.
1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars.
54
859
4,715
14 107,863
14
734
51 21,521 128,211
26
665
44 28,123 43,909
27 1.425
37 16,741 49.509
628 1.638
1,780 22,925 212,229
40 2.404
6,586 4,380 226,117
114 85.375 23.474 1,009 1,789
81.473 18,067
.......
60 28.708
58,282
-__.
61 398.604
34,046
____
16 4,994
.
2.957
____
13 32.651
10,815
1932.
1931.
1,000 1,000
Dollars. Dollars.
1,611 3,571
942 1,638
967 2,323
1,617 3.249
1,865 2,099
1.268 1,895
828 2,305
433 2,024
868 2,183
1,316 2,158
875
872
1.260 2,168
7 mos. end. July 13,325 179,078 791,312 1,798
12 mos.end. Dec
--__ 366,652 809,528 466,794
9,514 5,371 9,098 17,080
____ 19,041 13,850 26,485
Imports
January
February
March
April
May
June
July
August
September
October
November
December
3,593 1,763
2,128
855
1,823
1,693
1,955 1,520
4,435 5,275
5,431 15,472
1,590 5.386
____ 11,602
-___ 3,494
____ 4,106
._ __ 4.083
____ 4,977
,
1,947 128.479 34.913
452,622 30,397 37,644
237,380 14,948 19,238
54,785 6,769 19,271
35,362 1,785 16,715
70,291 1,136 20,070
53,330 1,497 20,037
1.085 24,170
1,545 27,957
--.- 1,696 20.674
2,174 21,756
---- 1,687 100,872
7 mos.end. July 905,717 185,011 167,887 260,453 20,955 31,963 12,041 15,696
l2 mns. end_ Dan
193.197 383.315 612.119
____ 60.225 19.650 28.664
Analysis of Imports and Exports of the United States
for July.
The Department of Commerce at Washington Aug. 25
issued its analysis of the foreign trade of the United States
in July 1934 and 1933 and the seven-months ended with
July of 1934 and 1933. This statement indicates how much
of the merchandise imports and exports consisted of crude
or of partly or wholly manufactured products. The following
is the report in full:
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM
AND IMPORTS INTO THE UNITED STATES FOR THE MONTH OF
JULY 1934.
(Calue in 1.000 Dollars.)
Seven Months Ending July.
Month of July.
1933.
1934.
1934.
1933.
Per
Cent.
Per
Per
Value. Cent. Value. Cent
7 mos. ending Jthy__ 1,197,857 813,438 946,832 1,496,739 2,342,478 3,025,949
12 months ended Dec_
1,674,994 1,611,016 2,424.289 3,843.181 5,240.995
General Imports
January
February
March_
April
May
June
July
August
September
Detober
November
December
954,088
183,284
177,483
205,690
182,867
176,443
174,516
174,559
168,735
174,740
171.589
152,802
149,516
444.0INA.M...4000v
7 Months Ended July,
July.
1934.
1929.
1930.
1,000
1,000
1.000
Dollars. Dollars. Dollars.
245.727 404,321 480,382
220.660 342,901 434,535
231.081 363,079 481,682
210,061 326.536 418,050
199,225 321.460 377,076
182.797 289,869 386.804
177,025 262,071 393.794
161,494 293,903 374.533
177,382 307.932 431,801
201,390 322,676 522,378
190,339 285,396 435.480
180,801 270,029 420.578
...N
......
Nt4
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS AND
GENERAL IMPORTS.
(Preliminary Figures for 1934 Corrected to Aug. 23 1934.)
Merchandise.
1,000
Dollars.
146,906
151,048
151,403
132,268
128,553
109,478
104,276
106,270
129,538
151.035
136.402
128.975
C.A.004141.4
OC•M elW.00.
N
eiDOO
000100.4.0M411SM.1.N
United States foreign trade declined more than seasonally during July.
Exports, including re-exports of foreign merchandise, were valued at
3161,787,000 in comparison with $170,571,000 In June. General imports
which include goods entered for consumption immediately upon arrival,
plus goods entered for storage in bonded warehouses, were valued at $127,342,000. as compared with $136,082,000 in June. The export surplus of
merchandise totaled $34,455,000. practically the same as in the previous
month. In July 1933 the export surplus amounted to only $1,129,000.
Imports for consumption, which include goods entered immediately
upon arrival plus withdrawals from bonded warehouses, dropped from
$135,120,000 in June to 3124,123,000 in July. Goods entered into bonded
warehouses declined slightly from $19,650,000 in June to $19,156,000 in
July, while withdrawalsfrom bonded warehouses decreased from $18.615,000
in June to $15,937,000 in July.
Over a period of years the decline in trade from June to July has averaged
about 1% for exports and 3% for imports. Thus the decrease of 5%
in the value of all exports from June to July and of6% in the case of general
imports caused the seasonally adjusted indexes of values to decline. On a
1923-25 base the index of exports was 48.4, compared with 50.4 in June,
while the index of imports declined from 44.3 to 42.8.
Compared with July 1933, exports were 12% larger in value but imports were 11% smaller. This was the first time in over a year that either
exports or imports made an unfavorable comparison with the same month
of the previous year. The average price (unit value) of exports averaged
15% higher and of imports 14% higher than in July 1933. The quantity
of goods esported in July was approximately the same as in July 1933. while
the quantity of goods imported was about 23% smaller than in July 1933.
Exports of cotton, which increased unseasonally about $11,000,000 in
June, declined $9,000,000 in value during July. Largely as a result, the
value of all crude materials exported was 21% less than in June. but about
the same as in May 1934. Exports of finished manufactures declined
32.000,000 to a value of $76,152,000. Exports of both crude and manufactured foodstuffs increased as did the value of semi
-manufactures.
Individual classes of export commodities shipped in considerably greater
volume than during June included meat products, fish, canned fruits,
paper base stocks, petroleum and products, iron and steel semi-manufactures, and aircraft.
Imports of sugar from the Philippines. which had declined sharply in
June, practically ceased in July as a result of the exhaustion of the sugar
quota for that area. The decline in imports of Philippine and Virgin
Island sugar from $10,190,000 in June to $509.000 in July was almost
entirely responsible for the decrease in the total import value and the
value of manufactured foodstuffs.
Crude material imports declined from a value of 342,578.000 in June
to $339,086,000 in July. Contributing to this lower value were declines
of $1,100,000 and $1.200.000 in the value of imports of rubber and of
petroleum and its products. Semi-manufactures and finished manufactures, on the other hand, were imported in greater volume during July.
Important among the import commodities which increased in quantity
and value were burlaps, paper base stocks, wood pulp, coal tar products,
and tin.
1,000
1,000
Dollars. Dollars.
169,577 118,559
159,594
99,423
187,379 106,293
176,513 103,265
157,165 111.845
167,954 117,517
159,242 141,573
129,315
157,490
190,842
181.291
189,808
January
February
March
April
May
June
July
August
September
October
November
December
1931.
1932.
1933.
1934.
Domestic Exports-
13. , 20 !
4.140911,
Ot000 v1000.0.0.q,
Country's Foreign Trade in July-Imports and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Aug. 25 issued its statement on the
foreign trade of the United States for July and the seven
months ended with July, with comparisons by months
back to 1929. The report is as follows:
TOTAL VALUES OF DOMESTIC EXPORTS AND IMPORTS FOR
CONSUMPTION OF THE UNITED STATES.
Merchandise-Domestic Exports and Imports for Consumption by Months.
lAVONIAIROA2.
0.7
OW.OW.WV. MtW
,
aD OOD
W.00
Locomotives in need of classified repairs on Aug. 1 totaled
10,789, or 22.3% of the number on line. This was a decrease
of 14 compared with the number in need of such repairs on
July 1, at which time there were 10,803, or 22.3%.
Class I railroads on Aug. 1 had 4,974 serviceable locomotives in storage compared with 4,783 on July 1.
Sept. 1 1934
IM004 0,WAri6N.r
,
4,
000.40W0010
1304
Crude materials
Crude foodstuffs
Manufact'd foodstuffs
Semi-manufactures..
Finished manufactures
Value.
51,509 36.4 37,199 23.4
3,078 2.2 3,685 2.3
12,305 8.7 13,373 8.4
21.360 15.1 28,834 18.1
53,321 37.6 76,152 47.8
258.823 32.4
22,747 2.9
372,733 9.1
118,179 14.8
325,992 40.8
Domestic exports_ _ 141,573 100.0 159,242 100.0
Crude materials
Crude foodstuffs
Manufact'd foodstuffs
Semi-manufactures. _ _
Finished manufactures
46,467
15,899
22,872
30,982
26,760
32.5
11.1
16.0
21.7
18.7
39,086
17,239
11,860
27,464
28,474
31.5
13.9
9.6
22.1
22.9
Value.
Per
Cent.
337,844 28.7
36,375 3.1
92,568 7.9
193,023 16.4
517,613 43.9
798,474 100.0 1,177,424 100.0
198,681
124,156
118,612
135,132
158,491
26.0
16.9
16.1
18.4
21.6
283,120
140.372
146,045
185,582
198.969
29.7
14.7
15.3
19.4
20.9
Imports_ a
142,980 100.0 124,123 100.0 735,072 100.0 954,088 100.0
a 1933 figures are general imports 1934 figures are imports for consumpt
1305
Financial Chronicle
Volume 139
Monthly Indexes of Federal Reserve Board-Industrial
Production in July Below June.
index for the past week, for the low points of 1934 and 1933,
and the per cent of increase which has taken place:
The Federal Reserve Board, under date of Aug. 25, issued
as follows its monthly indexes of industrial production,
factory employment, &C.:
Aug. 18 Date and Low P.C.of Date and Low P.C.of
Inc.
of 1933.
Inc.
of 1934.
1934.
BUSINESS INDEXES.
(Index Numbers of Federal Reserve Board, 1923-1925=100.)5.
Adjusted for
Seasonal Variation.
Without
Seasonal Adjustment.
Jut!, June July
July June July
1934. 1934. 1933. 1934. 1934. 1933.
General Indexes
Industrial production, total
Manufactures
Minerals
Construction contracts, value l,
Total
Residential
All other
Factory employment _e
Factory payrolls c
Freight-car loadings
Department store sales, value
production Indexes by Groups and
Industries
Manufactures:
Iron and steel
Textiles
Food products
Lumber cut
Automobiles
Leather and shoes
Cement
Petroleum refining
Rubber tires and tubes
Tobacco manufactures
Minerals:
Bituminous coal
Anthracite
Petroleum
Iron ore
Zinc
Silver
Lead
99
101
90
p76
p74
p85
83
83
87
p27
p12
p40
P79.4
26
12
38
81.4
21
13
28
72.5
61
p72 '
64
74
65
70
47
p77
102
29
78
p99
85
p77
96
31
82
99
99
130
100
46
69
116
128
154
85
132
155
143
117
67
69
130
54
57
45
76
67
132
40
71
34
36
p65
p63
p129
52
57
ss
56
56
p75
p73
p85
84
83
87
95
97
89
p31
p12
p45
p78.6
p60.4
63
p50
31
13
46
81.0
64.8
64
70
24
13
32
71.5
50.8
66
49
44
p72
100
29
82
p98
_
139
p59
p52
p131
105
53
85
p73
95
32
93
95
72
154
102
144
92
121
97
45
72
115
68
154
140
126
60
60
132
108
55
44
57
69
55
135
81
66
29
34
p Preliminary. r Revised.
a Indexes of production, car loadings, and department store sales based on daily
averages. b Based on three-month moving averages of F. W. Dodge data centered
at second month. e Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics. Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board.
-INDEXES BY GROUPS
FACTORY EMPLOYMENT AND PAYROLLS
AND INDUSTRIES. (1923-25=100.) a
Employment.
Group and Industry.
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
Adjustment.
aortal Variation. I Adjustment.
July June July July June July Ju'y June July
1934. 1934 1933. 1934. 1934. 1933. 1934. 1934. 1933.
Total
p79.4 81.4 72.5 p78.6 81.0 71.5 960.4 64.8 50.8
Iron and steel
71.4 76.3 62.8 70.3 76.4
Machinery
79.1 81.2 58.6 78.6 80.8
Transportation equipment
85.3 90.1 58.7 87.8 95.1
Automobiles
95.5 101.1 64.0 98.4 108.8
Railroad repair shops
58.0 59.4 51.4 58.3 59.8
75.1 76.8 83.2 73.2 75.9
Non-ferrous metals
48.8 49.8 46.7 48.8 50.0
Lumber and products
Stone, clay and glass
53.9 54.9 48.8 54.2 57.1
p90.2 r92.2 100.2 p85.9 r90.0
Textiles and products
p90.4 r91.1 100.7 p86.9 rEir.9
A. Fabrics
B. Wearing apparel
85.5 90.8 94.8 79.8 89.3
Leather and products
88.9 91.4 88.9 89.4 87.7
Food products
106.6 107.3 02.0 110.1 105.1
Tobacco products
61.8 62.7 61.0 61.1 62.4
Paper and printing
94.4 95.5 85.1 93.4 94.7
Chemicals dr petroleum prods p109.5 108.9 98.5 p105. 104.5
A. Chemical group, except
petroleum refining
p109.6 108.4 96.9 p103. 102.9
B. Petroleum refining
109.3 110.4 94.8 111.7 111.4
Rubber products
82.8 83.2 76.2 83.9 85.8
61.8 47.6 82.8
58.1 58.1 81.6
58.3 65.4 78.1
65.9 70.7 85.8
51.7 51.1 53.8
61.7 54.1 57.9
48.6 31.8 33.9
49.3 38.1 38.8
95.4 p62.5 r66.4
96.7 p64.4 r66.9
88.3 55.3 61.7
89.5 77.2 72.9
94.5 95.6 91.9
60.3 47.3 47.5
84.1 77.3 78.9
92.3 p88.6 88.1
41.4
39.1
43.5
48.8
40.0
43.1
27.6
27.9
64.4
69.2
50.9
72.4
76.8
43.6
67.9
74.1
91.1 P88.4 86.6 79.1
96.9 95.7 93.1 81.4
77.4 61.9 66.5 60.4
p Preliminary. r Revised.
a Indexes of factory emp oyment and payrolls without seasonal adjustment
compiled by Bureau of Labor Statistics. Index of factory employment adjusted
for seasonal variation comp'ed by Federal Reserve Board. Underylying figures
are for payroll period ending nearest middle of month.
Further Advance in Wholesale Commodity Prices
Reported by United States Department of Labor
During Week of Aug. 18-At Highest Level Since
February 1931.
Wholesale commodity prices advanced during the week
of Aug. 18 to the highest level reached since February 1931,
according to an announcement made Aug. 24 by Commissioner Lubin of the United States Department of Labor.
"The Bureau's index number recorded the third consecutive
weekly advance and rose by 0.9 of 1%." Mr. Lubin said,
"the current advance places the wholesale price level at
76.1% of the 1926 average." He continued:
The price increases were fairly well distributed. Of the 10 major groups
of commodities included in the index, 6 registered an Increase, 3 a decrease
and one, metals and metal products,remained at the previous week's level.
The "all commodities other than farm products and foods" group remained
unchanged. Of the 47 subgroups into which the items carried in the index
are classified, 17 showed an advance, 24 remained at the previous week's
level, and 6 showed a decline.
The present index is 1.3% above the level of a month ago, when the Index
registered 75.1. It is nearly 9% higher than the corresponding week of a
year ago, when the index was 69.3 and 16%% higher than two years ago.
when a level of 65.4 was reached. The increase since the low of 1933, the
woek of March 4, when the index was 59.6. has been nearly 28%.
As compared with the low point reached in 1933. every commodity group
has shown material price advances. Farm products shows a rise of 715i%,
textile products an advance of 405i%,and foods an increase of nearly 40%.
As compared with the 1934 low point, all groups with the exception of
hides and leather products have shown advances ranging from 0.4 of 1%
for textile products to 20% for farm products.
The following table, contained in the announcement by
Mr. Lubin, shows for each commodity group the wholesale
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 other than
farm products and foods
All enrnmnilitim
71.4
38.8
24.7
40.5
23.7
12.0
24.1
6.6
15.8
22.0
20.0
18.2
0.0
0.4
3.9
3.1
1.1
3.5
1.5
6.7
Feb. 4 40.2
Mar. 4 53.4
Mar. 11 67.5
Mar. 4 50.6
Mar. 4 60.8
June 10 76.7
Feb. 18 69.6
Apr. 15 71.2
May 8 71.7
Apr. 8 57.6
Jan. 6 77.6
1.0
Apr. 22 65.5
19.7
Jan. 6 71.0
7.2
Mar. 4 59.6
27.7
68.9
74.1
84.2
71.1
75.2
85.9
86.4
75.9
82.9
70.3
Jan. 1 57.4
Jan. 6 62.7
Aug. 18 84.2
Aug. 11 70.8
Mar. 31 72.4
Jan. 6 83.3
Jan. 6 55.5
Jan. 6 73.3
Jan. 27 81.7
Jan. 6 65.9
78.4
76.1
The following is also from the announcement:
Food with a general rise of more than 2 % showed the greatest inci ease.
Farm products advanced by nearly the same amount. Chemicals and
drugs moved upward by M of 1% and textiles 0.4 of 1%. Hides and
leather products registered the sixth consecutive weekly decline and decreased 0.5 of 1%. Fuel and lighting materials and building materials
also show a fractional lower average.
Among the Important commodities responsible for the rise in index were
butter, cheese, corn meal, rye flour, hominy grits, fresh fruits, canned
vegetables, bacon, pork products, cocoa beans, coffee, eggs, lard, raw
sugar, vegetable oils, barley, corn. oats, rye, hogs, sheep, live poultry,
cotton, hay,fresh milk, acids, alcohol. ammonium sulphate, cotton textiles
raw silk, silk yarns, burlap, bran, middlings, cylinder oil, rosin, turpentine.
bar silver and pig tin. Important items showing decreases were, wheat
flour, dried fruits, white potatoes, canned salmon, wheat. steers, hops,
sisal, wood pulp, hides, skins, leather, plate glass, sand, gravel and prepared roofing.
The present index for the foods group is 74.1% of the 1926 average, which
Is a new high for the year. The index is 15% above a year ago. and 20%
higher than two years ago, when the indexes were 64.4 and 61.8 respectively.
The present level is the highest since in August 1931, when the index had
declined to 74.6. Average prices for meats are higher than at any time
since October 1931, while those for cereal products have not been as high
since July 1928.
The farm products group also reached a new high level for the year. The
present index of 68.9 compares with 57.5 for a year ago and 49.9 for two
years ago,showing increases of 20% and 38% respectively. Farm products
are now at the highest level that has been reached since April 1931, when the
index was 70.1. Live stock and poultry advanced nearly 5% and other
farm products, including such items as cotton, eggs, hay, potatoes, Scc.,
Increased by 25i%. Grains, on the other hand, moved downward by 1%.
Chemicals and drugs with an average increase of 3i of 1% also registered
a new high for the year. Advancing prices of fertilizer materials, acids,
and vegetable oils, mainly accounted for the increase. The index for the
group is 75.9. With the exception of a slight rise which took place in
the week of July 21, textile products registered the first increase since the
latter part of February. Higher prices for cotton textiles, silk and rayon,
accounted for the increase. The miscellaneous group and housefurnishing
goods group also showed fractional increases.
The continued downward movement in average prices of hides, skins
and leather was responsible for the M of 1% decline in the hides and leather
Products group. The index for the group, 84.2, is the lowest that has
been reached during the current year. The present level compares with
an index of 90.9 for a year ago and 70.6 for two years ago.
Slightly lower prices for petroleum products caused the fuel and lighting
materials group to move down a fraction of a per cent. The building
materials group also showed a slightly lower average. Fluctuations within
the group resulted in no change In the level of the metals and metal products
group.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in
the country's markets and based on the average prices for the year 1926
as 100.0. The accompanying statement shows the index numbers of the
main groups of commodities for the past five weeks,and for the weeks ending
Aug. 19 1933 and Aug. 20 1932:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF AUG. 18
AUG. 11, AUG.4, JULY 28 AND JULY 211934. AND AUG. 19 1933 AND
AUG. 20 1932.
(1926=100.0
Aug. Aug. Aug. July July Aug. Aug.
20
19
21
28
4
11
18
1934. 1934. 1934. 1934. 1934. 1933. 1932.
57.5
64.4
90.9
74.1
66.5
80.8
80.8
72.9
76.4
65.5
49.9
61.8
70.6
52.7
72.8
80.1
69.6
73.5
74.9
64.7
68.9
Farm products
74.1
Foods
84.2
Hides and leather products
71.1
Textile products
75.2
Fuel and lighting materials
85.9
Metals and metal products
86.4
Building materials
75.9
Chemicals and drugs
82.9
Houseturnishing goods
70.3
Miscellaneous
All commodities other than farm
78.4
products and foods
67.3
72.2
84.6
70.8
75.3
85.9
86.5
75.5
82.8
70.1
66.6
71.8
85.1
71.1
74.7
86.2
87.1
75.5
83.0
69.9
64.5 66.1
70.8 71.2
88.1 87.0
71.4 71.6
74.7 74.7
86.3 86.4
86.7 87.4
75.6 75.6
83.0 83.0
70.1 70.0
78.4
78.4
78.5
78.6
74.2
70.2
76.1
754
75.1
74.7
75.1
69.3
65.4
All commodities
Increase of 0.3 of 1% Reported by United States Department of Labor in Wholesale Commodity
Prices During July.
Wholesale commodity prices increased by 0.3 of 1% in
July, according to the index calculated by the Bureau of
Labor Statistics, of the United States Department of Labor.
The Bureau's index number for the month advanced to
74.8% of the 1926 average, as compared with 74.6% for
June. The July index stands at the highest point reached
during the year and equals the level attained in April 1931.
An announcement issued Aug. 24 by the Department of
Labor continued:
The upward trend in prices was for the most part confined to three
of the 10 major groups of commodities carried to the Bureau's index.
More than half of the 152 items showing advances were included in the
farm products, foods, and fuel and lighting material groups. Of the 784
items included in the index 435 remained unchanged. Declining prices
1306
Financial Chronicle
were reported for 197 items. Changes in prices by groups of items are
as follows.
Group.
Farm products
Foods
Hides and leather products
Textile products
Fuels and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
Tntal
Increases,
32
44
3
18
10
16
11
6
4
8
1 A9
Decreases.
32
42
13
27
6 ,
23
22
10
13
9
107
No Change.
3
36
25
67
8
91
53
73
44
35
ARA
Raw materials, including the basic farm products, raw silk, crude
rubber, and other similar commodities, registered approximately a 1 %
advance. Semi
-manufactured articles, including such items as leather,
rayon, iron and steel bars, wood pulp, and other like goods, declined
by 0.3 of 1%. Finished products, among which are included more than
500 manufactured articles, remained at the June level. The combined
index for all commodities, exclusive of farm products and processed foods,
Increased by approximately 0.3 of 1% between June and July. The
non-agricultural commodities group, which includes all commodities except
farm products, showed no change in the general average.
Raw materials, which rose 13i%, are 1055% above their July 1933
level. The present index, 68.3. compares with 67.3 for June and 61.8 a
Year ago. The average for semi-manufactured articles, which registered
a slight decline, is 5% higher than in July 1933. Finished products,
which remain at the June level, are nearly 83% above a year ago, nonagricultural commodities are higher by nearly 9%, while all commodities
other than farm products and foods showed an increase of 83.5%.
The index as a whole, after a steady upward movement for the past
three months, registered an advance of nearly 9% over July 1933, when the
level was 68.9% over the 1926 average. The increase since July 1932,
when the index was 64.5, amounts to 16%. As compared with July
1930, when the index was 84.4, present prices are lower by 11%7 and
0.
as compared with July 1929, when the index was 96.5 (the peak of prices
during the past five years) they are down by 22;4%. The general level
in July was 25% above the low point of 1933 (February), when the index
was 59.8.
The greatest advance from June to July was recorded by the farm
products group, with the average rising nearly 2%. Important items in
this group showing higher prices were corn, 9%; hogs, 12%; hay, 17%;
cotton, 4%;fresh milk. Chicago, 11%;fresh milk. New York,5%;and eggs.
3%. Wool, on the other hand, declined 4%; cows, 9%; lambs, 18%;
and live poultry, 5%. The present level offarm product prices is approximately 7 % above that of a year ago. It is nearly 35% higher than in
July 1932. As compared with July 1929, farm products are down by 40%.
Continued advances in prices of anthracite and bituminous coal, coke,
gas, and electricity were largely responsible for the Ili% increase in the
fuel and lighting materials group. The index for this group, 73.9, compared with 65.3 for July 1933, showing an increase of 13% during the year.
Comparable indexes for July 1929 and July 1932 inclusive are 83.3 and 72.3.
The foods group advanced slightly more than 1%. The level for this
group, 70.6% of the 1926 average, shows an advance of nearly 8% over
July 1933, when the index was 65.5. It is 16% over July 1932, when the
index registered 60.9. The wholesale food price index, however, is 183i%
lower than in July 1930, and 3155% below that for July 1929, when the
indexes were 86.8 and 102.9. Important price advances in this group
were reported in July for rye and wheat flour, hominy grits, corn meal,
canned fruits, canned corn, fresh and cured beef, fresh mutton, bacon,
ham, fresh pork, glucose, lard, oloemargarine, oleo oil, raw and grnaulated
sugar, edible tallow, and vegetable oils. Lower average prices were
reported for butter, cheese. prunes, dressed poultry, coffee, copra, black
pepper, and canned salmon.
Continued weakening prices in each of the sub-groups classified under
textile products caused the index for the group as a whole to move downward more than 1 %, registering the greatest drop for any of the major
groups of commodities. Knit goods showed a general decline of over
5%. Raw silk and rayon moved downward by 2%, and cotton goods
more than 1%. Other textile products including raw jute, burlap, twine,
and similar items, decreased nearly 7%. Minor price declines occurred
in the clothing and woolen and worsted sub-groups. The present level
of the textile products group is 5% above that of last July.
Lower prices for motor vehicles, iron and steel products, plumbing and
heating items more than counterbalanced slightly higher prices for agricultural implements and non-ferrous metals, and caused the metals and
metal products group to decrease slightly more than 1%. The index,
86.8,is 7% above that for July 1933. when the average for the group was
80.6. Present prices are 94i% higher than in July 1932, and 14% below
the level for July 1929, when the index was 101.0.
The 5% decline in average prices of hides and skins, and smaller decreases for boots and shoes and leather, accounted largely for the decline
of nearly I% in the hides and leather products group. The present index,
86.3. is at the same level as in July 1933. It is 21% under the level of
July 1929, when the index was 109.1.
Declining prices of lumber, paint and paint materials, plumbing and
heating items, structural steel, and other building materials caused the
building materials group to show an average decrease of slightly less than
1%. The index for brick and tile averaged higher than in June, while
cement remained at the previous level. Building material prices are
higher by 934% than in July 1933. The present index. 87.0, compares
with 79.5 for a year ago. Present prices are on the average 25% higher
than two years ago, and8% lower than the general average for July 1929.
Both furniture and furnishings shared in the downward movement of
the household furnishings goods group. The index for the group as a
whole declined ji of 1% and placed present prices 9% under July of last
year. An advance of 8% in crude rubber and 2% in cattle feed was more
than offset by lower prices for paper and pulp and other miscellaneous
items, and caused the miscellaneous commodity group to show a fractional
decrease. The index for the miscellaneous group. 69.9. compares with
70.2 for June and 64.0 for July 1933. The advance during the year has
been slightly more than 9%. All sub-groups of the chemicals and drugs
group showed weakening prices. The decrease for this group was 0.3
of 1%. l'resent prices are 3% above July 1933.
The peak of the general wholesale price level during the past five years
was reached in July 1929 when the index stood at 96.5. With minor
exceptions prices have moved steadily downward after that date and
reached their low level in February 1933, when the index was 59.8. Since
then, except for minor recessions, the trend has been steadily upward.
The table shows the index for each group and sub-group as of July 1929.
February 1933, July 1933. and July 1934, together with the per cent of
change between July 1929 and February 1933, February 1933 and July
1934, and July 1933 and July 1934. The same comparison is also shown
Sept. 1 1934
for special groupings, as raw materials, semi-manufactured articles, finished
products, non-agricultural commodities, and all commodities other than
farm products and foods.
The Bureau of Labor Statistics index number, which includes 784 price
series, weighted according to their relative importance in the wholesale
markets, is based on average prices for the year 1926 as 100.0.
CHANGES IN WHOLESALE PRICES, JULY 1929 TO JULY 1934.
(1926=100.0.)
P.C.
P.C.
DeIncrease
crease
Index Index July Index Index July
July Feb. 1929 July July 1933
1929. 1933. to
1933. 1934. to
Feb.
July
1933.
1934.
Groups and Sub-groups.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Non-ferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals_ _ _
Fertilizer materials
Mixed fertilizers
Housefurnishing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non-agricultural commodities
All commodities other than farm
products and foods
107.6
102.2
114.9
104.5
102.9
103.2
91.2
105.8
116.7
93.0
109.1
106.1
114.5
112.1
106.1
89.6
89.2
98.2
87.9
78.3
87.7
92.2
83.3
89.1
89.9
84.7
94.1
94.4
73.3
101.0
99.0
95.3
107.8
105.7
93.6
95.1
92.9
94.6
93.3
94.5
93.6
99.6
97.4
93.3
88.2
70.8
90.7
97.1
94.3
93.3
95.5
82.8
54.5
120.5
88.9
43.9
98.8
99.1
93.4
95.6
94.1
40.9
32.7
40.1
44.2
53.7
52.4
60.4
52.4
50.2
54.1
68.0
83.3
40.9
55.3
77.9
51.2
61.2
49.1
48.3
25.6
53.2
66.2
83.8
88.7
79.4
75.2
102.9
96.6
34.3
77.4
83.1
77.3
90.9
46.2
59.4
89.8
75.1
81.8
56.4
68.0
59.4
81.7
78.5
71.3
79.0
54.8
61.5
62.4
72.3
72.9
71.9
59.2
42.6
40.6
72.1
6.1
73.3
48.4
56.3
65.7
63.7
62.0
68.0
65.1
57.7
47.8
49.2
33.8
50.5
57.0
41.8
37.7
21.5
64.3
50.7
26.6
42.9
31.4
50.0
45.1
67.3
39.3
28.2
23.6
0.4
11.7
11.2
89.4
a2.3
53.2
23.4
16.1
18.9
15.7
56.3
36.5
26.6
19.2
13.5
39.5
28.0
36.5
18.0
19.4
23.6
19.6
22.6
32.2
35.7
23.3
21.9
24.7
28.5
21.8
66.3
18.9
86.1
25.8
51.2
39.7
31.3
32.3
60.1
73.4
47.4
63.7
65.5
66.1
83.3
75.6
50.8
83.7
86.3
88.3
88.7
78.0
80.0
68.0
70.6
80.2
55.2
37.9
72.3
76.7
65.3
77.9
81.0
76.0
89.4
100.2
41.3
80.6
83.0
77.7
90.4
67.6
69.4
79.5
78.2
88.2
75.9
77.9
69.4
81.7
83.3
73.2
80.3
56.8
68.6
63.3
74.8
75.1
74.6
64.0
41.4
82.4
78.1
16.3
76.3
61.8
69.1
72.2
70.7
64.6
74.8
48.8
70.6
70.6
74.8
88.9
68.2
63.4
64.5
86.3
98.0
66.6
75.1
86.8
71.5
81.9
85.1
59.5
24.5
80.7
69.6
73.9
78.6
95.7
85.6
c90.6
c97.5
51.3
88.8
92.0
86.7
94.6
68.8
75.0
87.0
91.3
93.9
85.3
79.8
75.0
92.5
90.9
75.4
78.5
73.0
67.6
72.8
81.6
84.8
78.5
69.9
44.6
88.8
82.4
29.9
82.3
68.3
72.7
78.2
76.9
91.7
66.0
28.0
72.2
78.4
P.C.
Increase
Feb.
1933
to
July
1934.
7.3 57.7
1.9 128.7
3.0 21.7
10.7 59.5
7.8 31.5
13.2 42.7
6.7 47.2
b9.8 30.2
24.8 26.3
1.3 19.2
0.0 26.9
11.0 17.6
b24.9 62.8
b3.7 35.8
8.5 11.4
5.1 39.6
16.0 33.8
8.1 73.3
7.8 23.2
b35.4 b4.3
11.6 51.7
b9.3
5.1
13.2 16.2
0.9 11.4
18.1 20.5
12.6 13.8
1.3 b12.O
b2.7
0.0
24.2 49.6
7.7 12.1
10.8 10.7
11.6 12.2
4.6
4.1
1.8 48.9
8.1 26.3
9.4 24.6
16.8 21.6
6.5 14.8
12.4 51.2
2.4 17.4
8.1 26.3
13.2 13.2
9.1 15.8
3.0
5.8
b2.2 b0.6
28.5 33.2
b1.5
9.9
15.0 16.7
9.1 12.9
12.9 16.3
5.2
0.2
9.2 18.1
7.7
4.7
7.8 118.7
6.5 14.3
83.4 390.2
7.9 12.3
10.5 41.1
5.2 29.1
8.3 19.0
8.8 20.7
8.6
18.8
All commodities
8.6 25.1
96.5 59.8 38.0 68.9 74.8
a Increase. b Decrease. C Index for July not available; index given Is for June'
Larger Than Seasonal Decreases Noted in Wholesale
and Department Store Trade in Chicago Federal
Reserve District During July-Second Consecutive
Month of Unfavorable Trends.
The Chicago Federal Reserve Bank in its "Business Conditions Report" of Aug. 31, reports that "for the second successive month trends in wholesale trade conditions of the
Seventh (Chicago) District were unfavorable during July,.
with declines from June in all reporting groups aggregating
greater than seasonal in extent." As to the wholesale trade
conditions in the Chicago District the Bank further said:
Grocery sales dropped 19% in the comparison, hardware 12%. dry goods
17%. drugs 7%. and electrical supplies 21%, as against recessions in the
average for July of 3, 10, 6, 5, and 9 %. respectively. Furthermore, it
will be noted in the table that dry goods firms had a much smaller volume
of sales this July than a year ago, following upon a decline of 2% in the
yearly comparison for June. Gains shown over last July In drugs and
electrical supplies were a little heavier than those recorded for June over a
year ago, while the 15% increase in hardware sales contrasted with a decline of 1% a month previous, but the grocery trade showed little change in
the comparison, as against an increase of 17% for June over the corresponding month of 1933. Cumulative sales for 1934 to date continued to be substantially heavier than for the same period of 1933, wholesale grocery sales
for the seven months totaling 16% above those of the same months last
year, drug sales aggregating 22% %, dry goods 26%, hardware 40%. and
electrical supply sales 58% greater in the comparison. Accounts-sales
ratios in most groups were higher at the end of July than a month previous.
and in dry goods the ratio was above that of a year ago.
WHOLESALE TRADE IN JULY 1934.
Per Cent Change
From Same Month Last Yea/.
Commodity.
Na
Sales.
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
Stocks.
+0.3
+15.0
-28.8
+8.3
+28.5
+7.7
+31.7
+51.4
+3.8
+15.1
Ratio of
Accts. Outstanding to.
ColAcas. Outstanding. tedious. Net sales.
-5.3
+1.1
-18.6
-15.1
+0.4
+1.6
+10.8
+9.2
+1.7
+33.3
103.1
208.0
272.9
195.3
181.1
Financial Chronicle
Volume 139
The following was contained in the Bank's report as to
conditions of department store trade:
A decline of 31% from June to July in Seventh District department store
sales compared with one of 25% in the 1924-33 average for July, the recession with the exception of that for July 1932 being heavier than shown for
the month in any of the 10 years. As a result, there was a further narrowing
of the margin between 1934 and 1933 sales. the 8%% gain over last July
compared with a 10% increase in the yearly comparison for June and with
50% in March when the heaviest increase over a year ago was recorded.
In the larger cities declines in July from the preceding month ranged from
23% in Milwaukee to 41% in Detroit, sales by stores in smaller cities
diminishing 30%. Detroit sales and the total for smaller cities continued
to record greater increases over a year ago than did sales by Chicago. Milwaukee. and Indianapolis firms. Another small decline
-4%-in stocks
between the end of June and July 31, resulted in their being only 8% larger
on the latter date than last year at the same time.
DEPARTMENT STORE TRADE IN JULY 1934.
Per Cent Change
July 1934
from
July 1933.
Locality.
P.C.Change
1st 7 mos.
1934 from
Same
Period 1933
Ratio of July
Collections
to Accounts
Otastanding
End of June.
Net
Saks.
Net
Sales.
1934.
+5.9
+17.3
+5.3
+0.1
+11.3
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Stocks End
of Month.
+1.2
+20.9
+24.0
+13.3
+7.5
+14.9
+40.0
+17.9
+16.2
+32.8
28.1
39.6
38.1
36.4
29.1
Seventh District
+8.5
29.4
+22.6
33.6
+8.2
As in other merchandising lines, recessions from June in the July retail
shoe and furniture trades were greater than usual for the period, a decrease
of 41% in the sales of reporting shoe dealers and the shoe departments of
department stores compared with a seasonal decline of 33%. and sales of
furniture and house furnishings by dealers and department stores fell off
23% as against 20% in the average for July. In the comparison with last
year, the retail shoe trade recorded an increase of but 5%,while the furniture
trade was greater by 8%.
Aggregate sales of 11 reporting chains operating 1,545 stores in the
Period, dropped 12% in July from June and were only 2%% above those
for the month last year. In the latter comparison, cigar, drug, and 5
and-10
-cent store chains showed increases for the month this year, with
shoes, men's clothing, and musical instruments recording declines, while
in the monthly comparison all groups had smaller sales.
National Fertilizer Association Reports Further Advance in Wholesale Commodity Prices During
Week of Aug. 25.
Wholesale commodity prices advanced to 75% of the
1926-1928 level during the week ended Aug. 25, according
to the index of the National Fertilizer Association. This
index advanced eight points during the week which ended
Aug. 25, moving up from 74.2 to 75.0. The index is now
at the highest point recorded since March 21 1931. The
low point was 55.8 reached on March 4 1933. A month
ago the index stood at 72.3 and a year ago at 66.8. During
the preceding week the index advanced two points and two
weeks ago it advanced nine points. Under date of Aug. 27
the Association further said:
Of the 14 groups in the index, 5 advanced, 2 declined, and 7 showed no
change during the latest week. Foods, grains, feeds and livestock, fats
and oils, chemicals and drugs, and miscellaneous commodities were higher.
Textiles and metals declined slightly. The largest gains were shown in
grains, feeds and livestock.
Prices for 29 individual commodities advanced while the prices for 16
commodities declined during the latest week. A week ago there were
35
advances and 28 declines. Two weeks ago there were 48 advances
and
only 7 declines. Cotton declined very slightly during the latest week
Wheat, corn, and barley prices materially advanced. Cattle
and hog
Prices showed large gains. Other farm products that advanced
were lard.
butter, eggs, and lambs. Other commodities that advanced were
cottonseed oil, soya bean oil, beef, pork, flour, cotton cloths, hides, and
rubber.
The declining commodities included burlap, silk, feedstttffs, which previously have shown large gains, zinc, tin, turpentine, and coffee.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
loon
Group.
Latest
Week
Aug. 25
1934.
Preceding
Week.
Month
Ago,
Year
Ago
Foods
Fuel
Grains, feeds and livestock_
Textiles
Miscellaneous commodities_ _
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
73.8
69.9
75.4
72.1
68.3
88.7
81.5
81.8
85.8
59.6
93.4
65.8
76.3
99.8
72.4
69.9
72.0
72.3
68.1
88.7
81.5
82.0
85.8
58.3
93.2
65.8
76.3
99.8
70.7
70.2
62.0
71.0
69.1
88.7
80.7
82.1
86.2
52.0
93.2
67.1
76.3
98.8
68.9
58.5
53.1
65.2
69.8
84.4
74.7
78.5
78.7
48.7
87.0
65.1
66.7
90.1
75 n
74 2
72 2
RR R
All grouns combined
Weekly Electric Production Declines Though Gain Over
Corresponding Week of 1933 is Maintained.
The production of electricity by the electric light and
power industry of the United States for the week ended
Aug. 25 was 1,648,107,000 kwh. according to the Edison
Electric Institute. This was a gain of 1.1% over the 1,630,394,000 kwh. produced in the corresponding week of 1933.
Production for the week under review however, fell below the
figure for the previous week, the total for the week ending
Aug. 18 reaching 1,674,345,000 kwh. This was an increase
of 1.5% over the like week of 1933. The Institute's statement
follows:
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
Aug. 25 1934, Aug 18 1934. Aug. 11 1934. Aug. 4 1934.
New England
Middle Atlantic
Central Industrial__
Southern States
Pacific Coast
West Central
Rocky Mountain
x4.8
0.7
z0.6
4.0
6.0
10.5
17.6
z7.0
3.8
1.1
1.9
5.4
12.3
18.2
15.9
1.7
10.3
1.3
8.1
11.5
x3.7
x8.6
1.0
z2.6
1.7
8.2
9.7
x1.5
Total'United States_
1.1
1.5
1.9
0.5
I Decrease from 1933.
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 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS.
(In Kilowatt-hours
-000 Omitted.)
1933.
25.4
31.4
36.8
32.4
26.8
1307
1934.
1933.
1932.
1931.
%Inc.
1934
Over
1933.
Week ofWeek ofWeek ofWeek of
May 5 1,632,766 May 6 1,435,707 May 7 1,429,032 May 9 1.637,296 +13.7
May 12 1,643333 May 13 1368,035 May 14 1,436.928 May 16 1,654.303 +11.9
May 19 1,649,770 May 20 1,483,000 May 21 1,435,731 May 23 1,664,783 +11.2
May 26 1,654,903 May 27 1,493,923 May 28 1,425351 May 30 1.601.833 +10.8
June 2 1,575,828 June 3 1,461,488 June 4 1,381,452 June 6 1,593,662 +7.8
June 9 1,654,916 June 10 1,541,713 June 11 1,435,471 June 13 1,621,45 +7.3
June 16 1,665.358 June 17 1,578,101 June 18 1,441,532 June 20 1,609,93 +5.5
June 23 1,674.566 June 24 1,598,136 June 25 1,440,541 June 27 1,634,935 +4.8
June 30 1,688,211 July 1 1,655,843 July 2 1,456,961 July 4 1,607,238 +2.0
July 7 1,555,844 July 8 1,538,500 July 9 1,341,730 July 11 1,603,71 +1.1
July 14 1347,680 July 15 1,648,339 July 16 1,415,704 July 18 1,644,638 -0.0
July 21 1,663,771 July 22 1,654,424 July 23 1,433,993 July 25 1,650,545 +0.6
July 28 1.683,542 July 29 1.661,504 July 30 1,440,386 Aug. 1 1,644,089 +1.3
Aug. 4 1,647,638 Aug. 5 1,650,013 Aug. 6 1,426,986 Aug. 8 1.642,858 +0.5
Aug. 11 1,659,043 Aug. 12 1,627.339 Aug. 13 1,415,122 Aug. 15 1,629,011 +1.9
Aug. 18 1,674,345 Aug. 19 1,650,205 Aug. 20 1.431,910 Aug. 22 1,643,229 +1.5
Aug. 25 1.648307 Aug. 26 1,630,394 Aug. 27 1,436,440 Aug. 29 1.637333 +1.1
Sept. 1
Sept. 2 1,637,317 Sept. 3 1,644,700 Sept. 5 1,635,623
Sept. 8
Sept. 9 1.582.742 Sept. 10 1,423,977 Sept. 12 1,582,267
DATA FOR RECENT MONTHS.
Month of-
1934.
1933.
1932.
1931.
January ____
February ___
March
April
May
June
July
August
September
October
November
December-
7,131,158,000
6,608,356,000
7,198,232,000
6,978.410,000
7,249,732,000
7,046,116,000
6.480,897,000
5,835,263,000
6,182,281,000
6,024,855,000
6,532,686,000
6,809,440,000
7,058,600,000
7,218,678,000
6,931,652.000
7,094,412,000
6,831,573,000
7,009,164,000
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
6,310,687,000
6.317.733,000
6,633,765,000
6,507,804,000
6,638,424.000
7,435,782,000
6,678,915,000
7,370,687,000
7,184,514,000
7.180,210.000
7,070.729.000
7,286,576.000
7,166,088,000
7.099,421,000
7,331.380.000
6,971,644,000
7,288,025,000
1934
Over
1933.
10.0%
13.2%
16.4%
15.8%
11.0%
3.5%
____
Total
80,009,501.000 77,442,112,000 86.063,969,000
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric lght and power industry and the weekly figures are
based on about 70%.
Fluctuations of Business in San Francisco Federal
Reserve District from June to July Greater Than
Usual-Industrial Employment Down.
In a review of business conditions in the Twelfth (San
Francisco) Federal Reserve District, the Federal Reserve
Agent of the Federal Reserve Bank of San Francisco stated
that "business records of the district showed greater fluctuations from June to July than is customary in one month, and
the movements were more diverse than usuaL Sharp declines in certain measures of industry and trade," the review
said,"were accompanied by equally sharp advances in others,
making it difficult to determine if there was any concerted
movement upward or downward. The review, issued on
Aug. 27, continued, in part:
Industrial employment appears to have decreased fairly definitely, but
even in that field increases in the important canning and preserving
and
motion picture industries were more than seasonal. Employment in most
other large industries declined, however, as did total employment
after
allowance for seasonal factors. The marine workers' strike and other
labor
disputes associated with it doubtless had a significant influence
upon employment reports for the month. . . .
Including large awards on the Grand Coulee Dam project in
Washington,
contracts for public works construction expanded sharply to
the highest level
for any month since April 1933, when the San Francisco Bay
Bridge contracts
were let. Privately financed building remained about as
low as at any time
during recent years.
Retail trade at department stores decreased considerably
during July in
several parts of the district, notably the San Francisco
Bay region and
principal ports of the Pacific Northwest. These declines
were offset by
gains in Los Angeles and at interior cities, With the
result that total sales,
adjusted for seasonal variation, did not change from the
level of the preceding month. Sales were about 9% smaller in value
than in July 1933,
however, in which month trade was unusually active immediately
before the
general retail sales tax in California became effective.
Sales of new automobiles increased less than is usual during July, but
were larger than in
any month of this year. Water-borne commerce
through the Panama Canal
was restricted substantially further, but freight
car loadings continued to
expand, although there is ordinarily some decrease
during July.
Compared with the United States as a whole, the agricultural
outlook In
this district continued good. Prospective returns
from the marketing of
farm products improved by price advances during
the first half of August.
Weather conditions were favorable for harvesting
during July, and there
1308
Financial Chronicle
was no material change from earlier production forecasts, which indicate
that most crops will be but little emaller than the average of other recent
Years. Although livestock ranges in the lower altitudes are in poorer condition that at any time on record, it has been possible to move animals to
higher ranges,or to secure sufficient supplemental feed to keep them in fair
condition. . . .
Production of Electricity During July Shows Gain of
1% Over Same Month in 1933.
According to figures released by the Geological Survey,
Department of the Interior, the production of electricity for
public use in the United States during the month of July
amounted to 7,566,879,000 kwh. This is an increase of
1% over the 7,490,718,000 kwh. produced during July
1933. For the month of June 1934 output totaled 7,470,183,000 kwh.
Of the July output a total of 4,968,351,000 kwh. was produced by fuels and 2,598,528,000 kwh. by water power.
The Survey's statement follows in part:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS).
Dfrfaion.
Total Si, Water Power and Fuels.
May.
Jung.
July.
Changes in Output
Jeans Previous Year.
June '34. July '34.
New England
530,439,000 487,206,000 496,843,000
—5%
Middle Atlantic_ ___ 2,004,885,000 1,966,303,000 1,949,526,000
+4%
East North Central_ 1,764,589,000 1,747,801,000 1,694,334,000 +10%
West North Central. 471,685,000 471,086,000 494,994,000
—3%
South Atlantic
881,892,000 827,553,000 826,724,000 —3%
East South Central_ 314.367,000 288,336,000 302,958,000 —10%
West South Central_ 367.517,000 404,656.000 419,534,000
+7%
Mountain
258,444,000 224,604,000 243,893,000
—5%
Pacific
1 088,691,000 1,052,638,000 ,138,073,000
+6%
—6%
+1%
+3%
+4%
—1%
—6%
+6%
—7%
+5%
Total for U. EL
7,682.509,000 7.470,183,0007,566,879,000
+3%
+1%
The average dai y production of electricity for public use in the United
States in July was 244,100,000 kwh., a decrease of nearly 2% from the
average daily production in June, which is about the normal change. The
production of electricity in July was less than 1% smaller than in January.
The normal change is a decrease of 1%%.
The decrease in the production of electricity by the use of water power
which began in May has continued through June and July and the July
output by water power was about 8% less than in July a year ago.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE.
1934.
1933.a
1933
Over
1932.
Kilowatt Hours Kitowatt Hours
January._ _ _ 7,631.497,000 6,964,516,000 c8%
February
7,049,492,000 6,296,807,000 cb7%
March
7,716,891,000 6,687,462,000 c9%
April
7,442,806,000 6,478,090,000 c5%
May
7,682,509,000 7,012,584.000
5%
June
7,470,183,000 7,242,095,000 10%
July
7,566,879,000 7.490,718.000 14%
August
7,687,990,000 14%
September.
7.349,509,000
9%
October_
7,478,854,000
69'November
.
7,243.360,000
49'December_
4%
7.469.747,000
Produced by
Water Power,
1934
Over
1933.
1934.
10%
12%
15%
15%
10%
3%
1%
--____
-___
-___
____
39%
33%
40%
47%
42%
36%
34%
_ .._
......
——
__-_
___.
1933.
43%
42%
45%
48%
49%
42%
38%
38%
40%
35%
35%
37%
Total
--------4107,
85 401.732.000 2.7%
a Revised. b Based on average daily production. c Decrease under 1932.
Coal Stocks and Consumption.
Stocks of coal at electric power utilities decreased slightly in July. The
total stocks on Aug. 1 amounted to 6,394,623 net tons, or 1.9% lower than
on July 1. Bituminous stocks dropped from 5,209,198 tons on July 1 to
5.076,985 tons on Aug. 1, a decrease of 2.5%. Anthracite stocks increased
0.8%. standing at 1.317,638 tons on Aug. 1 as compared with 1,306,833
tons on July 1.
Consumption of coal increased Slightly in July. The total consumption
of both hard and soft coal in July was 2.905.070 tons, as against 2,789,586
tons in June. On a daily basis the rate of bituminous coal consumption
shows an increase of 0.9% in comparison with June, while anthracite consumption decreased 1.2%. At the rate of consumption prevailing in July.
the stocks of bituminous coal on Aug. 1 were sufficient to last 57 days.
Anthracite stocks were equivalent to 286 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 station, 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 of Mines, co-operates in the preparation of
these reports.1
Canadian Business Activity at Higher General Level
Than Year Ago, According to Bank of Montreal.
Although characterized by a degree of midsummer slackness, business in Canada is on a higher general level than a
year ago, says the Bank of Montreal in its Aug. 23 "Business
Summary." The demand for capital goods has not yet begun
to follow that for consumption goods with anything approaching the same degree of buoyancy, the bank states, but
general scale of production has been well maintained. The
following, in part, is also from the bank's summary:
The outlook for Canada compares favorably with that of most commercial
countries at the present season. Hope of a bountiful harvest is not to be
Sept. 1 1934
realized. Taking the Dominion as a whole, crops promise to equal, perhaps
exceed, those of last year, though prolonged drought over large areas in the
Western and Central Provinces has retarded growth and reduced production.
Notwithstanding a further setback in recent weeks, the outlook is for a
somewhat larger crop of wheat than last year. . . .
Retail business is experiencing midsummer quiet and has not been helped
appreciably by tourist traffic, which is light. Mining operations continue
on a large scale, especially in the gold fields, and several new gold mines
have recently reached production stage. The lumber industry maintains
the improvement of recent months, notably in the export trade. Newsprint
production is still running well ahead of last year. . . .
As a consequence of the general activity, the employment situation in
July showed improvement over June by a wider margin than in any previous
July in the 13 years over which the official record now extends. The 8,716
employing concerns from which returns are received in the Dominion Bureau
of Statistics reported 941,165 persons on their July staffs, compared with
899,751 in June. . . .
Commodity prices were slightly down in July from June, but turned upward again in the first week of August. Grains, especially wheat, have
been strongly upward, but livestock and animal products were down, and
there were small losses in textiles, wood products, the metal group and
chemicals. On the whole, raw materials and producers' goods were firmer,
with consumers' goods lower. General prices are now higher than at any
time since the recovery set in in March 1933, and approximately are at
the level of the spring months of 1931. The action of the President of the
United States in nationalizing silver has this month moderately strengthened
the Canadian market, and has given silver mining a decided fillip.
Summary of Business Conditions in United States by
Federal Reserve Board- More Than Seasonal
Decreases Noted in Industrial Activity, Factory
Employment and Payrolls During July.
Industrial activity, as well as factory employment and
payrolls, declined in July, states the Federal Reserve Board
in its summary of general business and financial conditions
in the United States. "Diminished output of steel", the
Board said, "was the chief factor in the decline of industrial
activity which was larger than is usual at this season of the
year. The general level of wholesale commodity prices,
showed little net change for July and advanced in the first
three weeks of August." The summary, based upon statistics for the months of July and August, and issued by
the Board on Aug. 24, also said:
Production and Employment.
Volume of industrial production, as measured by the Board's seasonally
adjusted index decreased from 83% of the 1923-25 average in June to 76%
in July. This decline reflected chiefly a sharp reduction In the output of
steel, due in part to previous accumulation of stocks by consumers; and
there waa a further decline in steel operations during the first three weeks in
August. In the automobile industry activity decreased. There was a
considerable reduction in the output of pig iron and anthracite. At textile
mills, where operations had been at a low level in June. there was little
change in July. The output of shoes showed a seasonal increase. Accompanying heavy marketings of cattle from drought areas, there was a considerable increase in activity at meat-packing establishments.
Factory employment decreased between the middle of June and the middle
of July by 3%, an amount larger than is usual at this season. There were
reductions in many industries, producing durable manufactures, such as
Iron and steel products and building materials, and also at establishments
producing knit goods and women's clothing. At canning establishments
the number of employees increased by leas than ususal seasonal amount.
Employment on public projects increased further in July.
Value of construction contracts awarded, as reported by the F. W. Dodge
Corp., was about the same in July as in June.
Department of Agriculture estimates, based on Aug. 1 conditions, indicate that yields per acre for principal crops are 22% smaller than the
10
-year average, reflecting the effects of the drought. The wheat crop is
estimated at 491,000,000 bushels, 37.000,000 bushels leas than last year's
small harvest, and the corn crop at 1,607,000,000 bushels, as compared with
a five-year average of 2,516,000,000 bushels. The cotton crop estimate is
9,195,000 balm about 4,000.000 bales lass than last season and smaller than
in any other year since 1921.
Distribution.
r Total volume of freight-car loadings declined in July, reflfeting chiefly
a reduction in miscellaneous freight, including steel shipments, offset in
part by an increase in shipments of livestock. Department store sales
showed a decrease of somewhat more than the estimated seasonal amount.
Wholesale Commodity Prices.
Wholesale prices of farm products, after fluctuating widely in July,
advanced considerably in the first three weeks of August. Between the be
ginning of July and the third week of August, cotton, wheat, and hog
prices showed substantial Increases while cattle prices declined somewhat.
During this period prices of commodities other than farm products and foods
as a group showed little change.
Bank Credit.
Member bank reserve balances increased further between the middle of
July and the middle of August and on Aug. 15 were about $1,900,000,000
in excess of legal requirements. The increase In reserve balances reflected
principally a further growth in monetary gold stock, offset in part during
the first half of August by a seasonal increase in the total volume of money
in circulation. The volume of reserve bank credit showed little change.
In the four weeks ended Aug 15 loans and investments of New York
City banks decreased by $141,000,000. while those of weekly reporting
banks in other leading cities increased by $116,000,000. The decrease at
New York banks reflected a reduction of nearly $200,000.000 in loans to
brokers and dealers in securities, following a sharp decline In security prices
In the latter part of July and a decline of $52,000,000 in holdings of United
States Government securities.
All other loans and holdings of securities other than United States Government obligations increased substantially at New York banks and at banks
outside New York City. At outside banks holdings of United States
Government securities also increased.
Average rates of discount on United States Treasury bills Issued rose from
0.07% in July to 0.23% on Aug. 22. Other open-market money rates
remained inchanged at low levels.
Greater than Seasonal Declines During July in Employment and Payrolls Reported by National
Industrial Conference Board.
Employment, hours of work and average weekly earnings
declined more than seasonally in July, according to the
monthly report of the National Industrial Conference
Board issued yesterday (Aug. 31). The number of *wage
earners employed decreased 2.9%, total man-hours worked
declined 6.5% and there was a decrease in payrolls of 6.5%.
The report continues:
Average hourly earnings in July, at 58.7 cents, were only 0.1 of 1%
higher than in June, but average weekly earnings were 78 cents lower
because of a reduction in hours worked. Weekly earnings declined from
$20.70 in June to 619.92 in July, or 3.8%, while hours worked per week
declined from 35.4 in June to 34.1 in July, or 3.7%. Real weekly earnings,
hoo sm.er. decreased 4.1% as compared with a decrease in 3.8% in actual
weekly earnings, because of a rise of 0.4% in the industrial wage earner's
cost of thing.
In comparison with July 1933, employment, payrolls and weekly earnings in July 1934 were 15.6%, 19.1% and 3.0% higher, respectively, but
real Ni eekly earnings sere 2.1% beer, because the rise in the cost of living
since a year ago has e.ceeded the gain in earnings.
Manufacturing activity, as measured by total man-hours worked,
declined 6.5% from June 1934 to July 1934 to a level 8.2% under that
of July 1933. Man-hours viorked declined from June to July in 18 of 25
industries covered in the Conference Board's survey, the declines ranging
from 0.3% in leather tanning to 37.3% in the iron and steel industry.
In nine of the industries the reduction in total man-hours was more than
6%. on the other hand, in seven industries total man-hours increased,
as follm s. In the paper and pulp industry, 0.4%; chemical industry. 2.6%;
electrical li.anufacturing, 3.4%; boot and shoe industry, 4.3%; book and
job printing, 5.1%; furniture, 7.2%, and n.eat packing, 10.6%. The
increases in these industries o ere contrary to usual seasonal movements
In three industries and larger than the normally e.pected rise in the other
four industries.
Sales of Department Stores in New York Federal
Reserve District During July Slightly Above Year
Ago-Increase Also Noted in Sales in Metropolitan
Area of New York During First Half of.August.
The New York Federal Reserve Bank, in its Sept. 1
"Monthly Review," states that "fur the month of July,
total sales of the reporting department stores in the Second
(New York) District were only a trifle above a year ago, and
when liquor business is excluded from this year's figures
sales were approximately 13 % below last year. The year
to year comparison, however," the Bank says, "becomes
somewhat more favorable when allowance is made for differences in the number of business days; stores in the Metropolitan area of New York were generally closed on the four
Saturdays this year, but were open on the Saturday before
Independence Day in 1933, remaining closed on the other
four Saturdays." The Bank continues:
Districts which showed sales at least slightly higher than a year ago
Included Ne York. Bridgeport, northern New York State, southern New
York State, Hudson River Valley District, and the Capital District. The
Rochester stores re ported a rather substantial gain in sales, but in the
remaining Imalities sales vi ere not as large as last year. Sales of the
leading apparel stores in this district continued considerably above a year ago.
Stocks of .“erchanuise on hand at the end of July o ere 4% higher than a
year previous, a consiueraLly smaller increase than has been reported in any
other month during the past year. Both department stores and apparel
stores continued to report a higher rate of colleciions than a year ago.
Percentage Change from
a Year Ago.
P.C. of Accounts
Outstanding
Stoat
June 30
on Hand Collected in July.
End of
Feb.
to July. Month. 1933.
1934.
Net Sates.
Locality.
July.
New York
+4.4
Buffalo
-4.8
Rochester
+11.6
Syracuse
-2.1
Northern New Jersey
-0.8
Bridgeport
+2.9
Elsewhere
+2.0
Northers: New York State
+4.4
Southern New York State
+2.0
Hudson River Valley District.... +2.0
Capital District
+1.0
estchester District
-1.5
All department stores
+0.4
Apparel stores
+9.0
+8.1
+10.6
+12.5
+7.4
+5.0
+14.9
+9.5
+1.8
+12.1
+8.7
+9.7
+5.0
-3.8
+0.1
-3.3
+6.6
-4.8
-2.1
45.4
38.6
39.2
25.0
38.0
36.4
30.0
47.7
41.8
42.3
33.3
40.1
37.6
29.3
-i-Ko
-i-- .8
3
.
+33.4
"ii:i
--- 7
43,
+14.6
41.6
41.9
July sales and stocks in the principal departments are compared with
those of a year previous in the follon log table:
Net Sales
Percentage Change
July 1934
Compared with
July 1933.
Men's furnishings
Men's and boys' wear
Shoes
Hosiery
Women's ready-to-wear accessories
omen's and misses' ready-to-wear
Toys and sporting goods
Silks and velvets
Luggage and other leather goods
Books and stationery
Toilet articles and drugs
Home furnishings
Woolen goods
Musical Instruments and radio
Cotton goods
Linens and handkerchiefs
Silverware and jewelry
Furniture
Miscellaneous
1309
Financial Chronicle
Volume 139
Stock on Hand
Percentage Change
July 31 1934
Compared with
July 31 1933.
+15.3
+13.7
+4.2
+2.3
+2.1
+6.2
+16.5
+23.4
+1.9
-5.2
+1.7
+10.4
-17.1
-2.6
+8.1
+19.5
+1.8
-18.5
-4.2
-8.7
+1.9
+10.4
+20.9
+n.9
-0.7
-1.4
-2.2
-4.5
-5.6
-9.6
-10.2
-10.4
-13.9
-16.2
-18.7
-22.7
• sn
As to sales in the Metropolitan area of New York during the
first half of August the Bank reports:
During the first half of August total sales of the reporting department
stores in the metropolitan area of New York showed an increase of about 1%
over the corresponding period a year ago. Excluding sales of liquor from
in
this year's figures, a decrease of about 1% % the volume of business was
indicated, but, seasonal factors considered, August 1933 was the best month
of that year for retail trade in this District.
Decrease of
From Year Ago Noted in Wholesale
Trade During July in New York Federal Reserve
District.
"July sales of the reporting wholesale firms in the Second
(New York) District averaged 9% below a year ago,"
states the Federal Reserve Bank of New York, adding that
"in this connection it should be noted that wholesale trade
in July of last year was at the highest point in several years."
In its "Monthly Review" of Sept. 1 the Bank further reports:
Many lines including hardware, drugs, shoes, paper, cotton goods, and
jewelry shooed the least favorable comparisons in sales in over a year;
in nearly all cases, hoo ever, the July 1933 sales were far above the sales of
a year previous. Grocery sales occlusive of liquor declined 6% from a year
ago, following more than a year of uninterrupted increases. Sales of silk
goods, reported on a yardage basis by the National Federation of Te
and sales of men's clothing and diamonds, contrary to the general tendency.
showed smaller reductions from a year ago than in June, and sales of stationery concerns registeeed an advance over a year ago.
Sizeable increases over last year in the amount of merchandise on hand
at the end of July were reported by the silk, drug, and diamond firms.
Collections continued better than a year ago.
Percentage Change
Change
July 1934
Compared with
July 1933.
P. C. of Charge
Accounts
Outstanding
June 30
Collected in July.
Commodity.
Net
Sales,
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
I'aper
Diamonds
Jewelery
+3.8
-12.3
-30.8
-40.7
-16.2
-3.8
+14.4
-0.5
-4.9
-11.9
Stock
End of
Month.
+7.2
-0.5
1933.
1934.
84.3
31.7
32.4
64.8
37.4
20.3
40.7
62.3
39.3
{21.0
90.4
37.2
37.9
63.8
39.6
18.1
45.9
59.0
45.2
(27.9
-2.2
Weighted average
-9.6
50.5
54.5
" Quantity figures reported by the National Federation of Textiles, Inc.; not
Included in weighted average for total wholesale trade.
Business Activity on Pacific Coast During July Practically Unchanged from Recent Months, According
to Wells Fargo Bank & Union Trust Co.
In spite of the existence of strike conditions in the vital
shipping industry for over half the month, Pacific Coast
business activity during July held stable near the level which
has prevailed since the first of the year, according to the
Wells Fargo Bank & Union Trust Co., San Francisco.
The "Index of Western Business" published by the bank
stood of 70.3% of the 1923-25 average level, as against
70.4% in June. The bank also reported:
With industrial production and department store sales remaining virtually unchanged, a substantial decrease in bank debits was balanced by
a corresponding increase in freight carloadings. July sales of automobiles
in California increased moderately over those of June to the highest monthly
total since July 1931. Life insurance sales continue to show substantial
increases while electric power production, stimulated by irrigation pumping
demands, show marked increases over last year and may for the entire
Year approximate the record totals reached in 1930.
Census Bureau Finds Marked Rise in Employment in
1933
-Number of Wage Earners Last December Set
at 6,379,728, or 1,295,785 Above March-Steel
Showed Greatest Improvement.
A marked increase in employment during 1933 in manufacturing and printing and publishing industries is noted in a
survey made public on Aug. 26 by William L. Austin of the
Bureau of the Census. The report indicates that despite
a decline in the period from September to December, this
employment at the e d of 1933 aggregated 6,379,728, or
1,295,785 more than in March 1933 and 391,556 more than
in December 1931. Mr. Austin said that ranked according
to their importance as employers of labor, the leading six
industries are cotton goods, steel works and rolling mill
products, foundry and machine shop products, steam railroad repair shops, knit goods, and lumber and timber products. These six industries, he stated, employed almost
25% of all wage earners last year. A Washington dispatch
of Aug. 26 to the New York "Times" quoted further from
his report as follows:
"Of these industries, the one showing the most pronounced upward
movement in wage-earner employment from March to September was steel
for which the percentage of increase covering this six-month period v as 65.
Moreover, the decrease from September to December was small-in-1y 6%.
The lumber and timber products industry also showed an increase of more
than 50%-nearly 57%, in fact
-from March to September, followed by
a decrease of 11% during the last quarter of the year."
1310
Financial Chronicle
Estimates of Employment.
The following estimates for all manufacturing industry were given for
1933 and 1931, the figures for the final month of each quarter generally
representing the total number on the payrolls for the week, including the
15th of the month. All figures for 1933 are preliminary and subject to
revision.
Total, all industries.
1931.
1933. I
1931.
1933.
March
6.780,256
5,083,933 I September _ 6,551,594
6,897,344
June
6,559,037
5,997,130 I December__ 5,988,172
6,379.728
With only a few exceptions, Mr. Austin said, all of the 308 industries
covered by the manufactures census taken in 1934 showed an upward movement during each of the three-month periods from March to September
1933.
Totals for Cotton Goods.
For cotton goods, employment was 307,427 in March 1933, rose to
418,385 in September and dropped to 392.387 in December; for steel
works and rolling mills it was 203,925 in March, 337,219 in September
and 317,583 in December; for foundry and machine shop products. 178,770
in March. 257,412 in September and 240,088 in December; for railroad repair shops (steam), 211,554 in March, 231.837 in September and 226,882
in December; knit goods. 169,121 in March, 208,413 in September and
189,534 in December; lumber and timber products, 141,428 in March.
221,472 in September and 196,743 in December; other manufacturing and
printing and publishing industries, 3,871,708 in March, 5,222,646 in September and 4,807.511 in December.
In each instance, with the exception of railroad repair shops. the December total was greater than in December 1931.
July Index of Far Western Business of Bank of America
(California) at Highest Level in 254 Years.
Bank of America's index of "Far Western Business"
reached the highest point of the last 30 months during
July, with a gain of almost 6% over July 1933, the peak
month of last year, according to the August issue of the
bank's "Business Review." With the index of 67.8, July
was the seventh consecutive month during 1934 to show
an increase over the corresponding month of last year,
and the third consecutive month to show a gain over both
1933 and 1932, the bank reported, adding:
The July index, based upon carloadings, power production and bank
debits, was 26% above the depression low point reached in March of 1933.
Retail sales last month lost ground in the Far West, with dollar volume
of 84 stores dropping 9.3% from the level of July 1933. For the first
• seven months of the year. however, sales were 9.1% ahead of the corresponding 1933 period.
A heartening picture of increasing employment is portrayed statistically by California manufacturing industries, with almost 20% more men
on their payrolls in July of this year than were employed in July of 1933.
Payrolls showed a 16.3% gain.
The index of prices received by California farmers for 24 indicative
products in July of this year gained 18.3% over July 1933, although the
Index declined 11.3% from the June 1934 level.
Heavy Lumber Shipments
-Orders Continue Decline.
Continued heavy lumber shipments from the mills during
the week ended August 25 mark further release of the water
shipments on the West Coast which had been tied up by the
long dock strike, total shipments except for the previous
two weeks being heaviest since April of this year, lumber
orders were somewhat lower than during the preceding four
weeks, production though less than during the preceding two
weeks was otherwise heaviest since May, according to telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations
of leading hardwood and softwood mills. Reports for the
week ended August 25 were from 1,374 mills whose production was 194,566,000 feet, shipments, 203,085,000 feet,
orders, 188,664,000 feet. Revised figures for the previous
week were mills 1,438, production, 212,445,000 feet, shipments, 215,977,000 feet, orders, 191,128,000 feet. The
Association further reported in part as follows:
Southern Pine, West Coast and Southern Cypress, Northern Hardwoods
and Northeastern Hardwoods reported orders above production during the
week ended August 25. Total softwood orders were one percent below
production; hardwood orders, 26% below hardwood output. Shipments
were 4% above production. Total orders as reported by identical mills
were 4% above those booked during similar week of last year, softwoods
showing gain of 11%, hardwoods, loss of 48%. Production was 15%
below that of last year; shipments were 2% below the 1933 week.
Unfilled orders on August 25, as reported by 626 identical mills were the
equivalent of 24 days' average production compared with 22 days' on similar
date of 1933. Gross stocks at 1,677 mills on August 25 totalled 5,517,949,000 feet.
Forest products carloadings during the week ended August 18 were
22,547 cars, a decrease of 695 cars above the preceding week. 4,802 cars
below the same week in 1933 and 6,885 cars above similar week of 1932.
Lumber orders reported for the week ended August 25, 1934, by 967
softwood mills totalled 175,246,000 feet; or one percent below the production of the same mills. Shipments as reported for the same week were
186,328,000 feet, or 6% above production. Production was 176,368.000
feet.
Reports from 449 hardwood mills give new business as 13,418.000 feet,
or 26% below production. Shipments as reported for the same week were
16,757,000 feet, or 8% below production. Production was 18,198,000 feet.
Unfilled Orders and Stocks.
Reports from 1,677 mills on August 25 1934 give unfilled orders of 813,238,000 feet and gross stocks of 5,517,949,000 feet. The 626 identical
mills report unfilled orders as 582,725,000 feet on August 25 1934. or the
equivalent of 24 days' average production, as compared with 549,965.000
feet, or the equivalent of 22 days' average production on similar date a
year ago.
Sept. I 1934
Identical Mill Reports.
Last week's production of 451 identical softwood mills was 159,427,000
feet, and a year ago it was 180,189,000 feet; shipments were respectively
164,971,000 feet and 159,274,000; and orders received 150,710,000 feet and
136,205,000 feet. In the case of hardwoods, 210 identical mills reported
production last week and a year ago. 12.050,000 feet and 20,446,000;
shipments 1,084,000 feet and 19,218,000 and orders 8,378,000 feet and
16,123.000 feet.
United States Sugar Consumption During July 22.47%
Below July Year Ago.
Sugar consumption in the United States during July 1934,
amounted to 441,760 long tons, raw sugar value, according
to B. W.Dyer and Co., sugar economists and brokers. This
figure compares with 569,791 tons consumed in July of last
year, a decrease of 128,031 tons or 22.47%, the firm said,
adding:
The consumption for the first seven months of this year shows a decrease
of 4.47% when compared with the corresponding period of 1933. Through
July 31 1934, consumption amounted to 3,263,807 long tons compared with
3,416,354 tons in the corresponding period of 1933, a difference of 152.547
tons In favor of last year.
2,264,336 Tons of Sugar Produced in Cuba from Jan.
-Exports Total 1,436,545 Tons.
1 to Aug. 16
Cuban sugar production to Aug. 15 amounted to 2,264,336
tons, while exports from Jan. 1 to Aug. 15 totaled 1,436,545
tons, according to advices 10 the New York Coffee & Sugar
Exchange from the Cuban Export Corporation. In announcing this on Aug. 30 the Exchange said:
Stocks on the entire island on Aug. 15 totaled 1,868,110 tons which
compares with 2,267.094 tons on Aug. 15 last year and 2,419,461 tons in
1932. Of the exports, 813,584 tons were destined for the United States
and 622,961 for other countries. 168,810 tons of the amount destined for
other countries was from stocks segrated under the Chadbourne plan.
Approximately 98% of the decreed crop. 2,315.079 tons, has been made
so far.
Shipments of Raw and Refined Sugar From Puerto
Rico to United States from January 1 to August 25
Above Same Period Year Ago.
Raw sugar shipments from Puerto Rico to the United
States from January 1 to August 25 totaled 698,718 short
tons, an increase of 15.7% when compared with shipments
of 603,776 during a similar period last year, according to
cables to the New York Coffee and Sugar Exchange. Refined
shipments amounted to 88,910, the Exchange announced
August 27, a 13.9% increase over the 78,052 ton total
for the 1933 period. Shipments of raw and refined together
for the week ending August 25 amounted to 7,005 tons
against 13,569 in the same week last year, the Exchange
said. It continued:
About 98.9% of the quota for the United States under the CostiganJones sugar bill has been shipped to date. In addition to the general quota.
each mill has its respective quota which in some cases has already been
exceeded. Such sugars are being handled in the same manner as excess
Philippines being put in bond until Jan. 1 1935.
Puerto Rican Sugar Growers' Allotments to Be Based
on 1931-34 Output.
San Juan,P. R.,advices Aug.30 to the New York "Times"
stated:
Secretary of Agriculture Wallace announced to-night through A. J. S.
Weaver, Agricultural Adjustment Administration representative here, the
basis for individual sugar allotments on the 1935 crops. It is estimated that
the crop will exceed the quota by 90,000 to 150,000 tons, for which Mr.
Wallace promised to compensate the growers at a fair price. The probable
maximum cost will be about 34.500,000.
Mr Weaver said that each grower's allotment would have the same volume
relationship to the allowed crop that his volume of production for the years
1931 to 1934 bore to the total crop of those three years.
Plans are under consideration for the disposal of the 300,000 tons' surplus
of the latest sugar crop.
Petroleum and Its Products-Congressional Committee
to Hold Open Meetings Sept. 17
-"Papoose"
Controversy Continues-Union Urges Administrator Ickes to Oust Chairman Beaty-Refiners
Confined to Legal Crude-"Hot Oil" Output in
East Texas Up-Administrator Ickes Attacks Oil
-Mr. Byles Defends Industry, Asking Less
Waste
Federal Regulation-Crude Oil Output Dips in
Week.
Public hearings will be held by the Congressional subcommittee investigating the petroleum industry in Washington on Sept. 17, William J. Cole, Jr.,(Dem., Md.) Chairman,
announced in mid-week. Hearings in Washington will
continue for one week, following which the Committee will
'.hold open hearings in the Mid-Continent and Pacific Coast
oil sections.
In addition to hearing testimony gathered by the Committee in its recent tour through the nation's oil regions,
Administrator Ickes and other Federal Oil Administration
officials will testify, as will leaders in the oil industry.
In announcing this Chairman Cole stated that any oil men.
Volume 139
Financial Chronicle
declining to appear voluntarily before the committee will
be subpoenaed under its Congressional authority.
Following the Washington hearings the Committee plans
to move to Dallas, where hearings are scheduled to be held
from Nov. 13 to Nov. 24, shifting to Los Angeles, where
similar hearings will be conducted during the latter part
of the month. After judging the testimony given during
the series of hearings, the Committee will prepare its report
for Congress on the need for additional Federal regulation of
the industry. The Committee was authorized to gather
such information as would be necessary in drawing up such
plans by the last Congress following the failure of the
Thomas-Disney oil control measures to pass in the closing
days of the last session.
In declining to forecast what, if any, new regulatory
measures would be recommended at the next session of
Congress, Chairman Cole disclosed that one entire day of
the Washington hearings will be reserved for Pennsylvania
oil men at the request of the Pennsylvania Crude Association.
Other oil men to testify at the Washington hearing include members of the "Committee of Eleven" appointed by
the American Petroleum Institute in 1926 to co-operate
with the Federal Oil Conservation Board in a survey of
conditions in the oil industry. Incidentally, a review of
the findings of that group disclosed that in 1926 it was held
"there is no immediate danger of exhaustion of the petroleum resources of the United States." The Committee
also found that "waste in production, transportation,
refining and distribution of petroleum and its products is
negligible."
It is an unopposed belief that most of the members of
the Committee, if not all, have radically changed their
viewpoint since that date in view of the changes in conditions affecting the industry in the interval. Members
of the Committee to be called include W. S. Parish, of
Standard of New Jersey; J. Edgar Pew, Dallas, Tex.
Representative E. W. Marland, Ponca City, Okla.; W. N.
Davis, Bartlesville, Okla.; R. K. Kingsbury and D. M.
Folsom, both of San Francisco; E. T. Wilson, Denver;
George S. Davison, Pittsburgh; J. C. Donnell, Findley,
Ohio, and Frank Haskell, of New York City.
Questioned concerning the reason for calling members
of the long-defunct American Petroleum Institute committee, Chairman Cole said that the Committee felt that
it would benefit from hearing results of the exhaustive study
of the oil situation made at that time. Members of the
American Petroleum Institute committee living in Texas
and California will not be asked to come to Washington to
testify, but will be heard at the regional hearings scheduled
for those areas.
Owners of the cargo of the 54,000 barrels of gasoline on
the tanker "Republic," now in West Coast waters, have
asked E. N. Stanley, chief oil proration enforcement officer
of the Texas Railroad Commission, to pass upon the legality
of the cargo, he disclosed in Austin, Friday. Mr. Stanley
said that he was informed by persons making the request that
ample proof will be submitted to him showing the cargo was
manufactured from legally produced crude oil.
If the testimony submitted to Mr. Stanley upholds the
contention of the agents representing the owners, he will
sign an affidavit as to the legality of the gasoline, he said.
The cargo, he added, was shipped on August 15, the day the
Railroad Commission issued the order requiring tenders on
refined product, although it was manufactured prior to that
order.
As the week ended the oil tanker "Papoose" was still
seeking to land its cargo of 3,000,000 gallons of gasoline at
some Pacific Coast port. Federal and State oil officials,
working in close co-operation, have prevented the discharge
of the cargo which, it is charged, is not covered by certificates to prove its legality. Both agencies charged that
"dumping" of this cargo would wreck the Pacific Coast
markets.
Prevented from unloading part of its cargo at Los Angeles
last week, the "Papoose" then sailed for Tacoma, Washington, its next port of call only to be greeted by an injunction
obtained by J. H. Marshall, of the Petroleum Administrative
Board, preventing it from unloading its cargo.
Early in the week, Administrator Ickes said in Washington
that PAB attorneys had prevented counsel for the vessel
from obtaining certificates from the Texas RR. Commission
stating that the gasoline had been refined from legally
produced crude.
1311
The American Petroleum Co. and the Petroleum Navigation Co., both of Houston, wired Mr. Ickes Tuesday that
they had no connection with the cargo on board the"Papoose,"
their sole interest in the matter being as owners of the vessel
and terminal agents. Pointing out that while the tanker is
owned by the Petroleum Navigation Co., it is under charter
to others, the companies stated that the Oil Administration
had all pertinent information on movements of the tanker
for at least three weeks prior to its arrival on the Pacific
Coast where it was prevented from unloading.
"It is true that some of your agents have been denied
permission to inspect our property and records until they
have complied with our requirement to furnish us with formal
written request to make the inspection setting forth in detail
information desired, the purpose of the investigation and
the legal authority for making the request," the telegram
continued.
"The first set of your agents to meet our requirements
were permitted to sample tank cars at our plant last Tuesday
(August 21). The majority of your agents have taken the
attitude that they are permitted to do any and all things
they desire and to conduct 'fishing' expeditions without
due regard to the formalities of procedure to which everyone
is entitled. The 'Papoose' cargo was terminalled for one of
our customers in the usual course of business and in a manner
similar to many other cargoes we have so handled for other
customers."
Removal of Amos L. Beaty, Chairman of the Planning
and Co-ordination Committee, from his post was asked of
Administrator Ickes by H. C. Fremming, President of the
International Assn. of Oil Field, Gas Well and Refinery
Workers of America, who charged that Mr. Beaty, who is
general counsel for the Phillips Petroleum Corp., has been
instrumental in framing the alleged anti-labor policy of that
company.
The union's demand was held "unfair and unjust" by
Frank Phillips, President of the Phillips Petroleum Co. In
his statement, sent to Administrator Ickes, Friday, Mr.
Phillips said that Mr. Beaty had absolutely nothing to do
with any of the company's policies, including labor, and
characterized the letter sent to the Oil Administration by
Harvey Fremming, union president, as an attack on Mr.
Beaty and the Phillips company.
Denying that his company had violated the labor or any
other provisions of the oil code, Mr. Phillips said that "employees prefer to bargain with the company through their own
organizations."
Administrator Ickes was also asked by Mr. Fremming to
order a public hearing on the petroleum code for the purpose
of reconsidering the labor provisions as "operators are openly
defying the administrator's orders, with the result that the
labor provisions of the code are considered by a great many
as nothing but a `joke'."
Charging that the attitude of the Phillips company toward
the labor provisions of the code had been "malicious", Mr.
Fremming continued:
"Time after time has your policy board called to their
(the company's) attention their gross infractions of the law.
Hearings have been held in Washington, as well as in the
field, with no results. Men have been discharged by the
wholesale; intimidation, coercion and interference have been
of a most brazen character. Employees are afraid to be
seen by their supervisors talking in groups, or with representatives of our organization, after working hours.
"We cannot understand how a counselor for a firm within
the industry, which firm is the outstanding violator of the
very code which he is assuming to assist in administering,
be retained in that position," he concluded.
In asking a revision of the labor provisions of the code,
the oil workers' union also suggested a 30
-hour work week,
without reduction of pay, compared with the present work
week of 36 hours. The union head charged that the oil
companies have reaped most of the benefits accruing to the
industry under the code and asked that this situation be
rectified.
Gasoline production allocators have been granted authority
by Administrator Ickes to require that individual refineries
produce their gasoline from legal crude oil as the Administration sought to improve its program of balancing production and market demand.
Coupled with the new rule was another which granted the
allocators the right to require monthly reports from refiners
showing the legality of their production along with an
estimate of the probable demand for the next month of the-
1312
,4,
Financial Chron;
individual refinery. These reports will include estimated
stocks of crude oil which the refinery expects to have available, its source and a statement whether it was produced in
conformity with the State regulations and the oil code. The
reports will cover current production, withdrawals from
storage and imports.
A preliminary report on fuel oil prices made to Administrator Ickes by the Petroleum Administrative Board,
Friday stated that there was insufficient evidence on hand at
this time on which to base a decision. In announcing this,
however, Mr. Ickes disclosed that the PAB is making an
independent survey to assemble more facts as quickly as
possible on which to base possible recommendationd to him.
Neither information submitted at the recent public hearings nor additional statistical data made available following
the hearings was sufficiently informative to justify basing
any conclusions on, the PAB reported. The investigation
of fuel oil prices by the Oil Adminisration followed complaints
received from consumers by Mr. Ickes that prices were
unfair.
July daily average crude oil receipts at refineries were
2,549,000 barrels, an increase of 33,000 barrels over the
previous month, the Bureau of Mires reported. The increase
was due to gains in receipts of domestic crude, daily average
receipts of foreign crude dipping to 87,000 barrels from 119,000 barrels in June.
Attorney General Allred moved to stop shipments of "hot
oil" out of the East Texas by rail, obtaining a temporary
injunction against several railroads in District Court in
Austin, Thursday, preventing them from accepting shipments
of crude oil or its products without all tenders having first
been approved by the Railroad Commission.
The Missouri Pacific, St. Louis Southwestern Gulf Colorado and Santa Fe Railroads were named in the temporary
injunction which also named 12 independent refining companies operating in the East Texas areas.
The hearing on the permanent injunction restraining the
Texas Railroad Commission from enforcing its order requiring approved tenders for shipments of all petroluem products
asked by a group of East Texas refiners was postponed until
Sept. 4 by Judge C. A. Wheeler in District Court in Austin,
Tuesday. The refiners have charged that the order is so
unreasonable that they cannot comply with it.
The temporary injunction granted the refiners will remain
in effect, pending final disposal of the case, Judge Wheeler
ruled. It was indicated in Texas oil circles that the offending order will be changed to overcome the objections of the
refiners before the date of the hearing arrives.
One effect of the temporary injunction has been a marked
spurt in production of "hot oil" in the East Texas area.
Illegal oil production has mounted sharply from an 18,000barrel daily average last week, according to E. N. Stanley,
chief enforcement officer in the field. Unofficial estimates
have placed "hot oil" output in the East Texas area at between 70,000 and 80,000 barrels daily in the past few weeks.
Oil men in Oklahoma and California meeting to discuss
September allowables were thoroughly in agreement with
Administrator Ickes' plan to curtail September allowables.
In Oklahoma, the 19,100-barrel reduction order will be ab-back for all prorated fields and for
sorbed by a horizontal cut
the large unprorated areas. In California, due to the fact
that complete field statistics have not been compiled as yet,
it is still undetermined what fields will bear the brunt of the
cut-back.
In a bitter attack on "unrestricted competition," Administrator Ickes, in an address delivered at Drake Well Memorial
Park at Titusville, Pa., Monday, held that further Government interference is in prospect for the oil industry if its
future is endangered by a "small lawless minority."
"The greed of men for quick profits," he continued,
"without thought for the welfare of the country . . .
has been defended by a school of political thought which has
•euphemistically applied the term 'rugged individualism' to
unpatriotic greed,ruthless waste and unparalleled selfishness."
Mr. Ickes stated that as much as "80 and 90%" of the
oil is iost and abandoned in the sands, then told of wells
from which biltioin of cubic feet of natural gas was allowed
to blow into the air as owners waited for oil.
The industry, as a whole, is beginning to realize, he said,
that "reasonable and regular profits" were preferable to a
system of uncertain fluctuating profits, with unrestricted
competition "striking down the weak and undermining
.even the strong."
Sept. I 1934
"The Nation has a paramount interest in oil," he continued. "It is absolutely indispensable as a vital element
in our national defense. This interest must be maintained,
happily, if it may be, but nevertheless maintained."
Stating that a spirit of "understanding and co-operation"
exists between the Government and a majority of the oil
companies, Mr. Ickes said that the Government entered the
oil industry primarily as the "conservator of the public
interest."
"On this occasion we may also celebrate the results of a
year of happy and fortunate co-operation between the
Federal Government and the oil industry," he continued.
"Industry leaders are realizing that labor must be treated
fairly and given an adequate return out of the profits of the
industry, that there must be square dealing and a proper
regard by all for the right of competitors, that the production
of petroleum is not a right personal to any man or group
of men."
Axtell J. Byles, President of the American Petroleum
Institute, who also spoke at the oil celebration, asked that
the Federal Administration turn away from an emergency
government and return to one of law, so that men may plan
and order their affairs with confidence. He also advocated
limitation of Federal control over the petroleum industry
to the supply of raw material, when the NIRA expires next
year.
"Some of us are still simple enough to believe," he said,
"that economic laws are inexorable. That if too much crude
oil is not produced, too much gasoline and other products
cannot be. That, as a result of such a balance, price will
take care of itself. That the public's interest, both in conservation and price, may be safeguarded through Government control of the volume of crude oil allowed to be produced. Most of us are agreed that failure to balance supply
with consumer demand renders futile every other effort at
stabilization. We cannot take the second or the fifth or
the tenth step until we have taken the first. We have not
yet succeeded in taking the first.''
Russian oil exports have shown a marked decline and that
country is no longer a very great factor in the world oil
market, according to H. F. Sinclair, Chairman of the Consolidated Oil Corp. upon his arrival from Europe on the
Leviathan Monday. Mr. Sinclair said that conditions in the
oil industry in Europe were not much better than they were
in the United States. In commenting upon conditions
in the United States industry, he said that had the Thomas
bill been passed at the last Congress, conditions would be
much better.
Daily average crude oil production in the United States for
the week of Aug. 25 dipped 54,000 barrels to 2,464,700
barrels, the American Petroluem Institute reported. This
compared with August allowable of 2,449,300 barrels and
production in the like 1933 week of 2,756,400 barre.s. The
'
A.P. I. report does not include "hot oil.
California was the only one of the "Big Three" to exceed
its Peden'allowable, production totaling 495,000, off 12,600
barrels, against an allowable of 490,200 barrels. Texas output was off 3,800 barrels to 999,400, compared with an allowable of 1,001,300 barrels. Oklahoma output dipped 40,200
barrels to 477,050 barrels, against the Federal allocation of
480,100 barrels.
There were no crude price changes.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
51.00
$2.55 Eldorado, Ark., 40
Bradford, Pa
1.08
1.32 Rusk, ex., 40 and over
Corning, ia
.87
1.13 °first Creek
Illinois
1.02
1.08 Midland District, Mich
Western Kentucky
1,35
1.08 Sunburnt, Mont
Mid-Cont., Okla., 40 and above..91 Santa 1 e Springs, Calif., 40 and over 1.34
Hutchinson, Tex., 40 and over
1.01
1.03 Huntington. Calif.. 26
Spindietop, Tex..40 and over
2.10
.7511 etrolia, Canada
It inkier, Tex
.701
Smackover, Ark.. 24 and over
REFINED PRODUCTS—REFINED PRODUCTS' PRICES DIP—
RETAIL 0A3 QUOTATIONS OFF—MOTOR FUEL STOCKS
CONTINUE DECLINE.
Sagging gasoline and kerosene prices over widely scattered
sections of the marketing area east of the Rocky Mountains
during the week provided graphic evidence of the underlying
softness of the Nation's refined products markets.
Pacific Coast gasoline prices were adjusted Friday by
Standard Oil of California, as marketing conditions there
justified restoration of prices to a normal basis. Retail
prices were cut 1 cent a gallon throughout the West Coast
marketing area, with the exception of southern California
and Arizona, where prices were advanced 32 cent a gallon.
Volume 139
Financial Chronicle
Current prices in Los Angeles and other southern California points list regular grade gasoline at 18 cents a gallon
while in San Francisco service station prices are now 18
cents a gallon, ranging higher at points further away from
producing centers.
The Planning and Co-ordination Committee, which was
reported considering plans to absorb stocks of distress gasoline overhanging the Texas and Gulf Coast markets, took
no definite steps to correct conditions although trade
rumors that some concerted effort to correct the conditions
continued in circulation.
In the New England markets, Providence again held the
spot-light, service station and tank wagon prices of gasoline
being cut 1 cent a gallon Monday. The Atlantic Refining
Co. cut retail gax prices in Wilmington, Del., 3A cents a
gallon Thursday. Other sections showed .no price changes
although the undertone of the market was reported weak.
Intensive price competition in Ohio was held the main factor
2
in the Nationwide reduction of 3/-cent a gallon in retail
prices of all three grades of gasoline, effective Wednesday,
posted by Standard Oil of Ohio. The new prices are 11 cents,
12A and 14A cents a gallon for thrd-grade, regular and
premium gasoline, exclusive of 5 cents in State and Federal
taxes.
Failure of independent operators to follow the lead of the
major units in Houston, Texas, who posted a 1-cent advance in retail gasoline prices late last week, was responsible
for a reduction of 1-cent a gallon in the Houston area Wednesday. New prices list third-grade at 15 cents, regular at 17
and premium at 19 cents a gallon, taxes in'cluded.
The Mid-West bulk gasoline markets were soft during
the week as pressure of distress lots out of East Texas and
the Gulf Coast area continued to hang over the market.
Prices for low octane material eased off somewhat and
offerings under the market level were available in increasing
amounts.
North Texas offerings of low octane gasoline were avail4
able at 35 cents a gallon, while in East Texas they were
available as low as 3A cents a gallon. The ruling market
3
held at 3% to 4 cents a gallon, however.
In the local market prices held steady, with the exception of kerosene which eased off. Price-competition was
reported spreading in the Brooklyn area, however, and
barring a sudden reversal of general marketing conditions a
general decline in retail gasoline prices within the next
few weeks is anticipated by most marketers.
Fuel oil was easy with trade reports indicating an early
price cut in this product. Bunker fuel oil C was steady at
$1.30 a barrel, refinery, with Diesel holding at $1.90, same
basis. Tank car kerosene prices were lowered A cent a
gallon Wednesday. The cuts, affecting the New YorkNew England area, reduced the New York price to 5% cents
a gallon, while at Portland, Me., prices are now 5% cents a
gallon. Boston and Providence are listed at 5% cents.
Socony-Vacuum Oil Co., Inc., met the reduction.
Despite a gain in refinery operations last week, gasoline
stocks dipped 706,000 barrels to 46,120,000 barrels, the
American Petroleum Institute reported. Refinery operations moved up 1.5% to 73.3% of capacity.
Price changes follow:
Aug. 27.
-Retail gasoline prices in Providence, R. I., were reduced
1 cent a gallon.
-Standard 011 of Ohio reduced retail gasoline prices % cent
Aug. 29.
a gallon, the cut affecting the entire State.
-Major and independent factors reduced retail gasoline prices
Aug. 29.
in Houston, Tex., 1 cent a gallon.
•
-Tank car kerosene prices in the New York-New England area
Aug. 29.
were reduced Yi cent a gallon. New York, Boston and Providence were
posted at 5j( cents a gallon, with Portland at 5
cents a gallon.
Aug. 31.-Socony-Vacuum Oil Co., lnc., met the reduction in tank car
kerosene prices posted in the New York-New England market.
-Atlantic Refining Co. posted a reduction of 3jf cents a gallon
Aug. 31.
in retail gasoline prices in Wilmington, Del.
-Standard 011 of California adjusted gasoline prices in the
31.
Aug.
Pacific Coast marketing area, reducing retail postings 1 cent a gallon with
the exception of southern California and Arizona where prices were advanced Yi cent a gallon.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Gasoline, Service Station, Tax Included.
$.175
Minneapolis
Cleveland
18
.22
Denver
New Orleans
.21
14
Detroit
Philadelphia
18
185
Houston
18
San Francisco
173
St. Louis
Jacksonville
.20
18
Los Angeles
.18
.109
8.15
175
185
17
Kerosene, 41-43 Water White, Tank Car, F.0. B. Refinery.
North Texas_-_03-.031: New Orleans..$.04).-.o4
New York:
(Bayonne). 8.05-.053i Los Angeles_ _ _04K-.05K Tulsa
0334-.03K
Fuel 0 I, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C.-- 3.95-1.10
$1.30
31.05-1.20'Phila. bunker C
Bunker C
1.30
Diesel 28-30 D____ 1.951New Orleans C___ .95-1.10
Gas Oil, F. 0. B. Refinery or Terminal.
'Chicago:
N. Y.(Bayonne):
'Tulsa
$ 043.f'.05' 32-38 GO _27 plus
8.02-.02K
1313
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. Refinery
.
Sinclair Refining. .063(
Standard 011 N. J.:
N. Y.
•
Motor, U. S___ .065
Shell Eastern Pet_$.0634 Chicago
$ 004-.04 K
New Orleans
62-63 octane__ .06K New York:
.0414
zStand. Oil N. Y. 0634
Colonial-Beacon _ .06K Los Angeles. ex.0434-.049$
*Tide Water Oil Co .11614
z Texas
06K Gulf ports ____.055-.0534
y Gulf
.0434
:Richfield Oil (Cal.) .07
.06K Tulsa
Warner-Quin. Co. .07
Republic 011
.06',i
x Richfield "Golden." z "Fire Chief," $0.07. * Tydol,$0.07. y "Good Gulf."
80.07.14. a "Mobilgas."
Crude Oil Output Off 54,000 Barrels During Week
Ended Aug. 25 1934, but Exceeds Federal Quota
by 15,400 Barrels-Inventories of Gas and Fuel
Oil Continue Increase.
The American Petroleum Institute in its weekly report
released Aug.29 estimated that the daily average gross crude
oil production for the week ended Aug. 25 was 2,464,700
barrels. This is a decrease of 54,000 barrels from the total
production of the previous week but an increase of 15,400
barrels over the Federal allowable figure which became
effective Aug. 1. The daily average production for the
four weeks ended Aug. 25 1934 was 2,485,150 barrels.
The daily average output for the week ended Aug. 26 1933
was 2,756,400 barrels.
Further details as shown in the Institute's statement
follow:
Imports of crude and refined oil at principal United States ports totaled
1.004,000 barrels for the week ended Aug. 25, a daily average of 143,429
barrels. This compares with a daily average of 62,286 barrels in the preceding week and a daily average of 115,893 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 301.000
barrels last week, a daily avearge of 43.000 barrels, against a daily average
of 57,429 barrels over the last four weeks.
Reports received for the week ended Aug. 25 from refining companies
owning 89.7% of the 3,760.000
-barrel estimated daily potential refining
capacity of the United States indicate that 2,474,000 barrels of crude oil
daily were run to the stills operated by those companies and that they
had in storage at refineries at the end of the week 28.549,000 barrels of
finished gasoline, 6,044.000 barrels of unfinished gasoline and 113.274,000
barrels of gas and fuel oil. Gasoline at bulk terminals, in transit, and in
pipe lines amounted to 17.571,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 475.000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Average
Actual Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
Aug. 25
Aug. 18
Aug. 25
Effective
1934.
1934.
1934.
Aug. 1.
Oklahoma
Kansas
477,050
135,050
1,001,300
North Louisiana
Coastal Louisiana
486,100
132,800
605.500
128,950
61,600
59,800
27,100
153,200
53,550
411,300
47,350
59,850
59,450
59,500
27,300
152.650
52,050
423,600
47.450
56,900
47.600
53,050
21.900
161,200
58,550
605.950
86,800
51,950
129,500
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
517,250
134,550
58,700
60,550
27.100
154,200
52,150
413,050
47,200
56,950
480,100
131,200
Total Texas
Week
Ended
Aug. 26
1933.
129,450
127,150
129,250
999,400 1,003,200 1.006,050 1,216,250
24.400
72,450
24,650
70,500
24.450
71,150
26.150
46,850
87,200
95,600
73,000
31,400
102,850
27,950
31,450
102,200
28,600
31,300
92,500
28,400
38,550
9,750
3,800
38,300
9,400
3,400
37,900
9,450
3,650
28.850
6,450
2.400
46,800
Total Rocky Mtn,Stat
New Mexico
California
95,150
31,400
101,550
28,200
52,100
51,700
51,000
37,700
46,700
490.200
Wyoming
Montana
Colorado
96,850
30,400
102,200
33,200
35,000
8,800
3,000
Total Louisiana
Arkansas
Eastern (not incl. Mich.).
Michigan
48,100
495,000
47,050
507.600
47.450
503,900
41.400
501,400
Total United States--- 2.440.100 2.404.700 2.518.700 2.485.150 2.756.400
Nofe.-The figures indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS:FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED AUG 25 1934.
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
Capacity of Plants.
District,
East Coast__
Appalachian,
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf_
La. Gulf .
. __
No. La.
-Ark.
Rocky Mtn_
California__
Potenfiat
Rate.
Repor Ina
Total. P. C
Stocks a Stocks
of
of
FinUnDaily P. C. ished finished
Aver- Otter- Gaso- Ontoage.
Wed, line.
line.
Crude Runs
to Stills,
b Stocks
of
Other
Motor
Fuel.
Stocks
of
Gas
and
Fuel
Oil.
582
150
446
582 100.0
140 93.3
422 94.6
500 85.9 14,117
109 77.9 1,613
346 82.0 7,155
990
283
1,074
195 12,832
153 1,358
52 4,605
461
351
566
168
92
96
848
386
167
552
162
77
64
822
240
98
526
120
53
45
437
556
309
1,473
223
92
122
922
640 3,715
608 1,609
162 9,405
18 2.456
23
618
613
39
2,310 76,063
83.7
47.6
97.5
96.4
83.7
66.7
96.9
62.2 4,530
58.7 1,184
95.3 3,404
74.1 1,221
68.8
276
70.3
718
53.2 11,902
Totals week:
Aug. 25 1934
3,760
3,374 89.7
2,474 73.3 46,120 c6,044
4,200 113,274
All, IR 1024
2 71111
2 374
2 422
4 1 cil 112 001
89.7
71 R
411 AWL rI0 021
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants also blended motor
fuel at plants. c Includes 28,549,000 barrels at refineries and 17.571.000 barrels
at bulk terminals in transit and pipe lines. d Includes 28,857.000 barrels at re!Merles and 17,969,000 barrels at bulk terminals, in transit and pipe lines.
Daily Allowable Oil Production Placed at 2,341,700
Barrels for September-Represents Cut of 107,600
from August Figure.
Secretary of the Interior Ickes, acting as Oil Administrator, on Aug.23fixed the September allowable production
of crude oil at 2,341,700 barrels daily, as compared with an
August allowable of 2,449,300 barrels. Mr. Ickes explained
that the daily reduction of 107,600 barrels is chiefly the
result of the normal seasonal decline in gasoline consumption.
He added that there is also anticipated a lower gasoline
demand as a result of the drought, and said that it was
necessary to lower the crude oil allowable for September in
order to reduce excessive gasoline inventories, which are
still well above a sound economic level. A Washington
dispatch of Aug.23 to the New York "Journal of Commerce"
gave the details of the September allotment as follows:
Virtually all of the States shared in the decrease, no State receiving an
Increase. The three leading producing States, Texas, California and
Oklahoma, were reduced 32,900. 33.200 and 19,100 barrels from 1,001,300,
490,200 and 480,010 barrels, respectively.
Arkansas, 1,100 to 29,300; Illinois, 500 to 12,000; Indiana, 100 to 2,200;
Kansas, 10,500 to 120,700; Kentucky, 200 to 11.500; Michigan, 3,900 to
29,300; New Mexico, 900 to 45,800; New York, 500 to 10,000; Ohio, 800 to
12,000; Pennsylvania, 2,300 to 38,400; West Virginia. 500 to 11,100; and
Wyoming, 1,100 to 33,900. Allocations for Colorado, Louisiana and
Montana remained unchanged.
World Gold Production Continues Ahead of 1933.
"Metals and Mineral Markets" in its issue of Aug. 16
stated:
Gold production of the world during the first half of 1934 was about
12.881,000 ounces, against 12,175.000 ounces in the same period last
year, according to a preliminary estimate by the American Bureau of
Metal Statistics. Most of the gain in output occurred in Russia. The
United States also produced more gold than a year ago, output in this
country for the January to June period of 1934 amounting to about 1,334,000
ounces. contrasted with 1,131,000 ounces in the same period last year.
Gold production, in ounces, by countries, during May and June 1934
follows:
May.
May.
June.
June.
39,000 41,000
United States_ a _ __ _ 243,000 236,000 Other Australasia_ c895,000 868,000
Canada
260,000 235,000 South Africa
23,000
24,000
Mexico
70,000 160,000 Belgian Congo
58,000 59,000
Colombia
28,000 827,000 Rhodesia
33,000
Other South America
30,000
60,000 British West Africa_
60,000
8300,000 8300,000
27,000 Russia_ d
British India_b
27,000
1115,000 8112,000
Japan_ b
137,000 139,000 Elsewhere_e
89,000
Queensland
9,000
2.250.000 2.183.000
56.000 Totals
53.000
Western Australasia_
a Includes Philippines. tr Principal mines only, but near y complete. c Includes New Zealand and New Guinea. d Chiefly Siberia. a Includes West
Indies, Central America, Europe, and Asiatic and African lands not separately
reported. f Conjectural.
World Zinc Production Shows Small Increase During
July 1934.
According to figures released by the American Bureau of
Metal Statistics the world production of zinc during the
month of July totaled 99,879 short tons. This compares
with 98,831 tons produced the preceding month and 95,188
tons produced during July 1933.
Total world output for the seven months ended July 31 1934 amounted
to 725,525 short tons as compared with 587,011 short tons for the corresponding period of 1933. United States production in July was 24,943
tons, against 25,143 tons in June and 30,905 tons in July 1933.
Stocks of zinc in the hands of producers declined from 222,067 tons
June 30 to 214.877 tons on hand July 31. Stocks on hand July 31 1933
amounted to 250,384 short tons.
The following table gives in short tons world production of zinc, according
to primary metallurgical works unallocated as to origin of ore
July
1934.
United States
Mexico
Canada
13elgium_x
France
Germany
Italy
Netherlands
Poland
Rhodesia
Spain
Anglo-Australlan-- - _
ELsewhere_y
June
1934.
July
1933.
June
1933.
January- JanuaryJuly
July
1934.
1933.
24.943
2,336
10,814
16,214
4,399
6,504
2,145
z1,900
8,699
1,893
767
9.385
9,900
25,143
2,944
9,978
15,669
4,950
8,008
2,127
1,874
8,760
1,803
751
9,224
9.600
30,905
2,330
7,099
12.672
4,989
4,825
2.045
1.763
7,770
1,792
769
8,929
9,300
24,027
2,494
6,705
11,954
5,213
4,484
2,090
1,560
7,254
1,792
734
8,168
9,100
208,487
21,422
72,514
108,990
35,535
40,489
15,298
13,154
59,841
12,308
5,319
64,368
67,800
160,110
18,009
47,672
79,494
36,961
30,774
13,962
10,900
50,478
11,801
5,486
59,864
62,500
85,575 725,525 587,011
95,188
99,879
98,831
World total
24,027 208,487 160,110
30,905
United States
24,943
25.143
61,548 517,038 426,901
64,283
Elsewhere
73,688
74,936
Stock at End
99,689 109,140 123,924
United States
97,682
Cartel report
117,195 122,378 141,244 145,333
x Includes salable zinc dust. y Partly estimated; includes Norway, Jugoslavia,
-China, and Japan. z Estimated.
Czechoslovakia, Russia, lode
July World Lead Production Higher.
According to figures released by the American Bureau of
Metal Statistics the world lead production during the month
of July totaled 123,196 short tons. This compares with
122,172 tons produced the preceding month and 103,483
tons during July 1933.
The average daily world output during July was 3,974 short tons as
against 4,072 tons during June and 3,338 tons during July 1933.
The total world output for the seven months ended July 31 1934 amounted
to 859,817 short tons. During the corresponding period of 1933 output
totaled 718,108 short tons. The average daily output for these periods
was 4,056 tons and 3,338 tons respectively.
Sept. 1 1934
Financial Chronicle
1314
The following table gives in short tons lead production on a refined basis
by the various countries with output accredited so far as possible to country
of origin of the ore.
July
1934.
United States
Canada
Mexico
Germany
Italy
Spain
a Other Europe_ _ _ _
Australia
Burma
Tunis
a Elsewhere
June
1934.
July
1933.
27,354
13,704
21,876
11,684
2,212
7,260
11,700
15,408
6,698
3,600
1,700
29,695
12,558
13,246
612,152
4,271
4,502
1,16,000
18,492
6,759
2.797
1,700
18,526
10.631
11,077
10,765
1,064
c9,495
10,100
23,527
6,698
See c
1,600
June
1933.
21,783 218,602
87,875
10,595
11,841 108,228
79,333
9,837
25,332
1,786
46.465
c10,790
13,000 95,700
19,567 121,782
46,947
6,810
16,953
See c
12,600
1,300
152.431
70,553
69,134
72,500
10,537
c69,672
76,600
131,477
47,204
See c
18,000
859,817
641,215
718,108
565,677
World's total__._ 123,196 122,172 103.483 107,309
84,957
92.477
85,526
95.842
Outside U. S
a Partly estimated. b Revised. c Includes Tunis.
Lead
-July
-July Jan.
Jan.
1933.
1934.
-Zinc
-Copper Inactive
Buying in Good Volume
Unsteady.
"Metal and Mineral Markets" in its issue of Aug. 30
states that consumers evidently thought well of lead, notwithstanding a brief spell of price unsettlement that occurred
early in the last week. Sales of the metal exceeded 7,800
tons in the last seven days. Copper in the domestic market
was quiet and uninteresting. Zinc became established at
4.25c., St. Louis, at the very outset of the week, but the
new price level failed to stimulate buying interest. Toward
the close the zinc price was not even regarded as steady.
Galvanizers appear depressed over the falling rate of activity
in the steel plants. Tin prices were a little lower on the
average, compared with a week ago, with only occasional
buying orders from domestic consumers. Silver in the open
market was a shade lower. "Metal and Mineral Markets"
further went on to say:
Domestic Copper Quiet.
Demand for copper in the domestic market showed little change, sales for
the week totaling about 1,100 tons, October-November shipment. Not
much activity is expected in the domestic trade in copper until general
business conditions improve. The quotation held at 9c., Valley.
A temporary sales quota of 100 tons of copper a month has been recommended by Deputy Administrator Janssen for Shattuck Denn Mining
Corporation.
Foreign buying was a little better than in the preceding week. Demand
was sufficient to halt the downward movement, the bulk of the business for
the week going through at about 7.125c., c.i.f. European ports.
The United States exported 24,674 tons of refined copper during July, according to official figures. This compares with 27,883 tons in June and
19,812 tons in May. Exports during the first seven months of this year
totaled 145,952 tons, against 67,228 tons in the same period last year.
Imports of copper, including metal contained in ore, totaled 111,386 tons
In the seven-month period of the current year, against 70,139 tons in the
same period last year.
Though there is little hope for any relaxation in the strict control of imports of copper into Germany so far as the near future is concerned, those In
close touch with the situation believe that exchange for obtaining supplies
will be made available before stocks of the metal become dangerously low.
Imports of copper into Germany during the first half of the year, with comparable figures for 1933, by countries, in metric tons,follow:
-Jan.-June-Jan-June1934.
1933.
1934. From1933.
From8,812 40,634
8,454 United States
6,036
Belgium
9,006
1,786
449 Canada
76
United Kingdom
12,753 16,444
8,790 Chile
8.751
Jugoslavia
3,504
3,323
2,172Other sources
3,263
Sweden
__ 14,224 21,854
British South Africa_
66,777 125.279
Totals
7,753 15,952
Belgian Congo
Lead Closes Steady.
Business in lead has been unevenly distributed in recent weeks, which
caused at least one producer to go out after customers by lowering the price
5 points on Aug. 24. On that day the American Smelting & Refining Co.
established its contract settling basis at 3.70c., New York. Demand
became quite brisk at that level and at least three sellers participated in the
business booked at the lower quotation. St. Joseph Lead, however, continued to quote the old price. Buying interest did not abate after the first
rush, and on Aug. 27 all sellers returned to a flat 3.75c., New York, and
3.60c. St. Louis quotational basis. Sales for the week totaled 7.880 tons,
a good tonnage in view of the moderate movement of the metal into actual
consumption.
The July statistics revealed another increase in stocks of refined lead, but
this seemed to have little influence on buyers. According to some observers, consumers have been buying lead partly because of the very uncertain monetary outlook.
Zinc Sales Few.
Buying ofzinc failed to Improve at the recent reduction in prices. Sales for
the calendar week ended Aug. 25 amounted to slightly less than 800 tons,
a very poor showing. The price was maintained at 4.25c., St. Louis,
throughout the week, though the quotation was not regarded as firm in all
quarters. On the other hand, bids at 4.20c. were turned down. The rise
in production of concentrate in the 'Fri-State district may lead to another
period of curtailed operations, according to our Joplin correspondent.
Tin Buying Moderate.
Buying of tin by domestic consumers was on a modest scale all week.
Uncertainty over the exchange situation appears to have been a factor in
bringing in a little business. Prices eased off somewhat in London, but
this was offset by the rise in the dollar.
Chinese 99% tin was quoted nominally as follows: Aug. 23, 51.25c.;
24th, 51.025c.; 25th, 51.05c.; 27th, 51.25c.; 28th, 51c.; 29th, 50.75c.
Steel Production at Lowest Level of Year.
Large naval awards and heavy structural steel and reinforcing bar lettings have improved the long term outloick
for steel states the "Iron Age" of Aug. 30, but the current
situation remains discouraging. An increase in number of
small orders is reported from several important producing dis-
Volume 139
Financial Chronicle
1315
tricts but volume remains light. In most cases releases are
not sufficient to sustain production at present levels and
mill schedules this week and next will be at the lowest
point since March 1933. The "Age" continued:
last week and 26.1% one month ago. This represents a
decrease of 2.2 points, or 10.3%, from the estimate for the
week of Aug. 20. Weekly indicated rates of steel operations
since Oct. 23 1933 follows:
Steel ingot production this week has declined two points to 19% of
capacity, the lowest rate since the bank holiday, when activity dropped
under 16%. This week's drop is partially attributable to the completion
of orders for railroad materials, shipment of which must be made by Aug.
31 because of code regulations. With no improvement in specifications
discernible, Labor Day week will likely show further curtailment.
The 24 vessels awarded by the Navy Department will require more than
40,000 tons of steel, the rolling of which may be extended over more than a
year. Private builders were given contracts to build 11 of these ships,
comprising two light cruisers, two heavy and four light destroyers and three
submarines. Orders for the required material will be placed in the early
fall. The Navy Department will soon ask for bids on the steel for the
heavy and the light cruiser, the eight light destroyers and the three submarines to be built in its own yards.
The general board of the Navy has presented its building program for
1935 which also calls for 24 ships. Included are an airplane carrier, two
8,000
-ton cruisers, three heavy and 12 light destroyers and six submarines.
The placing of these vessels will still leave 54 ships which must be constructed to bring the Navy up to strength authorized by the London Naval
Treaty, assuring a steady demand for steel from this source for at least
three years.
The week's structural awards, totaling 22.700 tons, compare with 11,400
tons last week and were above the recent average. New inquiries for
fabricated steel were also heavier, amounting to 14.900 tons, as against 13,900 tons last week. Reinforcing bar lettings aggregated 18,400 tons,swelled
by 12,000 tons for the Bonneville. Ore., dam, and represented one of the
best weeks of the year.
The great majority of current structural steel and reinforcing bar awards
continues to be for public works projects; private activity is almost entirely
lacking. The Public Works Administration is preparing to speed up its
plans in order to stimulate employment during the fall and winter, but
present appropriations have been largely exhausted. However, work is
only beginning on many important jobs, the influence of which is still to
be felt in the steel industry.
The benefits of the Federal home building and rehabilitation program
will not be experienced in the steel industry before spring and then only
in a mild way. Private industry is not yet beginning to avail itself of the
opportunity to secure Federal funds for plant rehabilitation, loans made
to date for this purpose having amdunted to less than $300,000.
The finished steel market still lacks support from the automotive industry. Plans to continue present models as long as possible into the fall
Indicate that some additional steel may have to be bought. In the meantime initial purchases for 1935 models may be expected next month. Radio
makers are taking tonnage more freely and stove manufacturers are boosting
schedules in various districts.
The reciprocal trade agreement with Cuba, to become effective Sept. 1,
promises at least a partial restoration of one of our most important export
markets for iron and steel as well as some forms of machinery. Cuba's
Imports of United States iron and steel products in a good sugar year
formerly amounted to as much as 100,000 tons, including reinforcing bars,
shapes, light plates, iron and steel pipe, galvanized roofing, barbed wire
and tin plate.
Important code developments of the last week include the granting of a
deduction of 60 cents a ton on water and rail-and-water shipments of
Southern pig iron to certain North Atlantic consuming points. This is in
addition to the 38 cents a ton differential already in effect. A small Detroit
steel producer has petitioned the code authority of the steel industry to
establish a Detroit base on hot
-rolled and cold-finished steel bars and coldrolled strip steel. The Navy Department is seeking to test the validity of
the delivered price system prescribed in the code by asking for bids on
a small plate tonnage with no delivery point specified.
Scrap prices have developed further weakness, with declines of 25 cents
a ton reported at Pittsburgh, Chicago and Philadelphia. This reduces
the "Iron Age" composite price 25 cents to $9.92 a ton, the lowest level
since last November. Current prices for both pig iron and steel have
been reaffirmed for the fourth quarter, and the "Iron Age" composite prices
are unchanged at $17.90 a ton for iron and 2.124 cents a lb. for finished
steel.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Aug. 28 1934, 2.124c., a lb.
Based on steel bars, beams, tank plates.
One week ago
2.124c,
wire, rails, black pipe, sheets and hot
One month ago
2.1240. rolled strips. These products make 85%
One year ago
1 959c. of the United States output.
High.
Low.
1934
2.008c. Jan. 3
2 1990. Apr. 24
1933
2.015c. Oct. 3
1.8670. Apr. 18
1932
1.977o, Oct. 4
1.926o, Feb. 2
1981
2.037c, Jan. 13
1.945o. Dec. 29
1980
2.273o, Jan, 7
2.018c. Dec. 9
1929
2 317o. Apr. 2
2.2730, Oct. 29
1928
2 286o. Dec. 11
2.2170. July 17
1927
2402o. Jan. 4
2.2120. Nov. 1
Pig Iron.
Aug. 28 1934, 517.90 a Gress Ton. Based on average of basic iron at Valley
One year ago
$17.90 furnace foundry hone at Chicago,
One month ago
17.90 Philadelphia, Buffalo, Valley, and SirOne year ago
16.71
mingham.
High
Low.
1934
517.90 May 1
516.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
19.71 Jan. 4
1927
17.54 Nov. 1
Steel Scrap.
Aug. 28 1934, $9.92 a Gross Ton.
Based on Nov. 1 heavy melting steel
One week ago
$10.17
quotations at Pittsburgh, Philadelphia
One month ago
10.42 and Chicago.
12.00
One year ago
High.
Low.
$13.00 Mar. 13
1934
$9.92 Aug. 28
12.25 Aug. 8
1933
6.75 Jan. 3
8.50 Jan. 12
6.42 July 5
1932
11.33 Jan. 8
1931
8.50 Dec. 29
15.00 Feb. 18
11.25 Dec. 9
1930
17.58 Jan. 29
14.08 Dec. 8
1929
16.50 Dec. 31
13.08 Ju y 2
1928
15.25 Jan. 11
13.08 Nov.22
1927
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
1934Jan. 1
Jan. 8
The American Iron and Steel Institute on Aug. 27 anrounced that telegraphic reports which it had received
indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 19.1%
of the capacity for the current week, compared with 21.3%
1934
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar.26
29.3% Apr. 2
30.7% Apr. 9
31.6%
26.1%
25.2%
27.1%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
34.2%
32.5%
34.4%
37.5%
39.9%
43.6%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
1934
Apr. 16
Apr. 23_
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
50.3%
54.0%
55.7%
56.9%
56.6%
54.2%
56.1%
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
1934
July 16
July 23
July 30
Aug 6
Aug. 13
Aug. 20
Aug. 27
28.8%
27.7%
26.1%
25.8%
21.3 7:
,
19.1%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Aug. 27 stated:
Labor Day is approached by the steel industry with expectations that
It will mark the turning point in the seasonal slump in the markets.
With prices now reaffirmed for the fourth quarter and books for that
period to be opened Sept. 1, the belief is strong that the coming month
will bring considerable improvement, in spot orders for completing present
manufacturing programs, and in contracting for fall requirements.
Currently, the markets reflect only the urge toward further public
construction work, 36,000 tons of structural and reinforcing steel being
placed during the week, mainly for Federal and municipal projects.
Washington's apparent eagerness to expedite construction was indicated
when 11 naval vessels were awarded to private yards and 13 to navy yards
within a week
-a record time
-from the opening of bids. On inquiries
from the private yards, which will require 35,000 tons of steel, steel makers
evidently bid the open market prices, regardless of the fact that delivery
will be extended over two years. Navy yards will take bids in September
on 25,000 tons of steel for their allotment.
The automobile industry
-always buying some steel-has increased
specifications moderately, enabling some sheet and strip mills recently
Idle to resume production. Extensive shutdowns by automobile manufacturers over Labor Day is indicated, with the Ford suspension last
Friday as the forerunner.
In view of business uncertainties, automobile manufacturers are postPoning a start on new models, in the meantime making an effort to stimulate current markets and planning to produce such cars as they can sell.
Desultory schedules are outlined for the industry in September.
Retrenchment in railroad purchases has been noted ever since the passage of the railroad employees' retirement pension bill. The only new
equipment buying in prospect is that of some streamlined passenger trains.
Lehigh Valley is seeking a•Federal loan to repair 2.500 freight cars.
All the rails purchased with Government loans have now been rolled,
and rail mill schedules are down sharply, and are to be suspended in the
Chicago district early in September. Dominion Steel & Coal Corp,
Sydney, N. S., has booked 7,500 tons of rails for South Africa. The
Canadian Government is projecting plans for financing equipment orders
by the Dominion railroads.
Standard Oil Co. of California has entered the market for 2,500 to
5,000 tons of plates for tanks. New York has purchased 3,400 tons of
cast pipe and Chicago 2,228 tons. Included in the heavy finished steel
awards were 17,228 tons of reinforcing bars for a Government dam at
Bonneville, Ore., and five Pacific Coast bridges; 3.000 tons of bars for
Columbus, Ohio, and 2,600 tons for Cleveland. Structural shape awards,
10,670 tons, compare with 12,692 tons in the preceding week.
Government buying of cattle for a canning program has not developed
in volume, and tin plate production is scheduled to be reduced 10 points
to 40% this week. Under the international tin plate sales agreement.
Just signed, Wales is allotted 55% of the world's market tonnage; United
States, 22%; Germany, 16, and Italy and France the remainder.
Foundry coke shipments, heavier in August than in either July or June.
Indicate pig iron consumption has held up much better than production or
shipments. The movement of scrap fails to display any marked significance, a reduction of 50 cents on substantial purchases in the East reducing
"Steel's" iron and steel scrap composite 13 cents to $9.83.
Iron and steel exports in July increased to 233.186 tons from 219,406
tons in June. In July last year they were 83,311 tons. Exports in seven
months total 1,486,360 tons, compared with 654,061 in the first seven
months of 1933.
Steel works operations were gown one point to 20% last week. At
Pittsburgh the rate was off five points to 10%; eastern Pennsylvania,
point to 20; Youngstown, one to 21. Chicago advanced 1 H to 29;
Cleveland, three to 15. Detroit was unchanged at 77; New England, 29:
Wheeling, 26; Buffalo, 23; Birmingham, 25. "Steel's" iron and steel
price composite is off one cent to $32.22, while the finished steel index is
unchanged at $54.
Steel ingot production for the week ended Aug. 27 is placed
at about 20% of capacity, according to the "Wall Street
Journal" of Aug. 28. This compares with approximately
223/2% in the previous week and with 26% two weeks ago.
The "Journal" added:
U. S. Steel is estimated at around 19%, against 22% in the week before
and 25% two weeks ago. Leading independents are credited with a
rate of slightly under 20H %, compared with better than 22%% in the
preceding week and 263 % two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years, together with the approximate change
from the week immediately preceding.
Industry.
1933
1932
1931
1930
1929
1928
1927
49
13
32
58
89
76
68
-3
- 34
-1
+354
-1
+1
+2
U. S. Steel.
47
12
3454
66
94
77
71
-2
- 34
- 34
+4
-I
-1
+234
Independents.
5014
1314
30
51
8534
75
65
-24
-1
-1
+2
-135
+2
+2
Weekly Production of Bituminous Coal Continues
Lower-Anthracite Output Off 5.1%.
The United States Bureau of Mines, Department of the
Interior, in its weekly coal report stated that the production
of soft coal for the country as a whole continued to show
little change. In the week ended Aug. 18 total output was
estimated at 5,772,000 net tons, as against 5,780,000 tons
the preceding week and 7,595,000 tons in the corresponding
1316
Financial Chronicle
week of 1933. Anthracite production in Pennsylvania
during the week ended Aug. 18 was estimated at 658,000
net tons, a decrease of 5.1% from the 693,000 net tons produced the preceding week. In the like week of 1933 production of hard coal totaled 961,000 net tons.
For the month of July 1934 bituminous production
amounted to 25,280,000 net tons as against 26,424,000 tons
during June and 29,482,000 tons produced during July 1933.
Anthracite output during July totaled 3,443,000 tons, during June 4,184,000 tons and during July 1933 3,677,000 tons.
During the calendar year to Aug. 18 1934 production of
bituminous coal amounted to 222,963,000 net tons, against
195,062,000 tons during the calendar year to Aug. 19 1933.
Anthracite output for the same periods reached 38,107,000
tons and 28,604,000 tons, respectively. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week Ended.
Aug. 18
1934.c
Aug. 11
1934.d
Aug. 19
1933.
1934.
1933.
1929.
Bitum. coal:a
Weekly total 5.772.000 5,780,000 7,595,000 222,963,000 195,062,000 324,607,000
Daily aver_ _ 962.000 963,000 1,266,000 1,145,000
999,000 1,661,000
Pa. anthra.:b
Weekly total 658,000 693,000 961,000 38,107,000 28,604,000 43,179.000
Daily aver_ _ 109.700 115,500 160,200
147,800
223.100
196.900
Beehive coke:
Weekly total
512,800 4,360.000
593,300
8,100
17,800
8.000
Daily aver__
2,603
1,333
22,132
3,012
1,350
2,967
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel. c Subject
••• envision. d Revised.
Sept. 1 1934
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS).
Monthly Production.
Week Ended.
State.
Aug. 11
1934.
Aug. 4
1034.
Aug. 12
1933.
Alabama
199,000
169,000 172.000
Ark. and Okla
51,000
40,000
27,000
Colorado
70,000
58.000
60,000
Illinois
599,000
585,000 622,000
Indiana
253,000
202,000 201,000
Iowa
38,000
50,000
44,000
Kansas & Mo.,
62,000
99,000
69,000
Kentucky:
Eastern
720,000
505,000 530,000
Western
160,000
96,000 102,000
Maryland
20,000
22,000
36.000
Michigan
2,000
4,000
1,000
28,000
Montana
27,000
38,000
New Mexico
23,000
17.000
20,000
22,000
North Dakota
24,000
12.000
Ohio
565,000
343,000 334,000
Penna. (bitum.) 1,520,000 1,555,000 c1,728,000
Tennessee
88,000
64,000
60.000
Texas
12,000
12,000
11,000
31,000
Utah
31,000
28,000
225.000
147,000 146,000
Virginia
Washington...
24,000
25,000
25,000
West Virginia:
Southern a.... 1,302,000 1,302,000 1,773,000
Northern b
402,000 371,000 c647,000
Wyoming
60,000
60,000
74,000
3,000
3,000
3,000
Other States
July
1934.
June
1934.
July
1933.
823,000
723.000
61,000
102,000
213,000
191,000
2,420,000 2,295,000
845,000
795,000
163,000
174,000
303,000
293,000
837,000
138,000
205.000
2,424,000
936,000
181,000
316,000
2,240,000 2,330,000 2,795.000
510,000
405,000
390,000
86,000
113,000
96,000
9,000
14,000
15,000
110,000
125,000
112,000
82,000
78,000
68,000
52,000
86,000
85,000
1,545,000 1,453,000 1,660,000
6,850,000 7,560,000 c8,036,000
236,000
255,000
355,000
52,000
52,000
52,000
112,000
107,000
113,000
615,000
790,000
862,000
95,000
88,000
105,000
5,920,000 6,185,000 6,900,000
1,765,000 1,955.000 c2,272,000
264,000
242,000
255,000
15,000
4.000
32,000
Total bit. coal 5,780,000 5,815,000 d7,375,000 25,280,000 26,424,000 d29,482,000
889,000 3,443,000 4,184,000 3,677,000
Pa. anthracite
693,000 883,000
it A,' nnn a ADS nnn
R
AS nein 9R 792 nnn qn Ana nnn
IR ISO nnn
a Includes operations on the N.& W.; C.& 0.; Virginian; K.& M.;and B. C.& G.
b Rest of State, including Panhandle, and Grant, Mineral and Tucker counties.
c Revised figures. d Original estimates. No revision will be made in the original
national total until receipt of final operators' reports from all districts.
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 Aug. 29, as reported by
the Federal Reserve banks, was $2,461,000,000, a decrease
of $3,000,000 compared with the preceding week and an
increase of $194,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Aug. 29 total Reserve bank credit amounted to $2,463.000,000, an
Increase of $6.000,000 for the week. This increase corresponds with an
Increase of $55.000,000 In member bank reserve balances and a decrease of
$2,000,000 in monetary gold stock, offset In part by decreases of $28,000.000 in Treasury cash and deposits with Federal Reserve banks, $9-.
000,000 In non-member deposits and other Federal Reserve accounts and
$2,000,000 in money in circulation and an increase of $13,000,000 in
Treasury and National bank currency.
The System's holdings of bills and securities remained practically
unchanged, an increase of $9,000,000 In holdings of United States Freasury
notes being offset by a decrease in holdings of Treasury certificates and bills.
The statement in full for the week ended Aug. 29 in comparison with the preceding week and with the corresponding
date last year will be found on pages 1359 and 1360.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year
ended Aug. 29 1934, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Aug. 29 f934. Aug. 22 1934. Aug. 30 1933.
$
$
+1,000,000 -132,000,000
21,000,000
5.000,000
-2,000,000
2,432,000,000
+303,000,000
+5.000,000
5,000,000
-4,000.000
TOTAL RES'VE BANK CREDIT.
.2,463.000.000
Monetary gold stock
7 981.000.000
Treasury and National Bank currency2,403,000,000
+6.000,000
+165.000.000
-2,000,000 +3,940.000,000
+13,000,000
+122,000,000
Money in circulation
5 345,000,000 -2,000,000
+40,000,000
Member bank reserve balances
4 127,000,000 +55,000,000 +1.700,000.000
Treasury cash and deposits with Federal Reserve banks
2 944,000,000 -28,000.000 +2,605.000,000
Non-member deposits and other Federal Reserve accounts
430,000,000 -9,000,000 -119,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $17,000,000, the total of these loans on Aug. 29 1934
standing at $793,000,000 as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $657,000,000 to $641,000,000, loans "for account of
out-of-town banks" from $152,000,000 to $151,000,000 while
loans "for account of others" remained even at $1,000,000.
•
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
,
RESERVE CITIES.
York.
New
Aug. 29 1934. Aug. 22 1934. Aug. 30 1933.
$
$
7098,000,000 7,105,000,000 6,726,000,000
Loans and investments-total
3,016,000,000 3,010,000,000 3,385.000,000
Loans-total
1,486,000,000 1,503,000,000 1,794,000,000
1,531,000,000 1,516,000,000 1,591.000,000
On securities
All other
4,082,000,000 4,086,000,000 3,341,000,000
Investments-total
2,866.000,000 2,883,000,000 2,293,000,000
1,216,000,000 1,203,000,000 1,048,000,000
U. B. Government securities
Other securities
Reserve with Federal Reserve Bank_ ...1,493,000,000 1,451,000,000
38.000,000
37,000,000
Cash in vault
860,000,000
41,000,000
Net demand deposits
Time deposits
Government deposits
6,280,000,000 6,217,000,000 5,257,000,000
659.000,000 664.000,000 755,000,000
659,000,000 675.000,000 388,000,000
Due from banks
Due to banks
62,000,000
64,000,000
64.000,000
1,556,000,000 1,554,000,000 1,125,000,000
Borrowings from Federal Reserve Bank_
1,000,000
Loans on secur. to brokers & dealers:
641,000,000
For own account
151:000 00
1 000 0
:0 0
For account of out-of-town banks
For account of others
657,000,000
152.000,000
1,000,000
759,000,000
114,000,000
8,000,000
793.000,000
810,000,000
881,000,000
Total
On demand
On time
Loans and investments-total
481,000,000 496.000,000 592,000,000
312,000,000 314,000,000 289,000,000
Chicago.
1,464,000,000 1,470,000,000 1,231,000,000
Loans
-total
On securities
All other
Investments
-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank._
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
575,000,000
581,000,000
694,000,000
262,000,000
313,000.000
263,000.000
318,000.000
348,000,000
346,000,000
889.000,000
889,000.000
537,000,000
583,000,000
306,000,000
587.000,000
302,000,000
314,000,000
223.000.000
540,000,000
39,000.000
507,000,000
35.000,000
300,000,000
27,000,000
1,446,000,000 1,414,000,000
372,000,000 370,000,000
39,000,000
41,000,000
982,000,000
352,000,000
61,000,000
170,000,000
421,000,000
162,000.000
420,000,000
234,000,000
253,000,000
Borrowingst rom Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering 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 91 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 the close of business on Aug. 22:
Is The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Aug. 22 shows declines of $7.000,000
Financial Chronicle
Volume 139
In total loans and investments, $9,000,000 in net demand deposits and
$19,000.000 in Government deposits, and increases of $8,000,000 in time
deposits and $18,000,000 in reserve balances with Federal Reserve banks.
Loans on securities declined $15,000.000 at reporting member banks in
the New York District, $6,000,000 in the Chicago District and $23,000,000
at all reporting member banks. "All other" loans increased $5,000,000 in
the Chicago District and $12,000,000 at all reporting banks.
Holdings of United States Government securities declined $5,000,000
each in the New York and San Francisco districts and $9,000,000 at all
reporting member banks. Holdings of other securities increased $5,000,000
in the Boston District and $13,000,000 at all reporting banks.
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 $1.182.000,000 and net
demand, time and Government deposits of $1,267,000,000 on Aug. 22,
compared with $1,179,000.000 and $1,273,000,000,respectively. on Aug. 15.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities,•that are now included in the statement, together
with changes for the week and the year ended Aug. 22 1934, follows.
Increase (+) or Decrease (—)
Since
Aug. 22 1934. Aug. 15 1934. Aug. 23 1933.
Loans and investments—total___17,725,000,000
Loans—total
On securities
All other
Investments—total
—11.000.000
—691,000,000
3,271,000,000
4,543.000,000
—23,000,000
+12,000,000
—466,000,000
—225,000,000
+4,000,000 +1,811.000,000
U. S. Government securities__ 6,651,000,000
Other securities
3,260,000,000
Reserve with F. R. banks
3,064,000.000
Cash in vault
234,000,000
—9,000,000 +1,496.000,000
+13,000,000 +315,000.000
+18,000,000 +1,286.000.000
+3.000,000
+47,000,000
Net demand deposits
Time deposits
Government deposits
12,818,000,000
4,513,000,000
1,236,000,000
—9.000,000 +2,440,000.000
—3.000.000
+8,000.000
—19,000,000 +361,000,000
1,550,000,000
3,741.000.000
—33,000,000 +427,000,000
—80,000,000 +1,293,000.000
5,000.000
—24,000,000
Borrowings from F. R. banks
Adjournment of London Wheat Conference—Proposals
to Be Considered at Budapest in November.
With the conclusion at London of negotiations among the
world's "big four" wheat countries, all questions relating
to export quotas and crop reduction have been deferred until
the Budapest conference Nov. 20, said London Associated
Press advices Aug. 25, which further stated:
Lloyd V. Steere, United States delegate, is returning to Berlin, where he
is agricultural attache, but he will sail for America Sept. 8 to make a report
John V. A. MacMurray,the other
United States delegate and Minister to Estonia, Latvia and Lithuania, is
remaining in London temporarily.
11 The Big Four negotiations followed the close of the International Wheat
Conference. Delegates from the United States. Canada and Australia
attempted to get Argentina to reduce her export quota demands.
in Washington concerning negotiations.
The adjournment of the London conference was noted in
our Aug. 25 issue, page 1164. In a Canadian Press cablegram from London Aug. 23 to the Montreal "Gazette" it
was stated that five important amendments to the London
wheat agreement of 1933 will be considered by the World
Wheat Advisory Commission when it meets again in Budapest, Hungary, on Nov.20. From this cablegram we quote:
The conference adjourned its London meeting to-day until that date,
having failed for the time being at least in its two main objectives, setting
new international export quotas for the current crop year, and getting
agreement on further acreage reduction.
The proposed amendments, which in the interval will be submitted to
the 21 countries signatory to the wheat pact for their consideration, make
radical changes in the export quota system which ruled during the last crop
year, ended July 31.
The amendments embody these changes:
(1) Proposed extension of the world wheat agreement from July 31 1935
to July 31 1937.
(2) Provision for continuance of efforts to adjust wheat production to
demand, and to adJust distribution of surplus stocks.
(3) Establish principles on which the quotas for principal exporters
are to be adjusted from time to time.
(4) Subdivision of the crop year quotas into quarterly periods.
(5) Creation of a system of quota reserves designed to meet contingencies, such as a bumper crop in any one nation and to impart greater
flexibility to the working of the wheat agreement.
In view of the proposed changes in the agreement, the world conference
concluded its August sessions to-night without any attempt to fix quotas
for the present crop year.
The estimated world import demand remains at 600,000.000 bushels,
according to the conference, but hew this is to be allocated among the
exporting countries remains for the Budapest meeting to decide.
Rise in Wheat Prices Forecast in England—Robson,
Grain Trade Leader, Warns Britain Against Any
Part in World Control.
Predicting world wheat prices would soon be soaring,
Sir Herbert Robson, President of the London Corn Trade
Association, delivered a warning to the British Government
on Aug. 26 "not to allow itself to become involved in any
measure of international control of marketing and movement
of wheat." A cablegram form London Aug. 26 to the New
York "Times," reporting this, added:
Sir Herbert, who is the acknowledged leader of the grain trade of this
country, argued the world's prospective shortage of wheat was serious and
would mean a sharp rise in price to the British consumer before long.
In a letter to The London "Times" Sir Herbert wrote.
"Argentine and Australian wheat crops have four critical months to go
It is posible the Australian crop may dotedthrough before the harvest.
.
orate further and that the Argentine crop may only be moderate or poor
if either of these events takes place we may see really high prices for wheat.
"In any event I submit it is not desirable for the government of this
country to be involved in an international wheat agreement conceived by
an International Wheat Advisory Committee, especially as in times of
scarcity such a committee might endeavor to obtain for itself executive
Powers."
Canada's Prairie Wheat Crop Placed at 265,000,000
Bushels—Increase of 14,000,000 Over Last Year.
From Winnipeg Aug. 30 Canadian Press advices Aug. 30
said:
A prairie wheat crop of 265,000,000 bushels, 14,000.000 above last year's,
was forecast to-day by the Sanford Evans Statistical Service. Estimates
were. Manhoba, 35,000,000 bushels; Saskatchewan, 115,000,000. and
Alberta. 115,000,800.
Eighty-four per cent of the wheat crop has been cut and 30% threshed,
the report said. In the last month 133 points of 331 reported Prospects
had depreciated. 31 improved and others unchanged. Frost damage was
noted at 144 points.
—7,000,000 +1,120.000.000
7.814,000,000
9,911,000,000
Due from banks
Due to banks
1317
Rumania to Fix Wheat Prices 25% Above World Level.
The following Reuter account from Bucharest Aug. 7 is
from the London "Financial News":
The Roumanian Minister of Agriculture has stated that the Government
is taking steps to maintain the price of wheat at 500,000 lei per 10,000
kilogrammes. This is about 25% above world prices.
It is explained that this action is being taken to aid the farmer, who has
been unable to meet his financial obligations since the fall in prices several
years ago.
Bread prices are now under Government control, and since the 1934
wheat crop is so short that the exportation of wheat is forbidden, it is not
expected that the Government will have any difficulty in maintaining its
price.
Secretary Wallace Hopeful of Extension of World
Wheat Agreement—Tentative Accord Framed—
Next Meeting Scheduled for Nov. 20 at Budapest—
Proposed Change in U. S. Export Quota.
Secretary of Agriculture Henry A. Wallace announced
on Aug. 24 that there is "substantial hope" for an agreement
in coming months to extend the existing international agreement to cover production of wheat for 1935 and subsequent
years. The conclusion of the international wheat conference
at London on Aug. 24 was noted in our issue of Aug. 25,
page 1164. Secretary Wallace pointed out that the present
agreement expires with the 1934 crop, and added:
Representatives of the major wheat producing countries on the International Wheat Advisory Committee adjourned their meeting at London,
Aug. 24, without arriving at a final agreement as to how the export quotas
for the current marketing season should be readjusted in view of the greatly
changed supply and demand conditions. The meeting did. however. frame
a tentative agreement providing for an extension of world action in balancing
production to requirements for several years ahead, for consideration by
the governments involved. This proposed extension of the agreement will
be considered at the m..xt regular meeting of the Committee, which will be
held in Budapest on Nov. 20.
The Agricultural Adjustment Administration in making
public the above on Aug. 24 also said:
In reviewing the effect of the International Whcat Agreement to date.
it was emphasized that the wheat agreement in its year of operation has
resulted in almost all the major wheat producing countries of the world
co-operating. in greater or less degree, in the efforts toward readjustment of
wheat production to wheat consumption which were begun by this country
through the passage of the AAA. The reports to date (which represents
preliminary estimates in practically all cases) show a reduction in wheat
acreages this year in the major exporting countries below the average acreage
prior to the signing of the agreement of 15% for Australia, 10% for Canada,
between 9 and 10% for the United States, and 6% for Argentina. At the
same time, many of the European importing countries, including Italy.
Germany and France, showed a slight, but significant, reduction in their
wheat acreages following intensive educational campaigns in Italy. France,
aad to a lesser extent. Germany, and definite laws restricting wheat production in France.
This year showed the first significant reduction in world wheat acreage
since the wheat surplus began to accumulate. The reductions in acreage
were reinforced by the unfavorable weather conditions which caused an exceptionally short crop in North America and a moderate crop in most of
the other countries. As a consequence, the world carryover of wheat.
which on Aug. 11934. was still more than 500,000.000 bushels in excess of
normal stocks for that date, will probably be reduced by the beginning of
the next crop year to 200.000,000 bushels or less in excess of normal. The
Improvement in wheat prices on the Liverpool and other world markets
during recent weeks has been a belated recognition of this improvement
in the world supply and demand conditions.
The Department of Agriculture also pointed out that with average yields.
the pres.ait world wheat acreage would be adequate to meet or even exceed
by a little the present level of world demand for wheat. The report to
governments as prepared at the meeting of the International Wheat Advisory Committee just closed, emphasized this fact and stressed that if
arrangements are made for continuation of the present reduced acreages,
that will merely prevent a reappearance of the previous surplus and will
not make any further reductions in wheat supplies so long as yields average
normal. It therefore is important that international co-operation should
be continued, at least to a d..,gree necessary to hold production in line with
consumption, even though no further cut is made in world surplus until
another year of exceptionally small crops occurs.
The discussions of the meeting at London were also concerned with the
problem of readjusting the export quotas for the current marketing year in
view of the reduced supplies in some countries and increased supplies in
others. All countries agreed that such readjustments were necessary, but
the exact plan for this readjustment ,has not yet been completed. The
International Wheat Advisory Committee, composed of representatives of
the 21 countries signatory to the International Wheat Agreement, will
probably continue to hold meetings during the next 12 months as it has
during the past year.
1318
Financial Chronicle
The wheat agreement as adopted last year established export quotas for
each of the exporting countries for the 1933-34 and the 1934-35 marketing
season, and also provided that each of the four exporting countries would
endeavor to limit its production in 1935 to 15% below the normal yield
on average acreage during the three preceding years. Only one country,
Australia, has succeeded in reducing its acreage by as much as 15% but
in view of the severe weather conditions over the world, the exporting
countries which so far have harvested their wheat have reduced production
by considerably more than the required 15%. Owing to the fact that
Argentina harvested last year very much larger yields per acre than were
expected at the time the world wheat agreement was signed, she found it
necessary to export considerable quantities of wheat in excess of the quota
originally set. These increased exports for Argentina, however, were more
than offset by reduced exports by other countries, and at the end of the
first marketing year the total exports by the countries signatory to the
agreement were held well within the limits for world exports set by the
agreement last August.
United States Export Quota.
The agreement last year bound the United States to export not more than
47,000,000 bushels for the period July 31 1933 to Aug. 1 1934. Even
though an export corporation was formed to export wheat on the Pacific
Coast.only 26,511,985 bushels were exported net during this period, keeping
the United States considerably below the quantity it was permitted to
export. The quota for the current year was 90,000.000 bushels, plus a
share in any increase of world export takings above the amount estimated
at that time. With the every great reduction in our wheat supplies as a
result of the drought this year, the United States has expressed its willingness to transfer a large portion of its quota this year to other countries, and
has indicated that probably a net export of 10,000,000 bushels will be ample
to cover potential exports from this year's crop. As already indicated,
however, final readjustment in this year's export quotas has not yet been
decided upon.
At the time the world wheat agreement was signed last August it was
known we had a short crop in 1933 far below the estimated domestic rerequirements for the year. That was one reason the United States agreed
to accept so low an export quotas 47,000,000 bushels for last year's exports.
Carryover, however, was still phenomenally high, giving a total supply of
921 million bushels available for disposal last year. With the crop of
slightly over 500,000,000 bushels last year, even with small exports, there
was a material reduction in stocks,leaving carryover on July 1 1934 at 290,000,000 bushels or nearly a 100,000,000 bushels lower than wheat carryover
in the middle of 1932. The intensified drought in 1934 reduced our yield
to 491.000,000 bushels this year, giving a total supply of 781,000,000
bushels. Should more wheat be used for feed than ordinary as a result of
the reduced supply of feed grains, carryover of wheat by the end of the
current season will be reduced to normal or even lower, even if no exports
should be made.
Efforts of the United States to correct the world wheat surplus situation
have been materially aided by the co-operation which has been secured
from other countries. Whereas three years ago the farm price of wheat
was down to 35 cents a bushel, to-day producers are receiving in the neighborhood of 90 cents per bushel. At the same time, excess world wheat,
supplies have been more than cut in half. The European wheat importing
countries in 1932 were continually erecting new barriers to imports of wheat
and continuing to expand their acreage at production of wheat. Now they
have begun to follow a different policy, are discouraging production of
wheat, and are pledged to reduce existing barriers as soon as world wheat
prices are restored to more normal levels.
The world wheat problem is not yet solved, but whereas two years ago it
looked like a hopeless problem, methods for coping with it are being developed in most of the important wheat production countries of the world.
Through the meetings of the International Wheat Advisory Committee this
co-operation can be continued and strengthened.
Germany Undisturbed by Breaking Up of London
Wheat Conference.
The following from Berlin, Aug. 25, is from the New
York "Times":
The breaking off of the London wheat conference caused no surprise in
Berlin and does not affect the German market.
A special survey here shows that since 1913 the area devoted to agriculture in the present territorial limits of Germany has declined from 29,730,000 to 29,348,000 hectares, but wheat acreage has increased from 1,945,000 to 2,300.000 hectares. Rye has declined from 5,330.000 to 4,491,000 hectares. The wheat area reached a high record of 2,430,000 hectares
in 1933.
The Hungarian crop of cereals is estimated at 1,000,000 tons below 1933,
and the Yugoslavian crop at 600,000 tons less than last year. Balkan
crops are regarded somewhat more favorably than early in the summer,
but wheat gained nothing from the belated rainfalls.
Rumanian and Bulgarian wheat crops are believed at the most to be
sufficient to cover home demands. The improved corn crops in Southeastern Europe will partly make good the deficit in wheat.
Treasury Removes Duty on Hay and Straw for Livestock.
Under authority of the Presidential proclamation of Aug.
10, the Treasury Department at Washington on Aug. 30
issued regulations providing that hay and straw to be used
as feed for livestock will be admitted to the United States
free of duty. The President's proclamation declared the
existence of an emergency due to the drought.
Canada Embargoes Exports of Fodder.
On Aug. 23 the Canadian government forbade exportation of fodder, except under licenses provided by the new
marketing law. Associated Press advices from Ottawa said:
The order for the regulation of exports by license was issued after surveys
indicated the extent of the shortage of fodder crops in all parts of Canada.
The activities of speculators also were said to have led to the decision.
An order-in-council providing for the licensing was passed under powers
embodied in the marketing act.
The statement issued by the office of the Prime Minister estimated the
hay and clover crop of Canada this year at only 9,884,000 tons, compared
with an average of 16,000,000 tons for the four years from 1926 to 1930.
The statement said that both Canada and the United States will be forced
to take extraordinary action to conserve cattle feed.
Sept. I 1934
Canadian Government Accepts Tenders For Purchase
of 220,000 Ounces of Silver Under International
Silver Agreement.
It was made known on Aug. 22 that the Canadian Government has accepted tenders under which it will purchase
220,000 ounces of silver at an average price of 48.49 cents an
ounce, Canadian funds. Announcement to this effect was
made by Sir George Perley, acting Minister of Finance according to Associated Press advices from Ottawa, which
further reported:
The purchase is made in accordance with terms of the international silver
agreement whereby Canada undertook to buy 1,671,802 ounces of newly
mined Canadian silver during the four years, 1934 to 1937 inclusive.
The various nations parties to the agreement took action with a view of
preventing injurious fluctuations in the price of silver, which had fallen
as low as 25 cents an ounce. The silver purchased by the Government will
be held as additional backing for the note issue.
The silver will be delivered to the Department of Finance in the form of
bars weighing approximately 1,000 ounces each. The department, in
advertising for tenders, stipulated a maximum of 250,000 ounces, but only
220,000 ounces were accepted at the 48.49 rate.
Parliament discussed the international silver agreement at some length
during the last session, and the House of Commons approved it by resolution. Subsequently, an amendment to the Dominion notes act authorized
the Minister of Finance to purchase the silver as provided for in the agreement.
Ottawa advices Aug.26 to the New York "Herald Tribune"
said:
In accordance with the terms of the Dominion notes act, 1934, this silver
as purchased will be held as additional security for the redemption of
Dominion notes. Subsequent purchases of silver in 1936-'37-'38 will be
made by the Bank of Canada, as directed by the Minister of Finance, and
willform part of the Bank's legal reserve against notes and deposit liabilities.
London Clearing House Banks to Comply With Request
of U. S. Treasury for Filing of Returns on Incomes
Derived from United States.
In advices Aug. 30 from London it was stated that the
Committee of Managers of the London clearing banks has
decided that the banks should comply with a request by the
United States Treasury for returns on their incomes derived
in the United States. We quote from a cablegram to the
New York "Times" which also had the following to say:
A private circular to that effect .was sent by the committee to-day to
all such banks, recommending that each one make the requested return
to Washington or report that it has no such income if that be the case.
Institutions included among the clearing banks are, of course, the "Big
Five"—the Midland, Barclays, Lloyds, Westminister and National Provincial.
Income returns which these banks will make, if any, will be small, as the
bulk of their investments is in securities of the United Kingdom and British
Empire.
The action recommended by the managers' committee does not apply to
Incomes which individual clients of British banks may derive from the
United States, for there was no request for information about such incomes
in the circular letter sent here by Washington.
Therefore, it is considered here that the question has not arisen. If
it should arise later on, it would present a different problem for which
London bankers might find a solution.
Payment By South Africa of War Debt to Great Britain.
The following from London, Aug. 30 is from the New York
"Times":
The British Government announced to
-night that it had gratefully
accepted the Union of South Africa's offer to repay its whole outstanding
war-debt obligation of £7,500,000. The sum will be handed over to the
Treasury to-xnorrow. South Africa did not decide to avail herself of the
opportunity to suspend war-debt payments under the Hoover moratorium
and the Lausanne agreements.
"Full Moratorium" for Germany on Its Foreign Debts
Proposed by Dr. Schacht of Reichsbank—Collapse
of Germany's Foreign Debt Payments Predicted Unless Further Concessions Are Accorded By Creditors.
At the International Conference of Agricultural Science
at Bad Eilsen, Germany, on Aug. 30, Dr. Hjalmar Schacht,
acting Minister of Economics and President of the Reichsbank, declared that a "full moratorium" on Germany's
foreign debt is one of the "heroic" measures needed to lead
the world from an economic impasse which is "almost
hopeless." Associated Press advices report Dr. Schacht as
warning other countries of the "Communist menace," citing
"farmers' riots" and the "extraordinary wave of strikes in
the United States" as stern warning signals. From these
advices we also quote:
"In Germany, the country to suffer first and most severely," he said.
"the danger of Bolshevism was averted at the eleventh hour, but in many
foreign countries there Is dangerous unrest.
"In foreign countries there was a tendency to be very skeptical of the
communist menace in Germany. If the crisis lasts much longer, more
than one foreign country may come to a different view on the basis of its
own experience."
"Full Moratorium" Necessary.
Dr. Schacht said that economically "Germany has finally been so thoroughly sucked dry that even diminished service on her debt is, for the time
being, beyond its powers. The only way out which remains is to grant it
a full moratorium of several years duration to enable it to recuperate" and
become a buyer in the world market.
"It may be better to realize that greater sacrifices are necessary to change
the course of world economy to-day than would have been necessary a year
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139
Financial Chronicle
ago," he said."but it is equally certain that the sacrifices will become greater
the longer the delay is prolonged.
"In the face of a world situation so serious it is only fair to ask if world
economy in general, or foreign creditors in particular, are to be benefited
when to post war methods of political pressure weapons of economic pressure
are added.
"So far as we Germans are concerned, it is quite possible we may lose
faith in world common sense and world conscience, but never again faith
in ourselves."
We also quote in part as follows from copyright advices
Aug.30from Berlin to the New York "Herald Tribune":
The world, the Reichsbank head continued, was confronted with a
choice of two alternatives. It could remain passive in the debt question,
thus writing off Germany both as a potential buyer and debtor and setting
the entire system of world economy back several decades. Or it could
reverse its credit policy toward the Reich by co-operating to solve the German transfer problem, thus clearing the path for an industrial revival
throughout the world.
"The only cure for the world's economic ills," declared Dr. Schacht. "is
a complete moratorium for several years to allow Germany's recovery.
At the same time the burden of our foreign indebtedness must be reduced
so that it can be borne permanently by the Reich after the moratorium ends
"If there were an international agreement which met both these conditions, then an important barrier to world trade revival would be set aside'
Credits Wanted in Future.
"Of course, Germany should then be given the same commercial credits
which were granted her previously to most formal purchases on the world
market. Such credits have no relation to the abortive international financial policy of the past epoch, for these future credits would liquidate themselves through normal economic channels.
"Then that missing link, Germany, will again return to her old place
in international commerce and regain her equilibrium. When that has
happened, the course of the world trade cycle will turn upward once more
and all other obstacles can be overcome without trouble.
"It may be bitter to realize that to reverse the trend of world business
to-day requires greater sacrifices than would have been needed a year ago.
But it is just as certain that the sacrifices will become greater in proportion
to the delay.
"It is not Germany's fault that in the last year the decision for international co-operation has been postponed, nor is it Germany's fault if the
world jacks courage to take active steps for its salvation. Germany's
readiness to help has never changed.
"But it is Germany's duty to point out that every month lost inevitably
reduces her international capacity to pay, causing world commerce to dwindle still more, prolonging the world crisis and making its ultimate liquidation
more difficult."
In United Press advices from Berlin Aug. 26 it was indicated that complete collapse of Germany's foreign debt
payments, involving thousands of investors in America,
was predicted by Dr. Schacht unless some further concessions are made by the creditors. These advices, which appeared in the New York "Journal of Commerce," further
reported Dr. Schacht as follows:
Addressing journalists at the Leipzig Fair, Dr. Schacht said: "Under
the policy as pursued at present, collapse of Germany's foreign debts is an
absolute certainty."
He assailed certain transfer agreements (covering transfer of cash abroad
to meet debt payments) obtained by some "creditor countries," declaring
they were "extorted from Germany by threats in order to obtain preferential
treatment compared with other creditors."
(It was recalled that Britain's threat to set up a clearing house and seize
German funds to protect British creditors induced Germany to agree to pay
the interest on the Dawes and Young plan loans to the British holders of
these bonds when he had declared a six months' moratorium on them to
give Germany a "breathing spell" and prevent inflation.)
Dr. Schacht predicted such agreements would transform the world into
a system of isolated economic fortresses "tending to ruin world trade."
Want Only Willing Credit.
He declared the present system of apportioning currency among importers
would soon. be abandoned, since the Government was unable to assure
prompt payment of imports. Thus considerable amounts due foreign
exporters remain unpaid.
Ile said the Government in future would seek to prevent imports for
which foreign currency is not available in advance.
Dr. Schacht maintained that the transfer agreements with creditor
countries tended to destroy the Reich's currency fund with which Germany
might otherwise pay for raw material imports and boost trade.
He insisted, even so, that Germany's industrial prosperity was not menaced despite the reduction in imports, since "Germany is determined to
promote the production of domestic raw materials by all conceivable means."
Dr. Schacht denied that the Government was seeking any new credits,
adding: "We don't want any credit which is not given willingly and voluntarily."
Incidentally, the New York "Times" of Aug. 26 printed
a copyright account to it and Nana, Inc., from Berlin,
Aug. 26, which stated in part:
"Germany cannot pay the coupons on the Dawes or Young Plan bonds,"
Dr. Hjalmar Schacht declared to-day in an interview.
Dr. Schacht, aside from being President of the Reichsbank, is Minister
of Economics and is therefore the economic dictator of Germany.
"I am now in charge of German banking, commerce and industry, both
at home and abroad," he explained. "Germany will not pay those coupons
to America because we haven't got the money available.
"And what is more, those special arrangements for payment to England
France and other countries won't do them any good. They just simply
won't work."
He paused for a monent. and then went on:
"Those arrangements were forced upon 1113. They are unreasonable
and unfeasible. They will not work because there are no foreign funds
available with which to carry out the agreements."
Pledges E.,ual Treatment,
Dr. Schacht. who was the Chairman of the German commissions and
spokesman for those commissions in signing the Dawes Plan and the Young
Plan, added these words:
"But the United States need have no fear, so far as Germany is concerned,
in this matter of debt payments,for the United States will fare no differently
at our hands than any other country."
1319
Note of German Government to State Department at
Washington Again Declines to Grant Equality of
Treatment to American Holders of Dawes and
Young Bonds.
According to Associated Press advices from Washington
Aug. 30, the German Government, in a note delivered to
the State Department, has again declined to grant equality
of treatment to American holders of Young and Dawes plan
bonds. These advices added:
State Department officials confirmed to-day that a lengthy note on the
question had been received, but declined to make public its contents or to
comment.
It was learned authoritatively, however, that the viewpoints of the two
governments on the question of equality "remain far apart."
After Germany declared a moratorium on all payments outside of Germany on its foreign obligations and agreed with other European countries
for payments to their nations of interest on bonds, the United States protested against the discrimination against Americans.
The State Department, over a period of months has made repeated representations to Germany insisting that American investors in German bonds
be accorded the same treatment given other nations, but has been rebuffed
in every exchange of notes.
German Gold Discount Bank to Withdraw on Sept. 15
Offer to Purchase Scrip Issued in Part Payment of
Maturing Coupons on Dollar Bonds.
From the New York "Journal of Commerce" of Aug. 27
we take the following:
The offer of the Gold Discount Bank to buy in dollars at 50% of face
value the scrip issued in part payment of maturing coupons on German
dollar bonds is to be canceled on September 15 due to a shortage of foreign
exchange. A large part of this scrip has gone abroad, according to bankers, and any investors here who have not yet sold their holdings will have
twenty days in which to do so.
It is implied that scrip against coupons that fell due in the first half of
this year and which has not yet been issued because of delays in registering
it with the Federal Trade Commission will be of doubtful value when issued.
Question Scrip's Value.
The scrip directly involved was issued against coupons due front July 1
to December 31 1933, on which payments were made 50% in cash and 50%
in scrip. The scrip for the first half of this year was to be issued for 70%
of interest due, 30% to be paid in cash, neither of which has been made
available Hankers, however, believe that the cancellation ill not affect
the chan6es to obtain the 30% cash when registration of the scrip is arranged,
although the scrip will be of doubtful value.
It has been estimated that over $900,000,000 of German dollar bonds
were affected by the scrip plan.
Germany Restricts Use of Registermarks Except by
Visiting Tourists.
Zimmermann & Forshay, New York, have been advised
by their German correspondents that, through a recent decree
the use of Registermarks, which have long been available
at a discount of about 35% for payments to needy persons
in Germany, will be discontinued Oct. 1. For that purpose
only free marks will be available for such remittances after
Sept. 5. Registermarks, however, can still be used by
visiting tourists, the firm says.
Sweden's Agreement with Germany Providing
Swedish Clearing House Incident to Service
Dawes, Young and Kreuger Loans.
for
on
From Stockholm, United Press advices Aug. 30 to the
New York "Herald Tribune" reported:
Sweden has reached an agreement with Germany whereby all direct
payments to Germany are prohibited, it was announced to-night. Payments must pass through a clearing house in order to safeguard Swedish
exporters and services on the Dawes, Young Plan and Kreuger loans.
A wireless message Aug.30 to the New York "Times"from
Stockholm had the following to say:
Swedish-German transfer negotiations have resulted in a bilateral exchange clearing agreement based on the German export surplus to Sweden
in 1933, amounting to 90,000,000 marks.
Holders of Young and Dawes loans obtain full interest by transfer, but
interest on the Kreuger loan is reduced from 6 to 4%%. The agreement
secures Swedish exporters' claims on Germany and interest on three State
loans, but private claims on Germany stand at the bottom of the list.
The agreement is provisional from Sept. 1 to the end of this year.
From the first half of the surplus of 90,000,000 marks. 18,000,000 marks
Yearly will be used for interest payments on the three State loans, and exchange amounting to 27,000,000 marks will be placed at Germany's free
disposal. From the other half of the surplus, Germany will have at her
disposal exchange amounting to 28,000,000 marks, making an annual total
of 55,000,000 marks in exchange.
The rest, which is dependent on the development of commercial dealings
between the two countries but which, it is calculated, will amount to
15,000,000 marks, will be used to pay interest to private Swedish creditors.
League of Nations Acts to Dissolve Saar Labor Unions.
From Saarbruecken, Aug. 19, United Press advices reported:
Drastic measures for dissolution of all special German labor organizations
in the Saar area were put into effect to-day by the League of Nations.
The League, coincident with the Hitlerite plebiscite in Germany to-day,
took steps to break up the United German Front in the Saar, where a
plebiscite on the future of the basin is scheduled for early next year, when
the people will vote on whether to return to Germany, go to France or remain under the League's administration.
An announcement of these steps, made last night, said the League also
would exercise control over all military organizations in the Saar. The
projects were published in all Saar newspapers to-day, including seventeen
articles setting forth terms of the regulations.
1320
Financial Chronicle
Texts of letters were given showing exchanges between Nazis in Saar
labor organizations and the German authorities in Berlin.
70,000 Saar Residents to Vote Against Return of Saar
to Germany.
Under date of Aug. 26, Associated Press advices from
Sulzbach (Saar Basin Territory) stated:
Seventy thousand Saar residents pledged themselves to-day to vote
against the return of the Saar to Germany at the plebiscite in January.
The pledge was administered by a Socialist leader named Braun.
While Chancellor Hitler at Cobienz extolled the benefits of a reunion
with Germany. a mass meeting here organized by the "Liberty Front"
was addressed by speakers of all opinions, including a Roman Catholic
priest. All the speakers urged the audience to "strive to the utmost for
the status quo."
Premier Mussolini Warns Italy to Prepare for War—
Tells Army Peace in Europe Could Be Broken at
Any Moment.
Premier Mussolini of Italy, in a speech before 5,000
soldiers at Bologna on Aug. 24, asserted that Italy must
prepare for war, which he said might "break out from one
moment to another." The Premier declared that although
no one in Europe wants war, the "idea is floating in the
air," and added that it is not necessary to be prepared
for the war of to-morrow, but for the war of to-day. Italy,
he stated, must become a military nation. Associated
Press advices from Bologna on Aug.24 quoted from his speech
as follows:
"At the end of July," he declared. "an unforeseen situation (the outbreak
of Nazi revolt in Austria) developed which was similar to that which prevailed in 1914 If we had not sent our divisions to the frontier complications might have resulted that could not have been settled save by the voice
of the cannon."
Political circles attached great importance to the fact that II Duce's
martial utterances included one calling his officers' attention to the fact
that the ground chosen for the war maneuvers resembled the Italian eastern
frontier.
"The same broken terrain and even the same lack of water," Il Duce
said, waving his hand toward the outstretched field—and his hearers recalled that Italy's eastern frontier faces Austria and Yugoslavia.
Observers believed the Fascist leader wished to intimate that war, if it
comes, will come along these borders. This they took to indicate Mussolini's anti-German, anti-Yugoslavian and pro-French attitude.
Praising the officers, especially those of the hydraulic service and the
forest militia, for their excellent showing during the maneuvers, Mussolini
said "the political, economic and spiritual life of the nation ought to be based
on its military necessities.
"Because certain nations rise and others decline it develops that despite
good will conferences and treaties, war will accompany the fortunes of nations throughout the centuries.
The entire Italian people, he added, to-day is ready to respond as one
man in case of need.
Argentina Pays Loan From British—Remits £855,000
to London Bankers, Cancelling Balance of L5,000,000 Debt.
Federico Pinedo, Finance Minister, announced on Aug.
22 that he had remitted to Baring Brothers, British bankers,
£855,000 to cancel the balance of the £5,000,000 short-term
loan obtained at the end of December 1929. This payment
was not due until Oct. 1 said a message from Buenos Aires
Aug. 22 to the New York "Times" which further reported:
By this payment Argentina's combined sterling and dollar short-term
indebtedness is reduced by 75% since 1930. It totalled $102.000.000, or
more than £20,000,000. It now totals $24,000,000, or less than £5,000,000,
according to the Minister's statement.
When the provisional government replaced the Irigoyen government in
September 1930, the Argentine Government owed short-term foreign
currency loans of £5.000,000 sterling and $50.000,000. There were also
outstanding provincial and municipal short-term dollar loans as follows:
The Municipality of Buenos Aires, $16,000,000; the Province of Cordoba,
$6,000,000: the Province of Santa Fe, $4.000,000, and the Province of
Tucuman, $1.000.000—a total of $27,000,000.
This made the grand total for the country £5,000.000 and $77,000.000
in the short-term public debt. Since then the foregoing debts of the Municipality of Buenos Aires and the Province of Tucuman have been fully paid
off and the Province of Cordoba has reduced its debt to $3.000,000.
Only the Province of Santa Fe has increased its debt from $4,000,000 to
$5.000,000.
In addition to paying off the sterling debt the National Government has
reduced its short-term dollar obligation from $50,000,000 to $16.000,000,
of which 10% will be paid off every six months beginning in October.
Meantime the Government has kept up service payments both on foreign
and domestic long-term indebtedness.
Proposal to Reduce Interest on 6% Gold Bonds of
Finland Residential Mortgage Bank to 5% Extended—Interest Due Sept. 1 to Be Paid at Latter
Rate by Government.
Holders of Finland Residential Mortgage Bank first mortgage collateral sinking fund 6% gold bonds, due Sept. 1
1961 have been granted an extension of time until Oct. 1
1934 to accept the proposal for a reduction in interest rate
to 5% in return for a guarantee of principal and interest
by the Government of Finland. Notice to this effect was
issued yesterday (Aug. 31) by Arvo Linturi managing
director of the bank, who reports that the earnings of the
bank will not permit payment of full interest at the 6%
per annum rate on the bonds on Sept. 1 1934. The announcement said that the Government has also authorized the
Sept. 1 1934
bank to pay, with funds obtained through the aid of the
Government, interest on Sept. 1 1934, at the 5% per annum
rate, on all bonds,irrespective of whether they are guaranteed
or not, "so that no bondholder may feel discriminated
against because he did not receive adequate notice of the
proposal for guarantee." The announcement states:
Obviously bondholders cannot expect similar action with respect to
the March 1 1935 or any subsequent interest payment, as all bondholders
will then have had abundant notice of, and opportunity to accept, the proposal.
The following is also from the notice:
Holders of a substantial majority of the outstanding bonds have already
accepted the proposal whilh was originally put forward April 30. The
exchange of the 6% bonds for the new guaranteed 5% bonds may be effected
by holders who have not yet accepted by presenting their bonds on or
before October 1 at the National City Bank of New York, Reorganization
Department, 22 William Street. The bondholder will be under less inconvenience if the bonds are deposited for exchange before the Sept. 1 1934
coupons are detached.
Previous reference to the proposal to reduce the interest
on the bonds was made in our issue of August 4, page 682.
San Paulo (Brazil) Paying 20% of Sept. 1 Coupons of
7% Gold Bonds External Water Works Loan of 1926.
Speyer & Co. and J. Henry Schroder Banking Corp., as
Special Agents for the State of San Paulo 7% Secured
Sinking Fund Gold Bonds External Water Works Loan of
1926, announced yesterday (Aug. 31) that, pursuant to the
terms of Decree No. 23,829 of the Chief of the Provisional
Government of the United States of Brazil, funds have been
deposited with them sufficient to make a payment, in lawful
currency of the United States of America, of 20% of the face
amount of the Sept. 1, 1934 coupons pf the above loan.
Acceptance of such payment is optional with holders of the
above bonds and coupons, but, if accepted by them, must be
accepted in full payment of such coupons and of the claims
for interest represented thereby. Coupon holders will receive
$7 per $35 coupon and $3.50 per $17.50 coupon upon surrender of coupons for cancellation accompanied by appropriate
letter of transmittal, on or after Sept. 1, at the office of
either of the above special agents.
Funds Remitted to J. P. Morgan & Co. Toward Payment
of 35% of Sept. 1 1934 Coupons of Greek Government 5% Loan of 1914.
There have been remitted to J. P. Morgan & Co., paying
agents in New York for the bonds of the Greek Government
5%. Loan of 1914, certain funds in sterling currency to be
applied toward effecting on behalf of the Greek Government
a payment of 35% of the sterling currency face value of the
coupons due Sept. 1, 1934, of this loan. On each coupon
presented acknowledgment of partial payment is to be made
by perforating thereon the legend "35% paid". An announcement in the matter further said:
In accordance with the terms of the bends of this loan these payments
will be made in dollars at the exchange rate of the day on which the coupon
is presented for payment. Coupons presented for payment must be accompanied by a letter of transmittal, forms of which may be obtained from the
offices of the paying agents. The coupons will be returned to the holders and
should be carefully preserved and reattached to the bonds to which they
were orignally affixed.
An offer to make part payment in the above amount was
made by the Greek Government to the League Loans Committee and the Council of Foreign Bondholders (British) in
London in November, 1933. The League Loans Committee
and the Council of Foreign Bondholders agreed to recommend this of.er to the bondholders and published the complete terms thereof in a joint communique dated London,
Nov. 17, 1933. Reference to the communique was made in
our issue of Nov. 18, page 3576.
Second United States Trade Treaty to Be With Haiti-State Department Pleased at Reaction to Cuban
Pact.
The second reciprocal trade treaty to be negotiated by
the United States will be with the Republic of Haiti, according to an announcement by the State Department Aug. 27.
Officials of the Department were reported to be gratified at
the reaction provoked by the treaty with Cuba, the details
of which are noted elsewhere in this issue. Commerce
between the United States and Haiti is small at the present
time. In 1932 Haitian imports from this country amounted
to about $5,000,000, with exports to the United States of
only about one-tenth that amount. Associated Press Washington advices of Aug. 27 added the following regarding the
State Department announcement:
Here again, however, as in the case of Cuba, the United States intends
to use an economic instrument to assist political stability. This country
has just withdrawn her marines from Haiti after nineteen years' occupation
and is anxious that political tranquility not be upset in the once-turbulent
little republic, which President Roosevelt visited in July.
Volume 139
Financial Chronicle
A generally favorable reaction to the Cuban pact in Cuban and high
American industrial circles was announced in a State Department compilation to-day.
H. Freeman Matthews, Charge d'Affaires in Havana, reported that large
orders for lard and potatoes had already been placed by Cuban Importers.
He also reported to the State Department that general reaction to the treaty
was extremely favorable and that both Cuban and American firms in the
island were optimLstic of increased business.
Cuba was formerly one of the best markets for American lard, but because of high duties has gradually decreased her purchases until last year
only 9,000,000 pounds valued at $535,000 was purchased. In 1926 American sales of lard in Cuba amounted to 89,000.000 pounds valued a
$12.800.000.
United States and Cuba Sign Reciprocal Tariff Treaty
—American Duty on Sugar from Island Cut from
1.5 to 0.9 Cents a Pound—Cuba Lowers Duty on
American Lard and Other Farm Products—Pact
First Under New Bargaining Policy—President
Roosevelt's Proclamation—Some Protests.
The first reciprocal tariff treaty to be concluded by the
United States under the new tariff bargaining policy was
signed at Washington on Aug. 24, when the new trade pact
with Cuba was initialed at the State Department by Stcretary of State Hull, Assistant Secretary of State Sumner
Welles, Jefferson Caffrey, American Ambassador to Cuba;
Cosme de la Torriente, Cuban Secretary of State, and Manuel Marquez Sterling, Cuban Ambassador to Washington.
Immediately after this ceremony, President Roosevelt issued
a proclamation stating that he had entered into the agreement and providing that the new tariff schedules be effective
11) days from that date.
The new treaty, which goes into effect Sept. 3, provides for
mutual concessions by both countries, but its most important
feature is a provision reducing the duty on Cuban sugar imported into the United States from 1%c. a pound to ninetenths of a cent, as compared with a duty of 1.875c. on sugar
imported from other foreign countries. The State Department said that this concession "should have an immediate
beneficial effect on the entire Cuban economic structure,
which is built primarily around the sugar industry."
Among the most important concessions by Cuba to the
United States was a reduction in the duty on hog lard from
$9.18 a hundred pounds to $2.73, with the added provision that
this duty be lowered to $1.45 after a year. Other concessions
granted by Cuba to the United States included increased
preference and lower duties on many agricultural products,
tobacco, textiles, machinery, automobiles, iron, steel, copper,
wood, lumber, paper, cardboard and many miscellaneous
products. Concessions granted by the United States to Cuba
included lower duties on rum, tobacco and non-seasonal
fruits and vegetables.
The United States makes concessions on 35 items under the
treaty, while there are 426 items of merchandise on which
Cuba agrees to make tariff concessions to this country. The
text of President Roosevelt's proclamation, dated Aug. 24,
follows •
Whereas I, Franklin 1). Roosevelt, President of the United States of
America, have, on Aug. 24 1934, pursuant to and in accordance with the
provisions of the Act of Congress, approved June 12 1934, entitled "An Act
to Amend the Tariff Act of 1930," entered into a trade agreement, with
two attached schedules, with the President of the Republic of Cuba, which
agreement and schedules in the English and Spanish languages are in words
and figures as follows:
And whereas, it is provided in Article XVII of the said agreement that
the agreement shall come into force on the tenth day following the day of
the signature thereof, after proclamation by the President of the United
States of America and the President of the Republic of Cuba;
Now, therefore, be it known that I, Franklin D. Roosevelt, President of
the United States of America, acting under the authority conferred by the
Act of Congress aforesaid, do hereby proclaim and make public the said
agreement and the said schedules, to the end that every article and clause
of the said agreement and every item of the said schedules may be observed
and fulfilled with good faith by the United States of America and the
citizens thereof.
In testimony whereof I have hereunto set my hand and caused the seal of
the United States of America to be affixed.
Done at the city of Washington this twenty-fourth day of August in the
year of our Lord one thousand nine hundred and thirty-four and of the
Independence of the United States of America the one hundred and fiftyninth.
The text of the treaty was made public in English and
Spanish. The signing of the treaty was marked by addresses
at Washington on Aug. 24 by Secretary Hull and Dr. de la
Torriente. Secretary Hull had the following to say:
At the time of the signing of the Trade Agreements Act, I stated that the
authority under this new Act of Congress would be exercised with the utmost
care, fairness and intelligence; that the primary object of the Administration's tariff policy would be to benefit every important American interest;
that nothing would he done blindly or recklessly; that the fullest possible
information would be first assembled and the needs of business studied, and
that the negotiations for the conclusion of reciprocal trade agreements under
this Act would be conducted step by step in the light of the information
obtained.
To-day, after more than 12 months' painstaking and expert study, the
United States and Cuba have signed a trade agreement calculated to restore
the once flourishing trade between the two countries, now reduced to a
1321
fraction of its former amount. The agreement is mutually advantageous to
the United States and to Cuba.
Recognizing that the movement of goods has been seriously handicapped
by the tariff barriers which each of the two countries has erected, they have
agreed, in this instrument, to make substantial adjustments, which, with
equal profit and without dislocating productive forces, will facilitate the
sale of more American goods in Cuba and of more Cuban commodities in
the United States.
In 1924 the total value of our own exports to Cuba amounted to almost
$200,000,0001 last year our exports to Cuba were barely one-tenth of that
,
amount. We have every hope that the conclusion of this agreement to-day
will rapidly restore to the American farmer, to the American wage earner
and to the American manufacturer the benefits of the important market in
Cuba which they formerly enjoyed.
Dr. De La Torriente spoke as follows:
Many years before Cuba gained her independence from Spain her commercial relations with the United States of America were already great, and
her prosperity or poverty on many occasions depended upon the American
tariffs.
When Cuba, with the assistance of the United States, gained her indeper.dence, the Government at Washington became aware of the fact that there
should exist a commercial treaty between the two countries which would
guarantee preferential rates to the products of the people and industry of
the two nations, and this led to the negotiation of the treaty of Dec. 11 1902,
which is still in force at the present time and which has proved to be
highly useful in furthering the commercial relations of Cuba and the United
States, although its modification has for some time been considered necessary
for the mutual protection of the interests of both peoples.
In order that a new treaty might be negotiated as early as possible, two
things were necessary:
1. A Government such as that of President Roosevelt, which would appreciate the great needs and convenience of such negotiation, and,
2. An American Congress capable of facilitating the negotiation of treaties
like the one which has just been signed by their Excellencies Secretary of
State Hull, Assistant Secretary of State Welles, Ambassadors Caffery and
Marquez Sterling and by myself as Secretary of State of Cuba.
I wish honestly to say that although the new treaty is of mutual benefit
to the two countries, it represents a substantial help for Cuba, a country
which has so greatly suffered during the last few years owing to the high
tariffs which have been applied by the United States to the products of
the soil and industry of our island.
And for that noble Act, in the name of the Cuban people, and at the
special request of President Mendieta and his Government, I express our
sincere gratitude to President Roosevelt and to the American people.
A Washington dispatch of Aug. 24 to the New York "Herald Tribune" summarized some of the principal features of
the new Cuban treaty as follows:
The duty on Cuban rum is reduced from the present rate of $4 a gallon
to $2.50. This concession was declared by the State Department to be in
line with "the Administration's policy of combating bootlegging by reducing
the price of liquor to the consumer."
The reduction in the duty on Cuban tobacco products was made contingent on the adoption of a quota on Cuban imports, the reasoning being
that American domestic production also was being restricted under a production-control arrangement. The total quantity of cigar leaf tobacco,
cigars and cheroots which will be permitted to enter from Cuba is limited
to 18% of the total quantity of tobacco used in the United States during
the previous year for the manufacture of cigars. If the cigar adjustment
program is abandoned, the old rates on Cuban tobacco will revert. Among
the rates now changed is that on wrapper tobacco, reduced from $1.90 a
pound to $1.50.
Novel Fruit Plan Worked Out.
In a novel arrangement for reducing duties on fresh Cuban fruits and
vegetables, the decreases are to 'apply to each product for a certain limited
period of the year only. The thought is that Cuban fruits and vegetables
mature earlier than similar products here and can be allowed into this country at periods when domestic products would not be in competition.
On Cuban goods which now have free access to the United States the pact
continues the free entry. In the case of the avocado, now on the free
list,
however, Cuba agrees to confine shipments to the summer months.
The concessions given by Cuba to American products place an emphasis
on American foodstuffs, Cuban purchases in 1933 having been only
9% Of
those in 1924, and the value having dropped from $57,482,000 to $5,380,000.
The most valuable concession on foodstuffs is the reduction in duty on hog
lard from $9.18 the 100 pounds to $2.73 now, and $1.45 by Sept. 3 1936.
Also the Cuban consumption tax of $1 the 100 pounds is removed.
On United States wheat flour, Cuba has agreed to remove the consumption
tax and increase the preference. Pork and many other farm products get
tariff decreases. The duty on American potatoes is cut in half.
For textiles, rayon, wool and silk, increases in preferences and reduced
duties are accorded. Among benefited American manufactures are automobiles. The rate assessed against autos with a factory list price of less than
$750 is reduced from 24% to 12% ad valorem.
Cigarette Duty Cut Sharply.
Preferences of 50% and 60% have been obtained for American electric
light bulbs. The duty on American cigarettes has been cut sharply so that
a package which formerly cost a Cuban 75c. will now retail around 25c.
"The concessions made by Cuba to the United States should result in an
expansion in the volume of American exports to the direct benefit of producers of goods for sale in the Cuban market," the State Department
said.
"Since a very large part of the sums derived from sales in Cuba will be spent
in the United States, not only the producers, manufacturers, shipping companies and other interests which may be expected to participate directly in
the increased trade, but ultimately the United States as a whole,
should
benefit."
in addition to the concessions, Cuba agrees not to increase the rates of
duty
or the internal taxation on a large number of American products.
Three-Year Duration Stipulated.
The pact is to last at least three years, after which time it may be deflounced by either Government on six months' notice. The agreement, in
addition to affecting tariff rates, reduces consular fees for documentation
services, prevents such exchange controls as would nullify the value of the
concessions and prohibits an increase of duties because of currency depreciation. An exception is provided in case this depredation is more than 10%.
From United Press accounts from Washington, Aug. 25, we
take the following:
In dollars and cents, the reduction of six-tenths of a cent a pound on Cuban
raw sugar—a cut from 1.5c. a pound to nine-tenths of a cent a pound will
1322
represent a cash gift of $22,824,000 from the American Government to the
Cuban sugar industry on this year's quota of 1,902,000•short tons of sugar.
This is more than the total value of American exports to Cuba during the
year of 1933. It is, however, about one-tenth of the total purchases of
Cuba during the peak year of 1926. The principal purpose of the agreement
is to restore the Cuban market for American goods.
The Cuban tariff on American pork lard was reduced by the treaty from
$9.18 a 100 pounds to $2.73 immediately, and to $1.45 by 1936. On the
1926 figure this would represent a saving of approximately $5,000,000.
Administration officials anticipated that Cuban purchases of American
lard during the next 12 months will at least double the 1933 figure, thus
bringing a saving of approximately $1,000,000 in duty in addition to larger
purchases..
Other American products favored by direct reductions in the Cuban tariff,
or by tariff preferentials ranging from 20% to 60%, included wheat flour,
cottonseed, corn, soy bean oil, potatoes, rice, fresh and dried or evaporated
fruit, animal and poultry feeds, asparagus, canned meats, crackers, biscuits,
textiles, automobiles, machinery, iron and steel bars, shapes and structura.,
shapes, iron pipe, electric light bulbs and other miscellaneous items.
Dr. John Lee Coulter, former member of the Tariff Commission and now special assistant to George N. Peek, trade
adviser to President Roosevelt, estimated, on Aug. 25, that
as a result of the new treaty Cuba's exports to the United
States should increase $50,000,000 during the first year of
the pact. On the same day Secretary of Agriculture Wallace
said that the treaty should stimulate agricultural exports
from the United States, particularly shipments of lard. A
Washington dispatch of Aug. 25 to the New York "Times"
gave comments by others on the treaty in part as follows:
Claudius T. Murchison, Director of the Bureau of Foreign and Domestic
Commerce, said there was no question that manufacturers in this country
would benefit substantially from reductions in Cuban duties on American
automobiles, textiles, leather, machinery and a variety of standard products.
In discussing the probable substantial benefits to Cuba from the agreement, Dr. Coulter pointed out that in 1932 Cuba received an average of
less than a cent a pound for her 2,000,000 tons of sugar, including syrups,
sold in this country, or less than $40,000,000 in all.
Sugar Income Put at $80,000,000.
Under the quota and reduced import duty assigned for Cuban sugar by
the new treaty, Dr. Coulter thought it likely that a price of about 2c. a
pound would be received, or a total of about $80,000,000. Imports of Cuban
tobacco and seasonal vegetables facilitated by duty reductions here were
expected to make possible another $20,000,000 in proceeds from Cuba's
shipments to us.
Messages of protest and congratulation to Secretary Hull began arriving
era
to-day before the first wave of enthusiasm over the opening of a new
of American foreign trade negotiation had subsided.
Tariff AssoOne of the first protests came from the Florida Agricultural
ever
ciation. George S. Fletcher, its President, said that no hurricane that
swept over the State "has hit Florida so hard as this new treaty."
He said that "under the pretense of adopting a harmless seasonal tariff"
permitting early Cuban crops to enter this country before home-grown products were ready for market, duties on winter vegetables also had been
reduced.
"This gift to the Cubans would seem to be most generous," said Royal D.
Meade, Washington representative of the Hawaiian Sugar Planters'
Association.
Secretary Hull was congratulated on the successful negotiation of the
treaty by Robert 0. Grayham, Chairman of the Export Committee of the
National Automobile Chamber of Commerce.
Cites Drop in Auto Sales.
"The economic significance of a reduction of both internal and external
barriers to increased world trade cannot be too strongly emphasized in their
Importance to increased employment," Mr. Grayham wired.
"A comparison of Cuban average consumption of nearly 5,000 American
motor vehicles annually from 1926 to 1930, and a subsequent drop to less
than 700 average from 1931 to 1933, offers a spectacular illustration of one
reasqp for decreased employment in American automobile production centers.
"This industry therefore welcomes this first concrete move on the part
of the United States toward a broader and sounder base for international
trade and prosperity."
From the "Times" Washington dispatch, Aug. 24, we also
take the following:
Following are some concessions granted In the United
States reciprocal tariff treaty with Cuba:
Concessions to Cuba by the United States.
Duty on Cuban raw sugar reduced six-tenths of one cent a pound.
Duty on rum decreased from $4 to $2.50 a gallon.
Cigar leaf tobacco, cigars and cheroots exported to us limited to 18% of
total amount of tobacco used in the United States the previous year for
cigar making, and duties then reduced on wrapper tobacco from $1.90 to
$1.50 a pound, on cigars from $2.80 per pound and 20% ad valorem to $2.25
2
/
and 121%, with reductions also on other kinds of tobacco.
Seasonal reductions in duties granted on fresh fruits and vegetables.
Concessions to the United States by Cuba.
Cuba agrees to reduce internal taxes on many important American products
and not to increase internal taxes on any item the customs duty of which
was bound against increase.
Cuba grants substantial reductions on tariff rates on foodstuffs, such as
from $9.18 to $2.73 a hundred pounds on hog lard, from $4.36 a hundred.
pounds to 88c. on crude cottonseed, corn and soya bean oil; removes the
consumption tax of 35c. a hundred pounds on wheat flour and increases the
preference from 30% to 40% on flour milled entirely from wheat produced
In the United States.
Concessions are granted on pork products, potatoes, rice and dried and
evaporated fruits.
Increased preferences are given on cotton fabrics and manufactured textile
articles, cotton yarn, rayon and wool. Reduced duties are given on silk yarn
and knitted articles.
Rates are reduced on American automobiles, the reduction being from
24% to 12% ad valorem on cars priced at less than $750.
Reductions in duty are granted on machinery, business appliances and
the like.
Sept. 1 1934
Financial Chronicle
Substantial reductions in duties are accorded on iron, steel, copper and
other metals, the rate of 85e. a hundred pounds on ordinary piping, for example, being cut to 74c.
Wood and lumber, paper and cardboard, and many miscellaneous items
also are subject to substantial duty concessions.
A preference of 20% is conceded on all American tobacco and tobacco
products. The duty on American cigarettes is reduced from $4.50 a hundred
pounds, plus 25% ad valorem, to $1.81 plus 20%.
Havana advices, Aug. 20 (Associated Press), stated:
United States Ambassador Jefferson Caffery and Secretary of State Cosme
de la Torriente initialed to-day the new trade treaty between the United
States and Cuba. There was no ceremony.
Rulings by New York Stock Exchange on Consolidated
-Year 7% Sinking Fund Gold
Municipal Loan 40
Bonds of Rio Grande do Sul (Brazil).
Incident to the issuance of the announcement by the Chase
National Bank of New York that the State of Rio Grande do
Sul (Brazil) is paying in part the June 1 coupon on the
-year 7% sinking fund gold
consolidated municipal loan 40
bonds, due 1967 (reference to which was made in our issue
of Aug 25, page 1165), the New York Stock Exchange issued
;
the following rulings on the bonds on Aug. 27:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Aug. 27 1934.
Notice having been received that payment of $7 per $1,000 bond is now
Rio Grande Do Sul consolidated municipal loan
being made on State of
-year 7% sinking fund gold bonds, due 1967, on surrender of the June
40
1 1934. coupon:
The Committee on Securities rules that beginning Tuesday, Aug. 28 1934,
the said bonds may be dealt in as follows:
(a) "with Dec. 1 1931, and subsequent coupons attached:"
(b) "with Dec. 11931, to Dec. 11933, inclusive and Dec. 1 1934, and
subsequent coupons attached:"
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Questionnaire Addressed to Members of New York
Stock Exchange Seeks Data Incident to Amounts
of New Issues in Margin Accounts.
The Committee on Business Conduct of the New York
Stock Exchange on Aug. 25 sent a questionnaire to members
of the Exchange, requesting data as to the amounts of "new
issues" in margin accounts of customers and in firm and
general partners' accounts. A similar questionnaire will
be issued each month.
In the New York "Herald Tribune" of Aug. 26 it was
stated:
The first questionnaire sent to members yesterday requested information
on five new issues whicb were floated in the last two months. The Exchange
member firms are to give in detail the amount of the issue in margin accounts for customers, exclusive of amounts carried for member firms,
and the amounts for the firms and the general partners' accounts. . .
The purpose of the inquiry is to determine to what extent the issues
involved had been distributed and "digested" in investment channels,
It is believed.
The questionnaire obviously will give the Stock Exchange an indication
of the way the capital market is subscribing new issues. In the past the
entire question of the receptability of the capital market to new issues
has been purely a matter of guesswork.
The questionnaire was issued in the following form:
me
Report to Committee on Business Conduct of total amount of "new
Issues" at issue price as of the close of business on Aug. 31 1934.
Description.
In Margin Accounts
Customers (Erclusire of For Firm and General
Issue of Amounts Carried for Partners' Accounts.
Member Firms.)
Price.
Mill. Thou. Hand. Mill. Thou. Hand.
New York, Lackawanna &
Western RR. Co. 1st & Ref.
mtge. 4s 1973
93
Illinois Central RR. Co. 3-yr.
6% notes due June 1 1937_ 100
Pennsylvania RR. Co. gen.
metge. 43ifs—E, 1984
9755
-year
Baltimore de Ohio RR. 5
43-6% secured notes, due
100
Aug. 1 1939
Edison Electric Illuminating
Co. of Boston-3% notes
100
due July 16 1937
Western Massachusetts Companies 4% notes due Aug 1
100
1939
Totals
(Note.—New Issues carried In accounts of customers having debt balances must
be included in the foregoing repoit, Irrespective of whether the new issues are repledged or not. Each new Issue shall be valued at the issue price given above.)
(Signature of member or firm.)
Cotton Pool Members Given Preference to Sell or
Obtain Benefits of Recently Announced 12-cent
Loan Plan.
Members of the 1933 cotton producers pool who hold participation trust certificates will have the opportunity to
Volume 139
Financial Chronicle
obtain the benefits of the 12-cent loan plan announced Aug.
21 by the President or may tender their certificates to the
pool and receive the market price, it was announced Aug.
21 by Oscar Johnston, manager of the pool. Reference to
the 12-cent loan plan was made in our issue of Aug. 25, page
1174.
In announcing that arrangements are being worked out to
apply the 12-cent loan plan to the equities now held by members of the pool, Mr. Johnston issued the following statement:
Pool members now owe to the pool against cotton as evidenced by their
certificates, 10 cents per pound or $50 per bale plus a carrying charge of
30 cents per bale per month since Feb. 1, 1934. This carrying charge to Oct.
1 will amount to $2.40 per hale.
When he has been authorized by pool members to do so, the pool manager
will borrow from the Commodity Credit Corporation an additional two cents
per pound or $10 per bale. From this will be deducted $2.40 to cover expenses of the pool to Oct. 1 and the balance of $7.60 per bale will be distributed to the pool members who have authorized such action. There are
in the cotton pool at the present time approximately 1,950,000 bales of
cotton held by approximately 450,000 cotton producers. If all members
desire to obtain the two-cent advance, it will mean that approximately
$14,820,000 will be distributed among this group.
Producers desiring to obtain their full equity in their holdings may tender
their certificate to the pool manager who will purchase it on the basis of
the market price. When the certificates are purchased' by the pool manager
there will be deducted from the purchase price the amount of the pool member's obligation to the pool which at the present time is 10.48 cents per
pound or $52.40 per bale. Those pool members who do not wish to obtain
the two-cent advance and tender their certificates for sale to the pool manager, who reserves the right to reject any offer if, in his judgment, marketing
conditions do not justify the sale of the cotton covered by the certificates
offered to him.
Mr. Johnston further announced that in order to avoid the
necessity of having to sell cotton or cotton contracts on the
present market to meet the requirements of pool members
who desire to cash their certificates, an arrangement had
been developed with the Federal Surplus Relief Corporation
under which it will purchase cotton for relief purposes. The
FSRC is expected to require a sufficient amount of cotton to
take care of those certificate holders who desire to sell their
certificates now. This will move that quantity into consumption without its coming on the open market and without its
being hedged. The cotton acquired by the relief corporation
will be used solely for relief purposes and will not go into
commercial channels.
Mr. Johnston expressed the opinion that a majority of the
pool members will take advantage of the offer to advance
them an additional two cents and will continue to carry their
pool certificates. "The cotton is being carried at an extremely low cost," Mr. Johnston said, "and the Government
is prepared to administer the marketing of the pool cotton
in an orderly manner."
English Spinners Sign Coarse Counts Agreement.
A cablegram, Aug. 26, from London to the New York
"Journal of Commerce" stated:
Spinners of American coarse yarns have signed a new agreement known
as the "Royton Coarse Counts Agreement" covering counts of 26s and below
of the medium American quality. The agreement is a legal document entailing
penalties for breaches. Thirty-one mills representing 3,000,000 spindles have
signed the agreement, which is operative for eighteen months from Aug. 23.
Coarse counts were advanced %d. per pound. A general committee will fix
the minimum prices and conditions of sale.
Japanese Reported as Ordering Cotton Embargo.
The following Havas cablegram, from Osaka, Japan, Aug.
18, is from the Philadelphia "Record":
The Federation of Japanese Cotton Spinners and the Association of Cotton
Thread and Piece Goods Exporters to-day decided to place an embargo on
the export of cotton gray goods to the Dutch East Indies.
The measure was taken in order to facilitate negotiations begun at Batavia
between representatives of Japan and Holland.
It will remove all occasion for Government intervention under the commercial protection act.
George A. Sloan to Continue as Chairman of CottonTextile Code Authority and President of CottonTextile Institute—Withdraws Resignation.
George A. Sloan, who on Aug. 3 tendered his resignation
as Chairman of the Cotton-Textile Code Authority and as
President of the Cotton-Textile Institute, Inc., withdrew the
resignation on Aug. 23 and will continue in the two positions.
The change in Mr. Sloan's plans was taken at a meeting of
the executive committee of the Institute. Following the
meeting, G. Edward Buxton, of Providence, and Donald
Comer, of Birmingham, Ala., issued the following statement:
On Aug. 3 George A. Sloan presented his resignation as President of the
Cotton Textile Institute to its executive committee and asked to be relieved
at the convenience of the committee. The committee recognized that there
were strong and valid personal reasons why Mr. Sloan should ask to be relieved' at this time. The eight years of devoted service he had rendered this
Industry, the terrific load of responsibility and incessant labor he has carried
during the last year and a half, and the constructive achievements of the
industry ander his leadership, made it ;eon ungracious not to comply with
ids request immediately. But the very importance of those services made
the committee fee! it must have time for further consideration.
1323
Since then, urgent representations from the individual units in the industry, small and large, from associated groups, from other industries confronted
with similar problems and front those concerned with the public interest, have
impressed upon the committee that they were right in their own estimate of
the vital importance of the continuance of Mr. Sloan's leadership. The industry is mid-stream in problems of fundamental importance to it, of fundamental importance to the public interest. Only in view of this situation has
the committee felt justified in asking Mr. Sloan to withdraw his resignation
and in asking him to make the very great personal sacrifices that are involved in his so doing.
The executive committee at its meeting to-day presented these views to
Mr. Sloan. lie felt it was a request he could not refuse and be has withdrawn
his resignation. This means that Mr. Sloan will continue as President of
the Institute and as Chairman of the Cotton Textile Code Authority.
Reference to Mr. Sloan's intention to resign from the two
textile posts was made in our issue of Aug. 18, page 1030.
Rules for Trading in Unlisted Securities Issued By
Securities and Exchange Commission.
Rules providing for the continuation or extension of unlisted trading on exchanges, were issued Aug. 29 by the
Securities and Exchange Commission at Washington. The
announcement by the Commission said:
Exchanges desiring to continue unlisted trading in securities admitted to
such trading before March 1 1934, or to extend unlisted trading privileges
of securities listed on other exchanges prior to March 1 1934, must file
applications with the Commission giving specified information regarding
the market in the securities.
Unlisted securities which are not registered on other exchanges, will be
exempt from the reporting requirements of Sections 12, 13, and 16 of the
Securities Exchange Act. Quotations of transactions in unlisted securities
must clearly indicate the difference between such transactions and transactions in fully listed securities.
As to the Commission's rules and its requirement that the
exchanges distinguish between issues fully listed and those
unlisted in reporting quotations an account from Washington
Aug. 28, appearing in the New York "Sun," said:
The distinction will be drawn by adding the letter L to the quotations of
sales in securities listed.
In the publication of quotations!' by an exchange or a controlled person
otherwise than by ticker, the reports are to be grouped separately under
headings indicating whether they concern listed securities or those admitted to unlisted privileges.
Unlisted securities usually are traded as a result of application by members
of the exchange rather than by application of the company and therefore
the exchanges generally have less information available on unlisted than
on fully listed companies.
Exchanges wishing to continue listed trading must file with the Commission not earlier than Sept. 16 an application giving specified data on the
market. Issues that are not registered under the Act on other exchanges
will be exempt from the reporting requirements of Sections 12, 13 and 16
of the Securities Exchange Act.
Permission to continue or extend unlisted trading privileges shall become
effective without further order of the Commission when the registration of
the exchange as a national securities exchange becomes effective or on
Oct. 1 1934. whichever date is later. This permission expires at midnight
on June 30 1935. or at an earlier date if the Commission so rules.
If an unlisted security on one ecchange is nevertheless listed on another.
the former must keep available to the public all information regarding the
security as provided by the exchange on which it is listed.
Joseph P. Kennedy, Chairman of the SEC, said that the Commission
would rule next on the use of manipulative practices and probably would
follow with rules for over-the-counter dealings.
The greatest difficulty, he said, has been in getting exchanges headed
in the right direction.
Organization plans had been delayed by a dispute over jurisdiction in
the appointment of employees, which has been settled by a ruling that
employees of the Commission are under Civil Service. Experts will be
appointed by the Commission.
The SEC now has about 110 employees and eepects to add about 300.
No arrangements have been made for branch offices.
The rules were made public as follows by the Commission:
RULES AND REGULATIONS:
Rule JF-1. Applications for temporary continuance of unlisted privileges
granted prior to March 1 1934, as to securities listed on other exchanges or
not so listed.—An exchange desiring to continue, pursuant to Section 12(f)
(1), unlisted trading privileges to which a security or securities had been
admitted on such eechange prior to March 1 1934, shall file with the Commission not earlier than Sept. 16 1934. an application conforming with the
requirements prescribed for registration statements by Rule A-2 and
containing as to each security for which temporary continuance of such
privileges is desired the following information or an explanation of the
reasons why any of it is unavailable.
(1) Name of security (including name of issuer).
(2) Amount issued (stating source of information, which may be latest
report of issuer if no subsequent source is available).
(3) Date of admission to unlisted trading privileges.
(4) If reasonably practicable, an estimate of the amount held in the
vicinity where the exchange is located and a brief indication of the geographical area which is deemed to constitute such vicinity.
(5) Volume of trading (number of shares or par value of bonds) on the
exchange for each of the years 1929 to 1932 inclusive, for each calendar
month since Dec. 31 1932. and daily for the last four calendar weeks prior
to the date of the application.
(6) Monthly price range on the exchange since Dec. 31 1932, and daily
range for the last four calendar weeks prior to the date of the application.
(7) Names of exchanges on which the security is presently known to be
(a) listed, and /or (b) admitted to unlisted trading privileges, including
foreign exchanges as to which information is available.
(8) The source and grounds of, and reasons for rejecting, any complaints
which have been made to the exchange since Dec. 31 1924. on the part of
the issuer or any person known to control, or to be controlled by, the issuer,
objecting to the commencement or continuance of unlisted trading in the
security.
Rule JF-2. Applications for extension of unlisted trading privileges granted
since March 1 1934, to securities listed on other exchanges.—(a) An exchange
desiring to extend, pursuant to Section 12(f) (2), unlisted trading privileges
to a security or securities not admitted to such privileges on such exchange
prior to March I 1934, but listed on March 1 1934. on another exchange
which has become registered as a national securities exchange, shall file
with the Commission, not earlier than Sept. 16 1934, an application conforming with the requirements prescribed for registration statements by
1324
Financial Chronicle
Rule A-2 and containing as to each security for which extension of such
privileges is desired the following information or an explanation of the
reasons why any of it is unavailable.
•
(1) Name of security (including name of issuer).
(2) Amount issued (stating source of information, which may be latest
report of issuer if no subsequent source is available).
(3) If reasonably practicable, an estimate of the amount held in the
vicinity where the exchange is located and a brief indication of the geographical area which is deemed to constitute such vicinity.
(4) If admitted to trading since Feb. 28 1934. volume of trading on the
exchange for each calendar month since admission and daily volume for
the last four calendar weeks prior to the date of the application.
(5) Monthly price range in the vicinity where the exchange is located
(and on the exchange if admitted to trading since Feb. 28 1934) since
Dec. 31 1932, and daily range for the last four calendar weeks prior to the
date of the application.
(6) Names of exchanges on which the security is presently known to be
(a) listed, and /or (b) admitted to unlisted trading privileges, including
foreign exchanges as to which information is available, stating the last date
of listing on each exchange.
(7) The source and grounds of. and reasons for rejecting, any complaints
which have been made to the exchange since Dec. 31 1924, on the part of
the issuer or any person known to control, or to be controlled by, the issuer,
objecting to the commencement or continuance of unlisted trading in
the security.
(b) No application made under this Rule will be accepted with regard to
a security admitted to unlisted trading privileges prior to March 1 1934,
on the exchange making the application, whether or not such security is
listed on another exchange. Application for the continuance of unlisted
trading privileges as to such a security must be made under Rule JF-1.
Rule JF-3. Granting and termination of permission to continue or extend
unlisted trading privileges.—(a) Permission to continue or extend unlisted
trading privileges shall become effective without further order of the Commission at the time the registration of the exchange as a national securities
exchange becomes effective or on Oct. 1 1934, whichever date is later, if
(1) pursuant to Rule JF-1 or JF-2, the application for such permission is
received by the Commission on or before Sept. 22 1934, and (2) the Commission does not by order deny the application. If the application is not
received by the Commission or or before Sept. 22 1934, permission shall be
come effective upon such date as the Commission shall by order determine.
(b) Permission granted pursuant to this Rule shall expire at midnight
June 30 1935, or, after due notice, at such earlier date as the Commission
may at any time by rules or regulations or by order prescribe as to any or
all of the securities included in the application. After June 30 1935, or
such earlier date of expiration, further continuance, pursuant to Section
12(f)(1),of unlisted trading privileges to which a security had been admitted
prior to March 1 1934, on the exchange desiring such further continuance,
may be permitted until not later than June 1 1936, pursuant to such rules
or regulations as the Commission may prescribe.
(c) Except as may be otherwise specifically provided by rules or regulations or by order of the Commission, the granting of permission to continue
or extend unlisted trading privileges upon application pursuant to Rule
JF-1 or JF-2 shall in no way limit the right of a national securities exchange
to terminate such privileges pursuant to the rules of the exchange.
Rule JF-4. Exemption of unlisted securities from Section 12, 13 and 18.—
Any security as to which permission to continue unlisted trading on a
exchange is effective pursuant to Rule JF-3 upon application pursuant to
Rule JF-1 and which is not otherwise registered on any national securities
exchange, and any Issuer of such security, shall, while such permission is
effective, be exempt from the provisions of Sections 12 (except subsection
(f) thereof). 13 and 16. While such permission is effective as to a security
the exchange shall file with the Commission a copy of each report or financial
statement regarding the issuer of such security which is received by the
exchange, promptly after each such report.
Rule JF-5. Quotations of transactions in unlisted securities.—All quotations of transactions in securities admitted to unlisted trading privileges on
an exchange which are published or reported by such exchange or by any
person directly or indirectly controlled by such exchange, shall clearly
indicate the difference between such transactions and transactions in listed
securities. In the case of quotations made by such exchange or such
controlled person by ticker, such difference shall be indicated by adding
the letter "L" to quotations of transactions in securities listed on such
exchange. In the case of such quotations reported or published by such
exchange or such controlled person otherwise than by ticker, reports of
transactions shall be grouped separately under headings indicating whether
they concern listed securities or securities admitted to unlisted trading
privileges.
Rule JF-6. Documents regarding unlisted securities which are listed on
another exchange.—Every exchange on which a security is admitted to
unlisted trading privileges, which security is listed on another national
securities exchange, shall obtain and keep available to the public during
reasonable office hours a copy of all information regarding such security
which is filed with the Commission pursuant to Sections 12. 13, and 10.
Rule KC-1, and /or any other rules or regulations prescribed pursuant to
such sections, except those portions of such information to the disclosure
of which objection has been filed pursuant to Rule 11B-2, which objection
shall not have been overruled by the Commission pursuant to Section 24(b).
Rule AT-3. Definition of "Admitted to Unlisted Trading Privileges."—
In addition to securities in respect of which the obligations have not been
changed since the admission of such securities to unlisted trading privileges
prior to March 11934, the following securities shall be deemed "admitted
to unlisted trading privileges" prior to March 1 1934:
(1) A bond, debenture, or note, admitted to unlisted trading privileges
prior to March 1 1934. the obligation of which has been modified since
Feb. 28 1934 only by change of maturity and /or rate of interest;
(2) A certificate of deposit, or other certificate or receipt for a security
coming under (1) above, if said certificate or receipt was itself admitted
to unlisted trading privileges prior to March 11934:
(3) Additional issues since Feb. 28 1934, authorized prior to March 1
1934, with regard to a security admitted to unlisted trading privileges prior
to March 1 1934;
(4) Such other stocks, bonds and /or other securities, as are substantially
equivalent to or represent securities admitted to unlisted trading privileges
prior to March 11934, as the Commission may specify upon application by
the exchange.
Other rules and regulations issued by the Commission
were given in our issue of Aug. 18, page 1016, and Aug. 25,
page 1166.
Treasury Survey to Determine Extent of Availability of
Bank Credit to Small Industries—Inquiry To Be
Brought Under Way in Chicago Federal Reserve
District.
A survey to determine whether needed bank credit is being
made available to small industries has been undertaken by
the Treasury Department, it was announced on Aug. 30 by
Secretary of the Treasury Morgenthau. The inquiry has
Sept. 1 1934
been brought under way in the Federal Reserve District of
Chicago, and will be conducted by a staff of about 50 field
workers recruited from midwestern universities, under the
direction of Dr. Jacob Viner of the University of Chicago,
now an adviser to the Treasury. Inn Washington dispatch
Aug. 30 to the New York "Times" it was stated:
The Chicago District had been selected, Dr. Vines said, because the
Treasury wanted one which had been "touched by the drought"; an important industrial and agricultural city and a large city in which various
Federal agencies had been operating to a certain degree. This Federal Reserve district includes Illinois, Chicago, Wisconsin, Indiana and a large
part of Iowa.
It is hoped to collect the material in three weeks and to have an analysis
and report ready In October.
The same account had the following to say:
Dr. Vines said that the Treasury's survey sas a "purely fact-finding
operation" as a result of which it was hoped to obtain the /1nsV.ent to a number
of questions as to why bank loans had not been more freely made, among
them the following:
1. Are there a number of legitimate enterprises unable to obtain credit from
banks?
2. Is it that too many business men have had their credit status impaired
by the depression and are not good risks?
3. Is it because banks want to retain theL liquidity, or are the bank
officials unduly strict?
4. Are other Federal agencies supplying funds with which bank loans are
being liquidated?
5. Is It simply that bankers are going into the government bond investing
business?
To Get Data From Individuals
Dr. Vine! said that the study would seek to determine "just what the
situation is with respect to availability of bank credit to small and moderatesized business concerns, including possibly farmers or their commercial
operations or their marketing operations, but mainly to city, small town
and village business men."
The task of the field workers, who will be paid $11.40 a day, will be to
obtain facts from the banks regarding 2.000 cases in which loans have been
refused and also the viewpoint of 2,000 applicants who haVe unsuccessfully
sought loans.
It is stated that the investigation is being undertaken with
the co-operation of the Federal Reserve Board, the Reconstruction Finance Corporation and the Federal Deposit
Insurance Corporation as well as all private credit agencies
and industrial and business groups which may be able to offer
information.
On Aug. 30 Jesse H. Jones, Chairman of the Reconstruction Fianance Corp. made public figures of industrial loans,
by states, to industrial and Commercial businesses, showing,
as of Aug. 25:
100 loans to industrial and commercial businesses (under
Section 5-D of the RFC Act) ,040,550.
171 loans to assist in the National Recovery Administration
program amounting to $16,687,825.
Total 271 loans aggregating $24,728,375.
Francis P. Brassor Named Secretary of SEC.
Francis P. Brassor, an investigator for the Civil Service
Commission, was selected on Aug. 24 as Secretary of the
Securities and Exchange Commission. He was formerly
with the Personnel Classification Board and the Internal
Revenue Bureau.
Recent Reductions in Interest Rates by New York
Banks.
A reduction in interest rates on thrift accounts by the Corn
Exchange Bank Trust Co., New York City, on July 1,at which
time the institution lowered its rate from 2% to 1%%, has
been followed by similar action by other commercial banks
in New York City. The Chase National Bank and the National City Bank have put lower rates into effect while the
Bank of the Manhattan Co. will lower its rates on Oct. 1 as
will the Brooklyn Trust Co., of Brooklyn.
The Chase put its new reduced rates into effect on Aug. 1.
The bank is now paying 1%% on balances from $50 to $5,000
and 1% on balances from $5.000 to $10,000. No interest is
paid by the bank on balances below $50 or above $10,000.
Prior to the change the bank paid 2%.
Announcement was made on Aug. 21 by the National City
Bank that it will lower its 2% compound interest rate on
balances in excess of $5,000 and up to $15,000, to 1%, effee
live to-day (Sept. 1). The 2% rate will continue to be paid
by the bank on balances up to $5,000. Interest is compounded
monthly.
The new rates to be put into effect on Oct. 1 by the Bank
of the Manhattan Co. will affect special interest accounts
with balances of $100 and over and not exceeding $5,000. The
interest to be paid by the bank on these accounts will be reduced from 2% to 1%%. The institution will continue to
pay interest on accounts in excess of $5,000 and not exceeding
$15,000 at the rate of % of 1%.
The Brooklyn Trust Co. will on Oct. 1 lower the interest
paid on thrift deposits to 11
h% on balances exceeding $100
Financial Chronicle
Volume 139
but not above $5,000, and will reduce the rate on balances
exceeding $5,000 to % of 1%. At present the bank is paying 2%.
Banks Insured by FDIC to Display Emblems
Emblems, to be displayed not later than Oct. 1, are being
sent by the Federal Deposit Insurance Corporation to banks
whose deposits are insured by the Corporation. The first of
the signs were mailed on Aug. 24 at which time Leo T.
Crowley, Chairman of the Corporation, siad that "the intent
of the Corporation is to let the depositors know which banks
are insured, and, of course, the banks may engage in additional advertising to acquaint the depositors with the fact
they are insured." The signs read:
"Deposits insured by the Federal Deposit Insurance Corporation. Maxi
mum insurance $5,000 for each depositor."
Treasury Purchases of Government Securities $10,798,000 During Week of Aug. 27.
The Treasury Department made purchases of Government
securities in the open market during the week of Aug. 27
in amount of $10,798,000, according to the weekly statement
issued Aug. 27 by the Department. The Treasury purchased
$1,250,000 of the securities which are for the investment
accounts of the various Government agencies, during the
previous week ended Aug. 20. Since the inception of the
Treasury's support to the Government bond market last
November (reference to which was made in our issue of
Nov. 25, page 3769) the weekly purchases have been as
follows:
Nov. 25 1933
$8,748,000 Apr. 14 1934
20,580.000
Dec. 2 1933
2,545,000 Apr. 21 1934
30,500.000
Dec. 9 1933
7,079,000 Apr. 28 1934
4,885.000
Dec. 16 1933
16,600,000 May 5 1934
5,001,500
Dec. 23 1933
16,510,000May 12 1934
500.000
Dec. 30 1933
11,950,000 May 19 1934
4,000,000
Jan. 6 1934
44,713.000 May 26 1934
5,000,000
Jan. 13 1934
33,868,000 June 2 1934
Jan. 20 1934
17,032,000 June 9 1934
Jan. 27 1934
2,800.000 June 16 1934
Feb. 5 1934
7,900,000 June 23 1934
Feb. 13 1934
*22,528,000 June 30 1934
500,000
Feb. 17 1934
7,089,000 July 7 1934
Feb. 24 1934
1,861,000 July 14 1934
3,828.000
Mar. 3 1934
10,208,100 July 23 1934
400,000
Mar. 10 1934
6,900,000 July 30 1934
Mar. 17 1034
7.909,000 Aug. 6 1934
Mar 24 1934
37,744,000 **Aug. 13 1934
45.098.100
Mar. 31 1934
23,600,000 Aug. 20 1934
1.250.000
Apr. 7 1934
$42,369.400 Aug. 27 1934
10,798,000
•In addition to this amount. $638,400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
** In addition 122.000,000 ot securities of HOLC purchased direct.
Hoarded Gold Amounting to $941,977 Received During
Week of Aug. 22—$38,157 Coin and $903,820 Certificates.
Receipts of gold coin and certificates during the week of
Aug. 22 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Aug. 27, amounted to $941,977.33. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up
to Aug. 22, amount to $98,137,082.82. Of the amount
received during the week ended Aug. 22, the figures show,
$38,157.33 was gold coin and $903,820 gold certificates.
The total receipts are shown as follows:
Received by Federal Reserve Ranks:
Week ended Aug. 22 1934
Received previously
Total to Aug. 22 1934
Received by Treasurer's Office:
Week ended Aug. 22 1934
Received previously
Gold
Coin.
$38,157.33
28,840,181.49
Gold
Certificates.
$896,220.90
66.415,930.00
$28,878,338.82 167,312,150.00
250,994.00
7,600.00
1,688,000.00
Total to Aug. 22 1934
1250,994.00 81,695,600.00
Note.—Gold bars deposited with the New York Assay Office to the
amount of
5200,572.69 previously reported.
376,503.65 Fine Ounces of Silver Purchased During
Week of Aug. 24 by Treasury Department.
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to buy
at least 24,000,000 ounces of silver annually, the Department during the week of Aug. 24, purchased 376,503.65
fine ounces. A statement issued Aug. 27 by the Treasury
showed that of the amount purchased during the week,
374,526.65 fine ounces were received at the San Francisco
Mint and 1,977 fine ounces at the Denver Mint. During
the previous week ended Aug. 17 the purchases by the
Treasury amounted to 649,757.05 fine ounces. The statement issued by the Treasury, Aug. 27 indicated that the
total receipts of silver by the Mints from the time of the
issuance of the proclamation up to Aug. 24 were $11,698,000.
Reference to the President's proclamation was made in our
issue of Dec. 23 1933, page 4440. The weekly purchases are
as follows (we omit the fractional part of the ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 28
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
• Corrected figure.
1325
OillettS.
1,157
547
477
94.921
117,554
375.995
232,630
322,627
271,800
126,604
832,808
369.844
354,711
569,274
10,032
753,938
436,043
Week Ended—
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Ounces.
647,224
600,631
503,309
885.056
295.511
200.897
206,790
380.532
64.047
.1,218.247
230.491
115.217
292,719
118,307
254.458
649,757
376,504
Silver Transferred to United States Under Nationalization Order-26,088,019 Ounces During Week of
Aug. 24.
Under the Executive Order of Aug. 9, nationalizing silver,
26,088,019 ounces of the metal were transferred to the
United States during the week ended Aug. 24, it is indicated
in a statement issued by the Treasury Department on
Aug. 27. The statement shows that the silver was received
at the various mints and the New York Assay Office as
follows:
Philadelphia
San Francisco
Denver
Ounces.
Ounces.
3,952 New York
22,260,815
3,817,650
5,602
Total for week end. Aug. 24 26,088,019
During the first week following the issuance of the Executive Order (week of Aug. 17), silver in amount of 33,465,091
ounces was turned over to the United States, the total up to
Aug. 24 amounting to 59,553,110 ounces. The order of
Aug. 9 was given in our issue of Aug. 11, page 858.
Bids of 8229,185,000 Received to Offering of 875,000,000
or Thereabouts of 182-Day Treasury Bills Dated
Aug. 29-875,065,000 Accepted at Average Rate
of 0.22%.
According to an announcement issued Aug. 27 by Henry
Morgenthau, Jr., Secretary of the Treasury, tenders of
$75,065,000 were accepted to the offering of $75,000,000
or thereabouts of 182-day Treasury bills, dated Aug. 29.
The bids to the offering, totaling $229,185,000, were received
at the Federal Reserve banks and the branches thereof up to
2 p. in. Eastern Standard Time Aug. 27. The offering
was announced on Aug. 23 by Secretary Morgenthau and
reference to the same was made in our issue of Aug. 25,
Page 1169.
The bills, which mature on Feb. 27 1935, were sold at an
average rate of about 0.22% per annum on a bank discount
basis. This compares with other recent rates at which previous issues sold of 0.23% (bills dated Aug. 22); 0.25% (bills
dated Aug. 15); 0.12% (bills dated Aug. 8), and 0.09%
(bills dated Aug. 1). The average price at which the bills
dated Aug. 29 sold was 99.889. Secretary Morgenthau's
announcement of Aug. 27 further said:
The accepted bids ranged in price from 99.900, equivalent to a rate of
about 0.20%, to 99.888, equivalent to a rate of about 0.23% per annum
on a bank discount basis. Only part of the amount bid for at the latter
price was accepted.
New Offering of 875,000,000 or Thereabouts of 182-Day
Treasury Bills—To Be Dated Sept. 5 1934.
Tenders to a new offering of $75,000,000 or thereabouts of
182-day Treasury bills were received at the Federal Reserve
banks and the branches thereof, up to 2 p. m., Eastern
Standard Time, yesterday (Aug. 31). The bills, the offering
of which was announced on Aug. 28 by Henry Morgenthau,
Jr., Secretary of the Treasury, will be dated Sept. 5 1934,
and will mature on March 6 1935. On the maturity date
the face amount of the bills will be payable without interest.
An issue of similar securities in amount of $100,236,000 will
mature on Sept. 5 and the tenders to the new offering will be
used to retire the same in part. Secretary Morgenthau's
announcement of Aug. 28 said:
The bills will be sold on a discount basis to the highest bidders.
They
will be issued in bearer form only, and in amounts or denominations of
$1.000, $10,000. $100,000. $500.000, and $1,000,000 (maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed
on
the basis of 100, with not more than three decimal places, e. g. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Aug. 311934.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
1326
Financial Chronicle
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds on
Sept. 5 1934.
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.
Firms Urged by New York Stock Exchange to Register
Early Under Rules of SEC—Applications Received
from 200 of 1,412 Issuers—Time Limit, Sept. 13.
Presidents of listed companies which have intention to file
application with the New York Stock Exchange for temporary registration under rules issued by the Securities and
Exchange Commission and have not as yet taken such action,
were urged yesterday (Aug. 30) by the Exchange to make
application immediately. In a letter sent by J. M.B. Hoxsey
Executive Assistant of the Committee on Stock List, it is
shown that of 1,412 issuers only 200 applications have been
received by the Exchange. The letter pointed out that the
applications must reach the office of the Committee not later
than Sept. 13 "in order to insure the fact that the securities
covered thereby will remain listed and will be registered on
and after Oct. 1, 1934." The letter follows:
On Aug. 13 a circular letter was sent to you with a copy of Rules and
Regulations for temporary registration of listed securities as adopted by
the Securities and Exchange Commission on Aug. 13. There were also
forwarded with this three copies of Form 2, which is an application for such
temporary registration.
These applications must reach this office not later than Sept. 13, 1934,
in order to insure the fact that the securities covered thereby will remain
listed and will be registered on and after Oct. 1. 1934.
Should applications not be received, it would be necessary to suspend
trading, and the availability of the securities in question as collateral for
loans would, in certain instances, be impaired.
In the 17 days since the letter was sent out, only 200 applications have
been received out of a total of 1,412 issuers, which figure includes, however,
a relatively small number which will come under Section JE 2 of the Rules
and Regulations. There are only 14 days left In which to recieve the remainder,and these include a holiday and two Sundays.
If applications are delayed until the last two or three days it may be
physically impossible to check them in this office and to forward them to
Washington in time. If it is your intention to make application, you are
urged to do it immediately.
If your securities include common or preferred stocks having a par value,
please be sure that the amount of such par value is stated, and please do
not fail to state, as to stock, its exact designation. whether capital, common,
preferred, class A, or otherwise.
Yours very truly,
COMMITTEE ON STOCK LIST
J. M.B. Hoxsey. Executive Assistant
Application for Registration as National Securities
Exchange Being Made by New York Produce Exchange.
At a special meeting held Aug. 29, the Board of Managers
of the New York Produce Exchange authorized the Securities
Market on the New York Produce Exchange to apply for
registration as a national securities exchange under the Securities Exchange Act of 1934. Application, the Exchange
announced, will be filed with the Commission to-day (Sept. 1).
New York Produce Exchange to Identify Listed
Securities on Ticker.
The Securities Market on the New York Produce Exchange
will differentiate between listed and unlisted securities by
adding the letter "L" to ticker symbols of the former, beginning to-day (Sept. 1), the Exchange announced Aug. 30.
The Exchange said that a summary of transactions in the
Securities Market from Jan. 1 to date shows that approximately 50% of the volume has been in unlisted securities and
approximately 50% in fully listed securities.
Filing of Registration Statements With Federal Trade
Commission Under Securities Act.
Announcement of the filing of 8 security issues, totaling approximately $26,800,500 in face value, with the Federal Trade
Commission forregistration under the Securities Act,was made
by the Commission on Aug. 27. More than 821,000,000 of
the total is accounted for by industrial and commercial securities, the largest of which is $18,100,000 in capital stock and
warrants for capital stock proposed for offering to the public
by a Toronto, Canada, company investing in gold and other
metal mining enterprises. Tastyeast, Inc., of Trenton,
N. J., filed a statement of reorganization from a Massachusetts to a Delaware corporation, the transaction involving
the issue of $1,137,500 in class A stock.
The list of these registration statements (1070-1077) was
made known as follows:
San Jose Water Works (2-1070, Form A-1), 315 West Santa Clara Street.
San Jose, Calif., a California corporation organized Oct. 24 1931 as a
successor to a company of the same name; supplying water to domestic,
commercial and Industrial consumers in San Jose, Willow Glen, Los Gatos,
Saratoga and adjacent territory in Santa Clara County, Calif. The corn-
Sept. 1 1934
pany expects to issue first mortgage 5% convertible sinking fund bonds,
dated Aug. 1 1934 and maturing Aug. 1 1954. in the principal amount of
$1,187,000 and 37,984 shares of common stock available for the exercise
of conversion rights attaching to the bonds at an initial conversion price
of $31.25 in principal amount of bonds for each share of common stock.
The bonds are to be offered at not more than 105% of the principal amount
and accrued interest, or a total of $1,433,350. This amount, together with
the total initial conversion price of the common stock, brings the total
aggregate issue to $2,433,350.
The bonds will be sold to the underwriters at 90% of the principal amount
thereof plus accrued interest, provided however in case the underwriters
offer them to the public at a price higher than 95% of principal amount
and accrued interest, they will pay to the company an additional amount
equal to one-half of the excess of the price over and above the 95%. A
commission of not to exceed 3% of principal amount may, in the discretion
of the underwriters, be allowed by them to dealers on sales of bonds, such
commission to be paid by underwriters and not to affect the price received
by the company. The underwriters are; E. H. Rollins & Sons, Inc..
44 Wall Street, New York City, and Blyth & Co., Inc., Russ Building,
San Francisco.
Estimated proceeds to be raised by the sale of the bonds is $1,068,300,
part of which is to be applied in final payment to this corporation's predecessors in respect of balance of consideration for properties, and part of
which is to be deposited with the trustee under the original indenture securing the bonds and may be withdrawn for future additions, betterments
and extensions.
Among officers are- H. S. Kittredge, President, and E. W. Green, Secretary-Treasurer, both of San Jose, Calif.
Canadian Gold & Metals Mining Co., Ltd. (2-1071. Form A-1), 330 Bay
Street, Toronto, Can., a Canadian corporation organized July 10 1934 to
invest in gold and other metal mining and allied businesses, proposing to
offer 4,525,000 shares of capital stock at $2.50 each, or a total of$11,312,500
and 2,262,500 shares of capital stock reserved for warrants at a proposed
maximum offering price of $3 a share, as well as such additional capital
shares or scrip representing interest therein issuable on the exercise of such
warrants, making a grand total offering of $18,100,000. A warrant will
entitle its holder on or after Jan. 11935, and not later than Dec. 31 1940,
to purchase scrip of the issuer representing one-fourth capital share at
certain rates. The proceeds will be used for expenses and for investment in
accordance with charter powers of the issuer. Loring R. Hoover & Co..
Inc., Jersey City, N. J., is the underwriter. The United States agent is
Canadian Gold & Metals Mining Co.. Inc., 1706 First National Bank
Building, Baltimore. The company's present policy is to invest at least
70% of its capital and paid-in surplus in listed shares or other listed securities of corporations or associations in the mining field, and to invest at least
50% of its capital and paid-in surplus in dividend-paying or interest-bearing
marketable securities. Among officers are: John W. Hobbs, President.
and Claude R. Alderson, Secretary-Treasurer, both of Toronto, Can.
National Non-Skid Tire Chain Corporation (2-1072, Form A-1), Wilmington, Del., a Delaware corporation organized July 6 1934 to manufacture
and market non-skid tire chains, and proposing to issue 200,000 shares
class A common stock at $1 a share ($200.000). Estimated net proceeds
of $140,000 will be used for machinery, equipment, material, advertising,
operating fund and reserve. A commission of 30% will be paid on sales.
The company expects to carry on its business in Connecticut. Ohio and
California. Among officers are: Jason S. Conley, President and Treasurer,
and 0. W. Dale. Secretary, both of Inglewood, Calif.
Protective Committee for Holders of J. P. Allen & Co. First Mortgage Leasehold 634% Serial Gold Bonds (2-1073, Form D-1). 813 Union Building,
New Orleans. calling for deposit of $285,000 of the above bond issue out of
an original issue of$350,000, the original issuer hal,log been J.P.Allen & Co..
of Atlanta, Ga., a wholesale and retail dealer in women's cloaks, skirts and
suits. The bonds have been in default since Jan. 1 1933 and the purpose
of calling them for deposit is to obtain concerted action of the bondholders
in readjusting or reorganizing the issue. Members of the committee are:
Harry G. Thompson, C. Weis, Robert R. Wolfe and Wilfred G. Gehr, all
of New Orleans.
Peninsular Refining Corporation (2-1074, Form A-1), Tampa, Fla., a
Delaware corporation organized March 5 1934 "to refine crude petroleum
Into merchantable products; to sell and distribute its refined products to
the trade, and to buy and sell refined petroleum products." The plant
and property is to be located in Tampa. The company expects to issue
49,700 shares of common stock at $10 a share, or a total of $497,000; estimated proceeds of $335,250 will be used largely to build and complete a
refining plant. If and when an underwriter is employed, stock will be
Issued to him at $7.50 a share. Among officers are: L. H. McIntire.
President and H. E. Nott, Secretary-Treasurer, both of Tampa, Fla.
Tastyeast, Inc. (2-1075. Form E-1). Trenton, N. J., a Delaware corporation, undergoing reorganization, its predecessor having a Massachusetts
corporation. The new corporation seeks to register 1,200,000 shares class A
stock of an aggregate value of $1,137,500. The predecessor was organized
Feb. 5 1924 under the corporate name of Green Brothers Co. under the
laws of Massachusetts. The company changed its name November 5
1931 to Tastyeast, Inc., and is to be succeeded by Tastyeast, Inc., the
Delaware corporation. Holders of 800,000 shares class A stock of the
Massachusetts corporation will exchange it for the same class stock of the
Delaware corporation, share for share, leaving a balance of 400,000 shares
to be offered to the public. Holders of 125,000 shares of common stock
of the Massachusetts company will exchange it for 120,000 shares of class B
stock of the new company. The latter stock, however, does not come under
this registration. The plants to be acquired by the Delaware corporation
have a capacity to produce one million bars of "Tastyeast" daily, or to
yield approximately $8,000,000 annual sales, without adding to the present
equipment, according to the registration statement. The only sales of
stock made to others than the public will be the sale of 49,800 shares class A
stock to three officers at $1 a share in liquidation of the company's indebtedness to them to the extent of $49,800. Gross proceeds of the sale to the
public is estimated at $359,375; net proceeds, $309,375. Estimated proceeds to be raised from the sale will be used as working capital and to
develop the corporation's new food product known as "Vitamix," and for
general corporate. Officers are: Samuel Green, President; Herman Green,
Vice-President and Treasurer and Eli Green, Secretary and Assistant
Treasurer.
Reorganization Committee (2-1076, Form D-1), 25 Broadway, New York
City, calling for deposit of 05% Guaranteed Collateral Trust Bonds, dated
May 1 1928 and July 15 1928, of United States Bond and Mortgage Corporation, 8 East 41st St., N. Y. City, in the principal amount of $2,041.500.
The original issuer was engaged in the mortgage business, principally in
financing small first and second mortgages on single and multiple family
dwellings in several States, principally in New York State. In its prospectus the committee says: "As a result of the economic depression during
the past few years, the corporation has been unable to maintain a sound
financial condition and has defaulted, and has continued in default, in the
. ." Receivers
payment of the interest on its several issues of bonds.
have been appointed. A reorganization plan is contemplated. Members
Financial Chronicle
Volume 139
of the reorganization committee are: Joshua Morrison, New York City:
John T. Austin, Larchmont, N. Y.; and John D. Colgan, New York City.
Reorganization Committee Constituted to Act for the Reorganization of
Southern United Gas Company Under an Amended Plan and Agreement of
Reorganization, Dated July 5 1934 (2-1077, Form D-1), 2020 Packard Building, Philadelphia, calling for deposit of $1,421,000 principal amount first
lien 6% gold bonds, series "A"; $682,218 in notes and $2,927 miscellaneous
obligations and debts (total face value of issue, $2,106,145; total market
value, $370,482) of Southern United Gas Co., a New Jersey corporation,
a holding corporation having six subsidiaries which produce, transport and
sell natural gas in Arkansas and Oklahoma, principally to public utility
companies and industrial consumers. Subsidiaries are: Twin City Pipe
Line Co., Industrial Oil & Gas Co., Arkansas-Oklahoma Gas Co., Southwestern States Gas Co., Western Oklahoma Gas Co., and Ozark Natural
Gas Co. All issued and outstanding stock of the Southern United Gas Co.
(130,100 shares of no par value common stock) is owned by United Public
Service Co. and 96% of the issued and outstanding common stock of United
Public Service Co. is owned by Middle West Utilities Co. Southern United
Gas Co.is in receivership. A petition has been filed looking to the reorganization of the company under the Corporate Bankruptcy Act of 1934.
Members of the reorganized committee are: W. W. Turner, Chicago;
Edward M.Fitch Jr., Philadelphia; Charles B. Gillet, Baltimore, Charles B.
Roberts 3d, Philadelphia, and Clarence I. Worcester, Boston.
In making public the above the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of Aug. 25, page 1170.
4.
Monthly Summary of Work of Federal Trade Commission—Securities Registrations, Stop Orders, &c.,
in July.
A monthly statement of the work of the Federal Trade
Commission during July, issued Aug. 19, said in part:
Complete List of Securities Registrations.
During last month, the Federal Trade Commission compiled and made
publi.. a complete list of all security registrations filed with the Commission
and becoming effective since the Securities Act of 1933 went into effect
in July of that year. The list was complete through Juno 1934, and showed
that at the close of the fiscal year. June 30 1934. total registrations becoming effective were 713, involving proposed issues of a total value of $962,856,438.25. These effective registrations were divided into three classifications, industrial and commercial, financial and reorganizations. These
lists were published as releases Nos. 1913, 196 and 199.
A special release (No. 194) was published Sunday. July 22 showing registration statements, exclusive of reorganization issues, becoming effective
during the first six months of 1934.
During the last month,stop orders were issued against Red Arrow Mines,
Inc., Idaho Springs, Colo. (Release No. 190): Sauk City Brewing Co..
Sauk City, Wis.(Release No. 197); Abba Gold Mining Corporation, Carson
City, Nev. and Los Angeles, Calif., and Cariboo King Gold. Inc., Seattle,
Wash. (Release No. 200). These orders indefinitely suspended the effectiveness of the registration statements filed until such times as the companies furnished certain information then missing.
On motion of counsel for the Commission the United States District Court
at Newark, N. J., on July 2, granted a temporary order restraining Carleton
Saunders & Co. of Newark, from carrying on certain practices alleged to
have been In the nature of a fraud or deceit upon purchasers of stock of
Inspiration Gold Mining Co. of Montana (Release No. 186).
The Commission announced, July 30 (Release No. 201) as a result of
statements appearing in newspapers regarding listing on the New York
Stock Exchange of Brooklyn-Manhattan Transit Corporation sinking fund
bonds, that it had not in any way approved or disapproved such listing of
the bonds. Newspaper reports had indicated the issue was listed on the
stock exchange after full clearance had been received from the Federal
Trade Commission.
The Commission announced adoption of a new registration form to be
known as Form (3-2 for registration of non-producing oil and gas royalty
Interests (Release No. 191).
Federal Trade Commission Charges National Association of Ladies' Handbag Manufacturers With Conspiracy to Fix Prices in Violation of Federal Trade
Commission Act.
Charging a conspiracy to fix prices, in violation of Section 5
of the Federal Trade Commission Act, that Commission on
Aug. 27 made public a complaint issued against the National
Association of Ladies' Handbag Manufacturers, its officers,
members of its Executive Committee, and more than 40
firms having membership in the association. The complaint
nameE Abraham C. Fisher of New York City, as Director
and General Manager of the Association. Ira Rosensweig,
also of New York, is President of the Association. The
Commission states:
The more than 40 firms named as co-respondents by reason of their membership in the association are located in a number of States, Including
New York, Pennsylvania, Connecticut, Massachusetts, Rhode Island,
New Jersey and Missouri.
The specific allegations of the complaint are that the association and its
members.
(a) By agreement among themselves have fixed and maintained, and
still fix and maintain, uniform prices for imitation leather handbags sold
by them and by each of them;
(b) By agreement among themselves have fixed and maintained, and
still fix and maintain, uniform prices to be exacted by retailers of such
handbags purchased by them from the said respondent members and resold
by such retailers to the purchasing public.
The complaint alleges that the practices complained of have a tendency to
and have actually hindered and prevented price competition, have increased the price paid by retailers and the price paid by the purchase'
public for handbags, all in restraint of inter-State commerce and constituting
unfair methods of competition in inter-State commerce within the intent
and meaning of the Federal Trade Commission Act.
The respondents are advised that the 28th day of September. next, is
fixed as the date upon which they are required to make answer to the
1327
charges and show cause why an order should not be entered by the Federal
Trade Commission requiring them to cease and desist from the violation
of the law charged in the complaint.
Federal Trade Commission Further Amends Rule Under
Securities Act Exempting From Registration Certain Classes of Securities of Small Amounts.
The Federal Trade Commission announced on Aug. 29
an additional amendment to its rule under the Securities
Act regarding exemptions from registration of certain classes
of securities because of the small amounts involved and the
limited character of the public offering. The amendment
concerns securities issued to depositors; creditors, or stockholders of a bank pursuant to a plan of reorganization, the
effectiveness of which depends on the approval of the
Comptroller of the Currency and the consent of stockholders, depositors and other creditors. The text of the
amendment to the regulations is as follows:
Regulations Exempting Securities of Limited Amounts Pursuant to Section 3(b)
of the Securities Act of 1933.
The Federal Trade Commission, pursuant to the authority conferred
upon it by Section 3(b) of the Securities Act of 1933, finding that registration of the following class of securities is not necessary in the public interest
or for the protection of investors, by reason of the small amounts involved
or the limited character of the public offering, hereby amends the regulations
published June 29 1934, as amended effective July 1 1934, and Aug. 16
1934, by inserting after Part IX thereof the following;
Part X. Securities which have been or are to be issued to depositors,
creditors or stockholders of a bank pursuant to a plan of reorganization,
the effectiveness of which depended or will depend upon the approval of
the Comptroller of the Currency and the consent of stockholders and(or)
depositors and other creditors, as provided by Section 207 of the Act of
March 9 1933. amended May 20 1933; provided, however, that no issue
of securities is or shall be exempted hereby where the aggregate amount at
which such issue was or is offered to the public exceeded or exceeds $100,000.
"Profit" of $2,800,000,000 Resulting from Change in
Gold Content of Dollar to Be Used by Treasury
in Reducing National debt—Secretary Morgenthau
in Radio Address Tells of Plans in Reporting on
Cost of New Deal.
The plans of the Treasury Department to ultimately utilize, toward the reduction of the national debt, "the very
large sum of $2,800,000,000, representing 'profit' resulting
from the change in the gold content of the dollar" was made
known in a radio address by Secretary of the Treasury Morgenthau, broadcast from Washington, Aug. 28. Secretary
Morgenthau stated that "for the present, this $2,800,000,000
is under lock and key." He went on to say that "most of it,
by authority of Congress, is segregated in the so-called stabilization fund, and for the present we propose to keep it
there." Mr. Morgenthau stated that "practically all of this
`profit' the Treasury holds in the form of gold and silver.
The rest is in other assets." Observing that at no time during his 15-minute talk did the Treasury head mention inflation, a Washington account, Aug. 28, to the New York
"Journal of Commerce" added:
One news organization interpreted Mr. Morgenthau's statement that the
$2,800,000,000 profit earned by the Treasury through devaluation of gold
eventually would "flow back into the stream of our other revenues" as a
definite indication of approaching currency expansion.
Treasury officials promptly pointed to Mr. Morgenthau's statement that
this money "is segregated in the so-called stabilization fund and for the
present we intend to keep it there" as being complete refutation of the
inflation interpretation.
Officials at first contemplated revision in the Morgenthau text to clarify
this issue, but decided against this plan a few moments before the Secretary
went on the air.
Secretary Morgenthau's remarks had primarily to do with
"the cost of the New Deal," and at the outset of his address
he stated that on March 4 1933, when the present Administration came into office, the gross public debt stood at a
little less than $21,000,000,000. By June 30 of this year, he
said, it had increased by $6,000,000,000, or to $27,000,000,000.
The deduction in press accounts from Washington that
$505,000,000 represented the cost of the "New Deal" was
based on Mr. Morgenthau's statement that the $6,000,000,000
increase in national debt could be offset "either now or ultimately by the following assets:
"(1) An increase in the Treasury's cash balance of $1,600,000,000;
"(2) The 'profit' of $2,800,000,000 resulting from the reduction in the
gold content of the dollar;
"(3) The increase in the net assets of the agencies wholly owned and
financed by the Government, amounting on June 30 1934 to $1,095,000,000."
Incidentally, Mr. Morgenthau remarked that this latter
Item "is wholly aside from an increase in the capital investment of the Government in agencies which are partially
financed by funds raised outside of the Treasury." In
pointing out that $6,000,000,000 was the estimated deficit
for the six months from January 1934 to June 1934, and
$2,000,000.000 for the 12 months from July 1934 to June 1935,
Secretary Morgenthau commented as follows:
How large a deficit did the Government actually have for the six months
from January to June 1934?
1328
Financial Chronicle
Some of our plans moved into action more slowly than had been anticipated; emergency expenditures were, accordingly, less than had been forecast, and the deficit for this period was about $3,000,000,000 instead of
$6,000,000,000. Authorization has, therefore, been carried forward into
the new fiscal year to spend the $3,000,000,000 which were not spent in
the period from January to June 1934, plus the added provision for drought
relief.
Whether we shall actually spend these $3,000,000,000, as well as the
additional funds which the President estimated would result in a deficit of
$2,000,000,000 in the fiscal year ending June 30 1935 will depend upon
developments which cannot be foreseen at this time. But, even if the deficit
for the new year, exclusive of drought relief expenditures, should reach
$5,000,000,000 instead of $2,000,000,000, the combined deficit for the
period of 18 months from January of 1934 to June of 1935 would be no more
than the $8,000,000,000 on which we originally planned.
Coincident with his radio address, Secretary Morgenthau
made available, for the first time, a detailed statement of
assets and liabilities of governmental corporations and credit
agencies—this being divided into two groups, viz.: those
financed wholly from Government funds and those financed
partly from Government funds. This statement, which is
hereafter to be issued monthly, is given elsewhere in our
Issue to-day. Secretary Morgenthau's radio address follows
in full:
I propose to-night to discuss with you the cost of the New Deal. I will
avoid the jargon of the usual financial statement and will try to give you
In plain language a concise but complete explanation of the essential facts.
On March 4 1933, when the present Administration came into office, the
gross public debt of the United States stood at a little less than $21,000,000,000. By June 30 of this year it had increased to $27,000,000,000, or
an increase of about $6,000,000,000. This is the gross increase in the
national debt during the first year and four months of the new Administration.
Some observers have concluded that it also represents the cost of the
New Deal during that period, in so far as such cost is reflected in a growth
of the public debt. This assumption is easily made, but it ignores the allimportant fact that, while we have increased our debt, we have also increased
our assets, many of them in realizable form. By this I mean assets which
in due time the Government will turn into cash, thereby making them available for reduction of the national debt.
A good business man takes a periodic inventory of the stock of goods on
his shelves, to see if his inventory has increased or decreased. Let us do
the same to-night. Let us take an inventory of the Government's assets
and see how those assets have changed since March 4 of last year.
We begin with the Treasury's cash balance. This is the Government's
equivalent of cash in the merchant's drawer. If a merchant should find
that, at the end of 16 months, his gross debt had increased by $1,000 but
that he had $250 more in his cash register, he would, of course, take into
account the increase in his cash when figuring the change in his financial
condition. We can follow the same practice in measuring the real financial
position of the Government.
These are the facts:
On March 4 of last year, when the Administration came into office, the
Treasury's cash balance amounted to about $200,000,000. By June 30 1934
this cash balance had risen to nearly $1,800,000,000, an increase of about
$1,600,000,000. If this gain in cash is deducted from the gross increase in
the public debt, the net increase becomes $4,400,000,000 instead of
$6,000,000,000.
"Gold Drawer"—$2,800,000,000 "Profit."
But we have another calk drawer in the Treasury, in addition to the
drawer which carries our working balance. This second drawer I will call
the "gold" drawer. In it is the very large sum of $2,800,000,000, representing "profit" resulting from the change in the gold content of the dollar.
Practically all of this "profit" the Treasury holds in the form of gold and
silver. The rest is in other assets.
I do not propose here to subtract this $2,800,000,000 from the net increase
of $4,400,000,000 in the national debt—thereby reducing the figure to
$1,600,000,000. And the reason why I do not subtract it is this: for the
present this $2,800,000,000 is under lock and key. Most of it, by authority
of Congress, is segregated in the so-called stabilization fund, and for the
present we propose to keep it there. But I call your attention to the fact
that ultimately we expect this "profit" to flow back into the stream of
our other revenues and thereby reduce the national debt.
Government's Interest in Various Agencies.
We have, then, in effect, two cash drawers in the Treasury—one containing our working balance, which is $1,600,000,000 larger than on March 4
of last year, and the other containing $2,800,000,000, representing the
"profit" on devaluation. But in addition to cash drawers, we also have a
safe. And in that safe we have some very valuable securities—securities
consisting of notes and other obligations held by various agencies in which
the Government has an interest.
A complete statement of the net assets of this kind has never before been
published by the Government. I am giving out such a statement this evening
for publication in to-morrow morning's newspapers. From now on I will
do this regularly once a month. I am dong this so that you can always
have access to an accurate, full and up-to-date account of the financial
position of our Government.
The assets I am now describing may be classified in two groups. The
first group consists of assets of agencies which are wholly owned by the
Government and wholly financed with Government funds. In this group
belong the Reconstruction Finance Corporation, the Public Works Administration, the Export-Import banks, and a number of other agencies financed
entirely by the Government. Between March 4 of last year and June 30
of this, the net increase in the assets of these agencies amounted to
$1,095,000,000.
What are these assets, and can we rely on them to contribute in due
time to reduction of the national debt? They consist for the most part of
such items as preferred bank stock and capital notes, cash, investments and
other property, and loans made to public and private borrowers.
In the Treasury we recognize, of course, that it may later be necessary
to write off certain losses, but the quality of the collateral which secures
the various loans; the good credit of our State and local governments; the
record of private business in meeting its obligations, all combine to give
assurance that the losses of the National Government will not be substantial.
So much for the first group of assets—those which will eventually be
available for reduction of the national debt. There is also a second group,
representing assets owned by agencies which are in part financed by the
Sept. 1 1934
sale of their own obligations to the public. In this group belong the Federal
Land banks, the Home Loan banks and other similar agencies. These assets
have a somewhat different status. They will not be available, as will those
in the first group, for reduction of the national debt.
But we may note, while we are taking an inventory of our position, that
the Government's share in the net assets of this second group has increased
by $766,000,000 during the present Administration.
We may also note, outside of the present inventory, other very real and
tangible assets in the form of better roads, better housing, huge new dams
and power plants, modern public buildings and other projects which, financed
in whole or part by Federal funds, have increased the real wealth of the
country.
Finally, to complete the picture, it needs to be pointed out that the Government has, in addition to its public debt, a contingent liability on obligations issued by the Home Owners' Loan Corporation and by the Federal Farm
Mortgage Corporation. But these obligations were issued in exchange for
mortgages on homes and farms, conservatively appraised at values in excess
of the amount of such obligations.
Offsets Against Increase in. National Debt.
Let me sum up at this point and recapitulate the figures I have used in
this stock-taking of our position:
The gross increase in the national debt between March 4 1933 and June 20
1934 amounted in round numbers to $6,000,000,000. Against this gross
increase we can offset, either now or ultimately, the following assets:
(1) An increase in the Treasury's cash balance of $1,600,000,000; (2) the
"profit" of $2,800,000,000 resulting from the reduction in the gold content
of the dollar; (3) the increase in the net assets of the agencies wholly owned
and financed by the Government. amounting on June 30 1934 to $1.095.000,000. This is wholly aside from an increase in the capital investment
of the Government in agencies which are partially financed by funds raised
outside of the Treasury.
From this survey of our assets and liabilities—this inventory of the Government's financial position at the close of the last fiscal year on June 30—
let us turn now to the new fiscal year beginning July 1 1934. We find that
in July and August, the first two months of this new year, the Government's
expenditures continued to exceed its revenues, and hence the national debt
continued to increase. But this had been anticipated. Let us note the
landmarks by which we have been charting our course.
Deficit Forecast for 18 Month,,
The President estimated, in his first budget message to Congress, that
the national deficit, including both ordinary and emergency expenditures,
would amount during the six months from January to June 1934 to about
$8,000,000,000. He also estimated that the deficit for the 12 months from
July 1934 to June 1935 would be about $2,000,000,000.
The total deficit thus forecast for the 18 months from January 1934 to
June 1935—the 18 decisive months in which the Federal Government expected to be called upon to meet both the heaviest expenditures for relief of
unemployment and the largest expenditures in its recovery program—
amounted to $8,000,000,000.
This is the basis on which the Administration planned last January, and,
with one exception, it is the basis on which funds were requested of Congress.
The exception consists of an additional $525,000,000 appropriated for drought
relief. So severe a drought could not possibly have been foreseen when the
budget estimates were prepared. The President, therefore, requested an
additional appropriation for this purpose. But at every other point requests
for funds were held strictly within the $8,000,000,000 estimate. In this
policy Congress co-operated.
Six billion dollars, then, was the estimated deficit for the six months
from January 1934 to June 1934, and $2,000,000,000 for the 12 months
from July 1934 to June 1935. How large a deficit did the Government actually have for the six months from January to June 1934?
Scene of our plans moved into action more slowly than had been anticipated; emergency expenditures were, accordingly, less than had been forecast, and the deficit for this period was about $3,000,000,000 instead of
$6,000,000,000. Authorization has, therefore, been carried forward into the
new fiscal year to spend the $3,000,000,000 which were not spent in the
period from January to June 1934, plus the added provision for drought
relief.
Whether we shall actually spend these $3,000,000,000, as well as the
additional funds which the President estimated would result in a deficit
of $2,000,000,000 in the fiscal year ending June 30 1935, will depend upon
developments which cannot be foreseen at this time. But, even if the deficit
for the new year, exclusive of drought relief expenditures, should reach
$5,000,000,000 instead of $2,000,000,000, the combined deficit for the period
of 18 months from January of 1934 to June of 1935 would still be no snore
than the $8,000,000,000 on which we originally planned.
A word in conclusion: If, after listening to my talk to-night, you have
any detailed questions relating to what I have said, I hope you will feel
free to write to me. Good-night, and thank you.
Huge Silver Shipments To United States.
The fact that large quantities of silver bullion are finding
their way to the United States, while gold continues to
flow out, was noted in the New York "Sun" of last night
(Aug. 31). It was observed that as the Berengaria arrived
yesterday (Aug. 31) with more than 41 tons of silver bullion
consigned to Handy & Harman, dealers in precious metals,
and preparations were made to receive 400 tons more of the
white metal on the President Harding, scheduled to dock
to-morrow, word was received that the liner Manhattan had
left Southampton with 293 tons additional. In part the
"Sun" also said:
Since some 700 tons or more have already landed on vessels arriving
recentiy, the consignments due this week and next will lift aggregate receipts
since nationalization of the metal here to more than 1.500 tons.
Most of the silver on the President Harding is believed to be Treasury
property, purchased abroad under the Silver Purchase Act, and the metal
on the Manhattan is said to have like ownership, but the shipment to Handy
& Ilarman was explained by that firm as being its own property, bought
for its own account in London because it could not have been acquired
advantageously he:e. The Handy & Ilarman silver consisted of 1,245 bars.
The bullion on the President Harding due to-morrow, is in the form of
12.370 bars. The shipment coming on the Manhattan was described as
8,800,000 ounces, valued at $4,175,000. • . •
Treasury purchases of silver abroad are now estimated to have cost
over 820,000.000.
Volume 139
1329
Financial Chronicle
Meanwhile gold continued to flow out, due in some part to the dislocation
of the United States balance of payments created by enormous Treasury
purchases of foreign silver. Lazard Frees are shipping France $1.000,000
more on the Europa, which is also carrying $400,000 shipped yesterday
by the Guaranty Trust Company. This makes more than $11,000,000
sent to France on gold exchange transactions since the franc crossed the
gold point earlier in this month.
In addition to the French shipment arrangements have been made to
export $300,000 gold to Belgium.
Soviet Russia Silver Shipment to United States—First
Consignment Here Turns Tide from Germany and
Great Britain.
Noting the receipt on Aug. 30 of the first consignment of
Russian silver ever to reach the United States, the New
York "Herald Tribune" of Aug. 31 added in part:
The Russian silver amounted to 105 ingots and it was consigned to the
Chase National Bank,the agent here of the State Bank of the U. S. S. R.
The Soviet Union has been sending silver abroad for sale since 1932, with
first Germany and more recently Great Britain as the chief point of destination. The tide of Russian silver has now turned to this country because
of the great fondness which the Administration has displayed for the metal.
The silver from Russia reached here in the steamer Komsomol.
It was not known how much the Russian silver was worth. Russian
silver imports have been of varying degree of fineness and the metal which
landed here was turned over to assayers for appraisal. The sum realized
from the sale of the silver would be used, it was presumed, to provide
foreign exchange to finance Soviet purchases abroad or to liquidate debts.
Movement Reported for Resumption of Silver Futures
Market on New York Commodity Exchange.
Indicating that a movement has been started for the resumption of the silver futures market on the New York
Commodity Exchange,—suspended several weeks ego with
the issuance of the decree for the Nationalization of silver,—
the New York "Journal of Commerce" of Aug. 30, said:
It is expected that the facilities and organization already at hand in the
Montreal Stock Exchange will be available for the silver exchange. The
recently installed high-speed ticker service, which now carries the quotations of the Montreal Stock Exchange and the Montreal Curb Exchange
from coast to coast, will be capable of carrying quotations for silver.
The Montreal Silver Exchange will offer all facilities and services offered
in the New York Market. Arrangements for the appointment of proper
warehouse agents for the storage of the silver bullion in Montreal are in
Process of negotiation.
In its Aug. 28 issue the "Gazette" stated that the new
silver exchange will have a tentative membership of 150
seats, from this account we also quote:
The members of the Montreal Stock Exchange will be eligible for membership on the silver exchange. These seats will be allocated at a slight
concession from the price of $500 to be asked from the outside brokers.
A price concession also will be made to the members of the Montreal Curb
Market who do not hold seats on the Montreal Stock Exchange...
The provisional governors, who are the governors of the Montreal Stock
Exchange, yesterday appointed committees to deal with the question of
by-laws and other matters relating to the permanent organization.
Commission rates on the Montreal Silver Exchange will be comparable
to those charged on the Commodity Exchange of New York, prior to the
suspension of trading in that center earlier this month. It is expected
that the unit of trading in Montreal will be 5.000 ounces, the same unit
as is used in London. The New York unit was 25,000 ounces Montreal
contracts will call for delivery of silver of 999 fineness as compared with 992
in London. The New York contract also called for delivery of silver of
999 fineness. Most of the silver produced in Canada has qualified for
delivery under the 999 contracts in New York.
From New York, Aug. 27 the same paper reported the
following:
The consensus among silver dealers here to-day was that the new silver
futures market controlled and housed by the Montreal Stock Exchange
will be limited in its effect on world silver prices and that a considerable
period will have to elapse before the volume of trading reaches a level which
would support arbitraging and hedging on the scale carried on until recently
on the Commodity Exchange here.
Reams Outlined.
The following reasons for the return of a futures market in the metal, it
is learned, will be cited to Administration authorities.
1. The nationalization order applied only to silver stocks in the country
as of August 9 1934, and supplies brought into the country from Mexico
and other sources since that date could be traded in without violating
provisions of the decree,
2. Establishment of silver prices and accumulation of supplies in foreign
markets place the Treasury Department at a distinct disadvantage. The
Government could conduct its spot anti.futures transactions in silver in an
American market at a considerable saving, as was demonstrated prior to
nationalization.
3. The world price levels for silver have fallen below the official purchasing price of 50.01c set by the American Government, and private transactions in the metal are being conducted considerably below that level.
Private futures transactions in the metal are being conducted here, it
was learned yesterday, a fact which was cited to demonstrate the practicability and usefulness of silver trading in deferred contracts.
Silver Shipment of $450,000 from China First to Reach
U. S. Since Nationalization of Silver.
The first silver to reach the United States from China
since the nationalization of silver on Aug. 9, under President
Roosevelt's proclamation, arrived in New York on Aug. 28
on the President Monroe. It consisted of 180 cases of Shanghai dollars and 100 cases of sycee silver, valued, together,
at $450,000. All was consigned to the Bank of Manhattan
Co. The New York "Times" of Aug. 29 further noted:
"Futures" Sold Here.
One such transaction took place Tuesday between two large principals
Involving 250,000 ounces of silver for November delivery. The price paid
was understood to be 49.70c an ounce, as compared with the prevailing
spot quotation on the same day for so-called "foreign" silver of 49%c.
It was also more than 30 points below the Government purchasing price.
Heavy Drop in Shanghai's Silver.
From Shanghai it was reported that stocks of silver declined 37,900,000
ounces last week, the largest drop ever recorded for one week. Virtually
all the metal was sent to London, although a small part will go there via
refineries here. The largest previous movement of silver from Shanghai,
37,340,000 ounces, took place in the week ended on May 12.
Charter Granted for Montreal Silver Exchange—To
Provide Market for Spot and Future Contracts.
Announcement that a charter has been granted by the
Province of Quebec to the Montreal Silver Exchange, to
provide a market for spot and future contracts in silver, was
made on Aug. 25. In the Montreal "Gazette" of Aug. 27
it was stated that according to D. S. McMaster, Chairman
of the Montreal Stock Exchange, who made the announcement,trading will commence as soon as the necessary formalities have been completed. The new market will be controlled
by the Montreal Stock Exchange and will be located in the
quarters of that institution on St. Francois Xavier St. The
"Gazette" also said:
Sir Henri W. A. Deterding Departing for Europe
Comments on United States Monetary Policy—
Also Discusses Silver Shipments of Royal Dutch
Shell from China and Oil Conditions.
Sir Henri W. A. Deterding, Managing Director of the
Royal Dutch-Shell group of oil companies, before departing
for Europe on the Bremen, (after a two weeks visit to the
United States) aceorded an interview on Aug. 25 to newspaper men, in which he had something to say on the silver
policy of the United States, oil conditions, 8re. During his
talk he said:
According to the formal statement issued here, the new organization
will provide the only exchange for trading in spot and future contracts
for the white metal on the North American continent. All trading of silver
In New York was indefinitely suspended earlier this month when the United
States Administration announced the nationalization of silver in that
country. Since New York had developed the world's largest market in
silver, trading has been somewhat demoralized and some of it has migrated
to London. The closing of the New York market deprived Canadian
and Mexican producers of a market for their output, and also of a market
in which to hedge their operations. It also deprived citizens of the facilities
to buy and sell silver futures.
"The Montreal Silver Exchange has been organized by the Montreal
Stock Exchange after numerous requests had been received for such a
market." said Mr. McMaster. "Canada is the third largest producer of
silver in the world with Mexico ranking first and the United States second."
Logical Development.
"There is undoubtedly the need for such a market on this continent,
and we feel that Montreal is the logical center. To that end. the Governing
Committee of the Montreal Stock Exchange has decided to sponsor the
organization," added Mr. Master.
The statement continues:
Interest in silver has increased tremendously with the campaign which
has been carried on with a view of rehabilitating silver in its monetary
uses. The action of the London Conference in recognizing silver and
the agreement which was then reached coupled with the more advaneed
action of the United States has done much to strengthen the position
of silver.
The price appreciation over the past year has increased the possibility
of operations being resumed in many mines which were closed when prices
declined to an unprofitable level.
The metal was sent to the refinery of the American Metal Oa., Ltd., in
Carteret, N. J., where it will be refined and then sent to London. It will
not be included as an import nor figured as an export, it is understood, and
is merely the first of several similar shipments that will remain in the
United States only for refining and shipment to foreign points.
"I am not a silver man,but a sound-money man. I am not a monometalist, however, and do not believe that the monetary metal reserve of the
world should consist entirely of gold." He went on to say ''l agree with
President Roosevelt that the world cannot come right if you try artificially
as in the past to depress the currency of about one billion human beings
now using silver as a medium of exchange. The depression in silver has
been brought about by absolutely artificial means and by those who wanted
to see a high price for gold."
Indicating his further views the New York "Times," said:
Sir Henri declared that China is not the chief source of supply of silver
for the United States and that the large exports of silver from that country
recently were due to shipments by the Royal Dutch-Shell group of companies.
"We had a large amount of silver in China," he continued,"and on learning that there vas a strong possibility of an export tax being placed on the
metal, we shipped our silver out of the country because all we could lose
was the freight. As soon as we are sure that there will be no export tax
placed on silver we will ship it back. So there goes into a cocked hat all
your fine theories about China losing silver."
Silver Shipments Kept Secret.
Sir Henri would not state how much silver his companies had shipped
from China for "safe storage" other than that it was "a fair amount." "If
you establish a free market for silver I will publish the amount in every
newspaper," he declared. So long as there is the present ring, referring
to the four brokers who control the London silver market, he said he would
not make public the amount of silver his companies hold.
From the account in the "Herald Tribune" relative to
Sir Henri's silver views we take the following:
His support of restoring the value of silver currency was merely an
adherence to a belief that a dollar or a half crown hould be honest—
1330
Financial Chronicle
should contain the content of silver which it purports to contain and
not an alloy.
The debasing of silver coinage had caused an "artifical supply" and the
depression of silver prices had been "thoroughly artificial." What was
formerly a coin has become a token.
•
"It is becoming close to felony on the part of Government to issue a
coin which does not have that intrinsic value," he said. "It is much
better to have silver certificates with 100% backing in fine silver than to
Issue something which purports to be money of a certain value, with an
actual value of something less."
Pointing out the importance of silver to industry as against gold, the
oil executive said that about one-seventh of the total supply of silver
Is used by the photo-chemical industry, whereas gold is largely used for
ornaments and luxuries. . . .
The chief obstacle to silver rehabilitation. in the opinion of Sir Henri.
is that the whole silver market is concentrated in London and is in the
hands of brokers or speculative interests,
"Why cannot there be a great free silver market, in New York for
example?" he said earnestly,
A financial writer interrupted,
"We had one, Sir Henri, but it was closed up when the President nationalized silver."
"Perhaps that is sufficient ground for me to criticize silver nationalizatIon," the oil man rejoined,
The following is also from the "Herald Tribune":
Urges Oil Co-operatotn.
On the petroleum industry, Sir Henri's remarks were brief and to the
point. He said that world production does not exceed consumption by
more than 6%, and this slack could be taken up within two years if oil
men would co-operate. The situation in the United States, he declared,
was one of "unenforced regulation," and that, "so long as there is an
unregulated supply of oil, you cannot talk of stabilized prices or of profits."
The new supply of oil from Mesopotamia, he estimated, would displace
Russian oil chiefly in European markets.
Asked regarding his informal talks with Walter C. Teagle, President of
the Standard 011 Co. of New Jersey, held here during his visit, Sir Henri
would only admit that "a variety of subjects" were disucssed, and that he
had made no "deals." new or otherwise.
On conditions of business in Europe, Sir Henri voiced the belief that bus!ness was generally better in the non-gold standard countries, that France
was worried over the loss of her export business and that conditions and
happenings in the United States were being continually misrepresented in
European countries, possibly to make Europeans less dissatisfied with their
lot. America, he emphasized, was invariably looked to for leadership,
and if mistakes were.made here they would be copied along with successes.
-....--
Gold Transferred from San Francisco to Denver Mint,
Regarding the transfer of gold from the San Francisco
to the Denver Mint, Associated Press advices from San
Francisco Aug. 30 said:
One of the greatest movements of gold in the history of the world started
to-day,
Ingots of the yellow metal, variously estimated at $1,500,000,000 to
$2,250,000,000 in value were en route to the Denver Mint from the San
Francisco Mint under a heavy guard of soldiers,
While machine guns bristled from nearby buildings, fire truck searchlights flooded the area and hundreds of soldiers, postal inspectors and city
police surrounded the mint, a dozen mail trucks backed up to a temporary
loading platform at the side of the old stone structure last night to take on
their precious cargo.
.
When all were loaded they moved as a caravan, heavily guarded and
with powerful searchlights lighting the way, to the depot where the metal
was placed in three mail cars.
For hours this procedure was repeated. Finally the last ingot of gold
in the present shipment. apparently was moved.
Officials declined to disclose the hour of departure of the special train,
Presumably it left for Denver as soon as it was loaded.
Besides the three mail cars, the train had two pullmans for the postal
inspectors and soldiers. George Austin, veteran postal inspector, was in
charge.
Secretary Morgenthau, in ordering the transfer, said it was being made
because of the "earthquake hazard."
With official comment lacking, another reason advanced for the transfer
was that it was the first step in anticipation of building a new mint here.
A $1,500,000 structure, equipped with every modern safety device, will
supplant the 60
-year-old stone building.
New York Supreme Court Holds Illegal Gold Dollar
Clause in Contract—Two Other Cases Involving
Gold Clause Brought Before United States Supreme
Court by New York Attorney.
A ruling that it is against public policy to enforce a contract for the payment of money in gold dollars was handed
down on Aug. 29 by Justice Leary of the New York Supreme Court, who dismissed a suit by Charles M. Levy
against Asbestos, Ltd., and Nathan E. Newman to recover
$13,864. The plaintiff based his complaint on an agreemeat by which a mortgage for $20,000, made by the defendants in July 1932 was extended for two years on condition that the defendants would pay the difference between
the value of the mortgage in gold dollars and in paper dollars.
Other legislation involving the gold clause came before
the United States Supreme Court on Aug. 17, when Frederick
B. Campbell, a New York attorney, filed petitions attacking
the validity of Congressional Acts and Executive Orders
thereunder which prohibited gold hoarding. In one petition
Mr. Campbell asked the Court to reverse a decision by lower
Federal courts in New York City dismissing a suit he had
brought to prevent the Chase National Bank from delivering
to Government officials 27 bars of gold he had deposited with
the bank. In the other suit Mr. Campbell asked the Supreme
Court to order the United States District Attorney in New
York City to cease proceedings against him under an in-
Sept. 1 1934
dictment charging him with failure to report gold in his
possession.
The New York "Times" of Aug. 30 described the decision of the preceding day by Justice Leary as follows:
Mr. Levy contended that as a result of the devaluation of the dollar the
mortgage was worth $13,864 less than before monetary legislation reduced
the gold content of the dollar. The defendants applied to dismiss the
complaint on the ground that the contract was void because of the Federal
legislation. They also contended that the act reducing the gold content
of the dollar, as a result of which the suit was brought, was invalid.
In dismissing the complaint, Justice Leary referred to the decision of
the Court of Appeals in the suit of Norman C. Norman, as a bondholder of
the Baltimore & Ohio Railroad, to compel the railroad to pay $38.10 on an
interest coupon instead of the $22.50 called for because of the Federal
legislation and the order of President Roosevelt based upon it.
In the Norman case the Court of Appeals ruled that "if the gold clause in
contracts is an interference with the ability of the Government to accomplish
legitimate results, it may well be urged that Congress may remove such interference without regard to consequences." The Court of Appeals also
held "the scope of the money power of Congress is so wide that this court
will not, in the case presented, venture to invalidate the legislation directed
to that end."
The petition of Norman C. Norman was referred to in
our issue of Aug. 18, page 1020.
_____________
Former Finance Minister Reynaud of France
Devaluation of Gold Bloc Currencies,
Urges
Devaluation of the European gold bloc currencies as a
prelude to world stabilization and general return to the gold
standard was urged on Aug. 28 by Paul Reynaud, Deputy
from Paris and former Finance Minister, in a letter to "Le
Temps," according to Paris advices (copyright) to the New
York "Herald Tribune" from which we also quote in part as
follows:
He declares that, despite the heavy increase in custom duties, foreign
manufacturers are gaining an increasing hold in the French market and
that while French primary prices are surely falling toward the world level.
the cost of living has not moved in the last thirteen months. He declares
that monetary devaluation alone can remedy the situation by bringing
French prices in line with world prices.
The deep-seated fear which e chits here lest monetary devaluation should
be accompanied by the disastrous destruction of wealth witnessed in the
monetary inflation of 19261 s net attacked by Reynaud: "Here is my
reply," he says: "There is no relationship between the effective devalnations after the war, due to excessive monetary inflation, and those postdepression devaluations due to excessive deflation of prices."
He takes as proof the Greek devaluation of 1932, in which the drachma
lost 65% of its value after the previous post-war devaluation, which had
cut away fifteen-sixteenths of its value. Statistics show, according to
Reynaud, the cost of living in Greece has risen only 2% since 1932, while
the gold reserves have increased from 17.79% to 78% and the rate of intereat has fallen from 11 to 7%.
"I believe strongly," he continues, "that the world monetary disorder,
which is one of the consequences of the crisis, contributes also to prolong it.
I believe that the goal of all governments should be a general return to the
gold standard under the reserve of examination of modifications which
the Anglo-Saxons ask in its functioning. But I believe that it will be only
possible to arrive at that point by adjustment of the gold bloc currencies
to the situation created by the fall of the pound and the dollar and forty.
seven other currencies."
A further copyright account from Paris Aug. 29 to the
same paper stated:
Difficulty in preventing a rise in French internal prices and uncertainty
over the course of sterling were advcnced by conservative financial circles
to-day as the chief arguments against the proposal of Paul Reynaud,former
Finance Minister, for devaluation of the franc. On the other hand, more
radical opinion seized upon Reynaud's thesis as an excuse to push their
own financial nostrums.
For instance, B. Montagnon, Socialist Deputy of Paris, advocates in
"Oeuvre" devaluation of the franc by 30%, accompanied by the emission
of 24,000,000,000 francs of bank notes.
--..--.
Early Abandonment of Gold Standard by Countries
Still Adhering Thereto Predicted By E. V. Jaegerof Redmond & Co.
Early abandonment of the gold standard by those countries
which are still adhering to the old valuation of their currencies.
may be expected within the very near future, in the opinion
of E. V. Jaeger, of Redmond & Co., who points out that the
recent fluctuations in the international exchange markets:
presages such action. Mr. Jaeger states:
Declaration of an embargo on the yellow metal by those countries still on
the gold standard will result in the lifting of the pressure against conunodhies and wages, which development in turn should result in an immediate
world-wide inflationary movement and eventually have a stabilizing effect
in later developments. It has long been felt that complete abandonment
of the gold standard by all countries of the world is necessary before any
conference of nations could be held for the purpose of stabilizing currencies.
The recent persistent weakness of sterling exchange is resulting in promsure being brought against both Holland and Belgium currencies, which
one or both countries may not be able to withstand beyond the very near
future. In addition the tendency of the dollar to follow sterling Is further
aggravating the strain. While the release of gold by the United States Government to the gold bloc countries is mitigating the strain,it Is not substantially bolstering the dollar in the international markets partially because.
of the greater importance of sterling in the competetive area, where the
British pound is the dominating currency.
Hence the hoarding of gold in the countries of the gold bloc is again
gathering momentum because of two factors, one Is distruct of the franc in
relation to the position of our dollar, and second, the pressure against gold
resulting from the weakness in sterling.
Consequently abandonment of the gold standard by all countries is an
early possibility. Therefore it may be only a question of a short time before the forces which caused the inflationary rise in this country last year-
Volume 139
Financial Chronicle
may be witnessed on a world-wide scale, starting, as was the case last year.
with an international demand for securities and commodities.
Prof. Warren Predicts All Nations Will Abandon Gold
Standard—President Roosevelt's Adviser in Address
at German Conference Says Nations on Old Parity
Create Unstable Prices.
Prof. George F. Warren of Cornell, President Roosevelt's
adviser on gold policy, predicted on Aug. 30 in an address
delivered at the International Conferecne on Agricultural
Science at Bad Eilsen., Germany, that all Nations would soon
abandon the gold standard. United Press advices report
Prof. Warren as saying:
"Every country eventually will be forced to leave the pre-depression
gold standard because of the fluctuations in gold values that may be expected during coming years." Warren said.
"Resumption of the gold standard," he added. "may be possible in the
distant future, but it will be dependent upon the return of approximate
stability to the gold price."
Prof. Warren's views were thus set out in a wireless
account to the New York "Times":
The conference of agrarian economists meeting here was treated to-day
to diametrically opposed explanations of the place of money in the modern
world by Professor George F. Warren of Cornell University, a United States
Government adviser, and Professor Schumacker of Berlin.
Professor Warren presented for the consideration of the more than 100
economists of fifteen nations his view that prices should be freed from the
effects of the changing value of gold. Dr. Schumacker gave voice to the
German conviction that neither inflation nor reflation can be controlled.
Professor Waren asserted that the price of gold must be doubled to
re-establish pre-depression conditions. He said countries that had already
doubled or nearly doubled the price of gold in terms of their legal currencies
had acquired a decided advantage over other nations, while those that retained pre-depression gold parity were creating "unstable prices."
He added that the modern economic machine was so delicate that it could
not be left at the mercy of variations in the value of gold, and that the
continued existence of democratic and liberal society depended upon the
discovery and acceptance of a more stable monetary system, which would
insure greater stability in prices.
A description of the Roosevelt Administration's farm policy was given
by Dr. 0. 0. Stine of the Bureau of Agricultural Economics.
Secretary of Treasury Morgenthau's Denial that Further
Devaluation of Dollar is Contemplated.
Secretary of the Treasury Morgenthau took occasion, on
Aug. 23, to deny reports that further devaluation of the dollar was contemplated at present. He indicated that there
had been no change in the policy of freely permitting the
export of gold when the dollar's value fell below the export
point on foreign exchanges. From a Washington dispatch,
Aug. 23, to the New York "Times" we quote:
Coincident with this declaration, the Federal Reserve Bank of New York
took steps to expedite the shipment of gold by New York banks.
All developments to-day indicated that the Treasury policy was in opposition to inflationary moves which would create uncertainty at home and
abroad and upset the market for Government securities.
Asked if there was anything disturbing about the money situation, which
has been marked in the last few days by unusual fluctuations of the dollar
and pound, Mr. Morgenthau replied:
"I am not disturbed."
He added:
"Financiers take too seriously rumors from South Africa, Shanghai and
Timbuctoo as to what I am going to do over the week-end. Why these places
should know very definitely what I am going to do is beyond me. I just
wonder where some of these rumors come from."
Flurry Is Believed Temporary.
In informed quarters a belief was expressed that the flurry on foreign
exchanges was of temporary nature and not an evidence of a move aimed at
American monetary policy by foreign nations.
It was felt that knowledge the United States was ready to ship gold to
sustain the dollar's position would soon bring the desired readjustment.
As far as possible, red tape has been cut in order to make gold available
quickly to the private banks which desire it In connection with the settlement of activities carried on abroad in foreign exchange, serving to steady
the dollar.
The exchange operations of these banks have served the same purpose as
similar operations which might have been carried on by the Government's
stabilization fund. The publicity attendant upon the gold shipments has
had the added effect of serving notice that this country is prepared to go
to the support of the dollar whenever occasion makes that necessary.
1331
former American Ambassador to Poland. A dispatch from
Hyde Park to the New York "Times" on Aug. 27 described
the President's visit to West Point in part as follows:
The President's visit to West Point was distinguished by all the ceremony
of the institution. His reception included all the honors, ranging from
a 21-gun salute to the formal review by the cadets, clad in white summer
uniforms, and a formal tea in the garden of the residence of the Commandant.
Mr. Roosevelt had wished to make his visit as informal as the gray
summer suit and the Panama hat he wore, but acceded to requests to make
the visit a formal one.
His motor car entered the grounds of the academy at 3.30 p. m. Flying
from standards on the fenders were the flag of the United States and the
President's flag.
Riding beside the President and Mrs. Roosevelt was Colonel Edwin
M. Watson, White House military aide, attired in dress blue. He had
hurried from Washington last night when informed the President had
decided to visit West Point.
As Mr. Roosevelt's car entered the grounds of the reservation a drum
and bugle corps of the regular army unit greeted him with a ruffle and
flourish and a field gun began the Presidential salute.
Greeted by General Connor.
The President and Mrs. Roosevelt were greeted by Major-General
William D. Connor, Superintendent of the academy, and Colonel Simon
Bolivar Buckner, Commandant of cadets.
Then began a slow procession through the grounds. between army
officers and soldiers standing stiffly at attention, as the President's car
and those carrying others of his party were driven slowly behind an escorting troop of negro cavalrymen to the site of the review.
With his car parked in the shade of one of the cadet barracks, the President stood and watched the review for more than half an hour.
President Roosevelt Asserts He Favors Adequate
Merchant Marine—Says Suggestion of Secretary of
Agriculture Wallace Was Misunderstood.
President Roosevelt, at a press conference on Aug. 24,
declared that the Administration has no intention of withdrawing its support from the American merchant marine.
The President's remarks were made in commenting on a
recent controversy aroused by a statement by Secretary of
Agriculture Wallace that if foreign ships carried American
cargoes, foreign countries would be able to purchase more
American goods. Mr. Wallace's statement was noted in
our issue of Aug. 25, page 1176. The President said that
Mr. Wallace's critics had been mistaken in assuming that
the Secretary was in favor of action to curtail the merchant
marine, and said that while it was true that foreign nations
would be able to buy more American goods if they performed the shipping service for the United States, this was
only one side to the situation. We quote from a Washington
dispatch of Aug. 24 to the New York "Herald Tribune"
regarding the attitude expressed by the President on the
merchant marine:
He cited three important factors which entered into the problem and
necessitated the preservation of American shipping. The first he said.
was the need of merchant ships as an adjunct to the Navy for use in emergency.
The President said the second factor was the necessity of having American
ships in case there should be a general war in which the United States
was not a part. A general European or Far Eastern war, he pointed out,
might drive foreign ships from the sea, leaving no way for American foreign
trade to be carried on. The merchant marine was thus necessary as a
form of insurance, he declared.
As the third factor, the President explained that in certain avenues of
trade where the United States has had no ships of its own, foreign ship
owners had squeezed American importers and exporters on rates and
were in a position to discriminate against American trade of their own
nations. So, the President concluded, there was no doubt that the United
States needed its merchant marine.
To the preservation of the American merchant marine the Secretary
of Agriculture had subscribed. the President said. He explained earlier
that he had taken up the matter with Mr. Wallace on the train coming
back from Carrollton, Ill., where the funeral of Henry T. Rainey, Speaker
of the House, was held. The President said he had agreed with Mr.
Wallace that his economic contentions were correct.
One reason the United States did not sell more of its products was because other countries did not sell more of their products to the United
States, Mr. Roosevelt pointed out. He said he had knowledge that if
all American foreign trade were carried on foreign ships, then foreign
countries would be able to buy more products from the United States.
Once this was admitted, however, the other factors had to be considered,
he went on.
President Roosevelt at Summer Home in Hyde Park
Mr. Wallace's remarks were criticized on Aug. 23 by
for Indefinite Stay—Establishes Executive Offices
at Poughkeepsie—Visits West Point and Reviews Henry I. Harriman, Prasident of the Chamber of ComCadets.
merce of the United States, who in a statement said that
President Roosevelt spent this week at his summer home ocean-going tonnage of American registry had carried only
in Hyde Park, N. Y., where he went on Aug. 25 after a 30 to 40% of American foreign trade within the last 10'
brief stay in Washington, following his return from the years. He added that the American merchant marine is
funeral services of Speaker Rainey. The President es- now at the lowest limit permitted by "prudence." On the
tablished Executive offices in Poughkeepsie. He plans to following day (Aug. 24) Arthur M. Tode, President of the
remain in Hyde Park for an indefinite period, and expects Propeller Club of the United States, also protested against
to spend little time in Washington until the remodeling,of Mr. Wallace's suggestion, which he characterized as an
the White House Executive offices has been completed. effort to "plow under" the American merchant marine.
On Aug. 27 the President motored to West Point and He added that since the proposal emanated from a member
reviewed the corps of cadets, marking the first visit of a of the President's Advisory Committee it can only be
President of the United States to the Military Academy interpreted as "a deliberate and terrific blow at efforts to
since 1922. On the following day (Aug. 28) President build up and maintain the merchant marine."
We quote below, in part, from Mr. Harriman.'s statement
Roosevelt examined a report on the European economic
situation submitted to him by Professor Alfred J. Pearson, of Aug. 23:
1332
Financial Chronicle -
The Chamber's studies show that the interests of the American people
require at least a certain amount of shipping both for the purpose of maintaining essential trade route services to foreign markets and to meet the
needs of the National defense.
Besides the normal needs of our foreign commerce, experience in time
of war and on peace-time emergency occasions affecting ocean shipping
has taught us that we cannot afford to be without an adequate merchant
marine under the American flag.
There have, in recent years, particularly during the depression, been
a number of attacks from foreign sources on our merchant marine policy
on the ground that it was contributing to a surplus of world tonnage.
In every case, however, investigation has shown that other nations
have been responsible for the great bulk of the new tonnage constructions
In the post-war period and that our contribution to the world's supply
of new vessels has not exceeded, but has been less, than our fair and reasonable share.
President Roosevelt Answers Senator Schall's Assertion
that Government-Controlled News Agency Is
Planned—President Declares Any Such Plan Would
Be Contrary to Administration Policy.
President Roosevelt took occasion to reply on Aug. 24
to a charge in a radio address Aug. 23 by Senator Schall of
Minnesota that the Administration is preparing to establish
a Government. "press service" similar to those operating
in Russia, France and Italy. Such a service, Senator
Schall declared, would take the place of the Associated Press,
the Hearst news services and the United Press. President
Roosevelt on Aug. 24 in a telegram to Senator Schall regarding his charges asked him for specific information on
which they were based. Senator Schall, in replying, accused the President of attempting to "mislead and fool
the public," and declared that every Government Department is now under censorship. The letter contained
numerous statements seeking to show that the Administration had tried to hamper the freedom of the press, but did
not elaborate on the charges that a Government news
service VMS to be established.
President Roosevelt replied to Senator Schall in a telegram on Aug. 25, in which he said that the Senator's reply
to his request had been "vituperative" and had given no
facts to support his charges. The President added that,
so far as he was concerned, "the incident is closed." Senator
Schell on Aug. 26 made public another letter to the President
in which he said that there are four reasons for believing
that the Administration is seeking to set up a National
press service and control the newspapers of the United
States.
Associated Press Washington advices of Aug. 23 quoted
from Senator Schall's original charges in part as follows:
Mr. Schell said that the proposal was coupled with a "press censorship
bill to be offered at the next session of Congress." He also connected
It with the activities of a group of representatives of foreign governments
and business interests, a group which he said numbered 37,000. The
War Department, he said, has a list of the entire number.
"If we can elect a Congress composed of true Americans," he said
"they will demand from the War Department the names of these 37.000
foreign spies and their proper prosecution."
The Senator's address follows, in part.
"The 'brain trust' is preparing a recommendation to the Roosevelt
Communications Commission, providing for a National press service patterned after the Tess of Soviet Russia, the Haves of France and the Stefani
of Italy.
"This service is to take the place of The Associated Press. the Hearst
News Services and The United Press. It will be operated on the taxpayers' money, and will have exclusive use of all Government news and
be in a position to give its service only to those newspapers loyal to the
Roosevelt dictatorship.
"The present plan is to make a small charge for the service, but consideration is being given a suggestion that loyal Administration newspapers
be furnished the news service free.
"This plan is essential for the passage of the press censorship bill to
be offered at the next session of Congress because censorship will cause
the suspension of the present news services."
We quote from a Washington dispatch of Aug. 25 to the
New York "Times" regarding the interchange of correspondence between the President and Senator Schall:
Mr. Roosevelt's telegram, in which he reiterated that he had no thought
of establishing a censorship, was made public after Senator Schall's office
had issued the texts of President Roosevelt's original telegram of inquiry
and Senator Schall's reply.
These were given out after Mr. Roosevelt had told yesterday at a press
conference of his own request to the Senator for the basis of the charges.
The President's Telegram.
The President's telegram sent to Senator Scholl this afternoon read.
Yesterday I sent you a telegram in good faith because you had made
a statement that persons in the Administration were planning some form
of press or radio Government-controlled news agency designed to supersede
private news agencies.
As any such plan would be contrary to the Administration policy, I
requested you with the utmost politeness to give me the facts behind
your charges.
To-day I received from you a vituperative two-page letter which gives
no facts and does not answer my simple request. The incident Is closed.
FRANKLIN D. ROOSEVELT.
The incident began on Thursday (August 231 when Senator Schell, who
is blind, stated in a speech read for him over the radio that the Administration planned to establish "a National press service to take the place of
the Associated Press, the Hearst News Service and the United Press."
Such a news service, the Senator added, "would have exclusive use of
all Government news and be in a position to give its service only to those
newspapers loyal to the Roosevelt dictatorship."
Sept. 1 1934
The Earlier Telegram,
Mr. Roosevelt referred yesterday to these quotations from the speech
and in this telegram asked for the basis of the statements.
In a statement read for you last night over the radio it was said that
"a National press service to take the place of The Associated Press, the
Hearst News Services and The United Press" and which would "have
exclusive use of all Government news and be in a position to give its service
only to those newspapers loyal to the Roosevelt dictatorship" is under
consideration.
The further statement was made that "the Roosevelt Administration
is so determined on press censorship it may be interesting to the public
to know how this un-American idea gets so much consideration."
But for the fact that this statement was made for you I would let it
pass unnoticed. Since I should assume that the statements were not
made without basis in fact. I request that you give me the benefit of such
facts as you have in support of the charges you caused to be made.
Once these facts are in my hands they will receive immediate attention
In order to make impossible the things you say will be done, because I
am just as much opposed to them as you are.
You will be rendering a real service if you will promptly let me have
the facts on which you based the charges made.
FRANKLIN D. ROOSEVELT,
Scholl Retorts With Letter,
Senator Schell replied to the telegram in a letter sent at the same time
to all bureaus maintained by newspapers here.
"Your telegram to me bears out the suggestion of the constant effort
to mislead and fool the public," the letter began.
"For me to chronicle all the attempts of your Administration to throttle
the press and free speech—all known to you and approved by you in advance—,-ould be but to recite incidents with which you are entirely familiar.
.
"If it were not for the fact that I see in your request for 'Information'
an attempt on your part to appear as a victim of your own bureaucracy
Instead of its chief organizer, I would be inclined to ignore your telegram.
"But since you assume a cloak of innocence and since your telegram
to me is in the hands of the press, it becomes my duty as a sentinel of tho
people to do what little I can to mitigate their deception by citing specific
- vidence of your intention to force a censorship of the press so that your
acts and the acts of your communistic bureaucrats might be hidden from
public gaze."
The final communication from Senator Schell was described in part as follows in a Washington dispatch of
Aug. 26 to the "Times":
The Minnesotan lists first the press code, which, he charges, "alms to
dominate the publishers in the conduct of their business."
Second, the names the Rayburn COMMUllicatIOOS Act "controlling radio
telegraph, cable and telephone communication."
Next his letter says.
"You control business offices of the press by Government investment
of $1,000,000,000 in the preferred shares of over 6,000 banks, without the
credit support of which the publication of a great newspaper, or even of
a magazine or book publishing enterprise having National circulation,
would be an impossibility."
Finally he charges that the President "dominates all departments of
the bureaucracy" and that the bureaus publishing current economic data
give it the proper "political slant" and suppress damaging data.
Senator Schaal concludes that this is evidence that the President has
set up "publicity machinery," which though not yet assembled "for efficient
and smooth operation," will be "if the people return to you another spineless Congress."
President Roosevelt at Gathering With Neighbors at
Hyde Park, N. Y. Says East Must Aid In Rehabilitating Drought Stricken West.
The responsibility of the people of the East to assist in the
rehabilitation of the drought stricken sections of the west was
emphasized inan impromptu talk by President Roosevelt to
—
—
_
Members of the Roosevelt Home Club gathered near his
'Hyde Park—
, N7Y7home on Aug. 3C7.ThWas observed in the
Hyde Park advices to the "Times" that although the speech
was local in character it carried significance as an expression
of administration policy in the expenditure of millions of
dollars in the drought areas for direct relief and employment,
providing public works and other heavy projected expenditures.
His remarks as contained in the "Times" account follows:
"We people in the town of Hyde Park." the President said, "no matter
whether we like it or not, we are paying, and will have to pay, for the correction of mistakes that were made in other parts of the country in the past.
and to pay to get better things.
A National Objective.
"Most of us, the great majority, see the country as a whole and see that
unless we help to raise other people, they are going to drag us down—and
most of us are very willing to bear our share and to work for the attainment
of the national objective."
"I am awfully proud of the country and awfully proud of the way we are
realizing our national responsibilities, and am very certain that the good
people of our town will be willing to go along and co-operate in a big program
that has nothing to do with party and nothing to do with section, trying to
be square to all. Republicans and Democrats and Socialists, and everybody
else, no matter what they call themselves, no matter to which party or
church they belong."
fruistake in West Cited.
Turning to a discussion of the West and the work going forward to improve the agricultural regions, Mr. Roosevelt declared that "things have
grown up like Topsy in a great many places in the country, and we are
paying the penalty to day."
"The simplest illustration." he added, "quite aside from the problem of
this year's drought, is the fact, as you and 1 know, that. a great deal of land
was taken up by people from the East and from the Middle West and put
Into cultivation—land that ought never to have been cultivated.
"And se we are engaged as a nation, In undoing mistakes of the past.
reCtifying them so that in the future we won't be paying so much of a penalty
.
for those mistakes as we are paying to-day."
To cite the connection between the East and West, President Roosevelt
told of half a dozen families from near-by Poughkeepsie who went to Kansas
about 1850 at the urging of a agent looking for settlers on railroad land.
The PresidenLasserted that he had visited hardly a State in which he had
not received inquiries from residents about relatives in this long-settled region.
"It is a fact that we have a solid nation," he said, adding that "it rather
thrills me to think how this country all ties in together."
Financial Chronicle
Volume 139
1333
The President also devoted a part of his talk to his trip to 400,000 Families Receiving Relief Disbursements In
New York City—Percentage Higher Than Other
Hawaii and the West Indies.
Large Cities-1935 Expenditures in New York City
Expected to Total $201,000,000.
No Present Use of Gold Profit Intended President
Approximately 400,000 families, representing almost 25%
Roosevelt Indicates—Describes It as "Nest Egg."
of the population of New York City, are receiving "subAt a press conference on Aug. 29 at his Hyde Park(N. Y.)
stantial assistance" in various forms of relief, according to
home, President Roosevelt indicated that there is no in-*
a report made public Aug. 26 by William Hodson, Comtention to use, at present, the $2,800,000,000 "gold profit"
missioner of New York Department of Public Welfare.
toward the reduction of the National debt. In the radio
The report predicted that before the end of 1934 the number
address of Secretary of the Treasury Morgenthau on Aug.28,
families receiving relief will increase to 500,000, or approxwhich we give elsewhere in this issue, Mr. Morgenthau of
imately 2,000,000 persons. Mr. Hodson pointed out that
stated that this "gold profit" would "ultimately" be availed
this figure constitutes a population greater than that in
of. From United Press advices from Hyde Park, Aug. 28,
any other American city except Chicago. He said that at
we quote:
the present rate of expenditure, total relief disbursements
In making known his position to-day, Mr. Roosevelt subscribed to a
in New York City this year may amount to $201,000,000.
policy outlined in an address by Secretary of the Treasury Henry Morgenthau Jr. He e nphasized the word ultimately, however, to indicate to obIt was observed in the New York "Times" of Aug. 29 that
servers at least that some time would elapse before any steps would be taken.
reports from other cities indicated that New York is supportIt was Mr. Pookievelt who described the profit as a nest egg, pointing out
ing a larger percentage of its population at public expense
that one "ultimately uses" a nest egg.
The profit now is under lock and key in the Treasury, as Mr. Morgenthau
than any community of comparable size in the United States.
explained, practically all of it being held in the form of gold and silver.
To quote from the "Times":
In addition to debt reduction the Secretary explained that the money also
would be used in balancing the budget.
Mr Roosevelt met members of the Washington press in his small office
at the summer White House, but declined to go further in interpreting the
remarks of Mr. Morgenthau.
Navy Awards Contracts for 24 Warships
-11 Will Be
Constructed Privately and Others Built in Government Yards—Congress Will Be Asked to Authorize
13 More Destroyers and 5 Submarines.
Henry L. Roosevelt, Acting Secretary of the Navy, on
Aug. 22 awarded construction contracts for 24 warships,
designed to bring the total naval strength to within 78 vessels
of the authorization under the London Naval Treaty.
Eleven of the ships, costing a total of $53,106,000, will be
built by private shipyards, while Government yards will
construct the other 13 vessels. The Navy Department also
announced on Aug. 22 that it plans to recommend to Congress for the 1935-36 building program the construction of
14 additional destroyers and five submarines. A Washington
dispatch of Aug. 22 to the New York "Times" noted the
awarding of contracts for the new com truction as follows:
Bids of private builders exceeded the amounts paid for the last naval
building, Colonel Roosevelt stated, due to the increased cost of materials
and higher labor scales. The plans have nearly all been completed so that
work can start, not only in private but in Government yards, within a
reasonable time.
This work, it is estimated, will give to the successful bidders and Government yards employment for nearly two years and will aid the steel industry.
which has been lagging behind in recovery.
The a yards were made on the adjustment provision which calls for increased payments if labor and materials increase and for deduction to the
Government if these decrease.
Post
Office Department Prohibits Transmission of
Money in Cash, Bank Notes and Values Payable
to Bearer in Letters to Certain Foreign Countries.
Postmaster Kiely of New York City announced on Aug.30
that money in cash, bank notes and values payable to the
bearer are forbidden transmission in both ordinary and
registered letters when addressed for delivery in certain
countries of the Americas and Spain Postal Union unless
it has been specially agreed between the countries concerned
that such articles will be admitted under registration. The
transmission of money in cash, bank notes and values payable to the bearer in ordinary letters is prohibited in all
foreign countries, the announcement pointed out. The
Post Office stated that the international money-order system
offers the safest method of transmitting funds to foreign
countries, and suggested that persons wishing to send money
abroad use that system whenever it is practicable to do so.
The announcement added that special provision has been
made for the transmission of money in cash, bank notes and
values payable to bearer in registered letters when addressed
for delivery in the following countries of the Americas and
Spain Postal Union:
Argentina
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominican Republic (1)
Ecuador
Fernando Po and
Spanish Guinea
Guatemala
Haiti
Honduras (Rep.)
Mexico (2)
Morocco (Spanish zone)
Nicaragua
Panama (3)
Peru
Spain (4)
Uruguay
Venezuela
The following annotations referred to the above table:
(1) Admitted in registered letters when addressed to banks or other
firms.
(2) The Bank of Mexico and the banks associated therewith are authorized
to import bank notes exclusively for the purposes of exchange. Bank
notes of the Bank of Mexico and gold coins are admitted in registered letters.
(3) Paper money up to the sum represented by the indemnity which is
paid in case of loss may be enclosed in registered letters.
(4) The articles in question are admitted in registered letters provided
the covers bear the green customs label C 1 (Form 2976)•
Contrasted with these [the New York] figures are those of Chicago, the
second largest city in the country, where only 11.8% of the population is
being supported on public funds. The cost of providing for the needy in
the entire State of Illinois. with its coal fileds where destitution and want
have been acute, has not yet exceeded 59,743,929 a month.
The percentages of population on relief were reported by other cities
as follows.
Philadelphia, 15.16; Minneapolis, 10; Pittsburgh, 16; San Francisco, 10:
Cuyahoga County, Ohio, of which Cleveland is the industrial center, 16.
Details of the report of Commissioner Hodson are taken
in part as follows from the "Times" of Aug. 27:
Mr Hodson's report showed that "on the average the city is now disbursing $550,684.93 a day, 365 days a year, or $22,945.20 an hour twentyfour hours a day. or $382.42 a minute, or $6.37 a second, every time the
clocks tick, all day and all night," for relief purposes.
Of this $6.37 about $1.60 represents the actual expense to the city and
the balance of $4.77 is provided by the State and Federal relief administrations.
"The relief load of the city has grown to these tremendous proportions," Commissioner Hodson said, "despite the utmost care that is being taken in the investigation of applicants for relief at the time of their
first application and at intervals throughout the granting of aid either in
the form of home relief or work relief. Some relatively few, but vociferous
individuals and groups have been resentful of these investigations, but
the Administration is confident that the community as a whole approves
of this effort to safe guard relief funds and to insure their use where the
need is greatest.
"The Administration is continuously confronted with the fact that
there is no inexhaustible source of relief funds. Consequently, while it
is our determination that no person in the city who has no other means
of support shall go without food, shelter and other immediate necessities
of life, it is equally our obligation to avoid spending relief funds on families
and individuals who have resources of their own in any form or who could
secure these necessities through other legitimate channels."
New York Supreme Court Rules Companies May Not
Move Plants to Escape Labor Obligations of NIRA—
Upholds Contention of Regional Labor Board that
Injunction May Be Granted to Prevent Action.
Employers who have contracts with labor unions under
the provisions of the National Industrial Recovery Act have
no right to escape these obligations by moving their factories
to localities with lower labor standards, according to a
decision on August 27 by Justice Samuel I. Rosenman of the
New York Supreme Court. The decision upheld the contention of the NRA Regional Labor Board, of which Mrs.
Elinor M. Herrick is Executive Vice-Chairman, that "runaway employers" must be enjoined when they seek to evade
the labor provisions of the NIRA. The Regional Labor
Board, in a report on August 26, made public a report to
the National Labor Relations Board, in which the latter
body was asked to rule on the legality of removal of plants
to communities with lower work and wage standards.
Justice Rosenman's decision was handed down in granting
the application of Sam Farulia, President of the Doll and
Toy Workers' Union, for a temporary injunction restraining
Ralph A. Freundlich, Inc., of New York City from violating
a contract signed last May under the auspices of the Regional
Labor Board. The New York "Herald Tribune"of August 28
described the court's ruling as follows:
It was charged in the union's complaint that the company planned to
move its plant to Massachusetts to avoid paying union wages. This,
Justice Rosenman said, the company might be enjoined from doing it if
were shown that the move was merely to circumvent the NRA and its
labor contract. He declined, however, to enjoin the move pending trial
of the suit for a permanent injunction.
In his decision, Justice Rosenman also upheld Sec. 7-A, the mooted
labor clause of the NIRA concerning the right of employees to collective
bargaining. He said it did not in any way conflict with the principle of
"the closed shop," which he said was already a part of labor's bill of rights.
"The closed shop was upheld as legal before the NIRA," he said. "Surely
Congress had no intention of declaring it illegal in 1933 when the Act was
passed and did not so declare it.
"The Act was never intended to take away any of the rights of labor
which it had acquired after decades of struggle and conflict. The section
merely Provides that no employee and no one seeking employment shall be
required as a condition of employment to join any company union or
1334
Financial Chronicle
Sept. 1 1934
refrain from joining, organizing or assisting a labor organization of his
Mr. Van Horn said he had been advised in a telephone conversation
own choosing. It was enacted to strengthen the arm of labor in collective
with Washington yesterday that a hearing called by the Deputy Adminisbargaining with capital."
trator on the question of exemption for the Paterson companies would
be canceled.
Contract Held Valid.
He also said that the Washington Administration had agreed with his
Justice Rosenman also upheld the validity of the labor contract which
suggestion that to "offset the unfairness brought about through the granting
had been prepared by the regional board, an agency set up by the Governof exemptions to a few mills located principally in Paterson, N. J., that all
ment for that purpose. "The courts of this State," he wrote, "have conthose who were in direct competition with those mills and had closed as
sistently enjoined threatened breaches of collective industrial agreements."
• ordered on Friday, Aug. 24, could, upon application to the Code Authority,
He maintained that the contract, therefore, was just as valid as any
and the approval of the Administrator in Washington, receive permission
other collective agreement that might have been drawn up between union
to work an extra day within the period of the next two weeks."
and employer.
Commenting on the company's alleged plan to move its plant to Massachusetts, the court said: "If the trial discloses that the purpose of moving
New York Federation of Labor Endorses Unemployment
the factory to Massachusetts was solely, in bad faith, to violate the agree-Hour Week—Resolution Would
Insurance and 30
ment and for no legitimate reason, and that there were no laches on the part
Provide Minimum Weekly Benefits of $10.
of the plaintiff, and that the balancing of convenience makes further
The New York State Federation of Labor, at its annual
injunction equitable, the plaintiff may still urge that the actual removal
of the factory itself be enjoined."
meeting in Buffalo on Aug. 28, endorsed unemployment in-
surance and a program for a 30-hour work week. The resoLawrence B. Elliman of New York State Chamber of
Commerce Opposes Proposed Business Tax in New lution for unemployment insurance included a proposal for
the establishment of a State pooled fund administered and
York City as Means of Raising Relief Funds.
Opposition to the proposed tax bill offered by Mayor disbursed by the State to cover all employees protected by
LaGuardia of New York, and designed to raise funds to the Workmen's Compensation Act, contributions by emenable the city to care for the relief of the unemployed, ployers of not less than 3% of payrolls, no contributions by
was expressed on Aug. 30 by Lawrence B. Elliman, Chair- workers, and benefits ranging upward from $10 weekly.
man of the Executive Committee of the Chamber of Com- Unemployment benefits, according to this resolution, would
merce of the State of New York. Speaking on a radio be effective for not less than 16 weeks in any year, with an
broadcast, Mr. Elliman said that the tax measure is "un- uncompensated waiting period of not more than five weeks.
fair and inequitably applied, and will produce unfortunate The Federation also advocated protection of the worker's
economic consequences." The bill in question, which has right to stop work in a trade dispute without sacrificing
passed the Board of Estimate and is now before the Board insurance benefits.
The Buffalo "Courier-Express" of Aug. 29 said in part:
of Aldermen, would levy a tax of 1% on the gross incomes
High state officials, among them Lieutenant-Governor M. William Bray
of all brokers, commission merchants and factors, and would
of Utica, Attorney-General John J. Bennett and
Commissioner
impose a tax of % of 1% on the gross receipts of all other Elmer F. Andrews, praised the objectives of theIndustrial and lauded
Federation
improving the economic condition of the
businesses and professions, corporations and institutions, organized labor for its efforts in
exempting only business, industry and professions whose workingman. legislators—one national and one
Two Buffalo
state—told the convengross income or receipts are under $5,000 a year.
tion that they would make every effort during the next year to translate
Mr. Elliman listed six principal reasons for the Chamber's the Federation's unemployment insurance objectives into law. They were
Representative Alfred F. Defter and Assemblyman Anthony J. Canney.
opposition to the bill, as follows:
Their addresses followed the demand of the unemployment insurance
1. It is "unjust and inequitable in its application," taxing one class committee that both major parties end "political equivocation" and take
of business more than other classes.
2. The bill levies a tax on business losses as well as on profits.
3. The bill is uncertain as to the amount of its yield.
4. The tax is "certain to produce unfavorable and unfortunate economic
consequences," inducing some businesses to move their factories and
plants outside of New York City,
5. The tax is "peculiarly unfair to insurance companies, which are
specifically covered by the bill."
6. The tax "will have an adverse effect upon the public and will
therefore be detrimental to business recovery and the solution of our
unemployment problem."
Mr. Elliman said that the Chamber was agreed that
sufficient funds must be obtained for relief purposes, but
advocated instead of the proposed tax further budget
economies, as well as transit unification.
Silk Code Authority Revokes Curtailment Order—
"Unfair Discrimination" by NRA Given as One
Reason for_Step—Exemption to Paterson Mills Is
Criticized.
The Silk Code Authority on August 26 announced that
it had rescinded its order curtailing production in the industry
to a four-day week for a period of six weeks. This action
was taken, it said, because of "unfair discrimination" by
the National Recovery Administration, as well as because
of changing market conditions and other developments.
The original curtailment order, issued August 18, provided
that all producers of silk, rayon and other synthetic textiles
operating under the silk code were to close their plants for
six successive Fridays., beginning with August 24 and including September 28. In addition these manufacturers were
to limit production on other days to a maximum of 80%
of the hours per week allowed by the code. The curtailment
order was described in our issue of August 25, page 1186.
We quote from the New York "Times" of August 27
regarding the revocation of the curtailment order:
Peter Van Horn, Chairman of the Code Authority, discussed the announcement.
At the request of a Paterson, N. J., attorney and "without consulting
the Code Authority." he said, Washington authorities last Thursday
granted a special temporary exemption from the curtailment to approximately 17 concerns, representing about 40 mills situated principally in
Paterson.
"The members of the Code Authority," he said, "strongly resented
the effect of the policy of the NRA in Washington on the large number
of mills who, either having the best interests of the industry as a whole
at heart and having full knowledge of the serious overproduction problem,
had not applied to the Code Authority for exemption, or had, upon rejection of their exemption, in a splendid spirit of co-operation made no
effort to go over the head of the Code Authority and make an appeal
to the Administrator in Washington."
Or While he was "well aware of the strain under which the Deputy Administrator in Washington was working," he said, "and was most sympathetic,
-owing to the fact that he is new to his position and does not have a background of practical textile experience, yet the members of the Code Authority
could not understand why action had been taken by Washington without
first obtaining the facts from the Code Authority."
a definite stand in the matter.
Mr. Baiter said he would renew his efforts for unemployment insurance
at the next session of Congress. He said he proposed such a bill last year
but it was tabled. He declared that his bill would be modeled along the
lines of the Federation plan—with the employer contributing solely to
the maintenance of a reserve fund.
Job Insurance Program Outlined.
The principal points in the resolution by the special committee on unemployment insurance, setting forth the demands of the Federation were outlined as follows in a Buffalo
dispatch Aug. 28 to the New York "Herald Tribune":
1. A single State pooled fund administered and disbursed by the State.
2. Provisions to cover all workers now covered by workmen's compensation law.
3. Employers'contributions to State funds of not less than 3% of payroll.
4. No contributions to be paid by employees.
5. Benefits to be rated upward from $10 a week.
6. Duration of benefits to be for not less than 16 calendar weeks in
any calendar year.
7. The uncompensated waiting period to be not more than five calendar
weeks in any calendar year.
8. Protection of the workers' right to stop work in a trade dispute without sacrificing rights to benefits.
William Green Calls Upon Labor Unions to Drive
Communists from Ranks—Says Radicals are "Boring from Within" in Effort to Gain Control of
A. F. of L.
William Green, President of the American Federation of
Labor, announced on Aug. 18 that Communists had been
"boring from within" labor unions for the purpose of gair jag
control of the Federation. He called upon all members of the
organization to drive out the Communist elements, and
declared that "there can be no harmony and no co-operation
between Communism and trade unionism. Their philosophies
are in direct conflict." Mr. Green's statement was given out
at Atlantic City, N. J., where the Executive Council of the
Federation was in session. It was reported, in part, as follows
in a dispatch from Atlantic City to the New York "Herald
Tribune" on Aug. 18:
"We call upon all subordinate unions to ferret out the Communists
within our ranks and to expel them from membership when it is clearly
established that they are members of the Communist organization and
engaged in Communist propaganda.
Would Deport Alien Reds.
"We call upon the members of organized labor to resist every attempt
to impose communism upon them through violence, force and intimidation.
We ask our members to defend the cause of trade unionism, its policies and
its principles.
"We call upon the Department of Labor to deport alien Communists
who are in the United States illegally and deportable under the immigration statute. We ask that these proceedings be carried out in accordance
with the laws on the land, without depriving any alien of its rights."
Information received by the Executive Council. said Mr. Green, was that
the Communists had received orders from the Third International to "gore
from within" in American labor organizations and that they were carrying
out the instructions, establishing "cells" in numerous locals, some of them
large and some small.
Volume 139
Financial Chronicle
"Where the Communist members who make up the 'cells' in locals are
few in number, they assume a deceptive attitude," he said. "They undermine and denounce the organized labor movement and its leaders, but
they avoid identifying themselves as Communists.
Agreement Reached Between NRA Officials and
Governor Moore of New Jersey on State Code.
Details of the agreement effected at the conference in
Washington on Aug. 21 between National Recovery Administrator Hugh S. Johnson and Gov. A. Harry Moore of
New Jersey with respect to the State code, were made public
on Aug.22 by General Johnson. The agreement is designed
to govern future relations between the National and New
Jersey Industrial Recovery Administrations. Reference to
the conferences between General Johnson and Governor
Moore was made in these columns Aug. 25, page 1186.
Governor Moore issued at Sea Girt, N. J., on Aug. 23, a
statement in which he said:
We were able to arrive at final conclusions in integrating the National
and State programs. From the very outset we found ourselves in agreement
with General Johnson on all fundamentals. It was the application of
general principles to exceptional cases that required our further consideration. General Johnson's official release of our agreement indicates to
what extent we are now in complete agreement upon every phase of the
State and National programs.
As a result of our conference it is now definitely determined that the
State administration shall have and exercise complete and sole authority
over all codes for State service trades.
This means that the State administration will not be required to seek
the National viewpoint on price or other fair practice provisions, administration or enforcement of State service codes. It ever has been our contention that these industries were not inherently susceptible to Federal
control, and that the State was in a better position to regulate industry and
to enforce compliance,
Governor Moore added that that he feels that New Jersey
"owes the NRA and General Johnson a debt of gratitude for
their courteous efforts in co-operating with our State recovery
program and in giving us the use and advantage of their
extensive recovery machinery and facilities, particularly in
matters involving price regulation."
General Johnson's announcement of Aug. 22 follows:
We welcome the assumption by the State of New Jersey of complete
responsibility with reference to the presentation, approval, administration
and enforcement of State codes of fair competition affecting those local
service industries and trades covered by the Executive Orders of May 26
and June 28, such as the cleaning and dyeing, laundry, barber, beauty
shop and shoe rebuilding industries and trades, &c. Such action is consistent with the policy of the National Recovery Administration in the
matter of service industries and trades.
With reference to other codes of fair competition not affected by the
Executive Orders of May 26 and June 28, it has been agreed that the provisions of the State codes shall not differ from those incorporated in the
corresponding National codes. All applications received by the State
Recovery Administration for modifications, interpretations, or any other
form of action or order under State codes shall be submitted concurrently to
the NRA for consideration with reference to the corresponding National
code. The disposition of such applications under the State codes will be
made consistent with the disposition accorded under the National codes.
It is understood, however, that industries and trades in New Jersey will
not be precluded from incorporating previsions in State codes which give
due regard to local conditions and customs, on subjects which are not
covered by provisions in National codes. The NRA will be glad to receive
the suggestions of the New Jersey Recovery Administration with reference
to any amendments to National codes.
With reference to provisions which affect prices, it is further understood
that Governor Moore agrees to eliminate existing inconsistencies in order
to facilitate complete co-operation between the State and National Recovery
administrations. In order to assure harmony in the future, any application
for price protection additional to that effective under the corresponding
National code will be required to be made by the industry requesting the
same to both the National and State Recovery administrations. The
State Administration will not rule upon the application with reference to
the State code until the NRA has ruled upon the application with reference
to the National code. In the event that the NRA denies the application
or does not act within 30 days, the State Recovery Administration shall
take such action as it sees fit in respect to the State code.
To eliminate duplication in Code Authority organization and expenses
incident thereto, the same group of industry representatives shall be recognized as the State Code Authority under the State code, and as the regional
-or local Code Authority for New Jersey under the National code. The
present personnel shall be utilized wherever possible. All budgets, methods
of assessment and bases of contribution, &c., shall be subject to approval
by the NRA. Where industry desires to have the regions redefined to
correspond with State lines, the NRA will endeavor to bring about a proper
adjustment to meet the administrative needs of that industry.
Report of Commission Named by New Jersey Legislature
to Inquire into Operation of State Recovery Code—
Excessively High Prices not Disclosed.
The Commission named to inquire into the operations of
the New Jersey Recovery Administration presented its report on Aug. 14, and according to the Newark "News"found
little in the code structure to complain of. At the end of
-31 pages in which it is reiterated that opponents of the codes
who came to hearings were few and did not impress the
Commission, the report (said the "News") concludes:
. . The Commission finds that generally speaking the investigation
did not disclose excessively high prices to the consumer, that the facts
presented did not show driving of business from the State of New Jersey
and further that the allegation of code administration being extremely
favorable to large industries was not supported. In the light of present
information this Commission does not recommend the abolition of codes
at this time.
1335
The resolution adopted in June by the State Legislature
calling for an investigation of the code situation in the State
was referred to in these columns June 16, page 4069. From
the Newark "News" we quote in part as follows regarding
the report:
All members of the Commission signed the report. They are Senators
Woodruff of Camden and Durand of Monmouth, Assemblymen Waugh of
Essex and Siracusa of Atlantic, all Republicans; Senator Ely of Bergen and
Assemblyman Walker of Hudson, Democrats. Herman Crystal was Secretary to the group.
In the resolution creating the Commission two principal allegations
were made.
"The operation of the New Jersey Code Administration is resulting in
excessively high prices to the consumer and is thereby driving business
from the State.
"While the operation of the New Jersey Code Administration is extremely favorable to large industries, it is gradually and effectively forcing
out of business the small manufacturer, processor and retailer. . . ."
A paragraph in the conclusions says.
"Our State Administration had gone much farther than the National
Administration in fixing prices under codes. This had resulted, in some
instances, in a fixed price, higher in New Jersey than in our neighboring
States of New York. Pennsylvania and Delaware. In the sections adjacent to the cities of New York and Philadelphia, this has and will, if not
corrected, inevitably shift purchases from our State to the advantage of
merchants in New York and Pennsylvania. Remedial steps, it is claimed
by the State Recovery Administration, are now being taken to overcome
the effects of such a policy in New Jersey."
Other Evils.
Other "obvious evils and dangers in the operation of codes as presently
administered in New Jersey" are listed. These are unnecessary conflicts
between the Federal and State codes, some duplication of effort and expense, lack of real enforcement and the lack of a ruling on the codes' constitutionality.
The commission did not expand on these evils. The criticism of the
State recovery structure by General Hugh S. Johnson, National Administrator, is ignored.
The report points out the code structure was created under a State
law expiring June 16 1935. The conclusions, referring to this temporary
status, adds "this Commission recognizes that any experiment in economics
or in government necessarily develops mistakes. . . . It is obvious to
the Commission, however, that any public opinion against the operation
of codes has not as yet crystallized to the point of united action.
Enforcement Complaint.
"This Commission could not but determine, from the facts presented
to it, that the majority of those in the industries now under codes in New
Jersey or which hope to come under codes, favor the continuance of our
present legislative and economic experiment. Obviously, employers and
employees in coded industries are, at least temporarily, benefiting from the
operation of codes. Their chief complaint is that there has been no adequate enforcement. If the legality and worth of codes are to be fairly
tested, then there should be the strictest possible enforcement. If pricefixing or other features of codes are illegal, there should be a definite and
final determination of that fact by the courts, that the present uncertainty
in that regard may be removed.
"It is further suggested that the Advisory Board, if it has not already
done so, should function more effectively on questions of price fixing.
Greater latitude should be given in the service industries to permit the
molding of code regulations to fit local conditions.
"It is suggested that a board should be created, to be composed of individuals not responsible to the State Administrator or connected with his
administration, to hear any future complaints against the State Administration and the various code authorities. Where new codes are proposed
a more formal notice should be given to those interested; if the Administration is without funds to provide for such formal notices than the sponsoring
.
trade association or trade group should be compelled to give formal notice
Research Bureau.
"A bureau of research, planning and co-ordination might well be created
in the State Recovery Administration. This and other work. now being
carried on separately by the several code authorities, should be so coordinated that the total expense be reduced.
"The total cost of code administration by the various authorities should
also be materially reduced. If codes continues to be approved at the rate
that they have been approved legislative action will be necessary to provide
for more Deputy Administrators. Through eliminating duplication of
activities by the several code authorities, the cost of codes in New Jersey
can be materially reduced.
"All presently existing codes should be carefully reviewed with a view
to combine codes where possible, eliminate unnecessary code provisions and
co-ordinate the provisions of State codes and those codes with the National
codes.
"Lastly, if codes are to continue into the future, coded industries should
bear the cost of State administration."
Death of Major-General George R. Dyer—Chairman of
Port of New York Authority and Brokerage Partner—Was 66.
Major-General George R. Dyer, Chairman of the Port of
New York Authority, who was prominent in the organization
of the National Guard of the State of New York, died yesterday (Aug. 31) in New York City alter a short illness. He
was 65 years old. General Dyer retired from the New York
National Guard on June 24 1933, after he had completed
44 years in the servi0e. He was the senior partner of the
stock brokerage firm of Dyer, Hudson & Co., but for several
years had devoted most of his time to military affairs and to
his work as head of the Port Authority.
Senator Glass Sails for Europe—Denies Any Connection with American Liberty League.
Senator Carter Glass of Virginia sailed for Europe on the
Aquitania on Aug. 25. He is accompanied by Rear-Admiral
Cary T. Grayson; he will visit England and France and will
engage in research work on the writings of Francis Bacon.
1336
Financial Chronicle
He denied that he has any connection with the American
Liberty League and also denied that he had made any public
pledge to support President Roosevelt. In the New York
"Herald Tribune" of Aug. 26 he was quoted as saying:
"The only pledge I have ever made is that contained in my oath of office
when I became a Senator. My policy has been to support the President
when I think he is right and to oppose him when I think he is wrong. That
policy will continue?'
Ray M. Gidney Appointed Senior Assistant Federal
Reserve Agent of Federal Reserve Bank of New
York—Former Deputy Governor to Assist J. H. Case
as Duties Increase.
Ray M. Gidney, Deputy Governor of the Federal Reserve
Bank of New York in charge of cash and collections, has been
appointed Senior Assistant Federal Reserve Agent, the Bank
announced Aug. 30. Mr. Gidney, it was stated, will assist
J. Herbert Case, Federal Reserve Agent and Chairman of the
Reserve Bank here. Mr. Gidney has been with the Federal
Reserve System since its inception in 1914. Coming from
the Federal Reserve Board in 1917 he was made manager of
the Buffalo branch of the New York Reserve Bank. Subsequently he served the Bank in New York as Comptroller of
Loans, Assistant Deputy Governor, and until the present
change, Deputy Governor in charge of cash and collections.
Frank L. Scheffey Appointed Deputy Managing Director of Investment Bankers Code Committee—
To Open Code Committee Office in New York.
The appointment of a Deputy Managing Director of the
Investment Bankers Code Committee, effective Sept. 1,
was announced Aug. 29 by Rollin A. Wilbur, Managing
Director of the Committee, at the Committee's office in
Washington. Frank L. Scheffey, a partner of the New
York investment banking house of Callaway, Fish & Co.,
has been named for the position. Mr. Wilbur in making
this announcement said:
The appointment of a Deputy Managing Director, to be assistant to
the Committee's Managing Director, has been made necessary by the
rapidly expanding work of the Code Committee. The opening of a New
York office by the Committee has also become necessary because of the
large amount of the Committee's work in New York. Mr. Scheftey will
have charge of this office which will be opened Sept. 1 at 44 Wall Street.
Although his duties will center primarily in New York, where he will also
act as Executive Secretary of the New York Regional Code Committee,
Mr. Scheffey will be of a great deal of assistance in the code work in other
parts of the country. There are now approximately 2,800 investment
bankers registered under the Investment Bankers Code in the United
States.
Mr. Scheffey is a veteran of 30 years experience in the investment banking business. His work has won him the recognition of the Investment
Bankers Association of America, of which he is a member of the Board of
Governors. He was recently nominated a Vice-President of the Association, subject to election at that organization's annual convention next
October. Mr. Scheffey is now Chairman of the Association's Group
Chairmen's Committee and was previously Chairman of the Business Conduct Committee. He has been Secretary of the Association's New York
Group for the last 14 years. He will retire from Callaway, Fish & Co.,
with which he has been connected since 1922, and from the Investment
Bankers Association on Sept. 1, and give all his time to the work of the
Code Committee.
George N. Lindsay and George C. Hannahs Named
Members of Investment Bankers Regional Code
Committee in New York.
George N. Lindsay of Speyer & Co.and George C.Hannahs
of Hannahs, Bailin & Lee, both of New York, have been
named as members of the Investment Bankers Regional Code
Committee in New York, it was announced on Aug. 30 at
the office of the National Investment Bankers Code Committee at Washington. Mr. Lindsay has been elected Chairman by the Regional Committee to succeed Ralph T. Crane
of Brown, Harriman & Co., Inc., recently appointed to the
National Committee. Mr. Hannahs will fill the place of
Frank L. Scheffey of Callaway, Fish & Co., who will become Deputy Managing Director of the National Code Committee Sept. 1.
The Regional Code Committee of New York also has
jurisdiction in the administration of the Investment Bankers
Code in Connecticut and New Jersey, under the National
Code Committee. Mr. Lindsay, the Regional Committee's
new Chairman, has been many years in the investment bankng business. In 1932 he retired from business and gave his
attention to Government work and until his return to active
business Jan. 1 1934, as a partner of Speyer & Co., was successively financial adviser on self-liquidating loans to the
Reconstruction Finance Corporation and fiscal agent in New
York for the Home Owners' Loan Corporation. The
Regional Committee of the New York District will have
offices at 44 Wall Street with Frank L. Scheffey, Deputy
Sept. 1 1934
Managing Director of the National Code Committee, who
will also be Executive Secretary of the Regional Committee.
4.
John W. Hanes Named Head of New York Tobacco
Exchange—John L. Julian Accepts Vice-Presidency
—Trading in Tobacco Futures Expected About
Sept. 15.
The New York Tobacco Exchange announced on Aug. 30
that John W.Hanes,of Chas. D.Barney & Co., has accepted
the Presidency, and John L. Julian, of Fenner & Beane, will
serve as first Vice-President of the Exchange. Their acceptance of these posts completes the executive slate of the new
Exchange which has established headquarters at 90 Broad
Street where the trading pit and other equipment has already
been installed. In addition to Messrs. Hanes and Julian, the
executive personnel of the Exchange includes Edward A.
Brown, Secretary; Harry B. Brockhurst, Treasurer; and
Paul G. L. Hilken, Assistant Secretary. The announcement
of Aug. 30 said:
Mr. Hazlet, following his graduation from Yale, became associated with
the American Tobacco Co. He joined Chas. D. Barney & Co. in 1920 and
was admitted to membership two years later in the firm of which he now
ranks as senior partner. He holds memberships on the New York Cotton
Exchange and the Chicago Board of Trade and is a member ofthe Advisory
Committee of the Association of Stock Exchange Firms. His affiliations
also include a number of corporation directorships.
Mr. Julian has been a partner in Fenner & Beane for the last 12 years
and has had broad experience in the commodity markets and in the operation of commodity exchanges. He is a former President of the New York
Rubber Exchange and is a member of the Board of Governors of the Commodity Exchange. He is also a member of the New York Cotton Exchange.
Press accounts indicate that trading in tobacco futures on
the new Exchange is scheduled to get under way about Sept.
15.
Treasury Department's Statement Detailing Financial
Position of Government Agencies Financed Wholly
or in Part from Government Funds.
A detailed statement of the assets and liabilities of Government corporations and credit agencies financed wholly or
in part from Government funds, was issued on Aug. 28 by the
Treasury Department incident to the address of Secretary
Morgenthau, broadcast that night from Washington in which
he discussed the cost of the New Deal. In his address, which
we give in full in another item in this issue of our paper, Mr.
Morgenthau observed that "a complete statement of the
net assets of this kind has never before been published by
the Government," and in indicating that it was being issued
for publication in the newspapers of Aug. 29, he stated that
it would hereafter be given out regularly every month. In
his address Secretary Morgenthau stated that the assets
may be classified in two groups, in part he also said:
The first group consists of assets of agencies which are wholly owned by
the Government and wholly financed with Goi ernment funds. In this
group belong the Reconstruction Finance Corporation. the Public Works
Administration, the Export-Import banks and a number of other agencies
financed entirely by the Government. Between March 4 of last year
and June 30 of this, the net increase in the assets of these agencies amounted
to $1,095.000,000. . .
There is also a second group, representing assets owned by agencies
which are in part financed by the sale of their own obligations to the public.
In this group belong the Federal Land banks, the Home Loan banks and
other similar agencies. These assets have a somewhat different stating.
They will not he available, as will those in the first group, for reduction of
the National debt. But we may note, while we are taking an inventory of
our position, that the Government's share in the net assets of this second
group has increased by $786,000,000 during the present Administration.
With reference to the showing in the two groups the
Washington correspondent of the New York "Journal of
Commerce" on Aug. 28 observed:
Group 1 Accounts.
For Group No. 1, it was shown the book value of assets as of June 30
amounted to $3.542.000,000. Against these assets were RFC debentures
of $244,000 000 guaranteed by the United States and other liabilities of
160,000,000 not guaranteed, bringing total liabilities to $304,000,000.
This left a net excess of assets over ilabilities in the group wholly financed
by the Government of 13,238.000.000.
Group 2.
The assets of the other group were given as $4,233,000.000. The liabilities
were $3.024,000.000 and the excess of assets 11,209.000,000.
In this group 1279.000.000 of the assets were privately owned and $930.000,000 owned by the United States so that a liquidation at book values
would have given the Treasury that sum.
RFC loans amounting to 12,667.000.000 represented the only relatively
substantial item in the assets of the first group. The total volume of loans
for the entire group amounted to 13,321.000,000. The principal items were
loans of 1205.000,000 from the Commodity erect'. Corporation, $135,000,000 from the PWA, and $261,000,000 classified as "all other," including
crop loans.
Total loans listed for the second group aggregated $3,223.000.000. These
included Federal Land banks, 81:705,000,000; Federal Intermediate Credit
banks. $198.000.000; Federal Farm Mortgage Corporation, $379,000,000;
Banks for co-operatives, $21,000.000; Home Loan banks, 186,000,000, and
Home Owners Loan Corporation, $834,000,000.
The statement was made available by the Treasury Department as follows:
Financial Chronicle
Volume 139
1337
ASSETS AND LIABILITIES OF GOVERNMENTAL AGENCIES AS OF JUNE 30 LAST.
(In Millions of Dollars.)
SUMMARY.
Financed Wholly from Government Funds.
I.
Assets. a
Liabilities and
Reserve. a
Investments.
Loans.
(I)
Reconstruction Finance Corp
Commodity Credit Corp
Export
-I, port banks
Public Works Ad Inistration
Regional Agricultural Credit corps
Production Credit corporations
Other (Including crop loans)
(2)
b$2,667
205
3
135
50
Cash.
(3)
$13
SecuriU. S.
ties
Securi- Gua
All
ties.
=teed Other.
by U. S.
(4)
(6)
(5)
11
$5
-lib
$3.321
Total
28
12
$I
261
$67
01
$5
$70
Other.
Total.
Distribution of U. S.
Interest (Column 14).
Not
Guaranteed
by
U. S.
InterCapital
Agency
Stock. Surplus Interests.
Guaranteed
by
U. S.
(7)
(Si
$46 $2,726
3
208
14
136
6
59
4
18
18
291
(9)
$244
878 83.542
$244
Proprietary
Interests.
Excess
of
Pri- Owned
Assets
Orer
vately
by
Total. Liatiti Owned. U. S.
ties.
(13)
(11)
(12)
(10)
$274 $2,452
$30
2
2
206
14
136
8
51
8
2
106
2
273
18
18
$3,238 $3.183
8304 $3.238
860
(17)
(15)
(14)
(16)
$2,452
$500
$52 $1,900
206
3
203
14
14
:=gi
136
e217
4
51
8
106
1
105
-2.027
273 e2.300
$52
$3
II. Financed Partly from Government Funds and Partly from Private Funds.
Assets.
Proprietary
Interests.
Liabilities and
Reserre. a
Investments.
Distribution of U. S.
Interest (Column 14).
Excess
Loans.
(I)
(2)
Federal Land banks
$1,705
Federal Intermediate Credit banks..
198
Federal Far n Mortgage Corporation_
379
Banks for Co-operatives
21
Home Loan banks
86
Home Owners Loan Corporation
834
Federal Savings & Loan associations_
Federal Deposit Insurance Corp
Total
Cash.
(3)
$26
15
29
10
5
51
SecuriU. S.
ties
Securi- 0 ivAll
y:Weed Other.
ties.
by U.S.
(4)
$66
33
(5)
840
25
30
4
9
99
$361
149
60
228
$235
$3,223
(6)
$74
$199
Other.
Total.
(7)
(8)
$118 $1,955
4
275
1
558
1
112
104
-14
899
1
1
2
329
$141 $4,233
Guaranteed
by
U. S.
Not
Guaranteed
by
U. S.
of
Pri- Owned
Assets
vately
Orer
by
Total. Liabili- Owned. U. S.
ties.
InterCapital
Agency
Stock. Surplus Interests.
(15)
(12)
(13)
(16)
(14)
(10)
(17)
(9)
$161
$251
$123
$41
$90
$1 $1,703 $1,704
-$3
85
190
15
85
190
70
197
197
48
200
381
313
-3
111
110
112
1
4
100
4
81
19
81
::io
144
154
755
d62I
144
1
1
1
150
319
150
169
10
--io
_
$279
$930
$44
$88
$448 $2,578 $3,024 $1,209
-$3
DETAILS.
Financed
Reconstruclion
Finance
Corp.
Assets
Loans:
Banks
Railroads
Insurance companies
Credit unions
Building & Loan associations.
Livestock Credit corporations
Mortgage Loan co .panies.
Agricultural Credit corps
Mortgage loans
Crop, livestock & commodity
loans
Cornmodity
Credit
Corp.
Wholly from Government Funds.
Public Region'l
Works AgriProExportAd- cultural duction Other.
Import minis- Credit Credit
Banks. tralion. Corps. Corps.
ii
-----------f
2
20
----
----
-------
Financed Partly from Government Funds.
Federal
InterTotal. Federal mediate
Land
Credit
Banks. Banks.
__
---- --a
65
-------51_
---
----
-----------------------2-------------__
---1
------------------------- ---74
--------834
--------2,918
74 1,705
379
____
198
Mel bers
----------___
____
States, Territories,
&c360
JoInt-.tock Land banks
9
--------------------1
10
Loans to Land banks
Loans to Regional Agricultural Credit corporations
____
____
____
7
Other
119
___
Sub-total
$1,887
Preferred stock & cap. notes:
Federal
Banks
Home Fe e a Deposit
Federal for
Home Owners Sayings Imo- Total.
CoFarm
Mtge. °perLoan
Loan dc Loan once
Corp. atires. Banks. Corp. Assns. Corp.
$205
$3
$135
$50
___
_
$261 $2,541 $1,705
----
---____
---____
----
____
$379
$198
------ -
-------
___
------------
----
$86
$834
---------
----
$21
----------
---- $3,223
Cash:
With U. S. Treasury
6
f
3
7
29
2
99
188
In banks
28
____
35
i8
B ____
46
3
In transit and trust funds
---------9
-------9
1
Investments:
U. S.securities-----------1
66
4
__
____
228
30
361
Obligati° is guar. by U.S.:
Federal Far t Mtge. Corp.
____
____
__ __
40
5
65
Ho , e Owners Loan Corp
____
____
____
____
____
-___
_ _._
____
____
__ __
____
9
Federal Land Bank bonds_
____
_ _._
____
.___
28
__ -20
--------149
197
Inter-red. Credit Dank
2
Production Credit Assns.Class A stock
Accts. receivable (tax ad
____
vances,&c.)16
____
-------___
----------------3
____
____
____
Accrued interest receivable_
42
45
33
Other repayable asset
-----------------------3
Real estate and business prop
____
____
____
__ _
I
12
12
4
f
f
----------------4
___ _
___
Real estate held for sale__ _ _
____
i
1
----------------------------78
____
2
3
8
Other assets
6
4
4
15
f
I
I
2
10
Total assets
$2,726
$208
$14
$136
$59
$108
$291 $3,542 $1,955
$104
$899
$112
$558
$1
$329 $4.233
$275
-- _------LiabilitiesBonds, notes & debentures
Obligations guar. by U. S._
$235
____
-----_
--__
____
$235
____
$444
-__
____
$311
__
$133
----__ _
All other.
---7
---1,801
183
____
____
____
d813
--------2,297
Accrued interest:
Guaranteed by U. S
9
9
4
All other
1
--------1
---20
3
---.._ __
------21
Other liabs. (Incl. trust accts.)
30
1
---.
1
f
2
18
52
179
2
4
10
6
249
___
Reserves:
Legal reserves
---------------------1
____
-___
____
____
___
---____
---I
____
____
Res. for uncollectible items
------------5
Other
----------------------------------2
_3
----1-Total liabilities
$274
$8
$2
$361
$18
____
$190
3304 $1,704
$4
$755
____
$10 $3,024
Excess of assets over nabs_
excl. of inter-agency transactions
2,452
14
138
206
51
106
2'73 3,238
197
112
100
144
85
251
1
319 1.209
____
____
____
____
__
____
Privately owned Interest_ _ _
_90
1
19
____
f
189
279
Govt. Interests
U. S.
$2,452
$14
$206
$136
$51
8106
$273 $3,238
$111
$197
$81
$144
$85
$161
$1
$150
$930
DistrIbM of govt. Interests:
Capital stock
500
3
14
e217
44
105 e2.300 3,183
200
110
70
123
81
154
1
150
889
Surplus
52
-------------1
15
-3
41
52
44
Inter-agency Interests (net)._
1,900
203
____
-81
8
____ -235ii
1rot,i liabilities
,
02.452
$206
$14
$136
$51
$106
$197
$273 $3,238
$111
$85
881
$144
$161
$930
$150
$1
a Exclusive of inter-agency assets and liabilities (except bond investments . b Includes $780,000,000 preferred stock of banks. c Exclusive of
$12.000,000 accrued
Interest guaranteed by United States tor which an equal amount of cash has been deposited with Treasury to cover payment. d Includes $611,000,000 4% bonds
which are
exchangeable until Oct. 27 1934, for 3% bonds guaranteed by United States. e Non-stock.
million.
f Less than half
1338
Financial Chronicle
Donald R. Richberg Estimates 1934 Farm Income at
$1,000,000,000 Above 1933
-Report to President
Roosevelt on Agricultural Recovery Program
States Industrial Upturn is Necessary to Aid
Farmer
-Warns Against Relaxation of Crop Control
Plans.
Although the farm income in 1934 will be about $1,000,000,000 above last year, the Administration's farm recovery
program cannot succeed until there is "more of a revival in
industrial production and more extensive re-employment,"
according to a report submitted to President Roosevelt on
Aug. 29 by Donald R. Richberg; Executive Secretary of the
Executive Council. This report was the second of a series
of the results of the recovery policies to be prepared by
Mr. Richberg. The first is referred to elsewhere in this issue.
Mr. Richberg, in his report on the progress of farm relief
activities, said that the prices of basic commodities have
risen to 95% of the pre-war level, and pointed out that
rental and crop benefit payments from August of last year
to June 1934 totaled $311,000,000, while an additional
$2,000,000,000 has been made available to farmers through
the Administration's loan and relief projects.
Mr. Richberg repeatedly mentioned the part played by the
drought in reducing agricultural surpluses, but he stated that
this fact should not lead to abandonment of forms of Government crop control. He said that rising prices, combined
with short crops as a result of the drought, will cause farmers
to plant larger acreages next year. About 40,000,000
fertile acres, Mr. Richberg said, have escaped ravages of the
drought, and he asserted that this acreage alone was sufficient to produce vast farm surpluses.
Unites Press advices from Washington, Aug. 29 summarized other portions of the report as follows:
The report brought out 11 factors under the farm relief program, as
follows.
1. From Aug. 1933 to June 1934, farm income, including rental and
benefit payments, was 32% above the corresponding previous period.
2. Farm income is still far below pre-depression levels, but this year
will exceed 1933 by 19%.
3. Present basic farm surpluses have been reduced by drought and control
programs to nearly normal.
4. Farm income for the crop year 1933-34 was $5,083,000,000. increasing
the farmers' income over 1932-33 by $1.202,000,000.
5. Federal Land banks and the Land Bank Commissioner now hold
one-fourth of the Nation's farm debt.
6. Industrial revival and extensive re-empioyment are essential to agriculture restoration.
7. Farmers have scaled down their debts and reduced interest charges
with Federal loans.
8. Increases in prices of what farmers buy have exceeded increases in
prices of what the farmers sell.
9. Commodity prices, plus benefit payments, have brought farm prices
to 116% of pre-war figures.
10. Prices of things farmers buy are estimated at 122% of pre-war
levels.
11. Since March 1933. actual farm prices of seven basic commodities
have risen from 51% to 95% of the pre-war level.
Mr. Richberg said the relief of agricultural distress has been along two
lines. Through increasing the farmer's purchasing power and through
providing a co-ordinated agricultural credit system.
Tabulation of Farm Prices.
As a result, he said, tabulation of farm prices show the following:
Wheat advanced from 39% of 1910-1914 prices in March 1933. to 111%
in August 1934; corn from 32 to 114%; cotton from 59 to 107%; hogs from
44 to 64%; butter from 71 to 96%. rice and five other basic commodities
from 51 to 93%, and all groups from 50 to 85%. Including benefit payments, he said, prices for domestic consumers as of August 1934, were at
114% parity with wheat; corn, 131%; cotton. 102%; hogs, 72%; butter,
81%. and seven basic commodities, including tobacco and rice, at 95%.
Mr. Richberg said much of the corn, wheat and cotton increases reflect
ravages of the drought through short crops "and, therefore, the prices do
not necessarily mean a corresponding increase in farm income."
The report said income of fruit and vegetable farmers had been increased
by $38,000,000 and that dairy farmers are averaging 52 cents per 100 pounds
more for milk than before Agricultural Adjustment Administration license
and marketing agreements were signed.
He said major crop surpluses had shrunk as follows:
Wheat, from 400.000.000 bushels in 1932 to 290,000,000 with prospects
the decrease will be to 125,000,000 by next summer; corn,from 527,000,000
bushels to 470,000,000 with prospects this will be reduced to 100,000 by
next summer; tobacco stocks of 2,400,000,000 pounds to 2,200,000.000;
excessive number of live stock on farms to something like normal propor •
tions through drought relief purchases.
"The drought," Mr. Richberg said, -has laid the basis for new surpluses
and it is apparent that the mechanism of adjustment must be utilized to
maintain balance of production. It is quite certain that in the absence of
stabilizing control farmers would again produce more than the market can
absorb. Furthermore to fully restore the pre-war price relationship and to
give agriculture a.share of the national income it is essential there be a
revival in industrial production and more extensive re-employment."
About half the total farm income, Mr. Richberg pointed out, is determined primarily by the level of domestic purchasing power "and in the case
of commodities of which this is true, progress cannot be made faster than
the general recovery program advances."
The report then narrated the part played by the various relief and loan
agencies in the farm revival program and concluded with an account of
planned future activities.
Mr. Richberg estimated cotton farmers realized a profit of $48,000,000
through Federal loan activities. He said more than 200,000 farmers
obtained refinancing loans which enabled them to scale down debts by
by $52,789,000. The Farm Credit Administration, he said, has advanced
31,626,466.000. while approximately $120,000.000 was loaned against 1933
cotton and corn crops.
Sept. I 1934
Gains in Business Recovery Described in Report to
President Roosevelt by Donald R. RichbergSecretary of Executive Council, Summarizing Surveys by Governmental Agencies, Places Increase
in Employment Since June at Over 4,000,000
Wage Gains-Business Failures Reported 40%
Below 1929.
Gains in business recovery since March of last year were
described in a report which was submitted to 'President
Roosevelt on Aug. 26 by Donald R. Richberg, Secretary of
the Executive Council. This report is the first of a series
which will summarize the objectives and accomplishments
of the Administration's recovery program. Mr. Richberg
told the President that employment in June 1934 totaled
40,180,000, or 4,120,000 more than in March 1933 and 2,320,000
more than a year ago. Weekly wages, he said, had increased
from $96,009,000 in June of last year to $132,000,000 in June
1934, marking a gain of 37.5%. The cost of living in the
same period was found to have risen 9.6%, but Mr. Richberg
added that despite this increase "there remains a net increase of 25% in purchasing power."
The survey found that the index of manufacturing production rose from a low of 47.4 in March 1933 to 85.1 in
July 1933, then declined to 59.4 in November and advanced
to 72.1 in May 1934, "since when there has been another recession." Business failures from February to May 1934
were said to be more than 40% less than in 1929, while the
workers' share of the national income rose from 58.3% in
June 1933 to 62.5% one year later. The average working
week in industry is now approximately 37 hours, as compared with 43 hours in March of last year, and the current
average wage is 55.2c. an hour. The American Federation
of Labor increased its membership by approximately
2,000,000. The survey said that the gain ill the number and
membership of company unions "marks an increase in the
mechanisms of labor associations available for the collective
bargaining contemplated in the National Industrial Recovery Act."
We quote below extracts from Mr. Richberg's report,
which summarized reports of various governmental agencies:
The activities undertaken by the Federal Government to promote economic
recovery and security may be grouped under the following headings:
1. Relief of industrial unemployment.
(a) Through private enterprise.
(b) Through public works.
2. Relief of agricultural distress.
3. Relief of destitution.
4. Relief of financial pressures.
(a) Individual.
(b) Corporate.
5. Advance in public services.
6. Administrative services.
(a) In financing recovery measures.
(b) In furnishing information.
(c) In adjustment of economic conflicts.
7. Promotion of foreign trade.
1. Relief of Industrial Unemployment.
The primary problem of recovery may be stated as the relief of unemployment, including therein relief from unprofitable employment (in industry
through inadequate wages and in agriculture through inadequate prices).
The size of this problem may be graphically indicated, although not measured,
by the report of the Department of Labor that, during the year ended
June 30 1934, the National Re-employment Service and the State employment services received 15,387,508 applications for jobs.
The total number of placements made was 0,951,523, classified as follows:
1,403,358 on public works projects, 4,123,925 on civil works, 1,305,873 in
private employment, and 118,367 in Government service. No accurate measure of past or present unemployment or re-employment can be obtained from
these figures. They involve necessarily duplications in applications and
placements and do not include those unemployed workers who did not
register with these services or who were re-employed through other means.
The large percentage of placements was in the temporary field of civil works;
the bulk of re-employment in trade and industry did not proceed through
the national and State employment services, as will be evident when the
figures of known re-employment in private industry are reviewed. But the
figures furnish impressive evidence of the volume of unemployment to be
relieved.
(a) Relief Through Private Enterprise.
The National Recovery Administration reports that as of Aug. 1 1934,
495 codes of fair competition and 136 supplementary codes had been approved, covering about 95% of all industrial employees. Precluding the
general adoption of codes over 2,300,000 individual agreements with the
President were brought about, covering approximately 16,300,000 employees.
Reliable figures indicate that 40,180,000 persons were employed in the
United States in June 1934, an increase of 4,120,000 over the low figure of
March 1933 and an increase of 2,320,000 over June 1933. The latter
Increase is mainly due to shortening of hours under NRA codes. Re-employment under the codes rose and declined in separate trades and industries
throughout the year from seasonal and other causes, so the gross volume of
re-employment far exceeded the foregoing net increase, having been estimated
at more than 3,000,000 workers. The increase of 1,800,000 prior to the NRA
can be attributed partly to the revival of business brought about by other
Federal activities and partly to anticipation of increased labor costs under
the NRA program.
Under the codes, labor standards have been improved in many ways.
Child labor has been eliminated; working hours reduced; wage rates Increased; sweat shop employment reduced; health and safety standards ccntrolled, and the right of labor organization far advanced. The work week
has been reduced, from June 1933 to June 1934, approximately six hours,
Financial Chronicle
Volume ii.
on the average, for all industry. There has been a much greater decline in
inductries of high activity and a lower decline in those operating at low
levels. Average hourly earnings have been increased about 26%; wage differentials have been materially decreased. Average hours in June 1934 were
37 hours per week, and average wages 55.2c. per hour. The advance in
wage rates is directly due to NRA codes, since after previous depressions
wage rates have advanced very little in the early stages of recovery.
Most significant are the figures of business failures, which, from February
to May 1934, were more than 40% lower than in 1929. This index particularly shows the effect of the NRA codes in the protection of small enterprises wherein most business failures occur.
Also noteworthy is the rise in the index of corporation profits from the
deficit figure 6.9 in the first quarter of 1933 to the profit figure of 33.2 in
the second quarter of 1934. (According to the Standard Statistics Co., net
profits of 506 companies of all types rose from $157,579,000 in the first half
of 1933 to $408,572,000 in the first half of 1934, an increase of over 200%.
According to the same source, net profits of 402 industrial companies rose
from $47,380,000 in the first half of 1933 to $335,870,000 in the first half
of 1934, an increase of over 600%.)
The exact contribution of NRA to this industrial recovery cannot be
established statistically; but the coincidence of business improvement with
the NRA codification and the obvious, direct effects of NRA, in preventing
destructive price-cutting, in stabilizing business operations, in improving
the total purchasing power by providing increased employment without reduction of compensation, and in the increase of prices from loss levels to
profit levels, demonstrate the dominant influence of the NRA in this industrial advance. When specific industries such as bituminous coal, automobiles and oil are considered the effects of codification are clearly apparent.
The Tennessee Valley Authority, while engaged in the construction of
public works, is making a contribution to the relief of industrial unemployment, not only through employment of workers, but also through its general program for the improvement of living and working conditions throughout the Tennessee Valley. The effect of the TVA upon economic recovery in
this entire region will be more clearly evident as the program develops and
increases industrial opportunities throughout the valley, particularly through
making available cheap electric power. The Tennessee Valley Associated
Co-operatives, with $300,000 advanced by the Federal Emergency Relief Administration, has launched nine co-operatives which already have 1,900 members. Fruit, berry and vegetable canning, seed potato cultivation, flour
grinding, dairying, woodworking and handicraft textiles are the leading
activities.
Employment provided through the TVA belongs partly under the results
of public works construction, but may be summarized here as the present
direct employment of about 10,000 men, with an estimate that as many
more have been given employment indirectly.
(b) Relief Through Public Works.
The Public Works Administration was established to reduce and relieve
unemployment, to increase purchasing power and otherwise to rehabilitate
industry and to conserve natural resources. A comprehensive program of
public works was prepared by the Administrator, under the direction of the
President, to provide for construction projects.
The Public Works Administrator reports that the total appropriations
available, amounting to $3,700,000,000, have been allotted as of Aug. 14
1934, as follows:
Federal projects
Non-Federal projects
Relief highways
Tennessee Valley Authority
Emergency Housing Corporation
Non-construction projects
$1,578,000,000
970,000,000
7,000,000
50,000,000
128,000,000
932,000,000
Grand total, $3,665,000,000, leaving an unallocated balance of approximately $35,000,000.
The Post Office Department reports that under the Emergency Appropriation Act, $65,000,000 was provided for construction of Federal buildings,
at places selected by the Postmaster-General and the Secretary of the Treas•
ury. On June 25 1934 (six days after the approval of the Act), the Postmaster-General and the Secretary of the Treasury announced the selection and
approval of 302 public building projects, distributed throughout the United
States, Alaska, Hawaii, Puerto Rico and the Virgin Islands. Every effort
is being made to have all the buildings under construction before the end
of the year.
The Department of State reports that the International Boundary Commissions have been allotted from PWA $5,761,000 to carry out a program
of boundary development, including a variety of projects. The entire allotment has been allocated and several projects completed. An additional
appropriation of $7,000,000 is estimated necessary to complete the program.
Estimates of employment indicate that jobs have been or will be provided
for approximately 300 men for periods ranging from three and a half months
to five years.
The Navy Department received from PWA an allotment of $277,098,924.
On Aug. 1.1 1934. 18,425 men were employed "on the site" on projects thus
financed. These figures exclude men employed away from the site on fabrication of material and supplies, and men employed directly in various naval
establishments under regular naval appropriations. A curve of employment
plotted by the Navy Department of actual and predicted shipbuilding and
other employment at the navy yards and private yards shows a total, Aug. 1
1934, of approximately 138,000 man-hours per day and a peak about July 1
1935 of 200,000 man-hours per day. The department reports that current
employment on NIRA ship construction at navy yards is about one month
behind the employment predicted and at private shipbuilding yards about
three months behind.
The War Department reports its request for Public Works funds for military activities totaling $385,000,000 and the allotment of $96,234,211. The
department reports that funds requested for rivers and harbors and flood
control projects totaled $693,500,000, and funds received amounted to
$343,438,753.
Of the total allotments up to July 28 1934, amounting to $439,672,964,
contracts have been awarded and day labor work started in the amount of
$284,469,996, and expenditures made of $143,627,187. By the end of July
direct employment on these projects was 78,426 men, and it is estimated that
twice that number were employed indirectly through such projects. The
department reports that it is so organized and has such needs that it could
approximately triple the present program.
The Department of Commerce reports that several bureaus are engaged
in construction projects using PWA funds. These include Bureau of Air
Commerce, Bureau of Standards, Bureau of Fisheries, Bureau of Lighthouses,
Coast and Geodetic Survey, and Bureau of Navigation and Steamboat Inspection. Out of total allotments of $14,954,800, $7,343,747 has been spent and
there are 4,074 persons employed.
1339
Henry P. Fletcher of Republican National Committee
Critizes Industrial Report of Donald R. Richberg—
Declares Many Business Indexes Have Declined
Under NRA.
Henry P. Fletcher, Chairman of the Republican National
Committee, in a statement on Aug. 27 attacked the survey
made public on the previous day by Donald R. Richberg,
Secretary of the Executive Council, in which industrial
gains under the National Recovery Administration had been
listed for President Roosevelt. Mr. Fletcher said that the
report was fallacious in that many of the gains mentioned
had been recorded before much of the legislation under the
"New Deal" had been enacted, and declared that in many
instances business indexes actually show declines from the
time of the passage of the National Industrial Recovery Act
to the present date. He also said that Mr. Riehberg had
failed to include statistics of strikes in his report, and declared that strikes had caused "teriffie economic losses."
Mr. Richberg's report to the President is noted elsewhere
in this issue of the "Chronicle." Mr.Fletcher, in his critical
statement, said that the American economic system had
"functioned magnificently" from April to August of last
year and had brought to the average American citizen a
greater degree of real prosperity than he has enjoyed since,
"without producing industrial unrest, suspicion and warfare." We quote, in part, from his statement, as given in
a Washington dispatch of Aug. 27 to the New York "Times":
Referring to Mr. Richberg's comparisons of present conditions and
those in the spring and early summer of last year, Mr. Fletcher said.
"Comparisons given out by the New Deal should start at scratch. The
twin recovery measures—namely, the Agriculture Adjustment Administration and the NRA—did not become effective until July 1933. The National Industrial Recovery Act was not approved by the President until
June 16. and it was July before the NRA was in working order.
"To ascertain just what the benefits of the New Deal have been, comparisons must be made with conditions as they were when these two measures became effective and what they are to-day.
"Such a comparison shows that, during the period since these two outstanding so-called recovery measures became effective business activity
has declined, private construction has declined, car loadings have declined.
"The greatest decline in car loadings has been in general merchandise.
coal and coke, ore and forest products. Due to the drought compelling
farmers to rush their stock either to market or to new pasturage, and
market what little grain they had, car loadings of these two classes have
shown an increase. That is an evidence of distress and not of prosperity."
Discussing what he said was the decline in production, Mr. Fletcher
continued.
"This includes coal, electric power, lumber, petroleum and steel. The
index number of production of automobiles Aug. 18 1934, was 70.6. as
against 70.7 Aug. 9 1933. Cotton consumption and textile production
have declined; pig iron, boot and shoe, silk and zinc production all have
declined."
Employment Figures Disputed.
Mr. Fletcher quoted the American Federation of Labor's statistical
department as estimating unemployment to-day as 300,000 greater than
in October 1933, and the total number of unemployed industrial workers
as about 10,000.000.
"According to the report of the Department of Labor, the slump in
industrial employment in July this year was the greatest in 15 years,"
he went on.
"According to the same authority, the amount of per capita weekly
wage earnings in industries has increased 8.5%, while the cost of living
during the same period has increased 9.6%,so that, on the whole, industrial
workers are getting less 'real' wages to day than they wore a year ago.
"The bulk of the improvement noted in the Richberg report took place
before July 1933—before any of the so-called 'New Deal' emergency measures had been enacted and put in effect."
Danger Seen in Intervention by Federal Government
in Field of Private Business—Guaranty Trust Co.
Finds Individual Initiative Stifled by Restrictions
and Limitations.
The fact that there has recently taken place a wider and
more active intervention than ever before by the Government
in the field of private business is commented upon by the
Guaranty Trust Co. of New York in the "Guaranty Survey,"
its monthly review of business and financial conditions in
the United States and abroad, published Aug. 27. While
conceding that the assumption of certain emergency powers
was warranted "at a moment of supreme crisis," the "Survey" points out that "there is a real danger that those powers will be perpetuated and extended until legitimate private
business is buried under a mountain of bureaucracy." The
"Survey" notes that "the deepest penetration of the Government into the field of private business during the depression
has occurred in the realm of finance," and adds:
Huge amounts of public funds have been loaned to private business enterprises or individuals by numerous agencies, principally the Reconstruction
Finance Corporation, the Farm Credit Administration and its affiliated organizations, and the Home Owners' Loan Corporation. The RFC has participated in the banking business in two ways: first, by making loans that
would normally have been made by, or handled through, commercial or inventment banking institutions; and second, by actually investing in the
banking business by means of loans to banks or through the purchase of
preferred stock and capital notes of banks.
"The revival for which the Federal Government is striving so arduously," says the "Survey," "can come about only
through individual initiative, and that initiative is being
1340
Financial Chronicle
stifled, rather than encourage% by the restrictions and
limitations that have been placed upon it, with the threat
of further obstacles yet to come." From the "Survey's" comments on Government intervention, we quote the following:
This intervention takes two forms: regulation and active participation.
The former involves merely an extension of the regulatory powers that governments have, in greater or lesser degree, always exercised over private
business concerns. The latter goes far deeper, carrying the Government
directly into the business field in competition with privately-owned industrial, commercial and financial enterprises.
A Gradual Development.
For many years observant citizens have been uncomfortably aware of the
fact that public expenditures, taxes and borrowings have been increasing
much faster than population, wealth and income. But it has been only
imperfectly realized that this increase in the cost of government is due, in
considerable measure, to the extension of governmental activity along lines
that bring public agencies into more or less direct competition with private
business enterprise, to the injury of the latter.
The tremendous acceleration that this tendency has received under the
pressure of the recent emergency has greatly increased the gravity of the
problem. Recent legislative and executive acts of the Federal Government
have, in many cases, ignored the traditional dividing line between Government and business. As a result, the situation has reached such a point as
to threaten the basic conception of limited governmental powers and private
business initiative on which this nation was founded and under which it
developed. It is highly desirable, therefore, that the facts and implications
of the current trend be realized as clearly and as widely as possible.
Instances of Direct Competition.
The depression has brought the Government into direct competition with
private business at several new points. The public utility industry, already
subject to regulation, is among the groups most directly affected. One of
the purposes of the Tennessee Valley Authority is to build power plants and
transmission lines in order to generate and sell power. Another is to develop
new processes for producing fertilizers at low prices. A third is to provide
inland waterway navigation. In line with these purposes, the construction
of two dams and hydro-electric plants has already been begun, and the
Muscle Shoals project has been taken over and a market obtained for its
output of power. Plans have been made for the construction of four more
dams, and it has been estimated that 20 or 30 would be required to develop
the Tennessee River completely. Developments already under way or contemplated are expected to represent a total Government investment of $310,003,000. Other operations of the TVA include the mining of phosphate ore,
the construction and renting of homes, and the provision of free use of farm
plots to tenants. Through affiliated organizations the TVA finances consumers in the purchase of electrical equipment and organizes and finances
co-operative associations.
The Government's policy is the more interesting by reason of the methods
that are used to acquire markets for the newly-developed power. In one
instance, the TVA, by threatening competition with the already established
private power company in the city of Knoxville, forced the company to sell
Its entire transmission and distribution system. This transaction was accomplished by the aid of an offer by the Public Works Administration to lend
funds to the city for the construction of a new distributing system to compete with the private system already in operation, although the Tennessee
State Board of the PWA had previously refused to lend money to the city
on the ground that the latter's credit was not good enough.
Further Instances of Competition.
Other new Federal agencies compete with private business concerns in
various ways. The Agricultural Adjustment Administration, besides exerting a degree of control over farming operations that amounts, in some cases,
almost to direct participation, engages in the business of buying and selling
farm products. The Federal Surplus Relief Corporation has dealt extensively in foodstuffs and has recently announced a project to purchase cotton
and ticking and to manufacture mattresses and quilts for the use of the
unemployed. The PWA and other agencies bid for labor in competition with
private employers. Such competition might appear, at first glance, to be
unimportant at a time of large-scale unemployment. The demand for labor,
however, is mainly sectional, rather than national; and instances are said
to have arisen where the wages paid on PWA projects, together with the
lax supervisory methods used, have made it impossible for private contractors to obtain labor. The policy of employing large numbers of workers
with funds supplied by the Government is an important form of public competition with private business; and it is obvious that it may, under some
conditions, become extremely serious. . . .
Danger of Growing Bureaucracy.
In mentioning the financial operations of the Federal Government as
instances of governmental competition with private business, it is only fair
to point out that those operations were undertaken as emergency measures
to supply financial services that private agencies were considered temporarily unable to pro,ide. It would be premature, to say the least, to conclude that they marked the beginning of a governmental policy of competition with, or participation in, private financial institutions. However,
there is always a danger that a governmental function undertaken originally
as an emergency expedient will tend to perpetuate itself.
The same consideration applies to other extensions of governmental activities during the depression. The new boards, authorities, corporations and
administrations were created at a moment of supreme crisis. Under the circumstances, the assumption of certain emergency powers was warranted.
But there is a real danger that those powers will be perpetuated and extended
until legitimate private business is buried under a mountain of bureaucracy.
A consideration of the trend of affairs prior to the depression, as outlined
in the foregoing, offers sufficient evidence of the gravity of the problem.
The misgivings with which business men view such possibilities arise from
several causes. In the first place, individual enterprises find their own
operations and earning positions threatened by governmental competition.
On more general grounds, it is realized that governments are notoriously
inefficient in business operations. Public employees, with their positions
relatively secure, on the one hand, and with only limited opportunity for
advancement, on the other, seldom show the energy, initiative and interest
in their work that actuate business men and their employees in their struggle
for economic survival and expansion.
Public Competition Destructive.
Despite this handicap, governmental competition is usually destructive
to private business, because the public agency is not obliged, like an individual business enterprise, to pay its own way. It has at its disposal the
huge financial resources of the public treasury ; and it is permitted to use
accounting methods that show it to be operating at a reasonable level of
Sept. 1 1934
costs wlitn, as a matter of fact, its real costs would be disastrous to a
private business obliged to depend upon its own earnings. . . .
The time is ripe for a re-examination of the basic principles underlying
our political and economic system. Under a regime of individual liberty,
individual initiative, and strictly limited governmental powers, the United
States has recorded a growth of population, wealth, and welfare that has
no parallel in the world's history. Little by little, in recent years, the
powers of government have expanded, while the field reserved for individual
activity has shrunk. Under the pressure of extreme emergency, this process
has been greatly accelerated. It is now opportune to inquire whether a
few years of adversity should be allowed to erase the memory and experience of a century and a half of amazing progress, and whether the moment
has not arrived for the individual American to reoccupy the ground that
he has temporarily relinquished.
Postmaster-General Farley Asks National Support of
Administration's Recovery Program at Fall Elections—Assails "Reactionaries" in Praising New
Deal—Asserts President Roosevelt Is Fighting
"Selfish Forces of Money, Power and Greed."
Postmaster-General Farley, in a speech at Sea Girt, N. J.,
on Aug. 25, appealed to the voters of the United States to
indorse President Roosevelt's recovery program at the elections this fall. He declared that the President is opposing
"the selfish forces of money, power and greed to pass the
benefits Of freedom around to a wider circle of people." Attacking the Republican party as"a shelter for reactionaries,"
Mr. Farley said that the people of the United States are
"through, once and for all, with the time-serving, self-centered group of the old guard who brought the country to its
knees in the great and gaudy and reckless Hoover period."
A Sea Girt dispatch of Aug. 25 to the New York "Times"
quoted from his address, in part, as follows:
The Postmaster-General reviewed the early days of the Administration and
its success in restoring the public morale. Without the Government relief
program there would have been disorders, and out of disorders comes revolution, he warned.
Defending the restriction of agricultural production, he said: "Some call
this a denial of freedom. It is not that. In reality it gave the farmer a
measure of freedom that he never had enjoyed, because it gave him the right,
In co-operation with others and under the guidance of an interested Government, to bring about a fair and equitable distribution of prosperity.
"Some selfish men who are now talking about freedom apparently mean
the kind of freedom that they enjoyed a few years ago—the freedom which
resulted in great prosperity for them and in the loss of even the barest necessities for others.
"President Roosevelt's policies represent a desire on his part to pass the
benefits of freedom around to a wider circle of people. No country is free
where a few selfish men can, through their ruthless disregard of the principles of their stewardship, deprive great numbers of the security upon
the basis of which all human life must rest.
"So much for agricultural problems. The greater variety of industrial
problems brought a new set of conditions forward. So the National Recovery Act was passed. It was a temporary measure, with a definite time
limit set for its operation. Under it great strides have been made. Social
justice has been incorporated into the country's law to some extent ; child
labor has been abolished effectually ; wage earners have been given increased
pay; hours have been shortened and more people have been given work.
"The marginal fringe of chiselers in industry has been cut down, and in
some industries entirely and rightly wiped out. Modifications of the Act
are being worked out to meet changing conditions, but I predict that no
matter what form the revision takes, one thing will last—its spirit and its
basic doctrines. And it will have served its purpose in seeking to aid
industry to regain its equilibrium and once again place its feet on solid
ground after the quicksands of a false and empty Hoover prosperity."
Mr. Farley's stressing of the liberty issue was interpreted by some in his
audience as an answer to the recently-formed American Liberty League.
Cites Other Achievements.
He listed as another Roosevelt accomplishment the repeal of the Eighteenth Amendment, declaring that no other constitutional amendment in the
history of the country had been adopted so speedily as the Twenty-first.
Ile also cited banking legislation and deposit guarantee insurance as Democratic accomplishments.
"Hand in hand with the recovery program came the all-important question
of the relation of our money to the moneys of other countries," he continued.
"The problem of devaluation of the all-too-artificial gold dollar involved a
brave and courageous decision, as did the later attendant problem of silver.
The nationalization of gold and silver will stand out In bold relief to the
historian of the future as necessary steps in the recovery of this nation from
the lowest economic depths to which it had ever sunk.
"One of the most needed reforms was, of course, embodied in the acts for
the control of the issuance of securities and the regulation of stock exchanges. These were hailed in many instances as deterrents to business.
I am happy to say that has not proved to be true. Business understands,
and should understand, that no restriction is sought on the normal conduct
of business, either in industry or finance.
"But evil practices, ruthless financiering, false information—all will be,
we hope, soon things of the past. The Securities Exchange Act is building
a new confidence on the part of the people in the security and money market
-4
of the world, a confidence that will be lasting and permanent, and that
could only have been achieved through the drastic reforms insisted upon by
President Roosevelt.
Committee of American Bar Association Criticizes
Administration's Recovery Agencies—Report Finds
Legal Matters Are Being Removed from Jurisdiction
of Courts.
Criticism of the National Recovery Administration, the
Agricultural Adjustment Administration and other agencies
of the New Deal was contained in a report of the Committee
on Administrative Law of the American Bar Association.
made public on Aug. 26. The report, whin was later submitted to the convention of the Association, meeting in Mil-
Volume 139
1341
Financial Chronicle
waukee, said that many of the Administration's recovery
policies tended to remove large fields of legal controversy
from the jurisdiction of the courts. Among the agencies so
classified were those to which Congress has delegated
judicial or legislative authority. Associated Press advices
from Milwaukee, Aug. 26, summarized the report as follows:
Advantages of such agencies also were recognized in the report, especially
the employment of experts supervising subject matter requiring specialized
experience and training.
Advising that the judicial functions of these agencies be divorced from the
legislative or executive and placed in a Federal administrative court, with
an appellate division, or independent tribunals modeled after the Board of
Tax Appeals, the report said: "It is not going too far to state that the
Judicial branch of the Federal Government is being rapidly and seriously
undermined."
Apprehension was expressed that agencies combining all three functions
"are obliterating essential lines of our Government structure . . . and
substituting a labyrinth in which the rights of individuals, while preserved
in form, can easily be nullified in practice."
Pointing out that under Title I of the NIRA alone 13 agencies and four
corporations already have been created by Executive Order, the report said
that lawyers even in close contact with these agencies in Washington were
handicapped and concluded "it becomes hopeless for the average citizen to
attempt to understand his Government."
In addition to assignment of judicial functions to Federal courts, the report
recommends abolition of so-called independent commissions and transfer of
their legislative and executive departments of the Government. It recommended no new Independent commissions be created.
The Commercial Law and Bankruptcy Committee expressed doubt that
recently-enacted bankruptcy legislation will accomplish a swift and radical
reduction of the overhanging debt structure of the country. The Committee
reported the provision for Relief of Debtors Act, the Agricultural Compositions and Extensions Act, and the Act for the reorganization of railroads
engaged in inter-State commerce have been in operation more than a year,
and asserted no significant relief in debt discharges has been achieved.
colossal failure." Associated Press advices from Providence,
Aug. 23, summarized his address as follows:
He voiced opposition to NRA and AAA on the grounds that they had
hindered recovery, bred monopoly, damaged small business, made the farmer
"dependent on the Government for alms," because they were contradictory
In operation, and:
"Above all, I am opposed and always will be opposed to both because
they damage our American system of government, infringe the liberties of
our people, and prepare the way for an autocracy or dictatorship."
By raising the purchase price of basic articles, Colonel Roosevelt said,
the entire income of the "little man" was being used to pay the bill.
"The 'forgotten man' has been remembered, and to his great damage,"
he said.
"I do not see that the farm policy could be considered as anything but a
colossal failure."
Of NRA, he said that it had hindered prosperity.
"Statistics of the National Industrial Conference Board show that in the
world prosperity is returning," he said. "Taking 1928 as 100%, this year
In May Great Britain showed 103% of its industrial production; Sweden,
106.7%; Canada, 84.4%; Germany, 89.1%; France, 79.5%.
"In the ordinary course of events, with these countries gaining in this
fashion, we would have recovered more rapidly. Statistics show that at the
end of 1933 we were only 67.6% of our 1928 level."
500,000 Cotton Textile Workers Prepare to Strike
To-night (Sept. 1)—Union Leaders Threaten Walkout of Employees in Silk, Rayon and Wool
Industries—Statement By President Green of
A. F. of L.—G. A. Sloan on Cotton Textile
Institutes Attitude.
A strike of 500,000 cotton textile workers throughout the
country has been called for 11.30 p. m. to-day (Sept. 1),
but late this week Federal mediators still expressed the hope
that some means could be found of averting the threatened
walkout. The United Textile Workers issued the strike call
Administration's Recovery Legislation Held Constituon Aug. 30, after having been assured of the support of the
tional—New York Solicitor-General Points to
American Federation of Labor. The National Labor ReSupreme Court Decisions as Evidence That Changlations Board continued to hold conferences with the union
ing Character of Constitution Is Recognized.
Practically all of the legislation enacted under the Admin- leaders and with representatives of the employers even after
istration's recovery program will be held constitutional by the strike was definitely announced. Francis J. Gorman,
union's special strike committee, threatened
the United States Supreme Court, Henry Epstein, Solicitor- Chairman of the
General of the State of New York, said on Aug. 27 in a speech to add silk, rayon and woolen workers to the strikers, stating
before the National Association of Attorney-Generals at that a decision regarding these textile employees could be
Milwaukee. Mr. Epstein said that the Constitution, while expected early next week.
Late yesterday (Aug. 31) Mr. Gorman threatened to
remaining outwardly unchanged for almost a century, has
been substantially altered in substance many times in the extend the strike of the cotton mill workers to employees in
light of changing economic, social and political conditions. the woolen and worsted industries. He said that the refusal
As evidence that the Supreme Court recognized the changing of Arthur Besse, Chairman of the Wool Code Authority,
nature of the Constitution, Mr. Epstein cited cases on which to arrange a conference between union leaders and repthe Court has recently ruled, including the Blaisdell case resentatives of the industry could only result in a walkout
(when the Minnesota Mortgage Moratorium Law was in- which would involve woolen and worsted workers on Sept. 3.
The strikers demand a 30-hour week, as compared with
volved), the Nebbia case (concerning the New York Milk
Marketing Law) and the Worthen case (based on the Arkan- the present working week of 40 hours; maintenance of pay
sas law exempting the proceeds of insurance policies from at current levels, and recognition of the union for purposes
seizure for debt). In the first two cases the laws were up- of collective bargaining. The Cotton Textile Institute anheld by the Court, while in the Arkansas case the Court ruled nounced on behalf of the employers on Aug. 29 that the mill
owners would not accept the invitation of the National
that the law was invalid.
A Milwaukee dispatch of Aug. 27 to the New York "Times" Labor Relations Board for a conference, on the ground that
the proposed strike was against the Textile Code Authority
quoted from Mr. Epstein's speech, in part, as follows:
and therefore against the Federal Government. The in"The American Constitution has become, whether so intended or not, an
institution of changing economic and social forces," Mr. Epstein said. "I
vitation to the conference had been accepted by representacannot believe that it could be otherwise. There is, however, danger In
tives of the United Textile Workers.
when motivated by a desire to meet every social or economic
the change
Reference to the threatened strike was made in our issue
crisis with basic alteration of the individual and social fabric through the
of Aug. 25, page 1173.
medium of judicial amendment without thoughtful consideration.
Stating that orders for the strike were forwarded to more
Courts Taking "Advanced View."
than 500 local unions of the United Textile Workers of
is not without uneasiness that I venture to suggest that there may be
"It
America according to Francis J. Gorman, Chairman of the
some truth in the vaunted expression of young enthusiasts in official WashSpecial Strike Committee, the New York "Herald Tribune"
ington that the Supreme Court has its ear to the ground.
in a Washington account June 29 added:
Nebbia and Worthen will long remain epic cases. They give
evidence of changing ground of constitutional thought. Shrewdly enough,
we perceive in each of these cases an anchor thrown to windward. It may be
necessary to heave to or turn about."
Laymen and lawyers must recognize, the speaker said, that "not the least"
of the methods of constitutional amendment are judicial decisions which
mold the document to the needs of a dynamic age.
"It is evident that the courts are taking an advanced ground upon current
issues," Mr. Epstein said in closing. "The Supreme Court is hardly to be
lightly charged with a lack of respect for the Constitution. Its present
tendencies would seem rather to lend strength to the rapidly-growing conception of it as flexible and elastic, a living institution in close rapport with
the affairs of living men."
Colonel Theodore Roosevelt Attacks NRA and AAA
as Contrary to Fundamental American Principles.
The National Recovery Administration and the Agricultural Adjustment Administration are opposed to the American fundamental principles of Government, Colonel Theodore Roosevelt, President of the National Republican Club,
declared in a speech at Providence, R. I., on Aug. 23. Colonel
Roosevelt said that the present Administration has "arrogated" to itself powers for creating business codes, and as a
result has assumed "executive legislating, administering
and judging, which in its essence is dictatorship and nothing
else." The NRA, he said, had actually retarded prosperity,
while the Administration's agricultural policy was called "a
Sloan Rejects Conference Plan.
Pr The proposal for a joint conference was made earlier by Lloyd K.Garrison,
Chairman of the National Labor Relations Board. Union leaders accepted.
Cotton textile manufacturers, meeting in New York to-day with George A.
Sloan, Chairman of the Code Autnority and President of the Cotton Textile
Institute, rejected the proposal in a telegram which was sent to Chairman
Garrison.
pp Before this W. D. Anderson, President of the American Cotton Manufacturers' Association, declined an invitation of the National Labor Relations Board to bring a group of Southern manufacturers here to-morrow for
a conference. Mr. Anderson indicated that Mr. Sloan could present the
view of the industry.
President Green's Statement.
William Green, President of the American Federation of Labor, in a
statement upholding the strike said the workers were asking only for a living
wage, which was one of the avowed purposes of the Recovery Act. He
asserted average weekly wages in the mills in June 1934 were only $11.17.
He emphasized that this was below the $13 minimum wage called for in
the textile code, and added:
"Wage earners in textile mills have been living on $7.$8 or $9 a week and
In same cases even less. We are facing this national issue: Shall guidance
of future developments remain in the hands of industry under the National
Recovery Act or shall it be transferred to the Relief Administration?"
p Harry L. Hopkins, Relief Administrator, defended the policy of giving
relief to strikers. He said it was an important factor in maintaining law
and order. "There has been no evidence," he said, "that the policy on
relief to strikers has either prolonged a strike or encouraged a new one."
Garrison Answers Sloan.
Chairman Garrison to-day made public the telegram from Mr. Sloan in
which he stated that the institute was not willing to attend the proposed
1342
Financial Chronicle
conference called by the National Labor Relations Hoard, but indicated
his willingness to meet personally with the board.
To this telegram Mr. Garrison forwarded the following reply:
We have received your telegram. It is not our function to debate the
issues which you have raised concerning the strike. We regret that the
Institute is not willing to attend the conference proposed by us, the sole
purpose of which was to explore the possibilities of averting the strike upon
some just basis and in the public interest. You have offered to confer
with us personally. We shall, of course, be glad to meet you at any time,
but you will appreciate our view that any such meeting cannot be a substitute for the conference we proposed.
Mr. Garrison told newspapermen to-day he had no intention of abandoning efforts to end the menacing textile situation. However, he added, unless
something developed he would make no formal request that a walkout be
halted. It is pointed out that the National Labor Relations Board does
not have the power of compalsory arbitration and that it cannot take a hand
in the controversy as a mediator or arbitrator unless both sides are willing.
On learning that the Cotton Textile Institute would not appear by its
representatives for a conference to-morrow, Chairman Gorman, of the
Special Strike Committee of the United Textile Workers, said he would not
appear. Mr. Gorman said the call for the walkout would probably be made
to-morrow morning.
Before this,:Daniel C.Roper. Secretary of Commerce, had told newspapermen he did not believe there would be a strike. Asked on what he based
this remark, Mr. Roper said: "On the common sense of the American
people."
From the same account, we also take as follows, Mr.
Sloan's telegram to Mr. Garrison:
Mr. Lloyd K. Garrison. Chairman National Relations Board,
Mill Building, Washington, D. C.
I very much appreciate the spirit of your telegram received yesterday.
After communicating with a number of my associates as you suggested, our
views are as follows: First, the Code of Fair Competition for the Cotton
Textile Industry was formulated after a full bearing at which representatives
of labor and of consumers were heard. That code upon approval of the
President, became a law of the land with precisely the same effect as if it
had been enacted by Congress. There is now a demand by officials of a
labor organization that this code be altered fundamentally by reducing
the maximum hours which an employee may work and increasing the minimum hourly rate of pay. The Government, the public and the industry
are now confronted with the threat that unless the law is changed and
changed immediately the industry will be closed by strike and kept closed
until these changes are made.
The character of such a strike is clear. If It is to be an approved and
successful weapon for changing the code or forcing governmental action,
it will set a precedent for strikes in every other industry. It will put a
premium on force and violence as instruments of law making instead of the
orderly processes of the NRA. Only last June, under a threat of an
Industry-wide strike, the officials of the United Textile Workers were
called into conference by the Administration, terms of settlement were
agreed upon and signed by the Union officials. The Code Authority
assented to certain changes in the code requested under the settlement.
Almost immediately afterwards, officials of the same organization called
a strike in Alabama and are now threatening to extend it to the entire industry unless demands involving further basic changes in the code are made.
We are convinced that code amendment under threat of strike would be
aosolute destruction of the code system. We have at heart the recovery
program. We have demonstrated this by the formulation of the first code,
by an average increase of wage rates of 70% and reduction of the work
week from an average of 54 to a maximum of 40 hours, by re-absorbing
the unemployed in the industry and by an administration of the code
that has been commended by the administrator. We do not now propose
to deal a blow to that recovery program and the successful administration
of the NRA. We should deal such a blow if we accepted the duress and
public disaster of a strike as legitimate method of forcing a change in the
law by code amendment.
Second, there is a demand by the group threatening the strike that they
be recognized as entitled to speak for all the employees of the textile industry
and that we deal with them on behalf of all employers. Such a demand
cannot be considered for two reasons. In the first place, we have no reason
to believe that this group represents anything more than a minority of the
employees of the industry of that this strike represents their wishes or that
it could be made effective except by intimidation.
Aulhorizoticm Issue Studied.
Further, neither the Code Authority nor the Cotton Textile Institute
nor anyone else is authorized by the 1,200 individual mills of this industry
to deal for them in their relations with their employees. In some of these
mills the employees bargain collectively with their employers through the
group now calling the strike. In the vast majority they do not and express
no desire to do so. It is the duty of each company to comply fully with
the law as carried into the code from Section 7a of the NRA.
We believe that the individual companies are complying with the law.
Any violations must necessarily be dealt with by governmental agencies for
enforcement. The employees of any mill are, of course, entitled to select
the group calling the strike as their representatives if they so desire in dealing with their employer. But they must not be coerced into such a selection, nor can the group now threatening the strike constitute themselves
as such representatives. A strike with certain accompanying intimidation
is in our view as improper a method of forcing employees into the selection
of their representatives in collective bargaining as it is of forcing the Code
Authority and the Government into code amendment.
In view of this situation, we are unable to enter into conference with the
group threatening the strike. I shall be glad to meet with your Hoard personally and give a more detailed explanation of our position to its members
to-morrow or at any other time that you may desire.
GEORGE A. SLOAN.
$104,429 of Second Instalment Due Participants in
1933 Wheat Adjustment Program Paid Up to
Aug. 28.
Payments on the second instalments of benefits due to
co-operating wheat producers under the Agricultural Adjustment Administration's 1933 wheat adjustment contract, now
total $104,429.43, officials of the AAA announced Aug. 28.
Payment of the second instalment of the benefits follows the
approval of the certificates showing that the producers have
complied with the terms of their contracts. A total of
3,156 checks have been forwarded to farmers in 11 States,
the AAA said, adding:
Sept. 1 1934
The payments on the second instalment of the benefits are expected to
total approximately $30,000,000 in addition to the $68,000,000 that has
been paid out on the first instalments.
Approximately 150,000 compliance certificates have now been received
from practically all wheat States. Certificates are now being received at
the rate of about 10,000 daily. There are approximately 580,000 wheat
contracts.
Wheat section officials point out that the auditing of the compliance
certificates also clears the way for payment of the first instalment on the
1934 adjustment payment, which will total approximately $70,000,000
and are payable in October, without further auditing.
The payments now being made are net to the farmer, as his pro rata
share of the costs of the local wheat production control association is
deducted from the second payment. before the checks are sent out from
Washington.
The AAA announced Aug. 28 that payments reported
to date by the wheat section on the 1933 second instalment,
by States, are:
State.
California
Indiana
Iowa
Kansas
Maryland
Missouri
Nphrsuakit
No. of
Checks,
Amount.
State.
No. of
Checks.
323
772
5
338
252
143
40
$31,804.56
10,802.05
92.31
8,808.11
3,861.89
2,203.10
294.03
North Carolina__
Ohio
Oklahoma
Texas
39
285
956
3
5530.19
4,332.50
41,635.65
65.04
2 lAR
5104 429 43
Total
Amount.
NRA Orders Revision in Retail Floor Prices of Rubber
Tires—Manufacturers Classified in 5 Groups—
Prices of Major Producers Increased 11%, While
Others Are Lowered.
The National Recovery Administration announced on
Aug. 25 that the retail floor prices of rubber tires would be
changed effective Aug. 27, with the new scale to remain in
in effect until Oct. 1. The announcement stated that in
the past, five main groups of retail tire distributors, existed,
and these divisions have been recognized as the basis for
five divisions of retail trade. Prices for the five principal
manufacturers were increased 11%, while those quoted by
other concerns were lowered. The NRA said that the
range of new prices, "while recognizing the necessity for
different minimum prices for different groups of distributers,
has not been revised upward, despite the promounced rise
in the cost of crude rubber since the original floor prices
were determined." It was added that "the new prices
established are not market or maximum prices, but are intended as levels below which destructive price cutting will
be recognized. . . . The new prices relieve the strain
on small manufacturers and retailers and yet permit the
economies of efficient distribution to be passed on to
consumers." From the announcement Aug. 25 of the
NRA, we also quote:
When minimum prices were set in May,it was felt by tire manufacturers
that the retail market prices of well-known tires would be maintained
above the low levels and that the differentials previously existing would
be maintained. The intensity of competition, which came with declining
volume, brought all prices to the lowest reasonable cost establiehed in May.
Investigation by Division I and the Division of Research and Planning
indicated that small manufacturers and independent distributors were not
obtaining their customary shares of the reduced volume of business. A
public hearing was held on Aug. 3, at which time the retail trade presented
a request for advanced prices and differentials. .
Minimum prices were established in May, to extend until Oct. 1, at the
urgent request of thousands of retailers, and of small manufacturers, following an extremely destructive price war. It was recognized at the time
that a considerable shift in volume was going on, in which company
-owned
stores, filling stations and mass distributors were gaining. Minimum
prices were established to prevent violent and explosive changes, and to
provide a period for more orderly adjustment. During a truce in April,
differentials were recognized, and agreed upon at a conference of retailers
and manufacturers. The present differentials follow in general the lines
of the truce, and are based upon additional experience. . . .
The lower floor prices are of particular advantage to customers in farm
areas, where purchasing power has been reduced by the drought. Distributors in these areas have particularly pressed for price differentials,
and mail-order prices recognize the differentials which experience has indicated as necessary in relation to prices of similar tires sold in storeoutlets
of mail order houses. This differential proceeds partly from the costs,
of money orders, mounting, etc., which are met by the customer direct. . .
Division I includes the five leading manufacturers whose tires are nationally advertised and have wide consumer acceptance, which easily separates
them from other lesser-known tires. Floor prices of tires in this division
No
have been Increased 11% for first line tires, 6% for second line tires
increases were made in third line or truck tires.
Division II includes the tires sold by filling stations outlets. These outlets sell only first line tires. the floor prices of which are advanced 4%•
Division III includes stores operated by well-known mail-order houses,
the outlets of fifteen medium-sized manufacturers, and ten subsidiaries
of Division I manufacturers. Floor prices of first and second line tires
in this division remain the same, while third line and truck tires have been
reduced 5%.
Division IV includes 22 small manufacturers and mainly chain automotive accessory supply stores, distributing private brands. In this division, floor prices of first line tires have been reduced 335%, second line
,
tires, 4%, third line tires, 5%, and truck tires 8%.
Division V contains the tires sold through catalogs by mall or telegraphic
orders. Price reductions, averaging 15% on popular size tires, have been
made on tires sold by members of this division with the largest reductions in third line tires.
Price reductions occur in eleven instances: price increases in only three.
The new floor prices for all lines of all make of tires are sat forth in Administrative Order 410-15, and were arrived at by applying the abovementioned percentages as differentials on floor prices established InMay.
Volume 139
1343
Financial Chronicle
Salary of General Johnson Raised From $6,800 to
$15,000 Annually by Order of President Roosevelt
Recovery Administrator Now Receives Same Salary
as Vice-President.
The salary of Gen. Hugh S. Johnson, Recovery Administrator, was raised from $6,800 to $15,000 a year on July 1,
under orders of President Roosevelt, it was revealed by officials of the National Recovery Administration on Aug. 28.
It was said in Washington reports that the increase was
ordered after a White House conference in June when
'General Johnson recommended to the President a reorganize,
tion of the NRA which has since been elaborated. General
Johnson had stated several times that he was unable to live
on the salary he was receiving, and had given this as one of
his reasons for desiring to return to private life. A Washington dispatch of Aug. 28 to the New York "Herald
Tribune" commented on this increase as follows:
Circles close to the President, it was disclosed to day, resent the publicity
given to the idea that the President had not only refused to accept General
Johnson's resignation but had promised him complete control of the NRA
and relegated Mr. Richberg and Miss Perkins to the sidelines. It was explained that this whole question of policy remained to be worked out.
But one thing, it was said, was sure. General Johnson would not be the completely dominating figure in all NRA details which he had hitherto been.
As a matter of fact, his continued tenure in office is held to be even more
in doubt now.
It was pointed out frankly in official sources that the General's powers
had been subjected to a contracting process for some time. Further steps
were being considered. The "resignation and promotion" legend is being
investigated. There is even a hint that official dismissals might follow in
the NRA.
President Roosevelt ordered General Johnson's pay rise July 1, but it
remained a secret until Mr. Johnson's associates gave out the information.
The increase places the recovery chief among the highest paid of Government employees. He now receives the same salary as the Vice-President
and Cabinet officers and $5,000 a year more than Senators. Outranking
him are Justices of the Supreme Court, who average $20,000 a year. Mr.
Johnson's salary actually is only $14.500 since the higher figure is subject to
a 5% deduction under the Federal economy program.
" Fabricating Industries (Concl.)Producing Industries
1. Food
13. Manufacturing
2. Textiles
14. Graphic Arts
3. Leather and Fur
15. Construction
4. Ferrous Metals
Service Industries
5. Non-Ferrous Metals
16. Public Utilities
6. Non-Metallic Products
17. Transportation
7. Fuel
18. Communication
8. Lumber and Timber
19. Finance
9. Chemicals, Paints, and Drugs
20. Amusements
10. Paper
Distributing Trades
11. Rubber
21. Professions and Services
Fabricating Industries
22. Wholesale and Retail Trades
12. Equipment
The entire structure thus created is regarded as sufficiently rationalized
for both Government and Industry purposes at this time, but it is not inflexible and several divisions, which adjoin in the classification, may if
advisable later be transferred without dislocation to the whole plan.
It is not proposed by NRA that industries consolidate their codes into
the 22 master classification, not is it intended that any direct link or liaison
but the whole plan is based on natural definitions of industries and trades
as written by the industry and trade group thereunder, within industrial
channels be erected to draw them together.
The code mergers which are expected to result eventually will take place
between units of almost identical economic interest whose separation at
this time is based on arbitrary and personal rather then economic reasons.
A tentative objective has been an overall total of about 250 pacts instead
of the present 682.
Trade associations will be encouraged to retain their separate identities
even when the code group is merged. At present some codes actually
embrace as many as thirty separate trade associations, each collecting
statistics and carrying on technical work under the general supervision
of the master code group.
President Roosevelt, discussing plans for reorganizing the
NRA on Aug. 24, said that General Hugh S. Johnson will
remain as Recovery Administrator. General Johnson on
Aug. 27 denied reports that he had offered his resignation
to the President because of differences with Secretary of
Labor Perkins and Donald Richberg, Secretary of the Executive Council.
Strikers Held Entitled to Relief Funds if Destitute
William Hodson, New York Welfare Commissioner
Says There Is no Distinction from Other Needy
-New
NRA Places All Codes Within 22 Classifications
Unemployed.
Ranking Expected to Make for Greater Efficiency
Strikers who are in want are as much entitled to relief
General Johnson Denies Report He Offered Resig- funds as are other destitute persons, William Hodson, New
nation.
York Commissioner of Public Welfare, said on Aug. 27.
The National Recovery Administration on Aug. 27 an- Mr. Hodson cited the Federal relief policies and pointed out
nounced a plan of reorganization whereby all industrial that 50% of the relief funds disbursed by New York City
codes were classified into 22 groups. The announcement come from Federal sources. He stated that he believed the
stated that this basic classification "corresponds closely to number of strikers among the 400,000 families in the city
the groupings of the Census Bureau and of the International receiving relief was comparatively small, but admitted that
Classification, but is more closely developed than either." this number was likely to grow if the depression continues
and labor unions exhaust the contents of their treasuries.
It is further stated in the NRA announcement:
The New York "Herald Tribune" of Aug. 28 reported his
The classification was based on recognition of four basic groups of enterprise:
remarks as follows:
1. Production of basic materials from the soil.
2. Fabrication of what emerges from the first group into finished products.
3. Service-Industries which do not produce or fabricate definite products but which render service-ranging from transportation through finance to amusements, professions and such service trades as laundries.
restaurants, etc.
4. Distribution of goods, wholesale and retail.
From the announcement we also quote:
The effect of the classification on NRA's administrative machinery
will be:
1. Assembling of codes into 22 industry groupings under the existing
industry divisions. The sections thus assembled have been transferred
among the divisions so that each contains only the most closely allied groups
defined by the new classification.
2. Transfer of personnel in many cases so as to keep experienced men
with their codes.
3. Two or three master codes will have their component supplements
distributed among several deputies, but always under the direction of a
single division head.
IThe reasons for the changes are:
1. Assurance that allied lines receive identical treatment on common
problems.
2. Reduced administrative overhead by eliminating duplication of
functions and studies.
3. Opportunity for many allied codes to merge by voluntary action of
industry for greater economy in the self-government function.
4. Cleared perspective on the several classes of codes, with consequent
greater definition of the problems to be solved by both Government and
industry in development of code law and its application, and elimination
of overlapping definitions in industry codes.
5. Simplicity of line-up for more accurate statistics on industries and
trades.
The eventual expectation is that the 22 sections will fit into 10 or 11
industry divisions. Already, within the last few days, two new divisions
have been created in line with the plan.
The first., covering Public Utilities, Transportation and Communication,
is under Leighton H. Peebles, Acting Divisional Administrator. Another
probably will include all Textile Producing and Clothing codes and the
Leather and Fur codes.
Chief divergence from the census and international classifications is
the total elimination of "miscellaneous" groupings. NRA students of the
problem began with the assumption that there was a proper statistical
and administrative place for every single industrial unit, and with the
knowledge that administration of "miscellaneous" units would present
an unassimilable hodge-podge of unrelated problems. The classification
also departs from the indefinite terms such as "capital goods," which have
heretofore caused confusion in statistical work by their vagueness. .
The 22 sections and the fundamental group to which they belong are
as follows:
The problem of providing relief for strikers had not become serious in
New York, Mr. Hodson said, because there had been few prolonged strikes.
He said that the relief investigators did not require of applicants whether
their destitution was a result of voluntary or involuntary unemployment
but he added that a person who refused a job while receiving home relief
was dropped from the relief rolls. An official of the Public Welfare Department said last night that the relief authorities considered it a moral as well
as a Federal obligation to assist destitute strikers.
Point Settled Last Year.
Mr. Hodson explained that the policy of aiding destitute strikers first
was promulgated at a conference a year ago, which he attended as repretative of the State Temporary Emergency Relief Administration. A relief
administrator from one of the states asked what was to be the policy on
strikers who became public charges as a result of labor conflicts, Mr.
Hodson said, and it was held that the Government could not take sides
in a labor fight. If, however, a Federal board of mediation or some other
Federal arbitration agent ruled that a particular strike was unjustified,
with the strikers' demands unreasonable and unjust, the strikers in that
union could be denied relief.
Mr. Hodson observed that the theory was that to deny relief to strikers
would be equivalent to a statement that to maintain hope or Government
relief in case it was needed a man must stick to his job regardless of wages
and working conditions.
Applicants for relief must convince an investigator that they are without
financial resources, and Mr. Hodson said that even an insurance policy
on which an applicant could borrow would be &ancient cause to turn
down the application.
Strike of New York Knit Goods Workers Ended by
Arbitration Ruling-Strikers Win Higher Pay Scale
and Shorter Work Week.
A strike of 13,000 knit goods workers in the New York
metropolitan area, which began on Aug. 17, was concluded
on Aug. 22 when a settlement was reached through the intermediacy of Raymond V. Ingersoll, Borough President of
Brooklyn. Mr. Ingersoll acted Ps arbiter at the request
of Mayor LaGuardia of New York an of Mrs. Elinore M.
Herrick, Executive Vice-Chairman o I the Regional Labor
Board. The settlement of the strike constituted a partial
victory for the workers, who were awarded a wage scale
of $15 to $49 weekly, as compared with the previous rates of
$13 to $40. The walkout was featured by picketing of
various plants, and although there was no serious violence
1344
Financial Chronicle
there was some uncertainty in the police interpretation of
an order by Mayor LaGuardia that "mass picketing" should
be tolerated.
The New York "Times" of Aug. 23 noted the chief factors
of the settlement as follows:
The principal points in Mr. Ingersoll's arbitration award in the knit
goods strike are:
-hour week
The agreement for a 36
-hour week for the first year and a 35
for the second year is supplemented by a decision that overtime be paid
at time and one-third. Overtime, however, is never to exceed two hours
In one day or eight hours in one week.
In the next calendar year three and one-half holidays are to be given
with pay—Washington's Birthday, Independence Day. Labor Day and onehalf on Election Day. Absence on Columbus Day will be optional, but
absentees will not receive pay.
Nineteen crafts are specified in the wage award, ranging from $49 for
knitting mechanics to $15 for separators, thread clippers, boxers and folders,
all material increases.
Written collective agreements are being prepared under supervision of
the arbitrator.
All terms will be applicable as of last Monday, at which time most of
the workers had agreed to return to their posts pending arbitration.
Machine Loads to Be Set Later.
The complicated question of limitation of machine loads was left for
adjustment by the employers and the unions.
The award affects approximately 18,000 workers, mostly in organized
shops. The remainder are employed mainly in independent establishments,
against which the strike remains in effect pending conclusion of separate
agreements between independents and the unions or their adherence to the
employers' association, the Metropolitan Knitted Textile Association, Inc.
Five Weeks' Strike of 5,000 Painters in New York Area
is Ended—S ttlement Provides for Retention of
Old Wage Scale.
A strike of 5,000 painters in the New York metropolitan
area, which for five weeks had delayed repair and construction work in the district, was settled on Aug. 27 through
mediation by Ben Golden, Executive Secretary of the
Regional Labor Board. The union claimed a partial victory
through the settlement agreement, which provided for the
restoration of the old wage scale of $9 a day for seven hours'
work. The walkout had originally been called when the
employers sought to lower the wage scale $1 daily and to
increase the number of hours to eight. The New York
"Times" of Aug. 28 noted the end of the strike as follows:
Under the agreement reached last night and signed by Philip Zausner,
Secretary of the union, and Henry D. Moeller, Executive Secretary for the
Employers' association, all strikers are to be reinstated without discrimination. The trade agreement, which expired on Dec. 31 but was continued
until the outbreak of the strike, is to remain in force for another year.
In the meantime the union and the employers are to enter into negotiations for a trade area agreement based on the principle of President Roosevelt's recent ruling in the case of masons and bricklayers in this city.
"I am very gratified by the fact that the strike was settled on the basis
of the Government's program for building up purchasing power," Mr.
Golden said. "There has been no reduction in the wage scale."
Statement by Strike Chief.
The following statement was issued by Mr. Zausner, with Mr. Moeller's
concurrence:
"The strike now being settled, the district council will expedite the
return of the strikers to work as speedily as the checking of working permits
will allow. All strikers, before returning to work for members of the
Association of Master Painters and other signed-up employers, will appear
at the district council headquarters Tuesday morning for their proper
credentials. Employers will see to it all men returning to work shall have
these credentials."
Sept. I 1934
Citing limits to the Executive's authority, the Court held, however,
that "the duty of enforcing the laws in Minneapolis under the circumstances was a duty which rested upon the Governor and not upon the
courts."
The military rule was imposed by the Governor "to maintain law and
order" after two strikers had been killed July 20. The suit contended
that the Governor had no power to restrict vehicle movements. They
also contended there was no reason for the military decree.
The Court held, however, that "there is no showing that the civil authorities are now any more capable of maintaining law and order than they were
before the military forces came into the city. The situation justifies due
caution in the issuance of any preliminary injunctions which might result
in a more serious breakdown of government than has yet occurred."
"It is suggested that if the Governor should withdraw his protection
from the people of Minneapolis," the ruling continued, "which this Court
is powerless to prevent, the Federal Government could, and probably
would, furnish troops. However, there is no assurance that would be done
and much violence and bloodshed might result before any assistance could
be obtained from the Federal Government."
Aluminum Company of America Rejects Plan Designed
to End Strike of 10,000 Workers at Six Plants—
Negotiations to Be Resumed Next Week.
The strike of 10,000 employees of the Aluminum Company
of America, which began on Aug. 11, was still unsettled late
this week, following the. action of company officials on
Aug. 22 in rejecting a plan offered by the Department of
Labor in an effort to end the walkout. The beginning of
the strike was noted in our issue of Aug. 18, page 1033.
Union leaders, who organized the strike in the company's
six plants, accepted the peace plan, which would have provided for Government intervention through the National
Labor Relations Board in the event of a further deadlock
between the company and its workers.
Although the employers and representatives of the strikers
failed to agree upon a plan of settlement, negotiations will
be resumed on Sept. 5 at Pittsburgh. This was decided on
Aug. 29 when representatives of the Aluminum Workers
Council and the company could reach no satisfactory agreement in connection with the union's demand for a universal
wage rate and the company collection of union dues. Fred
Keightly, Labor Department conciliator, will attend next
week's meeting.
A dispatch from Pittsburgh to the New York "Times"
on Aug. 22 described the failure of negotiations as follows:
The plan had been suggested by Fred Heightly, Federal Labor Depart-day walkout.
ment conciliator, in an effort to end the 12
The union, in its acceptance, said its action was taken as an "unqualified
expression of the desire on the part of the aluminum workers to co-operate
as fully as we possibly can with the United States Government in its effort
to enforce the collective bargaining provision of the National Industrial
Recovery Act through the voluntary and judicial means made available
to the employees and employers of America by the President."
Company States Its Case.
On the other hand, the company asserted that such matters as the
workers' demand for a closed shop, the check-off system, a universal waga
rate and a union agreement "may be matters for the discussion between
employees and the company, but from their nature are not matters to be
arbitrated."
Roy A. Hunt, President, signed the company's reply. The union's
reply was signed by A. R. Buller, Fred Wetmore and A. P. Howlett, union
officials
The full "peace plan," a five-point agreement, was proposed as follows:
1. Strike to be called off immediately.
2. All workers to return to their jobs without discrimination.
3. Negotiations to begin between company and union representatives
to make sincere effort to reach agreement within 10 days.
4. A pledge that, if the conference fails, both parties will submit their
arguments to the National Labor Relations Board, with the understanding
that the Board's findings be absolutely binding.
5. Any agreements as to wage increases shall be retroactive to the time
when employees return to work.
Five Weeks' Strike of Minneapolis Truck Drivers
Ended Through Federal Mediation—Men Return
to Work As Union Leaders Claim Victory.
A five weeks' strike of Minneapolis truck drivers was
ended on Aug. 21 when employers and strikers agreed upon
an eight-point peace proposal submitted by Federal mediators. The strikers returned to their jobs on Aug. 22, Applications for Crop Loans in Drought Areas to Be
Received by FCA Up to Sept. 15—Maximum Loin
union leaders claiming that the settlement represented a
for Summer Following and Winter Seed Wheat
victory for the workers. Under the settlement the employers
Increased,
agreed to return to the payrolls all strikers as of July 16,
The Farm Credit Administration announced Aug. 14 that
when the walkout was called, without discrimination. Prethe time limit for receiving applications in the drought
viously the employers had demanded the right to select the areas for
crop loans for general purposes, for summer fallowand had said that they would refuse
strikers to be reinstated,
ing or for the purchase of winter seed wheat, rye or barley,
jobs to any men "known" to have been guilty of unlawful
has been extended to the close of business Sept. 15. The
acts during the strike.
time limit for accepting applications for summer fallowing
This provision had been the greatest barrier to an agreeloans outside the drought areas has also been moved up to
ment. The settlement further provided for a wage scale of
helpers and platform Sept. 15, the Administration said, adding:
40 cents an hour for inside workers,
Crop loans for general purposes, which were discontinued on May 31.
men and 50 cents for drivers, as well as for a board of arbi- were again made available during July in all the drought areas, both pritration composed of one representative of the employers, mary or secondary. These loans are being made from the 840,000,000
one of the workers and a neutral member. Settlement of crop loan appropriation of 1934. not apply to the loans which are being
The Sept. 15 cut-off data does
the walkout removed the necessity of continuing the city made in the drought areas for the purchase of feed for livestock or for the
purpose of moving livestock to new pastures and range lands.
of Minneapolis under martial law, although the U. S. DisOn Aug. 15 W. Forbes Morgan, Deputy Governor of the
trict Court on Aug. 11 had denied a petition by employers
to restrain Governor Olson from continuing military control. FCA, said that where additional advances are made to
The most recent reference to the Minneapolis strike was farmers in the drought areas for the purchase of winter seed
contained in the "Chronicle" of Aug. 11, page 874. As- wheat, rye or barley, or for summer fallowing, or both, the
sociated Press Minneapolis advices of Aug. 11 quoted from maximum advance will be $400, but in no case may the new
loan,including all previa us advancesfrom the 1934 emergency
the decision of the United States District Court as follows:
Volume 139
Financial Chronicle
crop loan fund, exceed 8750. This action follows the
President's approval of Governor Myer's recommendation
that the loan limit be increased, it was stated. Previously
the total loan limit to an individual borrower was $400.
Mr. Morgan continued:
The increased loan limit applies in both the primary and secondary
/brought areas, which now include a part of Wisconsin, all of the Dakotas.
Wyoming, Kansas, Nebraska, Iowa, Oklahoma, Colorado, New Mexico.
Utah, Nevada, and parts of every other State west of the Mississippi.
except Louisiana and Washington.
Despite Record Drought Damage to Crops, Food Supply
to Be Ample, According to Nils A. Olsen, Chief of
Bureau of Agricultural Economics.
"Food supplies for the United States as a whole will be
ample despite the worst drought damage in the Nation's
history," says Nils A. Olsen, Chief of the Bureau of Agricultural Economics, U. S. Drpartment of Agriculture, in summarizing a report on the effects of the drought up to Aug. 15,
released Aug. 15 by the Bureau. The shortgae of feed,
forage and pasture, necessitating heavy reduction of livestock numbers and reduced rations for the remaining animals,
is the most serious aspect of the situation, Mr. Olsen said,
adding:
Stocks of bread grains and of several other food products are large.
Production of most canning crops will be about normal,fruits and vegetables
fairly abundant, outside the drought area, and the supply of meat, dairy
and poultry products adequate for the remainder of this crop year. But
local supplies of certain food crops will be decidedly short in many areas,
requiring more than usual shipments from other localities.
Mr. Olsen, in commenting on the relation of livestock
numbers to feed supplies, said:
In view of the drastic curtailment in feed and forage production on account of the unprecedented drought, the necessary liquidation of cattle
and sheep would have been materially greater had it not been for the reduction in hog numbers under the adjustment program of the AAA. Not
only did the slaughter of pigs last year reduce somewhat corn required for
feed, but the sharp reduction in the spring pig crop under the AAA program
left on the farms a much smaller number of hogs. In other words, the
reduction in hog numbers makes the present necessary liquidation of cattle
and sheep less drastic than otherwise.
Committee to Co-operate in Handling Drought Problems Formed in United States Department of
Agriculture—Will Aid Other Government Agencies.
A broad organization of the forces of the United States
Department of Agriculture has been completed to handle
problems arising from the drought, in co-operation with other
Government agencies, it is stated in an announcement issued
Aug. 22 by the Agricultural Adjustment Administration.
The group charged with the drought relief activities of the
Department,called the Drought Plans Committee,represents
both new and existing units of the Department; including the
AAA, the announcement said. Its formation marks the
end of the stage emergency organization in the drought work,
and incorporates such work in the established major programs
of the appropriate units. The personnel of the new Drought
Plans Committee was announced as follows:
Dr. C. W. Warburton, Director of the Agricultural Extension Service, is
Chairman of the new Drought Plans Committee. Other members are.
H. R. Tolley. Director of the Program Planning Division of the AAA:
D. P. Trent, Assistant Director, Commodities Division; Col. Philip G.
Murphy, Chief of the Commodities Purchase Section of the Division; Dr.
Mordecai Ezekiel, Economic Advisor to the AAA; Dr. John R. Mohler,
Chief of the Bureau of Animal Industry; Nils A. Olsen, Chief of the Bureau
of Agricultural Economics; A. H. Lauterbach, Chief of the Dairy Section of
the AAA: Joseph F. Cox, Chief of the Replacement Crops Section; G. B.
Thorne, Economist in the Corn-Hog Section; Robert C. McChord, Assistant Chief of the Cattle and Sheep Section.
Members of.the Drought Plans Committee serve as Chairmen of various subcommittees assigned to make studies and
recommendations on specific problems such as livestock
purchases, seed conservation, surveys of supplies, and
designation of drought areas, it was stated. These subcommittees include personnal from various organizations
within the Department of Agriculture. Actions proposed
by the Drought Plans Committee and cleared through the
office of the Director of the Commodities Division will be
carried out by the new or existing units of the Department
of Agriculture, the announcement of Aug. 22 said.
Creation of Central Co-operative Agency for Handling
Housing Loans Proposed by Kings County (N. Y.)
Bankers Association—New York Clearing House
.Urged to Take Initiative in Movement.
The creation of a central co-operative agency for the handling of housing modernization loans on behalf of all New
York City banks is proposed by the Kings County Bankers
Association, an organization of commercial banks and trust
companies doing business in Brooklyn, which also requested
the New York Clearing House to take the initiative in forming such an agency.
In a resolution adopted at a special meeting, on Aug. 24,
which was subsequently sent to the New York Clearing
1345
House, the Kings County bankers expressed the opinion that
"the most efficient and effective co-operation of the banks of
the entire City of New York" in the Federal housing modernization program could be brought about through joint cooperative action. It was pointed out by some of those who
attended the meeting that much waste motion in credit investigations involved in the making of housing rehabilitation
loans could be obviated by centralizing the work in a single
agency. The resolution follows:
Whereas, a program of housing rehabilitation, modernization and improvement, having as its purpose the stimulation of business and economic activity,
the re-employment of labor, and the raising of the standard of living of the
American people has been undertaken by the United States Government
through the Federal Housing Administration, created by Act of Congress, and
Whereas, the said program contemplates and requires the co-operation of
banking institutions and other lending organizations in the extension of the
credit necessary to finance the modernization and improvement of housing
facilities in the United States, and
Whereas, the most efficient and effective co-operation is deemed desirable
by this and other banking organizations which have studied the subject, and
Whereas, it is desired that waste motion be eliminated in the extension
of credit to real property owners, and that the full available credit resources
of all banking institutions in the City of New York be mobilized for the
benefit of such property owners in connection with the Federal Housing
Administration's program, and
Whereas, the total resources of commercial banks and trust oompanies in
the City of New York are in excess of $10,000,000,000 and the total resources
of mutual savings banks in the City of New York exceed $4,000,000,000,
constituting an aggregate of more than $14,000,000,000,
Now, therefore, be it
Resolved, That the members of the Kings County Bankers Association
record their opinion that the most efficient and effective co-operation of the
banks of the entire City of New York can be brought about by joint action
through the medium of a central co-operative agency, and be it further
Resolved, That the Kings County Bankers Association recommend to and
request the New York Clearing House Association, as the leading banking
crganization in the City of New York, to take steps toward the formation of
the said central housing loan agency, and that the Kings County Bankers
Association promise and pledge its co-operation in the aforesaid project
in the Borough of Brooklyn in any manner deemed proper by the New York
Clearing House Association.
George A. Barnewall, Vice-President of the Brooklyn
Trust Co., is President of the Kings County Bankers Association, which was formed about six months ago. William S.
Irish, Executive Vice-President of the Bank of the Manhattan Co. in charge of its Brooklyn division, is First Vice-President, and John W. Roeder, Vice-President of the People's National Bank of Brooklyn, is Second Vice-President.
American Liberty League Reports Thousands of
Membership Applications — President Roosevelt
Says Objectives Are too Limited—Patrick J.
Hurley Assails Leadership of New Organization as
"Smear Hoover" Group.
Announcement of the formation of the newly-organized
American Liberty League has resulted in "an avalanche of
telegrams, letters and pledges of support," Jouett Shouse,
President of the League, said on Aug. 28. Meanwhile the
League this week has been accorded a mixed reception by
various persons prominent in economic and political activities. The Democratic National Committee on Aug.23 issued
a statement in which five Democratic Senators, who on
various occasions have expressed their opposition to Administration policies, pledged their loyalty to President Roosevelt
and declared they would not join the new League. The
Senators included Glass and Byrd of Virginia, Tydings of
Maryland, Gore of Oklahoma, and Bailey of North Carolina.
President Roosevelt, at a press conference on Aug. 24,
said that the objectives of the American Liberty League
were excellent in themselves, but added that in his opinion
the founders of the League laid too much stress on the
protection of property and too little emphasis on the protection of the average citizen. Representative Woodrum of
Virginia, in a statement Aug. 27, said that the League was
bound to become a factor in current political campaigns, and
declared that the organization had been founded in an effort
to embarass the President. Another statement regarding
the League was issued on Aug. 29 by Patrick J. Hurley,
Secretary of War in the Hoover Cabinet, who asserted that
the League was financed by the same persons "and led by
the same man" who conducted the "Smear Hoover" campaign. Denying that he had joined the League, Mr. Hurley
said that he had never joined a "smear gang."
We quote from a Washington dispatch of Aug. 24 of the
New York "Times" regarding President Roosevelt's comments on the purposes of the League:
The President compared the League with a mythical organization formed
to uphold strongly two of the Ten Commandments but disregarding the
other eight.
The irony with which Mr. Roosevelt spoke of the new organization,
which was formed, it is said, to check the New Deal, caused one observer
to remark that the President had "praised it with faint damns."
Mr. Roosevelt observed that some one had said to him that the tenets
of the organization appeared to be to "love thy God but forget thy neighbor," and that this person had added that "God," in this case, appeared
to be property.
1346
Financial Chronicle
Mr. Roosevelt referred repeatedly to the twin objectives announced by
the League embracing work to maintain constitutional rights and respect
for property and its lawful ownership. He emphasized that he was in
sympathy with these objectives, but contended that they, alone, were
insufficient.
Program Laid Before Presieent.
It was stated to-day that Jouett Shouse, President of the League, had
laid its program before the President before making it public, visiting the
White House personally. Mr. Roosevelt read the statement of objectives
and told Mr. Shouse that this could be subscribed to by every American
citizen, that they were universally acceptable.
Whereupon Mr. Shouse asked the President if he objected to formation
of the League, and Mr. Roosevelt replied that he did not consider it any
of his business and that he had no objection anyway.
Mr. Roosevelt pointed out to-day his belief that the League was not
unlike many other such organizations, some fraternal, some of a semireligious nature and some others prompted by equally high motives.
However, he also made clear his belief that the organization has too
limited an objective. He did not touch at all upon the political phase of the
organization, the leaders of which are considered not to be in complete
sympathy with the Administration methods.
After citing the criticism voiced to him by another person, the President
observed that he himself did not think the new organization said very
much about loving one's neighbor.
Then, becoming considerably more emphatic, he argued that much more
is needed from government than the points stressed by the League.
He said that the League paid little attention to the commitment of
Government to help the unemployed, to make work, to aid people in keeping their homes, to provide facilities for education and those other factors
summed up in the commandment"Thou shalt love they neighbor as thyself."
The text of the statement by Mr. Hurley is given below:
Various of my friends have been inquiring of me whether I have affiliated
or intend to affiliate with the American Liberty League. My answer
emphatically is "no." The Liberty League is financed by the same people
-Hoover" campaign, and I
and led by the same man who led the "Smear
have never joined a -smear gang." I deeply regretted seeing such splendid
statesmen as Wadsworth, Smith and Davis taken in by the old smear
brigade.
This is a Government by majorities. The American Congress and executives represent a majority of the people. When the policies of Congress
and the executives are distasteful to the electorate, a majority can change
both policies and personnel. In my own short lifetime. I have seen many
such changes take place. Unless I miss my guess in appraisal of the direction in which we are headed, another such change is not un'ikely.
I am opposed to minorities trying to rule the Nation. It is rediculous
for any class to come forward with the statement that it is not represented.
Every district elects a Congressman and every State two Senators. All
the voters have a right to vote for a President. I accept the decision of
the majority. Good sportsmanship as well as good Americanism requires
us to bow to the will of the majority.
Owing to our system of universal education a majority of the voters are
intelligent. If the majority finds that it has embarked upon policies that
are detrimental to the welfare of the Nation and the well-being of the
citizens, it will be as anxious to change those policies as it Was to inaugurate
them.
Formation of the League was noted in our issue of Aug.25,
page 1181.
President Law of American Bankers Association Assures
President Roosevelt of Co-operation of Banks in
Administration's Housing and Industrial Loan
Programs—President Roosevelt to Address A. B. A.
Convention.
A promise from President Roosevelt to address the American Bankers Association at the latter's annual convention
to be held in Washington, Oct. 22-25, is said to have been
obtained from the President by Francis M. Law, President
of the American Bankers Association, on Aug. 21. Mr. Law
had a conference with President Roosevelt on that day in
Washington, at which time Mr. Law, it is reported, assured
the President of the co-operation of the Association in the
Administration's housing plans, as well as its program for
loans to industry. Mr. Law was accompanied to the White
House by Robert I. Fleming, President of the Riggs National
Bank of Washington and First Vice-President of the American Bankers Association, and Rudolph Hecht, President of
the Hibernia National Bank of New Orleans and Second
Vice-President of the Association. Following the conference
Mr. Law was quoted, as follows, in press accounts from
Washington:
we told the President that we believed that both the modernization and
industrial loans as provided by Congress were sound, that there was a feeling
that they could be very useful, and that the banks of the country can well
afford to co-operate wholeheartedly in both classes of loans.
We also told the President that we had received a considerable amount of
assurance that bankers throughout the country were willing and prepared
to co-operate, that the American Bankers Association would lend its most
friendly offices in giving full information to the banks set up under these
two classifications, and that we felt it quite in order for the banks to
co-operate in these two activities.
We told the President, further, that the American Bankers Association
had looked into the set-up of these modernization loans and industrial loans;
that we feel that the set-up is all right, and that the banks can very well
afford to co-operate under it.
President Law, in a communication addressed to all the
12,000 bank members of the Association, urging their support
of the plan, stated that at a meeting of the executive officers
of the American Bankers Association, in Washington, D. C..
to discuss the modernization loans under the National Housing Act, it was "the consensus that these loans made to home
owners would serve a most useful purpose and that doubtless
from among the applications received many good and sound
Sept. 1 1934
loans will be made. Mr. Law's letter, made public Aug. 23,
said:
The credit plan provided for under the National Housing Act and the
regulations of the Federal Housing Administration are workable, allowing
private lending agencies to extend long-term credit to all worthy borrowers.
This particular type of loan seems to be especially entitled to careful and
sympathetic consideration from the members of the American Bankers Association. In addition to putting idle funds to work, it will afford employ*
meat for all types of labor engaged in the building trades and also the
materials consumed will provide further employment for those engaged in
the manufacture and sale of building materials.
The American Bankers Association is lending its help and. assistance and
is co-operating with the FHA in this most constructive plan. Each State
Bankers Association has appointed a liaison officer to furnish the contact
between the Government authorities and the banks, and further liaison
officers will be appointed in each State as the need for them develops. The
reaction to this class of loans among all banks throughout the country has
been uniformly favorable.
Chairman Jones of RFC Reports Total Loans to Industry of $8,410,000—Advances by Federal Reserve
Board.
On Aug. 27 Jesse H. Jones, Chairman of the Reconstruction
Finance Corporation disclosed that under the Direct Loans
to Industry Act, the Corporation had made thus far, out of
its $300,000,000 fund, 104 loans, aggregating $8,410,000. It
is indicated that only one of these loans was for the full
authorization ($500,000), the others having been for $100,000
or less. The Federal Reserve Board, it is stated, has made
about $6,000,000 in similar loans from the $280,000,000
allotted to it. On Aug. 27 Chairman Jones was reported as
saying that banking morale has improved materially since
last September. He added:
Most of the banks have stopped forcing liquidation of businesses and are
tending to make loans to industry on longer and more favorable terms.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Aug. 25 (page 1188)
with regard to the banking situation in the various States,
the following further action is recorded:
INDIANA.
The Bargersville State Bank, Bargersville, Ind., which
has been operating on a restricted basis since the bank holiday, opened on Aug. 23 without restrictions, according to
advices from Franklin, Ind., on that date. The dispatch
continued:
William T. Connell, President, has announced that depositors are
Privileged to withdraw 100% of their deposits.
Under the reorganization plan the capital stock will be $25,000, with
undivided profits of $25,000, giving the institution a capital structure of
$50,000. More than $140,000 in deposits will be released.
That the Reconstruction Finance Corporation had authorized the purchase of $100,000 class A debentures under a
reorganization plan which has been worked out for the First
State Bank of Huntington, Ind., was indicated in a dispatch
from that city on Aug. 22 to the Indianapolis "News," which
went on to say:
A meeting of the 414 new stockholders of the bank has been called for
Friday, Aug. 31, to elect directors and pass resolutions necessary to bring
about the change in management and the resuming of a class A rating
for the institution.
MARYLAND.
John J. Ghingher, receiver for the closed Central Trust
Co. of Frederick, Md., through his attorney, former Judge
John S. Newman, filed a report in the Circuit Court on
Aug. 24 showing $79,271.93, representing the remaining
16% dividend for depositors who dissented to the reorganization plan, to be available. Judge Arthur D. Willard, at the
same time, in an order approved the distribution provided
no cause to the contrary is shown by Sept. 8. It is expected
that the distribution will be made very soon after that date.
Advices from Frederick on Aug. 24 to the Baltimore "Sun,"
from which the above information is obtained, also said
in part:
The dissenters received their first dividend of 6% along with other
'creditors and depositors when the new banks in this city, Walkersville,
Middletown, Poolesville and Sykesville were opened about two weeks
ago. The first dividend amounted to $640,000 and was distributed among
more than 22,000 depositors.
The $79,271.93 for the dissenters is listed in two parts, known as Schedule
No. 1 and Schedule No. 2. Under the head of Schedule No. 1 are the
accounts Mr. Ghingher feels certain will be paid, while Schedule No. 2
consists of joint accounts in which but one holder objected to the reorganization. Payment of these accounts is held doubtful by Mr. Ghingher. . . .
MICHIGAN.
According to the "Michigan Investor" of Aug. 25, the
Monroe County Bank at Dundee, Mich., was to be reopened
on Aug. 27. Officers were given as Dr. H. H. Meek,
President,Dr. Frank Brenham and E. Rath, Vice-Presidents,
and Levi Williams, Cashier.
Concerning the affairs of the closed Citizens' Savings
Bank of Mt. Clemens, Mich., a dispatch from that city,
printed in the Detroit "Free Press" had the following to say:
Volume
Financial Chronicle
139
Plans for a new RFC loan to the closed Citizens Savings Bank came
to:a halt Tuesday as some 200 depositors appeared in Circuit Court in
answer to a call by the receiver for depositors to voice any objections.
The proposal is that anew loan be made, the cash to pay off an old loan
from the RFC, provide a payoff to depositors and put future liquidation
Into the hands of the RFC.
As explained in court the bank owes $300,000 in back taxes. Should
this be paid from the loan it would reduce the payoff from 8 to 10%.
In view of doubt as to what the RFC would require the session was
adjourned to Sept. 17.
NEW JERSEY.
The "Jersey Observer" of Aug. 21 is authority for the
statement that more than $15,000 was subscribed by depositors of the closed Edgewater Trust Co., of Edgewater, N.J.,
on Aug. 20 in an effort to raise the $75,000 necessary to
reopen the bank as a Federal institution with a capital of
$50,000 and a surplus of $25,000.
This money was pledged by 93 depositors who represent
$103,000 of the closed bank's $564,000 deposits. The
total number of depositors is 2,000, but of these more than
1,060 have less than $5 tied up in the institution. We
quote further in part from the paper mentioned:
Hiram Grover, Chairman of the Depositors' Committee, said that if
the bank was liquidated the depositors would only get a small percentage
of their money and that they would have to wait for it for at least six months.
In the event that the bank should reopen the depositors would receive 50%
of their deposits immediately. He added that all those connected with
the bank should strive to reopen the institution.
Directly following Mr. Grover's speech, a resolution was passed that
volunteers should offer their services for a house-to-house canvassing committee. . . .
According to Charles Findley, vice-Chairman of the Committee, the
large depositors, the factories in Edgewater, have signified their intention
of supporting the depositors' Committee. "It will be only a few days
before we get definite word as to the amounts each factor will subscribed,"
he said, "and, therefore, I am sure that the work will go over the top."
NEW YORK.
Nine former officers and directors of the Pelham National
Bank of Pelham, N. Y., were indicted on Aug. 30 by the
July Federal Grand Jury for alleged misapplication of funds
and filing false returns with the Comptroller of the Currency.
An earlier indictment in the case, which was returned and
sealed on July 21, was opened at the same time by order of
Federal Judge Francis G. Caffey when he received the new
indictments. Named as defendants were:
John T. Brook, former President.
Carroll E. Latimer, Cashier.
L. Ogden Thompson, first President of the bank and director.
Benjamin L. Fairchild, a director.
Myron T. Townsend, a director.
Francis E. Haag, a director.
Michael J. Leo, a director.
George W. Lawrence, a director.
Clyde F. Brown,former President.
NORTH CAROLINA.
The liquidation board of the North Carolina Bank & Trust
Co., Greensboro, N. C., has accepted an offer made by
Julian Price and associates to purchase for more than $450,000 the bank's entire holding of common stock in the Security
National Bank at Greensboro, comprising 30,740 shares.
The transaction is subject to the approval of the Reconstruction Finance Corporation. The New York "Journal of
Commerce" authority for the above, furthermore said:
Mr. Price, who is President of the Jefferson Standard Life Insurance
Co. of Greensboro, said that the offer was made by himself and associates
as a personal investment and is not connected with the business of the
Jefferson Standard Life. The common stock has a book value of $16.12
at the present time.
OHIO.
Common Pleas Judge Lee Skeel on Aug. 24 approved a
plan for reopening the North American Trust Co. of Cleveland, Ohio,and paying 20% on $2,500,000 in general deposits.
Cleveland advices on Aug. 24 (Associated Press), authority
for the above, went on to say:
The bank, which has about 5,000 depositors, has been operating under
a conservatorship for more than a year. Permission of the Federal Deposit
Insurance Corporation and a license from the State Banking Deportment
must be obtained before reopening.
A depositors' group protested the plan on the ground that directors of
a new liquidation company, the North American Mortgage Loan Co., were
"Innocent of knowledge of running a loan company" and that they had
entered into a contract with the reorganized bank which would be detrimental to the old bank.
Regarding the affairs of the closed Liberty Banking Co. of
Fremont, Ohio, a dispatch from that place under date of
Aug. 24, printed in the Toledo "Blade", contained the
following:
Sandusky County Commissioners took a step Thursday (Aug. 22) that
may lead to the reopening of the closed Liberty Banking Co., here when they
signed a plan of R. L. Bucher, bank conservator, waiving the immediate
withdrawal of 60% of the County's estimated $106,000 share of $207,000
public funds impounded in the bank. By terms of the plan the County
may withdraw only $44,800 if and when the bank is reopened, but the
remainder will be secured by a bond.
From Bowling Green, Ohio, advices on Aug. 28, appearing
in the Toledo "Blade," it is learned that depositors of the
1347
closed Farmers' Savings Banks at Haskins, Ohio, are to
receive an initial dividend of 15%,amounting to $10,869.28.
The payment was authorized by Judge Amos L. Conn, the
dispatch said.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Two memberships of the Chicago Board of Trade sold:
the first on Aug. 28 for $7,200, a loss of $600 from the previous sale, and the second on Aug. 30, at $7,500.
Arrangements were comple-ted, Aug. 28, for the sale of a
membership on the Chicago Stock Exchange for $2,500, unchanged from the last previous sale.
The membership of Vladim- ir A. Maudr in the New York
Cotton Exchange was sold, Aug. 28, to Richard T. Harriss Jr., for another, for $18,250, the price being $250 in
advance of the previous sale.
The New York Coffee and Sugar Exchange -membership
of A. L. Owen was sold, Aug. 27, to Richard T. Harriss, for
another, at $5,100, an increase of $300 from the last previous sale, and the membership of E. L. Lueder was sold,
Aug. 29, to F. S. Farr, for another, for $5,250.
All major security and commodity exchanges throughout
the United States will be closed on Monday, Sept. 3(Labor
Day). In New York certain of the commodity exchanges,
in accordance with their summer schedules, will remain
closed to-day (Sept. 1). A petition to close the New York
Stock Exchange to-day, thus affording a three-day holiday
was denied by the Governors of the Exchange. The New
York Curb and New York Cotton Exchanges will also be
open to-day as will the Chicago Board of Trade.
In Canada, stock exchanges in the East are remaining
closed to-day and will resume trading on Sept. 4. These
exchanges include the Montreal Stock, Montreal Curb,
Toronto Stock and Standard Mining Board. The Winnipeg
Grain Exchange will be open to-day, but plans to observe
Labor Day.
The New York State Banking Department on Aug. 17 approved plans of the Peoples Industrial Bank, New York City,
to reduce its capital stock from $475,000 to $437,000.
The Continental Bank & Trust Co., New York City, was
granted authority on Aug. 23 by the New York State Rankine!:
Department to open a branch office at 345 Madison Ave..
conditioned upon the.discontinuance of the branch heretofore
authorized to be maintained at 20 East 45th Street. The Department also authorized the Continental Safe Deposit Co.
to open a branch at the Madison Ave. address.
Application to open two branch offices was filed on Aug.
23 by the General Motors Acceptance Corp., New York, with
the New York State Banking Department. The branches
would be located at 1 Hanson Place, Brooklyn, and 31 Mamaroneck Ave., White Plains.
The Bank of Malverne, Malverne, L. I., N. Y., on Aug. 17
received approval of its plans to reduce its capital stock
from $75,000 at the par value of $75 a share to $5,000 with a
par value of $10 a share; this was followed on the same day
by the Department's approval of an increase in the capital
from $5,000 to $25,000.
The death occurred at his home in New Rochelle, on
Aug. 23, of Theodore Wulp, Vice-President of the North
Avenue Bank & Trust Co. of that place. He was 77 years
of age.
In regard to the affairs of the closed First National Bank
of Mamaroneck, N. Y., advices from White Plains on Aug. 20
to the New York "Herald Tribune" had the following to say:
Hurlburt McAndrew, counsel for a group of depositors of the defunct First
National Bank of Mamaroneck, said that he would go to United States
District Court, New York, to-morrow (Aug. 21) to oppose a plan of the
bank's receivers to exchange the bank building for property owned by
J. Howard Ardrey, who plans to open a new bank in Mamaroneck.
Mr. McAndrews said that as yet the depositors of the bank, which closed
Jan. 16 1932, have not received 1% of their money, and that the building
was their last remaining tangible asset. He said that Mr. Ardrey's property
offered in exchange for the building was of less value.
The Mamaroneck bank was one of the first to close in Westchester County.
About $1,300,000 was on deposit from 2,000 depositors.
An application was filed with the New York State Banking Department, on Aug. 23, by the Marine Trust Co. of Buf.
1348
Financial Chronicle
Sept. 1 1934
falo, N. Y.,for permission to open and occupy a branch office
in the village of Snyder, N. Y. It is also made known that
the Marine Trust Co. intends to acquire by merger the Bank
of Snyder and proposes to continue such office as a branch.
A Philadelphia dispatch on Aug. 27 to the "Wall Street
Journal" stated that dividends to 16,677 depositors of four
closed Pennsylvania banks totaling $337,659 had been announced by Dr. William D. Gordon, State Secretary of Ranking. We quote from the advices:
A special meeting of the stockholders of the Oneida National Bank & Trust Co. of Utica, N. Y., will be held on
Sept. 18 to vote on a proposal to increase the capital structure
of the institution by the sale of preferred stock to the Reconstruction Finance Corporation or its shareholders. In indicating this, the Utica "Press" of Aug. 29 also said in part:
The 3,462 depositors of the Wharton Title St Trust Co., Philadelphia, will
receive a dividend of 10%, totaling $24,585, on Sept. 1 (to-day). This will
make a total of 50% paid to these depositors. The remaining net deposit
liability of this bank is $122,938 and there are on hand assets with a book
value of $122,030 appraised at $60,960 for further liquidation.
Other payments were announced as follows:
*Total
Paid
Amount
Date
Bank
40%
251
k
Sept. 1
Commercial Trust Co., Harrisburg
77%
12%
Sept. 5
Pittsburgh
Peoples' State Bank, East
10%
45%
Sept. 6
Bank of Secured Savings, Pittsburgh
*Including payment just announced.
In view of the steady increase of deposits in both the commercial and
interest departments of the bank, the Board or Directors thought it advisable to take into consideration an increase in the capital structure to
provide for the continued growth of the bank. The bank's membership
in the Federal Reserve System and in the Federal Deposit Insurance Corporation which insures all deposits up to $5,000 together with additional
capital increases the protection of depositors.
In view of the availability of new capital from the RFC, a preliminary
application was filed with them to sell $200,000 par value of preferred stock.
The application has been approved, subject to the consent of the shareholders for which this meeting has been (-Idled.
The First Citizens' Bank & Trust Co. of Utica, N. Y.,
has been advised of the purchase by the Reconstruction
Finance Corporation of $4,000,000 of the bank's capital
notes. These are secondary in all respects to its customers'
deposits and are an investment by the United States Government in the bank. In announcing the sale of the notes,
Francis P. McGinty, President of the First Citizens' Bank &
Trust Co., was quoted in the Utica "Press" of Aug. 29(from
which the foregoing is also taken) as saying in part:
The sale of these capital notes to the United States Government still
further assures our ability in the years to come to meet adequately the
responsibility which is ours. flits action is also a direct and great contribution to the permanent welfare of our community. Therefore, we are
pleased to make the announcement.
Furthermore, we are complimented that the Government.after a thorough
examination, has authorized this investment in our bank.
The New Haven Bank, N. B. A., New Haven, Conn., in accordance with the Administration's policy relative to banking, has called a special meeting of its shareholders for Tuesday, Sept. 24, according to the New Haven "Register" of
Aug. 23, which indicated as follows the purpose of the
meeting:
At this meeting the stockholders will consider the reduction of the present
capital of the bank from $1,600,000 to $800,000 by a reduction of the par
value of the shares from $100 to $50.
It is also proposed that an issue of $200,000 5% cumulative preferred
stock will be approved. The present shareholders will receive rights to
subscribe for this new preferred stock of a par value of $50 at the rate
of one share of the new stock for each four shares of the present stock held.
George W. Dading, former Cashier of the Mount Holly
National Bank, Mount Holly, N. J., was sentenced in United
States District Count on Aug. 24 to serve two years in a
Federal penitentiary on charges of misapplying funds of the
bank. Mr. Dading pleaded "guilty" to 13 of 15 counts of an
indictment alleging misappropriation of $10,000. Advices
from Trenton, N. J., to the New York "Times," reporting the
matter, continuing, said:
Through his counsel, Mr. Dading asserted that the money had been misapplied "to save the bank." While the bank was losing money, he explained, the profits were falsely built up so that dividends to stockholders
could be continued. He denied that he had kept any of the money for
himself.
Judge John B. Avis, in pronouncing sentence, asserted that bank examiners
bad reported a shortage in 1931. "I can't understand," he said, "why the
hank examiners can't find out why there are these shortages. The banks
should be closed right away. Some day the bank examiners will wake up."
Concerning the affairs of the defunct Union City National
Bank and National Bank of North Hudson, both of Union
City, N. J., the "Jersey Observer" of Aug. 22 had the following to say:
Federal Receiver Samuel Stock to-day (Aug. 22) began paying out to the
depositors and other creditors of the closed Union City National Bank their
fonrth dividend since the bank was ordered liquidated by the United States
Comptroller. To-day's dividend is 4%, and brings the total paid to the
bank's creditors so far to 70%. A total of $40,000 is being paid out in all
by the receiver.
Receiver Stock also announced this morning that in about three weeks he
will pay a 4% dividend to depositors and creditors of the National Bank of
North Hudson, bringing up recovered funds from the closed bank to 69%.
This dividend will involve an amount approximating $350,000.
Both of these closed National banks were members of the Henry chain.
Another dividend for the thousands of depositors of the
Title & Trust Co. of Connellsville, Pa., was presaged on
Aug. 25 by facts outlined in the second and partial account
filed in Pittsbrugh. In noting this, the Pittsburgh "PostGazette" of Aug. 25 added:
The account, consisting of 1,000 pages, shows a cash balance of $113,389.82. Application has been made to the Reconstruction Finance Corporation for a loan of $280,000.
A payment of 45% amounting to $45,371 was made Aug.
23 to depositors of the Oswego State Bank of Oswego, Ill.,
being the first dividend since bank closed, according to the
Chicago "Journal of Commerce" of Aug. 24, which continuing said:
The payment was 50% from RFC funds, the other half being paid out of
funds acquired in ordinary course of liquidation.
We learn from Bloomington, Ill., advices to the Chicago
"Tribune" on Aug. 24, that payment of a 20% dividend,
amounting to $16.663, to depositors of the Farmers' State
Bank of Easton, Ill., has been authorized. This is the first
payment of deposits since the bank closed. Creditors have
received $1,250 and $27,132 has been released on bills pay able, it was said.
The following concerning the affairs of the closed Hubbard
Woods Trust & Savings Bank of Winnetka, Ill., appeared in
the Chicago "Journal of Commerce" of Aug. 15:
A dividend of 25% is being distributed to depositors of the Hubbard
Woods Trust St Savings Bank of Winnetka. This payment includes one of
10% under stockholders' liability action, according to Marshall and Marshall, attorneys for W. L. O'Connell, bank receiver. The dividend will
snake a total of 55% paid to depositors, the attorneys stated. Fees paid to
the receiver and the attorneys are nominal, the latter stated, and have not
been opposed by depositors.
John G. Weldon, receiver of the United States National
Bank of Iron Mountain, Mich., announced, Aug. 20, the payment of a second dividend of 24%, amounting to $105,000,
according to a dispatch from that place to the Milwaukee
"Sentinel" on Aug. 20.
The first dividend of 25% was paid Feb. 6 1933.
business May 23 1932.
The bank suspended
The merger of four Michigan national banks is indicated
in the "Michigan Investor" of Aug. 25 as follows:
A realignment of banks in the upper peninsula took place with the con.
solidation of four banks under the name of the National Metals Bank of
Hancock. The banks involved are the First National banks of Hancock,
Calumet and Laurium, and the Merchants' At Miners' National Bank of
Ironwood. IV. R. Thompson, President of the First National of Hancock,
will be President of the new organization.
Judicial approval of Reconstruction Finance Corporation
loans to two insolvent Milwaukee, Wis., banks is sought in
petitions filed in the Circuit Court on Aug. 20 by H. F. Ibach,
member of the Wisconsin State Banking Commission, as receiver. The institutions are the Southern State Bank and
the St. Francis State Bank. The Milwaukee "Sentinel,"
from which we quote, continued:
To pay a 30% dividend to depositors in the Southern State Bank a $142,000
loan has been approved at Washington.
The St. Francis State Bank is scheduled to receive $100,000, pending
authorization of the commission to receive the loans.
E. L, McMillan, a director, has been elected President of
the First National of Princeton, Minn., succerling S. S. Petterson, according to the "Commercial West" of Aug. 18.
A. F. Meyer, formerly Vice-President and Cashier, is now
Vice-President, while Fred C. Xeith, formerly Assistant
Cashier, being promoted to the Cashiership, it was stated.
-4---
At a meeting of the depositors of the defunct People's Bank
of Sanford, N. C., held on Aug. 18, at the call of S. J. Hinsdale, liquidating agent, a committee was appointed to appraise the remaining assets of the institution, according to
Sanford advices, on Aug. 20, printed in the Raleigh "News
and Observer," which added, in part:
According to the report submitted, the assets consist of approximately
$79,000 in unpaid notes, $9,800 in real estate, and $19,000 in unpaid stock
assessments. Unsecured claims against the bank amount to about $41,000.
There are no preferred claims outstanding.
The bank closed its doors April 4 1930, following the confession to a
defalcation by H. 0. Newbold, Cashier of the inatitution. The depositors
received 50% payment a few months later, when part of the assets were
taken over by the Greensboro Bank & Trust Co. Nothing has been paid since.
Volume 139
Regarding the affairs of the closed Bank of Goldston,
Goldston, N. C., a dispatch from Sanford, N. C., on Aug. 20,
printed in the Raleigh "News and Observer," stated:
A meeting of the depositors of the defunct Bank of Goldston was held at
Goldston, Saturday (Aug. 18), at the call of S. J. Hinsdale, liquidating
agent, to discuss the affairs of the institution.
The report disclosed that there is now on hand, in remaining assets,
approximately $83,000 in notes, $1,200 in real estate, and $8,400 in unpaid
stock assessments. Claims against the bank are about $97,000. A oommittee
was appointed to appraise the assets of the institution.
The bank, which closed two years ago or more, has paid the depositors
20% in dividends.
That a new State bank has been organized in Aiken, S. C.,
and is expected to open shortly is made known in the following dispatch (Associated Press) from Columbia, S. C., on
Aug. 20:
The largest State bank formed since the banking holiday of 1933 was inLorporated to-day with $100,000 capitalization to serve Aiken and western
South Carolina.
The institution was chartered as the Bank of Aiken to do a general bank
business. T. G. Tarver, who has been receiver for the nine-unit Bank of
Western Carolina, takes up new duties as its President.
The bank is expected to open about Aug. 29, according to information here.
J. C. Seabury, receiver of the Bishopville National Bank,
Bishopville, S. C., on Aug. 22 began the payment of a 23%
to the depositors, according to a dispatch from that place on
Aug. 23 to the Columbia "State." The advices added:
This is the fourth dividend since the closing of the bank in January, 1932,
and makes a total of 73% distributed to the unsecured creditors. The present
dividend is being paid partly from funds collected by the receiver in the
ordinary course of liquidation of the bank and partly from proceeds of another
loan obtained frotn the RFC. This loan must be repaid in full before any
further dividends can be paid.
A dispatch from Sanford, Fla., on Aug. 22, printed in the
"Florida Times-Union," stated that an 18% dividend would
be paid to depositors of the defunct Bank of Oviedo beginning
Aug. 27, according to an announcement by R. L. Richard,
liquidating agent for the bank. The dividend represented
$12.800 in money, the advices said.
A Cheyenne, Wyo., dispatch by the Associated Press, on
Aug. 18, stated that a 5% dividend to commercial depositors
of the defunct Riverton State Bank of Riverton, Wyo., had
been ordered by the State Bank Examiner, A. E. Wilde. This
Is the first payment on checking accounts, it was stated, since
the bank closed in August 1932.
Effective Aug. 11 1934, the First State Bank of Kellogg,
Kellogg, Idaho, was admitted to membership in the Federal
Reserve System.
The Comptroller of the Currency at Washington has
granted a charter for the West Hollywood branch of the
Bank of American National Trust & Savings Association
(head office San Francisco, Calif.), according to an announcement made Aug. 18 by Dr. A. G. Giannini, Chairman
of the bank's General Executive Committee. The Los Angeles "Times," authority for the above, also said:
The new branch will occupy the banking quarters at 8811 Santa Monica
Boulevard and will open for business Sept. I.
This district has been without banking facilities for more than two years,
the bank announced.
Associated Press advices from Washington, D. C., on
Aug. 27, stated that the Reconstruction Finance Corporation
on that day confirmed a report that a loan of $305,000 had
been made to the First National Bank & Trust Co. of Chico,
Calif. The dispatch added: The loan, RFC officials said,
was the third to the bank.
Dividends to depositors of the closed Bank of Woodburn,
Woodburn, Ore., have been authorized by the Circuit Court,
It is learned from a dispatch from that place on Aug. 16 to
the Portland "Oregonian," from which we also quote:
The first dividend calls for 10%, covering commercial claims from Jan. 8
to July 17 1934, which is $101.46. A second 10% dividend, for $29,181.03,
is against ordinary claims of the commercial department from Aug. 7 1933
to July 17 1934, and a dividend of 10%, against secured claims in the commercial department, for $2,308.88. A 20% dividend, from the savings department, amounting to $19,088.82, covers claims between Aug. 7 1933 and
July 17 1934.
The appointment of R. K. Beairsto of Winnipeg, Man.,
Canada, as Assistant General Manager of the Dominion
Bank (head office, Toronto) was announced on Aug. 28
by Dudley Dawson, General Manager of the institution,
according to Winnipeg advices on that date appearing in
the Montreal "Gazette." The dispatch continued:
Beairsto has served with the bank in many Western cities and since
1932 has been Supervisor of Western branches. He will continue to make
his headquarters in Winnipeg.
1349
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 15 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191.676.960 on the 8th inst. as compared with £191,621,164 on the previous
Wednesday.
Considerable amounts of gold have been offered in the open market
during the past week.
Following upon the American Nationalization of silver and the weakening of the dollar, the price of gold has been fixed at a large premium over
the dollar parity, and the demand for the metal has sprung up again from
Continental sources.
As a consequence of the further depreciation of the dollar in terms of
francs the gold export point was reached at tne end of the week and a
shipment of $1,000,000 Bar Gold has been made from America to Paris.
The demand for gold from Continental sources remains strong and the
price shows a premium over the exchange parities.
Quotations during the week:
Aviv°lent Value
Per Fine
of Sterling.
Ounce.
12s. 3.66d.
138s. ld.
Aug.9
12s. 3.66d.
138s. Id.
Aug. 10
12s. 3.61d.
1385. 1 lici.
Aug. 11
125. 3.48d.
138s. 3d.
Aug. 13
12s. 3.52d.
138s. 210.
Aug. 14
125. 3.39d.
1385. 4d.
Aug. 15
12s. 3.55d.
138s. 2.17d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 4th inst. to mid-day on the 13th inst.:
Imports.
Belgium
France
Switzerland
Egypt
Venezuela
Bolivia
British South Africa
British West Africa
British India
Australia
New Zealand
Other countries
£26,000
28.369
26,070
13.272
18.567
298,914
1,984.978
124.456
664.739
59,842
18.477
31.608
Exports.
£350,830
Belgium
327.319
France
139,650
Switzerland
289,812
Portugal
United States of America 2,070.439
9.765
Other countries
£3,187,815
£3,295,292
Only a small shipment of gold was made from Bombay last week; the
88. Ranchi carries £11.000 consigned to London.
The Transvaal gold output for July 1934 amounted to 876.094 fine
ounces, as compared with 868,129 fine ounces for June 1934 and 923.671
fine ounces for July 1933.
SILVER.
The week under review has seen a great deal of activity in the marke
and opened on the 9th inst. with a rise of 14d. in the cash and 7-16d. in th
two months' quotations, 21s. 7-16d. being fixed for both deliveries, a leve
which has since been well maintained.
The firmness was due to heavy buying by America and the demand
being largely for prompt delivery, cash silver on the 10th inst. was quoted
at a premium of 1-164. over the price for two montns (this is particularly
noteworthy as hitherto the last occasion on whim cash silver had commanded a premium was on Nov. 18 1931). The difference widened to
d.on Aug.11th, but narrowed to 1-16d.on the 13th,the next working day.
There has been a further development in the United States plan for the
acquirement of silver in the shape of an executive order signed by President
Roosevelt on Aug. 9th nationalizing all silver in that country: under the
order all supplies must be delivered to the Treasury through the mints
within 90 days. The price paid for this silver will be 50.01 cents per fine
ounce. There are certain exemptions from the order, such as foreign and
domestic silver coins,silver ore,silver in fabricated articles and silver owned
by foreign Governments and foreign central banks.
It was reported that on receipt of the news, dealings in silver futures on
the New York commodity exchange were suspended.
The announcement caused some speculative demand in the London
market, but this and the American buying was offset to a good extent by
China sales which have been of considerable importance. The higher prices
attracted profit-taking sales and the Indian Bazaars also made re-sales, but
buying by the latter quarter has been less in evidence.
The market has a firm appearance but is dependent on a continuation of
American support failing which the present level might be difficult to maintain in the face of further China sales.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 4th inst. to mid-day on the 13th 'run.:
Exports.
Imports.
Soviet Union (Russia)
£39.875 French possessions in India.. £13,300
United States of America_- 388.770
Mexico
134,834
4,300
British India
14,535 Straits Settlements
6,332
Hongkong
17,500 Other countries
12,349
Australia
Japan
7.190
United States of America... 3,569
Canada
4,600
Belgium
4,400
Other countries
4,951
£243,803
Quotations during the week*
£412,702
IN NEW YORK.
IN LCNDON.
Bar Silver per Oz. Std.
(Per Ounce .999 fine.)
Cash. dello.
2 Mos. delis.
Aug. 9
490.
Aug. 8
21 7 16d 21 7 164.
Aug. 10
Aug. 9
45 15-16c.
21 7-164 2134d.
50c. nominal
Aug. 11
21 9-16d. 21 7-16d.
Aug. 10
50c. nominal
Aug. 13
21 9-16d. 21%d.
Aug. 11
50c nominal
Aug. 14
215d.
21 9-16d.
Aug. 13
50c. nominal
Aug 15
2154d.
'41.11 16d.
Aug. 14
Average
21.562d. 21.500d.
The highest late of exchange on New York recorded during the period
from the 9th inst. to the 15th inst. was $5.11w, and the lowest $5.04%•
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Aug.7. July 31. July 22.
Notes in circulation
18.380
18,285
18.367
Silver coin and bullion in India
9,939
9.844
9.895
Gold coin and bullion in India
4,155
4.155
4,155
Securities (Indian Government)
3,065
3.078
3,085
Securities (British Government)
1,221
1,232
1.208
The stocks in Shanghai on the 11th inst. consisted of about 107,400.000
ounces in sycee. 370.000.000 dollars and 30.900,000 ounces in bar silver as
compared with about 108,300,000 ounces in sycee, 370,000,000 dollars and
30,300.00v ounces in bar silver on foe 4th instant.
1350
Financial Chronicle
THE CURB EXCHANGE.
Curb market trading has been dull and without noteworthy movement during most of the present week. There
have been occasional periods of strength, particularly on
Wednesday when the trend turned upward for a short time,
but the general tendency throughout the week has been
toward lower levels. Some of the more active of the trading
favorites were higher at times, but the gains were not maintained. The best advances were recorded in the oil division
when Creole Petroleum broke through to a new high ground
for the year. Puget Sound Light & Power pref. also attracted considerable buying and during the forepart of the
week recorded moderate gains, though most of these were
lost in the declines on Thursday.
Speculative activity continued fairly brisk during the
short trading period on Saturday, though there was some
irregularity apparent, due in a measure to minor week-end
adjustments. The specialties attracted the most attention,
and while there was some activity among the utilities during
the opening hour, many of the stocks in that section soon
turned easy and showed little change at the close. Aluminum
Co. of America was fairly steady and extended its gain of
the previous day, while Pepperel Manufacturing Co. made
an advance of about a point. Other active stocks included
Consolidated Gas of Baltimore, Montgomery Ward and
Sherwin-Williams. Fractional changes on the side of the
advance were recorded by Creole Petroleum, Lake Shore
Mines, Pennroad Corp., Pioneer Gold, American Gas and
Cord Corp.
The list was narrow and trading was in small volume on
Monday, many of the market favorites failing to open until
late in the day, while others did not appear on the tape at
all. Public utilities were weak and showed numerous declines, losses being recorded by such popular stocks as
American Gas & Electric, Electric Bond & Share and Niagara
Hudson. Mining and metal shares were lower and oil
issues joined the downward swing. Specialties were represented on the down side by Swift & Co., which lost some of its
recent gains, and Glen Alden Coal, which was lower at
the close.
Lower prices and small dealings were again in evidence on
Tuesday, and while a fair amount of trading interest was
apparent during the first hour, the turnover simmered down
to small proportions as the day progressed. In the public
utility group the sharpest declines were American Gas &
Electric, Niagara Hudson and Electric Bond & Share.
United Light & Power A was fairly steady around the
previous close and there was increased interest apparent in
Puget Sound Power & Light pref. Mining and metal shares
were quiet, Aluminum Co. of America slipping backward,
while Lake Shore Mines moved around unchanged. Oil
issues were irregular and alcohol stocks were slightly firmer.
Curb stocks displayed more activity during the early
trading on Wednesday, though the forward movement was
checked to some extent as the day advanced. Trading
interest was most active in Canadian liquor shares, mining
stocks and packing issues, but there was a good demand for
a number of popular speculative stocks in other sections
of the list. Puget Sound Power & Light pref. continued its
advance of the previous day, but lost part of its gain before
the market closed. Other sections of the public utility group
were comparatively quiet. Fractional advances were recorded in the oil stocks, particularly Humble Oil and Standard
Oil of Indiana, and mining and metal shares were quiet with
the possible exception of Lake Shore Mines, which was
fractionally up. Miscellaneous shares, including Distillers
Seagram and Hiram Walker, were higher. The Swift stocks
were fairly firm.
Declining prices that developed during the closing hour of
the previous session again dominated the dealings on Thursday, though the recessions were checked toward the end of
the day and a number of the more active stocks recovered
part of their early losses. In the public utility group the
movements were particularly narrow, small declines appearng in such stocks as American Gas & Electric, Niagara
Hudson and Electric Bond & Share. Oil shares were off
on the day, both Humble Oil and Gulf Oil of Pennsylvania
showing substantial losses. Miscellaneous stocks, including
the alcohol issues and specialties were among the declines.
Mining shares were fairly steady with the exception of Lake
Shore Mines, which showed a fractional loss for the day.
Pronounced dullness was apparent during most of the
session on Friday, many of the trading favorites moving
irregularly within a comparatively narrow channel. The
Sept. 1 1934
tone of the market was soft during the opening hour, but as
the day progressed it showed some improvement and a number of stocks showing recessions during the forenoon cancelled a part of their losses. Public utilities were fairly firm
and moved around with little change from the previous close.
Oils were at a standstill, and mining and metal stocks showed
declines in such trading favorites as Aluminum Co. of
America, Lake Shore Mines and Newmont. As compared
with Friday of last week, many trading favorites were lower,
Aluminum Co. of America closing on Friday night at 553%
against 60 on the preceding Friday, American Cyanamid
"B" at 173% against 18%, American Gas & Electric (4) at
%
223 against 243%, American Superpower at 2 against 2%,
5
Atlas Corporation at 9% against 93/s, Creole Petroleum at
13% against 14, Electric Bond & Share at 107 against 12%,
%
Glen Alden Coal Co.at 19% against 203%, Greyhound Corp.
at 17% against 18%,Hudson Bay Mining & Smelting at 15
3
%
against 153/8, Humble Oil(new) at 423 against 433/, International Petroleum at 29% against 293 , National Bellas
%
Hess at 23 against 2%, Niagara Hudson at 43% against 5,
%
Pennroad Corporation at 2 against 2%, Swift & Company
%
(3'2) at 193% against 203 ,Teek Hughes (.60) at 6% against
7, United Gas Corporation at 2% against 2% and Wright
Hargreaves at 10 against 10%.
A complete record of Curb Exchange transactions for the
week will be found on page 1380.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Aug. 31 1934.
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
.
Total
Sales at
New York Curb
Exchange.
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate
$968,000
1,502.000
2,002,000
2,307,000
2,083,000
1,761,000
$40,000
80,000
70,000
119,000
41,000
56,000
683,931 510.623,000
$406,000
83,175
101,976
109,765
175,470
115,005
98,540
Week Ended Aug. 31
1934.
Total.
$32.000 $1,040,000
61,000 1,643,000
23,000 2,095,000
75.000 2,501,000
44,000 2,168,000
55,000 1,872,000
8290.000 $11,319,000
Jan Ito Aug. 31
1933.
1934.
1933.
682,931
1,447,020
Stocks—No, of shares_
Bonds.
510,623,000 $10,966,000
Domestic
624,000
406.000
Foreign government._
565,000
290,000
Foreign corporate
$697,120,000
25,833,000
20,048,000
5633,093,000
30,087,000
28,512,000
511,319,000 512,155,000
5743,001,000
$692,592,000
Total
45,755,303
77,320,064
COURSE OF BANK CLEARINGS.
Bank clearings this week show a decrease 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, Sept. 1)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 19.1% below
those for the corresponding week last year. Our preliminary total stands at $3,755,520,364, against $4,639,635,924
for the same week in 1933. At this center there is a loss
for the five days ended Friday of 27.4%. Our comparative
summary for the week follows:
Clearings—Returns by Telegraph.
Week Ended Sept.!.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
51,770,947,097
174,488,681
190,000,000
122,000,000
59,663,745
45,600,000
85,403,000
64,889,266
54,421,321
43,942,353
35,007,395
19,322,000
52,439,523,710
159,120,824
175,000,000
149,000.000
43,732,171
46,300,000
85,776,000
60,609,925
44,001.170
44,010,403
32,644,404
15,727,000
—27.4
+9.7
+8.6
—18.1
+36.4
—1.5
—0.4
+7.1
+23.7
—0.2
+7.2
+22.9
Twelve cities, 5 days
Other cities, 5 days
$2,665,682,858
463,917,445
83,295,445,607 —19.1
425,463,125 +9.0
Total all cities, 5 days
All cities.! day
83,129,600,303
625,920,061
53,720,908,732 —15.9
918,727,192 —31.9
.
, •
, , .
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 in all cases has to be 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 Aug. 25. For
that week there is a decrease of 0.3%, the aggregate of
clearings for the whole country being $4,032,725,586, against
$4,042,997,041 in the same week in 1933.
Outside of this city there is an increase of 16.0%, the bank
clearings at this center having recorded a loss of 9.1%. 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 8.9% and in the Boston Reserve
District of 2.0%, but in the Philadelphia Reserve District
the totals show a gain of 18.3%. In the Cleveland Reserve
District the totals register an increase of 5.1%, in the Richmond Reserve District of 25.3%, and in the Atlanta Reserve District of 16.8%. The Chicago Reserve District has
an improvement of 18.4%, the St. Louis Reserve District
of 15.5%, and the Minneapolis Reserve District of 14.1%.
In the Kansas City Reserve District there is an expansion
of 41.1%, in the Dallas Reserve District of 27.6%, and in
the San Francisco Reserve District of 30.3%.•
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANE CLEARINGS.
Week End. Aug. 25 1934.
1934.
1933.
1932.
$
282,760,155
3,604,753,253
390,819,635
249,125.281
108,327,502
89,445,423
434,340,065
106,240,703
74,068,854
118,265,532
37,436,056
206,117,976
Total.
110 elites
Outside N. Y. City
4,032,725,586
1,649,462,005
4,042,977,041 -0.3
1,421,726,023 +16.0
3,980,931,044
1,437,760,915
5,701,700,438
2,198,782,056
27(1 AR? RR?
ona nm nka -i-14 5
221 MA 712
255 515 EL52
• We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Aug. 25.
Clearings at
1934
1933.
First Federal Reserve Dist rict-Boston
Me -Bangor.
477,347
389,150
Portland
1,339,742
1,288.078
Mass -Boston.. 145,975,481 147,215,099
Fall River_
_
553,406
625,505
Lowell
271,190
249,378
New Bedford_ _
383,515
414,250
Spriagfleld_ _ _ _
1,966,261
2,084,214
Worcester
898.466
869,670
Conn.
-Hartford.
6,398,578
8,979,517
New Haven_ _ _
3,029,539
3,260,696
R.I.
-Providence
5,957.500
5,370,700
N.H.-Manches'r
239,211
228,256
Total (12 cities)
167,490,236
170,974,513
Inc. or
Dec.
1932.
1931.
+22.7
+4.0
-0.8
-11.5
+8.7
-7.4
--5.7
+3.3
-28.7
--7.1
+10.9
+4.8
311.044
1,814,508
156,539,491
478,034
246,226
397,630
2,074,625
1,411,210
6,052.104
3.473,345
6,056,800
261,259
480,182
2,702,821
253,023,577
631,193
329,363
660,896
3,044,217
2,028,304
6,810,712
5,053,198
7,527,300
468,392
-2.0
179,116,276
282,760,155
Second Feder al Reserve D istrict-New
N Y. Albany_ _ _
5,275,201
9,501,774
Binghamton_ _ _
558,486
588,311
Buffalo
21,278,692
19,455,058
Elmira
332,628
411,648
Jamestown._ _ _
359,803
276,650
New York
_ 2,383,263,581 2,621,251,018
Rochester
4,731,107
3.993,016
Syracuse
2,666,134
2,463,038
Conn.
-Stamford
2,380,313
1,935,763
N. J.
-Montclair
203,230
271,814
Newark
12,417,622
11,301,777
Northern N.I.
19,236,740
19,667,059
York-44.5
3,450,990
5,198,662
-5.1
629,195
700.782
19,200,189
+9.4
32,055,995
380,486
-19.2
785,846
+30.1
434.881
556,602
-9.1 2,543,170.129 3,502,918,382
+18.5
4.830,901
6,369,992
+8.2
2,469,897
3,426,279
+23.0
1,929,504
2,641,980
-25.2
228,748
392,076
+9.9
15,197,326
22,854,791
-2.2
22,682,523
26,851,866
Total(12 cities) 2,452,703,537 2,691,116,926
-8.9 2,614,604,769 3,604.753,253
Third Federal Reserve Dia trict-Phila delphi a-Altoona _ _ _
Pa.
262,087
274,419
273,950 -4.3
Bethlehem. _
.2,098,393
.1.886,386
Chester
211,841
218,365
219,083
Lancaster
887,962
825,029
607,588 +46.1
Philadelphia_ _ _ 241,000,000 205,000,000 +17.6 223,000,000
Reading
940,179
1,299,573
738,405 +27.3
Scranton
2,124,696
1,716,017
1,582,656 +34.2
Wilkes-Barre_ _
829,206
1,287,446
1,407,568 -41.1
York
816,258
691.979
756,455 +7.9
-Trenton..
N. J,
1,838,000
1,825,000
1,554.000 +18.3
Total(9 cities)
l 251,080,622
212,139,705 +18.3
116,872
498,607
100,264,493
3,251,156
2,280,847
1,208,747
13,022,000
777,728
3,355,896
18,007,105
2.172,641
5,242,005
3,411,998
724,102
176,999,277
388,288
1,558,426
395,914
1,147,737
1,203,089
273,808,158
771,257
2.192,717
1,061,519
1.693,230
259,154,624 +18.4
265,870.189
434.340,065
Eighth Feder. 1 Reserve Dia trict-St. Lo ulsInd.
-Evansville_
53,600,000 +14.0
Mo.-St. Louis..
61,100,000
17,211.324 +13.1
19,471,251
KY.-Loulsvllle
7,974,017 +30.4
Tenn.
10,401,404
-Memphis
Ill.
-Jacksonville,
246,000 +30.9
Quincy
322,000
45,600,000
14,413,079
6,731.399
78,800.000
19,041,952
7.759,099
437,244
639,652
+15.5
67,181,722
106.240,703
Ninth Federal Reserve Dis trict-Minne apolis3,262,190 -26.4
Minn.
2,399,658
-Duluth _
+8.1
50,265,505
Minneapolis...
54,332,288
12,863,415 +45.4
St. Paul
18,697,083
S. D.
435,551 +19.3
519,598
-Aberdeen.
239,786 +64.1
Mont.
393,458
-Billings .
1,428,308 +28.8
1,839,122
Helena
2,423,471
43,443,767
11,915,475
554,659
246,680
1.574,788
3.061,588
52.868,141
14.914,855
605,593
372,251
2,246,426
68,494,755 +14.1
60,158,840
74,068,854
Tenth Federal Reserve Dis trict-Kans as City85,927
48,291 +48.3
71,634
Neb.-Fremont _ _
72,478
Hastings
49,089
1,148,572
1,544,379
Lincoln
1,549,472
17,955,788
18,656,866 +34.2
Omaha
25,030,204
1.169,938
1,435.920 +30.3
Kan.
1,870,309
-Topeka _
3,181,758
1,255,777 +68.2
Wichita
2,111,729
51,956,134
52,366,884 +45.5
76,206,427
Mo.-Kan. City.
2,132.713
2,369,334 +18.7
St. Joseph_ _ _ _
2,811,472
452,050
384,628 +30.1
Colo.
500,276
-Col. Svgs.
489,227
404,817 +22.7
496,834
Pueblo
190,918
239,359
2.422,641
28,692,293
1,783,696
3,927,842
75.200,344
3,585,776
1,149,496
1,073,167
516,930
.3,920,801
642,591
1,697,749
375,000,000
2,198.740
3,524,095
2,806,692
1,304,838
3,128,000
231,137,828
390,819,635
33,;1.796
52,234,775
6,119,700
785,448
47,674,798
89,097,110
8,426,500
1,209,391
Total (4 cities).
Total(6 cities)_
Total(10 cities)
Total(5 cities).
102,717,485
249,125,284
Fifth Federal Reserve Dist act- Mehra ondW.Va.-Hunt'ton
154,233
99,546 +54.9
Va.-Norfolk__ _
2,176,000
1,489,000 +46.1
29,947,232
Richmond
24,956,492 +20.0
599,912
-Charleston
625.234 -4.1
S. C.
40,253,495
Md.-Baltimore _
32,292,779 +24.7
D.C.-Washing's
11,992,160
8,458,634 +41.8
233,617
1,752,000
21,176,050
500.000
48,448,392
13,622,774
353,122
2,538,123
31,176,945
1,037,014
56,245,202
16,977,096
85.732.833
108,327,502
1,721,222
7.378,448
21,300,000
700,316
364,031
6,086,047
7,006,123
682,930
2,656,850
9,755,327
27,000,000
956,121
543,531
7,999,433
10,392,885
922,027
66,729
20,326,321
80,158
29,139,091
Total(32 cities)
65,632,167
89,445,423
90,319,834
77,316,972 +16.8
34,616,122
1934.
70,153,592
Total(10 cities)
78,644,585
118,265,53
1.8+37.9
+28.2
+17.1
+11.5
+61.0
374.006
17,526,789
4,235,108
1,125,000
1,893,337
1,156,426
26,828.012
5,540,974
1,738,000
2,172,644
27,133,436 +27.6
25,154,240
37,436,056
Franc isco+9.7
19,221,044
+74.9
4,483,000
312,887
+590.0
+29.0
14.125,546
6,901,708
+33.0
2,552.002
-0.5
1,870,701
-13.4
5.389.713
+121.6
+32.2
86,913,456
718.402
+6.1
+32.2
86,913,456
1,300.225
+30.7
893,600
+34.1
26.691,915
7,365,000
723,655
21.822,649
11.004,292
4,121,667
3,029,828
6,016.612
120,699.000
1,166.709
120,699,000
2,269,649
1,207,000
Week Ended Aug. 23.
163,015,311
67,921,685 +25.3
78,466,896 +41.1
Clearings at
+5.1
85,123,032
110,697,446
Outside New York 1,649,462,005 1.421,726,023 +16.0 1,437,760,915 2,198,782,056
+4.0
Sixth Federal Reserve Dist rict-Atlant a--Knoxville
2,033,961
3,668,982 -44.6
Tenn.
9,780,285
Nashville
8,000,837 +22.2
33,400,000
Ga.-Atlanta....
29,900,000 +11.7
774,148
848,514 -8.8
Augusta
684,263
499,051 +37.1
Macon
10,416,000
Fla.-Jack'nvIlle.
8,078,000 +28.9
11,519,114
Ala.-Blrm'ham _
9,163,099 +25.7
920,493
821,308 +12.1
Mobile
Miss -Jackson..
88,026
107,638 -18.2
Vicksburg
20,703,544
La.-NewOrleans
16,229,543 +27.6
78.181,207
Total(12 cities) 194,034,926 148,932,554 +30.3 144,682,284 206.117,976
Grand total (110
cities)
4,032,725,586 4,042.977,041 -0.3 3,980,931,044 5,701.700,438
71,025,876
Total(6 cities).
91,294,655
79,031,341
Twelfth Feder al Reserve D istrict-San
Wash -Seatl.
22,147,201
24.293,761
Spokane
4,376,000
7,654,000
251,048
Yakima
622,294
Ore.
16,099,423
-Portland_ _
20,774,505
Utah-S. L. City
8,281,161
11,011,949
-L,Beach_
Calif.
2,635,681
2,623,256
2,057,721
Pasadena
1,782,516
2.751.817
Sacramento
6,098,555
San Francisco. 114,900,000
86,923,000
Santa Barbara_
872,265
925,736
San Francisco _ 114,900,240
86,923,000
San Jose
1,594,467
2,083.576
Stockton
942,770
1,264,538
162.293,634
istrict-Clev eland31,601.883 +7.7
+3.1
52,947,816
5,827,500 +21.4
890,559
+0.7
306,736,338
-Da
Eleventh Fede cal Reserve District
Tex.
485,783
-Austin _ _
670,006
Dallas
20,266,736
25,977,830
Fort Worth_ _ _
3,875,485
4,537,013
Galveston
1,217,000
1,357,000
La.
1,288,432
2,074.273
-Shreveport _
73,900,022
34,049,075
54,597,159
7,076,500
896,875
1931.
48,022
433,327
51,799,391
2,041.389
808,100
775,209
9,133,000
620,763
2,378,442
10,914,307
509,450
3,713,70
1,481,336
170,519,631
Total(5 cities).
Reserve
1932.
$
Seventh Feder al Reserve D istrict-Chic ago
12,735 +239.3
43,216
Mich.
-Adrian _
350,538 -26.0
259.233
Ann Arbor_ _ _ _
47.740,253 +40.6
67,122,849
Detroit
922,732 +38.7
1,279,474
Grand Rapids.
538,146 +54.5
Lansing
830,678
425,633 +26.0
536,330
Ind.-Ft. Wayne
8,352,000 +28.5
Indianapolis.._
10,729,000
363,661 +61.0
585,435
South Bend_ _ _
2,706,214 +13.4
Terre Haute.._
3,070,070
10.656,019 +18.1
12,579.925
Wis.-Milwaukee
185,643 +204.3
Ia.-Ced, Rapids
564,930
3,914,795 +40.8
Des Moines_ _ _
5,512,977
1,776,039 +41.0
2,503,427
Sioux City---Waterloo
250,000 +112.7
531,793
197,001,854 177,593,248 +10.9
Chicago
427,297 +11.4
475,973
Decatur
1,685,147 +12.3
1,891,751
Peoria
493,979 -0.3
492,596
Rockford
760,545
724,827
Springfield....
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _ _ _
New Westminster
Medicine Hat _
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert __
Moncton
Kingston
Chatham
Sarnia
Sudbury
Fourth Feder al
Ohio-Akron _ _
Canton
Cincinnati_ _ _ _
Cleveland
Columbus
Mansfield
Youngstown_ _ _
Pa -Pittsburgh.
Inc. or
1933.
1934
1931.
$
$
$
%
179,116,276
167,490,236
170,974,513 -2.0
2,452,703,537 2,691,116,926 -8.9 2,614,603,769
231,137,828
251,008,622
212,139,705 +18.3
163,015,311
170,519,631
162,293,634 +5.1
85,732,833
85,123,032
67,921,685 +25.3
65,632,167
77,316,972 +16.8
90.319,834
265,870,189
259,154,624 +18.4
306,736,338
91,294,655
67,181,722
79,031,34 +15.5
60,158,840
78,181,207
68,494,75 +14.1
78,614,585
110,697,446
78,466,896 +41.1
25,151,240
27,133,436 +27.6
34,616,122
194,034,926
144,682,284
148,932,554 +30.3
32 cities
Week Ended Aug. 25.
Clearings al
Total (19 cities)
Inc.or
Dec.
Federal Reserve Dist
let Boston_ __ _12 cities
2nd New York__12 "
3rd Philadelpla 9 "
4th Cleveland__ 5 "
5th Richmond _ 6 "
6th Atianta__-.10 '
7th Chicago _19 "
8th St. Louis_ __ 4 "
iltis Minneapolis 6 "
10th Kansas CitY10 "
5 "
11th Dallas
12th San Fran...12 "
Canada_
1351
Financial Chronicle
Volume 139
1933.
Inc. or
Dec.
1932.
1931.
$
76,905,671
95,784,268
45,762,792
12.936,513
4,087,988
3,524.904
1,866,752
3.133,241
4,689,238
1,839.163
1,243,999
2,246,820
3.500,358
2,821,632
242,277
401,530
1,186,238
399,288
635.267
555,574
408,843
215,495
524,758
461,669
837,989
1,708,714
250,360
602,219
464,765
340,450
402,535
676,557
$
67.528,195
77,129,890
59,633,366
12,598,906
3,411,104
3,282,423
1.810,129
2,956,827
4,391,814
1,677,803
1,289,266
2,332,912
3,008,763
2,621,142
257,784
306,811
1,067,491
929,292
604,732
587,390
401,30
213,40
514,76
546,64
756,09
1,764.68
241,331
555,574
459.844
333,804
330.820
526,763
,",
,o
+13.9
+24.2
-23.3
+2.7
+19.8
+7.4
+3.1
+6.0
+6.8
+9.6
-3.5
-3.7
+16.3
+7.6
-6.0
+30.9
+11.1
-57.0
+5.0
-2.1
+1.9
+1.0
+1.9
-15.5
+10.8
-3.2
+3.7
+8.4
+1.1
+2.0
+21.7
+28.4
$
64,646,331
67,094,123
40,725.397
10,949,657
3,688,066
3,365,521
1,621,509
3,096,165
4,664,675
1,510.017
1,160,903
1,959,736
3,579,744
2,606,233
308,251
294,883
1,174,739
443.287
644,029
494,396
413,446
160,455
479,719
556,480
728.447
2,323,931
217,846
570,727
493.884
312,986
378,329
444.801
$
81,480,086
80.846.279
35,772,330
14,180,092
4,815.451
4,954,746
2,503,237
3,588,697
4,283,173
1,960,956
1,512,048
1,155,773
3,429,702
2,707,121
307,610
348,271
1,438,293
564,381
764,604
531,358
482,336
211.414
614,346
595,093
723,504
2.766,710
300,403
628,229
485,173
362,274
545,023
654,146
270,657,867
254.051,063
+6.5
221,108,713
255,512,859
a Not Included n totals.
tioning at present
b No clearings available. c Clearing house not func-
1352
Financial Chronicle
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thurs.,
Fri.,
Mon.,
Wed.,
Tues.,
Aug. 25. Aug. 27. Aug. 28. Aug. 29. Aug. 30. Aug. 31.
Silver, per oz.._ 213.4d.
219-16d. 219-.16d. 219-16d. 2011-lad. 21%cl.
Gold, p.fine oz. 139s.5d. 139s.4d. 1398.1340. 139s.4 d. 140s.3d. 140a,11 4d.
Consols, 214% Holiday.
80%
80%
8013-16 8013-16
803
British 33. %W. L
104%
104%
104%
Holiday.
1043.
1044
British 4%116
1960-90
116
116
Hollday.
116
115%
The price of silver in New York on the same days has been:
Silver in N. Y.,
(foreign) per
oz. (eta.) ___
U.S. Treasury_
U. S. Treasury
(newly mined)
49%
50.01
64%
49%
50.01
64%
49%
50.01
6434
49.14
50.01
64%
49%
50.01
49%
50.01
6434
6434
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:
Aug.25 Aug.27 Aug.28 Aug.29
1934.
1934.
1934.
1934.
Francs. Francs. Francs. Francs.
Bank of France
10,700 10,700 10,900
1,386
1,400
Banque de Paris et Pays Bea-1.375
152
152
Banque d'Union Parisienne---153
227
226
Canadian Pacific
227
Canal de Suer .
1,930
1,930 1,950
2,230
2,300
Cie Distr. d'Electrioltie
2.220
1,600
Cie Generale d'Electticitle
1,540
1,560
22
24
Cie Generale Transatiantique.
22
203
201
201
Citroen B
997
994
993
Comptoir Nationale d'Escompte
130
110
120
Coty S A..
243
251
240
Courrieres
680
Credit Commercial de France
663
670
1,990
Credit Lyonnais
1,970
1,970
Eau: Lyonnais
2,420
2,440
2,470
571
587
Energie Electrique du Nord
571
811
Energie Eleotrique Cu Littoral._
804
820
HOLI
524
530
540
Kuhlmann
L'Alr Liquide
DAY
690
690
870
917
Lyon (P L M)
904
903
1,279
1,298
Nord RY
1,279
440
440
410
Orleans sty
54
55
Paths Capital
51
Pech I ney
995
984
1,007
71.40
72.20
Rentes, Perpetuel 3%
71.90
81.75
Rented 4%. 1917
81.30
81.30
Rentes 4%. 1918
80.10
80.30
80.80
86.60
86.75
87.10
Rentes 4 %,1932 A
87.40
87.80
87.60
Rentes4l.4%, 1932 B
110.40 110.40 110.80
Rentes 5%. 1920
Royal Dutch
1,580
1,610
1.620
1,170
1,185
Saint Gobain C &
1,165
1,610
tschnelder & Cie
1.609
1,609
55
Societe Francalse Ford
55
55
Societe Generale Fonder°
59
58
57
2.445
2.434
2,490
Societe lyonnalse
517
519
518
Societe Marseillai*e
Tubize Artificial Silk prat
123
124
124
676
683
700
Union d'Electricitie
78
81
Wagon-Lila
77
Aug.30
1934.
Francs.
10,900
1,400
150
226
1,940
2,299
1,590
21
197
994
130
247
679
1,990
2,480
596
824
538
710
916
1,297
440
53
1.001
72.90
82.50
81.40
87.40
88.10
110.60
1,590
1.187
1.614
53
57
2,475
518
122
702
81
Aug. 31
1934.
Franm,
10,800
152
215
1,940
1,550
22
"ion'
72:55
82.00
81.00
86.90
87.75
110.30
1.570
55
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Aug. Aug. Aug. Aug. Aug. Aug.
25.
27.
28.
29.
30.
31.
Per Cent of Pa
155
155
156
Heichsbank (12%)
155
155
91
91
91
92
Berliner Handels-Gasellschaft (5%)
92
57
58
59
Commerz-und Privat Bank A CI
62 - 62
67
66
69
70
Deutsche Bank und Disconto-Gesellschaft„
69
68
69
72
72
Dreadner Bank
72
112
112
112
112
Deutsche Reichsbahn (Get Rys) prel (7%)...
112
27
26
28
27
Allgemeine Elektrizitaets-Gesell (A E(H.__
27
145
145
145
144
Berliner Kraft u Licht (10%)
144
Holl- 124
125
125
124
Dessauer Gas (7%)
125
day 110
110
109
109
109
Geafuerel (5%)
129
129
129
130
Hamburg Elektr-Werke (13°
132
S)
149
147
150
147
Siemens & Halske(7%)
146
148
148
148
148
JO Farbenindustrie(7%)
148
164
162
165
164
Salzdetfurth (7(4 %)
165
243
247
244
241
Rheinische Braunkolde (12%)
241
115
116
115
115
Deutsche Erdoel(4%)
114
71
71
71
71
70
Mannesmann Roehren
26
27
27
26
26
Hanag
31
31
30
30
30
Noticleutscher Lloyd
CHANGES IN NATIONAL BANK NOTES.
We give below tables which show all the monthly changer.
in National bank notes and in bonds and legal tenders on
deposit therefor:
National Bank Circulation
Afloat on
-
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes.
July 31 1934_ _ _ _
June 30 1934____
May 31 1934____
Apr. 30 1934.._.
Mar. 31 1934-- _
Feb. 28 1934-Jan. 31 1934-- _
Dec. 311933....
Nov. 30 1933....
Oct. 31)933....
Sept. 30 1933-_-_
Aug. 311933....
Ill,v 31 1933_ _ _ _
Bonds.
Legal
Tenders.
$
718,150,910
736,948,670
750,869.320
799.699.770
847,058.170
887,005.520
890,191,530
890.136,780
859.736.430
852.631,430
857,210.430
855,781,930
852.529.890
$
713,013,985
729,973.968
743.980,298
791.996.353
840,848,330
884,147,835
886,086.290
885,835.678
853.937.995
849,453,595
852,484,810
851,509.995
848.207.263
$
228,770,240
224,720.785
219,211,255
182.152.445
140.669.333
100.489.113
99.508,223
101.678.700
107,333,292
112,004,540
110,533.735
114,422,100
118.426.910
Total.
S
941,784,225
954.694.753
963.191,553
974,148,798
981.547.663
984.636.948
985,594.513
987.514.378
961,271.287
961.548.135
962,998,545
965.932,095
966.634.173
$2.432,763 Federal Reserve bank notes outstanding Aug. 1 1934, secured by
lawful money, against 32,581,934 on Aug. 1 1933.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes July 311934:
U. S. Bonds Held July 31 1934.
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
Aug. 1 1934.
Total
Held.
513,901,700
33,719,700
15,534,960
34,197,350
20,521.650
27,088,000
9,041,150
24,524,750
1,000
15,(100
22,423,150
11,881,000
5,301,500
Totals
513,901,700
33,719,700
15,534,960
34,197,350
20,521,650
27,088,000
9,041,150
24,524,750
1,000
15,000
22,423,150
11,881,000
5,301,500
718,150,910
2s, U. S. Consols of 1930
25, U. S. Panama of 1936
2s, U. S. Panama of 1938
38, U. S. Treasury of 1951-1955
354s, U. S. Treasury of 1946-1949
354s. U. S. Treasury of 1941-1943
340, U. S. Treasury of 1940-1943
3401, U. S. Treasury of 1943-1047
3s, U. S. Panama Canal of 1961
35, U. El. convertible of 1946-1947
3348, U. S. Treasury of 1933-1941
330, U. S. Treasury of 1944-1946
35, U. S. Treasury of 1946-1948
718,150,910
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits July 2 1934
and Aug. 1 1934 and their increase or decrease during the
month of July:
National Bank Notes
-Total Afloat
Amount afloat July 2 1934
Net decrease during July
Amount of bank notes afloat Aug. 1
Legal-tender Notes
Amount deposited to redeem National bank notes July 2
Net amount of bank notes redeemed in July
Amount on deposit to redeem National bank notes Aug. 1 1934
$954,694,753
12,910,528
$941,784,225
3224,720,785
4,049,455
3228.770,240
BREADSTUFFS.
-All the statements
Figures Brought from Page 1428.
below, regarding the movement of grain-receipts, exports,
-are prepared by us from figures collected
visible supply, &c.
by the New York Produce Exchange.
Receipt, at
-
1.970
2,460
Sept. 1 1934
Wheat.
Flour.
Corn.
Oats.
Rye.
Barley.
.
bbis.1961bs bush 60 lbs bush. 56 lbs bush. 32 lbs. bush.561bs bush.48Ib;
.
414,000 6,365.000
458,000
Chicago
166,000
6,000
263,000
888.000
1,600,000
725,001
176,000 1,375,000
Minneapolis_
73.000
1,153,000
2,000
14,000
Duluth
57,000
197,000
140.000
48,000
24,000
992,000
Milwaukee
194.000
29,000
74,000
10,000
9,000
Toledo
8,000
52,000
32,000
27,000
34,000
Detroit
19,000
359,000
68,000
15,000
Indianapolis_
156,000
288,000
40,000
107,000
1,000
St. Louis_ _ _
11,000
22,000
267,000
18,000
3,000
33,000
61,000
Peoria
552,000 1,694,000
7.000
20,000
Kansas City_
205,000 1,507,000
22,000
Omaha
197,000
73,000
43,000
St. Joseph...
16,000
164,000
Wichita
154,000
22,000
8.000
2,000
2,000
Sioux City678,000
2,442,000
285,000
2.000
95,000
Buffalo
Tot. wk. 1934
Same wk.1933
Same wk.1932
337,000 7,208,000 12,700,000
309,000 8,634,000 2,800,000
360,000 11,551,000 4,453,000
1,843,000
2,872,000
5,512,000
256,000 2,899,000
334,000 1,300,000
486,000 1,512,000
Since Aug. 1965,
7,826,000
1,346,000 33,843,000 46,082,000 8,576,000
1934
1,122,000 23,036,000 12,624,000 18,518,000 1,176,000 5,959,000
1933
1,420,000 43,718,000 14,191,000 24,210,000 1,460,000 5,564,000
1932
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 25 1934, follow:
Wheat.
Receipts at
-1 Flour.
I
Corn.
Oats.
Rye.
I Barley,
.
bbls 19Bibs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs bush.56Ibs. bush.481bs.
.
46,000
New York...
128,000 1,119,000
151:00
0 000
4 0
39,000
96,000
Philadelphia _
25,000
87,000
24,000
2,000
32,000
Baltimore....
11,000
3,000
12,000
Newport Ne
24,000
New Orleans *
17,0001
10,000
3,000,
Galveston...._
150,000
Montreal....
57,000, 1,192,000
215,000
7,000
Boston
14,000,
47,000
Sorel1
7,000
Halifax
Tot. wk. 1934
262,000 2,563,000
Since Jan 1'34 8,712.000 54,071,000
182,000
5,326,000
268,000
32,000
215,000
5,104,000 1,716,000 1,345,000
Week 1933-__
275,000 3,229,000
Since Jan 133 9,883,000 55,871,000
94,000
3,673,000
114,000
3,012,000
9,000
213,000
19,000
455,000
* 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, Aug. 25 1934, are shown in the annexed
statement:
Exportsfrom-
Wheal.
Bushels.
New York
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Sorel
Halifax
3,000,000
Total week 1934_
Same week 1933_ _ __
Corn.
Bushels.
661,000
1,903,000
3.078.000
1,192,000
47,000
Flour.
Barrels.
Oats.
Bushels.
11,610
1,000
1,000
1,000
1,000
1,000
57,000
Rye.
Bushels.
Barlett.
Bushels.
150,000
215,000
150,000
215,000
17,000
7,000
80,610
124.825
The destination of these exports for the week and since
July 1 1934 is as below:
Flour.
Exports for Week
Since
and Since
Week
July ItoAug. 25 July 1
1934.
1934.
Barrels.
United Kingdom_ 50,100
Continent
14,050
So. & Cent. Amer_
West Indies
4:(3156
.
Brit.No.Am. Cols.
___
12:460
Other countries
Total 1934
80,610
Total 1933____ 124 1428
Corn.
Wheat.
Week
Aug. 25
1934.
Barrels.
Bushels.
380,664
791,000
97,974 1,084,000
8,000
4,000
49,000
3,000
21,000
32,465
21,000
Since
July 1
1934.
1Veek
Aug. 25
1934.
Bushels. Bushels.
5,769.000
7,900,000
48.000
10,000
Since
July 1
1934.
Bushels.
1,000
36,000
589,103 1,903,000 13,763,000
845.980 3.078.000 16.787.000
1,000
19,000
The visible supply of grain, comprising the stooks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Au. 25, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
" afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
- afloat
On Canal
GRAIN STOCKS.
Barley,
Rye,
Wheat,
Corn,
Oats,
bush.
bush.
bush,
bush.
bush.
2.000
1,000
29,000
102,000
84,000
131,000
44,000
160,000
31,000
281,000
16,000
63,000
797,000
159.000
4,000
19,000
162.000
2,285,000
67,000
1
355.000
16,000
37.000
30,000
38,000
334,000
752,000
5,000
51,000
822,000
6,385,000
92,000
1,775,000
4,917,000
4,000
237,000
2,348,000 2,931,000
41,000
62,000
226,000
32,330,000 2,859,000
11,000
1,000
937,000
9,549,000 9,194,000
4.000
110.000
310,000
970,000
24,000
23,000
283,000
8,099.000
456,000
370,000
2,609,000
895,000
64,000
32.000
362,000
8,439,000 15,426,000 2,602.000 5,913.000 1,330,000
631.000
307,000
50,000
32,000
320.000
299,000 2,660,000
446,000
15.625,000 6,547,000 10,506,000 2.114,000 5.285,000
586.000
10,237,000 3,266,000 4,885,000 1,636,000
110,000
18,000
162,000
7,000
7,000
267,000
639.000
6,907,000 8,643,000 1,380,000
62,000
844,000
321,000
110,000
232.000
Total Aug. 25 1934_115,197,000 55,904,000 23,323,000 11,666,000 8,077,000
Total Aug. 18 1934._.114,751,000 51,753,000 22,629,000 11,731,000 7,432.000
Total Aug. 26 1933_ _141,805,000 56,112,000 42,240,000 11.718,000 13.895,000
-Bonded grain not included above
Barley-Duluth, 111,000 bushels;
Note.
total, 111,000 bushels, against none in 1933. Wheat-New York. 1.423,000 bushels:
N. Y. afloat, 381,000; Buffalo, 3,898,000: Buffalo afloat, 374,000; Duluth, 111,000:
Erie, 1,853,000; on Lakes, 260,000; Canal, 1,384,000: total. 9,684,000 bushels.
against 6.066,000 bushels in 1933.
Barley,
Rye,
Oats,
Wheat,
Corn,
bush.
Canadianbush.
bush,
bush,
bush,
785,000
Montreal
1,094,000
373,000;
4,467,000
Ft. William dr Pon Arthur53,933,000
2,216,000 2,288,000 2,460,000
Other Canadian and other
Water Points
2,419,000
468,000 2.154,000
40,782,000
Total Aug. 25 1934... 99,182,000
5,729,000
Total Aug. 18 1934___ 99,519,000
5,652,000
Total Aug. 28 1933._.105,167,000
6,274,000
Summary
American
115,197,000 55,904,000 23,323,000
Canadian
5,729,000
89,182.000
3.129.000 5,399.000
3,126,000 4,962.000
4,378,000 4,634,000
11,666,000 8,077,000
3,129,000 5,399,000
Total Aug. 25 1934._ _204,379,000 55,904,000 29.052,000 14,795.000 13,476,000
Total Aug. 18 1934...214,270,000 51,753,000 28,281.000 14,857,000 12,394,000
Total Aug. 26 1933._.246.772,000 58,112.000 48.514,000 16.096.000 18.529.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Aug. 24, and since July 1 1934 and July 2 1933, are
shown in the following:
Week
Aug. 24
1934.
Since
July 1
1934.
Since
July 1
1933.
Week
Aug. 24
1934.
Since
July 1
1934.
Since
July I
1933.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels, I Bushels.
38,000
12,000
North Amer_ 3,801,000 30,011,000 29,874,000
995,000 9,312,000
68,000
192,000
Black Sea_
648,000
416.000
Argentina__ _ 3,430,000 31,427,000 27,862,000 5,654,000 44,711,000 33.063.000
Australia _ _ 3,109,000 15,808,000 17,024.000
India
216,000
216.0001
340,000 1,906.000 1.115,000
440,000 4.192,000 2,552,000
0th. countr's
Total
By Adrian H. Muller & Son, New York:
$ per Share.
Shares.
Stocks.
$3,575 lot
700 Alox Chemical Corp.(N. Y.), common, no par
$510 lot
Corp., common
100 Alox Chemical
7
100 Electric Auto Lite Co.(Ohio), common, no par
10
100 Electric Auto Lite Co. (Ohio). no par
3
100 United Stores Corp. (Del.), class A, no per
$15 lot
50 United Stores Corp. (Del.). stock trust Ws. no par
534
48 15-100 Transamerica Corporation (Del.), no par
15
100 Socony Vacuum Corp.(N. Y.). par $25
325
7 Guaranty Trust Co. of New York (N. Y.), Dar $100
6
23 Great American Indemnity Co.(N. Y.), Par $5
10 Hat Corporation of America (Del.). pref., par $100 with warrant attached._ 51
234
50 Hat Corporation of America (Del.), class A common. par $I
100 Kollner s, Inc. (N. Y.), no par
1434
90 The United Gas Improvement Co.(Pa.). common, no par
1734
100 National Dairy Products Corp.(Del.). common, no par
1836
100 Gold Dust Corp.(N. J.), common (trust), no par
134
50 Federal Water Service Corp.(Del.), class A. no par
454
34 Niagara Hudson Power Corp.(N. Y.), common, par $15
155
50 Commonwealth and Southern Corp.(Del.), common, no par
1134
75 Electric Bond and Share Co.(N. Y.), common, par $5
44
10 The Forest Hills National Bank of New York, par $100
Per Cent.
Bonds47% and interest
$5.000 Texas Power Corp., lot mtge. 30 Year 6% bonds 1956
$5,000 American Electric Power Corp., convertible A gold deb. 6% bonds,
14% flat
1957, with March 1 1934 and subsequent coupons attached
-year gold deb. Series B 6% bonds.
$5.000 Insull Utility Investments, Inc., 10
July 1 1932 and subsequent coupons attached_ __$40 lot
1940 with warrants, with
$6,000 Houston Gulf Gas, 1st mtge. and collateral 6% gold bonds, Series A
7334% and interest
1943
-year 6% sinking fund gold deb., 1937,
$5,000 Electric Public Service Co., 10
$9 lot
certificate of deposit
By R. L. Day & Co., Boston:
Shares. Stocks.
30 National Shawmut Bank, Boston, par $25
37 United States Trust co., Boston, par sic
10 Nashua Manufacturing Co., common, par $100
234 West Boylston Mfg. Co., preferred of Alabama, par $100
3 Hartford Electric Light Co.. common, par $25
52 Beverages, Inc., par $2
11 B. B.& R. Knight Corp., preferred, voting trust certificate
15 Saco Lowell Shops, 2nd preferred, Par $100
4 Dennison Mfg. Co., $7 preferred, par 5100
10 Plymouth Cordage Co.. par 6100
$ per Share.
1934
734
7
3334
5334
56e.
334
974
4651
7834
By Crockett & Co., Boston:
$ per Share.
103
100
2134
Shares.
Stocks.
10 Northern RR.of New Hampshire, par $100
6 Columbian National Life Insurance Co., par $100
70 Boston Herald Traveler Corp
By Barnes & Lofland, Philadelphia:
$ se Mare.
Shares.
Stocks.
6634
40 Philadelphia National Bank, par $20
32
30 Corn Exchange National Bank SC Trust Co., par $20
15 Pennsylvania Company for Insurances on Lives and Granting Annuities,
2954
$10
Par
5%
25 Real Estate-Land Title & Trust Co., par $10
1
50 Giant Portland Cement Co., common, par 850
2234
15 Continental American Life Insurance Co.. par $10
Per Cent.
Bonds$40.000 Town of Boca Raton. Florida,6%,improvement ($15.000 due May 1
1941;$25,000 due May 11946). May 1933 and subsequent coupons attached 3034
5100 tot
15 E. Keeler Co., Williamsport, Pa
By A. J. Wright & Co., Buffalo:
$ per Share.
04c,
Shares.
Stocks.
10 Primary School Construction Co. of Buffalo
Corn.
Wheat,
Exports.
1353
Financial Chronicle
Volume 139
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
11,188,000 82,302,000 77,728,000 6.062,000 47.624,000 43,528.000
Name of Company.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Aug. 25 to Aug. 31, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Arundel Corp
. 12
12
1234
Black dr Decker corn -._.*
5
5
534
Preferred
25
1334 14
Pot Tel of Bit 01100
Cheri &
11734 11734
Comm Credit pref B._25
27
27
25
7% preferred
28
28
Consol Gas E L & Pow__*
64
65
5% pref w i ser E__100 10934 10934 III
100 105
5% preferred
10434 105
Emerson Br Feltz A-.2.50
1934 1934
20 3634
Fidelity dr Deposit
3634 38
16
Fidel & Guar Fire Corp_10
1634
Finance Co of Am class A •
6
6
100
Houston Oil prof
7
834
134
Mfrs Finance corn v t._25
131 134
25
1st preferred
734 734
Maryland Gas Co
I
134
134 134
Monon W Pa P S 7% pf 25
18
1834
3634 3655
Mt Vern-Wood Mills 0100
7%
7
New Amsterdam Cas.....5
834
53
55
Penne Water dr Pow corn.
Seaboard Comm pref-10
634 634
434 434
434
U S Fidelity & Guar....2
Bonds
Baltimore City1958
4s water loan
4s 2d water serial..1947
Knoxville Tree lot 5s.1938
North Ave Market 69_1940
United Ry & El
1st 65 ctfs (fiat).--1949
1949
1st 45 (flat)
i... aq ettg Mat)_ _ _ _ 1940
* No par value.
10334
10334
9754
41
834
10334
10334
9734
42
8
814
R
8
854
R
Range Since Jan, 1.
Low.
280 1154
590
454
155
sg
8 112
2 2434
110 24
97 5234
17 93
54 93
60 18
98 19
190 1034
10
3
351
434
44 75c
30
734
310
14
95 13
129 22
243
734
190 4534
45
554
310
3
High.
July 1834
July
834
Jan 1634
Jan 119
Jan 2934
Jan 29
Jan 6834
Jan 111
Jan 106
Jan 2I34
Jan 4434
Jan 22
Jan
634
Jan
934
Mar
134
Jan
9
Jan
234
Jan 1934
Jan 49
July 1234
Jan 5634
July
7
Jan
7
Jan
Feb
May
July
Mar
May
July
July
Aug
Jan
May
Aug
May
June
Aug
July
Feb
June
Apr
June
Aug
Apr
Feb
$500 9434 Jan 10434 Apt
400 102
Aug 10334 Aug
1,000 93
July 9754 Aug
4,000 39
Jan 4734 May
3,000
3,000
2.000
8
Aug
8
Apr
7'14 Anr
10
Feb
1134 Feb
'mu rat
AUCTION SALES.
Among other securities, the following not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Boston, Philadelphia, and Buffalo on Wednesday of this
week:
Alabama & Vicksburgh Ry. Co. (semi-ann.),,..
Acme Glove Works, Ltd., 65.5% prof
Affiliated Products, Inc. (mo.)
Agricultural Insurance Co.(quar.)
Allied Chemical & Dye Corp., pref. (quar.)--American Bakeries Corp., $7 pre. (guar.)
A-B-C Trust Shares, series 13
American Bank Note Co.. pref. (quar.)
American Can Co., pref. (quar.)
American Felt Co.,s% pref. (quar.)
American Gas & Electric Co., corn. (guar.)_
Preferred (quar.)
American Hawaiian Steamship Co. (quar.)....
American News Co.(bi-monthly)
American optical. 7% pref. (guar.)
American Safety Razor Co.(quar.)
-No div. action on
American Ship Building Co.
7% preferred
American Tobacco Co., 6% pref. (guar.)
Anchor Cap Corp.. corn. (guar.)
$634 preferred (quar.)
Appalachian Electric Power Co.,$7 pref.(quar.)
$6 preferred (quar.)
Associated Breweries of Can., Ltd.
Common (quar.)
Preferred (quar.)
Automatic Voting Machine Co. (quar.)
Quarterly
Quarterly
Quarterly
Bandini Petroleum (mthly.)
Balfour Building, voting trust certificates
Beatrice Creamery Co.. pref. (guar.)
Beech Creek RR. (quarterly)
Belding-Cortecelli Ltd., pref. (quar.)
Bell Telep. Co. of Penna.. 634% pref. (guar.)...
Biltmore Hats, Ltd., 7% prof. (guar.)
Bloomingdale Bros., Inc., corn
Bohn Aluminum & Brass Corp.. corn
Brazilian Traction, light & Power CO.
Preferred (quar.)
Briggs & Stratton Corp., corn. (quar.)
Extra
Brine Mfg. Co.. Inc., corn. (guar.)
Class A stock (quar.)
British Amer. Tobacco Co. (Interim)
Preferred (s
-a)
Budd Realty Corp.(guar.)
California Electric Generating prof. (quar.)California Ink Co., Inc. (guar.)
Canada Northern Power Corp., Ltd.
Common (quarterly)
7% cumulative preferred (quar.)
Canada Permanent Mtge. Corp. guar.)
When Holders
Per
Share. Payable. ofRecord.
Oct. 1 Sept. 7
h81T:c Sept. 16 Aug. 31
3
Sc Oct. 1 Sept. 14
65c Oct. 1 Sept. 26
Oct. 1 Sept. 11
$1
$1 Oct. 1 Sept. 14
Aug. 31
$4.
Oct. 1 Sept. Ila
Oct. 1 Sept. 14a
11
El% Oct. 1 Sept. 15
25c Oct. 1 Sept. 7
$1% Nov. 1 Oct. 8
25c Oct. 1 Sept. 15
25c Sept. 15 Sept. 5
$15' Oct. 1 Sept. 15
$1 Sept. 29 Sept. 10
COM.
147 Nov. 1 Oct. 20
Oct. 1 Sept. 10
$1
Oct. 1 Sept. 18
1
$1% Oct. 1 Sept. 18
$1;i Oct. 1 Sept. 4
$155 Oct. 1 Sept. 1
25c
$1%
12%c
12)4c
12%c
12%c
Sc
$1
$15‘
50c
$UM
$1%
El%
10c
75c
Sept.30 Sept. 15
Oct. 1 Sept. 15
Oct. 2 Sept. 20
Jan, 2 Dec. 20
Apr. 2 Mar. 20
July 2 June 20
Sept.20 Aug. 31
Aug. 31 Aug. 20
Oct. 1 Sept. 14
Oct. 1 Sept. 15
Sept.15 Aug. 31
Oct. 15 Sept.20
Sept. 15 Aug. 15
Sept.27 Sept. 17
Oct. 1 Sept. 14
$135
Oct. 1 Sept. 15
Sept. 29 Sept. 20
Sept. 29 Sept.20
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept.29
Sept. 29
Sept. 1 Aug. 27
$134 Oct. 1 Sept. 5
50c Oct. 1 Sept.21
25c
10c
15c
50c
100
2.6a
25c Oct. 25 Sept.29
Oct. 15 Sept.29
Oct. 1 Sept. 15
1354
Sept. 1
Financial Chronicle
Name of Company.
Canadian Foreign Investors Corp. (quar.)
$8 preferred (quar.)
Carter (Wm.) Co., 6% Pref. (guar.)
Castle (A. M.) Castle Co.. corn
Chartered Investments. Inc., pref. (quar.)_-_ _
Chapman Ice Cream (quar.)
Chickasha Cotton Oil Co.. special
Chicago Dock & Canal Co.(quar.)
Citizens Water Co.(Wash., a.).7% Pref. (qu.)
Climax Molybloom Co. (quar.)
Quarterly
Clorox Chemical Co. (quar.)
Coca-Cola Co., common (quar.)
Coca-Cola International Corp.(quar.)
Columbia Pictures Corp., corn. (quar.)
Commercial Credit Co., corn. (quar.)
preferred (quar.)
8,
.
7% corn, preferred (quar.)
Class A cony. (quar.)
634% preferred (quar.)
Commonwealth & Southern Corp.. pref. (quar.)
Consolidated Gas Co., $5 cum. pref. (quar.)_ _ _
Consumers Power Co., $5 pref. (quar.)
6% preferred (quarterly)
6.6% preferred (quarterly)
7% preferred (quarterly)
6% preferred (monthly)
67 preferred (monthly)
0
6% preferred (monthly)
6.67 preferred. (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
Crowell Publications (quar.)
Curtis Publishing Co., $7 cum. pref
Diamond State Telep. Co.. 634% pref. (quar.)_
Dover & Rockaway RR..6% gtd.(s
-a)
Draper Corp. (quarterly)
Duke Power Co., common (quar.)
Preferred (quarterly)
Eastern Malleable Iron (quay.)
Edison Bros. Stores, Inc., 7% pref. (quar.)_ _ _ _
-a.)
Elizabeth & Trenton RR.(s.
-a.)
Preferred (s.
-Dividend omitted.
Equitable Office Building.
Ferro Enamel Corp.. corn. (quar.)
Extra
Fifth Ave. Bus Securities Corp. (quar.)
Filene's (Wm.) Sons Co
Extra
Preferred (quar.)
-a.)
Firaj Bank Stock Corp. (s.
First Holding Corp.(Pasadena. Calif.), pf.(qu.)
First National Stores, Inc..8% pref.(quar.)_ _ _ _
First National Stores, Inc., corn. (quar.)
707 preferred (quar.)
Goodall Security Corp. (guar.)
Grant(W. T.) Co., corn. (quar.)
Green (Daniel) Co.,6% pref.(quar.)
Green Mountain Power, $6 preferred
Grief Bros. Cooperage Corp., cl. A corn. (quar.)
Group No. 1 Oil Corp. (quar.)
Extra
Hanna(M. A.) Co., corn., initial
Preferred (quar.)
Harriman Investors Fund, inv. shs. (quar.)
Hazel-Atlas Glass Co. (quar.)
Hearst Consol. Publications. pref. (quar.)_ _
Heath (D. C.) & Co., pref. (quar.)
Hercules Powder Co., coin
Helme (Geo. W.) Co., corn. (quar.)
Preferred (quar.)
Home Fire & Marine Insurance (quar.)
Honolulu Oil Corp., Ltd
Honolulu Plantation Co.(monthly)
Huron & Erie Mtge. Corp. (Ont.) (quar.)Hutchison Sugar Plantation (monthly)
HYgrade Sylvania Corp., corn. (quar.)
Preferred (quar.)
Idaho Maryland Consol. Mining Co. (quar.)__ _
Indian General Service Co.. pref. (quar.)
Indiana Michigan Electric Co.
7% preferred (quar.)
6% preferred (quar.)
Indianapolis Power & Light, 6% pref. (quar.)_ _
6347 preferred (quar.)
Inland Investors. Inc., corn.(quar.)
International Silver Co.,7% cumul. pref
Jamestown Telep. Corp., 7% 1st pref. (quar.)_
Jones (J. Edw.) Royalty Trust
Series A participating trust certificates
Series B participating trust certificates
Series C participating trust certificates
Series D participating trust certificates
Series E participating trust certificates
Series F participating trust certificates
Series 0 participating trust certificates
Series H participating trust certificates
Series I participating trust certificates.
Kansas Electric Power Co..6% pref.(quar.)_
7% preferred (quar.)
Koppers Gas & Coke Co., pref. (quar.)
Lackawanna RR.of N.J.,4% gtd.(quar.)
Lazarus(F. R.) & Co.(quar.)
Extra
Lihue Plantation (monthly)
Lindsay Light Co., pref. (quar.)
Lorillard (P.) & Co.,corn.(quar.)
Preferred (quar.)
Mapes Consol. Mfg. Co.(quar.)
Marion Water Co.,7% pref.(quar.)
M.J. & M. M. Consolidated
McKeesport Tin Plate Co., corn. (quar.)
Merchants Fire Ins.(Denver)(quar.)
Memphis Natural Gall. $7 pref. (quar.)
Memphis Power & Light. $7 pref. (quar.)
$6 preferred (quar.)
Merrimac Hat Corp.. corn
Preferred (quar.)
Mississippi River Power Co., pref. (quar.)
Mississippi Valley Public Service Co.
7% preferred A (quar.)
6% preferred B (quar.)
Monarch Knitting, Ltd.,77 pref.(guar.)
Monongahela West Penn Public Service-7% cum. preferred (quar.)
Monroe Chemical Co., pref. (quar.)
Myers (F. E.) & Bro. Co., corn
Preferred (quar.)
0
National Gypsum, 7% pref. (quar.)
Newark & Bloomfield RR.(s-a)
New England Gas & Elec Assoc. $534 pf. (qu.)_
New Jersey Water Co..77 pref.(quar.)
New Hampshire Power,8 pref.(quar.)
New Method Laundry,634'% pref.(quar.)
New York Transportation Co. (quar.)
1932 Trust Fund,ctfs. of bef.int
Northern Ontario Power Co., Ltd
Common (quarterly)
6% curn,cony. pref.(quar.)
Nova Scotia Light & Power (quar.)
Ohio Brass Co., pref
When Holders
Per
Share. Payable. ofRecord.
25c Oct. 1 Sept. 20
$2 Oct. 1 Sept. 20
$134 Sept. 15 Sept. 10
25c Sept. 5 Sept. 4
$134 Sept. 1 Aug. 24
Sc Oct. 15 Sept.25
50c Oct. 1 Sept. 10
$134 Sept. 1 Aug. 28
$1.3j Oct. 1 Sept.20
Sc Sept.30 Sept. 15
Sc Dec. 31 Dec. 15
50c Oct. 1 Sept.20
$134 Oct. 1 Sept. 12
$3 Oct. 1 Sept. 12
25c Oct. 1 Sept. 18
25c Sept.29 Sept. 10
50c Sept.29 Sept. 10
4331c Sept. 29 Sept. 10
75c Sept.29 Sept. 10
$134 Sept.29 Sept. 10
$134 Oct. 1 Sept. 7
$134 Nov. 1 Sept.24
$111 Jan. 2 Dec. 15
$134 Jan. 2 Dec. 15
$1.65 Jan. 2 Dec. 15
$1% an. 2 Dec. 15
50c Nov. 1 Oct. 15
50c Dec. 1 Nov. 15
50c Jan. 2 Dec. 15
55c Nov. 1 Oct. 15
55c Dec. 1 Nov. 15
55c Jan. 2 Dec. 15
25cept.24 Sept. 14
3,‘ Oct. 1 Sept.20
$134 Oct. 15 Sept. 20
Oct. 1 Sept.20
$3
60c Oct. 1 Sept. 1
75c Oct. 1 Sept. 15
$134 Oct. 1 ept. 15
Sc Sept. 10 Aug. 23
$134 Sept. 15 Aug. 31
1 ept. 20
$1 Oct
$134 Oct. 1 ept. 20
10c
10c
16c
20c
10c
$134
10c
$134
20c
6234c
$134
60c
25c
$134
h75c
25c
$100
$100
25c
$1.34
35c
$134
4334c
$134
75c
3134
$134
50c
25c
15c
$134
10c
50c
$134
3c
$134
$111
3134
$134
$194
15c
S1
$134
$4.36
$3.54
$8.37
$8.36
$1.80
$1.58
$1.70
$1.15
$1.25
$134
$134
$134
Si
10c
Sc
$1
1734c
c
$111
75c
$134
$1.
25c
$134
$134
$194
$1
$1
$134
Sept. 20 Sept. 10
Sept. 20 Sept. 10
Sept.29 Sept. 14
Sept. 29 Sept. 18
Sept.29 Sept. 18
Oct. 1 Sept. 18
Oct. 1 Sept. 20
Sept. 1 Aug. 20
Oct. 1 Sept. 12
Oct. 1 Sept. 12
Oct. 1 Sept. 12
Sept. 1 Aug. 29
Oct. 1 Sept. 12
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept. 15a
Sept.29 Sept. 10
Sept.29 Sept. 10
Sept. 10 Sept. 5
Sept. 20 Sept. 5
Sept. 1 Aug. 31
Oct. 1 Sept. 15
Sept. 15 Sept. 1
Sept.29 Sept. 27
Sept.25 Sept. 14
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Sept. 15 Sept. 5
Sept. 15 Sept. 5
Sept.lOAug.31
Oct. 1 ept. 15
Sept. 5 Aug. 31
Oct. 1 Sept.10
Oct. 1 Sept. 10
Sept.20 Sept. 5
Oct. 1 ept. 4
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1 ept. 4
1 ept. 4
1 Sept. 5
1 Sept. 5
1 ept. 20
1 Sept. 14
1 Sept.14
Aug. 25 July 31
Aug. 25 July 31
Aug. 25 July 31
Aug. 28 July 31
Aug. 28 July 31
Aug. 28 July 31
Aug. 28 July 31
Aug. 28 July 31
Aug. 28 July 31
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 12
Oct. 1 Sept. 8
Sept. 29 Sept. 19
Sept. 29 Sept. 19
Sept. 1 Aug. 25
Sept. 17 Sept. 8
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 14
Oct. 1 Sept. 20
Sept. 1 Aug. 24
Oct. 1 Sept. 13
Aug. 15 Aug. 10
Oct. 1 Sept. 20
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 25
Sept. 1 Aug. 25
Oct. 1 Sept. 15
$151 Sept. 1 Aug. 21
$134 Oct. 1 Sept. 21
$1 Oct. I Sept. 15
Sept.30 Sept. 15
Oct. I Sept. 15
Sept. 29 Sept. 15
Sept.29 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 22
Oct. 1 Aug. 31
Oct. 1 Sept. 20
Oct. 1 Sept. 15
$154 Sept. 1 Aug. 20
50c Sept. 28 Sept. 14
9c Sept. 15 Sept. 5
4334c
8734c
40c
$134
$134
$134
$134
$134
50c Oct. 25 Sept. 29
Oct. 25 Sept. 29
Oct
1 Sept. 15
Sept. 15 Aug. 31
%
115c
h$3
Name of Company.
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quarterly)
$6.60 preferred (quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly)
Ohio Service Holding,$5 pref.(initial)
Omnibus Corp..preferred (quar.)
Ontario Loan & Debenture (quar.)
Pacific Lighting Corp., $6 pref. (quar.)
Package Machinery Co.(quar.)
Pantheon Oil Co.(quar.)
Parke, Davis & Co.(quar.)
Extra
Penn Central Light & Power Co.,$5 pref. (qu.)_
$2.80 preferred (quarterly)
Penn Water Power,$7 pref.(quar.)
Pennsylvania Power Co., $6.60 pref.(mo.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6.60 preferred (quarterly)
Pennsylvania Telep. Corp., 67 pref. (quer.)._ _
Peoria Water Works,77 pref.(quar.)
Petroleum Explorationiiruar.)
Philadelphia & Trenton R.(quar.)
Pinchin, Johnson & Co., Ltd
Plymouth Oil (quar.)
Power Corp. of Canada. Ltd.preferred (quarterly)
6
67 non-cum. part. preferred (quarterly)
Publication Corp.,7% 1st pref. (quar.)
0
7% original preferred (quar.)
Public Service of New Hampshire
$6 pref.rivarterly)
$5 pref.(quarterly)
Rainier Pulp & Paper,$2 class A
$2 class A
$2 class A
32 class A
Royal Baking Powder Co.(qual.)
6% pref.(quarterly)
Ruberold Co.(quarterly)
Scoville Mfg. Co.(quar.)
Scranton Electric Co., $6 pref.(quar.)
-a)
Selected American Shares, Inc.(s
Smith Alsop Paint & Varnish
7% preferred
Southern Canada Power Co., Ltd.
6% cumulative participating preferred (qu.)_ _
South Penn Oil Co.(quar.)
South Porto Rico Sugar Co.,corn.(quar.)
Preferred (quarterly)
Southwestern Light & Power Co.
$6 cumulative preferred (quar.)
South West Penna. Pipe Line Co.(quar.)
Standard Oil Co.(Ohio),5% cum. pref. (quar.)_
Stein (A.) & Co., pref. (quar.)
Stromberg-Carlson Telep. Mfg. Co.
634% preferred (quar.)
Superior Oil Co.(Calif.). pref
Tex-O-Kan Flour Mills. pref.(quar.)
Preferred (quarterly)
Preferred (quarterly)
Taxon Oil & Land Co., common
Extra
Union Electric Light & Power (I11.)
6%'Preferred (quar.)
Union Electric Light & Power Co.(Mo.)7% preferred (quarterly)
United Pr-sfit Sharing, Pref.(s-a)
United States Sugar Corp., pro!. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred
Vicksburg. Shreveport & Pacific By. Co.
Common (semi-annual)
Preferred (semi-annual)
Vortex Cup Co., common (quar.)
Extra
Class A stock (quarterly)
Ward Baking Corp.. 7% curnul. pref
Warren RR.,gtd.(s-a)
Washington Water Power,$6 pref.(quar.)
Wesson 011 & Snowdrift Co.,corn.(quar.)
Extra
Western Canada Flour,634% pref
Westmoreland Water Co.,$6 pref.(quar.)
Westvaco Chlorine Products, pref. (quar.)
Wilson & Co., 7% preferred
Wisconsin Power & Light Co.,6% pref. (quar.)
7% cumul. pref. (quar.)
Wiser 011 Co.(quarterly)
Worthington Ball Co..cl. A,pre
Wright-Hargreaves Mines (quar.)
Extra
1934
When Holders
Per
Share. Payable. ofRecord.
1 Sept. 15
1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 14
Oct. 1 Sept. 15
$1 34 Oct. 15 Sept.30
25c Sept. 1 Aug. 20
234c Aug. 28 Aug. 24
Sept. 29 Sept. 19
10c Sept.29Sept.19
$134 Oct. I Sept. 10
70c Oct. 1 Sept. 10
5134 Oct. 1 Sept. 20
55c Oct. 1 Sept.20
55c Nov. 1 Oct. 20
55c Dec. lNo. 20
$134 Dec. 1 Nov. 20
$134 Oct. 1 Sept. 15
$134 Oct. 1 ept. 20
1234c Sept. 15 Sept. 5
$234 Oct. 10 Oct. 1
o Sept. 24 Aug. 31
5c Sept. 29 ept. 8
3134 Oct.
$134 Oct.
$1.65
$134
$1.80
50c
$2
$134
Oct. 15 Sept. 29
Oct. 15 Sept. 29
Sept. 15 Sept. 5
$134 Oct. 1 Sept. 20
The
11%
$134
$134 Sept. 15 Aug. 31
5134 Sept. 15 Aug. 31
Sept. 5 Aug. 31
Dec. 1 Nov. 10
Mar. 1 Feb. 10
June 1 May 10
Oct. 1 Sept. 4
Oct. 1 Sept. 4
Sept. 15 Sept. 1
Oct. 1 Sept. 15
Oct. 1 Sept. 4
Sept. 15 Aug. 31
h$234
h50c
h50c
h50c
25c
$134
25c
25c
$134
1.7c
h8734c Sept. 1 Aug. 20
134%
30c
60c
32
Oct. 15 Sept. 20
Sept.29 Sept. 15
Oct. 1 Sept. 12
Oct. 1 Sept. 12
50c
$1
$134
$134
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 15 Sept. 29
Oct. I Sept. 14
$134 Sept. 1 Aug. 15
Sept.20 Sept. 1
Dec. 1 Nov. 15
Mar. 1 Feb. 15
$134 June 1 May 15
15c Sept. 29 Sept. 10
I5c Sept. 29 Sept. 10
h2il
$134
$134 Oct.
1 Sept. 15
3134
Oct. 1 Sept. 15
50c Oct. 31 Sept.28
$134 an 5'35 Dec. 10
% Apr5'35 Mar. 10
134 Jly 5'35 June 10
$134 Fb20'35 Sept. 10
2
6214c
SOc
$134
$134
1234c
c
75c
$134
$134
14134
3734c
4331c
25c
h$2
rlOc
r5c
Oct. 1 Sept. 7
Oct. 1 Sept. 7
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15 '
Oct. 15 Oct. 6
Sept. 15 Aug. 24
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept.lSAug.31
Oct. 1 ept.20
Oct. 1 ept. 15
Oct. 1 Sept. 15
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct. 1 Sept. 11
Aug. 25 Aug. 20
Oct. 1 Sept. 10
Oct. 1 Sept. 10
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.
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
50c Oct. 1 Sept. 14
Abbott Laboratories (quar)
10c Oct. 1 Sept. 14
Extra
25c Sept. 1 Aug. 15
Abbott's Dairies(quarterly)
Sept. 1 Aug. 15
7% 1st & 2nd preferred (quar.)
Sept. 29 Sent. 14a
Adams Express Co..5% cum. pref.(quar.)
Sc Sept. 1 Aug. 15
Affiliated Products (mo.)
20c Sept. 1 Aug. 15
Agnew Surpass Shoe Stores
Oct. 1 Sept. 15
$1
Preferred (quar.)
Oct. 1 Sept. 15
$I
Alabama Power Co., $7 pref. (quar.)
Oct. 1 Sept. 15
$1
$6 preferred (quarterly)
$1 Nov. 1 Oct. 15
$5 preferred (quarterly)
Jan. 2 Dec. 15
$4
Albany & Susquehanna (5.-a.)
Sept. 1 Aug. 13
Allegheny Steel Co., 7% preferred (quarterly).... $1
Sept. 1 Aug. 20
7
Inc.,$3 pref.(qual.)
AllenIndustries,
h75c Sept. 1 Aug. 20
$3 preferred
10c Oct. 1 Sept. 26
Allied Laboratories, Inc.(quar.)
8754c Oct. 1 Sept. 26
$334 convertible preferred (qual.)
$1 Sept. 15 Sept. 1
Alpha Portland Cement. 7% pref. (qual.)
5 Sept.30 Sept. 15
Aluminum Mfg.(quar.)50c Dec. 31 Dec. 15
Quarterly
Sept.30 Sept. 15
7% preferred (quar.)
Dec. 31 Dec. 15
7% preferred (quar.)
50c Oct. 1 Sept. 19
Amalgamated Leather Cos., Inc., preferred_
50c Sept.29 Sept.20
Agricultural Chemical (Dela.)(quar.)
American
250 Sept. 1 Aug. 21
American Arch (quar.)
75c Oct. 1 Sept. 11
American Bank Note preferred (quar.)
2c Sept. 1 Aug. 15
Inc
American Business Shares.
American Capital Corp.,$534 prior pref. (quar.) $1% Sept. 1 Aug. 22
75c Oct. I Sept. 12
American Chicle Co (quar.)
$2 Sept. 15 Sept. 1
American Cigar Co., common (quar.)
Oct. 1 Sept. 15
Preferred (quarterly)
Sept.
Aug. 31
(quar.)
American Dock. preferred
American Electric Securities Corp.
Sept. 1 Aug. 20
Participating preferred
Sept. 1 Aug. 25
American Envelope,7% pref. (quar.)
Dec. 1 Nov. 25
7% preferred (quar.)
10c Sept. 10 Aug. 31
(monthly)
American Factors
$1g
114
Volume 139
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
American & General Securities Corp.
Thic Sept. 1 Aug. 15
Class A common
75c Sept. 1 Aug. 15
$3 cumulative preferred
25c Oct. 1
((mar.)
American Hardware Corp.
Jan. 1
Quarterly
20c Sept. 1 Aug. 14
American Home Products (monthly)
20c Oct. 1 Sept. 148
Monthly
37).ic Sept. 1 Aug. 28
American Hosiery Co.(guar.)
7;ic Sept. 1 Aug. 20
American Investment Co. of Ill., B (quar.)
10c Sept. I Aug. 22
American Laundry Machinery Co.(quar.)
31 X Sept. 15 Sept. 5
American Paper Goods. 7% pref. (guar.)
37%c Oct. 1 Sept. 6
American Power & Lt. Co.. $6 cum. pref
31c Oct. 1 Sept. 6
$5 cum. preferred
American Radiator & Standard Sanitary
(
S1, Sept. 1 Aug. 21
Preferred (quarterly)
h$4% Sept. 1 Aug. 3
American Smelting & Refining preferred
50c Sept.29 Sept.15
American Steel Foundries, 7% pref
50c Oct. 1 Sept. 15
American Stores Co. (quarterly)
50c Oct. 2 Sept. 5
American Sugar Refining Co. common (quar.)- $1( Oct. 2 Sept. 5
Preferred (quar.)
25c Sept. 15 Sept. 1
American Sumatra Tobacco Co., (guar.)
25c Sept. 15 Sept. 1
Extra
American Telephone and Telegraph Co. (quar.) 32).1, Oct. 15 Sept. 15
American Thermos Bottle, 7% Pref. (guar.) - 87%c Oct. 1 Sept. 20
$1 X Sept. 1 Aug. 10
American Tobacco, com. & corn. B (quar.)_ _ _ _
Oct. 1 Sept. 7
American Water Works & Elec. Co. pref. (qu.)_ $1
25c Sept. 1 Aug. 21
Co. (quar.)
Archer-Daniels-Midland
25c Sept. 1 Aug. 21
Extra
$14 Oct. 1 Sept. 10
Armour & Co. of Del., 7% pref. (guar.)
$1% Oct. 1 Sept. 21
Armour (Illinois), $6 pref.. initial (guar.)
12 c Sept. 1 Aug. 15
Armstrong Cork Co., corn.(special)
Artioom Corp. cumulative preferred
$1l Sept. 1 Aug. 15
Sept.29 Sept. 19
Associates Investment, com.(quar.)
$2 Sept. 1 July 31
Atchison Topeka & Santa Fe Ry. Co.common_ _
$4% Sept. 1 Aug. 20
Atlantic .5c Charlotte Air Lines (s.
-a.)
$1,( Oct. I Sept. 15
Atlantic & Ohio Telegraph (quarterly)
25c Sept.15 Aug. 21
Atlantic Refining Co.. corn. (guar.)
75c Sept. 1 Aug. 20
Atlas Corp..$3 pref. A (quar.)
75c Dec. 1 Nov. 20
$3 pieferred (quar.)
50c Sept.10 Aug. 31
Atlas Powder (quar.)
41 Xc Sept. 1 Aug. 20
Automotive Gear Works preferred (quar.)
10c Oct. 1 Sept. 20
Babcock & Wilcox
$1% Oct. 15 Sept. 29
Baldwin Co. 6% cum. pref. (guar.)
$IX Sept. 15 Aug. 31
6% preferred A (guar.)
$154 Sept. 1 Aug. 15
Bamberger (L.) & Co.
6% pref.(quar.)
63c Oct. 1 Aug. 31
Bangor & Aroostook RR., corn. (quar.)
$1j Oct. 1 Aug. 31
Preferred (quar.)
$151 Oct. 1 Sept. 10
Bangor Hydro Elec., 7% pref. (guar.)
$IM Oct. 1 Sept. 10
6% preferred (quar.)
$1 X' Oct. 1 Sept.20
Barber i.. II.) & co., pref.(quar.)
$1% Jan. 1 Dec. 20
Preferred (quar.)
Baton Rouge Electric $6 pref.(guar.)
$1% Sept. 1 Aug. 15
75c Oct. 1 Sept. 12
Beech-Nut Packing Co., common (guar.)
25c Oct. 1 Sept. 12
Extra
r$1 yid Oct. 15 Sept. 22
Bell Telephone Co. of Canada (guar.)
12Y,c Sept. 1 Aug. 20
Beneficial Loan Society (guar.)
SPA Oct. 1 Sept. 7
Bethlehem Steel orp., 7% cum. pref
$1% Sept. 1 Aug. 17
Bigelow-Sanford Carnet preferred (quar.)
56(c Sept. 1 Aug. 20
Binghamton Gas Works,63% pref. (quar.)
.
S
$1A sept.
Bird Archer
-a.)
Preferred (s.
Sept.15 Sept. 1
Birmingham Water Works.6% pref. (quar.)- -Sept. 1 Aug. 25
SI
Black-Clawson Co., pref. (quar.)
37%c Nov.15 Nov. 11
Bieck Bros. retrace° (quar.)
$1% Sept.30 Sept.25
Preferred (quar.)
$1 X Dec. 31 Dec. 24
Preferred (quar.)
s75c Sept. 1 Aug. 6
Blue Ridge, preferred (quarterly)
$1 Oct. 30 Oct. 15
Bon Ami Co., class A (guar.)
50c Oct. 1 Sept.24
Class B (quar.)
40c Sept. 1 Aug. 15
Borden Co.common (quar.)
25c Oct. 1 Sept. 14
Borg-Warner Corp
SIX Oct. 1 Sept. 14
Preferred (quar.)
$2 Sept.29 Aug. 31
Boston & Albany RR
$IX Oct. 1 Sept. 10
Boston Elevated Ry. corn. (quar.)
$4 Oct. 1 Sept. 20
Boston Insurance(Mass.)(quarterly)
1 Sept. 1
52.125 Oct
Boston & Providence R.R. Co.(quar.)
10c Sept. 1 Aug. 11
Brach (E. J.) & Sons common (quar.)
60c Sept.29 Sept.15
Gas Light(quar.)
Bridgeport
$IX Sept. 15 Aug. 31
Bright (T. G.), 56 pref. (quar.)
Thic Sept. 15 Aug. 31
Quarterly
50c Sept. 1 Aug. 10
Bristol Myers Co.(quar.)
10c Sept. 1 Aug. 10
Extra
Brooklyn-Manhattan Transit Corp-75c Oct. 15 Oct. 1
Common
S1% Oct. 15 Oct. 1
Preferred(iu irterly)
S1% Ja 15'35 Jan. 2
Preferred (quarterly)
S1 J. Ap15'35 Apr. 1
Preferred (quarterly)
3155 .11y15'35 July 1
Preferred (quarterly)
Brooklyn & Queens Transit Corp.
$1% Oct. I Sept.15
$6 preferred A (quar.)
$U( Oct. 1 Sept. 4
Brooklyn Union Gas Co.(quar.)
75c Sept. 1 Aug. 20
Brown Shoe Co.. common (quar.)
25c Oct. 15 Sept. 15
Bruck Silk Mills. Ltd
75c Sept.15 Aug. 24
Buckeye Pipe Line Co
Buffalo, Niagara & Eastern Power Corp.
US( Nov. 1 Oct. 15
$5 1st preferred (quar.)
40c Oct. 1 Sept. 15
Preferred
2% ann Oct. 10 Sept. 11
Burmah Corp., Ltd.. ordinary reg. (final)
2% ann Oct. 17 Sept. 11
American deposit receipts (final)
10c Sept. 5 Aug. 3
Burroughs Adding Machine Co
7.41c Sept. 1
Business Recovery Trust Shares, Bait
$1i Sept.15 Sept. 1
Butler Water, 7"/'p pref. (quar.)
40c Oct. 2 Sept.15
Calamba Sugar Estates (guar.)
35c Oct. 2 Sept. 15
pr ferred (guar.)
$1 Oct. 1 Sept.15
Extra
37c Sept. 15 Aug.31
California Packing Corp
20c Sept. 1 Aug. 15
Campo Corp., common
40c Sept. 1 Aug. 15
Canada Vinegars. Ltd. (quar.)
r$1 Oct. 1 Sept. 15
Canadian Cottons, Ltd. common (quar.)
r$1 34 Oct
1 Sept. 15
Preferred (quarterly)
75c Oct. 1 Sept. 15
Canadian General Electric (quar.)
87Xc Oct. 1 Sept. 15
Preferred (quarterly)
Canadian Hydro-Electric, pref. (guar.)
r$134 Sept. 1 Aug. 1
1%
Oct. 1 Sept. 15
Central Illinois Light Co., 6% pref. (quar.)
1%
Oct. 1 Sept. 15
7% preferred (quarterly)
Canadian Western Natural Gas, Light, Heat &
$1)' Sept. 1 Aug. 15
Power Co., Ltd.,6% preferred (quarterly)_
$13 Oct. 2 Sept.20
Carnation Co.,7% pref.(quar.)
SI X Jan. I iec. 20
Preferred (guar.)
$1X 4-1-35 Mar. 20
I'referred (quar.)
7-1-35 June 20
$1
Preferred (quar.)
$2 Oct. 1 Sept. 24
Carolina Telephone & Telegraph (guar.)
6 Xc Sept.30 Sept.15
Contra Brewing, A (quar.)
(qu•)- S1( Sept. 1 Aug. 15a
Contra !Arkansas Public Service 7%;,
Contra Mississippi Valley Electric 6% pref.(qu.) $1% Sept. 1 Aug. 15
10c Nov. 15 Nov. 5
Centrifugal Pipe Corp. (quar.)
Century Ribbon Mills, Inc., preferred (quar.)- - $I X Sept. 1 Aug. 20
Oct. 1 Sept. 20
$I
Champion Coated Paper, pref.(gum
S1j Oct. 1 Sept. 20
Special preferred (quar.)
$14 Oct. 1 Sept. 20
Champion Fiber Co. 1st preferred (quar.)
70c Oct. 1 Sept. 7
Chesapeake & Ohio Ry. corn. (quar.)
1-1-35 Dec. 7
$3j
Preferred (semi-annual)
62c Oct. 1 Sept. 7
Chesapeake Corp.(guar.)
$1 Sept.29 Sept. 4
Chesebrough Mfg. Co. (quar.)
50c Sept. 29 Sept. 4
Extra
75c Sept. 4 Aug. 20
Chestnut 11111 RR.(quar.)
h25c Sept. 1 Aug. 15
Chicago Corp.. pref. (quar.)
Chicago District Electric Generator Corp.
$1% Sept. 1 Aug. 25
$6 preferred (guar.)
25c Sept.30 Sept. 20
Chicago Flexible Shaft (quar.
$2
Oct. I Sept. 15
Chicago Junction Union Stochcyards (quar.)
51 )4 Oct. 1 Sept.15
6% preferred (quarterly)
1355
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. of Record.
25c Sept. I Aug. 10
Chicago Mail Order Co
25c Sept. 1 Aug. 20
Chicago Ydlow Cab Co. (quarterly)
Christiana Securities Co., 7% pref. (quar.)--- _ $IX Oct. 1 Sept.20
25c Sept.29 Sept. 1
Chrysler Corp., common (quar.)
Cincinnati New Orleans & Texas Pacific Ry.$i3 Sept. I Aug. 15
5% preferred (quar.)
sly. Oct. 1 Sept.20
Cincinnati Union Terminal,4% pref.(quar.)
$134 Jan. 1 Dec. 20
4% preferred (quar.)
Citizens Gas of Indianapolis 5% pref.(quar.)__ _ $134 Sept. 1 Aug. 20
50c Sept.30 Sept.15
Fuel (quarterly)
City Ice &
$134 Sept. 1 Aug. 20
Preferred (quarterly)
City of New Castle Water Co.,6% pref.(quar.) $134 Sept. 1 Aug. 20
20c Sept. 14 Aug. 31
Clark Equipment Co , common
$134 Sept. 14 Aug. 31
Preferred (quarterly)
8734c Sept. 1 Aug. 10
Cleveland & Pittsburgh. reg. gt.d. (quar.)
8734c Dec. 1 Nov.10
Registered guaranteed (quar.)
50c Sept. 1 Aug. 10
Special guaranteed (quar.)
50c Dec. 1 Nov. 10
Special guaranteed (quar.)
50c Oct. 1 Sept. 10
Clinton Trust Co.(N. Y.) (quar.)
$13.4 Sept. 15 Aug. 25
Coast Counties Gas & Elec., 1st pref. (quar.)_ _
134 Oct. 1 Sept. 10
Colgate-Palmolive-Peet Co., pref. (quar.)
134 Sept. 1 Aug. 24
Collins & Aikman Corp., preferred (quar.)
h$334 Sept. 1 Aug. 20
Co., $7 preferred
Colonial Ice
h$23.4 Sept. 1 Aug. 20
Preferred B
25c Sept. 29 Sept. 8
Colt's l'atent Fire Arms Mfg.(quar.)
85c Sept. 1 Aug 17
Columbian Carbon Co.(guar.)
75c Sept. I Aug. 163
Columbia Pictures Corr., pref.(quar.)
$1.10 Sept. 10 Aug. 25
Columbus & Xenia RR
f25% Oct. 1 Sept. 5
Commercial Investment Trust Corp., corn
50c Oct. 1 Sept. 5
Common (quarterly)
Oct. 1 Sept. 5
m
Convertible preference stock (quar.)
Commonwealth Loan Co.(Ind.), 7% pref. (qu.) $134 Sept. 1 Aug. 20
$134 Oct. 7 Sept.15
Commonwealth Utilities. 7% pref. A (quar.)
$134 Oct. 1 Sept. 15
6% preferred B (quarterly)
$1 Sept. 1 Aug. 15
-a.)
Compania Swift International (s.
Machinery Corp.,common (guar.). 1234e Sept. 1 Aug. 20
Compo Shoe
50c Sept. 15 Aug. 31
Compressed Industrial Gas (quar.)
I Sept.30 Sept.25
Confederation Life Association (quar.)
1 Dec. 31 Dec. 25
Quarterly
40c Sept.15 Sept. 1
Congoleum-Nairn, Inc., corn. (quar.)
75c Oct. 1 Sept. 15
Connecticut Electric Service (quar.)
SI 34 Sept. 1 Aug. 15
Connecticut Light & Power 634% pref.(quar.)
5134 Sept. 1 Aug. 15
5%% preferred (quar.)
6234c Sept. 1 Aug. 15
Connecticut Power Co.. corn. (quar.)
Connecticut River Power.6% preferred (quar.)- $134 Sept. 1 Aug. 15
$134 Sept. 1 Aug. 15a
Corp., preferred (quar.)
Consol. Cigar
h50c Oct. 1 Sept. 10
Consolidated Film Industries, pref
90c Oct. 1 Sept. 15
Consolidated Gas of Bait, com. (quar.)
$134 Oct. 1 Sept. 15
Preferred A (quar.)
5134 Oct. 1 Sept. 15
Preferred D (quar.)
5134Oct. I Sept. 15
Preferred E (quar.)
50c Sept.15 Aug. 10
Consolidated Gas of N. Y., com
1734c Oct. I Sept. 21
Consolidated Paper 7% preferred (quar.)
15c Sept. 1 Aug. 20
Quarterly
$1 3.4 Oct. I Sept.15
Consumers Power Co..$5 pref.(guar.)
SIX Oct. 1 Sept. 15
preferred (quarterly)
7%
$134 Oct. I Sept. 15
6% preferred (quarterly)
$1.65 Oct. 1 Sept. 15
6.6% preferred (quarterly)
50c Sept. 1 Aug. 15
6% preferred (monthly)
50c Oct. 1 Sept. 15
6% preferred (monthly)
55c Sept. 1 Aug. 15
preferred (monthly)
6.6%
55c Oct. 1 Sept.15
6.6% preferred (monthly)
I5c Sept. I Aug. 15
Continental Casualty
14134 Oct. 1 Sept.15
Continental Steel Corp., pref
25c Sept. 1 Aug. 21
Corno Mills (guar.)
Creameries of Amer., Inc., $334 pref. (quar.)-- - 8734c Sept. 1 Aug. 10
67c Sept.15 Aug. 31a
Crown Cork & Seal. pref. (quar.)
25c Sept. 6 Aug. 22a
Common (quar.)
Crown Willamette Paper Co.
h$1 Oct. I Sept. 13
$7 cumulative 1st preferred
Crown Zellerbach, $6 cum. pref. A (quar.)_ 3734c Sept. 1 Aug. 18
3734c Sept. 1 Aug. 18
$6 cum. pref. B (quar.)
$2 Sept.30 Sept.19
Crum & Forster.8% prof.(guar.)
25c Sept. I Aug. 24
Cushman's Sons. Inc., common (quar.)
Sept. I Aug. 24
$2
$8 cumulative preferred (quar.)
$134 Sept. I Aug. 24
7% preferred (quarterly)
(quar.).... _ $134 Sept. 14 Aug. 21
Daniels & Fisher Stores,654% pref.
50c Oct. I Sept. 15
Davenport Hosiery Mills, Inc., common
873.4c Oct. 1 Sept.15
-a.)
Dayton & Michigan RR.(s.
$1 Oct. 1 Sept.15
8% preferred (guar.)
50c Sept. 1 Aug. 20
Dayton l'ower & Light, 6% pref. (mo.)
10c Sept. 1 Aug. 15
Deere & Co.. 7% cumul. pref
75c Oct. 1 Sept. 20
De Long Hook & Eye Co. (quar.)
50c Oct. 1
Denver Union Stockyards (quar.)
50c Jan. 1
Quarterly
$134 Sept. 1 Aug. 20
7% preferred (quar.)
$134 Dec. 1 Nov. 20
7% preferred (guar.)
5134 Sept. I Aug. 25
Detroit City Gas Co.,6V pref. (guar.)
$2 Jan. 5 Dec. 20
Detroit Hillsdale & So. West. RR. Co
25c Sept. 1 Aug. 15
Diamond Match Co.. COM.(guar.)
75c Sept. 1 Aug. 15
-a.)
Participating preferred (s.
50c Sept. 1 Aug. 17
Dictaphone Corp., corn. (quar.)
$2 Sept. 1 Aug. 17
Preferred (quarterly)
15c Sept. I Aug. 15
Doctor Pepper Co.(guar.)
15c Dec. I Nov. 15
Quarterly
I5c Sept. 1 Aug. 24
Dominguez Oil Fields,(mo.)
r50c Nov. 15 Oct. 31
Dominion Bridge Co.common (quar.)
h25 Sept. 1 Aug. 20
Dominion & Scottish Investors. pref
r30c Oct. 1 Sept. 15
Dominion Stores, common (quar.)
5134 Oct. 1 Sept. 15
Dominion Textile Co., com. (guar.)
5134 Oct. 15 Sept. 29
Preferred (quar.)
$2 Oct. 1 Sept. 18
Duplan Silk Corp. preferred (quar.)
20c Sept. 1 Aug. 30
Durham Duplex Razor Co., pref
h50c Sept. 1 Aug. 15
Durham Hosiery Mills 6% preferred
$3.60
Dwight Mfg. Co
15c Sept. I Aug. 15
Eastern Gas & Fuel Assoc
$1.125 Oct. 1 Sept 15
stock (attar.)
Prior preferred
$1 34 Oct. 1 Sept. 15
$6 preferred (quarterly)
Eastern Shore Public Service. $6 pref. (guar.)_ $154 Sept. 1 Aug. 10
$194 Sept. 1 Aug. 10
$654 preferred (quar.)
36c Oct. 15 Sept. 15
Eastern Township Telep. Co
SI Oct. 1 Sept. 5
Eastman Kodak Co.common (quar.)
$134 Oct. 1 Sept. 5
l'referred (quar.)
East St. Louis & Interurban Water
$b% Sept. 1 Aug. 20
7% preferred (quarterly)
$13.4 Sept. I Aug. 20
6% preferred (quarterly)
Du Pont de Nemours & Co., Inc.
E. I.
65c Sept. 15 Aug. 29
Common (quarterly)
50c Sept. 15 Aug. 29
Extra
SIJi Oct. 25 Oct. 10
Depenture stock (quarterly)
3734c Sept. 1 Aug. 25
El Dorado Oil Works (quar.)
$154 Oct. 1 Sept. 15
Electric Auto-Lite Co.. 7% pref. (quar.)
Electric Controller & Manufacturing Co.
25c Oct. 1 Sept. 20
Quarterly
h50c Oct. 1 Sept. 10
Electric Storage Battery Co.common (quar.)
h50c Oct. 1 Sept. 10
I'referred (quar.)
$1 Oct. 1 Sept. 20
Elizabeth & Trenton(s
-a)
$I X Oct. 1 Sept. 20
5% preferred (s
-a)
$134 Oct. 15 Sept. 28
El Paso Electric (Texas)6% pref. (guar.)
25c Sept. 1 Aug. 21
Ely & Walker Dry Goods (guar.)
50c Oct. 1 Sept. 15
Emerson's Bromo Seltzer. 8% pref
$1 Sept. 1 Aug. 22
Empire & Bay State Teieg..4% guar.(quar.)
$1 Dec. I Nov. 21
4% guaranteed (quar.)
$IX Sept. 1 July 31
Empire Gas & Electric 7% pref. C (quar.)
$154 S pt. 1 July 31
6% preferred (quar.)
$134 Sept. 1 July 31
6% preferred E (quar.)
$IX Oct. 1Sept.15
Empire Power Corp., $6 cum. preferred
8734c Sept. 10 Aug. 31
Erie & Pittsburgh RR. Co
Escanawba Power & Traction.6% pref.(quar.)_ 313.4 Nov. 1 Oct. 26
25c Sept. 1 Aug. 15
Faber Coe & Gregg (quarterly)
25c Dec. I Nov. 15
Quarterly
25c 3-1-35 2-15-35
Quarterly
1
I
1356
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. of Record.
Name of Company.
Sept. 1 1934
Per
When Holders
Share. Payable. of Record
Fairbanks (E. T.). 7% pref. (5.-a.)
Kansas City Power & Light, 1st pref. B (guar.) 314 Oct. 1 Sept. 14
334 Oct. 1 Sept.29
Falconbridge Nickel Mines, Ltd. (guar.)
Katz Drug Co.common (guar.)
10e Sept. 27 Sept. 12
75c Sept.15 Aug. 31
Farmers & 'eraders Life Insurance 4 41 • quar.).
I Sept 10
Preferred (quar.)
$2 4 • au
314 Oct. 1 Sept.15
Federal Light & Traction. $6 pref. (guar.)
Kayser (Julius) & Co.. corn
Sept. 1 Aug. 15a
Si
25c Sept.15 Aug. 31
Firestone Tire & Rubber. pref. (guar.)
Itegoha Sugar (monthly)
$14 Sept. I Aug. 15
20c Sept. 1 Aug. 25
Fitz Simons & Connell Dredge & Dock Co.—
Kelvinator Corp
124e Oct. 1 Sept. 5
Common (guar.)
12Ac Sept. 1 Aug. 21
Kendall Co. cum.& partic. pref.. set. A (quar.)_ $135 Sept. 1 Aug. 10a
Florence Stove Co.. common
Kimoerly-Clark Corp.. preferred (guar.)
Sept. 1 Aug. 21
0.4 Oct. 1 Sept. 12
Preferred (quarterly)
Sept. I Aug. 21
Kings County Lighting Co. common (quar.)
314 Oct. 1 Sept. 18
Florida Pow Corp. pref. A (quar.)
Sept. 1 tug. 15
7% preferred (guar.)
Oct. 1 Sept. 18
$1
7% preferred (quar.)
preferred (guar.)
874c Sept. 1 Aug. 15
Oct. 1 Sept. 18
31
Food AI achiuery 64% preferred (monthly).
50e sept 15 Sept 10
5 0 preferred (guar.)
$1).1 Oct. 1 Sept. 18
Fort Wayne & Jackson RR., 54% pref (s.
Kleine n
-a.). $231 Sept. 1 Aug. 20
D.) Co.. common (guar.)
25c Oct. 1 Sept. 20
Freeport Texas 'quarterly)
Kresge (S. S.) Co. common (guar.)
50C Sept. 1 Aug. 15
200 Oct. 1 Sept.11
Preferred ;guar.)
Nov. 1 Oct. 15
Preferred (guar.)
51
3134 Oct. 1 Sept. 11
Gamewell Co., preferred (guar.)
Sept. 15 Sept. 5
Kroger Grocery & Baking,corn.(guar.)
SI
40c Sept. 1 Aug. 10
Gates Rubber, preferred (guar.)
6% 1st preferred (guar.)
$15( Sept. 1 Aug. 16
$14 Oct. 1 Sept. 20
General Cigar Co. preferred (guar.)
7% 2d preferred (guar.)
$1% Sept. 1 Aug. 23
5131 Nov. 1 Oct. 19
Preferred (guar.)
Lake Shore Mines, Ltd. (guar.)
SI • 1).4. I Nov 22
1
r50c Sept. 15 Sept. 1
General Motors Corp., corn. (guar.)
xtra
25c Sept.12 Aug. 16
r50c Sept. 15 Sept. 1
Extra
Lake Superior District Power Co.
50c Sept. 12 Aug. 16
$5 preferred (quar.)
7% cumulative preferred (guar.)
$13' Nov. 1 Oct. 8
g Sept. 1 Aug. 15
General Railway Signal (quar.)
25c Oct. 1 Sept. 10
6% cumulative preferred (guar.)
$14 Sept. 1 Aug. 15
Preferred (quarterly)
Landoll, torary it Clark. Corn.(qOW%)
314 Oct. 1 Sept. 10
374c Sept. 30
Georgia Power Co., $6 preferred (guar.)
Common (guar.)
314 Oct. 1 Sept. 15
374c Dec. 31
$5 preferred (quarterly)
Landis Machine. pref.(guar.)
Oct. 1 Sept. 15
1
Sept. 15 Sept. 5
Glen Falls Insurance (quarterly)
Preferred (guar.)
40e Oct. 1 Sept. 15
1g Dec. 15 Dec. 5
11i
Gillette Safety Razor, cont. (guar.)
Laura SecIrri Candy Shops. Ltd.(guar.)
25c Sept. 28 Sept. 4
75c Sept. 1 Aug. 15
$5 convertible preferred (guar.)
Lehigh Portland Cement Co.. 7% pref. (quar.)_ 8731c Oct. 1 Sept. 14
$131 Nov. 1 Oct. 1
Glidden Co.,corn.(quar.)
Lehigh Power Securities Corp.(quar.)
25c Oct. 1 Sept. 14
Sept. 1 Aug. 17
Extra
Lehn & Fink Products.common
15c Oct. 1 Sept. 14
3731c Sept. 1 Aug. 15
Preferred (quar.)
Libbey-Owens-Ford-Glass Co..corn.(quar.)____
$131 Oct. 1 Sept. 14
Sept. 15 Aug. 31
Globe Democrate Publishing Co.. pref. (quar.)_ $1.34 Sept. 1 Aug. 20
Life Savers Corp. (guar.)
400 Sept. 1 Aug. 1
Godman (H. C.). Sloe co., 1st pref. (quar.)__ _ 514 Sept. 1 Aug. 16
Liggett & Myers Tobacco Co.. corn. (guar.)...
$I Sept. 1 Aug. 15
6% 2nd preferred
refe-re I (guar.)
314 Sept. 10 Aug. 26
Oct. 1 Sept. 10
Gold and Stock Telegraph (guar.)
Class B (quarterly)
314 Oct. 1 Sept.29
Sept. I Aug. 15
Goldblatt Boas., Inc.. common (guar.)
Lily-Tulip Cup (guar.)
n25c Oct. 1 Sept. 10
374c Sept. 15 Sept. 1
Gold Dust Corp.. pref. (guar.)
Limoln Nat Life las ; Ft. Wayne)(guar.)
30c Nov. 1 Oct 26
314 Sept.29 Sept. 17
Golden Cycle (quar.)
40c Sept.10 Aug. 31
Lincoln Stores. Inc.,corn.(guar.)
25c Sept. 1 Aug. 24
Goodyear Tire & Rubber Co., 1st preferred_ _-El Oct. 1 Sept. 1
Preferred (guar.)
5131 Sept. I Aug. 24
Gordon Oil (Ohio), B (guar.)
Linde Air Products Co.6% pref. (guar.)
25c Sept. 15 Sept. 1
SI4 Oct. 1 Sept. 20
Gottfried libitum Co., Inc.. preferred (quar -Link Belt Co.. common (quar.)
% OCC. 1 Sept 20
10c Sept. 1 Aug. 15
Preferred (quar.)
2 Dec 20
% tan
Preferred (guar.)
$14 Oct. 1 Sept. 16
Grace National Bank of N. Y.(8.-a.)
Little Miami RR special guaranteed (quar.)__
$24 Sept. 1 Aug. 20
50c Sept.10 Aug. 25
Grace ON H 6% first pref. (semi-annual)
Si ;lec. 29 I lee 27
Special guaranteed (guar.)
50e Dec. 10 Nov. 24
Grand Rapids & Indiana Ry. Co. (s.
-a.)
$2 Dec. 30 Dec. 10
Original guaranteed (quar.)
$1.10 Sept. 10 Aug. 25
Grand Union Co.. 3 cone. pref.(guar.)
75e Sept. 1 Aug. 10
Original guaranteed (guar.)
0 10 Dec. 10 Nov 24
Great Atlantic & Pacific Tea (guar.)
Loblaw Groceterias Co.,class A & B (quar.)__ _ _
$134 Sept. 1 Aug. 7
r25c Sept. 1 Aug. 14
Extra
25e Sept. 1 Aug. 7
Lock Joint Pipe. R% pref. (quar.)
32 Oct. 1 Sept. 20
Preferred (guar.)
5131 Sept. 1 Aug. 7
Long Island Lighting Co.7% cum. pref. A (rm.). $131 Oct. 1 Sept. 15
Great Eastern Fire Ins.(W.P., N. Y.)(s.
-a.)- 30c Sept. 1 Aug. 21
6% cumulative preferred B (guar.)
$14 Oct. 1 Sept. 15
Great Northern Paper Co.(guar.)
Sept. 1 Aug. 20
25c
Loose-Mho, Itiscult Co.. 1st preterred (guar.)._
3144 let. 1 Sept. 18
Great Western Electro-Chemical
31 Sept. 1 Aug. 21
Lord & Taylor common (guar.)
$231 Oct. 1 Sept. 17
1st preferred (quarterly)
$14 Oct. 1 Sept. 20
1st pre er e t (guar.)
$1 31 Sept. 1 Aug. 17
Great Western Ky. (initial)
gal%
Loudon Packing (guar.)
374c Oct. 1 Sept. 14
Great Western Sugar, coin. (guar.)
60c Oct. 2 Sept. 15
Extra
25c Oct. 1 Sept. 14
Preferred (quar.)
Louisville Gas & Electric Co. (Del.)
5131 Oct. 2 Sept. 15
k t. 6 seer 22
.
Green & Coa IP AT rem Phila Passenger Ry pref. Si 4
Class A & B common (guar.)
374c Sept. 25 Aug. 31
Greenwich Water & Gas System. pref. (guar.).- 314 Oct. I Sept. 20
Ludlow Mfg. Assoc.(guar.)
$14 Sept. 1 Aug. 4
Greyhound Corp.. 7% cum. pref. A (guar.)._ 31g Oct. 1 Sept. 21
Lunkenheimer Co.631% preferred (guar.)
Oct. 1 Sept. 21
Gulf States Utilities, $54 pref. (guar.)
64%, preferred (guar.)_
Sept.15 Aug. 31
$1
Ian. 2 Dec. 22
$6 preferred (guar.)
Macy (R. H.)& Co., common (guar.)
Si 4 Sept.15 Aug. 31
50c Sept. 1 Aug. 10
Hackensack Water Co. class A preferred (quar.)_ 43gc Sept.30 Sept. 17
Martell) (I.) & Co.. preferred (guar.)
$131 Nov. 15 Nov. 5
Hale Bros Stores. Inc.(guar.)
Mahoning Investors
15c seta 1 Aug 15
$1 Sept. 1 Aug. 22
Quarterly
154' nee. 1 'slily 16
Manhattan Shirt Co. (guar.)
15c Sept. 1 Aug. 8
Hall (C. M.) Lamp Co., corn
be Sept. 15 Sept. 1
Mathieson Alkali Works, Inc. (guar.)
3731c Oct. I Sept. 10
Rabid Co. (quarterly)
25c Oct. 1 Sept. 15
Preferred (quarterly)
5131 Oct. 1 Sept. 10
Extra
25c act. 1 Sept. 15
May Department Stores (guar.)
40c Sept. 1 Aug. 15
7% preferred (quarterly)
$13' Jct. 1 Sept. 15
Mayer (0.) & Co., 1st pref. (guar.)
31A Sept. 1 Aug. 25
Hamilton United Theaters, Ltd.. 7% pref. (qu.) $131 Sept. 29 Aug. 31
2nd preferred (quarterly)
Sept. 1 Aug. 25
Hancock Oil. A &B
10e Sept. 1 Aug. 15
Mayflower Associates (guar.)
50c Sept. 15 Sept. 1
Handley Page. 10% porde. pref. reg
May Hosiery Mills $4 cum. pref
zw10%
h$3
Sept. 1 Aug. 15
10% panic. pref (Am.dep. rec.)
rid 05
McCahan (Wm.J.) Sugar Refg. & Mol. Co.—
Hanes(P. H.) Knitting Mills (guar.)
124c Sept. 1 Aug. 20
Cumulative preferred (quar.)
31.34 Sept. 1 Aug. 22
.
Class B (quarterly)
124c tept. 1 Aug. 20
McClatcny Newspapers. 7% pref. (guar.)
43
Nov. 30 Nov. 29
7% preferred (quarterly)
/ct. 1 Sept. 20
McColl-Frontenac Oil, corn. (guar.)
$1
310c Sept.15 Aug. 15
r2ic
Hannibal Bridge Co. (guar.)
Mcint‘re Porcupine Mines, Ltd. (guar.)
)ct. 20 Oct. 10
50c Sept. 1 Aug. 1
Harbauer Co.. 7% preferred (guar.)
McWilliams Dredging Co.. corn.(guar.)
;et. 1 Sept 21
S144
25c Sept. 1 Aug. 20
7% preferred (guar.)
an. 1 Dec 21
Medley Scovil (guar.)
51 4
4
Oct. 1 Sept. 20
Harbison Walker Refractories Co. common____
25c ;ept. 1 Aug. 13
Memphis Power & Light Co. $7 pref. (guar.)._ _ 2 1 Pl. Oct. 1 Sept. 15
/
Preferred (quar.)
$134 ict. 20 Oct. 1
$6 preferred (guar.)
Oct. 1 Sept. 15
Sl31
Hardesty (R.) Mfg.. 7% pref.(quar.)
$1;. 'pt. 1 Aug. 15
Mesta Machine Co., common
50c Oct. 1 Sept. 17
7% preferred (quar.)
*1'4
lee. 1 Nov. 16
Preferred (quarterly)
314 Oct. 1 Sept. 17
Harrods, Ltd., preferred (s.
-a.)
Metal Textile Corp., partic pref.(qu.)
3g% ;ept.
81 gc Sept. 1 Aug. 20
Ordinary registered
5% lept.
Metal & Thermit Corp. preferred (guar.)
3131 Oct. 1 Sept. 20
,
Hathway Mfg Co. (guar.)
apt. 1 Aug. 13
50c
Metro-Goldwyn Pictures—
Hazeltine Corp
25( .ept. 15 Sept. I
Pref.(guar.)
4731c Sept.15 Aug. 31
Hecla Mining Co. (guar.)
10c (opt. 15 Aug. 15
Metropolitan Edison 0 preferred (guar.)
$1.51 Oct. 1 Aug. 31
Helena Rubinstein, Inc., $3 pre
uar.)
25e Sept. 1 Aug. 21
36 preferred (guar.)
Oct. 1 Aug. 31
51
Hayden Chemical Corp.common (guar.)
25c Sept. 1 Aug. 27
$5 preferred (guar.)
318 Oct. 1 Aug. 31
Hibbard. Spencer. Bartlett & Co.(mo.)
10c Sept 28 Sept.21
Meyer (H. II.) Packing.64% pref. (quar.)___ _
Sept. 1 Aug. 20
Si
Hickok 011 Co. (semi-annual)
50c Sept. 15 Sept. 8
Middlessex Water (quarterly)
75e Sept. 1 Aug. 24
Hiram Walker, Gooderham & Worts, pf. (qr.)._
r25c Sept.15 Aug. 24
Midland Royalty Corp.,52 cony. pref.(qu.)
_
25c Sept. 15 Sept. 5
Hires (Chas. E.) Co., corn. class A
50c Sept. 1 Aug. 15
Minneapolis Gas Light 7% pref. (qu.)
5131 Sept. 1 Aug. 20
Hobart Mfg. Co., common (quar.)
25c Sept. 1 Aug. 18
6% preferred (quarterly)
$14 Sept. 1 Aug. 20
Hollinger Consol. Gold Mines (monthly)
dl% Sept. 10 Aug. 24
Missouri Utilities. 7% preferred (quarterly)....
5131 Sept. 1 Aug. 21
Extra
Sept. 10 Aug. 24
Mohawk Carpet Mills. Inc
25c Sept. 10 Sept. 1
Holophane,Inc., pref.(s-a)
31. g Oct. 1 Sept. 15
Monroe Loan Society, 37 pref. A (guar.)
$131 Sept. 1 Aug. 20
Hooven & Allison. preferred (quarterly)
Sept. 1 Aug. 15
Monsanto Chemical Co. (guar.)
25c Sept. 15 Aug. 25
Horn & Hardart Co.(N. Y.). 7% pref. (quar.)_ $131 Sept. 1 Aug. 11
Montreal Cottons, Ltd., pref. (guar.)
$131 Sept. 15 Aug. 31
Humble 011 & Refining Co.(guar.)
25c Oct. 1 Sept. 1
Montreal Loan & Mortgage (guar.)
623‘g Sept 15 Aug. 31
Huntington Water Corp.. 7% pref. (quar.)........ $131 Sept. 1 Aug. 11
Moore Dry floods Co.(guar.)
Oct. 1 Oct. 1
6% preferred (quarterly)
Quarterly
$1 4 Sept. 1 Aug. 11
I Jan. 1
114 Jan
Illinois Water Service Co.,6% pref. (guar.).— - 314 Sept. 1 Aug. 20
Morrell (John) & Co. (quarterly)
75c Sept.15 Aug. 25
Imperiai Life Assurance (quar.)
Morris Finance Co., A (guar.)
3334 Oct. 1
$14 Sept. 29 Sept. 19
Quarterly
$.3g Jan
1
Class B (quarterly)
30c Sept. 29 Sept. 19
Imperial Tobacco of Gt. Britain & Ireland
731 , Sept. 1 Aug. 16
Preferred (quarterly)
$131 Sept. 29 Sept. 19
Amer. dep. rec. for ord. reg
7
Sept. 8 Aug. 16
Morris 5 & 10e. Stores. 7% pr.(Quer.)
311 Oct. 1 Sept. 20
Indiana Hydro-Electric Power Co.7% pref.(qu) 8731c Sept.15 Aug 31
Morris Plan Ins.Soc.(guar.)
Sept. I Aug. 25
Indianapolis Water Co.. 5% cum pf. A (quar.)_ $131 Oct. 1 Sept. Ila
Quarterly
Dec. 1 Nov. 26
Industrial & Power Securities, corn.(qr.)
15c Sept. 1 Aug. 15
Mt. Diablo 011 Mining & Development Co.Extra
Sc Sept. 1 Aug. 15
9uarterly
Sept. 1 Aug. 24
Ingersoll-Rand Co., common
50c Sept. 1 Aug. 6
hxtra
34c Sept. 1 Aug. 24
Inland Steel Co
25c Sept. 1 Aug. 15
Muncie Water Works Co., 8% pref. (guar.)._ _
32 Sept.15 Sept. 1
Insuranshares Certificates. Inc. (semi-ann.)
Sc Sept.20 Sept. 12
Murphy (G. C.) Co., common (quar.)
40c Sept. 1 Aug. 22
International Business Mach. Corp.(guar.).--. $131 Oct. 10 Sept. 22a
Muskogee Co.,6% pref. (guar.)
Sept. 1 Aug. 13
51
International Harvester, corn.(Wan)
15c Oct. 15 Sept. 20
Mutual Chem. of America, pref.(guar.)
Sept.28 Sept.20
$1
Preferred (quar.)
Preferred (guar.)
$131 Sept. 1 Aug. 4
Dec. 28 Dec. 20
1
International Milling, original ser., pref. (guar.) 5131 Sept. 1
Mutual Telep.(Hawaii)(mo.)
8e Sept.20 Sept. 10
Series A, preferred (guar.)
$134 Sept. 1
Nassau & Suffolk Lighting Co.,7% pref.(guar.) $131 Oct. 1
International Nickel Co. of Canada. Ltd.—
National Auto Fiber, preferred
/131g Sept. 1 Aug. 15
Common (quar.)
r15c Sept.29 Aug. 30
National Biscuit Co corn (guar.)
50c Oct. 15 Sept. 14
International Proprietaries, Ltd.. A (quar.)
r65c Sept. 15 Aug. 22
National Bond & Share Corp
25c Sept.15 Aug. 31
Extra
r15c Sept. 15 Aug. 22
National Breweries, Ltd. (guar.)
40c Oct. 1 Sept. 15
International Ocean Telegraph Co. (quar.)___ _ $14 Oct. 1 Sept.30
Preferred (quarterly)
41c Oct. 1 Sept. 15
International Safety Razor Co., Class A (qu.)__
Sept. 1 Aug. 21
60c
National Container Corp.,common
50c Sept. 1 Aug. 15
International Salt Co. (quarterly)
Preferred (quar.)
374c Oct. 1 Sept. 15a
50c Sept. 1 Aug. 15
Interstate Hosiery Mills ;guar.)
Nov. 15 Nov 1
Preferred
h50c Sept. 1 Aug. 15
Intertype Corp.. 1st pref. (guar.)
Preferred (guar.)
$2 Oct. 1 Sept.14
50c Dec. 1 Nov. 15
Investment Corp. of Phila. (guar.)
50c Sept.15 Sept. 1
Preferred
h50c Dec. 1 Nov. 16
Iron Fireman Mfg. Co., corn. (guar.)
20e Sept. 1 Aug. 10
National Dairy Products common (guar.)
30c Oct. 1 Sept. 4
Common (guar.)
20C Dec. 1 Nov. 10
Preferred A & B (guar.)
$13( Oct. 1 Sept. 4
Ironwood & Bessemer Ry. & Light
National Grocers Co., 7% preferred
h$331 Sept. 1 Aug. 30
7% preferred (quarterly)
Sept. 1 Aug. 15
$1.
National Industrial Loan Corp. (guar.)
Sc Sppt.31 Aug. 15
Jantzen Knitting Mills. 7% pref
National Lead Co.,corn.(guar.)
$131 Sept. 1 Aug. 25
$131 Sept. 29 Sept. 14
Jefferson & Lake Oil Co., Inc. 7% pref. (s.
-a.)__
35c Sept. 10 Aug. 25
Preferred A (quarterly)
Sept. 15 Aug. 31
Si
Jefferson Standard Life Ins.
$131 Oct. 1 Sept. 21
Preferred B (quarterly)
514 Nov. 1 Oct. 19
Jewel Tea Co., Inc., common (guar.)
75c Oct. 15 Oct. 1
National Life & Accident (guar.)
30e Sept. 1 Aug. 20
Johns-Manville Corp. 7% preferred (quar.)____ $1,2 Oct. 1 Sept. 17
National Linen Service $7 pref.(s.
-a.)
$34 Sept. 1 Aug. 20
Johnson Ranch Ray
4c Sept. 1 Aug. 25
National Oil Products
30c Oct. 1 Sept. 20
Kalamazoo Vegetable Parchment Co.(guar.)._
37 preferred (guar.)
15c Sept.30 Sept. 20
0Si Oct. 1 Sept. 20
Quarterly
15c Dec. 31 Dec 20
National Power & Light (quar.)
20C Sept. 1 Aug. 6
suf
1
Soc
Financial Chronicle
Volume 139
Name of Company.
Per
When Holders
Share. Payable. of Record.
National Sugar Refining Co.of N.J.(guar.).-50c Oct. 1 Sept. 4
National Telep. &
class A (quar.)
150 Sept. 1 Aug. 16
Nebraska Power,7% pref.(quar.)
Teleg..
Sept. 1 Aug. 14
$1
6% preferred (quarterly)
Sept. 1 Aug. 14
$1
Nelson (Herman) Corp
25c Sept. 1 Aug. 22
Newark Telephone Co.(Ohio) (quar.)
$1 Sept. 10 Aug. 31
New Bedford Cordage Co.,7% pref.(quar.)
$111 Sept. 1 Aug. 15
Newberry (J. J.) Co., (quar.)
25c Oct. 1 Sept. 17
7% p eferre ( u rterly)
$1 X Sept. 1 Aug. 16
New Bradford Oil Co. (8.-a.)
10c Sept.15 Aug. 15
New England Telep. & Teleg. (quar.)
$1
Sept. 29 Sept. 7
New Jersey Power & Light, $6 pref. (guar.)...- $14 Oct. 1 Aug. 31
$5 preferred (quarterly)
$1 ti Oct. 1 Aug. 31
New Rochelle Water 7% cum. pref. (quar.)_
S13i Sept. 1 Aug. 20
New York Lackawanna & Western Ry.5% guaranteed (quar.)
si Oct 1 Sept. 15
New York Power & Lt.,7% pref.(qu.)
$15i Oct. 1 Sept. 15
$6 preferred (quarterly)
$14 Oct. 1 Sept. 15
New York & Queens Elec. Lt. & Pow. Co.(qu.)_
$2 Sept. 14 Aug. 31
$5 non-cumulative preferred (quar.)
$1 Sept. 1 Aug. 24
New York Steam,coin.(mar.)
30c Sept. 1 Aug. 15
6% preferred (quar.)
Oct. 1 Sept. 15
$1
7% preferred (quar.)
51X Oct. 1 Sept. 15
New York Telephone Co.,64% pref. (quar.).... $14 Oct. 15 Sept. 20
Niagara Share Corp. of Md., cl. A pref. (qu.)
$1 A Oct. 1 Sept. 14
Niagara Wire Weaving,$3 pref.(quar.)
75c Oct. 2 Sept. 15
Nine'een ti titideed 'orp . class A quar.)
511c Nov 15 Nov 1
Norfolk & Western By.common (quar.)
$2 Sept.19 Aug. 31
North American Co. common (quar.)
124c Oct. 1 Sept. 5
Common (quar.)
f I% Oct. 1 Sept. 5
Preferred (quar.)
75c Oct. I
5
North American Edison Co. preferred (quar.)_ $14 Sept. 1 Sept. 15
Aug.
North American Investors, 6% Preferred
h$1 Oct. 20 Sept. 29
5% preferred
h91 2-3 Oct. 20 Sept. 29
Northam Warren Corp.. pref. (quar.)
75c Sept. 1 Aug. 15
North Central Texas Oil Co. preferred (quar.)
$14 Oct. 1 Sept. 10
Northern RR. of N. J., 4% gt•ti. (quar.)
$1 Sept. I Aug. 21
407 guaranteed (quar.)
$1 1)ec 1 Nov.21
North River Insurance Co.(guar.)
15c Sept.10 Aug. 31
Extra
Sc Sept.10 Aug. 31
Northwestern Public Service Co.
7% cumulative preferred (quar.)
874c Sept. 1 Aug. 20
607 cumulative preferred (quar.)
75c Sept. 1 Aug. 20
Northwestern Unties, Ltd.,6% pref.(qu.)..
Sept. 1 Aug. 28
Norwalk Tire & Rubber Co.(Conn.)
Preferred (quarterly)
87Sic Oct. 1 Sept.21
Norwich Pharmac..1 Co. (guar.)
$1 Oct. I Sept. 20
Quarterly
:1 si Ian. 1 Dec. 20
Nova Scotia Light & Power (quar.)
$1 A Sept. 1 Aug. 15
Oahu Ry.& Land (monthly)
15c Sept.15 Sept. 10
Oahu Sugar (monthly)
10c Sept.15 Sept. 6
Ogilvie Flour Mills, pref. (guar.)
Sept. 1 Aug. 22
Ohio Oil Co.. ommon
15c Sept. 15 Aug. 18
Preferred
Sept.15 Sept. 4
$1
Ohio Power Co.. 67'. pref. (quar.)
Si Si Sept. 1 Aug. 7
Ohio Public Service Co. 7% pref.(mo.)
58 1-3c Sept. 1 Aug. 15
6% preferred (monthly)
50c Sept. 1 Aug. 15
5% preferred (monthly)
41 2-3c Sept. 1 Aug. 15
Oklahoma Gas & Electric, 7% pref. (quar.)--- $1
Sept.15 Aug. 31
607 preferred (guar.)
Sept.15 Aug. 31
$1
Old Colony insurance Co.(quarterly)
Nov. 1 Oct. 20
Oneida Community, Ltd., 7% preferred
h50c Sept. 15 Aug. 31
Onomea Sugar (monthly)
20c Sept.20 Sept. 10
Ontario Mfg. Co. Common (guar.)
25c Oct. 1 Sept. 20
Preferred (roar.)
Oct. 1 Sept. 20
$1
Oshkosh Overall $2 cony. pref.(quar.)
50c Sept. 1 Aug. 20
Pacific Mills
50c Sept. 1 Aug. 20
Paraffine Co., Inc. (guar.)
50c Sept. 27 Sept. 17
Patterson Sargent (quar.)
25c Sept. 1
17
Ponder (David) Grocery Co., class A (quar.)_ - 87Sic Sept. 1 Aug. 20
Aug.
Penick & Ford, Ltd.. corn. (quarterly)
50c Sept.15 Sept. I
Penn State Water $7 preferred (quar.)
$14 Sept. 1 Aug. 20
Pennsylvania Gas & Electric Corp.
Common class A (quar.)
374c Sept. I Aug. 20
7% preferred (quarterly)
51 34 Oct. 1 Sept.20
$7 preferred (quarterly)
5134 Oct. 1 Sept.20
Pennsylvania Power Co., 6.60 pref.(mo.)
55c Sept. 1 Aug. 20
$6 preferred (quarterly)
$114 Sept. 1 Aug. 20
Pennsylvania RR Co
50c Sept.15 Aug. 1
Pennsylvania Water & Power Co. (quar.)
75c Oct. 1 Sept. 15
Preferred (guar.)
$134 Oct. 1 Sept. 15
Peoples Drug Izit )res (quarterly)
25c Oct. 1 Sept. 8
Preferred (quarterly)
A Sept.15
1
Peoples Telep.(Butler, Pa.)7% pref.(quar.) - $134 Sept. 1 Sept.31
Aug.
Perfection Stove Co. common (quar.)
30c Sept. 29 Sept. 20
Peterborough RR.(semi-ann.).
$1 4 Oct. 1 Sept. 25
4
Pet Milk Co., common (quarterly)
25c Oct. 1 Sept.10
Preferred (quarterly)
$111 Oct. 1 Sept. 10
Pfa dler. preferred (quar.)
$14 Sept. 1 Aug. 20
Philadelphia Co., $5 cum. pref. (quar.)
5134 Oct. 1 Sept. 1
$6 cum. preferred (quar.)
$134 Oct. 1 Sept. 1
5% preferred (s.-a.)
25c Sept. 1 Aug. 10
Philadelphia Elec. Power Co.8% pref.(guar.)._
50c Oct. 1 Sept. 5
Philadelphia Germantown & Norristown RR.
Quarterly
UK Sept. 4 Aug. 24
Philadelphia Suburban Water.6% pf.(qu.)$14 Sept. 1 Aug. 11
Phillips l'etroleum Co
25c Sept. 1 Aug. 6
Phoenix Finance, pref. (quar.)
50c Oct. 10 Oct. I
Preferred (quar.)
50c Jan. 10 Jan.1 35
.
Phoenix Hosiery 7% first preferred
874c Sept. 1 Aug. 20
Photo Engravers & Electro. Ltd
50c Sept. 1 Aug. 15
Pillsbury Flour Mills (quar.)
40c Sept. 1 Aug. 15
Pioneer Gold Mines of Brit. Columbia (quar.)_ _
r20c Oct. 1 Sept. I
Pioneer Mill. monthly
10c Sept. 1 Aug. 20
Pittsburgh Bessemer & Lake Erie R.R.(s•-a.)- 75c Oct.
Pittsburgh Fort Wayne er Chicago R.R.(quar.)_ $134 Oct. 1 Sept. 15
2 Sept. 10
Quarterly
$134 Jan. 1 Dec. 10
7% preferred (quar.)
134 Oct. 2 Sept. 10
707 preferred (quar.
134 Jan. I Dec. 10
Pittsburgh Youngstown & Ashtabula R.R.70/ preferred(quar.)
134 Sept. 1 Aug. 20
7% preferred guar )
1 1 Dec. 1 Nov.20
4
Pleasant Valley Wine Co.,corn.(quar.)
15c Sept. 1 Aug. 15
Plimpton Mfg. Co.(quar.)
$14 Sept. 1 Aug. 24
Plymouth Fund, A
3c Sept. 1 Aug. 15
Pollock Paper & Box Co., pref. (quar,)
$134 Sept.15
Preferred (quarterly)
$134 Dec. 15
Ponce Electric, 707 prof-((guar.)
$1
Oct. 1 Sept. 14
Potomac Electric Power. 6% pref. (quar.)
134 Sept. 1 Aug. 15
% preferred (guar.)
1
Sept. 1 Aug. 15
Powell River. 7% preferred
$134 Sept. 1
7% preferred....
$134 Dec. 1
Pratt Food Co. (quarterly)
Sept. 1
Premier Gold Mining Co. (quar.)
c Oct. 15 Sept. 14
Premier Gold Mining (quar.)
r3c Oct. 15 Sept. 14
Prentice Hall, $3 cone. preferred (quar.)
75c Sept. 1 Aug. 20
Quarterly
35c Sept. 1 Aug. 20
Procter & Gamble Co.. 5% pref. (quar.)
$134 Sept.15 Aug. 24
Public Electric Light,6% pref.(quar.)
$14 Sept. 1
Public Service Co. of Colo.7% pref.(mthly.)_ _ _ 581-3c Sept. 1 Aug. 24
Aug. 15
6% preferred (monthly)
50c Sept. 1 Aug. 15
547 preferred (monthly)
412-Sc Sept. 1 Aug. 15
Public Service Co. of Oklahoma
707 prior lien stock (guar.)
$131 Oct. 1 Sept. 20
60/ prior lien stock
$134 Oct. 1 Sept. 20
Public Service Corp. of N. J. common (quar.)__
70c Sept.29 Sept. 1
8% preferred (guar.)
$2 Sept. 29 Sept. 1
7% preferred (guar.)
$1
Sept.29 Sept. 1
$5 preferred (quar.)
$134 Sept.29 Sept. 1
6% preferred (monthly)
SOc Sept.29 Sept. 1
Service Corp. of Texas, pref
Public
Oct. 1
$1
Purity Bakeries Corp. (quar.)
25c Sept. 1 Aug. 24
euarterly)
I
I
1357
Per
When Holders
Name of Company.
Share. Payable. of Record.
Public Service Elec. & Gas Co..$5 pref. (quar.)_
Sept. 29 Sept. 1
$1
7% preferred (quarterly)
$134 Sept. 29 Sept. 1
Quaker Oats Co. common (quar.)
$Oct. 1
Oct. 15 O
Special
$1 Oct. 15 Oct. 1
6% preferred (quar.)
$134 Nov.30 Nov. 1
Queens Borough Gas & Electric Co
6% preferred (quar.)
$134 Oct. 1 Sept. 15
Rapid Elm: rotype
300 Sept.15 Sept. I
Raybestos-Manhattan
25c Sept. 14 Aug. 31
Reading Co.. 1st preferred (quar.)
50c Sept. 13 Aug. 23
2c1 preferred (quar.)
50c Oct. 11 Sept.20
Reeves,(Daniel). Inc., corn.(quar.)
25c Sept. 16 Aug. 31
6Si% preferred (quarterly)
$14 Sept. 16 Aug. 31
Reliance Grain,64% pref
$14 Sept.15 Aug. 31
Reliance International $3 preferred
h50c Sept. 1 Aug. 20
Repuidie Insurance. Texas (quar.)
Nov. 10 Out. 31
2Ik
Republic Supply (lo (guar.)
25c Oct. 5 Oct. 2
Reynolds Metal Co., Inc.
Common (quar.)
25c Sept. 1 Aug. 15
Rich's inc., 64% preferred (quar.)
$14 Sept. 29 Sept.15
Rochester Gas & Elec.,6% pref. C & D (guar.)._ $14 Sept. 1 July 27
7% preferred B (quar.)
$1 54 Sept. 1 July 27
Rochester & Pittsburgh Coal Co.. 5% preferred_
5% Sept. I Aug. 15
Rolland Paper, Ltd.,6% prof. (quar.)
$134 Sept 1 Aug 15
Ruud Manufacturing Co.(quar.)
25c Sept. 15 Sept. 5
Safeway Stores, Inc., common (quar.)
75c Oct. 1 Sept. 19
7% preferred (quarterly)
$1
Oct. 1 Sept. 19
6% preferred (quarterly)
$14 Oct. 1 Sept. 19
St. Joseph Lead Co
10c Sept.20 Sept. 7
St. Louis National Stockyards (quar.)
$14 Oct. 1 Sept. 15
San Carlos Milling (monthly)
20c Sept. 15 Sept. 1
San Joaquin Light & Power Co
707 prior preferred (quar.)
$1 4.4 Sept.5ept.15 Aug. 31
7% series A preferred (quar.)
607 prior preferred series A (quar.)
$14 Sept. 15 Aug. 31
6% series B preferred (quar.)
$1 A Sept. 15 Aug. 31
Savannah Electric & Power
8% preferred A (quarterly)
$2 Oct. 1 Sept. 10
7 % preferred B (quarterly)
$14 Oct. 1 Sept. 10
7% preferred C (quarterly)
S1/ Oct. I Sept. 10
634% preferred ID (quarterly)
$14 Oct. 1 Sept. 10
6% preferred
h$3 Oct. 1 Sept. 10
Savannah Gas, 7% preferred (quar.)..
433
X"c
4c Sept. 1 Aug. 25
Schiff Co. (quarterly)
50c Sept. 15 Aug. 31
Preferred (quarterly)
$151 Sept. 15 Aug. 31
Scott Paper Co.,common (quar.)
424c Sept.30 Sept. 15
Seaboaa Oil of Delaware (quarterly)
Extr rd
15c Sept. 15 Sept. 1
10c Sept. 15 Sept. 1
Second International Securities, 63' preferred_
58c Oct. 1 Sept. 25
Second Investors ('orp. (R.1.) pref. tquar.)......
75c Sept. I Aug. 15
Second Twin Bell Syndicate(monthly)
20c Sept. 5 Aug. 31
Shenango Valley Water.6% pref. (quar.)
$1 34 Sept. 1 Aug. 26
11%, preferred (guar.)
SI 4 Dec. 1 Nov 20
Sherwin-Williams, pref. (guar.)
$1 Si Sept. 1 Aug. 15
Schiff Co., com.(quar.)
50c Sept. 15 Aug. 31
Preferred (quar.)
wo t I
$1.$4 Sepv. 1.55
1
Sioux City Stockyards Co met (quar.)
$
31
14
Siscoe Gold Mines, Ltd. (quar.)
Sc Sepv .30
s1
.t 1
.
Extra
2c Sept. 30
Rrtm I) (sr Morgan) co.(quar.)
Aug.Nov .,
Socony-Vacuum Oil
15c Sept. 15 Aug. 24a
South American Gold & Platinum Co
hlOc Sept.25 Sept. 15
South Carolina Power Co.$6 pref.(quar.)
514 Oct. 1 Sept. 15
South.Colorado Power Co.,7% cum.pref(quar.)
1% Sept.15 Aug. 31
Southern Acid & Sulphur (guar.)
50c Sept.15 Sept. 10
7% preferred (quar )
$1 ki Oct. 1 Sept 10
Southern & Atlantic Telegraph Co.(s.
624c Oct. 1 Sept. 15
-a.)
Southern Calif. Edison Co.. Ltd.
7% series A preferred (quar.)
4334c Sept.15 Aug. 20
6% series B preferred (quar.)
3734c Sept.15 Aug. 20
Southern Fire Ins., N. Y
50c Sept. 1 Aug. 15
Southern Pipe Line Co
15c Sept. 1 Aug. 15a
Spencer Kellogg & Sons, corn
40c Sept. 29 Sept. 15
Standard Brands, inc., common (quar.)
25c Oct. 1 Sept. 4
$7 cum. preferred series A (quar.)
Si$1 X Oct. 1 Sept. 4
Standard Coosa Thatcher (quar.)
12 c Oct. I Sept. 20
7% preferred (quar.)
3
$1 4 Oct. 15 Oct. 15
Standard Oil Co. of Calif. (quar.)
25c Sept.15 Aug. 15
Standard Oil Co. of Indiana (quar.)
25c Sept. 15 Aug. 15
Standard (111 Co. of Kansas( el iware) (guar.).
50c Oct. 31 Oct. 1
Standard 011 of Kentucky (quar.)
25c Sept. 15 Aug. 31
Sterling Products.Inc.(quar.)
95c Sept. 1 Aug. 154
Strawbridge & Clothier,6% pref. A (quar.)
Si Si Sept. 1 Aug. 16
Sun Oil Co.common(quar.)
25c Sept.15 Aug. 25
Preferred (quar.)
refe
$1Si Sept. 1 Aug. 10
Superior Portland Cement Co., Inc.
Class A (monthly)
h55c Sept. 1 Aug. 23
Susquehanna Utilities, 6% pref. (quar.)
$14 Sept. 1 Aug. 20
Sutherland Paper Co.common
10c Sept. 1 Aug. 21
Swift & Co. (quar.)
1234c Oct. 1 Sept. 1
Sylvania Industrial Corp. (quar.)
23c Sept. 15 Sept. 5
Sylvanite Gold Mines, COM. (guar.)
u5c Sept.30 Sept. 1
Tacony Palmyra Bridge (guar.)
50c Sept.30 Sept. 10
Class A (quar.)
50c Sept.30 Sept. 10
Telephone investment Corp. (monthly)
20c Sept. I tug. 20
Monthly
20c Oct. 1 Sept.20
Tennessee Elect. Pow.Co..5% pref.(guar.)_ _ _ _
5134Oct. 1 Sept. 15
7%5 1
6% preferred (quar.)
S p
$134 Oct. 1 sept.
preferred (quar.)
Oct.oct. 1 Sept.15
7.2%
74% preferred (guar.)
Oct. 1 Sept. 15
67 preferred (monthly)
50c Sept. 1 Aug. 15
6% preferred (monthly)
50c Oct. 1 Sept.15
7.2% preferred (monthly)
60c Sept. 1 Aug. .15
7.2% preferred (monthly)
80c Oct
1 Sept. 15
Terre Haute Water Works.7% pref.(quar.)
$134 Sept. 1 Aug. 20
Texas Corp. (quarterly)
25c Oct. 1 Sept. 7
Texas Gulf Products
Sept 15 Aug. 17
e2
Texas Gulf Sulphur (quar.)
Soc Sept. 15 Sept. 1
Tex-O-Kan. Flour Mills. 7% pref. (qu.)
5134 Sept. 1 Aug. 15
Thayers. Ltd
25c Sept. 1 Aug. 20
Thomson Electric Welding (guar.)
25c Sept. 1 Aug. 30
Tide Water Power.$6 preferred
142 q Sept. 1 Aug. 10
Time, Inc. (quar.)
50c Oct. 1 Sept. 20
Extra
25c Oct. 1 Sept.20
$64 preferred (quar.)
$P% Oct. 1 Sept.20
7
T'mken Detroit Axle, 70 pref.(guar.)
$134 Sept. 1 Aug. 20
Timken Roller Bearing Co.(quar.)
25c Sept. 5 Aug 17
Title Insurance Corp.(St. Louis)(qu.)
1234c Sept. 10 Aug. 21
Toledo Edison Co.7% preferred (monthly)
58 1-Sc Sept. 1 Aug. 15
6% preferred (monthly)
50c Sept.
Aug. 15
5% preferred (monthly)
4i2-3c Sept. 1 Aug. 15
Toronto Elevators
SI Sept. 1 Aug. 20
Traders Building A (quar.)
$1.31 Sept. 1 Aug. 23
Triplex Safety Glass Co.. Ltd.
Amer. dep. rec. for ord. reg. (final)
zw25% Oct. 5 Sept. 4
Tri-State Telep.& Teleg..6% pref.(quar.)
15c Sept. 1 Aug. 15
Twentieth Century Fixed Trust Shares
Original series bearer
$
3 Aug. 31
1
4.678 Sept.2c
Twin Bell Oil Syndicate (monthly)
Sept.
Underwood-Elliott-Fisher, corn. (quar.)
50c Sept. 29 Sept. 12
Preferred (quarterly)
$154 Sept. 29 Sept. 12
Union Carbide & Corbon Corp
35c Oct. 1 Sept. 4
Union Pacific RR., corn
$14 Oct. 1 Sept. 1
2
Preferred (semi-annual)
$ Oct. 1 Sept. 1
Union Refrigerator Transit Co.,64% pf. (s.
-a.) $334 Sept. 1
Union Tank Car (quar.)
30c Sept. 1 Aug. 17
United Biscuit Co of Amer .com.(quar.)
40c Sept. 1 Aug. 9
Preferred (quarterly)
$131 Nov. 1 Oct. 16
United Carbon Co.. corn. (quar.)
60c Oct. 1 Sept. 15
United-Carr Fastener Corp. common
15c Sept. 15 Sept. 5
United Corp.. $3 preference (quar.)
75c Oct. 1 Sept. 4
United Dyewood, pref. (guar.)
5134 Oct. 1 Sent. 14
q
.
Financial Chronicle
1358
When Holders
Per
Share. Payable. of Record.
Name of Company.
United Elastic Corp. (quar.)
United Gas & Electric Corp. preferred (quar.)__ United Gas Improvement(quar.)
5% preferred (guar.)
nited Light & itys.,7% prior prf. (monthly) _
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United N. J. RR. di Canal (guar-)
Quarterly
United States Banking Corp.(mo.)
United States Envelope, common
Preferred (s.
-a.)
United States Foil, A & B (guar.)
Preferred (quarterly)
United States Freight Co. common (quar.)
United States Gypsum Co. common (quar.)_ _ _ _
7% preferred (quar.)
U. S. Petroleum (Jo.(guar.)
Quarterly
U. S. Pipe ,It• Foundry Co.. corn. (guar.)
Common (guar.)
Preferred (quar.)
Preferred (guar.)
United States Playing Card (quar.)
Extra
United Stores Corp. preferred (quar.)
Upper Michigan Pow. &Lt.,6% pref. (quar.)__
6% preferred (guar.)
Upressit Metal, preferred (quar.)
Utica Chenango & Susq. Val. guar. (semi-ann.)..
Utica Clinton & Binghamton,debenture (s.
-a.)..
Utica Knitting 7% preferred
Van Raalte Co., Inc., 1st pref. (quar.)
Vapor Car Heating Co.. Inc., 7% pref
Vick Chemical Co.(quar.)
Extra
Veeder Root. Inc
Victor-Monaghan Co. (quar.)
Viking Pump Co. preferred (guar.)
Virginia Coal & Iron (quar.)
Virginia Elec. & Power Co. pref. (quar.)
Vulcan Del inning Co., preferred (quar.)
Wagner Electric Corp. pref. (quar.)
Washington Ry. di Electric (guar.)
5% preferred (guar.)
Weill & Co.,8% pref (s.-a.)
Wesson Oil & Snowdrift Co., Inc.—
$4 convertible preferred (quarterly)
Western Auto Supply Co., cl. A & B corn.(qu.)_
Western Canadian Collieries
West Jersey & Seashore RR.6% spec. gtd.(s.-a.)
Westmoreland. Inc.(guar.)
loc
%
30c
$151
58 1-3c
58 1-3c
53c
53c
50c
50c
$234
$234
4c
$234
$334
15c
$1%'
25c
25c
$151
lc
lc
12Sic
1234c
3
30c
25c
25c
81 Sic
$134
$3
$234
h$1
$14,
h$3Si
50c
10c
40c
$134
60c
25c
$134
%
$151
$3
$1 1
1
4
$1
75c
%
$134
30c
Sept. 24 Sept. 6
Oct. 1 Sept. 15
Sept. 29 Aug. 31
Sept. 29 Aug. 31
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Sept. 1 July 16
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Oct. 10 Sept. 20
Jan. 1 Dec. 20
Sept. 1 Aug. 17
Sept. 1 Aug. 18
Sept. I Aug. 18
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 21
Oct. 1 Sept. 14
Oct. 1 Sept. 14
Sept. 10 Sept. 5
Dec. 10 Dec. 5
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 1 Sept. 20
Oct. 1 Sept.20
Sept.15 Aug. 25
Nov. 15
Jan. 1
Oct. 1 Sept. 15
Nov. 1 Oct. 14
Dec. 26 Dec. 26
Sept. 1 Aug. 31
Sept. 1 Aug. 16
Sept.10
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Sept. 1 Aug. 15
Sept. 1 Aug. 18
Sept. 15 Sept. 1
Sept. 1 Aug. 15
Sept 20 Aug. 31
.
Oct. 20 Oct. 10
Oct. 1 Sept. 20
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 1
Sept. 1 Aug. 15
Sept. 1 Aug. 20
Oct. 15
Dec. 1 Nov. 15
Oct. 1 Sept.15
Sept. 1 1934
Per
When Holders
Share. Payable. of Record.
Name of Company.
West Penn Electric, class A (guar.)
$151 Oct. 1 Sept. 17
West Penn Power
6% preferred (quarterly)
$154 Nov. 1 Oct. 5
7% preferred (quarterly)
$1% Nov. 1 Oct. 5
10c Sept. 1 Aug. 15
Westvaco Chlorine Products Corp. corn. (quar.)
Weyenberg Shoe Mfg., preferred (quar.)
$1% Sept. 15 Sept. 5
Preferred (quarterly)
$151 Dec. 15 Dec. 5
Wheeling Electric 6% preferred (quar.)
$134 Sept. 1 Aug. 7
White Villa Grocers, Inc. (8.-a.)
$3 Sept. 1 Aug. 15
Whitman (Win.)& Co., Inc.. pref
h$131 Sept. 15 Sept. 1
Wilcox Rich Co.class A (guar.)
6234c Sept.30 Sept. 20
Williamsport Water $6 pref. (quar.)
$134 Sept. 1 Aug. 20
Winstead Hosiery (weir )
$1 Si Nov. 1 Oct 15
Wisconsin Michigan Power.6% pref.(qu.)
$134 Sept. 15 Aug. 31
Wisconsin Public Service Corp.
7% cumulative preferred (guar.)
$16( Sept. 20 Aug. 31
634% cumulative preferred (quar.)
$134 Sept. 20 Aug. 31
$134 Sept. 20 Aug. 31
6% cumulative preferred (quar.)
Woodley Petroleum Co
110% Sept.30 Sept. 15
Woolworth (F. W.) Co.(quar.)
616C Sept. 1 Aug. 10
Wrigley (Win.) Jr. Co. (monthly)
25c Sept. 1 Aug 20
Monthly
25c Oct. 1 'ept.20
Monthly
25c Nov. 1 Oct. 20
Monthly
25c Dec. 1 Nov. 20
Yale & Towne Mfg Co.(guar.)
15c Oct. 1 Sept. 21
2Sic Oct. 1 Sept. 15
Ziegler-flutter Breweries. Inc. (guar.)
Zimmerknit, 7% pref. (8.-a.)
$334 Sept. 1 Aug. 15
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
I Payanle in common stock. it Payable in scrip. h On account of accumulated dividends. 5 Payable in preferred stock.
in A quar. div. on the cony. pref. stock, opt. ser. of 1929, of Commercial
Investment Trust Corp., has been declared in com, stock of the corp. at
the rate of 5-203 of 1 share of corn, stock per share of cony. pref. stock.
Opt. ser. of 1929, so held, or at the opt. of the holders in cash at the rate
of $1.50 for each share of cony. pref. stock, opt. ser. of 1929, so held.
n Goldblatt Bros., Inc., declared a reg. quar. div. of 25c. in cash or, a
opt, of holder, 0.025 of a share of corn, stock on each sh. of corn. stk. held.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s Blue Ridge Corp. has declared the reg. guar. div. on its opt. $3 cony.
pref. stk., ser. of 1929. at the rate of 1-32d of one sh. of the corn. stk. of
the corp. for each sh. of such pref. stk., or, at the opt, of such holders
(providing written notice thereof is received by the corp. on or before Aug.
15 1934) at the rate of 75 cents per sh. in cash.
u Payable in U. S. funds. s A unit. to Less depositary expenses.
x Less tax y A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House.
Condition of the Federal Reserve Bank of
New York.
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 29 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF TIIE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUG. 25 1934.
Clearing House
Members.
• Surplus and
Undivided
Profits,
• Capital.
Bank of N Y & Trust Co
Bank of Manhattan Co.
National City Bank ____
Chem Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co..
New York Trust Co
Comml Nat Bk de Tr Co
Public Nat Bk & Tr Co_
5
6,000,000
20,000,000
127,500,000
20,000.000
90,000,000
32,935,000
21,000,000
15,000,000
10.000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
Net Demand
Deposits.
Average,
$
$
9,928,100
98,748,000
31,931,700
279,926,000
38.018,700 a928,859,000
48,945,300
324,654,000
177,486,200 b1,010.769,000
10,247,500
246,312,000
61.312.500
572,519.000
16,170,30C
179,037,000
88,495,500
365,558,000
57,693,500 379,630,000
3,507.900
27,436,000
66,520,800 c1.272,669,000
3,251,600
41,999,000
60,009,000 d593,272,000
8.206,000
17,418,000
7,346,200
52,249,000
21,714,500
216,724,000
7,564,500
52,030,000
4,932,400
45,358,000
Time
Deposits,
Average.
5
10,920.000
31,938,000
174,592,000
25,979,000
54.287,000
101,114,000
26,183,000
21,608,000
14,231,000
10,235,000
3,161,000
73,981,000
102,000
23,350,000
265,000
5,078,000
19,773,000
1,774,000
34,148,000
614,955,000 723.312,200 6,705.167,000 632,719,000
Totals
* As per official reports: National. Jtme 30 1934: State, June 30 1934; trust companies, June 30 1934.
Includes deposits in foreign branches as follows: (a) $204,847,000;(b) $5S,605,000.
(c) $70,776,000; (d) $19,192,000.
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
following are the figures for the week ended Aug. 24:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 24 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan $
Grace National
23,164,400
Trade Bank of N. Y_ 3,300,139
Brooklyn—
People's National __ _ 4 578 000
Cash.
Res. DeP., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
79,600
88,163
$
2,067,300
591,827
79.001)
309 000
A 57 1 full)
.
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
Manhattan—
$
$
5
$
$
Empire
52,894,400 *3,250,200 12,197,700 1,171,100 57,361,200
Federation
6,581,151
77,231
495,041
613,423 6,099,853
Fiduciary
9,060,154
*522,572
254,116
62,385 7,777,397
Fulton
15,300,900 *2,820,600 1,156,500 1,563,400 15,738.200
Lawyers County_.... 30,135,000 .4,604,300
389,800
32,348,000
United States
63,933,473 10,365,867 16,298,927
62,166,120
Brook/vn—
Brooklyn
87,449,000 2,274,000 19,811,000
271,000 95,625,000
26.952,117 1,769,939 7,119,112
Kings County
29.243.779
* Includes amount with Federal Reserve as follows: Empire. $2,212,100; Fidu$299,929; Fulton, $2,664,200; Lawyers County, $3,183,690.
ciary,
Assets—
$
$
$
Gold certificates on hand and du )from
1,771,711,000 1,763,815,000 259,210,000
U. S. Treasury.:
724.964,000
Gold
1,187,000
1,324,000
6,812,000
Redemption fund—F. It. notes.58,000,000
55.306,000
66,183,000
Other cash
Total reserves
Redemption fund—F.R. bang not m.Bills discounted:
Secured by U. B. Govt. obligati ins—
Other bills discounted
1,830,898,000 1,820,445,000 1,057,169,000
1.862,000
2,086,000
2,736,000
1,583,000
10,318,000
16,516,000
29,550,000
12,424,000
Total bills discounted
1,636,000
10,788,000
11,901,000
46,066,000
1,979,000
46,000
1,846,000
40,000
2,303,000
Bills bought in open market
Industrial Advances
•
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
.
165,749,000
405,332,000
206,674,000
165,750,000
401,060,000
210,945,000
176,829,000
310,854,000
286,470,000
Meg
777,755,000
777,755,000
774,153,000
35,000
35,000
1,252,000
Total U.S. Government see
•
Other securities
Tots, Mills and securities
•
792.239,000
791.577,000 823,774,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Dank premises
All other assets
•
•
•
1,195,000
4,590,000
105,693,000
11,455,000
41,228,000
1,208,000
3,284,000
101,612,000
11,455,000
39,008,000
Total assets
•
1,151,000
4,520,000
86,394,000
12,818,000
27,849,000
2,789,160,000 2,770,675,000 2,016,411,000
Liabilities-Gross
Deposits.
$
s
1,374,500 21,967,400
61,720 3,167,229
M3000
Aug. 29 1934. Aug. 22 1934. Aug. 30 1933.
698,705,000 650,068,000 636.453,000
F. R. notes In actual circulation53,878,000
30.876,000
31,355,000
F. R. bang notes in actual ciroulat on net
Deposits—Member bank reserve ,col... 1,742,367,000 1,706,743,000 1,027,165,000
20,272,000
3,429,000
21,282,000
U. S. Treasurer—General ace° int—
13,188,000
6,882,000
5,158,000
Foreign bank
29,421,000
125,591,000 127,228,000
Other deposits
Total deposits_ - Deferred availability items
Capital paid In.
Surplus
Reserve for contingeacles_
All other liabilities
1,878,269,000 1,860,411,000 1,090,046,000
81,549,000
99,050,000
100,741,000
59,509,000
59,509,000 58,525,000
85,058,000
45,217,000
45,217,000
1,667,000
4,737,000
4,737,000
9,235,000
21,106,000
20,328,000
Total liabilities
2,789,160,000 2,770,675,000 2,016,411,000
Ratio of total reserves to deport t and
F. R. note liabilities combined..
61.2%
72.5%
72.5%
Contingentliability on bills p110 based
13,062,000
for foreign correspondents
103,000
148,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are Certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Financial Chronicle
Volume 139
1359
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.30,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 AUG. 29 1934.
Aug. 29 1934. Aug. 22 1934. Aug. 15 1934. Aug. 8 1934. Aug. 1 1934 July 25 1934. July 18 1934. July 11 1934. Aug.30 1933.
ASSETS.
Gold infs. on band & due from U.
Gold
Redemption fund (F. R. notes)
Other cash •
Total reserves
4,979,482,000 4.963,361.000 4,961,374,000 4,929,548,000 4,906,009,000 4,873,172,000 4,847,634.000 4.810.603.000
24,293,000
235,917,000
24,034,000
228,660,000
24,313,000
224,456,000
24.357.000
219,961,000
24.003,000
225.891,000
24,620,000
235,327,000
25,003.000
228.824,000
25.051,000
231.324,000
950.940,000
2 601,424,000
35.633,000
239,933,000
5,239,692,000 5,216,055,000 5,210,143,000 5,173,866,000 5,155,903,000 5.133,119,000 5,101,461,000 5,066,978.000 3,827,930,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. B. Govt. obligations....
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial Advances
U. S. Government securities
-Bonds
Treasury notes.
Certificates and bills
2,112,000
2,336,000
2.006,000
2.347.000
2,105.000
2,304.000
2,996.000
3,504.000
8,200,000
4,146.000
16,861.000
3.437,000
16,379,000
3,820,000
16,387,000
3,628,000
16,922.000
4.130,000
17.240.000
4,346,000
16.952,000
5.536,000
17,716,000
4,140.000
18,544,000
38.217,000
115,003,000
21,007,000
19.816.000
20.207,000
20.550,000
21,370.000
21,298,000
23,252.000
22,684.000
153,220,000
5,247,000
810,000
5,114.000
298,000
5.198.000
214,000
5,200,000
28,000
5,206.000
5,000
5,271,000
5,259,000
5.259.000
6,900,000
467,839,000 467,565.000 467,499.000 467,799,000 467,809,000 468,094.000 467,805,000 467,820,000
1,281,420,000 1,271.709,000 1,271.707.000 1,257,759,000 1,252,320.000 1,252,308,000 1,252,331.000 1,227,107.000
682,543,000 692,250,000 692.251,000 706,202,000 711,651.000 711,650.000 711,651,000 736,852.000
441,687,000
860,945,000
826,140,000
Total U. S. Government securities.. 2,431,802,000 2,431.524.000 2.431.457,0.0 2,431,760.000 2,431,780.000 2,432,052,000 2,431.787,000 2,431.779,000
2,128,772,000
Othersecurities
428,000
428,000
391,000
440,000
471,000
465.000
483,000
483,000
1.854,000
Total bills and aecurIties
2,459,257,000 2,457,180,000 2.457,504,006 2.457,978,000 2,458.826,000 2,459.092,000 2,460.781,000 2,460.205,000 2,290.746,000
Due from foreign banks
3,141,000
3.125,000
3,127,000
3,124,000
3,124,000
3.128,000
3,139,000
3,138,000
3,710,000
Federal Reserve notes of other banks...16,727,000
16,703,000
17,834,000
16,519,000
18,700,000
17,298,000
20,361.000
18,980,000
14,916,000
Uncollected items
401,225,000 404,761,000 470,989.000 377,518,000 438,558.000 399,143.000 459,915.000 429,215.000 343.469,000
Bank premises
52,775.000
52.774.000
52,775,000
52,753,000
52.727,000
52.728.000
52,717.000
52.719,000
54,455,000
All other resources
54,759.000
51,917,000
56,824,000
49.674,000
50.878,000
52.754,000
50,339,000
48.353.000
52,013,000
Total assets.
8,232,846,000 8,207,734,000 8,265,161,000 8,134,983,000 8,178.215.000 8.120.968.000 8,150,330,030 8,084,471,000 6,595,439,000
LIABILITIES.
F. R. notes In actual circulation
3,103,289.000 3,105,028,000 3,102,373,000 3,095,333.000 3,078,823,000 3,060,241.000 3.084,823.000 3,098,273.000 2,974,180,000
F. R. bank notes In actual circulation
32.651,000
32,303,000
31,933,000
33,743.000
33.864,000
33.184,000
41,045,000 131,244,000
38.560.000
Depoalts-Member banks reserve account 4,126,973,000 4,072,321.000 4.064,270.000 4,059,070,000 3,914,813.000 4,020,030,000 3,987.312,000 3,902,098.000
2,426.589,000
1.'. S. Treasurer
-General account_a
43,773,000
57.894,00C
29,936,000
47.801,000
24,595,000 159.594,000
21.340,000
63,136.000
67,988,000
Foreign banks
9,513,000
8,147,000
7,885.000
6.864,000
11,238,000
6,978,000
5,211.000
5.285,000
39,782,000
Other deposits
192,686,000 201,775,000 203,261,000 202,280,000 211,978,000 211,851.000 216.693,000 217,700.000 162,680,000
Total deposits
4,360,833,000 4,327,382,000 4,333.572,000 4,292,923,000 4,293,249,000 4,287,567.000 4,230,630.000 4.188.145,000 2,697,039,000
339,604.000
Deferred availability Items
400,800,000 408,230,000 464,045,000 381,093,000 437,474.000 405,799,000 463.920.000 424,880.000 146,147,000
Capital paid In
146,529.000 146,514,000 146.423.000 146,612,000 146,552,000 147.285.000 147,306,000 147.246,000 278,599,000
Surplus.
138,383,000 138,383,000 138,383,000 138.383.000 138.383.000 138,383.000 138,383.000
138,383,000
12.105,000
Reserve for contingencies.
22,545,000
22.544,000
22.541,000
22,540,000
22.540,000
22.540,000
22,545,000
22,541,000
16,521,000
All other liabilities
27,349,000
25.170,000
25,410,000
23 959 000
28,534,000
24,914,000
27.330,000
24.167.000
Total liabilities
8,232,846,000 8,207,734,000 8,265,161,000 8.134,983,000 8.178.215.000 8,120,968,000 8.150,330,000 8.084.471,000 6,595,439,000
Ratio of total reserves to deposits and
F. it. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
MaturUy Distribtaion of Bills and
Short-term SecurUtes1-lb days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61 90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought In open market.
16-30 days bills bought In open market.
31-60 days bills bought in open market
61-90 days Mb bought In open market....
Over 90 days bills bought In open market
Total bills bought in open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days industrial advances
Total industrial advances
1-16 days U. B. certificates and bills
16-30 days U. S. certificates and bills
31-60 days U. S. certificates and bills
61-90 days U. S. certificates and bills....
Over90 days U. S. certificates and bills..
TotalU. B. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
67.5%
70.2%
70.2%
70.1%
70.0%
69.9%
69.9%
69.7%
69.5%
573,000
357,000
528,000
345,000
642.000
80.000
895.000
1,085,000
1.196.000
1,394,000
1,401.000
39.099,000
17,667,000
1,584,000
811,000
884,000
61,000
13,548,000
4,8M4,000
719,000
619,000
71,000
13,971,000
3.802.000
1,464.000
882,000
88,000
13.083,000
1,462.000
5,028.000
872.000
105.000
14,498,000
1,007,000
4.919.000
805,000
141,000
14,499,000
639.000
5,102.000
905,000
153.000
14.967,000
2,161,000
4.312.000
1,598,000
214.000
14.755.000
1,593.1,00
1.336.000
4.749,000
251,000
118,190,000
11,150.000
12,840,000
9,768,000
1,272,000
21,007,000
19.816,000
20.207,000
20.550.000
21,370.000
21,298,000
23.252,000
22.684,000
153.220,000
3,594,000
456,000
741,000
456.000
3,522,000
444,000
539,000
609,000
378.000
3,643.000
423.000
754.000
499,000
1,212,000
359.000
3,130,000
606.000
1,413,000
400,000
2,787,000
654,000
473,000
1.511,000
2,633,000
2,675,000
550.000
1,475,000
559,000
2.723.000
618.000
475.000
1,443.000
1.756,000
2,552,000
1,495,000
1.097,000
5,247,000
5.114,000
5,198.000
5,200.000
5,206,000
6,271,000
5,259,000
5,259,000
6,900,000
2,000
5,000
10,000
793 000
3,000
3,000
9,000
283,000
810,000
43,600,000
54,523,000
104,325,000
110,815,000
369,280,000
69,347,000
23,022,000
110,497,000
120,268.000
369,116,000
36,998,000
43,600,000
111.069,000
117,718,000
382.866,000
38.232,000
69,348.000
87,537.000
114,310,000
396,775,000
54,263,000
36,997.000
98.122,000
104,325,000
417,944,000
44,280.000
38.232,000
92,369.000
110,497.000
426,272.000
17,000.000
55.262.000
105,719,000
88.047,000
445,623,000
19.600.000
48,280.000
114,680.000
87,537,000
466,755,000
19,500,000
190,031,000
110,913,000
97.867,000
407,829,000
682,543,000
692,250,000
692,251,000
706.202,000
711,651,000
711,650.000
711,651,000
736,852,000
826,140,000
391,000
428,000
393,000
35,000
405.000
35,000
430,000
436,000
448,000
448,000
1,739,000
35,000
35,000
35,000
35.000
$
298,000
23,000
92,000
391,000
Total municipal warrants
428.000
428.000
440,000
1,854,000
465,000
471,000
483,000
483,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent.... 3,392,499,000 3,393.650,000 3.389.813.000 3.388,544,000
3,244.977,000
Reidby Federal Reserve Bank
289,210,000 288,622,000 287,440,000 293.211,000 3,367,162,000 3.376.082,000 3.387,639,000 3,392,326,000 270,797,000
288,339,000 315,841.000 302,816,000 294.053,000
In actual circulation
3,103,289,000 3.105.028.000 3.102.373.000 3,095,333,000 3,078.823.000 3.060,241.000
3,084,823,000 3.098,273,000 2,974,180,000
Collateral Ileld by Agent as Security for
Soles Issued to Bank
Gold Ws on band & due from U.S. Tress
3,130,656,000 3.131.656.000 3.125.656,000 3,134,1.56,000 3,098.156,000
By gold and gold certificates
3,118,656,000 3,113,656,000 3,115.156,000 1524 784,000
Gold fund-Federal Reserve Board
1254 735,000
10,685.000
B eligible paper
9.623,000
10.250.000
10,263.000
10,831.000
11.026,000
98,143,000
12,457,000
11,626.000
296,000,000 289,500,000 294.500.000 281.500.000 297,400,000
U. S. Government securities
293.000.000 309,000.000 302,000,000 437,700.000
3,437,341.000 3.430.779.0003.430.406.000 3.425.919.000 3,406.357,000 3.422.682.000
rota collateral
3.435.113.000 3,428,782.000 3,315.362.000
"
-Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was on
Jan. 31 1934 devalued from 100 cents to
59.06 cents. these certificates being worth less to the extent of tile difference, the difference Itself having been
appropriated as profit by the Treasury under the Provisions
of the Gold lteserve Act of 1934.
a Caption changed from "Government" to -U. S Treasurer-General account" and 5100.000,000 included in Government deposits on May 2 transferred to "Other
b Less than $500.000.
deposits."
{
Sept. 1 1934
Financial Chronicle
1360
Weekly Return of the Federal Reserve Board (Concluded).
BUSINESS AUG. 29 1934
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Boston. New York.
Total.
Cleveland. Richmond Atlanta.
Phila.
Chicago. Si. Louis..11inneap. Ran.CUy. Dallas. San Fran,
$
$
$
a
s
$
$
s
$
a
RESOURCES.
$
Gold certificates on hand and due
252,754,0 376,471,0 163,463,0 100,637,0 1,099,040.0 170,559,0 125,526,0 166,451,0
from U.S. Treasury
4,979,482,0 363,770,0 1,771,711,0
881,0
808,0 1,085,0
1,540,0
1,187,0 3,118,0 3,007,0 2,216,0 3,986,0
24.293,0
1,825,0
Redemption fund-F. R. notes
33,958,0 10,652,0 13,436.0 10.709,0
58,600,0 36.714.0 13,103.0 8,659,0 13,571,0
235,917,0 19,364,0
Other eash
178,041,0
Total reserves
5,239,692,0 384,959,0 1,830,898,0 292,586,0 392.581,0 174,338,0 118,194,0 1.134,538,0 182,019,0 140.047,0
1,862,0
2,112,0
250,0
Redem. fund-F. R. bank notes.
Bills discounted:
15,0
15,0
90,0
730,0
275,0
192,0
110,0
833,0
1,636,0
185,0
Sea. by. U.S. Govt. obligations
4,146,0
137,0
182,0
20,0
8,0
489,0
368,0
183,0
10.788,0 4,332,0
22,0
16,861,0
Other bills discounted
197.0
152,0
110,0
738,0
643,0
681,0
293.0
12,424,0 5,165,0
207,0
Total bills discounted
21,007,0
142,0
85,0
122,0
650,0
488.0
193,0
178,0
536,0
1,979,0
371,0
Bills bought in open market
5,247,0
206,0
70,0
40,0
25,0
101,0
117,0
202,0
46,0
Industrial a ivanees
810,0
U. S. Government securities:
76,080,0 16,166,0 17,378,0 17,272,0
467.839,0 27.226,0 165,749,0 30,022,0 35,999,0 17,500,0 15,952,0
Bonds
1,281,420,0 84,695,0 405,332,0 89,370,0 114,929,0 55,873,0 50,827,0 226,698,0 50,013,0 31,325,0 49,453,0
Treasury notes
26,719,0
682,543,0 45,758.0 206,674,0 47,728,0 62,097,0 30,189,0 27,460.0 125.565,0 27,021,0 16.926,0
Certificates and bills
Total U. S. Govt. securities_ 2,431,802,0 157,679,0
Dther securities
391,0
777,755,0 167,120,0 213,025,0 103,562,0 94,239,0
356,0
35,0
$
s
92,749.0 296.351,0
468,0 4,172,0
4,916,0 12,835,0
98,133,0 313,358,0
15,0
197,0
50,0
135,0
212.0
142,0
3.0
185,0
361,0
20,390,0 28,105,0
33,166,0 89,739,0
17.919,0 48,487,0
428,343,0 93.200,0 65,629,0 93,444,0 71,475,0 166,331,0
166,877,0
2.459,257,0 158,257,0 792,239,0 173,294,0 214,181,0 104,436,0 94,912,0 429,832,0 93,472,0 66,117,0 93,808,0 71,832,0
Total bills and securities
222,0
87,0
7,0
87,0
10,0
414,0
341,0
300.0
119,0
109,0
1,195,0
236,0
Due from foreign banks
3,127,0
725,0 1,347.0
270,0 1,911,0
818,0
3,510,0 1,203,0
891,0 1,449,0
721,0
4,590,0
Fed. Res, notes of other banks...
399,0
17.834,0
53,556,0 17,298,0 11,887.0 24,320.0 19,906,0 16,655,0
401,225,0 38.636,0 105,693,0 29,807,0 37,815,0 34,229,0 11.432,0
Uncollected items
7,387,0 3,126,0 1,664,0 3,485,0 1,757,0 4,089,0
11,455,0 4,300,0 6,788,0 3,128,0 2,372.0
Bank premises
52,775,0 3,224,0
613,0
453,0
999,0
229,0 1.111,0
1,214.0
41,228,0 4.887,0 1,493,0 16,92,0 2t.238,0
667,0
kll other resources
56,824,0
8,232,846,0 586,628,0 2,789,160,0 505,936,0 654,049,0 319,391,0 230,075,0 1,630,451,0 297.348,0 221,558,0 301,541,0 192,984.0 503,725,0
Total resources
•
LIABILITIES.
F. It. notes in actual circulation- 3.103,289,0 243,886,0 648,705,0 245,593,0 314,413,0 146,977,0 129,615,0 772,457,0 132,660,0 102,921,0 112,456,0 43,888,0 209,718,0
30,876,0
1,057.0
F. R. bank notes in act'l circul'n
31,933,0
Deposits:
89,926,0 150,814,0 114,176,0 233,526,0
Member bent reserve account. 4,126,973,0 276,290,0 1.742,367,0 191,634,0 263,275,0 120,734,0 71,253,0 752,970,0 120,018,0
284,0 2,546,0 1,435,0 1,232,0
1,460,0
5,123,0
3,429,0 1,770,0 2,952,0 4,924.0 2,574.0
U. S. Treasurer-Gen. acct...
29,936,0 2,207,0
187,0
473,0
153,0
187.0
220,0
839.0
693,0
639,0
253,0
233,0
6,882,0
479,0
11,238,0
Foreign bank
2,346,0 17,502,0
3,574,0 15,129,0 8,155,0 2,564,0
192,686,0 2,067,0 125,591,0 6,098,0 5,650,0 1,233,0 2.777,0
Other deposits
4,360,833,0 281,043,0 1,878,269,0 200,195,0 272,516,0 127,144,0 76,837,0
400,800,0 38,538,0 100,741,0 28,433,0 37.134,0 33,884,0 11,169.0
59,509,0 15,200,0 12,964,0 4,986,0 4,369,0
146,529,0 10,738,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
2,300,0 1,155,0 2,581,0
4,737,0 2,500,0
22,545,0 1,053,0
359,0
74,0
21.106.0
663,0
632,0
703,0
28,534,0
Total deposits
Deferred availability items
liapital paid in
lurplus
lererve for contingencies
ill other liabilities
762,506,0 136,827,0 98,518,0 156.101,0 118,144,0 252,733,0
55.698,0 17,770,0 12,344,0 24.396,0 21,820,0 18,873,0
12.684,0 4,049,0 3,116,0 4.124,0 4,012,0 10,778.0
3,613,0
3,683,0 9,645,0
20.681,0 4,756,0 3.420,0
619,0 1,133,0 1,619,0
853,0 1.026,0
2,969,0
232,0
304,0
359,0
213,0
433,0
3,456,0
8,232,846,0 586,628,0 2,789,160,0 505,936,0 654,049.0 319,391,0 230,075,0 1.630,451.0 297,348,0 221,558,0 301,541,0 192,984,0 503,725,0
Total liabilities
Memoranda.
Woof total res, to dep. at F. R.
note liabilities combined
) nrIngent liability on bills purchased for torn correspondents
)ommitments to make industrial
advances
73.3
65.6
66.9
63.6
57.3
73.9
67.5
69.5
66.3
60.6
67.8
148,0
68,0
62,0
25,0
23,0
82,0
21,0
15,0
18,0
18,0
46,0
18,0
573,0
72.5
47.0
70.2
80,0
37,0
25.0
357.0
160,0
37,0
•"Other Cash" does not Include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 3,392,499,0 271,792,0
Held by Fed'i Reserve Bank._ 289,210,0 27,906,0
$
$
$
$
S
747,676,0 263,282,0 329.232,0 155,761,0 151,179,0
98,971,0 17,689,0 14,819,0 8,784,0 21,564,0
St. Louis. Minneap. Kan.CIty. Dallas. San Fran.
_
S
$
S
$
S
$
808,020,0 137,998,0 107,067,0 118,443,0 49,117.0 252,932,0
5,229,0 43,214,0
35,563,0 5,338,0 4,146.0 5,987,0
3,103,289,0 243,886,0
In actual circulation
Collateral held by Agent as security for notes issued to bks
Gold certificates on hand and
due from U.S. Treasury.... 3,130,656,0 276,117,0
207,0
10,685,0
Eligible paper
U. S. Government securities.. 296,000,0
648,705,0 245,593,0 314,413,0 146,977,0 129,615,0
772,457,0 132,660,0 102,921,0 112,456,0 43,888,0 209,718,0
753,706,0 212,000,0 282,431,0 121,340,0 81,385,0
358,0
293,0
6,572,0 1,337,0
643,0
50,000,0 50,000,0 35,000,0 72,000,0
819,513,0 122,936.0 99,000,0 111,290,0 50,175,0 200,763,0
112,0
212.0
71,0
37,0
105,0
738,0
54,000,0
16,000,0 9,000,0 10,000,0
270.0 263.337.0 333.074.0 156.690.0 153.678.0
820,251.0 139,041.0 108,037,0 121,361,0 50,387,0 254.875,0
P"••1 nnllotAnal
Boston. New York.
Total.
'1 457 141 Cl 9711 :524 II
.
700
Phila.
Cleveland. Richmond Atlanta.
Chicago.
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) °willed.
Federal Reserve Agent at-
$
s
Phila.
Cleveland. Richmond Atlanta.
Chicago.
$
Boston. New York.
Total.
$
$
$
Federal Reserve bank notes:
Issued to F. R. Bk.(outatdg.)Held by Fed'I Reserve Bank__
$
43,125,0
11,192,0
1,511,0
454.0
31,933,0
1,057,0
5,000,0
$
$
$
31,474,0 12,000,0
n
$
$
30,876,0
48,474,0
St. Louis. Minneap. Kan.City. Dallas. San From.
31.406,0 10,208,0
530,0 10,208,0
In actual circulation-net S.
Collat. pledged agst. outst. notes
Discounted at purchased bills_
U. B. Government securities._
$
a 000 0
31.474.0 12.000.0
deposited lawful money with the Tr8111311rer of
• Does not Include $96,976,000 of Federal Reserve Dana notes tor the retirement of which Federal Reserve banks have
the United States.
"rnt•I dusliotarsd
40 474
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
figures
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. Theseurea for
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the fig
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.
RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL
BUSINESS AUG. 22 1934 t a Millions of Dollars).
Federal Reserve District-total
cans and Investments.
oans-total
On securities
All other
avestmenta-total
U. S. Government securities
Other securities
eserve with F. R. Bank
ash in vault
et demand deposits
Ime deposits
overnment depasits
ve from banks
_
banks
,ue to.
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Frau.
.
IS
$
$
$
$
$
$
$
$
1,874
415
362
561
512
1,854
331
1,195
347
3
17,725
$
1,192
$
8,020
$
1,062
7.814
673
3,521
492
408
161
166
735
210
165
215
184
884
3,271
4,543
250
423
1.721
1,800
223
269
193
215
57
104
56
110
316
419
76
134
39
126
59
156
57
127
224
660
9,911
519
4,499
570
787
186
165
1,119
302
197
346
231
990
6,651
3,260
344
175
3,064
1,435
293
277
581
206
128
58
109
56
772
347
193
109
138
59
232
114
175
56
622
368
3,064
234
12,818
4,513
1,236
1.550
,
3 741
226
49
871
342
104
114
190
1,508
48
6,623
1,096
710
130
1.617
126
12
668
317
68
128
220
151
18
656
466
48
94
183
52
11
223
135
8
79
89
29
6
175
129
29
81
79
548
44
1,650
498
61
227
514
77
8
340
166
33
103
149
50
4
240
124
8
73
112
90
11
436
166
23
206
268
74
8
279
123
63
137
125
133
15
657
951
81
178
195
1361
Financial Chronicle
Volume 139
sob Sittanrittl
Tonnittrrial (glint-nide
are
United States Government Securities
Bankers Acceptances
NEW YORK AND HANSEATIC CORPORATION
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
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Including Postage$10.00
United States, U. S. Possessions and Territories
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In Dominion of Canada
South and Central America, Spain, Mexico and Cuba.-- 13.50
Britain, Continental Europe (except Spain). Asia.
Great
15.00
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Bid.
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
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ru.... 10 1025
Bid.
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%.
0.20%
0.20%
0.20%
n 9n oz.
Dec. 28 1934
Jan. 2 1935
Jan 9 1935
Jan. 16 1935
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Feo. 6 193.5
Feb. 13 1935
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Asked.
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•
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William Street, Corner Spruce, New York.
-For review of the
Railroad and Miscellaneous Stocks.
New York stock market see editorial pages.
The following are sales made at the Stock Exchange this
week (Aug. 25 to Aug. 31, inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Week Ended Aug. 31.
Range Since Jan. 1.
Range for Week.
Salts
for
Week.
Highest.
Lowest.
Highest.
Lowest.
per share. $ per share.S per share.
Par Shares $ per share.
Railroads70 754 Aug 29 76% Aug 28 74% Apx 76% July
Cleve & Pittsburgh. _50
100 104 Aug 27 10% Aug 27 9% July 26% Jan
Hudson & Manh pf.100
Aug
fIRT etts of dep.__ _•
700 11 Aug 27 12 Aug 27 64 May 12
Apr
Aug 7
70 2% Aug 25 2% Aug 25 2
Int Rys of Cent Amer.
Feb 96 June
NY Lack & Westn_100
10 93 Aug 30 93 Aug 30 83
Indus. &
Bon Ami class A
Collins & Allman p1100
Colonial Beacon Oil Co
f Col Fuel dr 1r pref.100
Consol Cigar pf (7).100
Corn Each Ilk Tr Co_20
Cushm Sons pf (7%)1 11
1 Preferred (8%)._ _
1
Duplan SilkPP
Preferred
100
Falrbks Co pret etts.100
Florsheim Shoe cl A_ _
Freeport Texas pret _100
Guantanamo Sugpfd100
May 86
Jun 94
Aug 9
Jan 32
Jan 59
Aug 51
Ma 91
Apr 90
July 23
Feb 110
Feb 94
Jan 25
Aug 1604
Jan 31
July
Apr
Feb
Feb
Apr
Jan
May
June
Feb
Mar
Apr
Apr
Jan
Feb
Indian Refining
200 2% Aug 281 214 Aug 28 24,May 44
10,
July 116%
50 105 Aug 261054 Aug 28 105
Ingersoll-Rand prof _100'
100 60 Aug 291 60 Aug 29 2134 Jan 724
InterstateDept9tept 100
30 112 Aug 29,1124 Aug 31 97% Jan 1134
Kan CItyP&Lpfdser B •
500, 4% Aug 28' 44 Aug 27 24 Jan 71.4
Kresge Dept Store..
..1
Jan 55
50 40 Aug 30 40 Aug 30 19
1- Preferred
100
..100
20, 2034 Aug 25 204 Aug 25 204 Aug 33
Mackay Cos prof.
Mathioson Alt Works
Jan 135
3011284 Aug 28 130% Aug 27 110
Preferred
100
Aug 40
800 344 Aug 27 3834 Aug 31 30
Norwalk 'I'& Rub 0.50
Jan 114%
Outlet Co pref
100
20114% Aug 25114% Aug 25 97
Jan. 90
10 32 Aug 25 82 Aug 25 46
Revere Cop dr Br p1100
20 64 Aug 28 64 Aug 28 6 June 94
Southn Dairies el A__ _•
20125% Aug 29 1254 Aug 29 12134 Jan 1264
Stand Brands pref. 100
Stand Oil of Indlana_25 2,900 2634 Aug 3 2734 Aug 30 2634 Aug 274
July, 17
370 10 Aug 27 1134 Aug 29, 8
United Amer Bosch._ _•
May' 134
81 Aug 25
66 Aug 29
100
400,
U. S. Express
9 Aug 25; 4% Janl 24
10 9 Aug 2
Univ Pipe & Rad p1100
Augi 67
10 59 Aug 29 59 Aug 29 59
10
Utah Copper
100 1934 Aug 2 191.4 Aug 28 1934 Aug 224
Vadsco Sales pref. _103
receivership.
• No par value. f Companies reported in
Apr
Apr
Apr
July
Feb
Apr
May
150 82 Aug 31 83
40 78% Aug 29 79
100 5 Aug 28 5
10 24% Aug 25 24%
40 454 Aug 25 484
640 46% Aug 31 48%
20 80% Aug 30 81%
10 774 Aug 30 7734
200 14 Aug 25 14
10 102 Aug 30 102
150 8 Aug
200 20 Aug 29 20
100116% Aug 31 11691
90 274 Aug 25, 29
Aug 29 76
Aug 31 774
Aug 28 5
Aug 25 104
Aug 25 31
Aug 27 4614
Aug 27 so%
Aug 30 684
Aug 25, 14
Aug 30 100
3
Aug 29 15
Aug 31 116
Aug 29 734
June
July
May
June
Mar
July
Aug
Feb
Apr
Apr
Apr
June
-For
The Week on the New York Stock Market.
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Rnded
Aug. 311934.
State,
Railroad
Stocks,
Number of and Miscall Municipal &
Porn Bonds.
Shares.
Bonds.
436.700
534,100
404.220
761,860
649,650
400,790
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
3,187,320 $23,229,000
Total
Sales as
New York Stock
&change
8878,000
1,857,000
1,818,000
1,668,000
1.566,000
1,494,000
32,876,000
3,705,000
4,424,000
4,909,000
3,829,000
3.486,000
$2,606,000
3,537.000
1,930,000
2,820,000
6,617.000
7.962,000
$6,420,000
9.099,000
8.172,000
9.397,000
12,012,000
12,942,000
Jan. Ito Aug. 31.
1934.
1933.
3,187,320
-No. of shares.
Stocks
Bonds.
325,532,000
Government bonds
9,2811,000
State & foreign bonds.
Railroad & misc. bonds 23,229,000
Total
Bond
Sales.
$9,281,000 $25,532,000 858.042.000
Week Ended Aug. 31
1934
United
States
Bonds.
1933.
9,771,139
251,134,370
504,805,974
32,556.100
12,914,000
28,876,000
$548,890,200
432,095,000
1,658,987,000
3297.101.200
527,021,500
1,495,154,900
$58,042,000 $44,346,103 $2.639,972,200 $2,319,277.600
Total
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Aug. 31.
/ni.
maturity.
Ng.
Rate.
Bid.
Asked.
AfraltrUr
Elept.15 1934..
aug. 11935..
June 15 1939._
Dec. 15 1934...
Mar. 15 1935...
Dec 151985...
Feb. 11988..
flee. 18 1938 .
14%
14%
24%
234%
24%
24%
234%
24%
100",
,
101 52
”
100,4
s2
100,,
,
100 22
102213.
1024414
104
1001, 5
101142
111012,,
100,722
,
loll
102444
1024'4
104822
Apr. 15 1936...
June 151938.,..
June 15 1935...
Feb. 15 1937._
Apr. 15 1937...
1614r. 15 1938-k ug. 1 1938...
Sept.. IS 1931...
lee
pxxveeeyy
1.....
eel
Rats,
Bid.
Asked.
-1032122 103 s2
,,
,
103 35 103un
,
102 55 104"22
1041, 104un
5r
104", 104MM
1034414 1034741
1044144 1042444
,
1042 25 10425,,
United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange.
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Prices, Aug.25 Aug.27 Aug. 28 Aug.29 Aug.30 Aug.31
444 103 104 2 103914 10346
High 103,022 103,022 103'
First Liberty Loan
,
,
103 22 103 12
22
,
,
365% bonds of 1932-47_ Low. 103 22 103 2, 1031, 103752 103444 103'44
,
,
Close 1031022 103 22 1031,22 103 22
(First 3345)
66
33
73
7
7
227
Total sales in $1,000 units_
------------- ---- - Converted 4% bonds of. High
1Close
Total sales in $1,000 units. _
Converted 44% bondsl High
of 1932-47 (First 44s) Low.
Close
Total sales in $1,000 units...
Second converted 44% High
bonds of 1932-47 (First Low.
Close
Second 44s)
Total sales in $1,000 units_
1 Higii
Fourth Liberty Loan
Low.
466% bonds of 193338
Close
(Fourth 44s)
Total sales in $1,000 units__
(High
Fourth Liberty Loan
I
434% bonds (2d called). Low.
Close
Total sales in $1,000 units...
(High
Treasury
Low.
44s 1947-52
Close
Total sales in $1,000 units__
{High
Low.
45, 1944-54
Close
Total sales in $1,000 units._
1 Higli
Low.
48/9-3318, 1943-45
---_ - :.-.--- -- -4444 1044444
$
.
1
- 1,
1031.12 103 22 103 '12 10 1444 103
,
103 52 103444 103741 103444 1034sr 103442
,
,
103.022 103 52 103"22 1031.22 1031022 103 22
35
12
51
32
7
5
--- ------------ ----- - ----- - -- ---- ----_ --2225
103
25
1032,
103"22
27
10 ,,22
1002444
100,852
11
1121444
112.n
112ron
13
107444
1074144
1074144
103
102"44
1021055
-- -4
103 '44
52
1032,
103"s4
5
100,,22
-- -2444
103
103,155
1034444
19
100,,o
-- -4444
103
1032444
1034644
113
5,
1002,
- -4i44
103
1034144
1034634
28
s
1002,
090
2.
,
100 .n 100,, 10004., 10024n 1"o
100 , 1004444 1002144 10044,, 1004241
22
32
136
10
26
1
, 112444
Total sales in $1,000 units.
.
{Mil
Low_
3818, 1948-58
Close
Total sales in $1,000 units_
{Mai
Low.
8
%s, 1943-47
Close
Total sales in 31.000 units..
fl
{ im;
Low.
35. 1951-55
Close
Total sales in 31.000 Units..
{ mei
35, 1948-48
Low.
Close
Total sales in $1,000 units._
Higli
Low.
334s, 194043
Close
Total sales in $1,000 units_
{Hifi
Low.
11%/1, 1941-43
Close
Total sales in $1,000 units-High
3315, 194649
Low.
Close
' {
Total sales in $1,000 units-1 Higli
348, 1941
Low.
Close
sales in $1,000 unit.,...,.
{High
Low.
3348, 1944-46
Close
Total salts in 11.000 units__
112,044 112644 112.4u 11244
112'n 112.n 112.n 112h,
,
, 1122r5 112444
,
112 s 112 5
86
74
5
62
1074444 1071444 107244, 1072644
1074444 1072444 1072444 1071$32
1072444 1074444 1074444 1071444
27
16
33
103
102",, 1021% 102r255 1027n
102 25 102% 1025'1, 101l0s,
,
5
,
102",, 1021222 102 21 102",, 1013,,
350
6
89
243
134
108444 108444 108444
108'n 106444
,
108 44 106',, 10642 106252 106
,
,
,
106 22 106 52 106 22 106',, 106',,
83
2
53
3
460
103"n 103"11 1031222 103n44 103"22
8
,
103245 10312 103",, 10312,, 103 25
1032022 1031,21 1031214 1031444 103444
250
9
7
112
18
2
Iggre,, 10014„ 10014, loon% 100104
,
1001144 1001444 1004444 100124 100442
,
,
19044,, 109444 100444 100ute 100.n
372
40
52
71
207
100144, 100",,1001444 10041 100114
0t
1001,22 1001*,,1011% 10014. 10 .,
,
1001,21 1001252 Must 100"22 100 22
68 1.509
57
552
282
,
103"33 103..12 103"12 1032.25 10311
1032%2 1032,22 1037444 103444, 1030s.
1034444 1032444 103144
10344:4 1032444
31
6
14
64
58
1031,55 1032444 1034414 1032444 103244
,
,
1032144 10324u 103444 103245 103112
22
1032,25 1031, 1032444 103"44 103%
40
13
37
37
20
1011252 1011,32 1011222 100255 101125
% 101 52 10112.5 101255
,
22
1011, 1011
101,,22 1011,55 1011122 1012255 101 442
292
2
30
229
85
1034141 1032441 103444
103",,104
07
,
103225 103th, 1032s,, 103s% 103.
1034444 1032444 103244, 103",, mu.,
125
30
31
78
15
,
1024144 102",4 102444 102144 102155
102% 102'12 102'8 102'22 1011113
1021444 -102414 102444 102'n 101444
878
236
147
746
250
348. 1944-64
100"12
close
4
-;
103;
1034444
1034441
166
,,
100 s2
112
112'n
44
107.'41
,
107 41
10717s4
17
101ion
10101.,
101",,
240
105"31
105,,22
105%3
1
103',,
103Iss
4
4
/
1031
635
100%,
100
100%
651
100444
99n.,
,
100 st
1.911
103h1
103%
103444
11
10310e
,
103 u
103414
38
101%5
101
101442
582
10304:
103",,
mu.,
91
102
10124r
101466
719
,.
Federal Farm mortgage {nigh 100151, 1000s, 100110 10020,, 10001. 100'
991,
100',,
LICAV.
,
100",, 100 11
Close 1002% 100rs,,
Total sales in $1,000 units...
124
241
Federal Farm Mortgage High 981,22 981,22
3s, 1949
Low_ 984414 984s4
Closo 98,02, 98444
Total sales in $1,000 units.
87
35
1 High 982444 984144
Nome Owners' Loan
48. 1951
Low. 981% 981.2,
25
Close 98uo 981,
Total sales in $1,000 units...
242
239
,
Home Owners' Loan
f High 9804, 950$3
98',,
35. series A. 1952
Low. 98155
,
Close 980522 98 :,
759
231
Total sales in 31.000 units _ _
100",,
Mr% 1001.5, 100 8 100
,
32
32
73
257
98
02
,
98 ,, 981%2 98
97"21
,
98,182 98 22
98441
98
984444 984444 98444
79
100
449
192
,
98 22
,
Nun 298,22, 981 5
,
97"si
22 98",, 98 52
981,
98.22
,
98"32 98 u'22 98 3r
604
582
434
92
Hi% tisah, 981,,
,
98 32
s2
980,
795
989n
,
98 st
1.171
9842
,
98 s1
1.352
ofon
07Nt
97"s:
1.368
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
20 4th 4
(2d called)
100,, to 1002,
52
2:
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 1350.
A complete record of Curb Exchange transactions for the
week will be found on page 1380.
1362
Sept. 1 1934
Report of Stock Sales-New York Stock Exchange
I
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Eir FOR SALES DURING THE WEEK OF STOCKS NOT
RECORDED IN THIS LIST. SEE PAGE PRECEDING.
NOTICE.
-Cash and deferred delivery sales are disregarded in the day's range. unless
they are the only transactions of the day. Vo account is taken of such
sales in computing the range for the year.
•111011 AND LOW SALE PRICES
PER SHARE
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
Range Since Jan. 1.
Range for Previous
for
NEW YORK STOCK
on basi 01100.shars lac
Saturday
s
Monday
Tuesday
Wednesday Thursday I Friday
Year 1933
the
EXCHANGE.
Aug. 25.
Aug. 27.
Aug. 28.
Aug. 29.
Aug. 30.
Aug. 31.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share 16 per share $ per share Shares.
Pm $ per share
Railroads
$ per share
Per
5314 54
513 5314 5114 5214 51
4
53
49
503
4 4912 51
21,600 tteh Topeka & Santa Fe--100 4514 Aug 11 733 Feb 5 $ 348 share $ per share
4
*781 80 *78
/
4
Feb 80% Jul,
81
80 80
*7812 80
7812 7812 78
78
300
Preferred
100 704 Jan 5 90 July 14
3214 323
60 Apr 7934 June
4 3112 3212 3/
31
30
31
28
2914 2812 2852 2,900 Atlantic Coast Line RR
100 24123017 31 5414 Feb 18
1712 174 1732 18
1612 Feb 59 July
167 1714 1652 1712 16
2
163
4 1512 1618 16,100 Baltimore & Ohio
/
1
100 1314Ju17 26 344 Feb 5
7
21
8 Feb 37 July
/
1
4
2114 2014 2012 1972 194 193 193
4 1912 1912 *18
4
19
1,300
Preferred
100 1634Ju17 26 373 Feb 6
9 Apr 3914 July
/
1
4
*4112 43
4112 4112 4112 4112 4212 4212 *4112 4134 4114 4112
500 Bangor & Aroostook
50 3512Ju1y 27 4618 Feb 1
20 Jan 4134 Dec
*100 108 *100 109 *100 109 *10812 109
*9814 109
*9814 109
mg 9512 Jan 5 111 June 30 68% Jan
Preferred
*814 9 4 *712 10
3
10 Aug
*712 9
*712 9
*752 834
73
2 7%
100 Boston & Maine
100
612,Ju1727 19 Feb 5
/
1
4
8 Apr 30 July
*41
512
512 512 *44 512 *412 512 *412 538 *44 5
/
1
300 Brooklyn & Queens Tr_No par
/
1
34 Aug 8
834 Feb 7
3 Mar
93, July
/
1
4
*4712 501
4712 4734 .47 4912 *4712 4934 *4712 4912 *4712 4914
200
Preferred
No par 38 July 26 5814 Apr 26
8534 Apr 804 July
4334 44
44 447
8 4358 4414 4334 444 4212 434 4134 4212 10,400 Bklyn Manh
/
1
Translt
No par 2814 Mar 27 448 Aug 27
2134 Feb 4114 July
*9112 98 *913 953 *9112 98
4
4
*9112 98
*9112 94
9132 9132
200
$6 preferred series A_No par 8218 Jan 4 97 July 21
64 Mar 8312 June
143 1434 1414 1412 1418 1434 1438 1412 14
8
1434 1334 14
14,500 Canadian Pacific
25 1178Ju17 26 1814 Mar 12
7 Apr 207 July
/
1
4
*8412 95
*8412 95
8
*8412 95
*8412 95 *8412 95
*8412 95
Caro Clinch & Ohio stpd...100 70 Jan 6 9212June 23
5014 Apr 79 July
*56 62 *5212 62 '53 82 '56 62
/
1
4
*56 62 *56
62
Central RR of New
53 July
38 Apr 122 July
4514 453
4412 443
4 4414 4412 4414 443
4 4352 4414 4314 4372 7,000 Chesapeake & Ohio Jersey 100 39 Jan 27 92 Feb i
5 4858June 18
/
1
4
25
2452 Feb 4914 Aug
*2
212 *2
212 *2
214
2
2
*2
234 *2
234
100 Wilk,& East Ill Ry Co__ 100
15 Aug 2
7 Feb 17
12 Apr
27
27
8 July
*27
/1 314 *27
314 *3
314
28 314
234 234
900
6% preferred
100
1583ul7 23
8 Feb 16
212 258 *212 27
/ Apr
1
4
2
812 July
212 25
3
214 23
214 214 *214 232 1,200 Chicago Great Western
2
100
2 July 26
512 Feb 1
512 512
18 Apr
°Is 512 *412 Ma *412 5
73 July
2
*412 5
412 412
800
Pastured
100
4 July 23 117 Feb 19
s
2 Apr 1478 July
/
1
4
33, 3
/
1
4
3% 3 4
3
352 31
33
3
4
/ 312
4
1
4 33
4
334 312 1,800 Chle Milw St P & Pao....No par
212July 26
8 Feb 5
/
1
4
1 Apr 1154 July
53
57
534 57
4 64
2 614
2
52 6
3
514 512
514 15,300
512
Preferred
358July 28 1314 Feb 5
100
11 Feb 181. July
/
4
714 712
718 712
63
65
4 7
2 7
614 63
4
612 632 11,400 Chicago & North Western 100
412July 26 15 Feb 5
114 Apr 16 July
1334 1412 1314 1334 1214 124 1252 1312 1134 1214 *1134 1232 2,500
Preferred
814Ju1y 28 28 Feb 18
100
2 Apr 243 July
3
3
3% *212 3
3
*212 3
234 23
4
23
4 24
3
800 :Chicago Rock lel & Pacifirt100
614 Feb 7
2 July 24
2 Apr 1018 July
*434 5
434 5
*334 434 *4
412 *334 432 •334 415
200
314 July 26
9% Feb 6
3 Apr 1912 July
/
1
4
*318 418
312 312 .3% 418 *312 4
*312 4
*34 412
100
64 preferred
27 Apr 15 July
8 Feb 6
100
2 July 23
23 23
234 2312 23 23
/
1
22
23 *22
234 23 23
/
1
90 Colorado & Southern
100 18 Aug 4 4038 Feb 1
1514 Feb 51 July
•19
25 .18
22 '16
22 '16
22 *1612 20
*1612 20
4% let preferred
100 15 Aug 13 3314 Feb 9
124 Apr 4234 July
*---- 19
*10
18 *____ 183 *---- 1858 *___- 183 •_....- 183
4
4
4
4% 2d preferred
100 20 Jan 12 30 Feb 3
10 Mar 30 July
414 43
414 414
44 414
8
43,
4
414 412 *4
44 1,700 Consul RR of Cuba pref
/
1
6% Feb 5
218 Jan 5
100
114 Feb 105 June
s
6 8 65,
5
4 612 *54 614
6,
6
6
*6
672
6
6
340 Cuba RR 6% prat__ __100
Jan 15 101 Jan 23
/
4
314
24 Jan 16 June
/
1
4412 45
4312 4418 *43
4434 4212 44
40 41
40 40
4,000 Delaware & Hudson
375 Feb 93 July
100 35 Aug 6 7312 Feb 1
8
184 19
/
1
'
177 188 1712 1778 172 18% 1612 1714 165s 17
8
8
8.200 Delaware Lack & Western.50 14 July 26 333 Feb 5
1714 Feb 46 July
612 67
632 632
2
632 632
634 63
63
64 64
4 *6
4
900 Deny Si Rio Or West pref 100
44July 28 1314 Mar 28
2 Feb 19 4 July
3
147 1514 148 15
8
8
137 1438 14
1434 1338 1334 13
13% 3,300 Erie
8
100 10183uly 28 247 Feb 5
3% Apr 25 July
8
20
2012 '19
20 '19
2034 *18
19
1758 175
174 1718
900
First preferred
1534July 26 2814 Apr 26
100
412 Apr 2912 July
1314 1314 *1212 1714 *1212 1714 *1212 174 1212 1212 *1112 13
200
Second preferre 1
100 11 July 28 23 Apr 21
2 Apr 234 July
/
1
4
187 17% 1614 1878 154 1614 153 183
8
4 1434 1512 1434 1514 11,400 Great Northern pre!
4
45, Apr 333 July
100 1214Ju1y 26 3212 Feb 5
3
*7
87
3 *712 81
*712 87
714 714
*614 714
7
7
200 Gulf Mobile & Northern 100
5 July 25 1614 Feb 20
15 Mar 111 July
/
4
*17
187
16
s 18
*1514 18
*1514 18
1514 1514 .14
18
200
Preferred
4
100 12 July 28 353 Feb 21
24 Mar 2312 July
/
1
$
34
4
7
8
7
8
*12
7
8
"2
"2
7
8
*12
7
8
7
200 Havana Electric Ry Co Na par
02
52July 2
112 Jan 23
38 Dec
234 June
6
'
6
1614 612
8
6
*534 614
534 53
6
4
6
400 Hudson & Manhattan
100
418 Aug 6 124 Feb 7
612 July 19 June
1834 19% 1818 1812 1714 18
1714 18
1614 1718 1614 163
4 9,500 Illinois Central
100 13583uly 26 347 Feb 5
812 Apr 5054 July
*28
31
28 *25
28
30 *25
30 *25
31 .25
31
100 6% oref series A
16 Mar 6018 July
100 28 Aug 22 50 Apr 28
*5714 60
*563, 59
*5714 130 *57% 59
*54
*54
59
59
Leased lines
100 48% Jan 5 66 May 2
31 Mar 60 July
*1114 13
*1014 13 *1012 13
*1014 12
*1014 12 *1014 12
RR Sec
912 Aug 7 2414 Feb 6
44 Apr 34 July
/
1
124 134 1314 1412 1314 1412 1334 1452 135g 1414 13% 133 25,000 /Interboro elf, series A__1001)
4
Rapidyren y 8 0 100
51July 26 14% Aug 29
/
4
93
44 Feb1334 Deo
93
9
4
9
83
83
4 834
8
8
85,
*8
812
500 Kansas City Southern
100
658July 28 1934 Apr 21
612 Feb247 July
8
1434 143
4 1414 1412 *144 15
1414 1414 1412 144 *1314 16
600
Pre erred
100 1114 Aug 7 275, Apr 21 212 Mar 3414 July
13
1332 1252 127
2 124 1252 1212 1234 1152 12
1112 1134
912Ju1y 26 2114 Feb b
858 Feb27 4 July
50
3
4812 46'2 447 448 4312 4412 4212 438 4314 4314 424 4212 3,600 Lehigh Valley
/
1
1,800 Louis211Ie ar Nashville...AO° 41 Aug 9 6212 Apr 20
2114 Jan 87 July
/
1
4
30 30
3018 313 •3114 314 *30
3134 3114 3114 *30
318
250 :Manhattan Ry 7% guar 100 20 Jan 3 3212Mar 29
12 Mar 28 Oct
2412 2412 25's 2434 24 2 2412 25
24
7
2334 2412 2212 234 14,600
Mod 5% guar
100 1034July 26 2512 Aug 27
8 Jan 20 Oct
*5
9
*5
9
*5
*5
9
9
*5
9
*5
9
Market St Ry prior prof.__100
47s Jan 16 1214 Apr 24
178 Mar
8 June
%
•8
3
8
3
1
*33
12
/
*3
8
12
3
8
3
13
3
11
3
900 :Minneapolis & St Louis 100
8
14 July 30
132 Mar 28
18 Jan
24 July
/
1
*114 11
*114 11
*114 112 *114 112 *114 11
*114 112
Minn St Paul & SS Marie 100
35 Feb 6
57 July
1 July 26
12 Mar
*138 21
*114 21
*1
212 *1
212 *1
2 2 *1
,
22
,
7% preferred
1% Jan 8
51 Apr 20
/
4
100
54 Apr
81 July
/
4
*312 4
*312 4
312 31
*312 412 *3
/ 4
1
4
*312 4
10
4% leased line Ms
212Ju1y 26
712 Mar 10
100
212 Dec1412 July
74 75,
74 73
4
714
7
74
7
8
/ 7
1
4
614 612 4,100 Mo-Kan-Texas RR.....No pa*
438July 27 1478 Feb 5
534 Jan 1718 July
174 17'e 17
/
1
1714 183 163
4
17% 16
4 17
1838 18
16
1,600
100 1312.1uly 26 3434 Frb 6
Preferred series A
I11 Jan 374 July
/
4
3
3
314 33,
314 314 *23
4 314
314 34 *23
4 314
800 :Missouri Pacific.
6 Feb 5
100
2 July 26
118 Apr 1014 July
43, 434
*438 458
414 434
414 412
4
418
4
4
2,300
Cony preferred
314July 24
9% Feb 1
100
158 Apr 1514 July
26
26
*2212 26
*2212 26
26
*2212 241 *2212 2432
26
70 Nashville Chatt dt St Louis 100 21 Aug 13 46 Jan 24
13
Jan 57 July
*72 1'2
1
11
*72 112
*72 112
*72 114
*72 114
Nat Rye of Me: 1st 4% pf..100
214 Feb 23
I May 113
% Mar
*12
52
*12
2
2
312 June
2
8
12
12
r12
52
3
4
*5
3
4
8
100
2d preferred
38 Jan 5
1 Mar 7
_100
18 Jan
13 June
8
2378 2412 2314 2412 227 2332 22 237
8 2118 22
2118 22 62,200 New York Central.
No par 1834 Aug 8 454 Feb 5
/
1
14
Feb5812 July
15
15
*1214 1212 1214 1214 *1114 1212
1412 1412 •12% 13
700 N Y Chic St St LouisCo___100
8
9 July 26 287 Apr 24
218 Jan 275 Aug
2314 24
24
24
2234 2312 223 23 *2012 2212 *184 22
4
/
1
2,000
Preferred series A
100 1712 Jan 3 4314 Apr 23
25, Apr 3414 July
120 120 *118 122 *118 12112 *114 119 *1144 119 *114 119
/
1
20 N Y & Harlem
50 108 Jan 2 139 Feb I 100 Mar 15834 June
1218 128's 11% 124 1112 117
2 1114 1212 1012 1112 1014 1058 10,700 Mil& Hartford
100
9 July 26 244 Feb 5
114 Feb344 July
1912 h92 19
193* 184 187
2 1812 183
4 17
171
17
17
1,400
Cony preferred
100 1412July 26 3758 Feb 5
18 Apr 58 July
65
N Y Ontario
412Ju1y 27 11% Feb 5
Western...100
712 Dec15 July
n 63 *64 67 *1 6% 9. 61 •l 4 53 .1 6
11
II, Ps *6 112 8% 11 53 II *512 112 800 N Y RailwaysJrpref
200
%July 23
No par
13 Jan 16
4
18 Mar
312 July
*2
23
*13
4 23
*13
4 23
4 *114 2% •18
27
8 •13
4 27
8
:Norfolk Southern
47 July
118July 23
418 Apr 20
100
12 Apr
*17512 178 *17512 178 *17512 178
17512 17512 z175 17512 *170 174
300 Norfolk & Western
100 161 Jan 5 187 July 16 1111 Mar 177 July
/
4
95l
95l 95 g *954 96
*9414 96
9512 9512 96
96
9612 96 2
,
170
Adjust 4% prof
100 82 Jan 8 100 June 9
74 May 871 Sept
193 2014 194 1912 1834 185
/
4
2 1852 20
18
1812 1812 1812 6,900 Northern Paoltio
95 Apr 347 July
4
100 141:July 31 363 Apr 11
2
*14 312 *1
312 *1
212 *1
212 *1
212 *1
213
Pacific Coast -----------10
63 Mar 14
8
2 Jan 4
1
la
7 July
*23
*234 5
5
*3
*3
5
5
*3
•3
5
5
181 preferred
334 Jan 19 1114 Apr 20
No par
1% FebtO July
•14 312 *13
4 33
33
4 *2
3 4 *I% 38
3
*2
4 *2
33
2d preferred
No par
2 Jan 3
812Mar 14
I Feb7 July
2514 2512 2478 2532 2412 2514 24
25
2332 244 23 8 2414 22,700 Pennsy:vanla
5
50 21 Aug 6 377 Feb 19
13% Jan 4214 July
*278 4
*212 4
*212 4
*212 4
*212 4
*212 4
Peoria & Eastern__ .....100
218July 28
*197 23
8 Feb 17
7 Feb9 July
8
*18
20 *16
19 *1414 2112 *1414 20
*1414 17
Pere Marquette
100 12 Aug 7 38 Apr 24
3% Mar 37 July
*2018 25 *20
*21
24
3014 *204 25 *21
30 *21
30
Prior preferred
100 18 Jan 13 5112 Apr 23
6 Jan 4412 July
827
•27
31
*2012 36
31
*2112 30
20
2018 •1878 36
200
Preferred
100 1318 Aug 7 43 Apr 23
41 Feb3812 July
/
4
*112 212
214 25
23
4 23
312 34 *212 314
4
3
4 24
23
300 Philadelphia Rap Tran Co-50
57 July
6 Apr 25
2 Aug 10
/
1
4
2 June
73
71
*64 73
4 •612 73
4 *6
*6
*8
73
4 *6
7%
7% preferred
/
1
4
50
4 Jan 12 16 Apr 24
3 Dee 10 July
*1212 197 *1212 197 *121 197 •1212 197 *1212 1972 *1212 197
/
4
8
Plttsburgh & West Virginia WO 1114July ao 27 Feb 21
2
8
612 Apr 35 July
44 44
*38
443 *3818 448 *381 443 •3811 42 *377 42
4
/
4
4
100 Reading
8
50 3518 Aug 11 563 Feb 5
*agi, 42
234 Apr 11212 My
/
1
*3812 40 *381 40
*3814 40 *3814 40 *3814 40
/
4
1st preferred
50 3378 Feb 7 411:June 9
25 Apr 38 July
7 *37 397 *37
*37
39
40 *37
40 *37 40
*37
40
2,1 preferred
50 291s Jan 11 3912June 19
2312 Mar 37 July
.558 9
•558 9
*558 9
*558 9
8 9
*55
•55t; 9
Rutland RR 7% prof
100
7 July 26 15 Feb 7
6 Jan 1812 July
2
2
2
218
24 218
214 214 *2
214 *212 214 1,000 :St Louis-San Francisco 100
98 July
438 Feb 6
112 Aug 9
7 Jan
8
•234 312 *3
318
2
/ 234 *284 318
1
4
214 23
212 212
400
15t preferred
100
2 July 23
618 Apr 4
I
Apr
94 July
*54 1412 *512 1412 *512 1412 *512 141
/
1
*5% 1412 *514 1412
St Louis Southwestern...AO°
8 July 26 20 Mar 8
51.4 Mar 22 July
1
1
78 1
7
8 1
1
1
1
1
7
8
% 2,000 :Seaboard Air Line__ __No pa
2 Feb 6
3 July
'8 July 24
13
4 Jan
•114 1% .11
.11 13
/
4
4. *112 13
*158 18
•
152 13
4
Preferred
47 July
114 July 25
100
34 Feb 21
% Mar
1912 2014 19% 194 187 1918 1812 20
1752 1832 1752 1812 36,300 Southern Pacific Co
100 14% Aug 6 3334 Feb 5
1112 Feb 383 July
4
1752 183
4 173 1834 17
4
175
8 17
1634 16
18'4 18
184 20,300 Southern Railway
/
1
100 1112 Aug 6 3612 Feb 5
Cs Mar 36 July
224 2312 2212 23
22
2214 2112 22
20 21
20
21
2,900
Preferred
100 14 July28 4114 Apr 26
578 Jan 49 July
*3012 3812 *3112 3812 *3112 3812 *3112 381 *35
3812 35
35
100
Mobile & Ohio elk tr ctfs 100 35 Aug 13 478 Apr 20
Jan 4014 July
8
*181 22
/
4
20 *1712 26
20
*1712 21
1714 1714 *1512 2012
200 Texas & Pacific Ry Co__100 13123uly 27 43% Feb 1
15 Apr 43 July
*5
54
5 4 Os
3
3
614 614
6
6
6
6
*518 6
9,400 Third Avenue
100
4 July 26
814 Jan 12
412 Feb124 June
*4% 43
438 43
*4
5
.4
43, *4
434
4% 4%
200 Twin City Rapid Trans No pa
Os ism 10
84 Apr 24
/
1
43 June
34 Dec
24
24
4
233 244 2212 23
23
2312 *2012 23 *2114 2412
580 Preferred
100
6 Jan 12 39 Apr 24
15 June
41 Dec
/
4
10312 1044 10212 10412 101 102
102 1021 z98 101
98
99
7,900 Union Famine
100 90 Aug 8 1337 Apr 11
8
6114 Apr 132 July
793 793
4 7934 79 4 793 793
3
480 80 *78
4
79
7852 783
800 Preferred
2
100 71% Jan 18 89 July 13
58 Apr 754 July
/
1
*214 234 *212 23
4 *212 23
4
212 24 *24 212
/
1
212 2 2
,
200 :Wabash
47 Jan 30
178Ju1y 27
100
74 July
14 Jan
/
1
44 44 *4
414 *37
2 44 *37
2 4
334 37
500
*334 37
Preferred A
97 July
100
238J0ly 26
834 Apr 26
112 Apr
1012 HA 103 1032 1014 1014
2
9 4 1012
3
9
912
9
/ 912 2,400 Western Maryland
1
4
100
718July 26 174 Feb 20
4 Feb 16 July
*12
1312 *123 1312 *11
4
1312 *11
1312 *11
1312 *11
1312
2d preferred
100
958July 26 23 Feb 20
5 8 Jan 1912 July
5
414 43*
414 44
44 44 *37
2 414
312 312 •312 4
3,200 Western Pacific
100
258July 27
812 Mar 29
:
Apr
91 July
1
97 1014
10
1012
912 9
52
95 104
2
872 914 •8 4 9
3
5,500
Preferred
100
45 Jan 5 1712 Mar 28
8
172 Mar 18 July
•lild and asked prices. no sales on Stile day
:Companies reported In receivership. a Optional sale. e Cash Sala, 2 Sold 15 days.
z Ex-dividend. y Ex-rights
New York Stock Record-Continued-Page 2
1363
re FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 25.
Monday
Aug. 27.
Tuesday
Aug. 28.
Wednesday
Aug. 29.
Thursday
Aug. 30.
Friday
Aug. 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lou.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1933.
Highest.
Lowest.
$ Per share 3 Per Shan $ Per share
Industrial & MUM. Par $ per share
3 per share 3 per share 3 per share $ per share 8 per share $ per share Shares.
3 Feb 1314 July
75g 77
No par
6 July 28 1178 Feb 5
713 75g 6,200 Adams Express
713 75
8
4 8
74 8
3
8
8 14
73
89 Apr 71 June
100 7014 Jan 25 84 July 18
86
10
Preferred
86
80 80
*80
86
*80 86 .80
*80
86
*80
8 Apr 215k July
2434 1,800 Adams Millis
No par 16 Jan 5 3478 Apr 5
,1
274 •263 2712 264 204 2614 2614 2412 2534 24
*27
5% Apr 1212 June
8
10
7 4 Jan 5 113 Feb 6
3
300 Address Multigr Corp
814 *8
814
8
8
*77
s 88 *8
8 814
83s 812 *83
18 Feb
4
93* July
318 July 27
75* Feb 5
No par
438
100 Advance Rumely
*4
438 *4
08
4
4
.4
*418 438 .4
5
9% Feb 6
5 3 July 1184 May
3
518 Aug 6
538 538
512 53
4
512 512
53
8 53
5 *514 512 *514 512 2.000 Affiliated Products Ino_No par
4712 Feb 112 Sept
*9718 9812 97
1,500 Air Reduction Ine
No par 9134June 2 10614 Jan 24
97
9934 993 9934 9778 100
4
4
10012 1003 *99
13 Feb
4 May
338 Apr 28
sl% 2
138July 24
200 Air Way Elea Appliance No par
4 2
13
4
3 134 *15* 2
13
4 13
4 *13
13
4 *1.3
7
1113 Jan 33 Aug
1838 19 51,100 Alaska Juneau Gold Min___10 17 July 26 23 k Jan 16
5
1934 20
1814 193* 187 194 183* 1914 1834 19
77 Apr 24
1
Jan
9 8 July
3
A P W Paper Co
No par
3 4July 27
3
44 *4
438 *44 414 *414 514 *414 514
54 *4
*4
78 Apr
514 Feb 1
814 July
158July 26
No par
218 5,500 Allegheny Corp
214
2
218 214
24 24
2
214 28
24 214
I Apr 217 July
8
57 Jan 4 1618 Apr 10
3
Pre! A with $30 wan__ 100
*
814 814 *74 84 *74 84 1,000
812 85
812 812 *814 812
118 Apr 21 July
5% Jan 3 143* Apr 10
Pref A with $40 warr.....100
3
*613 73
4 *87
8 712 *63* 712 *63* 73
4 *612 7 4 *812 74
114 Mar 20 July
Fret A without warr__100
514 Jan 6 1433 Apr 9
700
7
7
7
674 714 *614 7
*
7
64 7
7
7
5 Mar 26 July
20
*18
20
Allegheny Steel Co____No par 15 June 16 2353 Feb 23
1938 *18
198 *18
193* *18
*18
193* *18
4
70 4 Feb 152 Dee
3
3,200 Allied Chemical & Dye_No par 120 July 28 1803 Feb 17
131 13312 12912 13114 *12912 131
13314 13312 13312 13312 131 131
100 12258 Jan 16 130 June 22 115 Apr 125 Oct
100 Preferred
127 127 •12618 130 *12674 130 *1264 130 *12614 130
.126 127
6 Feb 283 July
8
134 1312 1274 134 3,400 Allis-Chalmers Mfg__ _No par 1038July 26 2338 Feb 5
1418 133* 133
14
4 134 133* 134
14
5s4 Jan 24 July
144
300 Alpha Portland Cement No par 1112July 28 2018 Feb 6
14
*1312 1412 *13
14
1414 *14
1412 *13
14
*13
714 Mar 12
914 My
38 Feb
21 July 27
1
334 38
334 33
4
35*
35*
314 314 1,500 Amalgam Leather Co
312 33*
34 314
5 Feb 40 July
333
50 25 Jan 6 45 Mar 13
4
333* •27
*2712 3334 *263 3334 *27
333* *27
7% Preferred
333* *27
1813 Mar 4738 Nov
8June 8
No par 4112 Jan 4 553
900 Amerada Corp
48
46 46
47 47
4812 473 4814 48 48
4
48
•48
714 Mar 35 July
3814 3834 1.000 Amer Agri° Chem (Del) No par 2514 Jan 4 4138 Aug 22
394 3914
4014 4012 *404 4034 395* 395* 40 40
8 Mar 2812 July
2514 Apr 27
10 1238Ju1y 2
15
1,600 American Bank Note
1512 15
1512 164 1834 15
*14% 1512 1478 1478 15
8
34 Apr 497 June
Preferred
60 40 Jan 4 5012 Apr 27
44
*43
44
*43 44 •4318 44 *434 45
*43
4412 *43
918 Mar 4213 July
1,100 Am Brake Shoe & Fdy-No par 197 July27 38 Feb 6
24
244 244 2312 24
23 23
8
*2354 2414 24
24
24
80 Mar 106 Aug
100 96 Jan 10 11013 Apr 18
50
Preferred
8
.105 110 *105 110 *108 1097 1097 1098 *108 110 *108 110
8
4913 Feb 10013 Dee
4
25 9014May 14 1073 Feb 15
5,300 American Can
9834 9934 98 1003* 9714 9814 98 98
18012 10118 99 100
100 12612 Jan 6 14812July 24 112 Feb 134 July
500
Preferred
14814 14814 14814 14812 148 148 *146 149 *148 149
*146 150
4
618 Jan 393 July
1612 1612 1,800 American Car & Flly-No par 12 July 26 3378 Feb 5
4
188 194 173 1814 173* 175* *175* 18
4
15 Feb 593 July
100 34 July 26 5812 Feb 5
200
Preferred
4
39
*3514 38
374 *35 3712 3514 351
*3612 393 *35
*35
138 Mar 14 July
412 Aug 7 1214 Feb 27
200 American Chain
No pa
*51s 6
53
4 534 *514 6
•514 6
*54 53
4 *514 584
31 Mar 3111 July
200
7% preferred
100 19 Aug 31 40 Apr 24
19
20
*16
24
20 818 20
24
*16
20 *18
*16
34 Mar 5114 July
No par 4614 Jan 8 6114 Aug 31
*58
59
58
58
5834 5912 5914 598* 5914 8114 2,100 American Chicle
.5813 59
2 Feb
6% June
612 Feb 5
2% Aug 6
Amer Colortype Co
10
*238 3
*23
8 3
*Vs 3
.238 3
*238 3
*23* 3
13 Feb 897 July
4
4July 26 6211 Jan 31
2712 281
273* 2812 15,900 AM Comm') Alcobol Corp_20 203
2918 29'2 283* 291
277 293* 2812 303
Jan 1684 July
1
913
9is
July 26 1312June 19
95
10
7
9
93* 4,200 b American Crystal Sugar
93*
914 92
95*
87,8 9
88
234 Jan 64 Sept
7% preferred
.100 4613 Jan 4 72781une 18
65 *55 65 *55 65
*58
617 "58
8
63 *55
63 *55
Jan
6 June
1
5 Feb 16
118June 27
2
2
*13
4 2
500 Amer Encaustic Tiling.No par
24 218
2
24
2
2
*14 2
3% Apr 13 July
Amer European Sec's_No par
5 Aug 8 1012 Feb 3
*514 6
*514 6
*514 6
*514 6
*514 6
*512 6
87 Feb19% June
412July 26 1334 Feb 8
4
612 68 7,200 Amer & For'n Power...No par
73
3 784
7
7 12
67
8 73
612 63
3
6% 7
7 14 Apr 447 June
200
No par 1314July 27 30 Feb 7
19
Preferred
18 *17
20 *184 20
"18
18
18
173 175* *17
8
45 Apr 2714 June
618July 28 1713 Feb 8
700
2nd preferred
No par
4 9
*83
10
95* 94 *914 97
9
9
1014
*914 93
8
815 Apr 353 July
1684 154 153 *14% 15% *1414 17
16
100
$6 preferred
No par 1112July 30 25 Feb 6
15 *14
*14
.18
4% Jan 21% July
200 Amer Hawaiian S S Co....10 1013July 27 223* Feb 16
*12% 13
13
13
13
•1214 134 1214 135* •13
1312 13
2% Mar 18 June
313.inly 26 1012 Feb 5
300 Amer Hide & Leather_No pat
57
s
.512 61
*512 6
*5
6
6
6
"5
6
*5
1313 Feb 5713 June
211
4
500
Preferred
100 173 Aug 1 4214 Mar 15
23 •21
*2212 23
227
22 22
*21
*2212 23
22
245 Dec 4212 May
*317 321 "313 3214 3214 3214 32
600 Amer Home Products
1 2658 Jan 6 363* Apr 26
32 32
32
32
32
4
311 Feb 1712 June
4
454 414
414
312July 26 10 Feb 5
454
2,200 American Ice
No pa:
4
4
4
4
414 414
4
4
25 Feb 5778 June
100
6% non-cum pref.__ . 100 29 July 26 46% mar 26
"3112 321 *30
321 *31
3212 321 *3014 321 *3014 3212
321
44 Feb 15% July
434Ju1y 26 11 Feb 6
3,500 Amer Internet Corp. _No par
*97
8 7
63
71
73
4 77
714 7
7 14 712
7% 73*
3% June ,
113 Apr 4
14 Apr
54July 27
34
300 Am L France & Foamite Napa?
*5
8
3
4
3
4
ht
*38
3
*5
8
3
3
4
3
3
4
114 Jan 12 June 1
4 Jan 18 10 May 22
Preferred
100
*4% 534 *412 53
*412 71
4
*4% 71
*03 6
*412 71
Vs Jan 3918 July
1,000 American Locomotive_No par 1518July 26 3884 Feb 6
18
1913 1773 1778 18
20
21
1934 193 *1912 2038 19
173* Jan 63 July
500
Preferred
100 4212 Aug 17 7438 Mar 13
*4114 44
*4238 45
45
4413 441
44
45
44
44
44
8
8 4 Feb 22 * July
3
1414 1,500 Amer Mach & Fdry Co.No par 123*July 27 193 Feb 5
14
1414 14
141
14
14
14
14
*1418 141 "14
Jan
6 June
1
34 Jan 3 1014May 11
800 Amer Mach & Metals-No par
*9% 938
813 914 *85* 918
84 9
834 834
834 884
318 Feb 235* July
8July 31 2738 Feb 16
184 3,500 Amer Metal Co Ltd__Ns par 167
8 1734
19% 194 1934 1934 183 191
194 185* 193
*
19
1511 Jan 7578 Nov
84
6% cony preferred_ _ _100 73 Jan 2 91 Feb 15
84 *75
*75
*75 84
.75 84
*75 84
*75 84
17 Jan 8011 July
4
110 Amer News Co Inc____No par 21 Jan 3 343 Mar 13
25 25
25
25
2434 2475 243 25
4
25
25
*243 25
4
8
4 Feb 197 July
121 Feb 6
4 July 26
s
51s 515 5,700 Amer Power & Light_No par
Ws 53
514 51
514 53
512 53
512 534
9% Apr 4118 July
$6 preferred
No par 13 July 27 297 Feb 6
1474 1514 .144 154 1,200
1514 16
1614 16% 1612 181 *1512 161
9 Apr 35 July
$5 preferred
No par 11 July 26 2614 Feb 7
1318 13
1318 1,800
1414 14
14
1412 14
1314 13'4 13
141
41 Feb 19 July
1312 26,100 Am Rad & Stand Elan'y No Par 10 July 26 1718 Feb 1
1314 133
4 13
134 143
8 134 141
133 141
4
1312 133
8
584 Mar 817 July
283* Feb 19
25 1312July 2
4
1812 18% 18
*
18'2 17% 18'4 175 18% 1718 1712 163 1714 10,700 American Rolling Mill
4
2018 Apr 473 JuIY
200 American Safety Razor No par 36 Jan 13 58 July 20
*5412 55
4
*53
5312 *5112 54
54
54
543 543 *5412 55
4
Mar
7% JULY
78
73* feb 19
218July 27
200 American Seating v t o_No pa
*332 33*
312 312 *33
312 *212 3%
4 312
35* 33* *3
18 Apr
412 June
84 July 24
23* Jan 30
78
78
*78
1
7
8
7
8
500 Amer Ship & Comm ___No par
7
8
7
8
78
78
.
7/I
1
1113 Mar 8634 June
260 Amer ShIpbuilding Co_No par 17118Ju1y 27 30 Jan 30
*1912 20
20 20
20
20
20
20
2075 2074 20
20
10% Feb531 Sept
8
4 3634 38 22,700 Amer Smelting & Retg_Ns par 3014 July 26 5114 Feb 15
8 :583 373
38
3813 374 38% 375 383
385 39
8
Jan 991 Dec
31
Preferred
100 100 Jan 2 125 June 29
*112 11612 *111 116'4
•11212 117 *112 117 *112 11612 *11112 11612
2012 Jan 73 Jul}
99
900
2nd preferred 6% cum.
-100 7114 Jan 2 9814 Aug 30
9714 9814 *96
*9712 99
9714 98
9613 9612 963* 97
3211 Jan 6114 Sept
64
1,300 American Snuff
25 483 Jan 5 65 Aug 27
4
65 *64 654 63
6434 65
6412 65 *64
633* 64
100 106 Feb 2z125 June 13 10218 Jan 112 July
Preferred
*10013 12214 *120 12214 *120 12214 *120 12214 .120 12214 *120 1221
4113 Feb27 July
1518 1514 15
15
144 1518 1412 1413 1418 14'8 1,100 Amer Steel Foundrim_No par 1018July 26 2612 Feb 5
1513 153
378* Mar 85 July
Preferred
50
6914 8914
100 5978June 2 81 Jan 30
*6914 73
69% 78
*6914 78
*6914 73
6914 78
.
7
30 Feb47 July
7
400 American Stereo
424 4214 *4112 424 414 424
No par 37 Jan 3 4414 Feb
*41
4218 .4112 4218 42 42
2113 Jan 74 July
1,200 Amer Sugar Refining
100 46 Jan 3 72 July 14
6813 6613 87 67
6978 69 69
6718 68
67 67
69
300
100 10312 Jan 3 12134 Aug 23 80 Jan 11214 July
4
Preferred
4
4
4
4
*12034 1233 *1203 1233 12034 12034 *12118 1233 121 12118 *121 1263
6 Jan 26 July
2038 201
2018 2014 20
20
198 2014 31918 1912 1834 1014 3,000 Am Sumatra Tobacco_No par 1384May 10 2114July 20
8613 Apr 1344 July
4July 30 1253* Feb 6
11078 11138 11,500 Amer Telep & Teleg
100 1053
1135 113% 11214 11318 111% 112
1115* 11218 111 112
*
49 Feb 90% July
Feb 6
28 6514 Jan 6 828
74
74
*7312 75
1.500 American Tobacco
743 '75
4
743 743
75
7412 75
4
4 74
50 4 Feb 9484 July
3
Common class B
754 774 7534 7614 7,700
28 67 Jan 8 8413 Feb 5
7814 7814 7714 773
4 763* 78
7712 79
200
Preferred
100 10714 Jan 3 125 Aug 23 10234 Mar 120 July
•124 130 *124 126 *12418 125 *125 1251 125 125 *125 12512
218 Deo 25 July
100 2Am Type Founders__No par
3 July 25 13 Feb 21
*414 6
*514 57
*414 5 2
,
512 51
*514 6
•514 6
7 Oct 377 July
40
Preferred
1312 "1114 1312
100
734 Jan 6 283* Feb 21
1312 13
13
1212 13
1312 *11
*11
*13
8
107 Apr 4314 July
1634 17
3 16% 1812 3,900 Am Water Wks & Eleo_No par 1412July 26 273* Feb 7
8
16% 168 167 17
167 187
8
8
177 177
85 Mar 80 June
100
1st preferred
No par 54 Jan 3 80 Feb 5
70
70 •60
70
668* 663 *653 70 *653 70 •66
8
8
4
*65
311 Mar 17 JULY
91
812 83
7 July 31 Ma Feb 5
934 914
9
9
9
4
8 8 878 1,900 American Woolen___No Par
7
918 914
2238 Feb 67% Dec
4814 47
3,200
Preferred
100 89% Aug 1 8384 Feb 7
47
4212 4512 4414 45
4678 467s 46
471
48
418 June
38 Feb
44 Mar 14
sus ls
Its 14
1 June 27
900 /Am Writing Paper
1
*118 114
14 11
114 11
1% 11
Re Feb 145i July
175* Apr 23
8July 2
Preferred
.313 454
4
4
700
27
375 37
4
4
4
*334 4
4
Na Par
214 Feb 107 July
16
8
9 Feb
334July 26
300 Amer Zinc Lead & Smelt....1
53* *5
4 *412 514
*5
53
3
5
5
*43
4 5
414 43
20 Feb 66 JULY
Preferred
25 3713 Jan 4 5018 Feb 16
441 *39
4413 •39 4412
441 •39
*40 441 •39
44'2 MI
5 Feb 2278 July
1314 123* 1254 123* 13's 1213 125* 12
Anaconda Copper Mining_50 10 July 26 171 Apr 11
124 20,500
1318 138* 125
4% Jan 1512 June
200 Anaconda Wire & CableNo par
914 Jan 12 1318July 12
13 •12
13
4
1212 121 *11% 121 *113 1213 1212 121 *12
Jan 8914 July
8
No par 1318July 24 2434 Jan 31
500 Anchor Can
1774 17
1734
4
8 1712 171 *17
1712 17% *1812 1733 "183 173
6211 Jan 90 Jane
Apr 17
98
9812 98
40
$6.50 cony preferred _No par 84 Feb 5 100
98 *96
98
98
*96
*9614 98
*9812 100
98 Mar 294 July
4.800 Archer Daniels Midl'il_No par 2614 Jan 9 36 Aug 31
33% 3312 3313 34
3438 34% 3438 348 3433 34% 34% 36
7% preferred
100 110 Jan 24 11512July 17 95 Feb 118 July
___ •118
__ ___ ___
-•115
__ •115
_ •116
*115- _ *115
Jan 90 July
41
700 Armour & Co (Del) pref_100 7614 Jan 2 95 Aug 30
95 - 9
5
95
413 94 1414 9438 iii% 9414 *93 Oils '8112 1
64 Aug 29
5
312July 26
8
6I,4 Os
6
6%
618 614 76.000 Armour of Illinois new
63
8 63
4
614 63
8
64 63
Aug 29
6313 62% 634 6234 6438 61
86 cony prof
6318 634 63
6234 61
No par 4614 July26 64%
813 12,500
4
7 Feb 93 Iiti.;
76
704 *75
764 7534 7534 764 773* 745* 75
Preferred
*74
7512 3,800
100 54 July 26 77% Aug 29
7 July
11i Jan
3 July 27
85* Fen 9
45* 5
5
5
515
43
4 5
45* 434 2,600 Arnold Constable Corn
4
412 4%
412 43
9% June
2 Mar
6
*4
6
Artloom Corp
No ear
*412 6
*4
414 Jan 5 104 Apr 21
*412 6
•4
6
*412 6
514 June
312 F .b 15
3 Apr
4
Associated Apparel Ind No par
12 July 1
__
81 Feb 20 JU1Y
97 108
714July 26 1814 Feb 6
1,900 Associated Dry Goods
I
4
98 10
1114 114 103 113* *1012 1034 1012 1012
18 Feb 6113 July
55
8% 1st preferred
100 46 July 26 7713 Apr 20
55 "50
*50
547 "50
8
55 .50
55 *50
55
*50
15 Jan 51% July
7% 28 preferred
100 36 July 26 64% Apr 20
*3734 424 *373 4212
4
4
4213 *373 4212 *3734 4212 *3734 4212
•38
4
133 Mar 35% July
320 Associated 011
25 2913 Jan 5 4011 Apr 25
36
36
4
353 3.584 •354 36 *354 36
4
4
*353 4978 *353 497
412 Mar 26 July
15 .13
15
30 At 0 & W 1 SR Lines_No pa
5 Aug I 16 Apr 12
12
15 •13
12
12
12 *13
10
10
1234 Feb 3212 Nov
2514 5,300 Atlantic Refining
28 2113Ju1y 26 3514 Feb 5
2512 26
2512 2534 254 255* 247 254 25
26
8
257
9 Feb 3918 July
491
700 Atlas Powder
No par 3514 Jan 8 5.513 Mar 13
5118 34913 4912 *47
40014 51
51
51% "51
52
50
60 Apr 8318 Sept
20
Preferred
100 83 Jan 9 10312 Aug 23
4
•103 1033 *103 1034 .103 10312 *103 1034 10318 10313 10314 10314
4
77
15* Feb 343 Dee
No par
813 "7
8
300 Atlas Tack Corp
7 Aug 1 1614 Mar 14
8
.7
75*
73
4 734 "7
*75* 8
31
Oct 8414 July
No pa
1612July 30 5738 Mar 13
2413 257
2438 2518 2414 2534 2314 2418 2213 2338 16,100 Auburn Automoblle
2412 26
78 Feb 954 July
No par
7 Jan 4 16% Mar 5
200 allatin NiebOla
*12
13
*12
1314 1312 1312 *124 134 *124 1218
13
13
8
512 Feb 183 July
3
43* 44
414 45* 7,000 aviation Corp of Del (The)--5
3%July 26 10 4 Jan 31
412 43*
412 43*
412 434
412 47
3% Apr 173* July
8.200 EtaldwIn Loco Works_No Pa
612July 26 16 Feb 5
812 88
84 812
774 8
834 9
83
8 97
812 812
4
9% Apr 60 July
100 27 July 27 643 Apr 21
300
Preferred
34
33
33
*32
34
37
*34
36
338
363* *33
*33
Bamberger (L)& Co pref_100 8613 Jan 9 100 Aug 20 6814 Feb 997 Aug
*9638 104 "9833 104 MOO 104 *100 104 *100 104 •100 104
7% June
214 July 24
88 Jan
100 Barker Brothers
63 Feb 5
No par
.234 3
4 *212 3% *212 3I
8 3
28
4 23
*212 312 *23
51 Apr 2414 July
10
23
644% eons preferred--100 16% Jan 9 3812 Apr 12
,
234 *22
*22
22)4 2214 *22
2314
*2214 23% *2214 24
5
6 July 27 10 Jan 22
3 Mar 11 July
6,100 Barnadall Corp
63
6% 63
67s
718
878 7
67
7
64 7
7
3% Jan 5211 July
No par 23 May 8 89 Feb 5
34% *32
34
100 Bayuk Cigars Inc
3434 *32
4 3214 348 *32
*3312 358
4
34
34
Jan 100 July
27
let preferred
10
100 89 Jan 15 10012 Aug 23
100 100 •100 102
*99 102
*99 102
*99 102 •99 102
7 Mar 27 June
.25 1014July 27 193 Apr 28
4
4
1934 181 1913 1814 183 21,400 Beatrice Creamery
19
18
1934 19
17 2 17% 18
48 Feb 85 May
100 55 Jan 13 91 July 6
85 *82
85
Preferred
*8034 85
*82
85 *82
8
•80 85 *813 85
45 Jan 7012 June
*63 68
20 58 Mar 2 67 Apr 3
68
65 65
100 Beech-Nut Packing Co
6814 *65
*651* 6814
*6412 6814 •65
87 Jan 3 1514 Apr 24
8
3% Feb 1213 Jul.,
4 1.400 Belding Heminway Co_No par
1218 12
12
113 113
4
4 113 113
4
12
12
12
12
12
6214 Apr 10114 Nov
400 Belgian Nat Rye part pref._ 9513 Jan 9 124 Aug 29
12312 124
124 124 *12418 127 *12434 125%
8
a1234 123% 81233 124
614 Feb 2114 July
8
5
934July 26 237 Feb 1
s 12% 121- 7,400 Bendix Avfation.
4
8
13% 1314 1312 127 1314 12% 1313 12% 127
1313
13% Sept 15 Aug
154 1534 15% 1578 155 15% 1538 1512 1,300 Beneficial Indus Loan_No par 1218 Jan 31 19% Apr 26
4
*153 16
4
*153 16
t Companies reported In receivership. b Name changed from Amer. Beet Sugar Co. z Ex-dividend.
•Bid and asked prices, no sales on this day
.
1364
New York Stock Record-Continued-Page 3
Sept. 1
1934
kW" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST, SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 25.
Monday
Aug. 27.
Tuesday
Aug. 28.
Wednesday
Aug. 29.
Thursday
Aug. 30.
Friday
Aug. 31.
Sales I
for
the I
Week. I
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basil of 100
-share tots
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ per share 11 per share $ per share $ per share 11 per share $ per share Shares. Indus.
&Miscall.(Con.) Par Sae? share
$ Per share $ per share $ per share
327 33
8
323 323 .32
4
4
3212 *3214 3212 32
*3112 32
32
1,300 Best & Co
No par 26 July 26 3414 Apr 10
9 Mar 3318 Aug
304 32
30 4 315
3
8 3014 3118 297 315
29
297
287 294 39,9001 Bethlehem Steel Corp No par 2514July 26 4912 Feb 19
8
104 Mar 4914 July
"66
683 *6512 67
4
*653 6614 66
4
67
6412 6614 64
64
1,1001 7% preferred
100 55 July 26 82 Feb 19
254 Feb 82 July
233 233
4
4 233 233 *2214 24
4
4
233 233 *22
4
4
24
2214 2214
100 Bidelow-Sant Carpet Inc No par 1912 Aug 8 40 Feb 5
618 Apr 294 June
84 83
4
814 812
84 818
77
814
74
3
73
4 .78 73
4 1,4001 Slaw-Knox Co
1614 Jan 30
No par
714 Aug 21
312 Feb 1914 July
.814 18
*814 17% *814 18
*1218 18 .124 18
*1218 18
Bloomingdale Brothera_No par
18 Jan 12 26 Feb 7
65 Feb 21 July
8
•55
5614 5514 5514 5412 547
544 .5512 5312 5312 5212 53
1,700 Bohn Aluminum & Br
July 26 68N Jan 24
5 48
912 Mar 5812 Dee
267 27
263 27
4
253 2612 257 2612 2514 26
4
8
25
253
4 5,900 Borden Co (The)
8
25 197 Jan 6 2814 July14
18
Feb 3712 July
23
2312 2212 223* 217 22
8
22
223
8 213 22
4
2112 2214 4,000 Borg-Warner Corp
10 1618Ju1y 26 28 . Feb 5
512 Feb 2214 Dee
•118
1
114 .1
:1
114
114
118
112 *1
1 18 '1
100 (Botany Cone Mills class A.50
14
%July 25
3 Feb 9
3 May
8
412 July
1712 173
4
173 1712 1714 1712 1714 173
8
4 17
1714
16
163 16,500 Briggs ManufacturIng_No p..'
4
12 Jan 6 193 Apr 26
8
263 Feb
145 July
8
*34
35 .34
3458 34
34
33
3312 3212 33
*3212 34
1,000 Bristol-Myers Co
5 28 Jan 4 3712July 18
25 Dec 384 Sent
*61
62 .6012 62
6018 6012 587 59
*
60
*58
60
1,500 Brooklyn Ualon Gas___No par 5812 Aug 20 8012 Feb 8
60
60 Dec 8812 June
*5112 5212 .51
51
*50
53 '50
53
*50
53
*50
200 Brown Shoe Co
53
No par 50 Aug 8 61 Feb 16
2812 Mar 5378 July
.5
612 '5
612 '5
53
4
5 8 53
3
4
5
5
*5
600 Bruns-Balke-Collender_No par
53
4
4 July 23 104 Mar 17
14 Mar
1812 June
47
4%
5
5
45
8 44
43
4 43
4
458
458
412 412
900 Bucyrus-Erie Co
94 Feb 5
312July 27
10
2 Feb
127 June
8
*814 812 '77
8 8
78 7 4
5
3
74 74
*7
75
400! Preferred
8 *7
712
1412 Apr 24
6 July 26
5
33 Feb
4
193 June
8
*51
55 .51
55 '51
55
"51
55
*51
55
*51
I 7% preferred
55
100 50 July 30 75 Jan 15
2012 Mar 72 June
43
8 43
4
414 412
43
8 438
412 5
412 458
43
8 412 7,600 Budd (E 0) Mfg
73 Apr 25
3 July 26
97 July
4
No par
4 Apr
24
24
*2218 24
*2218 24
237 2612 25
25
2512 25
660
7% preferred
100 16 July 25 44 Apr 25
3 Mar 35 July
234
234 *258 23
4 .25
8 23
4
23
4 23
4
23
4 23
600 Budd Wheel
4
212 212
53 Jan 30
2
No par
2 July 26
1
Feb
5 4 July
1
53 4 5
*414 5
*334 5
*33
4 5
3
*33
4 43
4 *33
4 43
100 Bulova Watch
4
No par
2% Jan 9 6 12 Apr 28
7 Mar
8
5 June
10
912 93
.9
4 10
912 .9
814
Co
31
No par
Feb 16
24 Feb
1314 July
.2 3 .2 3 *214 3 *214 912 *214 9 .832 834 2,200 BullardBros class A__ __No par 578July 26 1512 Feb 21
3
Burns
3
•214 3
6
15 Jan
8
12 Apr
5 June
.83 10
4
'9
10
.8
10
*8
10
.8
10
*8
10
7% preferred
12 J88 18 J une
4
4 Jan 9 1512 Feb 20
100
12% 124 1212 123
4 1214 1214 12
1214 12
1214 113 1212 3,500 Burrougns Add Mach__No pa, 1012July 26 x193 Feb 1
4
8
618 Feb 207 July
8
.114 2
.13
8
112
112 112
114
14
13
8
1,
4
37 Feb 9
900 (Bush Term
118
13*
No par
118July 27
1
Apr
8 June
.212 318 .212 318 *212 318 .212 318 *212 318 *212 318
Debenture
100
6 Mar 8
3 June 29
1
Apr
912 June
94 10
.912 1112 1012 1012 10
10
'83 1014 '83 1014
4
4
60 Bush Term BI an pref ott5_100
3
518 Jan 3 15 4 Feb 23
44 Dec
8 Dee
*112 15
8 •112 15
8
118 112 .112 13*
112 *112 18
113
8
300 Butte & Superior Mlning__10
112 Jan 13
218 Feb 16
I
Feb
27 JUDO
8
.212 23
4
24 2 4
3
3
212 23
8
4 *212 23
4 .23* 2 4 *25
8 23
600 Butte Copper & Zino
4
8July 27
34 Aug 8
15
5
12 Mar
414 June
'13
4 2
513
4 2
4 2
'13
*17
8 2
*178 2
17
8
18
100 Butterick Co
112July 27
43 Feu I
4
No par
114 Apr
712 June
194 1912 183 19
8
1818 1818 1818 19
164 173 '1718 1712 2,500 Byers Co (A M)
4
4July 26 324 Feb 7
No par
133
812 Feb 4314 July
45 45
*4441 53 .42
.527 .42
8
527 *42
8
52% 44
44
30
Preferred
7
100 40 Aug 6 67 Apr 23
3018 Mar 80 July
4112 418 40% 42
424 424 443* 2403 42
40
8
4138 4212 16,000 California
183 Jan 4 444 Aug 29
4
_ __No par
7 4 Mar 343 July
3
4
.3
4
7
8
*3
4
7
8
7
8
7
8
3
4
.
3
4
3
4
7
500 Callahan Zino-Lead
8
54
3
4
1
12July 27
Packing13 Jan 23
4
14 Jan
214 June
312 33
338 34
4
312 312
312 35
8
312 312
312 312 1,900 Calumet & Hada Cons Cop_25
658 Fen 5
4July 26
23
2 Feb
93 June
8
77
.7 8 83
5
2 .75
8
7% 7 9
7
7 8 7 4 •73
5
3
8 818 '73
400 Campbell W & C Fdy._No par
2 84
6 July 27 1578 Feb 23
2 Feb
1014 July
17
1714 .17
173
8 17, 1714
4
1614 1612 16
1612 18
1612 2,700 Canada Dry Ginger Ale____E, 1212July 26 2911 Apr 24
74 Feb 4112 July
*3314 347
8 33
32
33
33 .32
3212 32
32 •32
33
800 Cannon Mills
No par 2812 Jan 4 38 Apr 2
14
Feb 3512 July
*73
.5
4 8
7 8 83
4
714 714 *712 7 4
3
200 Capital Adintrls ol A
7 4 74 . 2 83
3
7,
4
53 Jan 2 10 Apr 13
2
I
414 Oct 1212 July
32
32 .32
38
*32
'32
36
36 '32
357 .32
36
20
Preferred A
4
10 263 Jan 24 39 Apr 20
2518 Jan 354 July
4358 443
8 434 445
42
8 43 43
4434 4114 4218 403 41
4
6,200 Case (J I) Co
100 35 July 28 8634 Fen 6
3011 Feb 10312 July
.67
6712 67 67
*6218 6712 *6218 6712 6218 6218 *57
6712
150
Preferred certificates. 100 587 Aug 15 844 Feb 6
8
41
Feb 8614 July
2812 2812 27
2814 2714 28
274 2812 2678 267
8 265 2712 3,500 Caterpillar Tractor___No par 2312 Jan 4 333 Apr 21
8
2
54 Mar 2934 July
2158 2238 2118 2112 205 2114 21
8
213
4 2012 21
20 2018 5,900 Celanese Corp of Am__No par
2
17 July 26 447 Feb 5
412 Feb 587 July
8
•13
4 212 "13
2
4 21.
2
*13
4 212 *13
4 212 . 8 212
118July 27
17
100 Melotex Corp
45 Apr 12
8
No par
4 Mar
54 July
•112 14 *112 13
.; •112 IN .112 15
8
13
8
112
114
114
Certificates
600
1 July 27
4 Apr 12
No par
3 Feb
8
43 July
8
117 117
8
8 11
1112 1012 107
8 105 1112 1014 1014 104 11
8
Preferred
480
8
612 Jan 18 223 Apr 13
100
14 Jan
IA July
2718 2758 2612 27
2612 27
26
26
25
2514 *2518 26
2,000 Central Aguirre Asso__No par 24 Mar 22 3218 Feb 5
14
Jan 41 July
.6
712 "612 7
.64 712 .618 714
*65
8 712 .65
8 63
4
Century Ribbon Milla_No pa
123 Feb 19
8
612July 27
,
2 Apr
11% July
'85
95
*85
95 .85
95 '85
95
*85
95 '85
95
Preferred
100 82 Mar 31 95 Jan 2
52 Feb 100 Dec
4012 41
8 3914 4038 395* 4012 3918 403
39% 403
4 397 403 18,800 Cerro de Pasco copper.NO Pa
8
4
57 Jan 443 Sept
, 30,
45111Y 16 43:2July 5
4
614 614
6
6
'53
4 6
.55
8 58
512 5 8 5514 512 1,200 Certaln-Teed Producta.No par
5
73 Apr 6
4
314 Jan 2
I
Jan
73 July
8
"23
32 '23
32 '23
32 '23
32
"23
32 .23
32
7% preferred
100 1712 Jan 19 35 Apr A
4 Mar 3014 July
*41
42
4112 414 41, 4114 4014 4114 4018 4012 4014 4014 2,400 Chesapeake Corp
4
8
No par 34 Jan 4 487 Apr 21
147 Jan 5212 July
8
6
6
53
4 5 4 *512 5% *5
3
97 Feb 5
513 '514 512
300 Chicago Pneumat Tool_No par
352July 26
514 514
218 Mar
123 July
8
20
2038 1912 1912 19
19
19
19
183 183 *1818 1912
4
4
0011s preferred
600
4
No par
1414July 26 283 Apr 24
54 Feb 2514 June
.29
2938 278 2818 28
283
4 29
3012 283 2938 2834 294 11,200 Chickasha Cotton 011
8
10 194 Jan 8 3034 Feb 5
5 Mar 34 July
14 512
52 52
,
,
5
6
6
614 *512 53
6
512 512 1,700 Childs Co
4
4July 25 115 Feb 19
8
No par
33
3 Feb
1018 July
•12
123 "12
4
13
"12
13 '12
13
12
12
.12
15
110 Chile Copper Co
8
6 Apr 214 July
25 1014 Aug 9 175 Apr 9
3.514 353
4 343 3512 3418 343
8
4 337 35% 5325 335
8
8
8 323 335 78,000 Chrysler Coro
4
8
3
5 2914 Aug 7 60 8 Feb 23
74 Mar 5759 Dec
•1914 1912 1912 1912 *1914 1912 *1914 1912 .19
1914 *19
400 City Ice & Fuel
1914
Jan 5 243 Jan 31.
2
No par
1714
74 Mar 25 June
80 80
*80
81
'79% 81
797 797
7812 7812 7812 7812
Preferred
150
100 67 Jan 3 86 Apr 23
45
Apr 72 July
*3
4
7
8
7
8
7
8 .
4
7
8
54
7
8
.4
3
7
8
.
3
4
600 City Stores
4
24 Feb 6
No par
12July 27
14 Feb
35 July
8
12
*3
8
12
12
'4
12
53
8
'2
Voting trust certifs. _No par
200
3
8
*4
14 Feb 6
12
12
38July 24
4 Mar
24 July
*214 3
.214 3
.214 3
'214 23
4
214 214 •173
Class A
558 Feb 6
214July 25
/
100
23
4
112 Jan
No par
812 July
'112 2
.11. 3
*112 3
'112 3
5 112 3
*112 3
ClassA vto
518 Feb 21
2 July 20
No par
4 Nov
514 July
1412 1612 16
.1412 1534 .13
17
153 215
4
15
1412 15
1,000 Clark Eaulpment
4
4
83 Jan .5 213 Mar 5
5 Mar 1414 June
No par
.26
28
.25
28 .25
28
28
28
"25
33
*25
33
100 Cluett Peabody & Co__No par 28 Jan 3 45 Apr 7
10
Jan 414 July
.111 116 '111 116 "111 116 "112 116 .112 116 *112 116
Preferred_
100 95 Jan 17 115 Apr 23
90
Jan 100 June
134 134 *13312 135 '13318 135
134 134 •133 13412 133 133
500 Coca-Cola Co (The)
8July 12
-..No par 9514 Jan 2 1363
7312 Jan 105 July
__ *55
__ *55
_ __ *55 _ . 555
5514 '55
5512
Class A_
51)18 Jan 11 5518July 10
No par
44
Apr 51
Dee
*551514 1512 15 1514 14% 15
1418 1458
14
145 11
8
1418 1438 4,700 Colgate-Palinolive-Peet No par
938 Jan 3 1818 Mar 13
7 Mar 223 July
8
*95
96
.95
96
*94
96
9412 944 *94
95
.9412 96
6% preferred
100
49
100 6811 Jan 8 95 Aug 23
Apr 88 Aug
1318 133
8 13
1318 1212 124 125 134 1212 1212 1214 1214 2,800 Collins & Alkman
*
No par
10 July 26 2812 Feb 19
3
Apr 26 Sept
55 8 53
3
4
5
5 14 *47
,
s 52
514 514 '5
514
5
5
1,100 (Colorado Fuel & Iron_No par
83 Feb 6
4
3 8 Jan 2
5
2% Dec 175 July
8
70
70
683 7014 6812 6812 69
4
70
673 6812 6612 67
4
1,600 Columbian Carbons to No par 58 Jan 8 7714 Apr 23
2318 Feb 7112 July
'30
30% 3014 3014 2914 31
313 323
4
4 2914 3114 *2912 3012 2,600 Columb Pict Corp•t e.No par 21 12July 26 343
411,1ay 28
65 Mar 28 Nov
8
1014 1012
94 1014
93 10
4
93 10
4
94 9%
93
8 94 13,600 Columbia Gas & Elec__No par
73
4Ju1Y 26 1914 Feb 6
9
Mar 284 July
.55
67 '60
67 '63
66
*63
66
66
66
66
66
600
Preferred series A
100 52 Jan 5 783
4June 21
50 Dec 83 June
.56
60
58
58
'56
59
56
.56
.53
60
*53
60
5% preferred
30
40 May 7412June
100 41 Jan 9 71 Apr 24
30
3018 2914 293
4
4 283 2912 2914 293
4 2814 2812 28
2812 7,800 Commercial Credit
8
10 185 Jan 4 3518 Apr 21
4
Feb
1914 Dec
*2738 29 .273
._ *2738 29
29
29
*2738 29
*273 29
8
40
7% 1st preferred
25 234 Jan 5 30 July 19
1812 Mar 25 Sept
4918 4918 *4712 49
*4712 49
8-*4712 4918 •4712 487
48% 49
600
Class A
50 38 Jan 3 50 Mar 9
10
Feb 394 Aug
29
29
5285 2912 '2812 2912 *29
8
2912 .29
2912 .29
2912
30
Preferred B
25 24 Jan 3 30 Mar 3
1818 Mar 2518 Sept
510512 106
106 106
106 107 510618 110 *10618 108 '106 108
60
63i% first preferred____100 914 Jan 3 107 Aug 28
70 Mar 957 Sept
2
5712 583
4 5658 574 5812 5714 57
5812 5658 57
5612 575
8 6,100 Comm Invest Trust...No par 353 Jan 4 61 Aug 16
4
18 Mar 4312 July
•1013 1093 105 105 .10512 1093 "10512 1093 *105 1093 '105 1093
4
4
4
4
4
200
Cony preferred
No par 91 Jan 3 11014 Aug 9
84
Jan 97% Jan
213 2218 2112 2218 21
4
2114 2214 2012 21
22
2012 21
24.900 Commercial Solventd No par
15 4July 28 363 Jan 30
3
4
9 Feb 574 July
13
8 14
152 13
15
8
4
14
15
8 13
4
15
8
13
4
15
8
13 18.800 Commonw'Ith & Sou_ No par
4
112July 26
33 Feb 6
4
114 Deo
(118 June
3814 3814 3812 3812 .3712 3918 3712 3712 37
373
4 3718 3712 1,300
$6 preferred serles
No par 214 Jan 2 524 Apr 23
173 Dec 6012 June
8
29
2912 29
29
283 283
4
x2818 29
8
4 285 29
28
28
2,700 Congoleum-Nalrn Ine No par 22 July 26 314 Feb 16
73 Jan 275 July
8
"
•10
11
.10
1012 '10
1012 *10
1012 10
10
*73 10
4
100 Congress Cigar
9 July 26 1412Mar 5
No par
612 Feb
18 June
*814 9
812 812 .8
9
.8
9
75
8
200 Consolidated Cigar__ _No par
75* •758 9
514July 26 13:4 Mar 17
34 Apr 194 June
55714 63
60
60
*5714 63
5714 5712 *5712 63
5712 5712
Prior preferred
230
100 4514 Jan 2 62 July 12
31
Apr 65 June
3
3
3
3
3
.2711 3
3
*234 3
3
.234 3
800 Consul Film Indus
2July 27
13
1
5 4 Feb 15
3
134 Jan 534 May
143 143
8
8 1418 1418 14
14
133 133
8
4 1312 1312 1318 1318 1,000
Preferred
8
No par
103 Jan 2 174 Feb 15
57 Mar 143 May
8
4
294 293
4 287 295
8
28
8 283* 29
29
275 2818 2712 28
8
17.700 Consolidated Gas Co___No par 254July 27 4718 Fro 0
34 1)ec 644 June
'883 8912 58812 8912 "8812 89
8
883 89
89 89
4
'8812 89
300
Preferred
No par 82 Jan 4 95 July 23
Jan
8118 Dee 99
•2
214 "2
214
2
2
.17
8 2
*1% 2
.17
8 2
100 C,onaol Laundries Corp_No par
1% Aug 7
43 Feb 7
8
512 Jan
14 Dee
8
9:4 93
94 912
0
Ks
9
938
858 9
85
8 83 11,600 Congo! 011 Corp
4
714July 26 1414 Feb 13
No par
8 Mar 153 July
4
•111 112
111 112 '111 112 '111 112 .111 112 .111 112
8% preferred
Feb 9 112 July 24
100 108
Oct
9512 Mar 108
84
3
4
skt
3
4
3
4
4
3
4
3
4
4
4
4 2,700 Consolidated Textile...No par
34
3
218 Feb 7
12July 26
314 July
4 Mar
9
918
878 87
94 914
9
9
9
9
9
914
1,900 llontainer Corp class A
4
618 Jan 5 133 Apr 23
20
1 18 Jan
10, July
4
358 338 *312 35
8
34 34
35
8 33*
34 312
314 314 1,200
Class B
No par
23 .lan 2
2
53 Apr 18
2
14 Feb
412 JUDO
77
8
8
74
7 4 73
3
4 '712 734
712 •64 714
7
600 Continental Bat claw A NO par
514 July28 145 Jan 24
8
3 Mar I814 July
14
118
1
1
"1
I
14
I
1
1
1
1
1,400
Class 13
4July 27
238 Feb 7
No par
4 Jan
312 July
.5112 5518 .53
5312 53
53 .52
53
52
52 .51
54
200
Preferred
100 4614 Jan 6 84 Feb 9
Jan 64 July
36
8212 8214 815 823
8
8 81
815
8 8114 8218 81
813
4 81
81
3,900 Continental Can Inc
20 6912May 14 8314 Apr 21
3514 Feb 7838 Deo
7
7
.612 712 .612 7
*618 614 .618 64 *618 654
100 Conti Diamond Fibre
6 July 26 114 Feb 6
6
312 Feb
174 JU13
2814 2814 283 29
8
2878 287s 29
29
274 2814 2712 2812 1,600 Continental
_2.80 233 Jan 6 354 Apr 20
2
1012 Mar 354 Jul/
3
4
4
hi
4
7
2
4
7
8
4 '
3
4
Motors_..No par
7
8
3
4 2,200 Continental Insurance_.
34July 24
54
2 8 Feb 21
3
1 Mar
4 June
1812 185
8 1814 1812 1818 1812 1812 183
1734 1832 1712 18
4
13,700 Continental 011 of Del
47 Mar 195 Sent
3
5 15 4July 26 224 Apr 21
8
613 62
4
4 6138 6218 6138 6238 61
6114 613
6138 4,900 Corn Product' Reflning__25 5512 Aug 8 844 Jan 26
6114 61
45 8 Feb 903* Aug
3
.1433
4
__ 143% _ __ 5146 152 .14612 152 .1463 152
147 147
4
100
Preferred
100 135 Jan 4 14812July 24 11712 Mar 1453 Jim
4
6
_64
6
584 6
578 6
6 14
6
611
57
8 57
8 2,800 Coty Inc
3 8July 26
5
No par
94 Fen 5
232 Mar
712 June
3212 323
4 3212 3212 3214 3212 32 4 3234 3214 3214 3214 3238 1,400 Cream of Wheat elf,. No par 28 Jan 3 35 Jan 31
3
23 Feb 394 July
•133 1412 .1314 1412 '1314 1412 14
4
1412
14
1412
300 Croaley Radio
No par
8 Jan 2 1712June 16
314 Mar
144 June
23 2428 .2318 2334 .2314 2312 2314 2414 .1314 2358 "1312 2234 1,100 Crown Cork & Corp
4
223
223
4
4July 26 3614 Feb I
Seal____No par
I83
144 Feb 65 July
"3812 4118 .383 4118 .39
4
404 394 394 53812 4018 *3912 4018
100
$2 70 preferred
No par 3512 Jan 2 4114 Apr 20
2412 Feb 384 July
47
5
5
*47
8 5
1 41
7
543
4 5
.412 5
.4
5
300 Crown Zellerbaok vi a_ No par
8July 27
35
658 Apr 27
1
84 July
Apr
2212 224 2112 22:4 2112 22
2114 213
4
4 203 203 *1918 2014
4
1.300 Crucible Steel of Amerlea...100 17 July 27 383 Feb 19
8
9 Mar 374 July
*5312 6012 55312 61
.5312 61
.5312 61
.5312 61
*5312 61
Preferred
100 48 Jan 12 71 Apr 19
3
16
Feb 60 8 July
2
212
218 2 8
3
214 23
8
214
23
8
214 214
218 214 8,000 Cuba Co (The)
No par
1 Jan 2
318 Feb 9
43 June
8
12 Feb
814 83
84 83
73
4 814
7% 812
4
4
8
9
83
8 918 33,000 Cuban-American Sugar_ ___10
312 Jan 10
1111 May
97 Feb S
8
14 Jan
6112 6214 61
8 6212 6312 623 6312 6214 65
633
4
8 2,560
633 647
Preferred
4
100 2018 Jan 9 65 Aug 30
Jan 68 June
10
493 5112 5112 5112 5014 503
4
4 50
524 51
5114 50
50
5,800 OutlahY Parking.
8
50 37 Jan 2 525 Aug 29
204 Feb 594 June
•19
20
19
1914 1818 1812 1834 19
1818 1818 1818 184 1,500 Curtis Pub CO (The).....No par 1312 Jan 8 2948 Apr 12
64 Mar 3214 June
*807 813
8
4 813 813
4 81
81
4
81
8114 .82
82
83
823
4
Preferred
600
No par 4312 Jan 3 853
4July 17
Feb 66 June
30
2% 3
27
8 3
27
8 3
27
3
234 3
23
4 24 7,000 Curtiss-Wright
212 Jan 2
4% July
1
5:4 Jan 31
112 Feb
84 9
3
85
8 9
83
4 83
4
812 84
8
818 818 5.200
Class A_
812
514 Jan 3 1214 Apr 2
1
2 Mar
8 July
1512 16
.1514 1512 154 1514
16
1612 1614 1612 163 165
8
8 1,800 Cutler-Hammer Ine___No par 11 Jan 4 214 Feb 21
414 Jan 21 July
•131,1 and asked nrlees, n safes on this day
t r'n onion.. in.ao•tod In , vorahin
'
veil
a Optional site
r 0,vb sale. 2 Ex-dividend. a Ex-rights.
New York Stock Record-Continued-Page 4
FOR
-PER SHARE, N07' PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 25.
1365
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
Monday
Aug. 27.
Tuesday
Aug. 28.
Wednesday
Aug. 29.
Thursday
Aug. 30.
Friday
Aug. 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
per share $ per share $ per share Shares. Indus.& Miami'.(Con.) Par
per share $ per share $ per share
7
7
7
*6
o
/
1
200 Davega Storee Corp_.
*614 714 .614 714 *5% 7% *614 74
18
1714 1715 163 1714 17
3 1614 1612 5,900 Deere & Co
17
1712 1618 167
No par
4
/ 12
1
4
/ 1214 123s
1
4
123
.1112 127 *12
1212 1212 12
8
600
/ 1214 •12
1
4
Preferred
20
400 Detroit Edison
/
1
6712 6712 *664 68
8912 6912 69 69
.6712 70
*6712 70
100
*43
45
*44
*42
45
*42
45
4512 *4212 44
45
45
500 Devoe & IRaynolda A._No par
23
/ 2212 2312 2214 223
1
4
/
4
2
23
4 2112 2112 3,700 Diamond Match
No par
4 217 2214 211 213
3312 3312 *3214 34
33
*31
33
3214 3212 .31
'3214 34
Participating preferred. 25
400
44% 4412 42 4 43 4 423 43
4412 4412 4512 4412 447 14.000 Dome Mines Ltd
4
3
43
No par
3
*1812 1912 *1812 1912 *1812 1912 •18
19
/ 183 •18
1
4
100 Dominion Store, Ltd No par
1914 18
4
1912 1914 1812 19
183 183
4
2 1712 173
4 7,800 Douglas Aircraft Co Inc) No par
4 1812 19% 1712 183
*8
1112 .9
1112 *8
Dreseer(SR) Mfg cony A No par
11% eel, 103
2
4 *87 10
111 *9
/
4
2 *61 7%
/
4
/
4
Convertible class BNo par
/ '612 7
1
4
*614
7
/ .612 7 s *61 77
1
4
773 '612 7
412
*4
412
4
414 418 *44
4
412 *4
414 .4
1
400 Dunhill International
10512 10512
4
10512 106
10512 10512 105 105
1053 106 .1061? 106
130 Duquesne Light lst pref-100
812 612
*5
63
3 612
5
/ 2,300 Eastern Rolling Mills__No par
1
4
6
6
6% 6
/
1
4
61 6%
/
4
1003 1014 100 100
99
/ 99
1
4
4
/
1
/ 2.800 Eastman Kodak (N .1)..No par
1
4
2
99 4 99
,
/ 100 10012 987 99
1
4
1394 140
140 140
1392 1392 139 139
140 140
*135 140
250
6% cum preferred
100
•14
/ 154 1,200 Eaton Mfg Co
1
4
/
1
15
1514 1514 1514 1514 14% 15
/
1
'
1514 144 15
No par
92% 93% 92
93 s9012 91% 901 9212 8914 90
16,700 El du Pont de Nemours___.20
/
4
/ 8914 90
1
4
/
1
4
*1235 124 •124 12412 .124 12412 124 124
4
124 124
500
9 124 124
6% non-voting deb---_. 100
8
814 *83 10
2
500 Eltingon Schild
NO par
*812 1012
812 8
.814 9
/ *814
1
4
2212 2114 22% 21
22
/ 2212 28,200 Elec Auto-Lite (The)
1
4
/ 2014 2112 20
1
4
5
213
4 2114 22
*92
96
•914 96
/
1
96
95
10
*95
Preferred..
96
*94
95
96
*95
100
43
4 5
432 43
/
1
4
5
2 2,700 Electric Boat
44 412
/
1
4
/ 4
1
4
5
43
4 454
3
67
3 6%
63
4 68
4
63
4 65
4
67
2 6%
/
1
4
6
/ 6
1
4
/ 4,700 Elee & Mut; Ind Am shares._
1
4
6
/ 6
1
4
452 4
412 4
412 4
/
1
4
4
/ 433
1
4
/ 7,000 Electric Power & Light No Par
1
4
4
/ 414
1
4
414 4
/
1
4
/
1
4
11
1114 12
9
/ 1012
1
4
111
/
4
1112 11
11% 11
No par
Preferred
9
/ 9
1
4
/ 1,900
1
4
10
$6 preferred_
1053 10
9
9 / *853 913 2,800
1
4
_. No par
1014 *93 1014
3
94 10
/
1
37
/ 37% 37% 377 *3712 38
1
4
38
*374 3812
/
1
38
400 Elea Storage Battery _ __No par
*3712 38
2
Vs 11g
*I
1
11 •114
1
/
4
600 :Elk Horn Coal Corp.No pa,
14
/
1
114
112 11
/
4
114
*2
214 .17
3 2
11 11
/
4
/
4
200
6% part preferred
*17
3 2
11 11 •173 2
/
4
/
4
60
61
49
5112 511
48 48
48
61
*50
511 50
/
4
1,200 Endicott-Johnson Corp......60
50
.12514 12714 •12514 127 *1251 12812 12514 126
12512 12512
/
4
126 126
90
Preferred
Inn
.32
8
312 312 •3
3
/ 31
1
4
3
/ 3%
1
4
/ 414
1
4
312 31
700 Engineers Put410 rierv__No par
14
14
.14
15
14
500
1412 1412 141$ 1412 14
$5 cony pref. rred__--No Par
•I4
15
4
•1413 151 .143 1532 •144 153 .143 15
1434 148
$51 preferred
/
4
15
300
No par
/
1
4
2
4
52 15
154 151 .15
/
1
16
20 •12
171 *15
$6 preferred. __-. No Par
100
*15
1812 •15
19
5% 67
5
*512 6
5
/
1
4
512 5
/ 2.200 Equitable Office Bldg No Par
1
4
2 *5
/ 6
1
4
*5% 57
10% 103 103
10
DI
3
91
*9
1,000 Eureka Vacuum Clean
2
9
/ 9
1
4
/ *9
1
4
9% 10
1914 19% 19
193
181
2
7,200 Evans Products Co
2 183 19
s
/ 18
1
4
6
185 191 183 18
2
/
4
*454 5
*41 5
/
4
40 Exchange Buffet Corp.No par
*412 5
*414 4
.412 5
/
1
4
44 41
/
1
.12 g
*12 2
*12 2
*13 2
Fairbanks Co
*12 2
.
12 2
25
812 61
170
6
5
/ 6
1
4
6
614 63
Preferred
61
*6
8
61
"13
100
118 113
•1112 12
12
12 .10
500 Fairbanks Morse & Co.No Par
1112 11.1
1112 111 .10
*45
55
52
20
52
*43
/ 50
1
4
*43 2 50
7
Preferred_
50 .40
50
50
100
•518 Si
•5% 51
6% .5
*6
/
1
4
100 Federal Light & Trao
5
/ 51
1
4
15
*512 6
444
4412 44% 441
*4412 45
50
4412 441
444 441 .4412 45
/
1
Preferred
No par
80 .80
'60
80 .60
80
80 •60
Federal Min & Smelt Co__ 100
*60
80 *60
80
31
*33
4 4
700 Federal Motor Truck.
3
3
/ 3
1
4
.No par
3
/ 33
1
4
4
3
3
/ 32
1
4
3
/ 34
1
4
334
3
*214 27
2 3
*214 3
2 *23
Federal Screw Works No Pat
•214 3
*23
2 3
*214 3
/
4
•112 14 •113
/
1
11 112 1,600 Federal Water Serv A_No pa
/
4
11 112 •113 11
/
4
11
/
4
112 112
*2012 2412 *203 237 *20
2
237 *20
Federated Dept Stores_No par
237
2
2
2412 *20
2412 "20
28
28
2814 281 1 27% 28
2512 2612
271
800 Fidel Pben Fire Ins N Y...2.15(
*2712 2814 27
*84 94 .812 9 4 *812 914 *84 914 .8
/
1
/
1
/
1
812 84
/ 91
1
4
10 Fifth Ave Bus Sec Corp.No pa
/
1
,
*23
34
24
24
*23
34
*23
Filene's(Wm)Sons Co_No pa
34 .23
*23
*23
34
•105 1053 *105 1054 *105 10512 *105 10512 .105 1054 •105 10512
4
6/% preferred
1
4
/
1
/
1
100
161 16,
/
4
/ 153
1
4
800 Firestone Tire & Rubber -10
4 1612 1612 154 16
4
15
/ 15 4 1514 1514 *14
1
4
3
*774 8012 *793 8014 793 798
/
1
80
200
4
8014 *79
Preferred aeries A
8014 8014 •79
100
4
.64
64
643
64
1,800 Finn National Stores. Nopa
64
4 64% 643
4 64
64% 64
64% 64
/
1
33
4 33
/
1
4
4
3% 38
700 :Follansbee Bros
3
/ 312 *34 3
1
4
No pa
/
1
312 3% *34 3
/
1
4
*1713 1813 •17% 177 *1714 17 4 err% 18 .17
173
4
173 •I7
4
I Food Machinery Corp No pa
8
7
.13
/
4
4
1314 123 127
4
2 1214 1254 1212 123 •113 12 .111 1218
4
800 Foeter- Vk heeler
No pa
83
4 9
912 94
/
1
812 8
/ 2,200 Founaation Co
1
4
9
3
9
/
1
4
9 4 10
No pa
94 9
/
1
/
1
4
*20
/
1
1814 1814 •184 20
200 Fourth Nat Invest a w
2014 20
20
*1814 20
•1814 20
.1212 123
10
/ 113
1
4
2 3,400 Fox Film class A
No par
4 1111 123
/
4
4 1112 1112 111 1214 1112 12
1201 Fkln Simon & Co Inc 7% 9
23 2 237
7
243
4 2314 23 4
24
*22
25
26 4 *22
3
26
,
26
2100
3012 303
2912 3018 2,500 Freeport Texas Co
4 293 30
4
2954 304 2912 30
/
1
2912 30
10
193 *18
30, Fuller (0 A) prior pref_No par
4
1914 1914 *1712 193 *1712 19
19
/
1
4
/ 193 20 •18
1
4
4
8
8
.712 8
801 $6 2d prof
8
8
No par
8
855
8 2 812
,
81 8
/
4
/
1
4
/
4
11 11 *115 2
/
4
200 Gabriel Co (The) el A_ _No Par
*11 2
/
4
*112 2
*112 2
Ili 112
11
40 Gamewell Co (The)...No par
*1114 113
11
*1014 12
12
11
11
4
12
•11
•10
77
7
/ 8
1
4
74 7
/
1
/ 1,600 Gen Amer Inveatore.....No par
1
4
.7
/ 8
1
4
7
/ 8
1
4
72
7
7
/ 7
1
4
/
1
4
82
82 .73
200
73
82
73
*73
•73
83
Preferred
*73
7812 *73
No Par
343 354 3413 35
4
/
1
3312 33
/
1
/ 3,900 Gen Amer Trans Corp. ___._ 5
1
4
3412 344 3412 3514 334 34
/
1
1712 5,600 General Asphalt
1712 17
173 17% 17
4
17
17
10
1714 1712 1812 17
812 83
3
814 8
/
1
4
812 84
8% 813 1,800 General Baking
/
1
813 84
8% 8%
/
1
6
105 105
105 105 *10413 105 *10412 105 •10412 105
10413 1041
30
$8 preferred
No par
*7
7
7%
712
67
/
1
4
713 713
7
/ 7
1
4
7
*612 61 1,100 General Bronze
/
4
is
*3
/ 3
1
4
/
1
4
3
.3
31
3
313 3 2 •33
400 General Cable
/
1
4
3
/ 3
1
4
8 33
4
,
No par
*51 74 * / 713 *513 712 *512 714 *54 7% *512 714
Class A _
/
4
/
1
54
1
/
1
No par
4 17% 197 '17's 20
,
20
20
*1712 20
3
•171 20
/
4
100
7% cum preferred
•1712 20
100
43
4312 '4212 4312 4312 433
*42
/ 43 4 1,600 General Cigar Inc
1
4
3
/
1
No par
4 4312 434 4212 43
•11214 1144 *11214 115N 11214 11212 •1114 1154 *112 1153 *1113 115
/
1
4
4
/
1
4
70
7% preferred
/
1
/
1
. 100
193 194 195 195
2
/
1
2
4 1912 1912 1912 191 183 1914 184 19
/
1
4
24,400 General Electric
/
4
No par
1212 1212 1212 1212 12% 1212 12
8
2 6,100
/ 1212 *123 1212 1214 123
1
4
Spectra
In
30
30
29
6,900 General Foods
/ 3014 293 293
1
4
4
4
/ 3014 2972 3014, 293 30
1
4
4 29
No par
.3
8
3
4
1,200 Gera Gas & Mee A.
5
8
5
8
No par
/
1
4
ki
*1
/
4
3
/
1
4
/
1
4
/
1
4
/
1
4
14
.14
18
14
14
13
/ 14 1 •1212 141
1
4
14
600
Cony prat series A__Na pal
1414 14
20
*1512 20
•15
*1412 20
4
18
143 15
120
•1515 18 .15
$7 prof class A
No oar
163 17
4
•1613 19
*17
1712 *1612 19
1612 161
•I6
40
No par
19
$8 prof claw A
_
.59
*59
81
*59%
400 Gen Ital Edison Elea Corp..
601
5912 5912 5914 5914 60
58
.56
581 •5712 - - *5712 68
/
4
5812 5814 5814 5713 571
58
1,600 General Mills
No par
*112 11414 .112 1141 .112 11412 •112 112
400
/ 112 112 *110 1137
1
4
Preferred
100
313 31% 3013 3114 30
3
2938 293 97,100 General Motors Corp
3
30
311 293 30
/
4
301
.10
10114 10114 101 101 *101 10114 101 101 1 10012 1003 100 100
$6 preferred
1,000
No pat
1114 1114 11
2
*11, 127
4
4
10 4 10
3
2
11
400 Gen Outdoor Adv A. No par
*104 127 •I03 111
/
1
/
1
4
1
313 31
312 312
300
Common.
3 2 3 2 *3 2 3
3
8
*Vs 3% *342 339 1
/
1
4
No par
191
•1812 1912 •I8
18
18
40 General Printing Ink___No par
1814 18141 1814 1814 1814 181
88 '84
88 .8312 88
'84
$6 preferred
88
68 •84
*84
88 •84
HO par
.212 3
*212 3
212 31
3
•212 3
.213 3
100 Gen Public Service__ __No par
*21
2912 *27
2712 2812 •27
2
291 •27
/
4
.26
283
283, 27 27
500 Gen Railway Signal.._ __No par
13
2
11
•13
8
112
14 1121
/
1
114
11
•114
• / 11
11
4
112
900 Gen Realty & Utilities
.1
13
*91 13
/
4
•10
$6 preferred_
/
1
*91 127
/
4
*9
/ 1273
1
4
*91 13
s' *94 127
/
4
No par
*1312 15
•1414 15
.1212 14
•124 16 I *1212 16
/
1
*12
/ 16
1
4
General Retractories_No par
/ 13
1
4
/ 133 *131 1314 131 134 *1212 13
1
4
2
133 13
2
/
1
/
4
13
/
13
4
Voting tru.t certifs No par
900
2712 •___ _ 271 *271
2712 ....._ _ 274 *____ 2712
/
1
Gen Steel Castings prof No par
123 1213 11% 11%
2
113 117
4
8 113 117
/
4
3
8 111 111 s1112 111 4.600 Gillette Safety Rasor...No pa
/
4
/
4
/ *6212 6318 63
1
4
623 62
4
63
6213 6212 6212 6212 *6014 6212
400
Cony preferred
No pa
33
33
/
1
4
3
/ 3
1
4
3
312 312
/ 3
1
4
/
1
4
*312 3
/
1
4
3
52 3
/
1
4
800 ("Amble Brothers
No pa
*181 1914 •1812 1914 •181 1914 1812 1812 "17
/
4
/
4
/
4
1914 *171 1918
100
Preferred
100
254 2614 2512 253
4 251 251
/
1
/
4
25
/ 25
1
4
/ 24
1
4
/ 2514 24
1
4
3,600 Glidden Co (The)
/ 25
1
4
No pa
103 1031 "10212 103
3
•103 1033
4
102 1023 1023 103 •102114 103
80
/
1
4
Prior preferred
4
100
5% 57
57
3 6
5
/ 513 10,500 Gabel (Adolf)
1
4
5
/ 5
1
4
/
1
4
5
/ 5
1
4
/
1
4
51 51
/
4
5
191
18% 19
1812 1914 19
18
184 19Ig
/
1
18
7,600 Gold Duet Corp v t 0___No par
183
3 18
•114 120 •114 120 •114 120 •114 120 *114 120 .114 120
$6 cony preferred_ __No par
11
4 1114 111
11% 113
111
11
1112 1014 1112 10% 10
/ 5,600 Goodrich Co (Ii F)...__No par
1
4
441 •43
*44
46% *43
44
43
43
43
43 .39
200
Preferred
/ 43
1
4
100
241
23% 24
2412 244 24
23
/
1
54 24
/ 2213 234 228 2272 12,100 Goodyear Tire & Rubb No par
1
4
73
*69
*6912 74
73
*7012 73
s70
.70
1st preferred
70 .6912 70
100
No par
53
513 51
5
/ 5
1
4
5
51/4
a
5
5
900 Gotham Silk Hose____No par
514
'514 512
58 .50
58
*50
•60
58
58 .50
"50
58
20
50
50
Preferred
. 100
•1% 2
15
4
2
11
/
4
2
17
8
17
173 11 4,300 Graham-Paige Motors
2
2
/
4
. 1
8
8
*8
•712 8
712 7
81
/
4
7
5
7
600 Granby Cone M Sin & Pr..100
*712 7%
/
1
4
54 512 2,400 Grand Union Co sr oils
/
1
5
/ 5
1
4
/
1
4
512 5
5
/ 514
1
4
614 63
*54 57
/
1
8
8
1
.334 36
341? 33
/
1
*34
.321?
40
3312 34
/ 33
1
4
/ •32l2 3412
1
4
Cony prof series
300
NO IMO
"22
/ 25
1
4
*2118 25
"225 25 •22
2
/ 25
1
4
*22
/ 25
1
4
•2118 25
Granite City Steel
No par
34
343 "3312 341 •33I2 341 *334 3412 "3312 341 1,000 Grant (W T)
4
/
1
34
/
4
34
/
4
No par
/
4
1114 111 Ills 1112 111 1112 3.100 Gt Nor Iron Ore Prop No par
/
4
/
4
/
4
111 111 1112 1112 111 111
/
4
/ 301
1
4
293 3012 29
3014 304 29
4
/
1
/ 3012 30
1
4
3014 15.200 Great Western Sugar-No Par
3014 33
.113 1141 113 113
/
1144 1143
4
/
1
11412 115
4
160
•113 11412 11412 1141
Preferred
100
24 214
2
214 2,800 Guantanamo Bugar____No Par
2 14
/
1
214 *2
2
214 •2
/
1
4
214 2
24
•18
24
•18
20
24
22 "18
20 •18
24
100 Gulf States Steel
•20
No Par
60
60
80 .50
65
60
*60
65 .60
30I Preferred
*50
60 •50
100
•Rid and asked mines no sales 03 this Ivy
t
novnlea reported In reeelyershlp
,
PER .HARE
Range r .
.ce Jan 1.
On Datil Of 4o0-share lots.
4 Union's' gale.
per share
6 Jan 10
1012Ju1y 26
1014Ju1y 27
6312 Jan 5
29 Jan 6
2112 Aug 31
2814 Mar 27
32 Jan 25
15 July 26
1414 Jan 2
812Ju1y 26
, 63 Aug 1
4
3 July 27
/
1
4
90 Jan 16
4%July 25
79 Jan 4
120 Jan 16
121a July 26
80 May 16
115 Jan 2
614July 26
16 July 26
80 Jan 5
3 July 26
414 Jan 3
312July 26
7 4July 26
3
7 July 27
36 Aug 18
33May 11
1 July 26
48 Aug 30
120 Jan 3
212July 27
10's July 27
11 Jan 8
13 July 26
5 July 24
7 July 26
9 Jan 3
3 July 27
11 Mar 9
/
4
4 July 26
7 Jan 6
30 Jan 10
4 July 27
34% Jan 12
71 Aug 9
2July 25
27
2 Jan 13
11
/
4July 27
19I2July 20
23 Jan 5
/
1
4
7 Feb 15
23 July 25
87 Jan 10
134July 26
/
1
71 Jan 9
544 Jan 5
2 July 26
1012 Jan 9
812July 27
6 July 28
/
1
4
1712July 26
814 July 26
20 Aug 16
2July 26
267
14 July 26
6 July 26
112July 25
1012 Aug 7
5
/
1
4July 27
73 Aug 25
30 Aug 9
12 July 26
8 July 26
100 May 8
63 Aug 6
3
214 July26
4 July 27
/
1
4
1412 Jan 9
27 Jan 2
97 Jan 8
16
/
1
4July 2
113 Jan
3
28 July 2
12,July 2
6 Jan
/
1
4
11 July 25
13 Aug
60 Jan 24
53% Mar 20
103 Feb 21
/
1
4July 2
24
/
1
4
89 Jan
8 4 Jan
3
332 Aug 30
1012 Jan
7312 Mar 10
24 July 2
/
1
2312July 2
1 July 2
11 Aug
1012 Jan
10 July 2
25 July 31
Si, Jan
47 Jan 11
2
/
1
4July 2
1614 Jan
15 3 Jan
3
83 Jan 19
/
1
4July 26
3
163 Jan 11
4
9612 Jan 6
8 July 26
3512July 28
1812 Aug 6
64 Aug 6
7
3 3July 26
4014 Jan 22
11
/
4July 26
612July 27
4 Jan 8
23 Jan 6
23 Jan 15
30 June 8
812July 27
25 May 14
102 Jan 2
3 Jan 2
4
154 July 26
47 Jan 8
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest
$ per snare $ per share $ Per share
814 Feb 6
84 July
4
I% Feb
3412 Feb 1
24 July 49 July
/
1
4
1512 Jan 30
3
6 Feb 183 June
/
1
4
84 Feb 23
48
Apr 9113 July
5512 Apr 25
10 Mar 83 2 Aug
7
17 Feb 2912 July
2812 Jan 16
/
1
4
3412 Aug 21
2612 Feb 31 July
12 Feb 3912 Seta
4614June 27
23 Mar 10
3
1012 Feb 28 2 July
1014 Feb 1814 July
2812 Jan 31
19 Feb 17
65 Feb
4
18 June
21 Mar 10 4 June
/
4
117 Mar 28
2
3
113 Mar 26
4
/
1
/ Apr 144 July
1
4
106 Aug 25
/
1
4
85 Nov 102 June
12 Feb 19
/
1
4
11/ Mar 10 July
1011 Aug 25
/
4
48
Apr 89 July
/
1
4
147 June 27 110 May 130 Mar
2212 Apr 19
312 Mar 16 July
3212 Mar 96 Dec
103 Feb 16
/
1
4
/
1
4
126 July 20
97 Apr 117 July
12
1914 mar 6
ta;
WI;I
311 Feb 21
/
4
33 July
/
1
4
101 Apr 6
Jan
7 Jan 29
/
1
4
1
814 July
44 Dec
/
1
Feb
912May 8
1
9 3 Feb 7
3
312 Feb 1584 June
712 Apr 364 June
/
1
21 Apr 18
40/ Apr 22 June
19 4 Feb 7
3
/
1
4
21
Feb 64 July
62 Jan 24
172 Feb 21
4 June
/ Jan
1
4
6 June
/ Apr
1
4
3 4 Feb 23
3
7
26 Feb 62 2 July
63 Feb 16
Oct
12712July 26 107 Feb 123
/
1
4
3 4 Dec 14 June
3
/
1
4
8 Feb 7
11
Dee 47 June
2313 Feb 6
2412 Feb 5
2
11 Dec 497 June
2512 Feb 5
12 Dec 65 June
1032 Jan 22
13 July
3b
612 Mar
3 Apr
144 Feb 19
e
1814 July
10 Nov
7 Mar
2
2714 Apr 27
3 Nov
/
1
4
104 Apr 2
/
1
1112 July
2,
4 Jane
23 Apr 17
3
7 May
8
12 Apr 14
/
1
4
814 June
1
Feb
214 Mar 114 JIM/
18 Feb 19
68 Apr 24
10 Feb 4211 NOI
• 1114 Apr 3
4 4 Apr 1413 JUDI
8
/
1
4
83 Dec 59 July
62 Mar 13
16 Mar 103 Sept
107 Feb 14
4
/ Mar 115 July
1
4
8 4 Jan 30
3
41 July
/
4
584 Feb 23
$4 Feb
11 Dec
/
4
6 June
/
1
4
4 Feb 6
7 Feb 30 July
/
1
4
31 Mat 6
36 Apr 20
1014 Mar 86 July
9 Nov
/
1
4
5 Mar
I I Jan 3
9 Apr 30 July
30 June 21
81
Apr 95 Sept
108 Aug 9
We Feb 19
9 Apr 3113 July
/
1
4
42 Mar 76 June
86 Apr21
43 Mar 70% July
69 Ally 16
/
1
4
2 Feb
/
1
4
19 June
2
173 Feb 21
16 July
6
/ Apr
1
4
21 May 4
412 Feb 23 July
22 Feb 16
2 Feb 23 July
/
1
4
1714 Jan 30
2614 June
13 Ma
/
1
4
2712 Feb 5
1712 Feb 26
Oct 19 Sept
12
Jan 60 Aug
12
63 Feb 7
49 Nov
/
1
4
5033 Feb 19
161 Fe
/
4
3312 Apr 26
Jan 31 Ju.re
9
Jan 23 June
4
19 Apr 26
/
1
4
614 Aug
1 Fe
433 Mar 12
2
6
/ Jan 207 Aug
1
4
20 Feb 19
12 June
2 Fe
/
1
4
111 Feb 6
/
4
85 July
42 Fe
87 Mar 13
434 July
/
1
133 Fe
4
433 Feb 19
3
4 3 Mar 27 July
3
2312 Apr 24
2
1012 Dec 207 July
14 Feb 5
/
1
4
993 Mar 10814 Sept
4
10812 Feb 7
212 Feb 1012 July
1012 Mar 9
114 Mar 111g June
61 Feb I
/
4
2 Feb 23 June
/
1
4
12 Feb 1
6 mar 46 June
/
1
4
33 Apr 20
2
2414 Dec 483 June
43 Aug 28
/
1
4
Jan
90 July 112
116 July 24
/
1
10 Feb 304 July
/
1
4
2514 Feb 5
/ Apr 1214 J192
1
4
10
1244 Feb 26
Feb 397 Sept
21
/
UN Jan 30
7
II Dec
2 1 JIM
14 Feb 8
/
1
312 Apr 1614June
19 Mar t3
6 4 Dec 181:June
4
21 Mar 13
6
Apr 20 June
22 Mar 12
614 Feb 16
2414 Jan 5514 Nov
8411 Jan 15
354 Mar 71 June
/
1
9212 Mar 10612 Sept
116 Aug 1
10 Feb 35 4 Sept
42 Feb 6
5
65 Mar 95 July
/
1
4
1031± July 11
612 Jan 24 June
21 Apr 14
2 Mar
/
1
4
6 Apr 20
/
1
4
101 June
/
4
17 Jun,
34 Jan
2512 Apr 23
31 Mar 82 Aug
88 Apr 24
2 Apr
5 Feb 7
/
1
4
814
131.1 Jan 4912 July
45 Mar 3
/
1
4
4 11118.
/
1
4
/ Feb
1
4
3 Jan 30
/
1
4
8
293 Jan 30
2
51 Jan 223 JIM
/
4
212 Feb
19 4 July
3
233 Feb 23
2
7% Sept 18 June
191 Feb 21
/
4
92 Feb 3812 June
3
4812 Mar Ill
1314July 20
/ Jan
1
4
7 Deo 20
/
1
4
66
/
1
4July 6
Jan
4518 Dee 75
78e Jun
8 Feb
4
6 Feb 5
/
1
4
514 Mar 33 July
30 Feb 5
354 Mar 20 July
28% Apr 28
48 Apr 9111 Aug
104 July 26
3 Feb 16 July
913 Feb 27
12 Feb 27 2 July
23 Apr 23
3
9612 Dec 105 July
11412July 18
3 Mar 2112 July
18 Feb 19
9 Feb 63 July
3
62 4 Apr 21
9 Feb 47 July
/
1
4
413, Feb 19
/
1
4
27 4 Mar 8014 July
3
8614 Feb 19
/
1
4
612 Oct 17 June
IP/ Feb 6
41
Apr 73 July
/
4
711 Apr 26
Apr
1
5 July
/
1
4
412 Feb 1
13 Feb 16
/
1
4
3
3 Mar 15 2 June
/
1
4
3
3 Mar 10 2 June
/
1
4
884 Jan31
3
20 Sept 36 2 Jul)
40 Apr 24
3
111 Mar 30 2 July
/
4
3112 Apr 25
40 2 Feb 19
3
15 4 Feb 3612 Dec
5
/
1
164 Feb 19
/
1
164 July
5 Feb
/
1
4
/
4
35',July 9
6
/ Jan 411 Sera
1
4
724 Jan 110 Sept
/
1
115 4June 23
3
413 May
312 Feb 8
/ Jan
1
4
63 Feb 38 July
4
42 Mar 13
1614 Jan 64 June
83 Apr 20
16 "Ai;
Oct
3. Cash sale. s Ex-dividend. y Ex-rights.
1366
kgr FOR SALES
New York Stock Record-Continued-Page 5
Sept. 1 1934
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. 1 Sales
for
Monday
Saturday
Tuesday
iVednesday Thursday
Friday
the
Aug. 27.
Aug. 25.
Aug. 28.
Aug. 29.
Aug. 30. I Aug. 31.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Singe Jan. 1.
-share lots.
On bark of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share S per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ Per share
$ Per Mare 8 Per share $ Per share
*2414 2578 *2414 258 02414 254 *2414 2514 02414 2514 *2414 254
Hackensack Water
15 Mar 2512 July
25 2014 Jan 9 264 July 6
*2834 31
*283 29
4
*2834 29
*2834 29
*2834 29
2814 283
4
40
7% preferred class A
25 27 Jan 4 3012June 27
25 Apr 2874 Jan
434 47
41: 454
412 413
413 453
44 434 *434 412 2,500 Hahn Dept Storee____No par
312July 26
814 Feb 15
114 Feb
94 July
38 *344 38 .33
*34
38
*3114 3612 *3133 35
*3134 38
Preferred
9 Apr 3812 July
100 2514 Jan 9 523 Apr 21
614 614
6
6
6
614
6
31 Feb 1014 July
64
6
64
64 64 5,800 Hall Printing
93 Feb 14
4
312 Jan 8
10
*6
613 *634 8
*634 8
*634 8
*634 8
*634 8
Hamilton Watch Co_..No par
214 Apr
338 Jan 26 117 Apr 20
9 July
*35
39 *35
39
*35
39 *35
39 *35
39 *35
39
Preferred
100 25 Jan 15 534 Apr 25
15 Feb 35 July
.100 10112 *100 10113 *100 10112 *100 10112 .100 10112 100 10112
Hanna(MA)Co $7 pf_No par 84 Jan 8 10184 July 21
454 Jan 85 Aug
16
164 1612 1612 1614 1614 16
1614 1512 1912 *1514 1513 1,500 Harbison-Walk Refrae.No par 13 July 26 2434 Feb 21
64 Feb 254 July
*314 312
34 3 4 *3
3
353 *3
3 4 *3
3
3
3
34
300 Hat Corp of America el A__1
614 Apr 13
112July 26
7 Mar
3
712 June
547 *52
*51
55
55 55
*5313 59 *46
544 52 52
30
634% preferred
100 19% Jan 4 6214June 27
514 Apr 30 June
214 254
213 253 *212 23
4
25
3 25 , 213 212
3
24 24 1,000 Hayes Body Corp
114 Jan 2
2
63 Feb 15
4
3 Feb
4
31: July
*84
8512 85 85
87 *84
8412 8412 85 85
85 86
700 Hazel-Atlas Glass Co
25 8112 Aug 8 967 Apr 23
65 July 9714 Dec
4
*110 11313 11312 11312 *110 115 *110 115 *110 110 *110 115
100 Helme (0 W)
25 101 Jan 9 115 June 27 694 Jan 105 Dee
*712 9
*74 9
*712 84
714 712
200 Hercules Motors
75
4 7 8 *64 812
5
514July 10 1214 Mar 15
No par
3 Mar 17 July
*78
79
7813 7812 7714 78
774 7712 7553 7538 734 75
2,100 Hercules Powder
No par 59 Jan 4 8154July 17
15 Feb 6853 Dec
•123 1247 *123 1247 0123 1248 *123 1248 *123 12474 *123 1248
4
4
$7 cum preferred
100 III Jan 4 125 July 14
85 Apr 11014 Dec
.634 67 4 6512 6512 '63 674 *6512 67 4 *6314 6774 *63 6012
7
100 Hershey Chocolate---No par 484 Jan 15 68 July 16
7
3514 Mar 72 July
10012 10012 10012 10014 *98 10014 *98 10012 *98 10014 *98 10014
200
Cony preferred
No par 83 Feb 18 101 July 17
843 Apr 90 July
4
674 674 *634 7
7 7
7
614 64 1,700 Holland Furnace
614 634
7
No par
314 Jan 104 June
434 Aug 8 104 Apr 23
4
500 Hollander & Sonm (A)
912 94
93
9 4 *9
3
912 912
914 914 *94 93
4 *9
214 Mar 1012 June
534 Jan 2 13 June 21
5
*390 420 *40014 418 *400 418 415 415 '400 42012 *400 419
100 Homestake Mining
100 310 Jan 4 243014July 19 145 Jan 873 Oct
193 19 4 *19
20 •1914 20
4
3
4119
1934
20 20 .19 20
200 Houdaille-Hersbey el A No par 11 Jan 8 2314 Jan 30
44 Apr 15 June
414 414
44 433
414
414 44 44
374 4
3,100
37
3 4
Class B
67 Jan 26
3
2
54July 26
No par
I Mar
63 June
4
*4614 49
4874 *46
*4614 4813 *4614 4812 457 47 *46
4
300 Household Fluent)* part pf_50 43 Feb 5 54 Mar 12
43 Nov 5114 Jan
184 1812 1734 1754 1712 1712 18
17
18
1612 163
17
4
700 Houston Oil of Tex tem ctts100 12I1July 26 V% Feb 5
814 Mar 38 July
314 33
*314 313
314 *3
314
8
314 *3
314 314 *3
500
553 Apr 6
212July 27
Voting trust otas new____25
17 Feb
4
73 July
4
5414 5514 5314 54
5213 5312 5314 544 53 544 5274 547 12,800 Howe Sound v to
5 3512 Jan 3 5714June 28
54 Jan 383 Dee
4
934
954 94 93s
87
4 914
614July 23 2414 Feb 5
'
4
9
91
812 87 11,500 Hudson Motor Car____No par
812 87
4
3 Feb 163 July
3
238 254
212 234
238 27
254 234
4
23
4 23
4
212 2% 4,500 Hupp Motor Car Corp
10
74 Jan 30
17
3JulY 23
154 Mar
754 July
24
24
24
2414 2334 24
24
2434 2314 2334 23
23
14
1,700 Industrial Rayon
3
3
No par 1934July 26 7265334 FebJuue 14 _iiii
j
_ _r
i.i;
59
59
59
59
59
57
59
59
60
584 5834 57
1,500 Ingersoll Rand
No par 50 May
40 40
40
40 40
393 393
4
3914 394 38
39
4 40
1,300 Inland Steel
12 Feb 457 July
No par 35 MaY23 4934 Feb 21
4
*338 4
*35
*33
4
4 4
*35
3 4
4
*354 4
4
100 Ineplration Cons Copper___20
3 July 23
67 Feb 5
4
2 Feb
94 June
*313 35
4 .312 3 4
5333 354 *333 353
3
312 31
31, 34
200 Insuransbares Ctfe Inc
414 Apr 25
214 Jan 2
1
14 Mar
3 4 June
7
412
412 *334 434 .0334 412 *33
4 42
374 34 *4
44
200 Intercont'l Rubber-___No par
4May 4
57
214 Jan 15
44 My
53 Mar
434 43
5
44July 24 1114 Feb 19
5
1,300 Interlake Iron
5 4 5 4 3514 57
3
514 514
3
514 514
8
No par
214 Mar 12 July
434
414 44
434 4
414
4
414
314 313 2,000 fnternat Agrictil
4
313 33
8
64 Feb 5
2 Jan
No par
7 Feb
4
5 4 July
3
*24
2712 2513 2512 '23
271: *24
26
*2214 26
*2314 26
100
Prior preferred
100 15 Jan 8 3714 Feb 3
5 Jan 2714 July
137 137
*138 140
13812 13812 139 139 *137 138 *137 138
400 Int Business Machines_No par 131 June 2 14914 Jan 30
75 4 Feb 15314 July
3
612 6% *64 65
64 61
634
.57
4 614
4 *6
54 57
4I2July 26 1214 Feb 21
4
500 Internal Carriers Ltd
274 Jan 107 July
1
4
*2334 2414 23
2314 *23
24
2314 2314 2234 2312 2212 2314 1,100 International Cement__No par 1834July 30 3734 Feb 5
614 Mar 40 July
2874 29
2712 2734 2712 2853 27
2834 29
2714 6,500 Internal Harvester-__No par 2314July 26 467 Feb 5
2734 27
4
1353 Feb 46 July
*10814 1154 *10812 115 *112 115 .10914 115 *110 115
110 110
100
F p 1
la
Preferred
100 110 Aug 31 1253311. ey 17
820,2
11139714s
5
514
5
454 48
5
44 454 2,900 Int Hydro-El Sys cil A
38
513 54
54 512
Apr
July
34 3 4 *3
3
200 Int Mercantile Marine_No pan
314 *3
314 *3
6
314 *23
2's
4 314
4 314 *23
214j lY 2
4 J u y 27 6 Jan 24
114 Jan
674 June
2513 2534 x255: 28
2514 2554 2514 2534 29,800 Int Nickel of Canada__No par 21 Jan 4 294 Apr 27
264 2614 25 4 26
3
6% Feb 2314 Nov
*12512 12554 12514 12512 *12514 12534 1253 12534 *12512 12574 1254 12512
4
400
Preferred
4
72 Jan 115 Dee
100 1153 Jan 13 130 June 26
*11
16
*11
*1113 15
1053 11
15
*1114 15
*1114 15
70 Internal Paper 7% pref___100 10 July 27 25 Apr 24
24 Jan 2134 July
3
314
3 3
*23
4 34
234
234
3
3
800 Inter Pap & Pow el A_No par
34 *25
612 Apr 20
14 Apr 10 July
2 July 23
•153 2
*134 2
154 153
.14 2
s 3
13
4 13
200
4 *13
31: Apr 21
113July 27
Class B
No par
14 Apr
53 July
4
14 112 '114 154 *114
114
114
114 114
14
114 *14
900
234 Apr 23
1 July 26
Class C
No par
14 Jan
4 July
1212 13
12
12 '12
123
4 1212 1213 1113 11% 1114 1153 1,500
812July 26 247 Apr 23
100
2 Apr 2214 July
Preferred
2014 2014 2014 2014 2014 2013 *193 2012 1934 1934 1912 1912
4
900 Int PrInfing Ink Corp-No pa
9 Jan 13 25 Apr 21
313 Feb 14 Oct
4188
90 *88
90 *88
90 *8614 90 •8614 90 *8614 90
Preferred
100 66 Jan 2 90 July 13
35 Apr 71 Aug
3112 32
*2912 3112 *2912 314 *2912 312 *2913 32
400 International Salt
3112 311:
No par 21 Jan 3 32 June 19
135 Mar 2754 July
*4153 42
413 41% 413 4134 *4112 415
4
414 4112 41
411
4
1,000 International Slioe___No par 40 May 12 5034 Jan 26
243 Jan 563* July
3
*23
27
37 *24
*24
2612 *23 27 *23
2674 *22
267
3
International Silver
9 4 Feb 5912 July
3
100 19 July 27 45 4 Feb 15
*66
70 *66 67
66
66
65 65 *65
65 65
70
50
2413 Mar 7174 July
7% preferred
100 59 Jan 4 844 Apr 9
97 10
1074 11
1014
1034 107
4 103 105
4
15,900 Inter Telep & Teleg___No par
s 1014 1074 10
514 Feb 2154 July
712July 26 1734 Feb 6
•10
1012 10
1034 1033 1012 1014 1012 2,800 Interstate Dept Stores-No par
1013 *93 104 10
87 July
4
14 Mar
34 Jan 4 1633 Apr 20
*6
712 *6
712 *6
8
754 *6
*6
712 *6
554 Jan 3 10 Feb 8
Intertype Corp
712
17 Jan 1114 July
4
No pa
*2934 30 *29
*28
304 2913 2912 2812 29
2812 *28
2812
300 Island Creek Coal
11 Feb 32 July
1 2434 Jan 29 3053July 18
*46
49 *46
49 *4712 4833 48
48
*4612 49 *47 49
100 Jewel Tea Inc
23 Feb 45 July 1
No par 33 Jan 9 52 Apr 20
49 497
3 48
454 4634 18.200 Johns-Mangille
49
473 4812 4734 494 453 47
4
1214 Mar 6314 Dee
4
No par 39 Aug 6 663* Jan 30
*112 118 *112 118 *112 118 *112 118 *112 118 *112 118
42 Apr 1064 July
Preferred
100 101 Jan 4 11314July 17
5012 5012 507 5074 49 4 497
50 50
50 51 .50
51
200 Jones & Laugh Steel pref_100 45 Aug 1 77 Jan 23
7
3
35 Feb 91 July
*67
3 714 *7
3
7
714 *613 714 *612 7
100 Kaufmann Dept Stores $12.50
254 Mar
7
6 July 26 103 Apr 13
9 3 June
*612 7
3
3
3
*143 147
3
4 143 143 *1433 145s 1414 1434 •1414 1412 *1418 1412
874 Feb 194 July
600 Kayser (J) & Co
3
5 137 Jan 4 1812 Apr 20
178 2
218 218
2
213 24
178 172 *178 2
2
114 July 26
73 Mar
412 Mar 12
1,200 Kelly-Springfield Tire
614 July
5
814 814 *73
4 *73
4 83
6 Feb $114 June
4 83
4 *713 83
4 *74 814 *712 814
5 July 26 20 Jan 30
100
6% preferred
No par
*43
4 7
'43
4 7
*434 7
4 7
*43
4 7
'43
2 Feb
Kelsey Hayes Wheel conv.cIAI
*4 4 7
3 July 28 10 Feb 16
3
8 May
*21 318 *238 312 *232 312 *238 312
3
713 Feb 16
314 313 *212 312
100
Ill Dee
253 Jan 2
Class B
63 June
4
1
1433 144 1373 1414 133 1414 14
1434
4
1314 1312 1314 1312 6,500 Keivinator Corp
3% Feb 1538 Sept
No par 1153July 26 2114 Mar 14
8912 *88
8912 *88
90 *864 90 *864 95
*8612 8912 '.88
30 Jan 73 July
Kendall Co pt pf eer A_No par 654 Jan 18 90 July 20
4
197 2018 135 2038 1914 194 194 1954 24,700 Kennecott Copper_ __.No par 16 July 26 2314June 13
4
2014 2012 20
2058
Vs Feb 26 &pi
13
*10
*10
13 *10
*10
13
1212 .10
*1012 13
1214
57 Apr 253 July
4
Kimberly-Clark
No par 12 Jan 2 1814 Apr 12
4
*312 418
4 44 *33
34 37
4 44 *334 44
4 *33
4 44 *33
100 Kinney Co
74 Apr 13
1
3 Jan 16
Apr
No par
614 June
*1612 24
No par 1314 Jan 6 41 Apr 26
*1534 24
*1514 24
*15
*1514 24
*1614 24
24
453 Feb 30 July
Preferred
1812 1812 1834 1852 1818 1814 1812 1812 18
1812 1814 1834 6,000 Kresge (S 5) Co
54 Mar 167 July
4
10 1333 Jan 2 2234 Feb 5
4
*106 1093 a109 109 *106 1093 *106 1095 *106 10934 *106 109 4
4
4
10
7% preferred
88 Apr 103 June
3
100 101 Jan 4 111 Mar 16
6012 6012 60 4 61
*5958 61
*58
60 63 *62 64
61
3
400 Kress (SE)& Co
No par 36 Jan 3 81 Apr 27
27 Jan 4414 July
29
4 2834 2834 287 2934 2814 2834
2912 2834 297
4
2814 2812 4,600 Kroger Groc & Bak
144 Feb 1155 July
No par 234 Jan 8 3354 Apr 23
s
*21
25 *23
*23
25 *21
25 *23 25
25 *23
25
Laclede Gas Lt Co St Louis 100 20 July 26 634 Feb 13
30 Nov 80 June
*30
32
*30
38
*30
38 •30
30
38
38
30 *27
100
5% preferred
3712 Apr 61
Jan
100 30 Aug 30 60 Feb 9
*2413 2512 *25
2414
2374 2374
2512 23% 243
4
243 *233
900 Lambert Co (The)____No par 224 Jan 4 3134 Feb 5
4
4
193* Dec 414 July
11
11
*9/2 131, *912 1112 24
*912 1112 .912 1112 *912 1112
100 Lane Bryant
5 Jan 6 1414 Apr 19
No par
3 Feb 104 June
10
*913 10
*10
93 10
103
4
4 10
914 912 *812 912
7 July 26 144 Apr 26
900 Lee Rubber dm Tire
5
33 Mar 123* July
4
1412 *1212 1413 *1112 1412 *114 144
1412 *12
144 •13
*14
Lehigh Portland Cement___50 11 May 14 20 Feb 23
574 Jan 27 June
*754 80 *754 80 *7512 80 *754 80
*7512 80 *7512 80
34 Fob 78 Sept
7% preened
100 7354June 22 81 Apr 26
312 312
358 Is
354 358
314 314
5 Feb 21
314 312 *314 314
214 Jan 8
800 Lehigh Valley Coal---No par
634 July
1
Jan
13
*1214 13
3
4 1354 135 •1212 1312 1314 1314 13
214 Apr 12 June
1358 133
1.000
5 Jan 3 1634July 19
Preferred
50
6914 70
6913 6934 6914 6934 69 69
1,600 Lehman Corp (Tbe)___No par 6414July 26 78 Feb 6
691s 694 68 68
3
374 Feb 79 4 July
15
1514 1514 1514 154 15
15
15
15
15
15
15
800 Lehi: & Fink Prod Co
4
5 143 Aug 23 234 Apr 19
14 Feb 2314 June
2934 30
4
2933 3014 30
30
304 307 z29 294 2874 2914 7,800 Libby Owens Ford Glass No par 2514July 26 433* Jan 19
434 Mar 3733 July
*2114 21% 2114 2134 *2014 21
*2033 21
•2114 2154 *214 22
300 Life Savers Corp
5 174 Jan 8 24 Apr 23
1553 Oct2214 Sept
98
*95
9712 *9512 9814 *9412 974 *9412 97
97 9734 *96
900 Liggett & Myers Tobacco-25 73 Jan 6 973 Aug 25
4
49 Feb 98 Sept
99
98
98
9834 97% 98
4
9834 9834 977 98
984 99
2,700
Series B
25 744 Jan 8 99 Aug 25
4914 Feb 9934 Sept
*148 151 *148 151 *148 14912 *14813 14912 *14814 14912 *14814 14912
100 129 Jan 13 150 Aug 16 121 Mar 1404 Sept
Preferred
2312 *22k 2313 1,600 Lily Tulip Cup Corp-No per 16 Jan 15 2612July 18
244 2414 24
4 2312 2338 z23
2412 2312 233
13 Apr 2114 May
19
*1714 19
20 *19
2014 19
20 2014 *19
20
20
600 LInma Locomot Worka__Pig par 1712July 30 3614 Feb 5
4
10 Jan 313 July
145 *13
1414 .13
15
15
*13
16
*13
68* Apr 19 4 July
•13
Link Belt Co
15 *13
No par 1214 Jan 3 193* Feb 6
1
*2112 2234 22
22
3,900 Liquid Carbonic
223 2314 224 2212 214 2234 2212 24
4
3
No par 1614July 26 353 Apr 23
1014 Feb60 July
28
2874 29
2834
4July 28 3513 Apr 12
2734 27 4 2754 2812 2634 2733 2612 2714 16,500 Loesea Intiorporated___No par 207
7
84 Mar 3612 Sept
94
994
92 92
92 92
92 92
*9012 92
*903 92
4
800
Preferred
No par 72 Jan 2 9714 Apr 24
35 Apr 7813 July
3 Jan 31
114 Aug 15
500 Loft Incorporated
13
4 13
*13
4 •14 17
4 1%
4 *1% 17
4 *154 14
4
1% 13
No par
4% June
14 Dee
100 Long Bell Lumber A No par
112 112 *14 112 • 014 112 *114 112 *114 112
2 4 Feb 20
3
*1% 112
:
1
1 July 26
Is Feb5 June
4
4
400 Loose-Wiles Efiscult
4 39 4 397
*391, 41
7
4 393 395
4
4014 4014 397 3974 *393 403
4
8
25 3814 Feb 26 z4434 Jan 17
1914 Fob 443 Dee
_ _ *125 .......
*12414
50
*12414 _
-- *12414
- 12414 12412 *125
7% let preferred
100 119% Jan 11 12812July 13 11312 M ty 120 Jan
g1814 18% 181 184 1814 1853 18 1814 1774 18
5,200 Lorillard (P) Co
11312 185
10 1534 Jan 8 1914 Feb 5
1034 Feb7514 July
*110 118 *110 118 *11112 118 *11112 118 *11112 118 *11112 118
100 102 Jan 26 113 Atm 1 1
7% preferred
874 Feblite Nov
48 Jan
4 My
334 Apr 4
•114 2
112 112 *114 173 *114 174 •114 17
*112 178
114 Jan 10
200 Louisiana 011
No par
12
2 2314 Apr 4
*913 12
*10
*10
10
1014 1014
12 *1014 113 *1014 12
74 Jan
4
312 Feb29 July
Preferred
100
16
16
4
500 Louisville Gas & El A.No par 13 July 26 21 Feb 7
16
16
*154 16
*1512 1614 x154 154 *1412 1512
1374 Apr 253 June
*1212 14 •12114 1312
814July 26 1914 Feb 20
1454 14
4
14
14
*143 143 *14
3
14
300 Ludlum Steel
1
4 Feb2014 July
*70 85 *70 85 *60 85 *60 85 .60 85 *60 85
Cony preferred
No par 77 Aug 24 97 Feb 20
les Mar 954 Dec
3512 36
3
35
37 *3512 367 *3518 3612 *3513 363 *354 3634 1.400 MiteAndrews & Forbes
$
4
91: Feb313 Dec
10 30 Jan 5 37 Aug 27
- 10714 108
20 6% Preferred
*10714__ .10714 - - - *10714 -- •10714 _-_ •10714
74 Apr96 Nov
100 95 Jan 13 110 July 12
2512 2434 - - 25 243
2614 - 4
24
21338 2512 244 24
1,700 Mack Trucks Inc
2514 244 -4
No par 22 July 26 413 Feb 6
1314 Feb463m July
393 393
4 2,100 Macy (R H) Co Inc. _No par 36 July 26 62% Jan 30
3874 383 383
4 397 4014 39
3953 38
2414 Feb653 Jul)
397
4
4
4 39
4
512 *47
7 June
200 Madison Sq Gard, 4 a_No par
4 512 *47
*5
478 5
512
8 514 *5
*43
153 Mar
4 5
23 Jan 2 7 Apt 27
4
21
21
100 Magma Copper
*2014 234 *2014 2314 *2014 2314 *2014 231 *2014 2314
533 Mar 1938 gily
10 1514 Jan 17 x2314june 28
514 June
% Feb
24 *2
*178 218 *2
218 *2
2
2Ig
*Ps 2
112July 26
2
100 Mallinson (H It) & Co_No par
44 Apr 24
1212 1212 •1112 177 *11
*124 1512 *124 16
4
*1214 16
754 Jan 9 333 Apr 24
i77
s
3 Feb 26k JO,
8
100
7% Preferred
10
*214 23g
212 212 *212 3
*214 3
5 4 Jill,
3
ISO
100 /Manati Sugar
234 *214 23
3 4 Jan 23
3
1 Jan 8
*2
14 Jan
97 J.112
4
64 612
7
280
94 Apr 26
15 Jan 3
6
Preferred
614 7
714
73
4 7 8 *6
74 *6
3
100
4 Jan
974 Jun.
*35g 6
*312 6
*33
4 6
*358 6
4
4
100 Mandel Bros
14 Jan
81: Jan 26
•3 4 6
3
3 July 26
No par
*1214 13
4112
54 Apr 23 July
1358 •1214 137 *113 13 *1158 127
*1213 14
Manhattan Shirt
4
8
25 1012July 27 203* Feb 1
4 June
*112 15g
113July 25
*114 2
Maracaibo 011 Explor_No par
*114
*114 2
*114 2
13
4 *114 2
3 4 Feb 17
3
4 Jan
*412 474
53 Nov
453 454
4
474 Nov
433 438 5,800 Marancha Corp
413 41
412 415
414 412
53 Feb 5
3
434July 30
5
511JuIy27
54 6
57
534 584 4,500 Marine Midland Corp
8 6
534 57
578 54
6
9 Feb 6
6
5
5 Dec I 1 14 Jan
*1914 201 *194 21
20 4 *184 21
3
300 Marlin-Rockwell
6 Feb 2314 Dee
*19
1878 19 *184 21
No par 17 July 31 32 Jan 25
4
414 Jan 183 June
4
1214 1214 113 123 1154 1138 1112 114 1053 118 1053 103
83 Aug 9 1938 Apr 11
4 3.700 Marshall Field & Co___No par
7711 Dec
Is Jan
Martin-Parry Corp__ _No par
*433 57
3 *414 5 4 *44 5 4 •414 5 4 *414 5
3
4 July 27 1234 Mar 3
3
3
*414 55g
3
•llid and 'gated prices, no sales on this day. f Companies reported in receivership. a Optional gele e Clean gele • Sold 15 dim. SPA-dividend 4 Rg•rioets
48
yr
Feb
orFOR SALES
New York Stock Record-Continued-Page 6
DURING THE WEEK OF' STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 25.
Monday
Aug. 27.
Tuesday
Aug. 28.
Wednesday
Aug. 29.
Thursday
Aug. 30.
Friday
Aug. 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sinoe Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
1367
co'
PER SHARE
Range for Previous
Year 1933.
Highest.
Lowest.
$ per share $ Per share $ Per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& blisceil.(Con.) Par $ per share
14 Feb 48% Nov
2812 2818 2814 4,100 Mathieson Alkali WorksNo par 2434July 26 4034 Jan 24
29
29
29
298 28
2812 29
291 30
/
4
9 4 Feb 33 Seln
3
600 May Department Stores___10 30 Jan 2 4438 Apr 23
*3712 3812 37
3712
38 •364 3812 3712 38
*3712 3814 38
812 July
118 Apr
418July 26
834 Feb 21
No par
42
900 Maytag Co
5
/
1
4
5
5
5
5
5
43
4 *478 5
•458 514
3 Apr 1514 Aug
/
1
4
No par 10 Jan 2 2812 Apr 26
Preferred
100
25
25 *24
2514 2514 2514 *24
2514 *25
254 *24
*2312
15 Apr 58 Oct
Prior preferred
No par 49 Jan 3 9212 Apr 3
20
*7214 7212 *7214 7212 7212 7212 *7214 7212 *7214 7212 *7214 7212
7
13 Mar 30 4 SeP1
No par 24 Jan 11 32 Apr 13
500 McCall Corp
2714 *2638 28
2712 2718 2718 2718 27
*27
28
28
*27
47 June
412 Feb 6
as Apr
118 Jan 8
2
2
2
1,000 :McCrory Stores olassANo par
2
1% 2
*I% 2
2
2
18 2
6 Jar
14 Dec
414 Feb 6
114Ju1y 24
Class B
No par
200
*134 2
*112 2
2
2
112 112 *112 2
*112 2
212 Mar 21 Jag
5 Jan 2 2534Mar 17
14
100
Cony preferred
300
1912
1712 *17
1724 1714 '17
1912 *1612 19
19 .16
*17
81s June
3 Apr
4 Jan 4 1012 Apr 21
300 McGraw-Hill Pub Co_No par
612 612
658
658
•658 7
*65
8 7
*64 7
*622 7
18 Mar 4858 Oct
4 7,500 McIntyre Porcupine Mines„5 3812 Jan 25 5012June 19
4812 484 487
4612 468 47
4
2 473 483
4714 4714 4558 47
4428 Jan 65 4 Aug
3
300 McKeesport Tin Plate_No par 60 Aug 3 9414 Feb 21
86 86
86
86
88
88 *86
*86
*88 89
88 88
13 Mar 134 July
4
918 Apr 10
44July 26
5
6
612 7,900 McKesson & Robbins
6
614
638 678
614 638
614 612
64 6%
35 Mar 25 July
2
50 117 Jan 2 3412 Apr 27
Cony pref ierles A
2832 *2612 2712 2614 2612 1,100
2914 2914 2812 2812 *2758 2812 28
358 Jub
14 Feb
632 Aug 22
1 Jan 6
No par
554 57g 27,600 :McLellan Stores
538 618
6
638
552 638
558 578
58 618
21 Jan 22 2 July
7
912 Jan 2 6312June 8
100
5614 564 1,600 8% cony prof set A
58
*58
6012 54
58
59
56
56
61
*55
83 Feb 2858 Oct
4
No par 28 Jan 2 39 June 28
700 Melville Shoe
35
4
4 3512 3512 35
4
4
*353 3624 353 35% 353 353
36
36
2 Mar 20 July
312July 26 11 Jan 22
1
1,100 Mengel Co (The)
4 5
*43
5
5
558
558
558 558 *518 538
54 558
22 Jan 57 July
100 29 Aug 23 52 Apr 19
7% preferred
ns
3212 *2514 3212 *2514 3212 *2522 3212 *2514 3212 *2514 3212
7 Feb 21 Sept
5 1612 Jan 4 30 Feb 19
2412 2412 2,000 Mesta Machine Co
25
2518 2518 2518 24
2512 2512 2512 2512 *24
1312 Mar 22 Sept
4May 22
pref-27 21 Jan 5 268
200 Metro-Goldwyn Pict
*2512 26
*2512 26
26
26
*2512 26
*2514 26
*2514 26
934 June
61 Feb 16
/
4
3 July 26
5
158 Mar
700 Miami Copper
312 358
334 3
4 414
414 *33
*4
44 *4
54 *334 418
334 Mar 16 July
928 July 26 1434 Feb 5
10
1214 1134 12 *1152 118 3,700 Mid-Continent Petrol
1214 12
4 12
1212 123
4 1212 123
/
1
4
3 Mar 17 July
612July 26 2178 Feb 19
800 Midland Steel Prod_-__No par
834 834
*9
912
4
934 93
10
93 10
4
10
98 10
26 Mar 72 Sept
8% cum lit pref
100 59 Aug 7 8514 Apr 21
57 *50 57
*50
*50
75
75
*51) 75 .50
*50
70
13 Apr 3632 Det
Minn-Honeywell Regu_No par 36 Jan 4 59 July 10
800
/
4
53 53 *521 56
54
55
55 55
57
57
58
58
57 Jan 30
178July 26
558 Jul:,
7 Feb
2
214 258 1,500 Minn Moline Pow Imp! No par
212
212 *214 258
212 212
238 2 8
3
28 278
8 Feb 30 July
No vat 1512July 26 3534 Feb 1
Preferred
200
18
18
*1634 22
1712 1712 *15
*1612 1978 *1612 22
18
7 Jan 22 Job
124 Jan 4 2238 Apr 21
20
700 Mohawk Carpet Mills
*1434 16
x1434 16
16
16
*1514 16
*153 16
4
17
*15
25 Mar 83 Deo
10 39 May 14 5512July 13
5312 1,300 Monsanto Chem Co
53
5312 5312 5134 53
4
543 543 *513 5414 5312 537
2
2
88 Feb 2872 July
2512 2458 2518 2418 247
8 244 25% 2358 2458 2312 2458 49,300 Mont Ward & Co Ine_No par 20 Aug 6 3552 Feb 15
25
25 Jan 56 July
No par 37 Jan 4 5212 Aug 29
600 Morrel (.1) & Co
*52
5218 5218 524 5114 52 *5014 52
51
5014 5014 51
212 JUDI
13 Feb 8
is Jan
I2July 17
700 Mother Lode Coalition_No par
1
'2
5
8
2
12
5
8
*12
5
8
5
8
5
8
"2
5
8
8% Del
14 Jan
6 July 27 12 Feb 21
Moto Meter Gauge & Ea____1
*8
9
*814 9
.8
9
*8
9
*8
9
*814 0
754 Mar 364 Sept
2114 2114 20
1912 1914 1914 1,900 Motor Products Corp_No par 1514July 27 4434 Feb 15
207
8 195 1958 1912 2012 19
*
112 Mar 1152 Job
8July 26 1612 Feb 16
65
5
818 818 1,600 Motor Wheel
858 858
8 9
812 812
834 8%
*85
858 9
8
112 Mar 10 Jub
5 Jan 12 15% Apr 23
14
No par
300 Mullins Mfg Co
*8
9
9
9
914
*8
912 *8
*8
9
99
5 Mar 25 Juno
Cony preferred
No par 1212 Jan 12 46 Apr 21
210
*2712 2734 *25
2712 2712
27
2934 2612 28
28
2878 *27
5 Mar 1858 Juno
No par 13 Aug 10 2514 Apr 13
Munalngwear Ino
4
*15
17 *143 17 •14
1614 *14
17 •154 1684 *14
1614
15 Feb 1112 Job
8
8
378Ju1y 26 115 Feb 16
10
558 512
53
8 55
512 55
3
5% 588
5
5,
2 4,500 Murray Corp of Amer
518 514
8
Jan 2012 Jul]
8
NO par 14 July 26 212i Feb 21
700 Myers F & E Bros
21
21 *20
*19
20 *19
2112 2112 21
2014 21
20
Ills Apr 27 Ju'l
No par 1252Ju1y 26 3214 Jan 30
4,000 Nash Motors Co
14
1514 1414 1458 14
1514 15
15% 1558 1514 1558 15
72 Jul;
112 Feb
878 Feb 23
318July 23
1
600 National Acme
Cg 412
458 4%
458
458
412 41
4 *412 434
4 4 43
3
9% Dec 1012 De
5 4July 24 134 Jan 31
3
1,400 National Aviation Corp.No par
7
7
7
7
74
614 614 *6
*67
8 7
612 7
97 lull
114 Jan
12114 Mar 19
3 Jan 6
14
*514 6
5% 512
512 512
538 53
514 514 *514 558 1,200 :National Belles Hess pre1 100
8
2
3112 Feb 605 Jun,
10 31 July 26 4912 Jan 18
3212 3234 4,100 National Biscuit
33
3358 3318 3312 3318 33% 33
3332 3234 33
100 131 Jan 3 14812July 23 118 Mar 145 AR
7% cum prof
200
1403 1403 .1404 143 *140 143 *14014 143 143 143
4
*140 142
4
51s Mar 2358 Jul;
No par 12 July 26 2358 Feb 6
1414 3,400 Nat Cash Register
1412 14'2 14
1514 148 148 1412 15
1512 1512 15
3
1012 Feb 25 4 Jul;
No par 13 Jan 4 1814Jtme 9
173 1752 1712 174 1714 1712 17% 174 1732 174 x1612 1752 25,000 Nat Dairy Prod
2
4 Mar
212 Jun,
3 Mar 16
1 Jan 9
400 :Nat DepartmentStoresNo par
*118 1% *118 15
118 11
*118 122
•118 112
11
13
114 Feb 10 Jun,
5 Jan 17 2212 Apr 18
100
Preferred
120
.1214 1214
*1418 15 *14
1412 *14
1414 1212 13
1414 14
/
1
4
20 Dec 3314 No
No par 16 July 26 3158 Feb I
2022 21
2214 2024 2132 2038 214 77,100 Nati DIstil Prod
20
2052 20
2112 21
5 Feb 1958 De
400 Nat Enam & Stamping_No par 1612 Jan 5 3278 Apr 24
27
27
2612 2612 *253 27
2512 2512 2512 251
*26
27
4
,
4314 Feb 140 No
100 135 Feb 10 163 July 14
800 National Lead
156 15612 15412 15412 15212 15212 *149 155 *149 155
15612 157
100 122 Jan 16 145 July 18 101 Mar 1284 No,
Preferred A
*14014 14412 *14314 14412 *14314 14312 *14314 14412 *14112 1441 *14112 14412
75 Feb 10912 Jul:
100 10012 Jan 9 116 Aug 7
Preferred B
*111 114 *111 114 *111 114 *111 114 *111 114 *111 114
6% Apr 20 2 Jul:
,
814
7 Ju1y 28 1512 Feb 6
/
1
4
818 4,800 National Pow & Lt---No Par
838 858
4
8
8
814 812
83
4 83
812 8%
15 Feb 554 Jul;
25 37I2July 28 5814 Feb 5
4212 43
2,100 National Steel Corn
4212 4338 4278 427
4014 41
4114 411
43
43
4 Apr 2858 Jun
600 National Supply of Del......25 10 July 26 211g Apr 24
14
1414 1258 1258 1312 135 *1212 131 *12
*14
1438 14
8
17 Feb 6014 Jun
/
1
4
100 33 Jan 4 80 Apr 23
Preferred
421s 4312 *4114 43
150
*4314 46
43
*4312 46
*4114 43 *41
612 Jan 27 Jul;
9 July 26 1858 Feb 1
No par
3,300 National Tea CO
1138 1078 1158 1078 11
10% 10 4 105 11
3
103 1072 11
4
4
11 Jan 124 Jun
/
4
612 Jan 4 3014 Apr 13
-No par
600 Neisner Bros
*20
21
2012 2018 20 20
19% 20
20
*20
2012 20
--- __
8
300 Newberry Co (J J).....No par 31 July 26 497 Apr 10 -_-- -3512 351 *35
36
36
37
3632 *35
3618 361g *35
35'2
100 100 Apr 3 10614 Aug 21
•10314 110 *10314 10718 *10314 1074 •10314 10712 •10314 110 *10314 110
* preferred
114 Mar 1158 Jul
14
6 Jan 10 13 Mar 6
75
73
I
700 Newport Industries
*712 778
•
8
*7
7
75
8 7%
7
724 7
612 Apr 231i Jul,
No par 11I2July 26 2434 Feb 7
200 N Y Air Brake
*15 . 1612 *1512 1612 16
*1512 1612 1512 1512 *1412 1558
16
2
258 Dec 117 Jun
814 Mar 19
258July 31
*338 4
New York Dock
4314 4
*324 4
4314 4
*314 4
*314 4
1001
6 Oct 22 Jun
5 July 26 20 Mar 13
100
*714 10
Preferred
*714 10
*714 10
*714 10
*712 10
*73 10
8
2% Jun
32 Dec
114 Feb 7
12 Jan 2
600 :/or Y Investors Inc____No par
12
12
5
8
5
8
12
12
*4
52
12
12
4
52
158 Jan 2212 Au
2
912July 26 227 Feb 1
2,100 N Y131111)1)1dg Corp part Ilk__lI
13
/
4
8
4 13
1434 1434 1418 141 135 1418 1414 1412 133 133
31 Jan 90 Jun
lOOj 72 July 26 8934 Apr 13
7% preferred
10
*7312 81
7334 733 *7312 81
4
*73 80
*7212 81
'74 81
70 Nov 101% Au
No par1 82 Jan 5 9912 Apr 10
50 N Y Steom $6 Ore!
*92
96 .92 96
*92
96
*92
96
96
974 9712 96
83 Nov 110 Ja
2May 26
No par 90 Jan 15 1097
$7 1st preferred
*100 109 *100 109 *100 109 *100 108 *100 108 *100 108
s
1732 Jan 387 Sell
1
4258 4338 5,000 Noranda Mines Ltd___No par1 334 Jan 4 4572 Aug 9
43
4
43% 423 431g 4212 4338 4318 437
8 43 43
1214 Dec 3612 Jul
8 1354 14
1518 1538 1414 1514 1438 1434 1418 145
133 138 20,700 North American Co___No par 12 July 26 2512 Feb 6
4
31 Dec 46 Jo
9 4514 Apr 20
*393 4014 39
50 34 Jan
Preferred
600
4018
39 *38
404 39
3914 *3812 4018 *39
9 Jul
4 Feb
8 Feb 1
252July 26
312 37
1
8
312 312 3,200 North Amer Aviation
3 4 37
312 358
312 334
3
35
8 38
5
39 Nov 79 Jul
300 No Amer Edison pref __No par 4712 Jan 4 7434 Apr 28
*6314 66
*6314 7012 6518 6518 43% 6718 *64
6712 65 65
26% Apr 43 Jun
170 Northwestern Telegraph ___50 34 Jan 9 43 Apr 26
35
36
36
38
*36
38
*3512 38
36
38
*38
39
57 Jul
11g Feb
4 Feb 19
/
1
4
158July 27
700 Norwalk Tire a Rubber NO par
214 214 *2
24 24
2
2
214
212 212
214 214
458 Feb 1758 Jul
8123u1y 26 1572 Feb 5
No parl
1012 1034 1012 1058 1012 103
4 1032 1012 1014 1038 3,000 Ohio 011 CO
10% 11
8% Jul
Vs Feb
7 Feb 5
2 July 25
No par
800 Oliver Farm Egulp
23
4 23
4
34 *234 3
27
3
3
*3
314 *3
8 3
314 Feb 30% Jun
9 July 27 27% Feb 5
200
1314
Preferred A
No par
4
134 *113 1334 *114 1312 1134 113 *11
1312 13% *12
4
834 Jul
158 Mar
6341uly 9
43
418 418
400 Omnibus Coril(The)•te No par
412 *414 412 *418 412
358July 27
438 *4
414 458
2 Feb 15 Jun
/
1
4
300 Oppenhelm Coll & Co No pan
54July 27 145* Mar 31
*7
738
*7
8
*752 812 *714 812 *714 812
712 8
104 Feb 254 Jul
2
July 26 193 Feb 16
1452 1454 143 1434 4,600 0218 Elevator
4
.No part 133
1538 147g 15
1478 1558 15
1434 15
93 Apr 106 Jul
/
1
4
102 102
lOOi 92 Jan 18 10212 Aug 22
10
Preferred
•10012 103 *10012 10212'10012 103 *10012 102 *10012 102
914 Jun
114 Mar
8 Feb 19
412 412 1,800 Otis Steel
352July 27
452 458
No par
434 5
5
5
5 12
452 5
5
24 Feb 2134 Jut
400
9 Jan 2 25 Feb 20
Prior preferred
100
16
17
1712 16
*1578 197 *1512 1972 18
20
18
*18
3111 Mar 9658 Jul
2,100 Owens-Illinola Glass CO...-2.5 61I2July 26 94 Jan 30
68% 69
4 69 69
69
723
725 733 •7218 73
4
73
74
15 Dec 32 Jul
25 1518July 27 2312 Feb 7
8
4 1512 1558 2,200 Pacific Gas dc Electrio
1614 16
8 155 153
*1614 1612 16
3
1612 15 4 157
22 Dec 4358 Ja
Feb 7
700 Pacific Ltg Corp
2612 2612 2512 2512
*2612 27
No par 234 Jan 2 37
2712 27
2714 2714 27
27
6 Feb 29 Jul
22
300 Pacific Mills
2172 217
No pax 20 July 27 34 Feb 5
*2014 23
s 20 20 .2014 2012 *2014 2012 *20
65 Mar 9434 Jul
797 *75
130 Pacific, Telep & Teleg
*78
100 72 Jan 11 8512 Mar 13
797
•784 7912 7912 7912 795 793
4 7931 80
9914 Nov 11112 Set
30 6% preferred
100 103 Jan 3 118 June 22
113 113 *____ 115
*113 115 *113 115 *113 115 *113 115
912 Set
53 Dec
4
2
400 Pao Western 011 Corp__No par
87 Apr 25
534July 26
632
614 64 *57
614 614
6
628 *612 612
*6
63
4
674 Jul
11 Mar
/
4
3% 3%
652 Feb 23
234July 26
34 34
3 4 4 38,000 Packard Motor Car___No par
3
352 418
3% 3
/
1
4
38 4
8 June 14 Jul
Pan-Amer Petr & Trans ____5 1014 Jan 9 1112 Jan 30
4
/
4
•1034 1158 *101 111g •103 1112 *103 114 *103 111 *1034 1112
4
4
4
8
Jan 363 0(
6
*1812 2018 *1812 203
1 17 July 26 3512 Feb 6
100 Park-Tilford Inc
4
21
•181s 20% 20
20 •18
*1812 21
3 Jul
as Mar
2 Feb 5
58July 30
200 Parmelee Tranaportals.No par
7
8
"4
*54
7
8
"4
7
8
"8
7
8
"8
7
8
3
4
5
4
*2
8 1
,
o% 1
414 Jut
38 Apr
212 Apr 8
4g July 24
Panhandle Prod & Ret_No par
*72 1
118
*72
"8 14
"4 114
53 Jan 20 Jut
4
/
4
-70 8% cony preferred
8 1012 1012 10
8 Aug 20 211 Apr 6
100
10 4
3
4 *9
8 *91 103
1018 *94 105
*1014 115
24 Jut
57 Feb 16
is Apr
37
• 37
4
14,400 :Paramount Publix otts____10
358 4
34 37
4
388 38
13 Jan 2
33
4 4
41
/
4
414 Jul
37
3 Jan
4
6% Feb 15
212July 26
334 4
4
1
338 33
5
4
358 33
3 2 33 21,800 Park Utah C M
4
4
33
4 4
24 Jul
4 Jan
414 Mar 2
12July 27
No par
118 19.500 Pathe Exchange
I% 114
14 13,
1
14 114
118 114
118 114
13
1412 7,200
114 Jan 1414 Do
4 1512 1512 1412 1518 1514 1512 1458 15
Preferred class A----No par 104 Jan 4 2434June 12
153 153
532 Jan 25 No
1412 1458 *1412 1434 3,600 Patin() Mines & Enteor No par 1258July 26 2112 Jan 2
15
1514 16
1434 1538 15
1638
16
94 Jul
/
1
84 Feb
478June 5
2 Jan 2
3
2% 218 1,100 Peerless Motor Car
214 24 *214 212
24 214 *2% 212
224 214
No par 4712July 26 84 Jan 30 s2512 Feb 6034 Do
400 Penick & Ford
*4912 5012
5012 *474 52
50 50
*50
52
50
*50
52
1914 Mar 58 DI
No par 0111 Jan 4 677 Mar 3
57
5714 2,600 Penney (J C)
2
58
5814 5612 575
59
8 594 5914 58
594 597
90 Jan 108 At
Preferred
100 10512Mar 8 10812May 16
*106 - --- *106 - -__ •106 ____ *106 ____ •106 ____ *106 ____
952 Jul
84 Feb
514 Apr 26
17 July27
100 Penn Coal & Coke Corp____10
238
238 *258 238 *23
8 424
*212 314 *258 314 *23g 234
91,Jul
3 Jan
4
4
4%
734 Feb 5
27 July26
1,000 Penn-Dixie Cement--Ns par
4
4
4
418
*37
8 4
•414 44 *418 44
4 Mar 32 Jul
/
1
4
200
Preferred series A
100 1214 July26 32 Apr 24
18
*1412 17 *1412 18
18
*1614 18
18
*16
20
•17
25 Dec 78. is
2414 2414 1,700 People's 0 L & 0(Chlo)-100 22'4 July27 434 Feb 6
2612 2714 2412 241
*2612 273
4 2612 27
28
277
s
1514 Jul
6 Fet
/
1
4
No par
914 Jan 3 1514 Aug 27
300 Pet Milk
1514 *134 1514 *1334 1514
1514 *14
1514 *15
•141g 1512 15
IS Jul
452 Jan
8'4 July27 1414 Feb 3
5
10% 2,000 Petroleum Corp of Am
4 1014 1014 1018 1018 1014 1014 *98 1014 •10
1012 103
187s Se;
411 Jai
25 I334July 31 187 Apr 26
6,400 Phelps-Dodge Corp
4 1534 1658 1512 16
1614 167
8 1572 1632 163 163
4
165 17
*
214 No, 36 Jul
50 244 Jan 2 37 Feb 9
100 Philadelphia Co 6% pref
2
327 327 •3178 327s *317 33 •___ _ 3234 *2978 3258
8
•3178 335
3814 Dec 62 Jul
No par 49 Jan 12 64% Feb 17
100
55 55 *____ 57 *---- 57
57
5712 *55
so Preferred
5712 *50
*50
94 Jul
24 Feb
314 Jan 4
No par
61 F`eb 21
2.600 Phlla & Read 0 & I
4% 41
414 438
412 412
43g 43g
412 452
458 45
147 Jul
8 Feb
3212 2,500 Phillip Morris & Co Ltd--10 1112 Jan 3 3512July 19
3234 *32
3234 3338 3212 3318 3214 3252 3254 3314 32
4
3 Feb163 Jul
7 July 27 21 Apr 2
Phillips Jones Corp
No par
*818 1014 *818 10
1112 •814 1122 *814 12
*8
12
*9
35 June 35 Jul
100 48 Aug 14 7478 Apr 7
59
60
59
59
7% preferred
59
*55
59 '55
*54
59
30
59
•48
4
43 Jan 1814 Set
NO Dar 1412July 26 52034 Apr 11
1614 7,200 Philips Petroleum
1612 167
2 16
1658 17
163 17
4
16% 1634 1612 17
152 Mar 174 Do
41July 26 1312 Feb 3
/
4
5
100 Phoenix licalery
*5
6
*5
6
*5
6
5
5
6
*5
6
•5
712 No;V
17
3 Dec
112July 2
64 Feb 19
5
15,400 Pierce-Arrow Mot Car Co
2
2
2
218
218
2
2
2
214
2
2
2
17 Jut
14 Jan 30
21July24
23
, Jan
4
600 Pierce Oil Corn
5
8
"2
52
5
8
5
8
5
8
5
8
58
58
5
8
%
52
37 Feb 1372 Jut
5 Aug 24 10% Feb 14
7
Preferred
IGO
*5
*5
7
*5
7
7
*5
*5
7
*514 7
2 4 Jut
5
58 Jan
2 Feb 6
1 July 26
No par
14 118 *112 114 1,000 Pierce Petroleum
112 its *118 114
114 114
*118 114
932 Feb 267 Jut
s
No par 1812 Jan 8 2914 Aug 7
800 Pillsbury Flour Milla
2712 2612 27
4 2812 2812 •27
283 283
4
4 2812 283
*283 29
4
333 Apr 75 No
Pirelli-0o of Italy Amer,shares 7014 Jan 22 8412 Mar 24
90 •8514 8912 *85 87s
*855 90 *84
8
90
*85
*85 88
4 Feb 23 Jul
712July 26 184 Feb 9
100
100 Pittsburgh Coal of Pa
912
8% 814 *8
4 912
4 912 *814 912 *83
*814 912 *83
17 Jan 48 Jul
100 30 Jan 8 4212 Feb I
Preferred
36
*30
32 •30
*30
36
*30
36
36
*30
36
.30
• Rid and asked prtees, no sales on this day I Companies reported In receivership a Optional sale. (7asb gale. • sold 15 days r Ex-dividend. v Ex-rtchts.
New York Stock Record-Continued-Page 7
1368
Sept. 1
1934
kir 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 i Monday
Aug. 25.
Aug. 27.
Tuesday
Aug. 28.
$ per share $ per share
714 732
7
714
*2118 2412 *2318 2412
•232 3
*2
3
*1614 18
*14
1712
*152 232 *152 263
•26
32
*26
38
•232 278 •2
272
10
10
9 4 94
3
838
838
812 838
*3
312
3
3
*112 134
4
14 1,
1633 1634 1552 16
*2
212
2
2
*812 972 *813 10
3913 3972 39
40
•111 113 *111 112
---- ---- ---- ----
I per share
7
7
*2118 2412
*2
3
17
17
•138 232
.26
38
*24 2 8
7
914 912
*814 834
*3
34
*154 13
4
16
16
2
2
*812 934
39
3913
112 11214
---- ----
Wednesday
Aug. 29.
Thursday 1
Aug. 30.
Friday
Aug. 31.
Saks
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE.
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share I $ per share Shares. Indus. as Miceli.(Con.) Par
$ per share
$ Per share $ per share $ per shore
63, 7
63
614 614 1,800 Pittsburgh Screw& Boit No par
65sf
412July 28 1132 Apr 4
172 Feb 113 July
4
*2118 2412 *2118 2412 412118 2412
Pitts Steel 7% cum pref___100 1514 July28 43 Feb 21
1014 Jan 3814 May
*214 234 *2
2 2 *2
7
Pitta Term Coal Corp
272
112July 26
100
312 Feb 21
12 Feb
672 July
18
18
18 18
*16
18
130
6% preferred
100
818 Jan 4 1814 Aug 22
4 Jan 2313 July
•158 234 *154 218 •152 Vs
Pittsburgh United
112July 27
6 Feb 19
26
612 July
3 Feb
4
*28
38 •28
38 *2712 38
Preferred
100 28 Aug 13 597 Feb 19
8
16 4 Feb 64 July
1
*214 27
8 *218 278 *213 278
Pittston Co (The)
Pe Jan 4
No par
5 Feb 21
3 Apr
2
7 June
914 938
914 938
93s 912 5,300 Plymouth 011 Co
5
8 July 28 164 Jan 30
684 Feb 1752 July
838
838
8
8
*734 8
800 Poor & Co class B
No par
6 June 2 1473 Feb 5
134 Apr 133 July
4
•3
3
312
3
*3
34
700 Pono Ric
-Am Tob ol A_No par
252Ju1y 27
814 Jan 30
158 Mar
8 June
114 14
112 14 *112 134
400
Claaa B
1 July 27
No par
34 Jan 30
5 Feb
3
4 May
155 1612 10 1512 144 15
2
2
2.900 Postal Tel & Cable 7% pref 100 1012July 27 294 Feb 8
4 Feb 4084 June
2
2
*172 214
2
2
700 /Pressed Steel Car
114July 26
No par
613 Feb 16
52 Jan
512 June
9
9
8
812 *73
4 812
300
100
Preferred
552Ju1y 28 22 Feb 17
3 Jan
18 June
39
3912 38
3938 37'2 38
8,400 Procter & Gamble
No par 3312.1une 2 4114 Jan 23
1952 Feb 4712 July
113 113 *111 113 .111 113
50
5% pref Oyer of Feb 1'29)100 1024 Jan 22 114 June 20
97 Apr 11034 Nos
---- ---- ---- ---- ---- ---- ------ :Producers & Refiners Corp_60
14 Jan 2
114 Mar 15
4 Jan
273 June
__
_
Preferred
50
14May 2
67 Feb 19
2
2 %Toy
13 June
3412 347 ----3334 3412 3334 14 x3212 124 3214 3253 2200,
Pub Sir Corp of N J___No par 31 May 27 45 Feb 6
324 Nov 5713 Jul e
76
76
*7514 78
*7412 76
7412 75 57534 7534 *74
77
600 $6 preferred
No par 67 Jan 2 84 Feb 6
5972 Nov 884 Jan
91
*88
88 88
*88 88
*86
88 *854 88 •857 88
200 6% preferred
2
100 79 Jan 8 9734 July 11
75 Dec 10132 Jan
4
*1013 1033 *1013 1033 1013 1013 .100 1033 .100 1033 •8941 1033
4
4
4
4
4
4
4
100
4
7% preferred
100 90 Jan 8 106 Feb 21
84 Dee 11212 Jan
115 115 .11214 119 *112 119 *11114 118 *11114 118
*115 119
190 8% preferred
100 105 Jan 12 11912 Feb 17
99 Nov 126 Jan
*101 10412 *101 104 *100 1044 *10012 1044 •1004 1044 •10014 10412
Pub Sir El & Gas pf It&No par 90 Jan 10 10412 Aug 9
8372 Dee 10313 Jan
4212 43
424 43
4134 4214 4214 43
414 4232 411* 414 5,600 Pullman Inc
No par 383 Aug 8 5932 Feb 6
4
18 Feb 584 July
814 84
814 84
814 814
812 83*
778 8
734 8
5,200 Pure 011 (The)
714July 26 1472 Feb 18
No par
212 Mar 1532 Sept
.6212 6612 6212 6212 6212 6212 6312 6312 6214 6214 61
8114
180 8% COD, preferred__ . 100 68114 Jan 9 80 Feb 6
30 Mar 8972 Sept
•1052 10 4 1014 103
3
2 1014 1014 1012 1012 1018 1012 1018 1038 1,700 Purity Bakeries
Iv0 pa
,
912.luly 26 193 Feb 5
4
57 Feb 2532 July
2
618
6
6
64
57
2 6
54 6
512 54
3
3
512 5 4 31,500 Radio Corp of Amer
412Ju17 26
No par
912 Feb 3
3 Feb 1214 July
43
4332 424 424 42
4212 4114 43
3912 4014 *39 403
4 1,950
Preferred
50 2314 Jan 4 434 Aug 25
134 Feb 40 May
2914 293
4 2812 2812 28
2812 2712 2914 2514 2712 2534 27
8,700
Preferred B
No par 15 Jan 4 35 3May 11
3
334 Feb 27 July
213 24
2
213 24
214 252 •24 212
214 23
214 214 2,200 :Radio-Kelth-Orph..._ _No par
112July 23
414 Feb 17
1 Mar
5 4 June
3
18
•1853 19
*17
19
1814 1814 1818 1812 18
1712 1712
600 Raybestos Manhattan-No par 1412July 26 23 Feb 6
5 Feb 2038 Sept
*652 8
•652 74 •652 714 •852 74 *614 7
*614 7
Real Silk Hoaiery
5 July 27 14 Feb 6
10
54 Feb 2072 June
*37
45 *37
45 *40
45
*41
45
1040 45 *40 45
Preferred
100 45 Jan23 6014 Apr 28
25 Jan 60 May
.2
214 *2
214 *2
214 *2
218
214
218
2
2
200 Reis (Robt) & Co--No par
153July 27
6 Apr 2
41: July
4 Jan
*1032 117 *1012 12
2
*104 12
*1012 12 *1012 12 .1012 12
131 preferred
538July 26 3834 Apr 2 . 14 Jan 184 June
100
9
914
87
9
2 94
94
9
9
84 9
852 67
2 3,800 Remington-Rand
6 July 26 1332 Feb 23
1
24 Feb 1174 July
*50
55 *494 5478 *45
55
45 45
4312 4312 .42
50
200
lst preferred
100 82 8 Jan 5 6912Mar 14
3
713 Feb 374 July
*46
4912 *4314 4912 .4312 4612 .4312 4912 4312 4312 4312 4312
60
2d preferred
100 30 Jan 8 67 Mar 14
8 Feb 35$4 Dec
3
24 2 2
3
7
8
27
3
2 27
34
252
272
23
4 23
4 2.900 Reo Motor Car.
5
2 July 26
512 Feb 23
13 Feb
2
632 June
1532 1552 15
1512 1452 154 1413 154 14
1412 1352 14
25,000 Republic Steel Corp_ ,..No par 1012JulY 26 253 Feb 23
4
4 Feb 23 July
4734 4812 4612 48 1 45 4 47
3
474 48
4558 48
47 48
6,000
6% cony preferred
Aug 6 8712 1936 23
100 37
9 Feb 644 July
*712 94 *712 912 •8
94 •8
912 •13
912 *8
912
Revere Copper & Brass
5
5 Jan 8 1412 Apr 11
114 Jan 12 June
.15
2112 *1512 2112 .1512 20 .1512 2012 *16
20 *1612 20
Class A
10 11 14 Jan 29 2812 Apr I 1
314 Mar 25 June
•2013 2034 2014 2073 2014 2012 1934 20
*2034 207
2 207 21
2
1.700 Reynolds Metal Co --No par 154 Jan 2 2734 Apr 26
6 Feb 2113 June
*713 812 *712 812 *712 812 *712 812 *713 812
713 712
100 Reynolds Spring
No par
612 Jan 9 1312 Feb 25
112 Feb 163 July
4
4638 463
4 4638 4612 4618 4638 4618 4612 453 4612 4534 4612 8,200 Reynolds(R J) Tob Clang 11.10 3934 Mar 21 4334 Aug 25
8
284 Jan x5414 Sept
*5934 81
*5934 61
*5934 61
*5934 61
5934 5934 *5934 60
80
Clasa A
10 67 Jan 5 6012July 8
60 Jan 624 Jan
.6
7
•13
7
*6
7
*6
7
6
6
*534 7
200, Ritter Dental Mfg
512July 25 1313 Feb 8
Ns par
612 Feb 163 June
4
*233 2438 2334 23 8 *2334 2414 *233 2433 *2312 2414 *2314 24
4
7
8
2001 Roan Antelope Copper Mines. 21 Aug 1 334 Apr 26
233 Nov 2813 Nov
2
74 718
718
718 7
718 *612 7
634 634
63
8 63
8
7001 Rowda Insurance Co
5
4 Jan 3 1014 Feb 6
2 Apr 104 June
3412 35
*3413 35
3514 354 3532 3532 *3514 36
*3512 363
400 Royal Dutch Co IN Y shares) 3214 July 26 3912 Feb 19
2
174 Mar 3934 N,,%
19
1812 1834 1812 1834 1718 1818 17314 1734 3,000 St Joseph Lead
8
193* 183 19
10 1532July 31 2772 Feb 5
613 Feb 3134 Sept
4812 484 4814 4814 *4612 49
47
47
4712 474 47 47
500 Safeway Stores
No par 44 Jan 6 57 Apr 23
28 Mar 624 July
'103 104
104 104 .103 106
104 104 *103 106 *103 106
30 8% preferred
Jan 3 108 July 5
100 8434
72 Apr 944 July
10918 1094 •110 11112 .110 11112 111 11112 *11014 111 *11014 1103
70
4
7% preferred
100 91412 Jan 15 113 June 16
8014 Feb 105 Seto
73
8
•75
2 8
*752 8
•713 8
*732 73
4 *74 734
400 Savage Arms Corp__ No par
512July 30 1214 Feb 15
214 Apr 12 July
2 224 2332 2214 2352 2112 2212 2114 2178 25,300 Schenley Distillers Corp
2212 227
2 2232 227
6 1712July 28 3878 Apr II
24 Nov 4514 Aug
412 434
412 *414 44 *414 412
432
414 414
414 414
700 Schulte Retail Stores
8 Feb 5
334 Jan 4
1
52 Mar 1014 July
•2052 2134 2118 2118 *194 207
8 20 20 •19 21
1912 20
130
Preferred
100 16 Jan 2 3034 Apr 16
315 Apr 35 4 July
3
*49
52 .50
513 .50
4
513 .50
513
4
4 51
5112 .50
52
20 Scott Paper Co.......No par 41 Jan 10 5112 Aug 30
28 Jan 447 July
2
28
2812 28 , 284 274 274 274 277 126
2612 2614 2614 1,700 Seaboard 011 Co of Del.No par 2334 Aug 6 38*2 Apr il
2
15 Feb 433 Sept
4
•272 3
•27
278 272 •253 27
2 3
2 *252 272 *25/
3 272
100 Seagrave Corp
472 Feb 7
268 Jan 18
No par
14 Feb
44 July
38
39
373 384 374 38
4
38
393
2 364 374 3612 373 18.200 Sears. Roebuck & 00 No par 31 Aug 6 5114 Feb 5
4
124 Feb 47 July
.134 214 *13
4 214 *13
4 214 *24 214
2
2
•17
500 601)006 Nat Investors
3 214
4July 26
414 Jan 26
14 Feb
6 June
1
13
*3212 497 .3212 47 *3212 497 *3212 4973 .3212 494 *3212 494
2
2
Preferred
24 Feb 48 July
1 82 Jan 8 4512 Feb 2
*3
4 1
*3
4 1
*3
*2
4 I
4 1
*3
4 1
300 :Seneca Copper
3
4
3
4
34July 16
2 Jan 22
No par
33 June
Is Mar
.
64 65
3
64 63
6
64 612
578 618
64
2
538 6 11,700 Serve! Inc
Apr 24
432Ju3y 26 9
Da Feb
1
712 July
812 814
77
2 8
*Ps 83
4
713 712
713 74
2,200 Shattuck (F CO
73
4 8
634 Jan 2 1372 Mar 9
No par
634 Apr 1314 July
*62g 772 *7
77
8 *74 8
•7
632 832 *832 712
813
200 Sharon Steel Hoop
612 Jan 11 1314 Feb 23
112 Feb 12 July
No par
514 54 *54 513 *5
Ms *5
100 Sharpe & Dobme
53
54 *5
51s
2 *5
4 July 26
No pa,
778 Feb 5
212 Feb
84 June
484 *47
*47
484 *47
484 *4612 474 .4612 4712 *4612 4712
Cony preferred ser A_No par 384 Jan 8 49 May 3
2114 Mar 4178 July
*734 712
714
7
7
73
2
712 714
7
714
634 7
4,900 Shell Union 011
612July 26 1113 Jan 27
No par
312 Feb 1152 July
61
61 .6214 633 •6234 6432 6134 6134 *61
*63 64
4
6314
Cony preferred
200
2812 Mar 81 July
100 67 July 31 89 Jan 26
1114 1132
4
117 12
113 12
2
1112 117
3 103 1114 *103 11
4
4
3,200 Simmons Co
818July 26 2412 Feb 5
No par
438 Feb 31 July
914 94
914 914
914
83
4 83
4 *9
834 83
4
83
600 Simms Petroleum
4 83
4
714July 26 1112 Feb 5
472 Feb 1238 Junt
10
*712 812 *712 814 *712 812 *732 832 •
712 812
25
758 712
200 Skelly 011 Co
524.luly 25 114 Apr 25
3 Feb
9 8 Jun,
7
*55 60 *55 61
*55
6012 *55 61
*5412 6012 55412 6012
Preferred
100 64 July 28 6812 Apr 26
22 Feb 674 July
*74 25
*712 25
*712 25
*712 25 *10
25 *10
25
Elloas-Sheff Steel & Iron. 100 16 Jan 9 2712 Feb 17
7 Jan 36 J114
*23
*23
22 22
28
28
*2112 2312 .21
2312 *20 2312
50
7% preferred
100 20 July 28 42 Apr 23
814 Feb 42 Jul)
•15
4
153
157
3 143 1512 144 144 15
2 1413 15
*1434 147
2 8,800 Snider Packing Corp..54 par
634 Jan 3 17 May 5
52 Mar
L114 July
1512 1514 147 1512 14, 15
2
147 154 1412 143
s
4 1414 1413 15,700 Socony Vacuum 011 Co Inc__15 1212July 26 197 Feb 5
s
8 Mar If Not
10214 1024 10214 10214 *102 10212
'102 103 *102 104 *102 104
300 Solvay Am Invt Tr pref....100 86 Jan 6 10414June 28
68 Feb 92 July
3272 3214 3234 32
333 35 2 324 3312 32
4
5
3212 31
3152 5,500 So Porto Rico Sugar ___No par 29101.4 14 3932 Feb 5
157 Jan 485 July
2
2
.132 135 *132 135 *132 135 *132 135 .13212 135 ,*13212 135
Preferred..
too 115 Jan 16 137 July 23 112 Jan 132 July
4 1313 137
137 14
2
3 134 1311, 1314 1312 4,200 Southern Calif Edison
1312 134 1312 133
,
25 13 July 26 2212 Feb 7
1418 Nov
28 Jan
7
•7
*7
•652 8
7
•652 8 I •614 8
8
8
2001 Spalding (A CD & Bros_No par
A Jan 10 13 Apr 21
4 Jan 117 July
2
58
*52
5812 *52
58
*58
*55
58
58 58
*55 58
50
lit preferred
100 3014 Jan 11 74 Apr 21
254 Mar 61 June
- _ _ ---Spang Chalfant& Co Ino No par
6 July 19 153 Apr 23
2
418 Feb 154 July
'50id *W.) 16
86 -51 ;Ro 16 io iti •ii 16
20
Preferred
100 30 Jan 23 82 Apr 24
174 Feb 50 June
414 432
44 414
44 44
4
4
4 12
4
372
372 1,900 Sparks Withington __ _ _No par
312Ju1y 23
8 Feb 21
8 June
3 Feb
4
4
4
*312 414 *313 414 *312 44 *312 414 *312 4 4
20 Spear & Co
,
2 Jan 3
No par
73 Apr 18
2
64 June
4 Jan
*26
8
26313 257 257
2638 2612 274 2512 253
8 26
4 2514 2514 3,000 Spencer Kellogg & Sons No par 153 Jan 5 2714 Aug 29
4
712 Apr 22 July
852 834
83
3 852
818 814
84 812
814
8
73
4 8 13,800 Sperry Corp (The) v t a
I
652 Jan 5 114 Apr 2
24 May
712 July
77
772
2 •7
200 Spicer Mfg Co
74 •7
612 612 *718 7 4
3
718 718 *7
6 July 19 13 Feb 7
No par
18 June
5 Jan
•25
27
30
27
26
28 *25
28 *25
*25
26
28
40
Con* preferred A. __No par 2134 Jan 2 3112 Feb 20
1114 Mar 3212 Juts
5234 5414 52
5212 50
5114 5114 5212 4834 5114 5012 514 5,200 Spiegel-May-Stern Co_N0 par 19 Jan 4 6712 Apr 25
1
Feb 2112 Dec
2052 207
2038 1934 2014 11914 1978 19,000 Standard Brands
2 2012 203
4 204 2012 20
No par 1714July 26 2614 Feb I
1354 Mar 3753 July
472 5
472 5
5
5
5
5
414 43
43
4 43
314July 27
4
4 1,000 Stand Comm Tobacoo_No par
8 Mar 13
1
Jan
932 Aug
9
814 9
814 812
94
84 83
8
8
818
77
2 772 3,100 Standard Gas & El Co_No par
614July 26 17 Feb 6
512 Mar 2212 June
834 9
812 812 *814 83
4
84 83
93
2
4 1,200
93
9
4 93
4
Preferred
652July 23 17 Feb 6
No par
654 Dec 257 June
2
2012 2013 *1713 21
204 *1772 2014 .174 21
*18
*1712 2034
100
16 cum prior pref.___No par 15 July 27 33 Feb 6
15 Dec 61 June
*22
23
2134 213
21
21
22
21
4 21
*21
21
21
800
$7 oum prior pref____No par 1712 Jan 4 3812 Apr 24
18 Dec 66 June
•152 13
4 •15
4
152 15
3 13
152 152 *11
2 •14 13
4
4 13
4
200 Stand Investing Corp__No par
7 Jan 13
4
17 Jan 6
2
27 June
il Mar
2
*10914 11012 *10913 110 .10912 1093 *10912 11012 10912 10912 10912 109 4
4
3
600 Standard Oil Export prof...100 9812 Jan 2 11014May 26
9212 Mar 10234 Sept
3.54 353
2
2 347 3514 3452 35
3 3414 3452 3414 3412 8,400 Standard Oil of Calif
3412 347
8Muy 14 4278 Jan 30
No par x303
1912 Mar 45 Nov
.29
3113 •29
3118 •29
311g *29
3112 *29
314 •29
Standard Oil of Kansas_ ___10 30 July 31 41 Apr 21
311a
s
1234 Apr 397 Dee
45
4514 4472 4512 4413 45
4412 45
444 444 444 4412 12,800 Standard 011 of New Jersey.26 4012July 27 5013 Feb 17
2234 Mar 474 Nov
123 123
2
2 113 12 •115 113
*1012 1034 1,800 Starrett Co (The) I. 8._No par
1012 11
4
4 1114 12
2
6 Jan 15 1414 Apr 19
4 Feb 114 JUIN
2 59
594 597
5912 5914 5914 5914 593
4 59 594 5812 584 2,500 Sterling Products Inc
10 4714 Jan 4 6612July 30
454 Dec 603 Sept
4
14 17
8 *13
4 2
4 2
*13
*13
134 13
4 2
200' Sterling Securities ol A No par
4 17
4 *13
8
114 Jan 2
3 Feb 6
378 June
5 Jan
2
*338 418 *312 4
*312 4
312 312
200
334 3 4 *312 4
3
Preferred
No par
7 Feb 6
3 Jan 3
112 Feb
7 4 June
3
.30
341a •30
*30
3412 *30
32
344 *30
341s *30
Convertible preferred____60 30 Jan 12 364 Feb 1
3418
20 Mar 3814 July
64 858
612 83
652 64
4
658 63
63
14 612 2,900 Stewart-Warner
4
611 61
5
412July 28 16 3 Feb 21
5
24 Feb y ita July
7
63
63
4 678
611
638 63
6
6 14 4,000 Stone & Webster
4
612 6e
6
8July 26 1314 Feb 6
47
No par
612 Dec 1914 July
3
3
27
2 3
3
272 312
34 318 12,200 :Studebaker Corp(The)No par
3
34
3
214July 24
914 Feb 21
112 Mar
84 June
*1412 16 •144 1413 14
14
14
1414 1414
300
14 *1414 151
Preferred
100 1112July 24 47 Feb 19
9 Apr 384 June
6512 6512 6512 66
6612 67
67 67
1,200 Sun 011
667 67
67 67
8
No par 6113 Jan 2 67 Aug 28
85 Feb 59 Nov
117
11614 11614 •1153 117
.11814
4
120
1153 11613 11534 1153 •116 117
Preferred
4
100 100 Jan 17 117 Aug 20
89 Mar 103 July
1214 1214 13
1334 1334
15 *1214 15
•14
400 Superheater CO (The)..No par 1112July 27 2514 Feb 6
13
1334 1314
713 Feb 27 July
•134
Vs
17
2 14 •13
4 17
17
s
2
17
172 172
13
a
4 14 3,400 Superior 011
114July 28
3 Feb 1
1
3 Jan . 44 July
4
8
8 12
8
8
73
4 77
8
2
7
*7
74 71
52 77
712 1,300 Superior Steel
452July 26 163 Feb 19
4
100
2 Feb 223 July
3
*33
4 44 *314 44 *312 418 *338 414 *312 414
100 Sweets Coot Amer (The)___60
352 35
2
534 Jan 26
312July 27
1 Mar 10 July
*53
*53
300 Symtngton Co
3
4
3
4
*Ni
8
4
3
4
3
4
3
4
No par
3
32July 24
4
*3
4 1
212 Feb 19
3 June
4 Apr
*2
214 *2
24 .2
214 *2
214 *2
Class A
24 *2
112July 27
214
54 Feb 23
No par
614 July
4 Apr
10
9 4 93
3
10
4 *93 10
4
900 Telautograph Corp
912
*94 952
912 9
53 .9
6
912 Aug 30 1514 Feb 1
84 Feb 1682 July
5
414 44 *4
2 5111
5
4 514 *45
800 Tennessee Corp
43
4
518 54 *43
312July 26
614 Feb 19
714 Aug
132 Feb
5
2412 2412 2418 2458 233 2414 234 2412 2238 2312 223 2312 9,200 Texas Corp (The)
4
4
26 20 July 26 2932 Feb 5
1014 Feb 304 Sept
2 343 3514 3438 35
35
35
4
3412 35
353
3578 x3414 345
12,300 Texas Gulf Sulphur_ ___No par 30 July 26 4314 Feb 8
1514 Feb 4514 Nov
4.3% 358
3
318
3
3
3
3
3
3
1,200 Texas Pacific Coal & 011_10
3
3
212July 27
612 May
132 Mar
613 Apr 4
9
9
88 9
834 872
7
2,000 Texas Pacifle Land True:...1
83
4 9
*91s 94
914 94
834 Jan 6 12 Apr 2
34 Mar 114 June
*105 114 •1012 11
8
11
11
11
•1012 103
11 *10
11
4
200 Thatcher Mfg
No par
8 July 26 1513 Jan 30
5 Feb 224 July
*4312 44 *4312 44 •43112 44 •4355 44
*43 44 .4312 44
Vs, ear 39 Jan 15 44 Jan 29
113 tin eonv or*r
273s Feb 44 July
• Wel trot ..Ited onroa no 4 Oen on tnis .1.4
, 1(lo '10411iPPI PPOOPI'''i 're,nn...rollp
5'Iotional •rule r 1144rs 4 tIP
t Pi% -diViOP11(1 y Ex rights
tv- FOR SALES
New York Stock Record-Concluded-Page 8
-PER SHARE, NOT PER CENT.
HIGH AND LO1V ;SALE PRICES
Saturday
Aug. 25.
Monday
Aug. 27.
1369
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECED1r4,41.
Tuesday
Aug. 28.
Wednesday
Aug. 29.
Thursday
Aug. 30.
Friday
Aug. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On Oasts of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Prosiotu
Year 1933.
Highest.
Lowest.
$ per share 3 per share $ per share
$ per share $ per share $ per share 3 per share 3 per share $ per share Shares. Indus.& Miscell.(Cow).) Par $ per share
57
512 55
6% "57
*53
4 58
8
8 7
58 57
900 The Fair
618
No par
818
1212 May
4 Aug 7 12% Feb 16
2 Mar
3
37
38 37
4
33
4
4
33
4
4
33* 38 *35
312July 23
918 Feb 19
37
1
8
900 Thennold Co
1
Feb
1012 July
•15
153 .15
4
153 .15
4
153 *15
4
153 •15
Third Nat Investors
153
1
4
13,1 Jan 2 1938 Feb 6
154 *15
10 Mar 21 14 July
0514 512 *514 53
47
14 514 •
12
5
*514 53
400 Thompeon (J R)
4
4% Aug 15 11 Feb 5
6 Dec
8
25
1512 June
5
514 5
53 Jan 2014 Sept
133 133
4
8
4
133 133
*125 1234
4 133 133* 1318 1314
8
123 13
4
800 Thompson Products Inc No pa, 10 July 28 2014 Feb 16
23
27
3
3
134July 26
3
27
"24 27
23
4 28
512 Jan 29
23
12 Mar
8 25
8 1,300 Thompson-Starrett Co _No par
91? June
*1814 2212 .1814 2212 *1814 2212 .1814 2212 *1814 2212 *1814 2212
12
Jan 30 June
$3.50 cum prof---- -No pa, 1812 Aug 6 2412 Jan 30
1
103 107
8
1014 103* 1012 103
4 10
8
103
8 10
103* 11
812 Jan 4 1438 Apr 23
3% Jan
1018 6.200 Tidewater Assoc 01.1___No par
113 Sept
4
83 83
8212 83
*8214 83 .8212 83
*823 8312 8212 8212
4
2312 Apr 65% No
Preferred
100 6412 Jan 4 8518 Apr 30
600
31
31
•22
.22
*25
31
.2512 31
.2512 31
No pa.
*2512 31
31 Mar 26 40 Apr 27
I Tide Water 011
914 Apr 26 Dec
.94
96 .94
96
95 95
9412 95
*9412 9512 *9412 9512
45
Feb 80 Dec
700
Preferred
101, 80 Jan 11 9612 Apr 27
37 Jan 4
6
6'g
6% 614
6
614 614
6 14
6
6%
6
812 Apr 24
814 June
112 Mar
10
6
3.300 Timken Detroit Axle
8
303 3034 293 3014 298 301
8
3012 303
4 2918 3014 293 293
1334 Feb 3512 July
4 4,900 Timken Roller BearIng_No par 24 July 26 41 Feb 5
95 July
6
614
6
6 14
518July 26
57
25 Mar
6%
8
58 6
812 Feb 5
53
4 6
11,800 Transamerica Corp. ....No par
5% 6
27 Mar 1712 July
.614
8 •6
612 .5% 6
7
63* *6
63* 63
*53
8 614
100 Transue & Williams St'l No par
412July 26 1312 Feb 17
43
4 47
43
4 43
43* 43
4
43* 47
63 Feb 3
4
834 July
6,700 TM-Continental Corp__No par
31 July 27
43
4 4%
23 Feb
4
412 43
068
*673 70
8
6818 6818 .68
70
70 .6812 70
*6812 70
100
41
No par
Apr 275 May
8014 Jan 9 78 Apr 20
6% preferred
363 361
4
.3614 37
363 3634 363 368
4
4
33 Jan 8 40 Feb 3
700 Trio° Products Corp
20% Feb 387 July
No par
363 3634 363 363
4
4
0231 3
41 July 12
.23
4 3
.24 6
12 Apr
.23
4 3
514 July
13 Jan 3
8
No par
*23
4 3
600 Truax Traer Coal
3
312
47
578 6
47
47
53
4 6
512 53
4
53
8 558
8
3s July 23
4
2 Mar 123 June
95 Feb 19
10
3,800 Truscon Steel
518
2% 2% *2
212
2
2
.2
2
2
.13
No par
212
4 212
4 Jan 15
814 June
1 July 23
400 Ulen & CO
8
4 Jan
49
.48
•48
488 4812 4812 487 4914 4914 4914 4812 4812 1,000 Under Elliott Fisher Co No par 36 Jan 6 5112 Jan 20
8
3912 July
914 Feb
52
51
51
*50
514
513* 5114 52
50
5012 49
512 Jan 60 July
60% Feb 23
50
3914July 2
1.600 Union Bag dr Pap Corp_No par
4312 4418 4312 4414 4234 4314 43
44.
4112 43
2413 42
8
193 Feb 517 July
4
14,100 Union Carbide & Carb_No par 35787.iay 14 50% Jan 19
153 16
8
16% 1614
153* 16
1512 1538 1512 1512 3,200 Union Oil California
153* 16
4July 2
201, Feb 5
8
812 Mar 233 July
25 133
8
193 193* *1918 193 .1918 193
8
8 1914 1914 19
19
193 193
8
8
153* Jan 9 2114June 18
4
400 Union Tank Car
1012 Feb 223 June
No par
,
153 15% 15
8
145 1514 1418 143* 137 145 17,800 United Aircraft & Tran_No par
1512 1434 15
8
8
1358 July 26 373 Feb I
1812 Mar 4C% July
2318 2318 2318 2312 233 2312 233* 233
8
2318 2314 .23
2318
1312 Feb 27.. July
1.400 United Biscuit
No par 23 Jan 8 2914 Apr 26
•115 120 .113 115 *113 115 .113 115 *11312 114 *11312 114
Dec
92 May III
Preferred
100 107 Jan 9 120 June 30
8 42
423 .413 43
423 427
4
4
4
42
427
8 41% 413
4112 411
35 Jan 4 4612June 18
2,500 United Carbon
1014 Feb 38 Dec
No par
418 438
4% 43*
418 4%
418 414
4
418
4
41 14,500 United Corp
1412 June
312July 26
4 Dec
No par
87 Feb 7
8
2914 2914 2812 283
4 277 28
2712 28
2714 273 7267 271
8
8
40% June
3,700
4
2218 Nov
Preferred
No par 243 Jan 3 37% Feb 7
134 133* 13
13'2 13
13
4
1314 l3lz 123 13
13
13
818 Dec 12 Sept
914 Jan 8 1814 Apr 28
3,100 United Drug Inc
5
47
.412 512 .4
5412 6
51
.4
5
•412 5
43,
6% June
200 United Dyewood Corp
3 Feb
4
10
33* Jan 2 107 Apr 28
047
4
518
.412 5
.45
8 47
.45
8 43
458 5
4 *412 43
8% July
1 Mar
200 United Electric Coal_ __No par
8 Apr 25
3% Jan 10
7412 75
7312 731
73
731
7312 7418 •72
73
73
731
2,700 United Fruit
2314 Jan 88 Aug
No par 59 Jan 5 77 Apr 21
153 1512 15% 151
8
1434 1515 9,800 United Gas Improve
8
8 1514 153 2147 15
15% 153
137 Dec 25 July
8
20% Feb 6
1418July 2
No par
5943 963
.9512 97 .94
97
4 95
963 .93
4
200
8July 18
Jan
8212 Dec 100
Preferred
No par 86 Jan 8 993
953* "9312. 95
212 *21g
21
•218
*218 23
8 *21g
218
23
8 •212 214
100 Milted Paperboard
100
33 Feb 19
8
512 July
184 Feb 13
12 Jan
2's
5
5
.412 514
52 5
,
,2 *
.5% 5%
1,000 United Piece Dye WIrs_No par
312 MaT 217 July
8
58 518
4 July 26 13 4 Feb 20
58 .512
8
.35
38
*35
38 .35
37
*35
37
35
35
*35
38
10, 854 % preferred
35 Dec 85 July
100 35 Aug 39 68 Feb 21
.318 314
3 8 318 *3
,
25
314
8 27
8
25
8 25
8
9001 United Stores class A__No par
3
3,
8
6 Apr 20
214July 26
84 Feb7% July
5818 *50
5818 •50
.50
5818 .50
5818
5818 .50
45 Mar 66 July
Preferred class A__ __No par
54 Aug 15 66 Apr 16
581s *50
0461g 47
*4612 47
45
4558 4614 4512 4512
45 .44
400 Universal Leaf Tobacco No par 4014 Feb 26 5012July 13
2112 Apr 5112 July
47
26
26
•26
42
2718 2718 .275 42
8
*2814 42
80 Universal Pictures 1st DM_ 100 18% Jan 8 4612 Apr I 1
•28% 42
10
Apr 35 June
.114
13
8
114
114
114
114
114
114
3 Feb 16
1
114
3 8 July
3
7
8July 27
600 Universal Pipe A Rad
1%
Ds
14 Apr
118
21
2114 2014 21
21
2018 2038 20
19
1912 19
1912 4,200 U 9 Pipe & Foundry
618 Mar 2218 July
20 1512July 26 33 Feb 7
8
.18% 18% •183 187 •185 18% •185 183
8
195 Feb 23
4
8
8
8
183* 183* 183 183*
200
let preferred
19 May
123 Apr
4
1612 Jan 11
No par
214
.1
214 .1
*1
214 •____
214
U 9 Distill) Cot'?
1
Oct
.7
8 214
8 Jum
112 Jan 5
4 Jan 31
•7
No par
8 24
,
16
1618 •1518 183* 1518 1518 15
14 .1314 154 1,100 U S Freight
1518 13
7
Feb 295 July
8
11 July 26 2712 Feb 5
No par
5812 9
*814 9
8
8
812
8
8
8
8
818
700 U S & Foreign Secur
173 July
4
1514 Feb 5
618 Aug 7
318 Feb
No par
.68
70
*68
70
•68
70
•68
70 .68
70
*68
70
3812 Mar 84 July
Preferred
No par 6314 Jan 5 78 Feb 26
4212 42
423
42
41
41
.41
413
4 41
41
407 417
8
8 2,200 U B Gypsum
18
Feb 6312 July
20 3414June 1 50% Jan 24
138 138 .138 145
138 138
138 138 *138 145 .138 145
120
7% preferred
8July 27 101, Jan 121 Sept
4
100 115 Jan 10 1407
714 714
7
7
7
7
7
7
*612 7
718
7
1,300 U S Hoff Mach Corp
8
117 June
458 Jan 9 1018 Apr 24
15 Apr
5
539
41
41
403
8 40
393 4014 3912 4011 4,500 U 9 InduatrIal Alcohol_No par 3412July 26 843 Feb 9
4112 4014 417
4
4
1312 Feb 94 July
*658 78 .63
612 612
4 7
612 61 2 *6% 7
1714 July
200 U S Leather v t 13
*Ps 78
518July 28 11% Jan 24
No par
23* Mar
11
11
.10
107 .10
8
4
912 912 .9% 95
103
103
4 10
4
8
712 uly 26 1984 Feb 1
700
Class A v t 0
414 Feb 273 July
No par
.41
50
*40
*441 1 50 .4414 50
.4414 50
50
*40
50
Prior preferred via
30
Feb 78, Bent
4
100 5518 July 21 80 Jan 30
57
57
53
5i2 1,600 U S Realty & Itupt___No par
6
6
1417 July
.57
8 6
512 534
212 Feb
53, 53*
4 July 28 1284 Feb 2
177 1818 1714 18
8
4
16
1718 173* 17
1512 163
171
27 Feb 25 July
l6'z 16,800 U S Rubber
11 July 26 24 Apr 21
No par
4114 41% 393 413
4
4118 3714 3914 3718 3814 12,300
8
8 3912 4012 39
lst preterred
512 Feb 437 July
100 241* Jan 8 8114 Apr 20
8
13614 1371 13412 136'2 13414 13612 13512 137
136 1395 23,700 U S Smelting Ref & Min___60 965 Jan 13 141 July 19
13514 138
8
131t Jan 1055 Sept
8
.64
4 643* 645 .64% 65
647
643 643
4
4
4 6412 6412 643 643
500
3912 Jan 58 Sept
Preferred
60 5412 Jan 13 65 June 18
38 Mar 6712 July
3512 364 3514 3618 35
4
343 3618 333 345
8 3314 3418 56,300 U S Steel Corn
4
355
8
8
100 317 Aug 6 597 Feb 19
793* 77
8012 8l's 81
81% .793 8118 8014 8112 78
773,1 2,800
8
ilb Mar 10512 July
Preferred
100 77 Aug 11 9912 Jan 5
8
.113 1197 .113 1197 *11018 119% *11018 1198 *11018 1197 *11018 1197
U 9 'tobacco
8
s
8
69
Jan 10912 Dec
par 99 Jan 5 120 July 10
No
217 212
17 Apr
214
21g
212
214 *2
21g
214
212 212 *214
8% June
1,800 Utilities Pow & Lt A
5 8 Feb 6
3
2 July 23
1
lIg
*7
1
72
118
72
1
900 Vadsco Sales
1
.1
118
1
1
3 Jan
8
3% July
4July 21
I% Jan 25
3
No par
8
1712 18
8 177 1814
3,800 Vanadiun, Corp of Am_No par
183 193
8 19
1912 1814 1812 183* 187
7 8 Mar 3614 July
5
4
14 July 28 313 Feb 19
5
10
*7
.8
8
812 .8
914 *8
818
200 Vail Raalte Co Inc
10
.712 9
10 July
15 May
8
8
412 Jan 2 113 Apr 18
5
7414 7414 74
76
76
74
4
7612 *74
76
2012 May 65 Sept
743 743 .74
4
140
7% 1s8 pref
98 Feb 5
100 25414 Mar 1
.323 34
3312 3312 3312 3312 3314 3312 3312 3312 3318 3318 1,000 Vick Chemical Inc
4
2318 Dec 31 Sept
5 2458 Jan 4 3634July 20
37
75 July
37
8 4
4
4 4
2,800 Virginia-Carolina Chem No par
37
8 4
33
334 37
*312 37
53* Jan 23
8July 23
17
58 Feb
*19
1812 17
1912 18, 1812 *1818 1812 "18
1714 17% 1714
500
3 8 Mar 2812 July
8% preferred
3
2
100 10 July 26 28 Feb 5
84
*78
.78
84
77
84
.78
77
80
*75
80
83
200
7% preferred
35 8 Mar 6312 July
3
3
100 59 4 Jan 8 84 Aug 17
.78
79
•78
78
79
*7812 79
7812 7812 278
7612 761 2
80 Virginia El & Pow $8 pf No par 65 Jan 2 80 July 31
80 Dee 85% Jan
.414
712 *35
8 712 *35
8 712 *35
15 May
8 712 *33
Virginia Iron Coal dt Coke. 100
218 Feb
8 712 *35
8 7%
9 Feb 23
338July 31
6612 6612 .61
8
65
65% .61
63 63
857 .61
611 *61
50 Vulcan DetinnIng
8
12% Feb 877 June
100 52 Jan 4 79 Mar 9
47
47
*434 47
.412 434 .412 43
4
43
4 43
412 43
4
500 Waldorf System
518 Dec 12 July
87 Feb 20
2
No par
412 Aug 31
253
8 247 247
8
25
8 243 243 *2412 25
24
2418 24
4
24
1,000 Walgreen Co
No par 2214 Feb 26 2914June 18
108 108 "108 10817 *108 10812 .108 10812 108 108
'108 109
30
9012 Sept
6,4% preferred
75 Apr 100 8412 Jan 4 109 Aug 13
•4
414
4
4
4
4
*33
4 4
33
4 33
*33
4 4
500 Walwortb Co
214 July27
83 June
8
No par
7 AM
8
6% Feb 1
*6
8
•6
8
*6
8
*618 it
*13% 8
•67
7
Ward Baking class A__No par
218 Mar 20 July
5 Aug 6 12 Feb 5
513
184
lh
2
13
4 .13
lh
4 2
.14 2
35 Feb 5
112
900
Class II
5 Apr
8
558 July
l'z
114July 27
No par
.26
30
*26
30
.26
•26
28
28 .25
"26
28
28
Preferred
8
11% Apr 447 July
100 2412 Aug 20 36 Jan 24
45
8 43
4
8
412 43
458 434
4
43
412
414 43, 12.300 Warner Bros Pleturee
Feb
45, 45
918 Sept
1
4July 26
814 Feb 5
6
23
18
.16
.16
20 .16
*1612 19 .1412 19
18
17
17
100
414 Feb 2412 Oct
$3.85 cons pret
No par
17 Aug 29 31% Apr 24
.15
8
178 "15
47 June
8
1% .158
17
g
.1 8
,
17
37 Feb 16
.15,
13
4
1 3*
158
10(1 Warner Quinlan
58 Mar
138July 26
No par
8%
77
712 8
712 77
8
71
7
71g
718
"718
3
1,900 Warren Bros
212 Feb22 June
No par
8
512July 26 135 JIM 24
1514 •12
1514 1514 .12
151 .12
1514 *12
15
*11
14
100
3
7% Feb35 8 June
Convertible pref__ No par
8
10 July 30 287 Apr 23
17
17
.1612 1814 .163 18
20
.17
4
163 165 •1612 1717
8
8
300 Warren Fdy & Plpe
5 Feb30 Dec
No par
1312Julv 27 31 Jan 20
4
4
*33
4 414 . 4 414
"33
4
*35
4
35
33
33
200 Webster Eisenlohr___ _No par
Jan
8 Ju y
1
7 Jan 25
3 July 27
1
_
1
1i4
*3
4
.5
4
3 July 27
4
1
*3
4
1
10 Wells Fargo & Co
.3
18 Apr312 June
4
1
214 Jan 23
2814 287
8 28
283 29
4
*34- -- 4
283
283 293* 2818 2812 2734 28
4
11,900 Wesson 011 & Snowdrift No par
7 Mar 3712 July
15 4 Jan 4 293* Aug 29
3
.6412 65
*8412 653
65
65
8 6514 6514 8412 65
6412 6412
500
Cony preferred
40 Mar 63 July
No par
5212 Jan 5 6512 Aug 22
38
39
37% 3858 3612 375
3818 3814 3518 36% 35
36% 11,300 Western Union Telegraph_ 100 307
1714 Feb7714 July
8Ju1y 27 6672 Feb 8
.1812 19,2 18, 1812 1812 1812 185, 183
2
18
4 1814 1814
1814
1.200 WestIngh'se Air Brake_No par
3
157
8July 26 36 Feb 8
11% Jan 35 8 July
7 333
333 343
4
333 347
4
4 3314 34
4 35
333
31
323 3334 26,000 Westinghouse El & Mfg_50 27%July 26 4714 Feb 5
8
4
193 Feb583 July
8
8 88
.8518 90 .8518 90 .8518 88
88
873* 873
88
88
30
1st prefern,d
8012 Feb98 July
60 82 Aug 8 95 July 11
914 .814 91 1 •8% 914 .814 9
8
.812 912 .
.814 9
Weston Eleo 1 astrum't_No par
312 Feb13% July
14 Feb 5
6 July 30
•221.4 2614 .2214 277 .2214 277 *2214 277 *2214 277 . 14 277
8
8
8
8 22
Class A
10 Mar 2214 July
No par
1632 Jan 5 2512June 29
597 597
59
59
.58
60 .58
60 .58
60 •58
20 West Penn Elea elan A_No par 4412 Jan 8 70 June 13
60
Apr 73 June
30
70 .6914 70
89
6914 68
70
70
68
70
6812 69
100
Preferred
Apr
4
773 June
37
100 513 Jan 8 80 July 13
4
7 557
5514 5514 553 553 *5414 6512 *5312 56
55
*54
56
40
8% preferred
3312 Apr 8912 July
100 45 Jan 3 x6812July 19
106% 107
107 107 *107 109 .107 109
'10614 107 810614 107
10 West Penn Power pref _100 8912 Jan 2 1105
8
8812 Dec 1103 Jan
8June 12
102 103 .100 102
.99 101
•100 103
10012 10012 101 101
90
8% preferred
,
Jan
80 Dec 101
100 781 Jan 10 105 June 29
218 2%
215 23
214 214 .23
8
8 23
4 .238 234 •238 23
400 West Dairy Prod al A__No par
212 Apr
113 June
4
6
/ Jan 30
1
4
17 Aug 1
8
3
4
3
4
3
4
7
8
3
4
3
4
1,200
12 July 27
03
4
7
8
3
4
3
4
Class B v t a
% Mar
3
4
7
8
414 June
No pa
212 Jan 30
2112 2134 22
22
22
21
21 I *2012 21
2218 2214 22
1,200 Westvaco Chlorine Prod No par 14% Jan 12 2714 Feb 8
5 Mar 2012 July
*1514 18
15
15
.145 1512 .145 1512 *145 15
•1518 16
8
8
8
100 Wheeling Steel Corp. No par 13 July 26 29 Feb 21
712 Jan 35 July
45
8
.40
41% 415 .40
4418 .40
4412 .40
445, *40
100
4418
Preferred
15 Feb 87 July
100 38 Jan 4 57 Feb 28
1514 1514
157 16
163* *1514 1612 .1514 163
16
•1514 18
180 White Motor
14
Jan 2812 July
50 15 July 26 2812 Feb 19
4
'
8 267s 267g •28
•2612 2714 2812 2612 *253 267
2612 26
26
300 White Rk Min Spr ett __No par 2114July 26 3112 Apr 19
Oct
23 Oct 29
"13
8 2
.
112 2
.112 2
•112 2
37 Feb 6
.112 2
White Sewing Machine.No par
*112 2
4% July
112 Jan 8
12 Jan
*514 634 5514 63 .
514 63
4 .514 63
4
Cony preferred
4 *514 634 *514 63
No par
1012 July
5 July 25 1114 Apr 20
l's Jan
4
37
8 4
4
378 45,
4
4
4
2,000 Wilcox 011 & Gas
418
312 31
212July 26
2 Mar
5
512 June
53 Apr 5
4
73
77
8 8
8
43 Jan 8
712 75
712 8
712 712
11 June
No par
9 Apr 11
7 2 77 4,000 Wilson & Co Inc
,
% Jan
253
2412 2.518 2458 257
253 254 25
8
8 23
2434 2312 2414 28,100
Class A
1214 Jan 9 263 Apr 13
No par
Jan 22 June
8
4
3
4
4 815 8214 82
4 823 823
823
83
4
823
8114 83
83
83
3,900
Preferred
100 53 Jan 8 8412 Apr 11
19 Mar 7212 July
so
sol
4912 5018 49
4912 4918 497
8 4818 4878 4814 485
8 9,600 Woolworth (F W) Co
10 4114 Jan 5 647 Apr 21
8
2515 Apr .50% July
8
8
193* 193
8 19% 1914 *1712 187 *1712 185 •1712 1834 .1712 19
200 Worthington P & W
100 1312July 28 317 Feb 5
j
8 Mar 397 July
3614 3712 3614 3614 3634 37'7 363 363
4
3712 38
4 363 363
4
4
340
14 Mar 51 JUDE
Preferred A
100 34 Jan 10 53 Jan 24
3112 3112 .28
31
.29
3112 .30
31
2984 293 .2812 2912
4
200
Preferred B
100 235 Aug 8 42 Jan 24
8
14
Feb 47 June
49
5014 5014 49
48
41)
4712 4712 46
4612 4512 48
Apr24 May
150 Wright Aeronautical_.No par
167 Jan 8 75 Jan 27
8
6
6518 .64
66
65
.64
66
.84
66
.6418 65
64
64
600 Wiggle)(Wm) Jr (Del)No par 54% Jan 11 6618July 11
3412 Feb 5714 Dec
415
1712 *1512 19
•1518 18 .15
.1518 18
18 .15
Yale & Towne Mfg
18
_ __25 14 Jan 5 22 Apr 24
7
Jan 23 June
7
7
14
33
4 334
314 3
3
414 4
41s
33
4 33
23 July 28
1,800 Yellow Truck & Coach clB_10
4
4
Co33
4 334
73 July
4
218 Ma
714 Feb 19
351j 34
36
•33
36
35
3418 3418 357 1,780
3612 38
.36
Preferred
100 28 Jan 2 4712 Apr 26
18 Mar 42 July
1834 17
4
16
1612 l63 0163 17
1614
16
13 July 28 223 Feb 19
163 16%
4
312 Mar 1918 July
l)3's 1,500 Young Spring & Wire No par
4
173 17%
8
1(13 17
4
1612 17
8,100 Youngstown Sheet dc T-No Par
173* 18
8
174 181, 174 181.,
123*July 26 333 Feb 19
712 Feb 375 July
214
45 Feb 5
21s 214 *218 214 •218 214
214 .
2
% 218
400 Zenith Radio Corp. _No par
July 26
2 4 214
5 Dec
12 Feb
414 43,
414 414
4
414 43
418
4
4
1
. July 26
2,800 &mite Products Corp
4 4 43*
812 July
332 Feb
734 Feb 19
• ind and
asked °Mee& no sales on
this day
t
1. , ..inies
8
reported
In reoehnintilp
I
loponal•tie
r Cash .ale.
••, 7 toys
old
r (". 4,vt4eno
1370
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and !Want'
—except for income and defaulted bonds.
NOTICE.—Cash and deferred delivery sales are disregarded in the week's range, unless taey are toe oaly transactions of the week. and when selling outside of th
regular weekly range are shown in a footnote in the week in which they occur. No account is taken of such sales in computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
Pries
Friday
Aug. 31.
Week's
Range or
Last Sale.
Range
Sims
Jan. 1.
U. S. Government,
Ask LOW
Bid
High
MO No. Low
First Liberty Loan
-3% of '32-47 JD 103138 Sale 103232 103103 404 100241104"n
in
Cony 4% of 1932-47
1022132May'34
100,122 103288
JD
Cony 4 % of 1932-47
Sale 103/32 1031432 132 1012821041232
JD
2d cony 448% of 1932-47
1022432Jan'34
10224221021282
Fourth Lib Loan 4g% of '33-'38 AO 1650-432 gale 1032432103283 351 101212210412n
4g% (24 called)
1002232 Sale 1002232100222 202 10021,21020n
Treasury 4)s
1947-1952 AO 112232 Sale 112
1121232 236 10410 2114132
Treasury 444s to Oct 15 1934,
thereafter 33%
1943-45 AO 1011032 Sale 1012532102,132 1057 97223210424n
Treasury 45
1944-1954 JO 1071132 Sale 10711321071132 286 1012%210922u
Treasury 3s
1946-1956 MS 1052032 Sale 10522231068n 608 100232 108222
Treasury 3415
1943-1947 in 103432 Sale 103122 1032032 1037 9818331051232
S 100422 Sale 100
Treasury 3s _Sept 15 1951-1955
1001832 1481 9318n1021422
Treasury 38_ _ _Dec 15 1946-1948 JO 100232 Sale 998,321001232 4355 9921231021%.
Treasury 3gs June 15 1940-1943 JD 103232 Sale 103232 1031032 283 9820221052232
Treasury 348s Mar 15 1941-1943 MS 103232 Sale 103832 1032232 259 9820121052032
819312.8
Treasury 3%5 June 15 1946-1949 ID 101222 Sale 101
1011232 1310 9528.
Treasury 3ge
365 97113210512n
Aug 1 1941 FA 1031122 Sale 1031032104
Treasury 338
1012232 Sale 10124321021282 2969 10024411041048
1944-1946
Fed Farm Mtge Corp 34£8_1964 MS 100
Sale 9912321002132 756 99128210224n
3s
Sale 972132 981232 962 972121101 2i
1944-1949 MS 98
,
Home Owners Mtge Corp 4s _1951 J J 98132 Sale 972222 982822 2033 9722321012232
3s series A
1952 MN 98 32 Sale 971432 981832 6261 972222 101122
,
State & City—See note below.
Foreign Govt & Municipals.
Agric Mtge Bank e f Os._1947 FA
Aug 1 1934 subseq coupon- Sinking fund iis A _ _Apr 15 1948 AO
With Oct 15 1934 coupoia_
Akershus (Dept) ext 55._ _1943 MN
Antioquia (Dept) coil 78 A...1945 J J
External s f 78 ser B
1945 J J
External s 178 ser C
1945 J J
External s 1 75 ser D
1945 J J
External s f 75 1st ser_ __ _1957 AO
External sec S 1 7s 24 ser_ _1957 AO
External sec sf78 3d ser...1957 AO
Antwerp (City) external 55_ _1958 JO
Argentine Govt Pub Wks 65_1960 AO
D
Argentine (19 of June 1925 1959
Extl 8168 of Oct 1925_ _ _ _1959 AO
Externals!68 series A_ _ _ _1957 MS
External 68 series 13_Dec 1958 JD
Ent St 6s of May 1926_1960
External St 68 (State Ry)_1960 MS
Extl (is Sanitary Works_ _1981 FA
Ext168 pub wks May 1927 1981 MN
Public Works extl 5)ls
1962 FA
Argentine Treasury Sc £_ _ _ _1945 MS
Australia 30-yr 55. July 15 1955ii
External Scot 1927_ _Sept 1957 MS
N
External g 4465 of 1928_ _1956
Austrian (Govt) s 1 78
1943 iD
Internal sinking fund 7s. _1957 JJ
Bavaria (Free State) 6465_ _ _1945 FA
Belgium 25-yr extl 6465
1949 MS
External s f 65
1955 iJ
External 30-year
75_ _ _ _1955 JD
Stabilization loan 78
1956 MN
Bergen (Norway)5s .Oct 15 1949 AO
External sinking fund Sc.. _1960 MS
Berlin (Germany)s f 6465
1950 AO
EXternal
68_ _ _June 15 1958 JD
Bogota(City) ext1518s
1945 AO
Bolivia (Republic of) extl 88.1947 MN
External secured 75 (flat)..1958 J J
External s 1 75 (flat)
1969 MS
Bordeaux (City of) 15-yr 68_11)34 MN
Brazil(US of)extenaal 85... _1941 in
External
646s of 1926_ _1957 AO
Externals!6465 of 1927A957 AO
D
1952
75 (Central RY)
Bremen (State of) extl 78_ _ A935 MS
Brisbane (City) 5 f Sc
1957 MS
Sinking fund gold 5s
1958 FA
20
-year s f Os
1950in
Budapest (City) ext.! 5 1 68..1962 ID
Unmanned coupons on o
Buenos Aires(City) 6468 2 B 1955 Ji
External 5 f Os ser C-2_ _ _1960 AO
External 51 Os ser C-3_ _ _ _1960 AO
Buenos Aires (Prov) extl 69_1961 MS
Stpd (Sept 1'33 coup on)1961 MS
External s f 6465
1961 FA
Stpd (Aug 1 '33 coup on)1961 FA
Bulgaria (Kingdom) Sf 7s_ _ _1967 J J
Stabil'n 5 f 7468_ _Nov 15 1968 MN
May coupon on
Caldas Dept of(Colombia)734s'46 J J
Canada (Dom'n of) 30-yr 49_1960 AO
Sc
1952 MN
4468
1936 FA
Carlabad (City) 9 1 8
1954 J J
5
Cauca Val (Dept) Colom 7468'46 AO
Cent Agile Bank (Ger) 7s_.1950 MS
Farm Loan s f 68_ _July 15 1960 J J
Farm Loan s I (is_ _Oct 15 1980 AO
Farm Loan Os ser A Apr 15 1938 AO
Chile (Rep)—Ext1 8 f 7a
1942 MN
External sinking fund 6s_ _1960 AO
Ext sinking fund 6s .Feb 1961 FA
Ry ref ext s f 68
Jan 1961 J J
Ext sinking fund 68_ _Sept 1961 MS
External sinking fund Os.. _1962 MS
External sinking fund 68__1963 MN
Chile Mtge Bk 6465 June 30 1957
D
Sf 614s of 1926_ _June 30 1961
D
Guar s f 138
Apr 30 1961 AO
Guar 8 f 68
1962 MN
Chilean Cons Manic 7s
1960 MS
Chinese(Hukuang Ry)Sc....1951 JD
Christiarla (Oslo) 20-yr 165 '54 MS
Cologne (City) Germany!'4681950 MS
Colombia (Rep)68 of'28_ _Oct'61
Oct 1 1934 and sub coupons on AO
Eater 69(July 1 '34 coup on)'61
J
Colombia Mtge Bank 6g5011947 AO
Sinking fund is of 1926_ _ _1946 MN
Sinking fund 78 of 1927._ _1947 FA
Copenhagen (City) Sc
1952
D
25
-year g 4468
1953 MN
Cordoba (City) extl s f 75._ _1957 FA
External si 78__ _ _Nov 15 1937 MN
Cordoba(Prov) Argentina 75 1942 J J
Costa Rica (Republic)
78 Nov 1 1932 coupon on_1951 MN
78 May 1 1936 coupon on_1951
27
31
26 May'34 -4
2612 Sale 2612
27
27
3212 23 Aug'34 -1
253 30
4
27
27
775 793 7814 Aug'34
4
1118 12
1138
113
8
2
1112 Sale 11%
1112
3
1118 1212 Z1l84
113
4
4
1118 12
1112
113
4 10
1108
1
10
11
1118
1012 11
11.
2
10
97 Sale
978
10
7
8
9418 Sale 8912
97
80
8318 Sale 8318
8412 16
8314 Sale 8212
843
4 93
83 Sale 83
847
8 61
8278 Sale 8212
847
8 82
83 Sale 8212
843
4 45
8314 Sale 8314
843
4 75
8314 Sale 83
8412 22
8318 Sale 83%
842
8 18
845
8 21
83 Sale 83
7815 34
76 Sale 76
93
95
931 Aug'34
9312 Sale 92%
943 117
2
93 Sale 923
8
9414 209
8812 Sale 8812
905
69
9812 Sale 98
9812 30
6118 Sale 6118
6414
7
Sale 2912
3112
Sale 983
4
9912
Sale 9912 100
Sale 1055
8 107
Sale 10118
10212
793 Aug'34
2
74
78
77
77
23
293 29 •
8
29
2518 267 2712
3012
19
2112 18
2012
714 8
73
4
814
63 Sale
8
63
8
58
618 Sale
55
8
618
172 Sale 172
172
325 Sale 325
8
8
33 4
3
297 Sale 275
30
30 Sale 283,
30
2912 Sale 28
297
29 Sale 29
3512
843, 88
833,
84
84 Sale 82
8412
9312 Sale 9312
95
3812 4012 395
8
40
2618 Aug'34
78 16- 79
8018
7712 Aug'34
7618
7618
60
60
63
54 Sale 5112
55
55 Aug'34
5212 Sale 517
8
5418
2178 2214 July'34
20
173 Sale 173
4
4
177
173 217 172 Aug'34
4
8
8
133 Sale 1314
4
14
1033, Sale 10314 10414
112 Sale 11114
11214
10412 Sale 10414 104%
6118 Sale 6118
62
1214 133 1312
4
1302
4178 41
4434
33
2918
35
2912 35
35
2812 Sale 28
31 Sale 3012
36 4
3
13, Sale 123
4
4
137
135 Sale 1212
8
132
4
1312 Sale 1252
133
4
1312 Sale 127
8
133
4
1314 14
133
4
123,
1312 Sale 1278
1312
1332 Sale 125
8
134
4
133 Sale 1312
4
133
1418 1553 143,
143,
133 Sale 1318
4
4
132
133 Sale 13
4
133
4
804 9
9 14
902
38
38
-90T2 VI- 9012
9012
26 Sale 26
29
30
9912
100
107
10112
32
3218
23%
233
8
2338
74%
7114
4212
Sale
Sale
2512
28
25%
7512
735
8
Sale
6512 Sale
39
25
10
8
28
31
30
1
2
5
4
7
22
15
1
67
163
92
84
4
6
25
30
10
_
21
4
12
193
64
10
11
105
110
13
6
1
13
9
23
26
51
144
86
87
38
67
52
4
1
8
17
17
1
1
30
30
3212 122
3012
32 4 221
3
24
3
24
24
2
24
24% Aug'34
75
75 12 10
3
73%
73%
4212 43
39
4218 Aug'34
6512
65% 13
4212 40 2
,
4012
27
25 Aug'34
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
.14
Prim
Friday
Aug. 31,
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Foreign Govt. &Manic.(Con.)
Bid
Ask Low
High No.
Cuba (Republic) 5s of 1904_1914 MS a9412 Slc 295
95
5
96 Aug'34
External Sc 011914 ser A_.1949 FA 9412
5
External loan 4469
1949 FA 765s 914 280
80
Ms Sale 783
Sinking fund 5468 Jan 15 1953• J
7912 36
s
4
9
61
8
Public wks 5469 June 30 1915 in 30 Sale 275
30
14% Sale 1314
14% 36
Cundinamarca 634s
1959 MN
935
8 41
Czechoslovakia(Rep of) 85_ _1951 AO 9312 Sale 9212
4
9212
8
Sinking fund as ser B.
....1952 AO 907 96
9314
Denmark 20-year extl 68_1942is 953 Sale 95%
4
9814 8131
9112 298
External gold 5349
1955 P A 9012 Sale 9012
77
External g 4469__Apr 15 1982 AO 80% Sale 8014
81
Deutsche Bk AM part ctf 69 1932
5212 Sale 5212
53% 12
Stamped extd to Sept 1 1935
6812
5912
5
Dominican Rep Gust Ad 546s '42 MS 68
683
4
1
1st ser 5469 011920
65%
67 65%
1910 AO 65
2d series sink fund 540_1910 AO 65
4
657
8
68 65
N ____ 462 48 Aug'34
Dresden (City) external 79_1945
8
110 r110
Dutch East Indies extl 69_1962 MS
125
30-year extl 5gs__ _Nov 1953 MN 156
59 Aug'34
__
59 Aug'34
30-year extl 5gs_ _ _ _Mar 1953 MS
El Salvador (Republic) 88 A 1948 Ji
5
612 Aug'34
43 Aug'34 _ 42% 45
J.
Certificates of deposit
Estonia (Republic of) 75._ _1967 J J 75
8412 75
75
9
Finland (Republic) ext 65..1945 MS 99
99% 99
9912
•S 100 101 100
6
100
External sinking fund 7s_ _1950
993 Sale 9912
4
993
4 42
External sink fund O348..1956 M
922
4
8
93 4
3
External sink fund 5%9_1958 FA 935s 94
967
8
Finnish Mun Loan 6468_1954 AO 9714 99
8
98
2
98
External 6465 serial B_1954 AO 9718 9812 98
N 23 Sale 23
2812 28
Frankfort(City of) 1634s__1953
D 1863 Sale 1842
10
4 187
French Republic eat' 7%8_1941
4
J O 188 Sale 188
External 78 of 1924
1883
4 43
German Government Interna1949
3112 331
tional 35-yr 5469 of 1930_1965 J D 26% Sale 2512
40% 145
German Republic MI 78_1919 AO 35 Sale 35
German Prov & Communal Elks
g
3,312 451
4
(Cons Agrid Loan) 6348_1958 J D 312 Sale 318
Graz (Municipality) Os
1954 MN 874 ____ 87 Aug'34
6353 Aug'34
Only unmatured coupons on..
Gr Brit ,ft Ire(U K of) 5348_1937 FA 116% Sae 11.614
117 4 40
3
114 Sale 114
a11612 1431
t4% fund loan £ opt 1960_1990
3212 10
3212 3212
Greek Governments f ser 78_1964 MN 28
237
8 f sec 6s Aug '33 coupon_ _1968 FA 2312 2453 2312
80
Haiti (Republic) f 69 ser A_1952 AO 80 Sale 7812
22:
2718 25
AO 25 Sale 25
Hamburg (State) 68
16 Sale 15
1618
4
Heidelberg (German) extl 746 946 J J
15
'50
3
Helsingfors (City) ext 6468_ _1960 AO 9214 9355 9214
9214
38
6
Hungarian Manic Loan 7468 1945 J J 3753 Sale 3753
27 Aug'34
Only unmat coup attached.. J J
413, 37 2
2
,
3712
External s f 7s (coup).,...,.194O J J 37
Only unmat'd coups attached J J ____ 2978 30 June'34
47 Aug'34
Hungarian Land M Inst 746s '61 MN 47
50
4712
48
10
Sinking fund 7465 ser B 1961 MN 47
5
Hungary (King of) sf 7468_1944 FA 38% Sale 1385
7
3855
5
182 27%
4
20
27
1528 294
16
27
MI 81%
812 174
4
g
17
958 17
818 17%
77 148
8
4
8
8
145
g
145
8
82% 9912
53
12 8434
531k 85
8478
53
53
84%
932a 942
4
533 8134
4
534 944
4
523 8412
4
521*845
4712 7914
802 99
4
88% 9753
99
gra
83
95
91h 10012 Irish Free State extl s f Sc..A960 MN
Italy (Kingdom of) extl 78..1951 JD
50
77
Italian Cred Consortium 78 A '37
29% 5912
External sees 178 ser B__ _1947 MS
Italian Public Utility extl 78_1952 is
95 105
Japanese Govt 30-yr f6469_1954 FA
94 104
Eni sinking fund 5468._ _1965 MN
99 109
95 8 10854 Jugoslavia (State Mtge Bank)—
7
Secured f g 7s
68
8212
1957 AG
75 with all unmet coup_1957
6611 82%
With Oct 1 '35 & sub coups on
29
52
2712 4912 Leipzig (Germany) s f 78_ 1947
Lower Austria (Prov) 7%9_1950 J O
1712 24
Only unmatured coups attach'd
612 113
8
514 1012 Lyons (City of) 15
-year 68..1934 MN
514 1014 Marseilles (City of) 15-yr 65_1934 MN
Medellin (Colombia) 6%5_1954 J O
149 172
225 3812 Mexican Irrig Asstng 4469_ _1943 MN
4
Mexico (US) extl Sc of 1899 £'45 Q
20% 32
Assenting 5s of 1899
2014 32
1945
Assenting Sc large
2012 32
29
Assenting 55 small
63%
Assenting 48 of 1904
7314 88
1954
73
877
Assenting 4s of 1910
8
Assenting 48 of 1910 large.....
83
9712
Assenting 45 of 1910 small...
31% 4612
*£reas 6.9 of'13 assent(large)'33 iS
24
2618
*Small
is
4,112 8018
47
7712 Milan (City, Italy) extl 6)481952 AO
4514 78'2 Minas Geraes (State) Brazil—
External s f 6469
I951 MS
3014 63
Ext sec 646s series A
2814 55
1959 MS
Montevideo (City of) 79_ _ _ _1952 in
3158 55
External s t 6s series A.
27
54's
.1959 MN
187 24
4
173 2612 New So Wales (State) extl Sc 1957 F A
4
1618 2012
External 8 f Sc Apr
1958 AO
1032 183 Norway 20-year win 13s_ _ _1943 FA
4
20-year external 68
92 10414
1944 FA
30-year external 68
10314 11214
1952 AO
40-year 8 1 5468
100% 105
1965• D
External s f 55...
61, 8012
8
.Mar 15 1963 MS
Municipal Bank coal f 58_1967 JO
1014 19
41
Municipal Bank WIs f 58_1970 in
73
Nuremburg (City) extl 68_1952 J A
29% 69
•S
Oriental Devel guar 13s
28
69
1953
Extl deb 5448
1958 MN
3012 70
Oslo (City) 30-year f 6.9_1955
N
8, 16
2
7% 16
7
1534 Panama (Rep) exti 546s_ .._ _1953 in
Extl 5159 ser A._ May 15 1963 MN
15 4
5
7
Stamped
3
7% 15 4
714 155 Pernambuco (State of) extl 75'47 M
8
7% 16
Peru (Rep of) external 75.....1959 MS
94 mil
Nat Loan extl S f Os 1st ser 1960 JO
10
18%
Nat loan extl sf0824 ser_1961 AO
8% 1512 Poland (Rep of) gold 65____1940 AG
Stabilization loan s 1 75_1947 AO
1518
8
External sink fund g 89_1950 is
12
7
5
275 42 8 Porto Alegre (City of) 8s__1961 JD
7
Exti guar sink fund 7%9_1966 is
812 93
8
Prague (Greater city) 7468_1952 MN
50
26
Prussia (Free State) esti 8545 '51 MS
5
External s f (is
1952 AO
211s 35
1 Queensland (State) extl s f 75 1941 AO
21
35
-year external 65
15
247
25
1947 FA
1512 2412 Rhine-Main-Danube 7s A._1950 MS
Rio Grande do Sul extl 51 88 1946 AO
15
26
Apr'32-Oct'33-Oct'34 cpn on
63
12 84
External sinking fund 138..1968 iD
5912 7812
External s 1 75 of 1920..._1966
1414 4212
May coupon off
297 4218
8
External s f 78 manic loan.1967 J D
251e 8524
-years t 79_1946 AO
Rio de Janeiro 25
April coupon off
30
4012
External 5 1 6%8
1953 FA
1828 2514
Rome (City) exti 6469
1952 AG
F--i
Low
High
74 2 9912
7
93
98
6272 801s
61h 8418
225 417
2
s
1012 198
88 101
90 101
86% 9812
8353 9512
71
87
507 7714
s
43 4 70
5
67
36
37h 67.
4514 581s
125 18512
151 18412
123 185
4812 60
38
55
577 78
s
79 100
8812 tops
7812 100
76
9512
77
98
7512 9814
23
48
15414 18812
180 189
2512 63 1
,
35
8712
315 7112
8
5755 885
2
82
8512
4
1111 1244
109 11714
3314
22
183 31
8
7418 82
25
58
15
44
724 95
Ma 44.4
25
2718
3ch 45
30
30
33h 501s
31
501s
3112 4214
120 11214 Aug'34
92% 69
Sale 91
9512
95%
6
92 Aug'34 _ -_94
86
8412
a8314 Sala z83%
3
90% 56
87% Sale 86%
4
76
54
74% Sale 733
110 116
90 4 102
5
9314 100
8914 100
78
931s
88
9812
7312 88
32
32
41
1
8
205
8
Sale 205
3
18
2
2018 18
44
4278 44
2
8818
8818
2
89
-- 50 Feb'34
171% 173 171% Aug'34
17154..- 17112 Aug'34
105
8 13
1112 1014
10
5%
5%
6
5 8 Sale
3
4 Sept'33
814
814
3
712 Aug'34 _ _ _
618 July'34
54
,
5%
9
414 Mar'33 -5% Aug'34
55
4 30
5 4 Sale
3
5%
1014 Aug'34
7 2 Aug'34
,
813, 82
8014
823
4 40
23h
155
8
13%
37%
60
50
149
149
814
Cs
110
92
94 4 99
,
3118
20%
16
39
87%
4212
27
18
65 4
,
8912
63
1713
4
17112
163
8
72
s
dls 10
7
1114
8
418
714
-114
45
8 828
812 11
3 4 1112
7
8014 9172
8
Sale 197
Sale 1913
Sale 3318
3212 z31
20
20
3514
31
15
39
7
3
17
17
2714
2614
24
2312
3614
327
2
9012
91
93
91 Sale 8 2
9,
101% Sale 100%
8
10118 1015 1003
4
99% Sale 99
a93 Sale 19314
895
8
8912 91
s
9112
- 903
9112 Sale 91
26
20
26
74 Sale 74
683 Sale 68%
4
91 Sale 91
91
91
1012
4
102
993
4
9414
9014
90%
91ls
283
4
743
8
7014
9118
13
25
21
43
44
26
49
1
4
85
9914
9114
9014
gots
83 8
,
8012
8312
81
26
65
8
623
7612
96
95%
1013
4
102
100
9512
923,
91
91 12
55.i
7712
74
93
20
20
3514
30%
10312 1033 10312
4
35% Sale 3512
3512 Sale 35%
1512 Sale 1334
1214 1312 1318
98
9 4 Sale
2
3
9% Sale
05s
7112 7112
70
123 Sale 1193
4
83 Sale 83
21, Sale 2112
2
21% 2312 215
8
85
95% 9812
23, 30
29%
8
24 Sale 24
10352 104 103%
100 10112 100
43 8 44
7
225 247 23
8
8
23
2212 Sale 2158
215 24
8
213
4
20% 22% 22
4
213 Sale 213
4
22
23 2 22
,
2018 2212 22
8
2218 Sale 211
84 Sale 8312
22
9
4
Aug'34
2
3512
4
3512
1512 13
14
5
1012 203
103
8 58
38
72
75
123
84
35
4
213
4
Aug'34 —
Aug'34
3212 17
31
11
103%
1
5
10012
2
44
4
2434
Aug'34
22% 15
9
223
s
5
22
3
221
8
22
6
4
22
2214 13
843, 45
98 10314
2912 44
2934 44
107 18h
2
812 17
57 1412
1412
79
69
88 123
8914 90
1712 244
1858 2412
83 100
297 5812
8
21
5712
102 10612
9414 103
42
69%
26
19
1838 23
1514 24
1716 24
1938 223
8
1714 2414
1714 23%
2'
19
16
2214
83
02
For footnotes see page 1375
NOTE,—Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings In such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers in these securities, will be found on a subsequent page under the general head of "Quotations for Unlisted Securities.'
1371
New York Bond Record-Continued-Page 2
Sept. 1 1934
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
I 2:
11
,,,, a.
Price
Friday
Aug. 31.
Week's
Range or
Last Sale.
13,
;0,
5
Range
Since
Jan. 1.
High No Low
High
Ask Low
ea
(Cowl.)
Foreign Govt.&Munk.
Rotterdam (City) extl 65_1964 M N 13512 Sale 128
13512 33 112 13512
40
23
Rumania (Monopolies) 75---1959 F A 33 Sale 33
19
34
6618 81
Saarbruecken (City) 68
1953 1 J 7878 7912 79
5
79
30
22
2612 13
Sao Paulo (City)s 18s_ _Mar 1952 MN 24
24
27
2012 2012
May coupon on
___ 2012 Aug'34
22
1734 24
Externals f 634e of 1927-1957 MN 2218 2
23
271 23
1912 1912
May coupon on
2
2112
18 ____ 2112
36
18
2
San Paulo (State) extl 5!8/6.1936 1 J 3412 _ _ 3512
3512
32
32
July 1932 coupon on
30 ___ 32 Aug'34
132; 26
External sees f 8s
1950 J J 2418 gale 2418
21
26
1812 23
July 1932 coupon on
27
23
2218 231 22
133 24
4
External s 1 78 Water L'n_1956 M S 203 23
1
2218
2218
8
125; 23
Externals f 68
1968.7 1 2118 2534 2114
24
23
177 207
8
July 1932 coupon on
5
2O7
s
207
8
24
18
89
65
Secured s f 7s
1940 A 0 873 Sale 8712
29
88
4
18% 461t
5
4512
Santa Fe (Prey AIX Rep) 78_1942 M S 4612 Bale 4434
38
38
Stamped
38 Aug'34
4214
3712 67
;
4
Saxon Pub Wks(Germany) 75'45 F A 36
3914
375
40
29
607
,
Gen ref guar 6345
9
1951 M N 29 Sale 29
3512
71
43
1945 J D 43
1
Saxon State Mtge List 78
44
44
50
1
46
70
Sinking fund g 63413_ _Dec 1946.7 D 43
44
46
51
2112 28
5
Serbs Croats & Slovenes 88_ _1962 MN 23 Sale 23
2412
22
16
All unmatured coupon on-- --- 1712 Aug'34 ____
173 19
8
131; 1512
Novi 1935 coupon on
13
1614 1412 Aug'34 1962 MN 23
18
253
8
External sec 78 ser B
2314 10
23
24
4
November coupon on
123 20
6
17
17
18
16
75 Nov 1 1935 coupon on 1962 -- ,. 133 18
4
133
4
133
11
17
5
4
5234 71
Silesia (Prov of) extl 75
7
1958 J D 64 66 6314 64
Silesian Landowners Assn 65 1947 F A
33 8 69
3
3534 3412 Aug'34 ___
Soissons (City of) extl 68-1936 MN 171- 17112 Aug'34-__ 150 17112
55
88
85 Aug'34 ____
Styria (Prov) external 7s_ _1946 F A ____ 86s
Sweden external loan 5345_1954 MN 1033 Sale 10318 16378 32 102 10914
4
80
93
Sydney (City);!53 1
1955 F A 87% Sale 8712
8738 10
4/
4
613 7314
Taiwan Elec Pow s 1 5345-1971 3 3 697 Sale 69%
30
70
8
6614 7312
Tokyo City bs loan of 1912_1952 M _LS 63
67 6612 Aug'34 ____
6184 7334
Externals! 5345 guar_ -1961 A 0 7112 Sale 7014
7238 43
Tolima (Dept of) extl 7s
1012 17
4
12
1947 MN
115 131 1112
8
Trondhjem (City) 1st 5345_1957 MN 801 8612 82 Aug'34 --__
8748 8714
62
3
Upper Austria (Prov) 7s___ _1945 .1 D 77
86
80
82 80
74
76
Only unmatured coups attch__ 75
74 May3 ____
Externals!6 Hs_June 15 1957 i - 3 7234 77
4334
4812 7712
1
7312 July'34
3412 46
Uruguay (Republic) extl 82_1946 F A 4138 Sale 3812
4138 41
2714 42
External s 165
1960 M N 3612 Sale 3412
3634 214
Externals! 6s__ _May 1 1964 MN 3614 Sale 343
2914 42
3612 136
4
94 109
Venetian Prov Mtge Bank 75 '52 A 0 _948 94 Aug'34 ____
7
68
9015
9012 24
2
Vienna (City of) extl $ f 6s_ _1952 M N iii 90
8834
50
5
79
7418
_ 744
TJnmatured coupons attached_ M N _
6814
Warsaw (City) external 7s 1958 F A a- gale 63
53
633
4 26
77
66
Yokohama (City) extl 68-1961 J 0 73 Sale 7212
7514 12
Railroad.
10412 __ 5
Ala Gt Sou 1st cons A 58_1943 J 13 1033 Sale 1033
4
4
1st cone 45 ser 13
4
2
1943.7 D 10012 1007 993 Aug'34
Alb & Susq 1st guar 340._1946 A 0 92
4
9838 983 Aug'34 --Alleg & West 1st gu 48
2
8
8912 103 July'34
1998 A 0 85
5
103
Alleg Val gen guar g 4s
1942 M 8 103 sate 103
187
55
(Ann Arbor let g 43_ _ _July1995 Q J 55 Sale 55
3
Atch Top & S Fe
4
10234
-Gen g 4s_1995 A 0 10214 Sale 1013
14
97
Adjustment gold 4s_July 1995 Nov 97
9614
11
Stamped
95
96
96
July 1995 MN 9412 Cony gold 48 of 1909_ ___1955 J D 96'.---. 943
5
9512
9614
9614 __
Cony 4s 01 1905
1955.7 D 9614 105
Cony g 48 issue of 1910...1960 1 D 87% 953 9514 Aug'34 31
4
2
10412
Cony deb 434s
1948.7 D 104 Sale 104
7
98
Rocky Mtn Div 1st 4s_..1965.7 3 98 Sale 98
6
10312
Trans
-Con Short L 1st 4519581 S 1031t Sale 10314
106 _ _
Cal-Ariz 1st & ref 434s A_1962 M S 106 Sale 10514
Atl Knox & Nor let g 58..1946.7 D 10412 1101 10512 Aug'34 ____
8
Atl & Charl A L 1st 4%s A_ _1944 J J 102..
_1017 Aug'34 ____
1st 30-year 58 series B_ _ _ _1944 J J 9614 1063 1051 Aug'34 ____
90 May'34 24
96
Atlantic City 1st cons 48_1951 J .1 90
2
9614
Atl Coast Line lst cons 4s July '52 M
9514 Sale 954
33
85
General unified 434e A_ _ _1964 J D ____ 837 85
s
1
76
LAN coil gold 4s_..Oct 1952 MN 7414 Sale 741
42
2
Atl & Dan lst g 4s
1948.7 J 4014 411 42
3712
3734"-.
39
2d 48
1948.7 J 35
All & Yad 1st guar 4s
1949 A 0 5112 58'2 5712 July'34 -___
8412 Aug'34 ____
Austin dr N W 1st 611 2 55_1941 J J ____ 89
10112 82
halt & Ohio 1st g 4s _July 1948 A 0 10018 Sale 99
7314 39
Refund & gen 55 series A.1995 J D 7112 Sale 71
53
106
1st gold is
July 1948 A 0 105 Sale 105
8514 23
Ref & gen 65 series C
1996.7 D 81 Sale 81
P. L E & W Va Sys ref 4s_ _1941 MN 975 Sale 9714
21
98
936
94
Southwest Div 1st 5s_.1950 J
94's 13
91
To]& Cin Div 1st ref 45 A.1959 J
82 Aug'34 ---____ 80
Ref & gen be series D_ -2000 M
17
721
7012 Sale 70
601 151
Cony 434:
1960 F A 57 Sale 5612
Ref & gen M 58 ser F
26
721
1996 M S 70 Sale 70
8
d107
Bangor & Aroostook 1st bs_ _1943 J J 107 108 107
971s 38
Con ref 45
1951.7 J 9612 Sale 9612
Battle Crk & Stur 1st gu 38_1989 J D
_ 73 6514 July'34 __-6
102
Beech Creek 1st gu g 4s. __ _1936 J J 1011 . _ 102
1
101
2d guar g 5s
101
1936 3 J 101 4- -12 101
Beech Creek ext 1st g 3345. _1951 A 0 90____ 95 July'3 ____
Belvidere Del cons gu 3348_1943 J J 100
Big Sandy 1st 48 guar
103 Aug'34 _
1944 J D 1012;
36
79
Boston dc Maine 1st be A C_1967 M S 75% Sale 7514
7814 26
1st M be series Ii
1955 M N 76 Sale 76
1st g 434s ser JJ
73
13
1961 A 0 73 Sale 73
Boston & NY Air Line 1st 45 1955 F A 62
65 6112 Aug'34 -- -5
106
. _ 100
Bruns & West 1st gu g 45 1938 J J
10412
4
Buff Roch & Pitts gen g 58..1937 M S 16412 106 10412
996712 16
Consol 4345
1957 M N 65 Sale 65
28 Aug'34. -_
*:Burl C R & Nor 1st & coll 513'34 A 0 2814 30
Certifleates of deposit
40 Apr'34 _
27
5
106
Canada Sou cons gu bs A_ _1962 A 0 ____ 106 ICA
Canadian Nat guar 4445___ _1954 M S 10514 Sale 10512
10634 30
4
111
65
30-year gold guar 4346_1957 J .1 110 Sale 1093
108
24
4
Guaranteed gold 434s-- -1968 J 13 1063 Sale 1064
32
116
Guaranteed g 58
July 1969 J J 1143 11514 1154
4
Guaranteed 868
1173
8 45
Oct 1969 A 0 1166 Sale 116
Guaranteed g 65
11734 24
1970 F A 116 Sale 116
4
Guar gold 4345___June 15 1956.7 13 a114 Sale 21143 115% 52
11238 76
1956 F A 111% Sale 111
Guar g 4 He
Sept 1951 M S 111 Sale 111
11214 49
Guar e 4343
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
1.
R
iI
,.. a.
Price
Friday
Aug. 31,
Week's
Range nr
Last Sale.
Bid
Ask Low
Railroads (Continued)8
Canadian North deb $ 1 75_.A940 J D 1083 Sale 10818
25
-years 1 deb 634s
1946.7 J 121 122 121
10-yr gold 434s_ _Feb 15 1935 J J 10214 10314 10312
77
77
.
Canadian Pac Ry 4% deb stock_ ., :4- .: 75
Coll tr 4%s
1946 Da a 94% Baia 9414
5/3 equip tr ars
19443 .1 10918 Sale 109%
Coll tr g 58
Dec 1 1954 3 D 982; Sale 982;
Collateral trust 430
1960.7 J 9034 Sale 90
4112
45
1949 J .1. 41
:Car Cent lst cons g 4s
Caro Clinch &0 1st 30-yr 58_1938 J D 10618 Sale 1061
1st & cons g 6s ser A_Dec 15'52 J D 103 Sale 10212
80
Cart & Ad 1st gu g 45
1981 J D 7312 81
5112 4912
Cent Branch UP let g 4s_ _ _1948 J D 48
60 58
:Central of Ga 1st g 5e_Nov 1945 F A 45
23
22
18
Consol gold 58
1945 M N
131; 12
Ref & gen 534;aeries B_ _ _1959 A 0 11
Ref & gen 58 series C
1959 A 0 1238 Sale 1118
25
25
Chatt Div pur money g 4,3_1951 J D 20
35
Mac dt Nor Div 1st g 5s_ _1946 1 J ---- 37
21
Mid Ga & Atl Div pur m 58'47 J J -___ 25
25
27
1946 J J 20
Mobile Div 1st g 58
77
Cent New Engl 1st gu 4s_
1961 1 J ____ 78
67 67
Cent RR & Bkg of Ga co11 1937 MN 66
-5s
Central of NJ gen g 58
1987 J J 103 10512 105
8
General 4s
19873 J ____ 963 9714
94 10412
96 10012
9914
85
7334 91
94 1043
4
29
60
93 106
84
9988
83 100
82% 9612
60
9734
7818 9512
95 107
14
82 102
954 106
95 10818
991 10512
8
8872 103
88 1663
4
75
90
83 10014
74
92
68
85
89
5334
35
47
46
89
7918 92
8812 1036
671 86
4
9812 109
77
9712
85 100
831; 1006
8812
66
67
854
51
722
4
6712 85 2
7
un 110
75
987
8
6518
60
90 102
92 10134
83
95
964 103
7034 904
72
00
68
8418
731
,
61
88% 1003
4
97 105 8
7
60
8034
28
4814
34
40
92 1097
8
9852 10694
9812 11112
9934 108%
105 11812
1047 1175
2
8
105 11738
1021s 1151s
100 1127
low, 11314
1949 F A
Cent Pac 1st ref gU g 48
Through Short List gu 48_1954 A 0
1960 F A
Guaranteed g 58
Charleston & Sav'h 18t 7s
1936 J J
Ches & Ohio 1st con g 5eI939 MN
1992 M 8
General gold 434e
Ref & inapt 434s
1993 A 0
Ref & Inapt 4448 ser B
1995 J .7
Craig Valley 1st 5s_ May 1940 J J
Potts Creek Branch 1st 48.1946J J
R & A Div 1st con g 4s
1989 J J
2d consol gold 4s
1989.7 J
Warm Springy 1st g 5s_ _ _1941 M S
Chic & Alton RR ref g 3s_ 1949 A 0
Chic Burl at Q-III Div 3348_1949 J J
Illinois Division 4,3
1949.7 1
General 4s
1958 M S
lst & ref 4345 ser B
1977 F A
lst & ref 5s ser A
1971 F A
:Chicago & East Id 1st 6s_ _1934 A 0
:C & E III Ry (new co) gen 581951 M N
Certificates of deposit
Chicago & Erie let gold 5s_ _ _1982 MN
Chicago Great West 1st 48_ _1959 M S
:Chic Ind & Loulsv ref 68_ _1947 J .1
.
1947 J J
Refunding gold 5s
1947.7 J
Refunding 43 series C
lst dr gen 5s series A
1966 MN
1st & gen 68 series B_May 1966 J J
Chic Ind & Sou 50-year 48_1956 J .1
Chic L S & East 184 4345_ _ _1969 J D
Chic M & St P gen 4s ser A_ _1989 J J
Gen g 3%s ser B May__ _ _1989 J J
Gen 4SO ser C
May 18893 J
Gen 434:ser E
May 1989 3 J
Gen 4345 sec F
May 1989.7 J
Chic Milw St P & Pac 58 A.-1975 F A
Cony ad) 5s
Jan 1 2000 A 0
Chic & No West gen g 3340_1987 M N
1987 M N
General 46
Stpd 45 non-p Fed Inc tax '87 M N
Gen 4%s stpd Fed Inc tax_1987 MN
Gen is stpd Fed inc tax_ _1987 M N
434sstamped
1987 MN
15
-year secured g 6%s_ _ _ _1936 MN
1st ref g 58
May 2037.7 /3
1st & ref 4348 stpd_ May 2037.7 D
1st & ref 434,3 ser C _May 2037 J D
Cony 434e series A
1949 MN
:Chic RI & P Ry gen 48_ _ _ _1988 J 3
_
Certificates of deposit
..
___-*Refunding gold 46
1934 A0
Certificates of deposit
*Secured 434e series A_ __ _1952 M S
Certificates of deposit
..
Cony g 434;
liii5 iii Yr
Ch St L de N 0 5s_June 15 1951.7 D
Gold 334e
June 15 1938 J D
Memphis Div 1st g 4s_ __ _1951 J D
Chic T H & So East 1st 58_ _1960 J D
Inc gu bs
Dec 1 1960 M S
Chic tln Sta'n 1st gu 434s A_1963 J J
1st 5s series B
1963.7 .1
Guaranteed g 55
1944 J D
lat guar 6;Vs series C
19633 .1
Chic at West Ind con 4s
1952 J .1
1st ref 534s series A
1962 M S
Choc Okla dr Gulf cons 5s
1952 M N
Cin PI & D 2d gold 434;
1937 .1 J
C 1St L & C 1st g 4s_ _Aug 2 1936 Q F
Cla Lob & Nor 1st COT gu 48_1942 M N
Cin Urion Term 1st 430-2020 J J
1st mtge 55 series 13
2020.7 J
1st mtge g 5i/series C
1957 MN
Clearfield & Mah 1st gu 5e 1943 1 J
Cleve On Chi & St L gen 48.1993 J D
General Se series B
1993 J 13
Ref & imps& ser C
1941 1 J
Ref & impt 5.1 ser D
1963 3 J
Ref & 'rapt 434: ser E_ _ _1977 J J
Cairo Div 1st gold 45
1939 .1 J
Cin W & M Div 1st 4s___ A991 3 J
St L Div 1st coll tr g 4s__ _1990 M N
Spr & Col Div 1st g 4s_ _ _ _1940 M S
W W Val Div 1st g 48_ _ _1940 3 .1
Cleveland & Mahon vat /3- 1938 J .1
5.3
Clev & Mar 1st gu g 4 tis_ __ _1935 MN
9412 79
9414 Sale 9314
90 Aug'34 --- _
95
83
76
73 Sale 73
92
10512 ___ 106 Aug'34 ---8
17
1102; Sale z1103 111
3
4
1003 Sale 10912 110 8 17
10318 2
0
10318 Bale 102
103 Sale 10212 1034 64
____ 10518 Aug'3 __-_
104
993 ____ 101 Aug'34 --,
4
10212 13
102 Sale 102
--------10112 July'34---,
1C018 105 102 Aug'3 --r
54 7
36
5414 Sale 54
38
101
101 Sale 100
105
16
105 Sale 10414
10314 52
102 Sale 102
8 1017
8 36
8
1017 Sale 1013
1067
8 12
1067 Sale 1064
8
79
2
75 _.,_ _ 79
11
1012 Sale 7014
19
8%
83
4
_ 84
2
10818
1
10818 Sale 10818
3218 144
27 Sale 2614
25
25
22
25
3
25 July'34 ---31
21
1618 26% 20 Aug'34 ---12
1278
5
17
4
11
1014 11
1112
5
8
9214 943 9312 Aug'34 ---5 A1111'34 --,
10514 --- 10
553
4 16
55 Sale 5412
5034 13
5034 5014
50
59
23
5712 Sale 5712
5714
54
3
5834 5714
60
59 Sale 59
19
-- --
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
-
-
7518 0612
734 95
8372 87
103 106
10512 11118
9834 11112
8852 106
881 106%
9712 10514
9012 101
9712 1033
4
roil loth
99 102
6134 7034
88 1014
97 107
921s 10514
8818 1043
4
4
66 100
63
53
812 26
12
8
21
91 110
2612 57
2234 4712
26
421s
20
41
912 23%
9
25%
71
95 4
1
99 10514
5112 747
2
50
71
5612 8012
5714 81
69
44
56%
32 4 299
3
27
2912 Sale 28%
4
9
78 235
4
1014 335
9 Sale
4
4
523
521 531 523
1
4834 70
5814 13
5912 651 58
5618 77
5714 Aug'34 --r5812 60
66
78
641
213
63% 82 1
63
66'4 64
3
3
65
65 Sale 64 4
29
6218 87%
--------62 Aug'34
6012 62
8034
7812 77 Aug'34 ---- ' 77
75
98
66%
413
39
32
-___ 407 39
s
33
3512 25
34
32
317 60%
8
8218 61
3234 Sale 3214
392z 29
53%
24
311 404
2712 Sale 27
563 Sale 5614
4
56 4 12
3
515 7312
8
6412 July'34 ---65
54
64
73
2034 25
1812 Sale 1812
1812 3112
8
17 s Sale 177 • 19
9
1712 218
1
21
23
181, 32
19% Sale 1914
8
19/2
19%
177 20
8
1
1834 28
8
94 23
8 Sale
7
181
8
100 104% 106 Aug'34 ---83 107
___ 6312 Sept'33 - -__ ___
_
6314 - 4
863
84483 83 Aug'34 ____
75
4
5612
553 Sale 553
4
4
62
80
4114
40
4114 41
3
41
62
107
18 100% 10718
10634 Sale 10634
10818
10818 Sale 108
2 10512 1 1012
9714 10812
10714 13
1065 1074 106%
8
15 1113 115
114 Sale 11312 114
893
4 52
88 Sale 88
7214 9314
99
1007
8 44
10012 101
8434 10412
46 July'34 --__
46
30
46
62
10314
1027 ____ 10314
8
2
96 10314
10318 ____ 1023 Aug'34 ---99 103
9518 _ _ 9712 Aug'34 --- 85
9814
10712
6 10012 30812
107 Sale 107
b 10438 11112
1092; 11034 11012 111
111
46 10412 111
110% Ill 110
96% Feb'34 -- -_
10014 102
9634 9634
90
90
5
88% 91
7534 97
1081
__ 10812 Aug'34 ____
9212 1083
4
4100 10012 Aug'34 --_ 80 10012
743 0112
2
8212
8314
6
821s 83
5
743
25
74 Sale 73
64
82
102
5
92 1044
101 10314 104
92 July'34 ____
89
83
68
9212
88
88
77
1
____ 93
95
99 Apr'34 ____
98 104
92
99
95 July'34 --_95
88
737 9514
s
1018 ____ 1013 Aug'34 ____
9912 10334
10112 ____ 10114 July'34 ---993410134
BOND BROKERS
NEW YORK
Private Wires to Chicago. Indianapolis and St. Louis
Range
since
Jan 1.
High NO. Low
High
1083
8 27 105 10934
122
26 1083 122
4
4 100% 10312
10312
787
8 55
61
8512
742, 9984
9614 50
11018 84
9918 1107
8
10018 75
77:4 102
9212 126
7118 97
Aug'34 __-321k 45
95e4 10718
10612 10
104 11
9014 109
July'34 ---4
70
84
4912
3
28
56
41
65
July'34 ---2
25
161; 38
1218
5
911 28
8
1234
9
26
July'34 ---18
37
. '33 ---- - -. --.
J911
Jan'34 ---21
2112
Aug'34 ---,
25
35
77
2
65
83114
Aug'34 ---53
73
8
95 1067
16512
3
78
9712
July'34 ----
For footnotes see page 1375.
49 WALL STREET
11
New York Bond Record-Continued-Page 3
1372
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31
11
1b
....a.
Frits
Friday
Aug. 31.
Week's
Range or
Last Sale,
1.
1
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
(Continued)Rail
Rid
Ask Low
Ilion No. Low
84018
Clev & P gen gu 410 see B-_1942 A 0 103 __-- 98 June'33 ---- ____ _.
Series B 3Hs
1942 A 0 96 ____ 86 Jant33 ____ .
_
_
Series A 440
1942.8 J 1037
8
-- 1013 May'34 ---- 1013 164 134
4
Series C 310
1948 M N 96 ____ 91 Aug'33 ---- ---- -1950 A F 1001: _ _ 83 Oct'33 ---Series D 340
-. Gen 410 ser A
1977 F A 10258 116612 1027 Aug'34 ---- 1111812 104
3
Cleve Shot Use 1st gu 4Hs_ _1981 A 0 1013 10218 10114 1015
4
4
7 82 1044
Cleve Union Term 1st 510_1972 A 0 100 Sale 9934 1004 22 844 104
lets!5s series B
1973 A 0 9714 Sale 9714
9712 26
82 1007
3
1st s t guar 410 series C._1977 A 0 9112 Sale 9112
9358 40
75
98
Coal River Rg 1st gu 4s_ _ _1945 J D 10034
_ 102 July'34 _ _
95 102
Colo & South ref & ext 410-1935 111 N 9514 Sale 9514
96
a 84
974
General mtge 410 ser A 1980 MN 67 6912 6912
65
814
6912
2
Col & H V 1st ext g 4s.._ _1948 A 0 10212 Sale 1025: 10212
1
96 10212
Col & Toilet ext 48
1955 F A 1001
_ _ 1021: Aug'34 -- 97 105
Conn & Passurn Rio 1st 42_ _1943 A 0 96 89612 92H Aug'3492
9812
Congo' Ry non-cony deb 48.1954 J J 42
50 46 Aug'34 ---40
5912
Non-cony deb 48
1955 J J 41
4912 491: Aug'34 ..4912 58
Non-cony deb 48
50 59 May'34 ....._
44. 59
8
1955 A 0 41
Non-cony deb 48
1956.8 J 41
52 52 July'34 ---44
5812
Cuba Nor Ry 1st 510
1942.8 D 36 Sale 3518
38
125
1914 39
-year 58 g 1952 J J 3318 Sale 2814
Cuba RR 1st 50
34
18
45
34
1st ref 710 series A
19632 D 24
307 27
1614 31
8
31
10
1st lien & ref 68 ser B
1938 J D 26 Sale 204
27
29
15
29
Del & Hudson 1st & ref 481943 M N
56
1935 A 0
Gold 54s
1937 MN
D RR dr Bridge 1st gu g 4s_ _1936 F A
Den & KG 1st cons g 42_ _ _1936 J J
Congo!gold 410
1936.8 J
Den & KG West gen 55 Aug 1955 F A
Assented (sub) to plan)_ ____
Ref & impt 59 ser B__Apr 1978 -A0
Wes M & Ft Dodge 43 ctf.2.1935 1 J
Des Plaines Val let gen 410_1947 M S
Det & Mac 151 lien g 48
1955.8 D
Second gold 4s
1995 3 D
Detroit River Tunnel 4 Ms_ _1961 M N
Dul Missabe & Nor gen 52_1941 J d
Dui & Iron Range let 52_ _1937 A 0
Dul Sou Shore & All g Ss__ 1937.8 J
9234 Sale 9234
933 104
4
10118 102 101 Aug'34 ---102 Sale 10138 10212 37
1003 -.:- 10158 May'34 --- 4
431: Sale 421:
45
63
4578 Sale 44
4834 17
154 16
15
17
21
1414 Sale 1418
153
4
7
32 Sale 30
32
54
4 Sale
4 .
4
1
77
90 31 Aug'34 .....:
2053 _ _ 201 July'34 ____
10 264 12 May'34 ...6
103 10414 1044 1044
10512 ____ 10378 Jan'34 ---10714 Sale 1074 10714 11
3213 Sale 3212
33
6
East Ry Minn Nor Div 1st 49 '48 A 0
East T Va & Ga Div 1st 58_ _1956 M N
Elgin Joliet & East let g 5s_ _1941 M N
El Paso & SW 1st 52
1965 A 0
Erie & Pitts:16u 340ser B 1940 J J
Series C 334,
1940 J J
Erie RR 1st cons g 4s prior 1996 J J
1st consol gen lien g 49_1996 1 J
Penn coll trust gold 4s_.,1951 F A
50
-year cony tis series A....1953 A 0
Series B
1953 A 0
Gen cony 42 series D
1953 A 0
Ret & impt Snot l927,..,.1967 M N
Ref & impt 5501 1930----1975 A 0
Erie & Jersey lets!68._ 1955 J .1
Genesee° River 151 s t 62-1957 J J
NY & Erie RR ext let 48_1947 MN
3d mtge 410
1938 PA S
9918 __- 98 July'34 ---8918 98
10018 Sale 1001: 100',
5 91 10913
98 103 104 July'34944 1051:
83 873 867
8 811: 94
4
8
873
4
1003 ---- 96 Feb'34 _-__
s
9414 99
1007
8
95 1001:
- 1004 June'34 ---92 --- 9314
94
944 15
794 98
7512 24
7112 Bale 7112
6614 793:
10414 Sale 10414 10414
5 9918 10414
72 Sale 72
73 t 12
6238 78
7312 723
4
723
4
6 83
78
---- ---- 73 Aug'34 ---62 76
6934 79 6014 79 2
68 Sale 68
7
671: Sale 67H
693
4 88 60
7973
10812 Bale 108
10812
6
98 114
10678 109 10634 Aug'34 ---97 111
101 --- _ 104 Aug'34 --__
9334 1051:
10112 ___ 100 Mar'34 .--- 100 100
tFla Cent & Penn 52
1943.8 J 40
:Florida East Coast 1st 410_1959 J D 541:
1st & ref 58 series A
734
1974 M 5
Certificates of deposit -_-_ ---73
4
:Fonda Johns & Olov 4%8..1952
Proof of claim tiled by owner _ MN
7
(Amended) let cons 2-45_ _1982
Proof of claim tiled by owner M N
5
Fort St U D Co lst g 4Hs
1941 J J 99 4
3
Ft W & Den C let g 510_1961 J D 10334
Galy Hous & Head 1st 510 A '38 A 0
:Oa & Ala Ry 1st cons M Oct '45 J J
*IGa Caro & Nor 1st gu g 52'29Extended at 6% to July i 1934.8 J
Georgia Midland let 38
1948 A 0
Gouv & Oswegatchle 1st 58_t942 .1 D
Gr R & I ext 1st gu g 4 Hs_ _ _1941 J J
Grand Trunk of Can deb 78_1940 A 0
15
-year s f Cis
1936 M S
Grays Point Term 1st _
1947 d D
Great Northern gen 785sgerA..1936 J J
1st & ref 444s series A___ _1961 J .1
General 5118 series B
1952.8 J
General 5.5 series C
1973.8 S
General 430 series D
1976 d J
General 440 series E
1977 1 J
Green Bay & West deb ctbs A
Feb
Feb
Debentures ctfs B
Greenbrier Ry 1st gu 4s. _ _1940 MN
Gulf Mob & Nor 1st 510 13.1950 A 0
1st mtge 5s series C
1950 A 0
Gulf & S I lst ref & ter 5s Feb 1952.8 J
Stamped (July 1 '33 coupon on) 1 J
Hocking Val let cons g 410_1999 J J
Housatonic Ry cons g 5s_ _ _ _1937 MN
H & T C let g 52 Int gum_ _ _1937 J .1
Houston Belt & Term let 52_1937 J 1
Bud & Manhat 1st 55 ser A_1957 F A
Adjustment income 5s Feb 1957 A 0
Illinois Central 1st gold 42_1951 1 d
1st gold 3445
1951.8 J
Extended 1st gold 310_1951 A 0
let gold 35 sterling
1951 61 S
Collateral trust old 4s__ _1952 A 0
Refunding 4s
1955 51 N
Purchased lines 310
1952 J J
Collateral trust gold 4s__ _1953 M N
Refunding 52
1955 M N
15
-year secured 810 g__ _1936 J J
40
-year 44s
Augl 1966 F A
Cairo Bridge gold 48
1950.8 D
Litchfield Div 1st gold 38.1951 .1 J
Loulsy Div & Term g 310 19532 1
Omaha Div 1st gold 35
1951 F A
St Louis Div & Term g 33_1951 J .1
Gold 3343
19512 .1
Springfield Div let g 3Hs_1951 J J
Western Lines 1st g 4.2..
1951 F A
in Cent and Chic St L & N
-0-Joint let ref 58 series A_ _ _1963 J D
1st de ref 410 series C__ _ _1963 J D
4234 401: Aug'34 34-58 5434
56
12
gs:
9
11
57
818 73
4
914 20
15
r10
r10
3
6
78 Allit'34 ---5
--- 971:June'34 ----- 104 July'34 ----
8014 84
15
18
8014 97
97 1021:
92 105
994 10158
3518 614
38 63
13 32
11
2312
3378 494
4
838
871
65
20
244
1118 12
84 106
10378 1037
.
10212 10814
2313 4912
34
5434
612
8
7
46
84
19
1712
13
313 15
83 974
9814 10512
81 Aug'34 _--174 Aug'34 ---
75
9114
1412 28
22
35 3012 Aug'34 --,
5113 567 5112
s
511
: I
984 1033* 100 Jars'31 __-103 -- -- 103 Aug'34 --108 Sale 108
1083
3 40
1073 Sale 10712 10818 48
4
--------96 Nov'30 --- 89 Sale 89
9112 222
92
93 92
93
7
83 Sale 83
85 4 19
3
76 Sale 76
78
12
70 Sale 697
8
72
21
70 Sale 693
4
724 77
40
3818 July'34 --_6
738 7 Aug'34 ---993
4
- 102 Aug'34 _-__
'16- 76
76
1
64
6578 6678
867
8
4
--------67 Feb'34 ....
____ 68 55 Dec'33 ____
1051: 1087 10858 1085
3
8
3
10078 Sale 100
1007
8 12
10434 ____ 1041: 10434
6
IOUs Sale 10114 10178 10
8234 Sale 82
8278 34
3838 Sale 3818
393
4 37
204* 3013
40 60
....... ..
9514 10414
105 10913
1025 109
3
-- _
8534 9913
78
993
8
7613 99
6872 9234
65 8738
6413 884
26
3818
534 858
981: 102
624 861:
69 81
67
70
____
_
9833 11612
_82 1014
97 1054
9134 102
72
8912
32
50 8
3
100 ---- 10112 Aug'34 ---9214 10212
93__.._ 98 Aug'34 _-__
83 984
____ 9814 984 Aug'34 ---92 9814
7614 --- 73 Mar'30 --- ..._.
7534 Sale 75 4
3
78
13 684 -85
741: 7512 75
76
30
74
8814
7812 July'34 .... 63 82
65
78
67 Bale 6614
87
7 634 795
8
84
88 88
88
6 81
984
1
991: Sale 9913
90 1033
8
991:
581: Sale 57
6053 47 63 7613
____ 9978 9958 Aug'34 .-__
87 100
78
8312 8118 May'34 --75 8238
82
8834 854 Aug'34 --76 88
6212 663 621: Aug'34 ---4
6213 78
62
75 79 July'34 -_68 79
85 8512 85 Aug'34 ---69 8513
_ _ 80 May'34 ---67 80
80 86 8712 Aug'34 ---8434-75 90
7113 Sale
64
67
7113
67
74
6814
76
29
67 3 87
7
62 81
Ind Bloom dr West let ext 42_1940 A 0 70
9834 July'34 --95 100
Ind Ill & Iowa 184 g 42
19S01 J 90 157 971: Aug'34 ---_8
75
9712
:Ind & Louisville 1st gu 421_ _1956 J J ____ 20 25 Feb'34 --.25
25
Ind Union Ry gen 5a ser A_ _1965 1 J 1024 .--- 102 Aug'34 .--984 1044
Gen & ref 5.2 series B
1965.8 J 10212- 10334 July'34 -_- 100 1033
4
)Int-Grt Nor 1st M ser A_ _ _1952 J J 29 "if 29
31
41
25
4413
Adjustment 68 ser A_July 1952 A 0
878 Sale
834
104 77
7
1814
151 5* series B
19563 J 2758 Sale 2758
2753
3 25 ioit
1956.8 .1 2753 2734 2813
1st g 5s series C
2812
5 24
41
Jot Rye Cent Amer 151 M13.1972 111 N 671: 70 88
70
8
454 724
1st coll trust 6% g notes_1941 M N 69
7412 741:
744
1
494 7412
1947 F A 693 7112 71
lat Hen & ret 640
8
71
1
4313 72
For footnotes see page 1375
Sept. 1 1934
2.
Price
Friday
11
.....o. Aug. 31.
Week's
Range or
Last Sale.
1 •
1
Range
801os
.1415. 1.
High No, Low
Ad Low
Ing
Railroads (Continued)High
5
7
54 Aug'34 ---:Iowa Central 5s et's
4
1938j D
ilas
14 212 2H Aug'34 ---1st & ref g 4s
1951 M 53
24 54
James Frank de Clear 1st 48_1959 J D 80 85 84 Aug'34 ---6918 8814
Kul A 831 1 1st gu g 5s----1938 J
3 1
1990 A
Kan dr M 184 gu g 4s
SIL C Ft 9 de M RY ref g 42-1936 A
A
Certificatm of deposit
Kan CRY Sou Ist gold _ _ _1950 A
Ref & impt 5s
38- 1950 J
Apr
Kansas City Term 1st 48_ _ _1960 J
Kentucky Central gold 48-1987 J
Kentucky & Ind Term 4412A961 J
Stamped
1961 J
Plain
1981 J
J 97 10234 10212 Aug'34 ---,
0 93
9412
95 941:
5
42 4018
0 41
423
4
8
0 40
2 40 Aug'34 ---711: 38
0 674 6878 697
8
69
27
J 8718 Sale 6718
J 10118 Sale 10113 102
78
4
4
J 1003 Sale 10034 10034
8918 Aug'34 ---J -- __ 91
J 95 100 9513 July'34 ---J 97 ____ 9812 Aug'34 --
1021: 1021:
79 97
36
53 4
8
3513 62
621 7712
6213 84
934 10418
9013 103
73 92
80
9512
93 984
6
9978 10158 10112 10112
____ 92 92 July'34 9314
9314 Sale 9314
2
a73 Sale a73
a73
5
101 10178 1024 10212
2
96
981: 973 Aug'34 ---8
561: Sale 561:
60
66
4
613 641: 6134
6134
1
69
13
85 687 681:
s
10518 10578 106
106
108 109 1074 Aug'34 ---_ _ 10058 June'34 _--101
10114 106 101 Aug'34 ____
83H 1014
70 95
81
98
57
83
8213 10312
8314 10053
47
68
53
7412
64 83
94 106
91 11114
95 1004
99 10358
104 10478 104 Aug'34 ____
100 1031: 100 Aug'34 ____
1021: 1034 1021: 10212
2
10118 Sale 101
10112 12
5858 33
5712 Sale 57
985 --__ 9912
8
9958 13
1074 ___ 1061: Aug'34 --_
103 Bale 10234 10334 38
104 105 10312 1041: 11
102 Sale 102
10214
8
94 Sale 94
9478 45
10612 107 1061: 10612
5
97 10378 991: Aug'34 ---71
71
69
1
71
105_ 10512 Aug'34 ---4
---- /63 77 Aug'34 ---_
101 Sale 101
101
1
994 10434
95 105
9334 1044
921: 1047
s
504 68 2
7
84 10112
10713
102
944 105
924 10518
90 10438
83
9913
10112 10612
82 101
6073 7412
9613 10512
644 8453
85 102
69 8 70 6914 Aug'34 ---3
6318 68 6518 Aug'34 ---45
70 70 June'34 ---8
113 334 17 June'34 ----
574 75
65
724
6973 70
14 214
Lake Erie & West ley g ss__ _1937 J J
2,1 gold 5s
1941 J J
Lake Sh & Mich So g 3148_1997 1 13
Lehigh & N Y 1st gu g _ _ _1945 M S
Leh Val Harbor Term 48gu 55_1951 F A
Leh Val NY let gu g 410_ _1910 J .1
Lehigh Val(Pa) cons g 43---2003 M N
General cons 410
2003 M N
General cons 52
2003 M N
Leh V Term Ry let gu g 5sI911 A 0
Lea de East 1st 50-yr 5.5 gu 1965 A 0
Little Miami gen 4s series A-1962 MN
Long Dock consol g 6.5
1935 A 0
Long Island
1938 J D
General gold 48
1949 m s3
Unified gold 42
1937 MI N
20-year pm deb 5s
1949 M 13
Guar ref gold 45
Louisiana & Ark 1st 5s ser A_1969 J 1
Louis & Jeff Bdge Co en g 481945 M S
Louisville de Nashville 58-1937 M N
Unified gold 4s
1910 J J
let refund 5115 series A--.2003 A 0
1st & ref 5.5 series B
2003 A 0
1st & ref 434o series C_2003 A 0
1941 A 0
Gold 58
Paducah de Mem Div 48...1948 F A
St Louis Div 2,1 gold 32._ _1980 M S
Mob & Monte 1st g 410-1945 M S
South Ry joint Monon 45-1952 J J
All Knoxy & Cin Div 4s..1955 M N
Manila RR (South Lines) 48_1939 M N
1959 M N
1st ext 4s
Man GB & NW 1st 3348_1941 J J
Mex Internat let 4s asstd- --1977 M S
Michigan Central Detroit & Bay
1940 1 J
City Air Line 45
Jack Lana & Sag 310.---1951 M S
1952 M N
let gold 330
Ref d:impt 440 series C 1979 J J
1910 A 0
Mid of N J let ext 52
*Milw&Nor 1st ext410(1880)'34 .1 D
*Cons ext 410 (1884).__ _1934 JI)
Mil Spar & NW let gu 4
8-1017 6i .
S
Milw & State Line let 3Hs_ _1941 3 4
5
:Minn & St Louis 55 ctfs_ _ _1931 M N
let & refunding gold 4s_ _ _1949 M S
Ref & ext 50-yr 5s ser A_ A962 Q F
@ F
Certificates of deposit
M St P & SS M con g Mint gu'33 J 1
1st cons M
1938.8 J
let cons 5s gu as to int_ _ _1938 J J
let & ref 68 series A
1946.8 J
1949 M S
25
-year 510
1st ref 510 series B
1978.8 J
1st Chicago Term s t 48._ _1941 M N
Mississippi Central 1st 58-1949 J J
___ 10313 1033 Aug'34 ...-3
94
82 91 May'34.--84
8734
96
97H 964
I
80
9612
91) 95 94
91
7
7514
75
8412 84 Aug'34 .___62
___. 94 8712 July'34 ___
7814
._ 94 95 May'34 ____
65
583
3 19
554
a° 6838 U
--------75 June'3 ---7034
74 7 Aug'34 ____
4
4
3
1
24 3
3
254
3
2
34 314
314
1
234
212 2 Aug'34 .__
2
lie
3418 48
33 Sale 3212
3213
30 31 Aug'34 _.., 31
20
37 39 36
394
7
36
2013 Sale 20
204
3
184
17
14
15
17 Sale 15
3
71 673
6712 11
60
60
77 ____ 85 Jan'34 .-_.
85
93
1
764
881s 95 93
2314 23
2334 10
22
:Mo-Ill RR let 52 series A_ _1959 1 J
3
895
8 12
8834 8978 88 4
Mo Kan & Tex 1st gold 42_1990 J L
78
22
75 3 83 1 77
5
J
Mo-K-T RR pr lien 5s ser A.1962
664 18
6512 68 6512
40-year 45 series 13
1912.8 .
7012
.--- 72 7012
8
Prior lien 434s series D_ _ _1978 J
3778 383
s
403
4 46
31
Cum adjust 59 ser A_ _Jan 1987 A (
2512 16
2214 2578 2418
:Mo Pao 1st dr ref Sneer A 1965 F ‘'
2114
- 271 July'34 ____
:
Certificates of deposit
..
ii
9
9 6.
. 1e
2
1034 89
General 4s
iiii
23
2312 2314
251: 60
1977 M
1st AZ ref 5s series F
23
2114 24 224
11
Certificates of deposit ---- - _..
2412 24
1978 M N 2212 2312 24
let & ref 55 series 0
Certificates of deposit----------21l4 _ 34 May'34
8 Sale
- 74
3
9
37
Cony gold 510
1919 M N
25
8
1st & ref g 5s series H__ _ _1980 A 0 2215 2312 24
reficates ot ?pont --_- ., - 2114 24 23 Aug'34 _ _
ti f u series
..
3
1A 2258 Sale 225
_-25
58
981 F
let &
Cer
2212
2
- 2213
Certificates of deposlt ___ -,. 22
..
80 74
Mo Pac 3d 7s ext at 4% July 1938 MN 75 7
797
8
Mob & Birm prior lien g 55._1915 J J 83 100 93 July'34 _ _.
8911 90 Aug'34
_
J J 81
Small
70 60 May'34 ___
1st M gold 48
1945.8 J 45
J J ___ 58 60 July'34 ___
Small
:Mobile & Ohio gen gold 48_1938 M S ---- 89 99 Jan'34 ____
17
17 Aug'34 _.__
Montgomery Div 1st g 55_1947 F A 15
1977 M 5
714 812 8 July'34 ____
Ref & impt 4145
9
1012 918 Aug'34 ____
Sec 5% notes
1938M 5
83 84 Aug'34 ____
Mob & Mal let gu gold 413_1991 M S 80
Mont C let gu Os
1937 J .1 10133 1025: 10114 Aug'34 -___
1937 J .1 100 10053 100
let guar gold 5s
100
10
Morris dr Essex 1st gu 311s-2000 J D 88 Sale 88
89
41
1955 Al N 1005 102 10018 1003
8
8
6
Constr M 5s ser A
9318 92
923
4 15
1955 MN 90
Constr M 4118 series B
Nash Chatt & St L 4s series A1978 F A
N Fla dr El 1st gu g 52
1937 F A
Nat Ry of Met pr lien 410_1957 J 1
Assent cash war rct No 4 on.
Guar 4s Apr '14 coupon_ _1977 A0
--Assent cash war rct No 5 on_ _--Nat RR Alex pr lien 410 Oct '26
Assent cash war rct No 4 on.
154 consol 42
_1951 A0
_
Assent cash war rct No 4 on.
Naugatuck RR 1st g 45
ai N
1951 -New England RR. cons 5s___1945 J J
1945.8 1
Consol guar 4s
N J Junction RR guar 1st 45.1986 F A
New Orl Great Nor 58 A__ _1983 J .1
NO& NE let ret&Impt 4145 A '52 J J
New Orleans Term let 4s
1953 J .1
IN 0To:& Met n-c Inc 58..1935 A 0
1st 58 series B
1954 A 0
1958 F A
let 5a series C
let 4112 series D
1958 F A
1951 A 0
1st 510 miles A
N & C Bdge gen guar 4 Hs_ _1915 J .1
N Y B & MB let con g 52_1935 A 0
NY Cent RR cony deb 66-1935 M N
Cony secured 65
1914 MN
Consol 45 merles A
1998 F A
Ref & Impt 410 series A-2013 A 0
Ref & impt 5.2 series C_-2013 A 0
10338
Cl
100
97
854
97
95
7512
75
913
57
s
44
44
49
4212
66
38
34
80
88
93
14
26
757 933*
8
70
91 s
,
61
79
6318 834
374 8213
22
39
22
35
818 2034
2112 381.
224 35
22
381
:
29
34
6
561
:
22
3413
34
22
22
381
:
2134 34
724 89
93
85
83
91
60
48
65
80
99
991
:
17
27
215
:
S
9
23
831: 86
8772 1034
81 10233
4
743 894
77 103
73 9753
954
106
92 93 Aug'34 ____
91
10414 10512 10412 Aug'34 ____
--------18 July'28___
558 58
478
5 Sale
18
--------124 July'31 ____
5 ..- 318 Aug'34 ___
824
99
_--24
_-__
24
573
63 Sale
4
83
4 23
--------22 Apr'28 ____
518 Sale
54
514 16
811: Noy'32 ___
81
71
911: 8912 July'34 _.-82
___. 79 7812
781:
1
881: _ __ 92 June'34 ___
6
631: 65 6312
641:
-_ - 65 58 Aug'34 .-__
11
85
3
4
....... 853 843
18
22
18 Aug'34 ____
18
1878 20
6
2012
1978 Sale 1978
2018 10
5
17
1914 1914
1914
5
3
2118
183 2018 195
3
102 ____ 10218 Aug'34 ___
10214
- 103 Aug'34 ____
9614 die 9614
9713 16
171
113 Sale 11214 114
8514 47
8411 Sale 833
4
634 48
4
614 Sale 613
6812 132
684 Sale 66
4
23
4 63
--2 -54
.- -- -80 924
85
66
8212 93
5713 77
7512
54
6234 90
2934
16
1753 32
1814 33
,
171: 31
33
18
97 103
10114 1034
83 101
110 1184
733 941"
2
75
57
024 82
-538
___
4
1373
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
ij
1h
...C.
Price
Friday
Aug. 31.
Weat's
Range or
Last Sale,
1.
1
M
Range
Since
Jan, 1.
Railroads (Continued)High
High Na. Low
Bid
Ask Low
NY Cent & Hod Riv M 34is 1997 3 J 9014 Sale 90
45
79% 96
91
1942 .1 J 95 Sale 9513
8018 99
14
96
/
1
4
30-year debenture 4s
2013
Ref & impt 444s ser A
57
75
- 6214 Sale 62
6312 49
6912 8813
814
8 10
Lake Shore coil gold 340_1998 FA 8012 Sale 8012
--Mich Cent coil gold 3Ms_ _1998 F A 813 Sale 813
71
88
1
4
8134
4
NY Chic & St List g 4s
1937 A 0 10014 1003 10014
4
8518 101
8 26
1007
5513 8034
Refunding 534s series A_ A974 A 0 643 Sale 643
4
6914 44
4
Ref 4445 series C
1978 M 5 5434 Sale 543
4714 70
5913 185
4
6612 95
3-yr 6% gold notes_ _ _ _1935 A 0 6312 Sale 6313
49
80
NY Connect 1st gu 4425 A_ _1953 F A 10414 10434 10414
96 1063
1053
4 19
4
8
1st guar 5s series B
1953 F A 1061 10714 106%
5 101 10714
10714
N Y & Erie-See Erie RR.
88
NY Greenwood L gu g 5s
68
1946 M N 79
87 May'34 ____
85
NY & Harlem gold 340..._3000 M N 91
____ 9514 June'34 _
86
9514
95
/ 56
1
4
9312 973
4
NY Lack & West 4s ser A 1973 M N 95 Sale 98
440 series B
1973 M N 10213 _ _ 104 Aug'34 _-__ 100 104
NY & Long Branch gen 4s-1941 M S 10012 fof 10013 Aug'34 ____
9513 10034
NY & NE Bost Term 4s.._1939 A 0 ____
9513 July'29 ____ ---- ___
NY N H & H n-c deb 45
ii_60 June'34 ____ 5478 65
1947 M S
45
46 Aug'34 ___
49
Non-cony debenture 340_1947 M S 41
601
Non-cony debenture 3415-1954 A 0 4434 Sale 4313
6 40% 68
46
44
64
/
1
4
Non-cony debenture 4s_ 1955 J .1 4813 Sale 4812
10
50
Non-cony debenture 4s_ _1956 M N 4712 Sale 4712
64
45
9
4914
Cony debenture 340
1956.1 J 45 Sale 45
4113 5972
4513 16
60
877
8
6912 58
Cony debenture 8s
/
1
4
1948.1 .1 64 gale 6412
Collateral trust 65
1940 A 0 72 Sale 72
8918
64
49
75
Debenture 4s
1957 M N 3913 Sale 3914
3914 58
19
41
let de ref 440 ser of 1927...1967 J D 5312 Bale 52
47 8 7013
7
5413 47
Harlem R & Pt Ches 1st 451954 M N 98
83 4 99
1
/
1
4
11
963 97
4
97
N Y0& W ref g 4s_ __ _June 1992 M 5 59% gale 5912
5712 71
35
82
General 45
19553 D 52
68%
60
5
5412
53% 5313
NY Providence & Boston 4s 1942 A 0 90. 90
90
91)
Jan'34 ____
NY & Putnam 1st con gu 45_1993 A 0 80 - 3- 8212 Aug'34 ____
714 8734
/
1
44
N Y Susq & West 1st ref 55 1937 J J 67 Sale 67
50
75
/
1
4
87
1
2d gold 434s
5613
43
1937 F A 462 5113 463
4
1
483
4
General gold 58
1940 F A 48
383 5813
4
2
49
50
49
Terminal let gold 5s
1943 M N 9618 9813 9712
8213 9812
9712
1
NY Westch & 11 1st ser I 4458'46 J J 3912 Sale 3912
431
3613 5914
44
Nord Ry ext sink fund 6445-1950 A 0
*:Norfolk South 1st & ref 55-1961 F A
Certificates of deposit
*:Norfolk & South let g 5s.,1941 MN
N & W Ry 1st cons g 4s
1998 0 A
DIv'l 1st lien & gen g 4s_ _ _1944 J J
Pocah C& C Joint 4s
1941.1 D
North Cent gen & ref 55 A..1974 M 5
Gen & ref 440 series A_ _ _1974 M S
:North Ohio let guar g 5s_ 1945 A 0
Ex Apr'33-Oct'33-Apr'34 emsStmpd as to sale Oct 1933, &
Apr 1934 coupons
North Pacific prior lien 45_ _ _1997 Q J
Gen lien TY & Id g 3s Jan 2047 Q F
Ref & impt 440 series A-2047 J J
Ref & impt 65 series II_ _ _ _3047 J J
Ref & impt 5s series C_ __ _2047 J J
Ref de Impt 5s series D. __2047.1 J
Nor Ry of Calif guar g 5s___1938 A 0
16612 Sale 16514
1674 31
/
1
24
16
1514 Sale 1514
1412 Sale 1412
16
1514
25 Sale 25
2512 10
10414 Sale 10334 105
42
107
7
107
108
105 1053 10534 Aug'34 ____
__4
10412 ____ 98
Oct'33 ____
10112 ___ 103 Aug'34 __ _
45 85 40 Aug'34 __:_
4013 541 60 June'34 ____
128 17114
25
8
73 22
4
1414 40
/
1
985 1074
8
100% 1083
4
99 4 1083
1
-,,-9912 10618
60
35
353 64
4
_ 493 48 Aug'34 ___
97
98
9634 Sale 9813
65 Sale 6514
/
1
4
6814 41
7
7912
4
783 Sale 783
4
913 Sale 9
4
012
9314 96
8518 Sale 84
25
88
/
1
4
853
4 34
853 Sale 844
10112 ___ 100
Jan'34 __
3434 52
83 101
71
60
7313 9014
86 103
%
7614 97%
754 97
100 100
Og & L Cham 1st gu g 4s____1948 J J
Ohio Connecting Ry let 45._1943 M 5
Ohio River RR let g 58
1938 1 D
General gold 53
1937 A 0
Oregon RR & Nay corn g 45_1948 .1 D
Ore Short Line 1st cons g 55_1946 J .1
Guar stpd cons 58
1946.1 .1
Ore-Wash RR & Nay 4s_. _1961 J J
59
4514 45
100% _ _ 97
10418 1041 10414
10018 103'2 101
10314 Sale 10318
10813 liO'2 109
111 113 11218
98 Sale 973
4
Pac RR of Mo let ext ii 45_ __1938 F A
2d extended gold 55
1938 J J
Paducah & Ills lets f g 440-1955 J J
Paris-Orleans RR ext 540_1988 M S
Paulin& Ry 1st ref s f 7s- -1942 M 5
Pa Ohio & Det let & ref 4 41sA'77 A 0
Pennsylvania RR cons g 4s_ _1943 M N
Consol gold 45
1948 M N
48 sterl stpd dollar May 1 1948 al N
Consol sinking fund 440-1960 F A
General 440 series A
19653 D
General 5s series B
1988 J D
15
-year secured 6445
1936 F A
40-year secured gold 5,s
1964 NI N
Deb g 441s
1970 A 0
General 41 sub's D
/
4
14
1981 A 0
Gen mtge 4%s ser E
19845 J
Peoria & Eastern 1st cons/
1
4
4-1940 A 0
Income 45
April 1990 Apr
Peoria & Pekin Un let 5348.,1974 F A
Pere Marquette 1st ser A 55 19565 .1
1st 4s series 13
1956 J .1
let g 4415 series C
1980 M 5
Phila Bait & Wash let g 4s_ _1943 M N
General 55 series B
1974 F A
General g 4455 series C---1977 1 J
Philippine By let 30-Yr s f 43 1937 J J
PC C & St L gu 431e A
194 A 0
0
Series B 440 guar
1942 A 0
Series C 4348 guar
1942 MN
Series D 4s guar
1945 MN
Series E 441s guar gold_ I949 F A
Series F 45 guar gold
1953 J D
Se
Series 0 4s guar
1957 M N
Series H cons guar 4s___ -1960 F A
Series Icons guar 4 Hs_ _ _1983 F A
Series J cone guar 44is_ _1984 M N
General M bs series A_1970 1 D
Gen Into guar 58 ser B._1975 A 0
19775 .1
Gen 4415 series C
1940 A 0
Pitts Sh & L E let g Ss
let consol gold 58
1943.1 J
Pitts Va &Char 1st 45
1943 MN
/
4
Pitts & W Va let 41s ser A.1958 J D
let M 43-48 series B
1958 A 0
1960 A 0
let M 440 seriesC
Pitts Y & Ash 1st 45 ser A_ _ _1948 J D
1962 F A
let gen 55 series B
Providence &cur deb 4s_ _ _1957 28 N
Providence Term let 45
1956 M 5
Reading Co Jersey Cent co1145'51 A 0
Gen & ref 4445 series A_ _1997 J J
1997 J J
Gen & ref 441s series B
Rensselaer & Saratoga 65_1941 M N
1948 M N
Rich & Merch bet g 4s
Maim Term By 1st go Ss__ -1953 J J
Rio Grande June 1st gu 55._1939 J D
:Rio Grande Sou let gold 413_1949 J J
Guar 48 (Jan 1922 coupon)1940 J J
Rio Grande West 1st gold 45_1939 J J
1st con & coil trust 45 A _ _1949 A 0
4111 I Ark & Leula let 4)48
-1934 M S
1949.1 .1
Rut
-Canada let gu g 45
1941 3' .1
Rutland 1st con 442s
1947 J J
St Joe & Grand Isld let 4s
Lawr & Adr 1st g 55
1996 J J
St
1996 A 0
2d gold 65
FOr MOtrlOtell• 5e/ page 1375
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
iIS
Price
1 i Friday
...a. Aug. 31.
Weds
Range or
Last Sale.
.3. .
el
o;
Range
Sind
Jan. 1.
Bid
Ask Low
Railroads (Concluded)High
High No. Low
St Louts Iron Mt de Southern
5714 12
471s 64
4
*Itiv & G Div lot g 45_ ___1933 M N 563 Sale 5613
52
59
_ _ 52 Aug'34 --__
Certificates of deposit __ ____ ---5712 82
2
6113
6014 8112
St L Peor & N W let gu 55_1948 J J ____- - 6012
1312 28
1534 48
1514 Sale 1514
:St L-San Fran pr lien 4s A_1950 J .1
1112 26
15
153
4 21
Certificates of deposit__ ____ ---- 1411 15
144 163 16
/
1
1950 J .1
13 4 30
3
6
167
8
4
Prior lien 55 series B
1312 28
8
15
15
Certificates of deposit ___--- 1412_
1434 13
1978 51 S 1313 -12
/
1
4
14% 25
Con M 443s dries A
2512
111 2412
11
14
13 Sale 13
Ctfs of deposit stamped____
68 Aug'34 ---74
MN 67
6412 8114
St L S W 1st ON bond ctfs 1989 --1
61
62 61
425s 63
25 g 4s Inc bond ctfs__Nov 1989.1 .1 40
8
4
55
1st terminal & unifying 5s_1952 1 J 5413 Sale 533
48
6912
5
43
4212 4218
40
1990.1 .1 41
58%
Gen dz ref g 5s ser A
5
18
2114 1813
18's
1713 37 4
St Paul & K C Sh List 4348_1941 F A
3
84 100
St P & Duluth let con g 45_1968 .1 D 9313 99 100 July'34 ---_
7613
73 June'34 -,, 63
St Paul E Gr Trk let 440_1947 .1 J ---- 69
10614 56
97 1063
8
St Paul M dz M 5s
1943 J J 105 1053 10514
94 10112
10112 11
Mont ext let gold 4s
1937 J D 10114 10113 10114
89
993
1
9 8 598%
- - a 83
Pacific ext gu 45 (sterling)A940 J .1 081
1 101 112
1- 1
St Paul Un Den 1st & ref 55_1972 J J 10613 100 10913 10912
5 A & Ar Pass let gu g 45_ 1943i .7
Santa Fe Pros & Phen 1st 5s_1942 M 5
Scioto V & NE let gu 43-1989 MN
*:Seaboard Air Line 1st g 45_1950 A 0
_
Certificates of deposit ___
A0
*Gold 48 stamped
1950 --Certifs of deposit stamped__ A 0
Adjustment 5s
Oct 1949 F A
1989 A 0
*Reftmding 4s
Certificates of deposit -----1st & cons 6s series A
1945 M 5
Certificates of deposit ____ --*AO & Birm 30-yr 1st g 45_1933M s
:Seaboard all Fla 68 A ctfs_1935 A 0
1935 F A
Series B certificates
50 de No Ala cons gu g 5s- 1936 F A
Gen cons guar 50-year 5s..1983 A 0
So Pac coil 4s(Cent Pac coil) 1949.1 D
let 444s(Oregon Lines) A_1977 M S
Gold 4435
1968 M S
Gold 440 with warrants 1969 M N
1981 MN
Gold 440
San Fran Term let _ ._1950 A 0
So Pac of cal 1st con gu 855_1937 M N
4sSo Pac Coast 1st gu g 4s
1937 J .1
So Pac RR 1st ref 4s
1955.1 J
Stamped (Federal tax)._ _1955 -1 J
Southern Ry 1st cons g 5s
1994 J .1
Devi & gen 48 series A__ _1956 A 0
Devi & gen 8s
1956 A 0
Devi & gen 640
1956 A 0
Mem Div let g 5s ' 1996.1 .1
St Louts Div 1st g 48
1951 3 .7
Ea"Tenn reorg lien g 55_1938 M S
Mobile & Ohio coll tr 4s- 1938 1171 5
:Spokane Internet 1st g 5s_ _1955 J .1
Staten Island Ry let 444s_ _1943 J D
Sunbury & Lewiston 1st 4s1938 J J
7913 15
78 Sale 78
10613 July'34 --__
10713
/ 10313
1
4
1
10312 10411 103
23 June'34 ---163 24
4
16 July'34 ---1612 26
17
183 23
4
5
17
16 July'34 ---1612 26
4 Aug'34 ____
4 4
33
7
712
713 Sale
713
7
3
7
7% Sale
34
9
712 81
8
5
612
712
613 Sale
1414 20 15 July'34 ---313
5
33
4
4
33 Sale
I
33
4
33
4
3 Sale
14
10413 ____ 10412 Aug'34 ---1087 Aug'34 --,8
104
683
4 2
4
6518 Sale 65
39
771
7513 Sale 75
5914
617
8 48
5814 60
61'2 59
5913 Sale 59
117
62
5813 Sale 5813
9734 35
/
4
971 Sale 9678
107
___ 107 Aug'34 ---10014 5011 100 July'34 --,87
89
8514 Sale 8514
--------9212 MaY'30 --,,
95 Sale
4 "
5812 Sale 5812
60
63
32
78
82
78
77
8412 88
8113 Sale 8112
9814 July'34 _-__
93
85
80
11
78 Sale 78
____ 102 102 Aug'34 --__
9
64
5912 Bale 5912
914 lO7s 914 Aug'34 ---6
0 May'32 ----------100 ___ 100 Feb'34 ----
72
51
July'34 __
_
mar.32 -------Tenn Cent 1st 65 A or B
5
,
2
„,
5712
1947 A 0 56 5 59 573
,
i
Aug'34 ___: 100 10412 Term Assn of St List B 440_1939 A 0 10712 ___ 10712 107 2
I
1st cons gold 5s
1944 F A 10812 18914 10812 10813
89 104
Aug'34. _
99% 39
Gen refund s f g 45
10314
4
1953 J J 9812 Sale 9818
92 16412
8614
1
Texarkana & Ft S 1st 540 A 1950 F A 8614 Sale 8614
1 10414 112
109
8
Tex Sz NO con gold 58
7 10412 115
1943 J J ---- 857 85 Aug'34 ---11318
1
109
831s 10014 Texas & Pac 1st gold 5s
2000 J D 109 Sale 109
9814 64
8018
8113 11
79
Gen & ref 5s series B
1977 A 0 71
81% 45
78
Gen & ref 5s series C
1
612 79
1
9934
__
87 4 100 4
26
991
1979 A 0 7
6
80
80
84 10912
Gen & ref 5s series 13
90
1980 J D ---- 79
95 July'34 _
991498
3 10014 10412 Tex Pac-Mo Pac Ter 540 A.1984 M 5 85% 8612 87 Aug'34 ---104 10512 10413 10412
B
1017
8
4
2
4
49 12314 16213 Vol & Ohio Cent let gu 5s...-1935 J J 1013 1023 1017
1593
15718 Sale 15718
80
80
/
1
4
6
801
Western Div 1st g 55
1935 A 0 10112 103 102 Aug'34 ---801 80
72
General gold 58
19353 D .„-- 10212 10113 Aug'34 ---85 10334
35
101
10013 Sale 100
81 Aug'34 ---101 1064 Tot St L & W 50-year g 45_ _1980 A 0 7312 80
106
___ 106 July'34 __
106
1942 M 5 100- 9818 Apr'31 ____
8
1063
105
e 20 100 1067 Vol WV & gu 4s ser C
9412
9013 9413
106 10613 10634
1
Toronto Ham & Buff let g 45 1948 J D 9413 -997 107
s
5
0613 10734
i.6634 sale Iowa 10912 31 103 112 Union Pac RR let & Id gr 45 19473 J 10738 Sale 19913 10013 49
24
88% 1034
8
4
1st Lien & ref 4s
100% Sale 10012 1013 109
June 2008 M 5 a9912 Sale
1967 J 3 101 Bale 10013 10114 49
Gold 440
97 110
11
/
4
10812 Sale 10613 1071 35
3
113
1st lien & ref 5s
10612 102 1033 10712
106 Sale 106
4
June 2008 M 5 11234 Sale 11234
/
4
9614 57
102
40-year gold 43
9114 1048
4
30
1013 Bale 10114
8
1988 J D 94% Sale 941
__ 10734 Aug'34 ---7814 9978 UN J RR & Can gen 4s__ _ _1944 M 5 106
33
4
88
Sale 863
87%
987 Vandalia cons g 45 series A_ _1955 F A 100 I& 10114 May'34 ___ _
8
951 Sale 9514
96
79
8311
Apr'34 --____ 101
911 97
Cones f 45 series B
62
951
9514 Sale 95
1957 MN 100
42
43
4 16
413 Sale
57
8134 *Vera Cruz & P asst 440
6
6713 67
6834
65
1933 J .1
3% July'34 --__
118 3
j j
712 Sale
July coupon off
712
6
1934
1
7'e
-- 10334 10313 16
8512 10212 Virginia Midland gen 58_ _1936 M N 10312
____ 101 Aug'34 ____
1005
3
91
Va & Southwest let gu 5.s._ _3003 J 5 9014 15 9018
mg 90
7
7713
763 Sale 76
4
7812
80
80
3
1st cons 5s
8212 6414 84
8514 14
1958 A 0 72
5014 7812
/
1
4
Virginia Ry let 55 series A 1962 M N 1063 Sale 1064 10712 16
5112 81
8734 15
/
1
8513 664 88
/
1
4
1061
4 _ _ 10613 10634
4
1st mtge 441s series B_ _1962 M N 1083 107 102 Aug'34 ---S 10018 10788
-ale 110
110 5
1 100 11011
110
8813
887 8834
8
3
100 104 10313 104
9214 10512 :Wabash RR let gold Ss_ _1939 MN 88
4
8
89
1939 F A 6713 Sale 6712
2612
2d gold 55
2812 3114
27
10113 103
4
60 Feb'34 ___ _
lst lien 50-year g term 4s 1954 J J __ 58
99 100 July'34 ____
4 1083
4
Det & Chic Ext let 5s---1941 J J 82
4
1083 Sale 1063
1 10118 10814
52 Aug'34 _ _ _.
Des Moines Div 1st g 45_1939 3 J 4814 55
108
106 Sale 106
2 102 108
48 Aug'34 ---__
___ 107% July'34 ____ 103 10734
Omaha Div let g 3445----1941 A 0 4514 50
101f3 5ale 10112 10113
75 May'34 ---77
Toledo & Chic 131v g 43.1941 M S 66
99% 10112
1
163
4
18
18
28
9512 ..--- 8913 Aug'33 ____ ___ _
:Wabash Ry ref & gen 540 A_'75 M El 18
104
__ 10334 July'34 ___
99 10334
Certificates of deposit_-____-- ____ ___ 25 Apr'34 ____
34
8
18
153 18
4
-14 157
es Ins
4
1004 1053 1043 June'34 __
/ - 4
1
Ref de gen 5s(Feb'32 coup)
F A
24 Apr'34 .._ _ _
10412
__ 105 July'34 __
10212 10512
___ _ _ -„, r
Certificates of deposit--------------17
4
18
a
10612 1
-1812 108 Aug'34 --- - 100 8 103
.343 series C--1978 A 0 103 gale 153
1
Ref & gen 4
_ _,._., ,___ 20 May'34 __ - _
105 109 108 June'34 _1011 108
8
Certificates of deposit _
. _
11
4
18
-1985 A 0 1514 sale 153
106% 16
108 Sale 106
94 110
Ref & gen 5s series D
1057 1071 10614 10614
8
4
94 4 110
1
_ ---- ---- 2314 Apr'34 ---1
Certificates of deposit_ ____
4
101 Sale 100%
101
24
_-84 4 103 Warren 1st ref gu g
1
_ _:2000 FA ---- 783 77 May'34 ---103 ____ 10412 Dec'33 ---... ____ Washington Cent 1st gold4s 1948 Q M --, 8818 79 June'34 ___
344s997
8
991/4
_ 100 Mar'33 /
1
4
101
_ _ Wash Term let go 340
1945 F A 99 101
i
99 10713 94
Oct'33 ------------1st40-year guar 45
1945 F A 10112 ____ 95 Nov.33
83 4 56
3
66
82 66 Aug'34 --__
56
8
Western Maryland let 4s__ _1952 A 0 835e Sale 8312
70
____ 70
93 2 15
,
let & ref 534s series A_ _1977 J .1 93 Sale 9213
2
70
56
7918
56
80
West NY & pa let g58 _ _ 1937 3 J 106 107 108
106
683 Aug'34 _
4
6813 71
6
100
100
___ 100 May'34 _ _.
_
1
9414 100
Gen gold 4s
1943 A 0 100 Sale 100
52
40
104 189 10914 Aug'34 ___ 101 10913 Western Pac 1st 5s ser A_ __ _1946 M S 39 Sale 38%
36
50
50 A122•34 _ _ _ _
50
59
83's 19
West Shore 1st 4s guar
2361 J J 82 Sale 82
7
78
2361 3 3 78 Sale 78
871 ____ 9112 Apr'34 ____
/
4
811, 9112
Registered
100
5
Wheel & L E ret 4;is ser A 1966 55 100 10113 995
4
1033
3
4
82
9812
9814 28
961 Sale 95
/
4
Refunding 58 series B.,...,1966 M S 1035s 1031 1033
14412 10112 100 Aug71 ___ i
00
4712
43
'4
48
8 1011 28
86 105
/
4
RR let cortsol 45
10112 Sale 1003
63
10112 102 10112 102
Ws 105
Wilk ei East 1st gu g 5s
19 9 J D
942 M S
--------113
8 100
Oct'30 --__ ---- ___ Will & SF let gold 5s
8
1938 1 D 0812 0072 007
. 10014 Aug'34 ...„
40 July'33 ____ _-__
39
80
_. Winston-Salem 523 let 45...1960 J J 97
9914 10314 :Wls Cent 50-yr
10314
- 10314 Aug'34 ____
, 151a
153
4
let gen 4s_ _1949 .1 .1 13 4 -- 4 1512
818
0814 95 Aug'34 ____
818 Sale
7412 87
8
73
961
8
7
Sup dr Dul dtv & term let 48'36 M N
____ 86 May'34 ____
____
114 Oct'33 ____ __ ____ Wor & Conn East 1st 440 1943 J 3 70
4
_ i_
3% Juir33 _ _
_
____
ii -iii,
8112 jo
1
4
81% 5515 79 /
INDUSTRIALS.
50
50
____ 50
12
44
1s 67
/
1
4
30
18
5
13
978 25
1312 Sale 1214
*:Abitibi Pow & Paper let 5s'533 D 29 Sale 28
51 Aug'34 .-521 60
/
4
47
72
Abraham & Straus deb 540_1943
63
63 Sale 63
2
A 0 103 10313 10313 10311
531s 78%
1
With warrants
793
793 78
4
8
1003 10114 1013 Aug'34 ____
4
11
88 103
Adams Express coil tr g 4s_ _ _1948 IN 5 78
2
8
8 5953
8
1
90
85
90 90
77
1952 A 0 0953 Sale 5953
9514 Adriatic Elec Co ext 7s
6
69'l
85
92
8834 Aug'34 ___
797 93 Albany Perfor Wrap Pap 85_1948 A 0 6812 6913 69
s
6018 85 4
8
97 106
,
7
9718 10712
20
27
16
2313
16
27
15
25
4
712
5 -14
5
13
63 1612
4
514 141g
1418 2514
/
1
4
212 7
214 714
10034 104 2
,
91 110
56
74 8
7
6312 8414
5818 72
53
72
52
71
/
1
4
82 3 99
7
101 107
100
99
70
90 4
3
- 1
86 104 2
5292 738
4
95
71
7384 0724
go, 100
6634 91
84 1021
8
81
56
914 17
_
166 foli
.
46
69 8
7
100 s 10812
1
10114 111
82 101
75 4 97
1
91
64
4
911 Ill
64
87
861
4
65
65
8612
67
9114
9418 10312
974 1027
8
90 102
6734 87
13
iii - 3
918
9914 1081
g
8
89 1033
8034 105
10212 1153
4
8212 9913
10012 10734
99 102
971$ 101
212 5
3
/ 3
1
4
/
1
4
9814 103 8
7
757 97
$
67
87
ggla 110
90 10312
74
95
5618 8312
60
60
70 100
58
45
45
55
7314 75
1384 29
1413 25
2812
13
24
/
1
4
16
1312 28
/
1
4
2512
16
13
/ 28
1
4
14
2312
76
77
79
79
93 103
for2 W2
80
973
4
102 3 106 4
3
3
85 10312
80
468
4
6534 86
6512 823
s
85 10112
93 105
/
1
4
3926 ma
86 4 10112
3
99 10253
/
1
4
90 102 2
,
111 221s
4
7
17
12
66
66
1811 481
4
93 10512
62
83
90 110
/
1
4
58
70 .
,
New York Bond Record-Continued-Page 5
1374
N
BONDS
Y. ST0( It EXCHA NE
O
Week Ended Aug. 31.
o
,ii
oo.
Price
'map
Aug. 31.
Weer,
Range or
Lan Sal
,
1)
as .
Bid
Industrials (Continued)High Ne
ere Low
Allegheny Corp coil tr 58_ _ _1944 F A 641 Sale 641 1
663
8 52
/
4
19492 D
Coll & cony 58
583
4 18
5612 57
Coll Br cony 58
1950 A 0 27 Sale 27
287
8 93
Certificates of deposit
273 3012 29
4
3612 33
Allis-Chalmers Mfg deb 5s__1937 MN 971 974 97
971 49
/
4
/
4
Alpine-Montan Steel 1st 78_ _1955 M S 75 Sale 75
1
75
Amer Beet Sugar 6s
1935 F A 10014 10112 10014 Aug'34
6s extended to Feb 1 1940_ __ F A 92
9312
4
9318 9318
American Chain 5-yr 1381_ _ _1938 A 0 8818 Sale 88
8818
7
Amer Cyanamid deb 58_ _ _ _1942 A 0 102 Sale 102
1023
8 5
0
5318 112
Am & Forelgh Pow deb 5s 2030 M 8 5014 Sale 54314
American Ice s f deb 58_ _ 1953 J D 69
6912 13
70 683
4
Amer I G Chem cony 550_ _1949 MN 96 Sale 96
97
46
km Internet Corp cony 550 1949 .1 J 8012 Sale 8012
17
81
Amer Mach & Fdy 51 BEL__ 1939 A 0 103 ___ 10512 Aug'34 _-„
Am Rolling Mill cony 58_ _ _1938 MN 104 Sale 104
141514 52
Am Sm & R let 30-yr 58 ser A '47 A 0 10312 Sale 103
1054 28
Amer Bug Ref 5
-year 6s
1937 J J 10512 10614 106
1
106
km Telep & Teleg cony 48_ _ _1936 M 8 10378 Sale 1034
1037
8
1
1097
8 25
30-year coil tr 5s
1946 J D 10912 10978 10914
35
-year s f deb 58
1960 .5 J 109 Sale 10814
10914 76
109
111
4
20-years f 530
8
1943 M N 1103 Sale 1105
1085
4 22
Cony deb 450
1939 J J 10812 Sale 108
Debenture &
1965 F A 1083 Sale 10812 10938 125
4
Am Type Founders & ctfs_1940 ____
26 Aug'34 ---_
20
26
km Water Works & Electric77
9
78
Deb g 13s series A
1975 MN 7718 80
10312 88
1944 M S 101 Sale 101
10-yr 5.5 cony coil tr
2318 15
:Am Writing Paper 1st g 68_1947 J J 22 Sale 22
5 38
84 918 818
inglo-Chilean Nitrate 78_ 1945 M N
93
8618 July'34 --irk & Mem Bridge & Ter 55_1964 M S 7614 89
8
10018 100
krmour & Co (III) 1st 4548_ _1939 J D 100 Sale 997
4
krmour & Co. of Del 550_ _1943 1 J 97 Sale 963
9712 67
1017
8 50
s
irmstrong Cork cony deb 5s 1940 J D 1017 Sale 101
8
4
issociated 011 6% g notes_ _1935 M 5 1024 1027 1023 Aug'34 --itlanta Gas L 1st 58
1947 J D 10112 __ 10018 May'34 --20
56
itl Gulf & W I S9 coil tr 55_1959 J J 5412 Sale 5412
10714 32
Mantle Refining deb 55_ __ _1937 J J 147 Sale 10034
laldwin Loco Works 1st 55_1940 M N
Setavian Petr guar deb 450 1942 1 J
Sell Telep of Pass series B1948.3 J
1st & ref 5s series C
1960 A 0
Seneficial Indus Loan deb 6s 1946 M 8
WHIT) City Elec Co deb 6548 1951 J D
Deb sinking fund 650_ _ _ _1959 F A
Debentures &
1955 A 0
lerlin Elec El & Underg 650 1956 A 0
leth Steel 1st & ref 5s guar A '42 MN
30
-year pm & Inapt s f 5.5_1936 J 1
ling & Bing deb 6545
1950 M 5
:Botany Cons Mills 8301934 A 0
A C
Certificates of deposit
Bowman-BIR Hotels let 78.1934
M 8
Stmp as to pay of $435 pt red
:Erway & 7th Av 1st cons 55'432 D
.rooklyn City RR let 551- -19 J 3
41
,klyn Edison Inc gen 55 A.. _1949 1 J
Gen mtge & series E
1952 J J
klyn-Manh R T see (35_ _ _ _1968 J .1
1949 j J
68 series A
klyn Qu Co &Sub con gtd 55 '41 M N
1st 55 stamped
1941 J J
klyn Union El 1st g 58___ _1950 F A
klyn Un Gas 1st cons g 5s_1945 M N
1st lien &ref 68 series A._1947 M N
Cony deb g 5545
1936.3 J
Debenture gold 58
19502 D
1st lien & ref series B___ _1957 M N
uff Gen El 4545 series B_ _ _1981 F A
1952 A 0
Bush Terminal 1st 48
1955 .1 J
Consol 5s
ush Term BRIgs 55 gu tax ex '30 A 0
y-Prod Coke 1st 530 A__ _1945 MN
al G & E Corp lint & ref 58.1937 M N
1940 J .1
al Pack cony deb 58
al Petroleum cony deb s f 5s '39 F A
Cony deb at g 5545
1938 M N
1942 _ _
ameguey Sugar 7s Ma_
-0
anada SS L 1st Oz gen 6s..1941 A D
ent Dist Tel 1st 30-yr 5s_ _1943
ent Hudson G & E 5s_jan 1957 M 5
ent III Elec & Gas 1st 58..1951 F A
entral Steel 1st g s f 88___ _1941 MN
1948 M 9
ertain-teed Prod 530 A
hemp Corp cony 55 May 15 '47 MN
.1
h G L & Coke 1st gu g 58 1937
:Chicago Railways 1st 5s stpd
F A
Aug 1 1933 25% part pd
1943 A 0
lillds Co deb 5s
idle Copper Co deb 5s_ _ _1947 J J
In G & E 1st M 4s A
1968 A 0
1940 1 J
learfield Bit Coal let 48
19382 .1
olon Oil cony deb 6s
010 Fuel & Jr Co gen s f 58 1943 F A
1934 F A
DI Indus 1st & coll 5s gu
Aumbla G & E deb 58 May 1952 M N
Debenture 58
Apr 15 1952 A 0
Debenture 54;
Jan 15 1961 1 J
Aumbus Ry P & L let 450 1957 J .1
1942 A 0
Secured cony g 550
C(mlm'l Invest Tr deb 530_1949 F A
C( Ry & L 1st & ref g 430 1951 J .1
in
Stamped guar 4548
1951 .1 J
msoildated Hydro-Elec Works
of Upper Wuertemberg 784_1956 J J
7ons Coal of Md 151 & ref 5s '50 J D
Certificates of deposit
mei Gas(N y) deb 5348_905 F A
1951 J D
Debenture 434s
19572 J
Debenture Ea
stammers Gas of Chic gu 5s 1936 J D
>rummers Power let 58 C_ _1952 M N
nnainer Corp 1st 65
1946 J D
15
-year deb 5s with warr_ _1943 J D
openhagen Telep 5.5 Feb 15 1954 F A
own Cork & Seals f 6s_ _.19473 D
own Willamette Paper 68_1951 1 J
own Zellerbach deb 5.5 w w 1940 M s
Cuban Cane Prod deb 68_1950 1 J
'alb T & T 1st & gen 58_ _ _1937 J J
9 Power & Light 1st 4348 1971 J J
19892 J
1st & ref 4518
1969.5 J
1st mortgage 4548
al Gas & El List & ref s f 0.5 '51 M N
Stamped as to Penne tax 1951 M N
1949 A 0
.trolt Edison 5s ser A
1955 J D
Gen & ref 55 series B
1962 F A
Gen & ref 55 series C
Gen & ref 450 series D_ _ _1961 F A
1952 A 0
Gen & ref 5s series E
A
Age Bros cony deb 651-- - -19W M N
Id (Jacob) Pack 1st Os_ ISM MN
19423 J
,nner Steel 1st ref 75
ike-Price Pow 1st 13s ser A_19138 MN
l'oe roomette gee ogee 1375.
10834 107
107 11214
11214 Sale
116 Sale
104 2 Sale
,
29 Sale
25
3018
25 Sale
25
33 8
7
10412 110
103 Sale
31
51
1018 15
74 9
3
1065
4
1063
4
1
10684
111
22
112
11214 18
11
1512 116
041
: 1047
8 18
283
8
30
16
3014
303
8
8
25
29
22
3012
323
4 19
11038 48
105
10212 10314 42
3712 July'34 ___
1018 Aug'34 --__
9
2
9
Range
Since
Jan 1
Low
Hue
5114 74
44
694
35
46
2712 4018
9012 100
564 8312
71 10014
80
9614
64
904
9313 10314
35
5912
62
7934
83 8 99
7
67
/ 87
1
4
10412 ion
953 1161s
4
9913 10512
10414 10712
10158 10458
105 11038
/
1
4
10314 11115
10578 113
1064 113
1034 11114
26 50
8414 on
98 111
2115 62
5
174
8314 90
8714 1001/4
9312
82
88 1017
8
1024 10435
95 10018
50
6112
1035 108
8
103
108
1s
106
we
84
2838
3014
25
3012
994
99
3
0
94
78
3
10712
116
114
116
108
65(
5
87
8514
74
115
.
3
104
3712
25
20
412 May'33 ____
3
10
97 -- / 10
8 104
1
1
3
82
4
823
4
8212 85
10114
1081 Sale 108
/
4
16
4
109
1083 Sale 10812
16
8
1013 122
4
10112 Sale 1007
100
95
997 Sale 9934
8
7
5912 62 8 6614 June'34 ____
61 - _ - - 84 Aug'34 _ _ _ _
9612 30
9514 Bale 9518
11514 Sale 11518
11514
9
115 11814 120 July'34 -----------158 Feb'34 ____
8
105
1045 105 1045
8
II
1087 110 1085
8
8
109
9
10612 Sale 1064
1084
5
533 60
8
5314 Aug'34 --,
19
4
183 19
2
1912
40
447
45
8
44
9
74
7312 7412 7312
9
...._
95: 10
72
86
10513 1097
8
10514 110
034 10 4
/ 23
1
9914 10014
57
67
578 671.
4
7515 9934
10634 1151/4
11078 120
159 158
98 105 s
3
104 4 110
3
99 1083
4
50
60
1218 264
383 604
8
6112 88
108 Sale 108
8
1033 Sale 035
8
1015 1023 8102
8
4
8
1013 Sale 015
4
8 6
54 77
2912 284
28
1083 110 08
8
1087
8
__ 083
4
6112
6112 02
11218 115 112
6214 Sale 62
10212 Sale 10112
1043 Sale 1044
4
10318 10812
861s 104
964 103
9918 1044
278 12
1811 333
4
10 e 10912
45
10418 10914
4518 894
10118 112
524 717
8
96 110
98 106
/
1
4
108
104
102
103
812
288
108
109
62
112
6314
1034
105
2
11
12
28
1
2
1
7
12
I
38
36
16
56
543 5712 56
4
2
475
471 Sale 4714
/
4
8
8
22
83
82 Sale 82
1004 Sale 10012 10112 38
6212
6518 June'34 ____
5612
5612 Sale 5612
3
587
8
575 57
8
55
5
4
25
2512
237 25
8
843
4 28
84 Sale 84
4
8414
8414 Sale 833
7
83 Sale 83
3
8 8 .
_37
8
9712 17
95, 977 9512
2
8
1044 14
8
10418 1043 104
--
--
110
64
103 Sale 109
4
____ 1043 July'34 - 104
,
10314
10314 Sale 10314
4
37
243
4
243
4
10814
8
1003
10314
10418
109
91
69
85
10412
96
96
312
10714
8
Sale 347
263 25
4
263 25
8
Sale 106
Sale 10058
Sale 10214
105 10212
Sale 108
94
94
Sale 69
8512
83
04
105
Sale 96
Sale z95
3
Sale
Sale 0714
8
37
27
6
4
26
1064 37
10114 105
10314 88
1024
1
11
109
94
2
7114 20
14
86
105
3
9612 18
96
5
34 247
10712
7
04 Aug'34 ---10518 _
9914 101 8 0212 Aug'34 --- - -74
104
8
104 Sale 037
10214
10214 Sale 02
5
1013 Sale 0184
4
10214
7
0712 1074 13
10712 108
8
1087 ____ 083
8
1084
3
10712 ___ 0712 107,
2
1
10414 64
1033 111414 1034
4
8
16812
1084 Sale 1108
10518 102
4
10
518 Sale 1043
92 12
92
9212 92
3
10112 ____ 100 Aug'34 ____
934 32
/
1
8
923 Sale : 917
8
BONDS
N. V. (3TOCE EXCHANGE
Week Ended Aug. 31.
Sept. I 1934
r.I
i
....a.
Price
/
Wag
Aug. 31.
Weers
Range or
Lan Me
1.
1
Range
Since
Jan. 1.
High No Low
Bid
Ark LOW
Industrials (Continued)High
Duquesne Light 18t 450 A1967 A 0 10714 Sale 1074
10712 38 10134 108
:
1st Mg 450 series B
2 1021 111
10718
1957 M 8 1101 III 1071s
:
1778 63
*East Cuba Sug 15-yr s f 750'37 M 5 1512 Sale 1512
74 3312
/
1
Ed El Ill Bklyn let cons 48_1939 J J 10618 107 108
106
1 1004 107
124
Ed Elec(NY) 1st cons g 58_1995 J J 124 Sale 124
5 110 124
37
37
38
El Pow Corp (Germany) 650'50 M 5 30
5
35 4 694
3
let sinking fund 650
3137 3712 Aug'34 ---8
1953 A 0 30
34
69
/
1
4
1954 F A 7012 73 69 Aug'34 ---Ernesto Breda 78
68
89
8
Federal Light & Tr let 5s__ _1942 M S 715 77
7212
7212
1
64
82
77 804 June'34 ---5s International series .1942 M S 69
75
803
4
78 July'34 _...„
8
let lien 5 f 58 stamped_1942 M 8 715 77
6018 821
/
4
1st lien 6s stamped
76
85
1942 M 5 76
64
8512
764
3
D 6212 657 644
6412
8
30-year deb (is series B.._ _1954 J
5118 6812
4
8
Federated Metals 8 f 78
10412
1939 J D 10412 Sale 1043
3 101 106
Hay deb 8 r g 7
8
1946 .1 J 99 10112 10012 101
5
9712 102
Framerican Ind Dev 20-yr 730'42 J J 106 10712 10618
10612
4 1024 110
3314 30
'Francisco Sug 1st 8 f 750_ _1942 MN 30 Sale 30
19
41
Gannett Co deb 68 ser A._1943 F A
Gas & El of Berg Co cons g 5.31949 J D
*Gelsenkirchen Mining 8s_ _1934 M S
Gen Amer Investors deb 5s-A1952 F A
Gen Baking debar 530_ _ _ _1940 A 0
Gen Cable lets f 5548 A_ __ .19473 J
Gen Electric deb g 350---1942 F A
Gen Elec(Germany) 78 Jan 15'45.3 J
s f deb 634s
19403 D
2 -years f deb 65
0
1948 MN
Gen Petrol 1st sink f'd 5s_.1940 F A
Gen Pub Serv deb 550_ __A939 J .1
Gen Steel Cast 550 with warr '493 J
*Wen Theatres Equip deb 651940 A 0
Certificates of deposit
Good Hope Steel & Jr sec 78_1945 A 0
Goodrich(B F)Co 1st 6 Hs._1947 J J
Cony deb 65
1945 J D
Goodyear Tire & Rub let 5s 1957 M N
Gotham Silk Hosiery deb 66_1936 J D
*:Gould Coupler 1st s f 85_1940 F A
Gt Cons El Pow (Japan) 7s 1944 F A
1st & gen s f 6545
1950 J J
Gulf States Steel deb 534s1942 3 D
.
Hackensack Water 1st 4s__ .1952 J J
Hansa SS Lines& with wart 1939 A 0
Herpen Mining (3s with warr _1949 1 ,1
Havana Elec consol g 5s__ _ _1952 F A
Deb 5545 series of 1928_1951 M 5
*Moe(R)& Co 1st 850ser A '34 A 0
Holland-Amer Line 6.6 (flat).1947 M N
Houston Oil sink fund 550_ _1910 M N
Hudson Coal 1st 8 f 5s ser A_1962 J D
1949 M N
Hudson Co Gas 1st g 55
Humble Oil& Refining 5s...1937 A 0
Illinois Bell Telephone 58._ _1956 J D
Illinois Steel deb 450
1940 A C
Ilseder Steel Corp mtge (is_ _1948 F A
Int Nat Gas & Oil ref 5s___ _1938 M N
1978 A 0
Inland Steel 1st 450
1st Ms f 454e ser B
1981 F A
Unterboro Rap Tran 1st 55_1968 1 J
510-year 814
1932 A 0
Certificates of dePosit -- - --,
510-year cony 7% notes_ _1932 M S
Certificates of deposit
1951 M N
Interlake Iron 1st 58B
Int Agile Corp 1st & coll tr 55
Stamped extended to 1942____ M N
Int Cement cony deb 5s___ _1948 MN
Internet Hydro El deb 6s_ _ _1944 A 0
Int Mere Marine s f 6s__ _1941 A 0
Internet Paper Ss ser A & B_I947.5j
1955 M 5
Ref s f Os series A
Int Telep & Teleg deb g 450 1952.3 J
19392 3
Cony deb 450
1950 F A
Debenture 55
Investors Equity deb 56 A_ _1947 J 13
Deb 5s ser B with wart_ _ _1948 A 0
1948 A 0
Without warrants
K C Pow & Lt 1st 450set B_1957 J J
1961 F A
1st mtge 4 34s
Kansas Gas & Electric 4545_1980 J D
Karstadt (Rudolph) 1st 6s 1943 M N
Certificates of deposit
Keith (B F) Corp 1st 6s____1946 M 5
Kelly-Springfield Tire 8s..1942 A 0
Kendall Co 534s with wart....1948 M 5
Keystone Telep Co 1st 5s___1935 J J
47
60
Kings County El I. & P 58_1937 A 0
41
1997 A 0
85
Purchase money 88
56
87
Kings County Elev let g 4s_ _1949 F A
93 1027 Kings Co Lighting 1st 5s_ _ _1954 .1 .1
8
5218 6518
19543 .1
First and ref 650
51
82
Kinney(OR)& Co 734% eotes'36 J D
30
65
Kresge Found'n coil tr (Is__ _1936 J 13
1713 3312 :Kreuger & Toll CIA 5s ctfe_1959 M 9
69
907
5
70
914 Lackawanna Steel 1st 55 A..1950 M s
*Laclede G-L ref & ext 5s_ _ _1934 A 0
ems 89
9478
73
Certificates of deposit
9014 10712
Coll & ref 550 seriesC_ _ _1953 F A
Coll & ref 550 series D._1960 F A
_
101 III) ',enter° Nitrate Co Ltd (3s_ _1954 J .1
103 1043 Lehigh C & Nay e f 4 Hs_ _1954 J J
4
97 1043
4
Cons sink fund 450 ser C_1954 J 2
Lehigh Val Coal 1st & ref 5 f 55'44 F A
3434 60
1954 F A
1st & ref 51 5s
12
1964 F A
27
1st & ref 8 f 5s
114 2614
1974 F A
1st & ref s f 58
10115 1073
4
Secured 6% gold notes_ 1938.3 J
905* 10314 Liggett & Myers Tobacco 78_1944 A 0
97Is 106
55
1951 F A
100 1054 Loew's Inc deb s f 68
1941 A 0
10012 10918 Lombard Elec 7s ser A
19522 D
70
1944 A 0
9712 Lorillard (P) Co deb 78
52
811
58
/
4
1951 F A
7518 95
Louisville Gas & El(Ky) 58_1952 MN
974 107
Lower Austria Hydro E163481944 F A
794 97
70
98 :McCrory Stores deb 554e_ _1941
21 8
/
4
/
1
4
Proof of claim filed by owner__ _ _
10312 1073 McKesson & Robbins deb 554550 MN
4
*:Manati Sugar 1st s f 750_1942 A 0
9414 1053
Certificates of deposit
4
895 103
8
*Stmpd Oct 1931 coupon_1942 A 0
____
94 104
Certificates of deposit
86 1037
8
*Flat stamped modified
873 103 :Manhat Ry (NY)cons g 45 1990 A 0
4
/
1
4
963 109
4
Certificates of deposit
9635 109
2d 48
2013 J D
9035 108'. Manila Elec RR & Lt s 1 58_1953 M 5
89 10514 Mfrs Tr Co ctts of panic In
97 10812
A I Namm & Son 1st 138._1943 J D
9814 10618 Marion Steam Shovel. f 68_1947 A 0
Market St Ry 75 ser A _AprIl 1980 Q J
797 93
8
94 102
Mead Corp let 68 with warr_1945 MN
7415 9818 Merldionale Elec 1st 75 A 1957 A 0
98
1
98 Sale 98
11018 ____ 104 Feb'34 ---:
521 Sale 5214
55
16
4
94 4
3
9412 95 943
6
1043 Sale 104
4
1043
4 18
7
7412
754
75
76
105 Sale 105
105
3
____ 395 48 Aug'34 ---8
____ 447 4714 Aug'34 _--8
33 Sale 33
4012 10
10512 21
105 Sale 105
92 8
5
884 94
/
1
93
5
844 Sale 8412
85
2
54
3
53 Sale
4
7
44
53
4
63
8 18
54 Sale
4614
4414 Sale 4414
8
102 10234 10212 103
27
844 Sale 84
8434 64
10014 Sale 10014
1013 188
8
90 86 Aug'34 ____
80
13 Sale 13
13
2
8318 8458 8318
863
8 11
7912 Sale 794
795
8 20
88 Sale 8712
89
19
___ 104
104
45 Sale 4312
5412
- 54
3814 4284 a39
93
4 84
8
285 3138 32
8
39
14
25
85 84
83
434 Sale 43
4
112 114 1113
10214 Sale 10214
1085 Sale 10811
8
106 Sale 106
3814 Sale 354
102 10212 102
10012 Sale 100
9912 Sale 99
7312 Sale 7314
4514 Sale 4514
.„.___ 40
,
..
79 sale 79
78 Sale 78
87 Sale 87
72 Sale
9412 Sale
54 4 Sale
3
51 Sale
70
69
5212 Sale
544 Sale
62 Sale
584 Sale
/
1
8
8212 947
8
8212 957
8212 95
Aug'34
45
Aug'34
639
Aug'34
32
Dec'33
____
96 104
39
/ 57
1
4
/
1
4
12
____
53
704
2
294 38
_ __ _
7
94
3
25
40
1
__ iL_iii_ ---_
443
4 37
112
10
1023
8 23
109
14
1085
8 15
3612 30
102
1
10078 69
10014 105
755 497
8
494 307
4312 90
82
79
80
31
67
6
72
72
5
94
96
80
5412
5512 84
51
52
5
8818
70
7
5112
547
8 36
57
5412
35
62
604 66
5814
61
123
9514 Aug'34 _-_94 Aug'34 -- -9512 Aug'34 -- --
1075 1C814 07
8
107
8
109 Sale 085
109
967
9512 9678 9618
8
30 Aug'34
32
24
2012 Sale 2012
23 4
3
61
61 Sale 01
8
8
425 Sale 425
425
8
973
9718 Sale 97
4
89 88 Aug'34
78
108 Sale 108
1081
/
4
141
141 149 141
9114
8
767 94
9178
1084
.109 June'34
1168 11W 117 Aug'34
4 75 102 10012 102
10014
100 Sale 100
16 Sale 1514
1614
1
46
106
____
27
2
2
17
____
8
7
18
_.__
__-3
20
122
1031 10378 10314
/
4
10312 14
94 Sale 9312
94
3
903 9412 917
8
8
92
6
6112 Sale 614
6418 31
6312 63
63
6312
3
1012 1112 1012
125 152
8
10014 _ _ 101
10112
6
10014 foi 100 Aug'34
8612 8812 873 Aug'34 ____
4
55 Aug'34
5212 60
__
55 Sale 55
57
3
55
5212 58
3
943
97
4
9518
95
3
12812 12812 12812 1288
4
6
11518 Sale 115
11512 15
10312 55
14212 Sale ICIll
7812 Sale 7812
79
3
1243 12578 124
8
1243
s
3
10812 11012 10912
11012
5
1033 Sale 1033
4
4
105
21
801 82 80
/
4
80
5
454 541
/
1
/
4
8214 Sale
21
17
12
20
1214 20
12
1978
10
35
527
8
50
4912 Sale
38
33
93 4
3
86
7412
47
8512
72
974
78
Sale
8612
78
98
7914 9912
104 104
521 80
/
4
784 98%
102 1053
4
59
77
/
1
4
100 105
48
65
47
/ 8312
1
4
33 83
12
10312 106
9514
76
684 90
8
/ 13
1
4
3
1124
4414 6318
96 10512
72
90
8914 103
8512 95
878 1912
6814 87
651 795
/
4
8
71
02
/
1
4
88
89
51
1061 114
/
4
10214 10512
10534 11012
1024 10514
3514 4815
94 103
86 10112
8513 101
ms11 Ws
30
4912
2712 434
7014 83
8713 8111
771
/
4
60
62
797
8
4018
44
/
1
4
57
383
4
4814
57
52
823
s
88
8775
844
96
6938
88
824
/
1
73
65
734
693
4
98
98
98
1004 10814
1003 11014
8
7215 997
e
19
3612
164 32
61
72
383 594
4
7414 98 2
,
734 83
,
8
104 1085
122 140
75
954
1031 109
/
4
108 120
814 102
823 10012
4
1078 2134
117
79
85
50
50
518
81
80
794
40
424
40
8118
11918
108
85
76
1134
994
88
51
10818
9712
974
895
5
69 4
8
194
1013
4
10114
91
824
59
,
58
97
1301s
1154
10212 1
118
'
125
1103
4
107 2
854
I
_....73
1
_
1
____
____
35
34
1
3
50
MN
9
Hs
10
1
1
12
4234
37
2812
82
66
868
3
233
4
20
20
211
20
WI
5018
44
97
73 Aug'34 ..._ _
47
4778
3
9
844
86
9
7512
763
4
9712
3
9712
ISO
44
68
113
911s
7735
81
914
81
116
60
82
17
16
16
20
1714
523
4
49
35
90
July'34
8234
17
Aug'34
16
Feb'34
Aug'34
5412
5018
35
90
1375
New York Bond Record-Concluded-Page 6
BONDS
N Y STOCK EXCHANGE
Week Ended Aug.31.
tli
it
.... a.
Pri13
Friday
Aug. 31.
Week's
Range or
Last Sale.
I.
1
Range
awe
Jan. I.
Industrials (Continued)All Low
High
High No. Low
Bid
Metr Ed 1st dr ref Sneer C__1953 J J 101 Sale 10012 10114
77 10114
8
957
1968 M El 944 9678 934
1st g 434s series 13
64
71
963
4
Metrop Wat Sew & D 5343_1950 A 0 __ 8812 8914
92.
8914
2 80
*:Met West Side El(Chic)48 1938 F A
918 1214 9 Aug'34 ---9
18
_ 478 48 Aug'34 -- -Mktg Mill Mach 1st8!7s__ A956 J D
48
78
Midvale St &0 coll tr 5!53-1936 IN 8 102% Sale 10212 10278 63 974 10314
Milw El Ry & Lt 1st 53 B__ _1961 J D 8034 Sale 80
8512
81
23 57
1st mtge 58
1971 J J 78
85
4
55
8012 80
804
Montana Power let 544 A----1943 J J 9612 Sale 96
97
7912 10012
28
Deb 53 series A
1962 J D 60
2
53 8134
70 703
4
703
4
Montecatini Min & AgrIc-.
Deb g 78
1937.3 J a92 Sale 29258
4 91
9813
9212
Montreal Tram 1st dr ref 58_1941 J J 10314 Sale 10314 10334 14 954 10334
Gen & re!3 f 58 series A__ _1955 A 0 78 81 81
8012 82.4
81
3
Gen & ref s f 53 series B_ _ _1955 A 0 78 86 74 Feb'34 ---74 74
Gen & ref 5!434s series C_1955 A 0 72
76 76 June'34 ---7538 76
Gen & ref 5!58 series D._ _1955 A 0 78
83 85
83 85 Mar'34 --Morris & Co let 8 f 4 As
1939 J J 9938 Sale 9914
9934 12
8412 100
Mortgage-Bond Co 43 ser 2..1966 A 0 34 ____ 4038 Dec'32 -- - _
____
Murray Body let 6348
1934.7 D 9512 Sale 95
951
0 88 1CI0
Mutual Fuel Gas 1st au g 53-1947 M N 105.5 10512 10512 1051
3 95 10512
Mut Un Tel gtd 68 est at 5% 1941 MN 100 103 10212 1021
4
97 1031,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 31.
ti
it
4.,a,
Prise
Friday
Aug. 31.
Week's
Range or
Lan Sate.
11
Range
Mace
Jan 1.
High No
2934 10
2934 13
613
4
1
107
7
Aug'34 --- 10718
4
1414 142
45
1
113
15
9312
7
Aug'34 ---Aug'34 ---Aug'34 ---2
9712
Aug'34 ---Aug'34 ---Aug'34 ---Aug'34 -- -6912
5
10114 38
9978 47
99% 128
8014 10
Aug'34 -- -36
12
Aug'34 ___
Aug'34 ____
9
4514
104
22
10
104
964 15
109 8 49
1
110
34
794
3
10614 88
66
104
15
3
4378 54
4218 12
11134
1
Low
High
2114 35
20
354
544 62
9934 1084
88 103
14
94 10714
10212 14214
45
7412
WA 114
72 9614
3534 61
4514 82
4572 80
71 1004
354 41
30 45
35 41
30 41
38
76
8912 103
8912 10014
89 2 1004
3
644 8014
63 81
36
89
8634 10414
3014 8812
3734 5884
1024 1042
4
101 105 4
1
8412 9712
1054 1104
10534 11034
6312 86
1044 107
10
0 105
14
284
3624 6812
34
67
1084 1184
11114 _ - 11112 11112
1
834 Aug'34 ---8134 14
8214 Sale 8214
83I8 22
103 Sale 10212 103 109
547
533 5412 533
8
4
4
30
67
2712 284 284
55
994 -- - - 9912 100
1064 Sale 1064 106% 10
8712 Sale 8738
90 4
3
5
104 112
8514 884
57 897
s
9624 10314
41
5512
We 3134
86 101
1014 10712
80
9512
7212 Bale 7212
744 84
1004 113 113 Aug'34 ---644
62 6412 644
1
100% 148
10012 Sale 98
2812
-- 28 Aug 28 --__
6614 /0 67
67
1
3
67
-__ 67 6524
84 Sale 84
85
24
106 10612 10534 106
17
- 10512 10512
1
10512- 12 13 July'34 --__
1034 1/
1137 1143 11458 115
4
11
10212 Bale 10212 103
10
10614 Bale 10614 107
8
85
54
84 Bale 84
2012 11
2014 ____ 20
873
4 98
865 Bale 8512
4
95 10014 98 June'34 ____
317
8
2
304 3178
23
23 3012 34 Aug'34 ___
31
i
23
29 8 3034
7
111 114 113 Aug'34 --__
211g 2612 2212 Aug'34 ____
3714 5014 39 Aug'34 ____
6212 14
6212 Bale 62
65 Bale 6414
6514 29
108 --- 100 May'33 ---113
113 Sale 113
2
29 Sale 29
295s 34
26 Bale 2578
274 68
83 8 7514
7
102 113
37
6413
834 100%
___ -.._
48 75
/
1
4
48 70
We 87
962 107
2
12
102 107 4
1
13
24
1074 115
904 10414
10234 10712
60
85 4
3
17
2012
68
91
9018 98
3178 665
8
3312 664
3034 67
107 120
13
31
3713 73
52
574 75'2
6012 81
__. ..,162 11518
2218 4114
184 3811
Bid
Ask Low
industrials (Concluded)**Richfield Oil of Calif 6s___1944 M N 2912 Sale 29
M N 29 Sale 29
Certificates of deposit
1955 F A 6218 65 6134
Rime Steel 1st 8 f 75
Roch G&E gen M 5345 sec C '48 M 5 10634 108 10678
_-- 10314
Gen mtge 4 As series D 1977 M 5
103141962 M 5 10718 108 1074
Gen mtge 58 series E
Royal Dutch 48 with warr_ _1945 A 0 136 139 13558
Ruhr Chemical 8!68
1948 A 0 45 Sale 45
St Joseph Lead deb 5343_1941 MN 112 Sale 112
St Jos fly Lt Ht & Pr 1st 58-1937 M N 9312 94 934
5012 5012
St L Rocky Mt & P 58 stpd-1955 J J 47
St Paul City Cable cons Os_ _1937 J J 70 73 6918
1937 1 .7 7018- 68
Guaranteed 53
99 9712
San Antonto PubiServ 1st 6s 1952 J J 9712 1946.7 J 39 _ _ _ - 39
Schulco Co guar 634s
_ _ 39
Stamped (July 1933 coup on)
- 39
A0 39 - - 39
42
1946 -.Guar 5!6345 series B
3912 38
39
Stamped
Sharon Steel Hoops!5 As__1948 F A 69 Sale 68
Shell Pipe Lines! deb 58_ _1952 M N 10058 Bale 10014
Shell Union Oils! deb 58_ __I947 IN N 9934 Sale 9912
4
Deb 53 with warrants_ _ __1949 A 0 993 Sale 994
Shlnyetsu El Pow 1st 6348-1952 J D 7912 Sale 7912
8
Siemens & Halske 3 I 7s..__1935.7 -T --__ 527 63
1951 M S 36 Sale 36
Debentures!6345
Sierra & San Fran Power 5.4_1949 F A 10214 10312 1034
32
Silesia Elec Corp 5 I 6345-1946 F A ___ 31
Silesian-Am Corp coil tr 78_1941 F A 444 45 45
Sinclair Cons Oil 15-yr 7s 1937 M 8 10312 Bale 10312
8
1938 J D 1035 104 10312
1st lien 6348 series B
Skelly Oil deb 5345
1939 M 8 9514 Sale 954
South Bell Tel & Tel 1st 8 f 58'41 J J 10814 Bale 10814
S'west Bell Tel let & ref 58_1954 F A 10934 Sale 10938
Southern Colo Power 68 A_ _1947 J J 7934 83 784
Stand Oil of NJ deb 58 Dec 15 '46 F A 10614 Bale 10578
Stand 0110! NY deb 4148-1951 J D 104 Bale 10312
14
**Stevens Hotels 6s series A_1945 J J 1418 15
**Studebaker Corp 6% notes '41.7 D 4214 Sale 41
4118 Bale 41
Certificates of deposit
__-- 11134
Syracuse Ltg Co let g 5s___1951 J D 111
Namm (A I) & Son_ _See Mfrs Tr
Nassau Elec gu g 4s stpd_---1951 J -T
Nat Acme 1st s f 63
1942.7 D
Nat Dairy Prod deb 5345_ _1948 F A
Nat Steel 1st coll 58
1956 A 0
Newark Consol Gas cons 58.1948.7 D
Newberry (JJ) Co 534% notes'40 A 0
New Eng Tel & Tel 53 A__ _ _1952 J D
1st g 434s series B
1961 MN
NJ Pow & Light 1st 434s__ _1960 A 0
New On Pub Serv 1st 55 A--1952 A 0
First & ref 58 series B. 1955 J D
NY Dock 1st gold 45
1951 F A
Serial 5% notes
1938 A 0
N Y Edison 1st & ref BA:IA.1941 A 0
1st lien & ref 58 series B_1944 A 0
1st lien & ref 58 series C_ _1951 A 0
N Y Gas El Lt H & Pow g 58 1948 J D
Purchase money gold 43_1949 F A
N Y L E dr W Coal & RR 5348'42 121 N
NY L E dr W Dock & Impt 58'43 J J
NY Rye Corp Inc 6s_ __Jan 1965 Apr
Prior lien 65 series A
1965.7 J
NY & Richm Gas 1st 65 A 1951 M N
NY State Rys 4343 A 8113.1962 ---634s series B certificates_1962
NY Steam 64; series A
1947 -111 N
1st mortgage 53
1951 111 N
1st mortgage 58
1956 M N
NY Telep 1st & gen sf 434s-1939 MN
NY Trap Rock 1st 65
1946.7 D
Nitta Lock &0Pow 1st 58A_1955 A 0
Niagara Share deb 53.48_ _1950 IN N
NorddeutscheLloyd 20-yr el 63'47 MN
New 4-6%
1947 MN
Nor Amer Cem deb 634s A_1940 M 5
North Amer Co deb 58
1961 F A
No Am Edison deb 55 ser A_1957 M 8
Deb 534s ser B__Aug 15 1963 F A
Deb Sneer C.. Nov 15 1969 MN
Nor Ohio Trac &
-Light 68_ 1947 M 5
Nor States Pow 25_yr 53 A_ _1941 A 0
lat & reft-yr 6s ser B
1941 A 0
Norweg Hydro-El Nit 5345-1957 M N
Ohio Public Service 734s A._1946 A 0
1st & ref 7s series B
1947 F A
:Old Ben Coal 1st Ils
1944 F A
Ontario Power N F 1st 58_1943 F A
Ontario Transmission 1st 51_1945 M N
Oslo Gas & El Wks esti 53_ _1963 61 S
Otis Steel let mtge Oseer A_ _1941 M 8
57 Sale 57
5834 11
85 ____ 8412 Aug'34 9818 Sale 9818
99 239
94
10312 Sale 1024 1031
11058 112 11112 Aug'34 ____
12
8
1025 Bale 1024 103
1131
15
11278 Sale 1127
25
110 Bale 10834 1101
9158 28
9114 Sale 91
11
5612 58 56
57
57
39
4
563 sale 56
54
56 5378
55
15
24
40
3934 Sale 3812
1I334 Sale 1134 11384
9
12
10834 Bale 10812 1091
1083 Bale 1084 10884 28
4
5
11578 118 1151
8 116
23
108
10714 - --- 107
93 - --- 9312 Aug'34 ____
1004 103 100 May'34 ___
1i
812 934 83
4
9
65 69 67% Aug'34 -___
43
106 10812 106 A, .34 __
3
1
.3
258 4
3
412
5
258 414 3
8
3
4
10814 1083 10814 1083
3
10638 ____ 10638 10638
10512
10534 10534 14
108 Sale 10712 10812 92
4018 50 50 Aug'34 -- -35
1014 Bale 10112 103
65 66 66
664 10
46
53 5018
564
6
4712 15
46 Sale 46
3618 45 37 Aug'34 --- 8578 39
8512 Bale 85 8
3
2
842
4
g/is 85% 841,
88
9
8712 Sale 87
61
7
81 Sale 80
12
10212 103 10212 103
24
10438 Bale 10334 105
9
10512 10612 10512 106
10
79
a78 Sale 784
3
1074 108 10714 10734
10514 106 10514 1054
1
1412 16
18 Aug'34 ---2
103 ___- 10912 10912
___ 110 Aug'34 --__
5
817
8
10948212 84 81
68 Sale 66
6912 15
_ _1916 J D
Pacific Coast Co 1st g
Pacific Gas & El gen es58_- A'42 J 1
ref 58
Pacific Pub Serv 5% notes_ _1936 M 5
Pacific Tel & Tel let 58
19371 J
Ref mtge 53series A
1952 M N
**Pan-Am Pet Co(Cal)cony 63'40 J D
Certificates of deposit
Paramount-B•way lst 5%3_1951 1 1
Certificates of deposit
:Paramount Fam Lasky 68.. A947
*Proof of claim filed by owner_
Certificates of deposit
J D
:Paramount Pub Corp 5 As _1950 F A
*Proof of claim filed by owner_ - --Certificates of deposit ___---..
Park-Lox 6345 ctfs
1953 Parmelee Trans deb 138
1944 A 0
Pat dr Passaic G & E cons 58-1949 M B
Pathe Exch deb 7s with ware 1937 M N
Pa Co gu 334e coil tr A reg 1937 M 5
Guar 334s coil trust ser 13_1941 F A
Guar 3345 trust MIA C
1942 J 0
Guar 3 As trust ctra D- _1944 J 0
Guar 4s ser E trust Ors_ _ _1952 M N
Secured gold 4343
1963 M N
Penn-Dixie Cement 1st Os A_1941 M S
Pennsylvania P & L lst 4%8_1981 A 0
Peep Gas L & C 1st cons68_1943 A 0
Refunding gold 58
1947 M 8
Phila Co sec 58 series A
1967! D
Phila Elec Co let & ref 4 As_1967 M N
let dr ref 45
1971 F A
Phila.& Reading C dr I ref 581973 J J
Cony deb Os
1949 IN 8
Phillips Petrol deb 53411- - - -1939 J D
Pillsbury Flour Mills 20-yr Os '43 A. 0
Pirelli Co(Italy) cony 78_ _1952 M N
Pocah Con Collieries 1st 8 f 58'57 J 1
Port Arthur Can & Dk 6.1 A.1953 F A
1st mtge Os series B
1953 F A
Port Gen Elec ist 4 As ser C 1960 M 5
Portland Gen Elec 1st 5s_ _..l935 J J
Puerto Rican Am Tob cony Os '42.7 J
Postal Teleg dr Cable coil 58_1953 J J
*:Pressed Steel Car cony g 581933 J J
Pub Serv El &0 let & ref 434s'67.7 D
1970 F A
1st de ref 434s
1971 A 0
let dr ref 45
Pure 011s1 534% notes
1937 F A
8 f 5 A % notes
1940 111 5
Purity Bakeries s f deb 5s..._1948 1 J
*Radio-Keith-Orpheum pt pd We
for deb 68 & corn stk (65% pd). __
1941.7 ii
*Debenture gold 68
Remington Arms 1st s f 63...1937 IN N
Rem Rand deb 5348 with wars'47 IN N
Repub 1 & S 10-30-yr 5.43 t 1940 A 0
Ref & gen 5143 series A.._1953 J .7
Revere Cop .413r1188 6s ser A.1948 M B
19461 J
Rheinelbe Unions f 7s
Rhine-Ruhr Water series 6_1953 J J
Rhine-Westphalia El Pr 78._1950 M N
1952 IN N
Direct mtge 68
1953 F A
Cons mtge 68 of 1928
Cons M 65 of 1930 with warr'55 A 0
313 33 33
4
4072
25
36
2
8 10634 32 10012 10712
10612 Sale 1055
9314 95 944 Aug'34 ____
67
944
10712 Sale 10738 1084 35 1044 10812
110 Sale 110
2 10518 11112
110
39 444 40 Aug'34 --__
2558 474
43 42 Aug'34 - --38
28
4133
.
47
Vanadium Corp of Am cony 53'41 A 0 8411 85 8438
8612 14
30
4
38
39%
3912 3814
62 8012
Vertientes Sugar 75 cgs
38
1
30
47
1942 _-__
3512 41 38
74 9
814
94
9
Pt 14
Victor Fuel 1st s f 53
1818 May'34 ____
1953.7 J 1858 23
184 1818
29. 83
8
Va Elec & Pow cony 534s
18
48
47 Sale 46
1942 M 73 10634 10712 10612 10612
2
96 108 5
1
45
48 464
1954 J D 102 Bale 10112 102
15 1011 1044
464
1
2812 543
4
4
51 aeries B
1944.3 J 10834 109 10818 1085s
Secured cony 5348
1 108 110
204 66.14 Vs Iron Coal dr Coke 1st g 581949 M S 54
26
49
5912 60 Aug'34 --__
47 Sale 47
60 6514
1212 4414
1
30
464 474 46
48
14
30 30
544 Walworth deb 6348 with ware '35 A 0 21
29
Without warrants
A 0 20_ 30 Aug'34 --- _
1518 163 1512 Aug'34 934 2217
1514 37
_
4
3517
1st sinking fund 65 ser A._1945 A 0 374 - 8 39
2112 Sale 21
4212 39
3
20
3972112
21
50
1104 11014
563
2 32
1 10312 11114 Warner Bros Pict deb 68_ __ _1939 M 5 53 Sale 53
4078 67
Warner Co 1st mtge (Is
11018- --- 9812 100
20
35 35 Aug'34 ____
4
42
1944 A 0 30
99 993
13 85 100
Warner-Quinlan Co deb 68 1939 IN 5 25
32
5
2978 4812
32 30
1014 - -- - 101 May'34 - --94 101
97 sale 97
97
5
9434 MO
Warner Sugar Refin let 78._1941 .7 D 10534 1064 10578 10612
7 1054 1083
5
002 Warren Bros Co deb (33
4
86
384 63
1941 M 5 45 Bale 4314
345
95 100 993 July'34 -715
4
97 Bale 97
9 9812 108
8634 994 Wash Water Powers f 58.....1939J J 10618 Bale 10618 1064
20
97
96
6 105 11412
85 994 Westchester Ltg 58 stpd gtd 1950! D 11234 120 11234 11312
98 98% July'34 -- -7
10158 Sale 1015
8534 1034 West Penn Power ser A 58_1946 IN S 109 Sale 109
8 102
1091
4 20 10334 110 s
38
5
1st 53 8eries E
68
12 66
6734 Sale 674
77
1963 IN 13 11212 Sale 11212 1124
3 104 1134
997
19561 D 10812 1081 10878 1087
9712 116
8
9612 Bale 9612
2 104 10934
79
8
1st sec 58 series a
109 111 110
974 104
1914 A 0 1024 Bale 10258 103
110
2 10018 1124 Western Electric deb 58_
68
9812 997 100
1
83 10314 Western Union coil trust 55.19381 J 10012 1017 101
100
911s 1024
10214 27
8
8638 Sale 86
Funding & real est g 4348_1950 IN N 7812 81
873
27
6334 927
78 Aug'34 ---_
741 904
4
108 Bale 10734 108
2 1014 108
96 10214
15_Year 6345
37
1936 F A 101 Bale 101
1011
10312 Bale 10212 10312 40 934 104
25
-year gold 58
7912 9514
1951J D 8434 Sale 84
85
17
30-year 58
6212 23
6134 Bale 6112
1960 IN S 85 Sale 8412
5034 69
87
22
79 944
4734 Sale 4712
5034 9
551, Westphalia Un El Power 68_1953 1 J 3412 Bale 3412
3412 682
4
374 45
39
0
Wheeling Steel Corp 1st 53481948 J J 964 97 9512
10114 Sale 10114 10158 92
8918 102
8214 97
963
8
4
1st & ref 434s series B__ _ _1953 A 0 8312 Bale 8312
107 Bale 107
84'± 16
72 872 1
4
10714
9 105 109
58
58
10112 A1111'31 ---- 100 10114 White Sew Mach (is with warr'36 J J 50
70 58 May'34 ____
Without warrants
80 101--3 84 July'34 --- 897
674 88
49 89
J J 50 63 60 .Aug'34 ____
Partic 8 t deb 68
80 8278 82 Aug'34 - --1940 M N 50 __ __ 57 Aug'34 ___
48
95
52
69
80 83 8238 Aug'34 -- - 70
9024 *Wickwire Spencer St'l 1st 75.35
Ctf dep Chase Nat Bank- _
467k Bale 4118
4734 316
39
5734
_
612 77 264
6%
6
5 3 1412
3
CttsIor col & ref cony 7s A 1935 -90 Sale 86
MN
6
954
78
44 14
73
538 Aug'34 ---94
49
3912 Bale 3814
4014 25
3213 5717 Wilson & Co 1st a f 131.
_ _1941 A 0 107 Sale 10612 107
39
9744 10812
4424 Sale 4412
48
61
37 63 Youngstown Sheet & Tube58 '78.3 J 8478 Bale 8478
A_8512 92
7412 894
45 Sale 45
45
1st mtge 5 1 58 ser B
3 45 6618
1970 A 0 85 Bale 85
7412 8912
8512 41
107 Bale 1063
4 10712 17 10012 10812
107 10712 107 Aug'34 --__ 100 10814
e Cash sales in which no account is taken in computing the range are given below
1034 Bale 101% 10318 39 93 105 Cuba
534s 1953, Aug. 20 at 82.
1 N. Y. N. H.& H.6s'40 Aug. 23 at 74%.
10014 Sale 100
10012 46 8712 1903 Bangor &Aroostook 5s, Aug. 29 at
5
690 0914
4
110 I
9918 Bale 99
9914
84 Sale 84
r Cash sales not Included in year's range. a Deferred delivery sale not included In
875
8 29
7814 9612
year's range. • Negotiability impaired by maturity. 1 Accrued interest payable at
36
___ 3678 Aug'34 --__
35
37 exchange rate
of 84.8865. (Companies reported in receivership. z Deterred de27 32 28
28
1
1814 41
10212 Sale 10218 10212
7 964 10312 livery sales in which no account is taken In computing the range, are given below:
9012 Sale 9012
95% Antioquia 75 ser. C. Aug. 29 at 1134.
9214 50
713
Hungary 7345 1944. Aug. 25 at 3534•
103 Sale 103
10312 28
85 10412 Antwerp 5s, Aug. 28 at 883.4.
Italian Pub. Util. 75, Aug. 31 at 8331.
95 Sale 89
9812 267
74
9812 Bangor & Aroostook 58, Aug. 29 at 110. Merldionale Elec. 75, Aug. 28 at 9734.
102 Sale 102
Calif. Petrol 58, Aug. 28 at 10134.
10314 15
80 105
Montevideo 6s, Aug. 30 at 3034.
30 Sale 30
3612 22
30
73 Canadian Nat. 43:8, Aug. 31 at 114.
Montecattni 78, 1937, Aug. 31 at 92.
2514 27 28
28
564 Ches. & Ohio Sc 1939, Aug. 27 at 11034. Norway 534s 1965, Aug. 31 at 93.
31
6
____ 4034 44 Aug'34 ---7312 Crown Zellerbach 65, Aug. 29 at 94.
43
Norwegian Hydro El. 514s, Aug. 31 at 78.
39 Bale 39
Cuba 55, 1944, Aug. 31 at 9434.
39
71
44's 23
Warren Bros. Os 1941, Aug. 27 at 46.
40
4311 4312
4438 39
Cuba 434s 1949, Aug. 29 at 7234.
434 71
Wick Spencer Steel 7s, Aug. 30 at 63..
40
43 43%
4312 71
4412 23
534 6234
6512 86
7812 100
91 10514
103 112
8814 1041.
10512 11514
101 11112
6912 9334
414 65
1014 65
50 67
87 68
10911 115
10512 11012
10512 1091.
107 11612
9914 108
7512 95
87 1003
4
914
634
63
70
90 107
14 8
212 44
10214 11012
9858 1063
8
974 10134
103 10938
63
60
90 106
721,
50
4518 73
49
46
2211 40
6312 914
61
01
62 95
564 874
747 1064
2
894 10538
944 10778
7818 90
89 110
78 107
23
15
101 11014
101 11012
Nu 66
70
28
Tenn Coal Iron Or RR gen 58_1951 J J
Tenn Copp dr Chem deb fis B 1944 111 El
Tenn Elec Pow 1st 68
1947.3 D
Texas Corp cony deb 58.__J944 A 0
ThIrd Ave Ry 1st ref 48
1960 J J
Ad* Inc 55 tax-ex N Y-Jan 1960 A 0
Third Ave RR 1st g 58
1937 .1 J
Tobacco Prods(NJ)630-2022 MN
Toho Elec Power 1st 7s
1955 M 8
Tokyo Elec Light Co Ltd
1st 138 dollar aeries
1953.7 D
Trenton G & El 1st a 58- _1949 M 8
Truax-Traer Coal cony 6348_1943 M N
Trumbull Steel 1st s 1 6s...1940 M N
*Twenty-thIrd Bt fly ref 58_1962 J .7
Tyrol Hydro-Elec Pow 7345_1955 MN
Guar sec St 75
1952 F A
Ufigawa Elec Powers I 78...1945 M S
Union Elec Lt & Pr(Mo)58_1957 A 0
Un E L& P (III) 1st g 5348 A 1954 J .7
*Union Elec fly (Chic) 58_ _ _1945 A 0
Union 011 30-yr 135 A __May 1942 F A
Deb 58 with warr___ _Apr 1945.7 13
United Biscuit of Am deb 68 1942 M N
United Drug Co (Del) 58-1953 IN 5
**United Rye St L 1st g 43_ _1934 J .1
US Rubber 1st & ref Sneer A 1947 1 J
United El S Co 15_year 63-1937 M N
Un Steel Works Corp6 As A.1951 J 13
Bee. 3 I 634s series C
1951 .1 D
Sink fund deb 634s ser A 1947 J .1
Un Steel Works(Burbach)7s 1951 A 0
Universal Pipe & Rad deb 68 1936 .1 12
Unterelbe Power & Light 65_1953 A 0
Utah Lt dr Trac let & ref 53_1944 A 0
Utah Power & Light 1st 58_ _1944 F A
Utica Elec L & P 1st 3 f g 581950 J J
Utica Gas &Elec ref & ext 58 1957.7 J
Util Power dr Light 5 As___ _1947 J D
Deb 58 with warrants---1959 F A
Financial Chronicle
1376
Sept. 1 1934
Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at the
Boston Stock Exchange, Aug. 25 to Aug. 31, both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Stocks—
Railroads—
Boston & Albany
100 124
Boston Elevated
100
Boston & Maine—
CILL98 A 1st pret stpd-100
Cl C lot pref stpd_ _100
Cl D lot pret stpd__100
100
Cl D 1st pref
East Mass St Ry com _100
I-referred B
100
Maine Central Ry
100
NY N HavendrHartford100
Old Colony RR
100 86
Pennsylvania RR
50 23%
124
65
7
9
1244
10
80e
234
534
1036
85%
2334
128
651e
8
9
13
10
800
234
544
1234
87
25%
Range Since Jan. 1.
Jan
Jan
157 10934
51 55
35
10
99
15
24
5
11
507
50
523
High.
Low.
7
8
1235
10
75c
154
5
9
7836
2134
140
70
1645
Aug
Aug 19
Aug 25
Aug 15
2%
June
Jan
7
Aug
1434
July 24
Jan 10434
Aug 39
July
Apr
Feb
Mar
Feb
May
Jan
Mar
Feb
Feb
July
Feb
Miscellaneous—
American Conti Corp__•
734
736 836
Amer Pneu Serv pret_ _50
4
4
Common
25
154
1%
100 111
Amer Tel & Tel
110% 114
Amoskeag Mfg Co
•
4% 534
Bigelow-Sanford Carpet--• 2236 2234 2244
Brown Co 6% cum pref__•
8
8
Brown & Durrell Co corn_•
234
254
East Gas & Fuel Assn
6% cum prof
100
66% 67%
4 Si% prior preferred 100 74
76
74
Eastern SS Lines Com
5
5
•
36
Preferred
36
*
Economy Grocery Stores_.
17
1736
Edison Elec Ilium
100 13036 13046 13136
ETD ployers GrouD
9% 934
934
General Cap Corp
*
2036 2136
4
Gilchrist Corp
4
•
Gillette 08/86y Razor
1136 1236
Hygrade Sylvania Lamp
Co com (T C)
22
22
*
Intl Hydro-Elec class A_25
4% 5
55%
55%
Libby McNeil & Libby...10
Masi: Utilities Assoc v t e_•
1%
154
154
Merganthaler Lynotype--• 2045 2036 21
N E Public Service
•
34
45
New Eng Tel & Tel— 100 97
9636 97
Pacific Mills
100
2044 2236
Reece Button Hole Mach10 1135 1144 1136
Reece Folding Mach Co..10
255 2%
Shawmut ASSID tr etts.--7%
7
•
734
Stone & Webster
•
63-4 6%
Swift & Co
25 1935 1934 2036
Torrington Co
6234
61
• 62
United Foundars com_
I
55
%
U Shoe Mach Corp
66
25 6534 65
Preferred
25
36% 37
454
Waldorf System Inc_
43-4
•
Waltham watch pret__100 15
30
15
Prior preferred
30
100 30
30
7
Warren Bros Co
•
834
40
90
60
355
88
50
89
45
60
50
378
274
1,259
255
238
562
112
5
16
10
160
Mar 25
19
45.4 Jan
974
734
434 July
1
May
24
2036 July 2736
4 May
1%
83
Jan 97
2036 May 344
Jan
1236
10
2
Jan
3
.515 Aug
954
436 July 1336
Jan 2036
14
4934 Jan 64
54 July
134
5636 Jan 6834
3236 Jan 37
434 Jul)
,
854
1434 Aug 30
30
Aug55
1336
534 July
Apr
Feb
Apr
Feb
Feb
Feb
Aug
Feb
May
June
Feb
Feb
Aug
Aug
Feb
Apr
Aug
Feb
Aug
May
Jan
Mining—
25
Calumet & Hecht
25
Copper Range
Mohawk Mining
25
North Butts..
2.50
Old Dominion MM Co_ _25
Pond Crk Pocahontas Co.
25
Quincy Mining
5
Utah Apex Mining
Utah Metal & Tunnel____1
165
195
100
1,025
145
45
152
200
3,920
654
254 July
Jan
554
3
20c Aug445
250
Jan 80e
66c
Jan
1%
Jan
19
10
Jan
2%
1
Jan
750
3
654
1
Jan
Feb
Feb
Feb
Jan
Feb
July
Apr
Feb
July
Bonds—
Amoskeag Mfg Co 69..1948
Chicago Jet Ry & Union
Stockyards 4s
1940
E Mass St Ry ser A 4458 '48
1948
Serit. 13 5s
354
3%
20c
30c
,4
2%
3%
3%
200
30c
60c
18
4
1%
2%
334
3%
20c
33c
60c
1836
1
1%
3%
934 July
4% Jan
125
3% Aug 1034 Jan
35
3% Jan
154 Aug
100
2,086 10534 July 1253.4 Feb
40
334 July 10% Feb
20 20
Aug 3
944 Feb
Apr
16
Jan
5
5
Afar
4
Jan
5
2
July
Jan 70
48 45
Jan 8034 July
72 55
Aug 1034 Feb
5
10
Jan
Aug 42
25 36
July
30 16
1836 Apr
444 12554 Jan 15436 Feb
30
736 J80 1236 Feb
Feb
Aug 26
62 19
10
6
3% Jan
Feb
1234 July
136
834 Jan
Apr
5836 583-4 31.000
58
Aug
100% 10036 10,000
4836 4836 4836 3,000
1,000
5134 51%
88
38
39
Jan 100% July
Jan 52
May
Jan 58
May
5836
76
• No par value. z Ex-dividend.
CHICAGO SECURITIES
Listed and Unlisted
Paz[1. FLDavis &ea
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange, Aug. 25 to Aug. 31, both inclusive, compiled from official sales lists:
Stocks—
sates
Friday
Last IWeers Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
50
Abbott Laboratories com_. 4934 4934 4934
100
Acme Steel Co
3734 3734
25
3
350
Adams Royalty Co come
334
200
Advanced Alum Castings_ 5
1.% 1% I%
Allied Products Corp cl A_•
50
11
11
110
Amer Pub Sera' pref._ _100
7
736
Armour & Co common__5
634 6% 10,900
63-1
200
Asbestos Mfg Co corn_ _1
134
134
Assoc: Tel U Ill—
50
Common
*
15
%
0
*
86 cony pref A
1%
% 3
50
I
*
$7 cum prior pref
Automatic Products corn 1,
50
635 644
Balaban & Katz pref..100
130
60
60
436 4%
50
Bastian-Blessing Co corn_•
855
Sendix Aviation com____• 1234 1245 14
900
Berghoff Brewing Co. _1
43
534
40
4
4
•
Blums Inc cony prof
Borg-Warner Corp com_ 10 22
2,250
2136 23%
440
100 106
7% preferred
10334 108
Brown Fence J. Wire—
10
150
•
Class A
1134
100
•
274 2%
Cla.ss it
250
8%
8
•
Bruce Co (E L) corn
834
40
Bucyrus-Alonighan cl A.. •
1434 1436
,ntlAr ItrnthAPA
to
5114
1114 9
5.400
Range Since Jan. 1.
Low.
High.
40
2736
144
134
934
5
4
116
Jan
Jan
Mar
Aug
Aug
Jan
July
July
5135
4745
4
43-4
2
036
13
654
314
May
Feb
May
Jan
Feb
Feb
June
Jan
3-4
54
ss
236
50
3%
954
435
374
1634
93
35
Jan
%
Jan
Feb
114
974
Jan
Mar 60
Aug 10
July 2336
1134
July
Mar
4
July
283.4
Jan 108
Jan
Feb
June
Feb
Apr
Feb
Feb
Jan
Aug
Feb
Aug
.NIOV
scions
Last 1Veek's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Canal Constr cony pref_ *
Cent Ill Pub Serv pret___•
Cent Ill Scour corn
1
Convertible preferred__*
Cent Pub Util class A
*
Cent SW Util—
Common
Preferred
*
Prior lien pref
•
Chicago Corp common__ _•
Preferred
•
Chicago Flex Shaft corn_ _5
Chicago Mall Order corn _S
Chic & NW Ry corn...MO
Chicago Rivet & Mach cap*
Cities Service Co corn_ _ _.•
Commonwealth Edison mo
Congress Hotel com_ _100
Consumers Co corn
5
Continental Steel—
Preferred
100
Cord Corp cap stock
6
Crane Co common
25
Preferred
100
Elec Household Util cap._5
Fitz Sim & COD & D corn•
General Candy Corp A_ _ _5
Gen Household URI oom_•
Goldblatt Bts Inc corn *
Great Lakes D & D com__*
Greyhound Core new corn •
Hall Printing Co com_ _ _10
Hormel & Co (Geo) corn A*
Houdaille-Hershey—
*
Class B
Illinois Brick Co
25
Illinois Nor Util pref_ _ _100
I nterestate I'ow 57 pref__.
Iron Fireman Mfg v t o_ •
Katz Drug Co common...1
Ken Util Jr cum pref_ _.50
Keystone St & Wire—
Common
*
Preferred
100
Kingsbury Brew Co cap--1
La Salle Ext Unix corn...
.5
Leath & Co cum pret_
•
Libby McNeil & Libby_ _10
Lincoln Printing—
Common
•
Lindsay Light corn
10
Lion Oil Ref Co corn
•
Loudon Packing com ____•
Lynch Corp corn
5
McCord Had & Mfg A_ •
McGraw Elea Co corn. _5
McWilliams Dredging Co •
Manhattan-Dearborn corn*
Mapes Cons Mfg cap
•
Marshall Field common..•
Mickelberry'sFdProd corn 1
Middle West CU! com. •
86 cony prof A
*
Midland Util—
636 prior lien
100
Monroe Chemical Co pref.
Common
•
Masser Leather(J K)corn •
Natl Battery Co pref__ •
Nat Gypsum Any corn...5
National Leather corn_._1O
Natl Scour Inv corn
1
National Standard corn. •
Noblitt-Sparks Ind corn_ _•
North Amer Lt & Pr com_l
Northwest Bancorp corn_ •
Northwest Eng Co com_ •
Okla Gas & El 77 pref.. 100
Oshkosh Overall Co com__.
Convertible preferred_ •
Peabody Coal 6% pref.. 100
Prima Co corn
•
Public Service of Nor ill—
Common
•
6% preferred
100
7% preferred
100
Quaker Oats Co—
Common
•
Preferred
100
Rath Packing Co com_ _10
Ryerson & Sons Inc com_..*
Shaler Co (The) cl A_ _ _..
Sou'west G & E 7% pret100
Southwest Lt & Pow pref_*
Standard Dredge cony pfd*
Stockline Fur cony pret_25
Sutherland Paper com10
Swift International
16
Swift & CA.
25
Thompson (J R) com _ _ _25
20 Wacker Drive $6 pret_ •
U S Gypsum
20
UM& Ins) Corp corn
*
Convertible preferred_.•
Viking Pump Co corn.....'
Vortex Cup Co—
Common
•
Class A
•
Wahl Co corn
•
Welgreen Co common_ _.•
Ward (Montg)& Co el-A_•
Waukesha Motor Co corn...
Wisconsin 13kahares corn..'
Zenith Radio Corp corn _.
•
Bonds—
Chicago City Ry 5a___1927
Certificates of deposit.. _
Chicago Rys 5.9 etts
1927
208 So La Salle St Bldg
51.0.
Jan
6
Jan
1
574 Aug
10% Jan
Jan
4
12
454
1634
1436
12%
Feb
Feb
Mar
Aug
Apr
100.8
1134
774
Range Since Jan. 1.
Low.
High.
1%
134
1136 1234
14
34
746
7.54
Si
Si
30
280
50
400
350
1%
1045
%
534
4
July
Aug
June
Jan
Jan
33-4
24
1%
854
%
Apr
Apr
Feb
Feb
Feb
Si
3
5
134
224
715
8%
434
6
154
34
10
Si
July
Aug
Jan
Jan
Jun
Aug
July
July
Mar
July
Jan
Aug
Aug
2
1336
17
4
3136
1145
19
1536
1754
436
62
44
1
Jan
Jan
Jan
Jan
Feb
July
Feb
Feb
Apr
Feb
Feb
Feb
Jan
54
336
12
1%
25%
77-5
934
6%
8
2
4554
Si
3%
1134
1%
2536
7%
936
655
8
1%
4555
15
45
%
354
1234
23-4
2644
1074
10
75/4
8
2
4834
15
34
2,300
170
450
2,050
750
250
400
1,500
50
7,100
800
20
50
65
434
7%
12
5%
9
65
4
734
58
153.4
12
534
8%
15%
16
1734
5%
20
65
434
834
59
15%
12%
5%
1036
1536
16%
1836
574
21
20
2,300
1,500
110
500
100
150
4,000
50
250
450
100
500
40%
2%
534
44
834
12
4
7
15
1336
636
345
16
Jan
July
Aug
Jur.
Jan
Aug
Jan
July
July
July
Feb
Jan
May
653-4
83.4
1154
515%
16
17
754
1641
3254
22
19%
0311
21
Aug
Jan
Jan
Jan
Aug
Feb
Mar
Apr
Feb
Jan
July
Feb
Aug
8
4
3%
663-4
8
1434
3334
534
4
3%
6634
8
14%
25
53.4
50
100
30
10
50
250
60
24
345
4234
77-4
8
21
5
July
Aug
Jan
July
Jan
Jan
Aug
6%
734
70
1716
18
28
23
Jan
Feb
May
Jan
Jum
Api
Jar
400
1654 1834
70
80
78
450
1% 236
270
55
54
6
120
636
745 855 15,750
1134
70
154
%
3
3
Jan
Mar
July
Afay
Apr
Jan
2374
SR
936
1
674
855
May
May
Jar
Feb
Aug
Anil
Aug
Apr
June
Apr
July
Jan
Jan
Jaii
June
Aug
Aug
Apt
Jan
Jan
July
Aug
Jan
Jan
Jan
July
Aug
July
Mar
Jan
13.4
334
554
2544
4036
20
1054
263-4
2
35
1945
355
34
234
Fel
Jar
Fet
3334
8%
2555
10%
2
43
834
154
12%
1
13%
6334
34
3%
3%
25
3034
11
835
23
134
3014
1036
1%
%
%
54
3%
37-6
2534
3036
11
834
25
136
3014
1234
245
Si
%
550
800
50
440
50
100
100
800
50
50
850
1,350
1,300
100
Si
2
334
103.4
26
214
354
1436
1
30
844
1
Si
Si
34
39%
43
1534
2034
844
154
17-4
2434
1274
1
334
314
80
4
18
5
314
45
3914
5
1534
23
944
1%
13.4
2436
12%
1%
33'
3%
8034
445
18
5
345
20
50
150
50
160
250
3,650
100
150
900
1,450
200
100
20
150
10
70
300
Si
2034
234
034
15
815
%
14
21
1354 1434
4
63% 6
7034
70
500
70
100
123% 123
125
125
2936
1334
104
1074
51
22
234
451
734
3736
39
19% 1936
574
46
42
%
%
254
4%
10
July
1
34
334
6044
33-4
15
5
274
Aug
Juno
Aug
Jan
Jan
Jan
Aug
July
1274 July
34
Jan
3834 Jan
2
40
835
1534
23
14
254
1%
2734
16
43.4
63.4
734
84
84
20
6
1236
Pet
Api
Ma3,
Jar
Fel
Apr
API
Jar
Fel
Fel
Mal
Fel
Aril
Fel
Aui
Fel
Jull
Fel
An
Fel
Fel
Fel
Jar
Ma
Jub
Fel
Fel
Jul3
Jar
22
63
75
Fel
Jul;
Jul;
Apr 125
360 106
125
100 115
128
Jan 1823.4
100 2434 Jan 31
31
150 1236 Jan 20
133.4
113-4
60
10.35
834 Feb
Jan 60
52
30 40
2(1 16 14 Jan 33
25
574
50
254
154 Aug
43/4 Jan
4%
634
10
8
40
67-5 Jan
734
39% 3,600 24
Jan 304
Jan 2096
2034 24,300 14
1054
5
Aug
150
53-1
10
74 Jan
34
34
100 3934 Apr 50
42
2
1
35 July
600
6
2%
154 Jan
150
6
5
1% Jan
60
1534 16%
30
30
154
194
2434
24
11774118 34
29
29
2
2
244 2%
Aw
um
Jan
Mar 3234
Jan
2%
Jan 29
Jan 123
35
July
Aug
4
July
5
AR
Jul;
Au,
Fel
Ap
Ma
Jul:
Vol
Ap
Jai
Au,
All
Fel
Ma
Jai
Fe
Fe'
Ma
Au
Jul
Fe
Jun
Jun
Fe
Fe
Fe
1,150
150
50
100
140
130
100
300
834
25
1
1794
88
19
2
134
56
503-4 5
03-4 33,000
1,000
56
56
1,000
5574 5534
4614
44
47
Jan
Jan
Jan
54% Jul
Jul
57
57% Jul
97
27
25
Aug
38
118
• No par value, z Ex-dividend
26
2.000
Ma
y Ex-rights.
Toronto Stock Exchange—Curb Section.—Record of
transactions in the Curb Section of the Toronto Stock Exchange, Aug. 25 to Aug. 31, both inclusive, compiled from
official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Beath & Son(W 1)) A..._......
• 8%
Brewing Corp corn
Preferred
• 31
4
4
8% 8%
31%
31
40
1,499
446
Range Since Jan. 1.
Low.
2
5
15
Jan
Jan
Jan
high.
July
6
May
11
3244 Aug
Financial Chronicle
Volume 139
Fr iday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Can Bud Breweries corn..* 10%
1034 11
Canada Malting corn_ _* 31% 30% 31%
Canada Vinegars com___• 26% 25% 2635
Can Wire Bound Boxes A*
14
14
Consolidated Press A_
*
831 8%
Cosgrave Export Brew_10
834 834
Distillers Seagrams
15%
13
1531
Dominion Bridge
•
3134 3131
Dom Motors of Canada_10
280 250
Dom Power & Trans stubs*
1.25 1.25
Dorn Tar & Chem com_ •
2% 2%
English Eleo of Can A...*
10
12
Goodyear Tire & Rub com• 125
124 129%
Hamilton Bridge com_ *
5 8
Preferred
100
30
30
.
Honey Dew corn
300 300
Imperial Tobacco ord____5 11% 11% 1134
International Metal cl A.•
4% 4%
Montreal L H & P Cons_* 33% 33
35
1,742
734
225 2831
150 2134
25 13
10
6
5$1
10
8,365
30 2531
50 250
15 1.00
2
175
15 12
180
o
4%
40
2 21
25 300
305 1031
4%
10
662 31
National Breweries com_•
Ontario SlIknit corn
•
Power Corp of Can com_ •
Rogers Majestic
Robert Simpson pref _100
Stand Pay & Mails coin_ •
Stop & Shop corn
•
Toronto Elevators pref 100
United Fuel Invest pref100
Walkerville Brew
•
Waterloo Mfg A
•
100
200
25
511
7
20
20
5
25
1,470
110
Oils
British American 011___5
Crown Dominion Oil_ •
Imperial Oil Ltd
•
International Petroleum_•
McColl Frontenac 011 corn*
Preferred
100
North Star Oil pref
5
Supertest Petroleum ord..*
Common
•
Thayers Ltd corn
2834
2%
10
734
9534
1%
6
101
14%
8
1
1334
14%
28%
88
28%
2%
10
831
96
1%
6
101
16
834
13%
2%
1431
28
13%
8734
1.10
23%
22%
631
14
2%
15
29
13%
88%
1.10
24%
22%
6%
1
High.
Friday
Sates
Last Week's Range for
Sale ofPrices. Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Jan 12
Jan 35%
Jan 27
Feb
1634
Jan 1134
10
Jan
July 2634
Jan 37
Aug 800
July 1.50
534
July
6
July
Jan 136
Aug
9%
July 37
Aug 1.50
Aug 1231
Aug 10%
July 39%
Mar
Mar
Feb
Jan
Feb
June
Jan
Mar
Jan
June
Feb
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Feb
National Sewer Pipe A. *
Ont Equitable 10% paid100
Orange Crush 2d pref_
•
Page-Hersey Tubes com__•
Photo Engravers & Elec. •
Russell Motors coin_ _100
Preferred
100
Simpson's Ltd pref- -100
Steel of Canada corn
•
Preferred
25
Ap
26
2834
7
334 Aug
July 15
Jan
5
934
Jan 96
80
1% Aug
434
434 Jan
9
May 106
90
931 Jan 20%
531 Feb
10
1
4
Aug
Aug
Apr
Feb
June
Aug
Feb
Apr
Apr
Apr
July
Feb
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
July 15%
Jan
431
Jan 15%
Jan 28%
Jan 1431
Jan 91
July 3.00
Jan 29%
Jan 28
Aug
7
Mar
Mar
June
June
Apr
May
Mar
Mar
Mar
July
1,689 12
2
5
4,684 1234
2,660 18%
592 10%
150 71%
35 1.10
220 16
50 16%
25
6%
Traymore Ltd corn
•
Union Gas Co corn
•
•
United Steel
Walkers (Hiram) cora____*
Preferred
Weston Ltd (Geo) corn.. •
Preferred
100
Zimmerknitt prat
JENKS,GWYNNE & CO
•
Members New York Stock Rzchange, Toronto Stock Exchange
and other principal Exchanges
65 Broadway, New York
230 Bay St., Toronto
256 Notre Dame St. W., Montreal
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Aug. 25 to Aug. 31, both
inclusive, compiled from official sales lists:
Stocks-
S121e5
Friday
Last Week's Range for
Welk.
Sale
ofPrices.
Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Lam
Aug
Abitibi Pow dr Paper com_*
1.00 1.00
Alberta Pac Grain pret.100
15
15
•
Beatty Bros corn
8% 9
Beauharnols Power coin..*
514
5% 6
Dell Telephone
100 118
11731 118
Blue Ribbon Corp corn_ _.•
434 434
634%.preferred
50 30
32
Brantford Cord let pref _25 2534 2534 253s
Brazilian T L & Pow coin.* 1036
1036 11%
Brewers & Distill corn--....• 750
750 850
B C Power 13
*
534 534
Building Products A
•
21
21
Burt(F N) Co com
25 3136
31
31%
175
1.00
100 15
50
631
329
3%
242 110
58
4
64 2336
35 22
3,811
7%
620 650
11
4%
25 16
55 27
Aug
July
Jan
Jan
May
Jan
Jan
July
July
Jan
Jan
Jan
2.25
23
10
9%
120
6
32
26
14%
2.95
834
23%
34
Apr
Feb
Feb
Feb
May
June
Apr
July
Feb
Jan
Feb
Feb
May
Canada Bread corn
•
3
Canada Cement com____•
634
634
Preferred
• 3831 38
Canada Steamship pref-100
5
Canadian Canners nom__ _*
5
Convertible preferred_ _•
7
734
1st preferred
100 82
80
Can Car & Fdry com___•
734
Preferred
25
14%
Can Dredge & Dock com• 21
2036
Can Gen Elea prof
50 6236 6236
Can Indust Alcohol A____•
7%
836
B
•
7
Can Locomotive corn__•
2
Canadian Oil corn
* 14
14
Preferred
100 115
114
Canadian Pacific Ry___25 1336 1334
Canadian Wineries
•
6%
634
Cockshutt Plow nom
•
651
0%
Consolidated Bakeries_ _ •
.
834
8
Cons Mining & Smelting 25 138
13734
Consumers Gas
100 188
188
Cosmos Imperial Mills_ __•
11
Preferred
100
9034
Dominion Stores sem.- _• 1731
1736
•
Eastern Theatres prat_
70
Easy Wash Mach com___•
2
Fanny Farmers earn
• 2934 29
Ford Coot Canada A....-• 2036 20
106
2
420
434
116 33
10
3
115
5
305
7
40 75
591
165
70 11%
200 17
205 59
3,460
536
10
551
30
1%
75 10
53 92
1,735 11%
130
6
200
6
390
7
391 118
77 165
734
80
20 85
172 17
1 6636
35
134
100 13
1,614 15
Aug
534
July 12
Jan 53
Jan
9
Aug
8
Aug
10
Jan 8836
July s' 9%
Jan
16%
July 3434
Feb 63
July 2036
July 19%
May
2%
July
18
Feb 120
July
1836
July II%
Aug 10%
July
1234
July 170
Jan 190
Jan 11%
Jan 95
July 23
June 75
July
534
June 32%
Jan 2531
Jan
Feb
Feb
Apr
Apr
Feb
Apr
mat
Feb
Feb
Aug
Jan
Jan
Mar
June
June
Max
Jan
Feb•
Feb
Apr
Aux
Feb
July
Mal
May
Api
June
Feb
Goodyr T & Rub pref _100 113
107 106
113 114
Jan 118
Great West Saddlery com_•
1
1
20
1
Aug
3%
Preferred
100
15
10 11
15
Feb 15
Gypsum Lime & Alabast_•
531
5
531
950
431 Jan
831
United Theat com_25
Ham
1
1
1
5
Aug
236
Preferred
100
50
50
15 46
Jan 56
'Undo & Dauche Paper_ __•
7% 8
300
531 Jan
8%
Hunts Ltd A
•
10
10
2
9
Jan
1631
•
B
10
5 10
10
Aug
16
•
Imperial Mill pref
10531 10536
10 99
July 11034
•
Internatl Mill A pref
10 84
Jan 99
9434 9434
Internatl Nickel corn
• 2436 2434 2536 11,814 2131 Jan 29
•
Internatl Utilities A
3
3
25
3
Aug
634
B
*
500 500
25 500 Aug
1.50
Kelvinator of Can pref_100
93
17 80
9331
Jan 95
Lobiaw Grocetenas A....* 1734 1736 1736
550 14
Jan
1834
• 1636
1636 17
B
330 1336 June 17%
Loew's Theat(M) pref-100
83
83
17 60
Jan 85
•
Maple Leaf MIII com
65e 650
65 500 Aug
6.00
Preferred
100
63
934
5
May 1031
934 934
•
4
Massey-Harris corn
4
434
750
336 July
834
Monarch Knitting pref-100
70
70
15 45
Jan 7114
•
13
Moore Corp corn
14
328 11 • Jan 1734
100
15
120 120
5 10934 Jan 130
Juli
May
Julj
Fel
Fel
Mai
Juli
Api
Api
Juni
Jul:
Ap
Fel
Fel
Jul:
Ap
Ap
Jul:
Jai
Fel
Fel
Au.
Fel
Ma:
3
6%
3931
5
6
734
82
731
15
21
63
836
7
2
1431
115
1436
6%
634
834
141
190
11
90%
1836
70
2
2934
2036
Low.
High.
19
6
35c
6936
18
17
46%
69
34
3734
50
118
100
64
25
5
9
20
137
60
14%
5%
25c
55
14
17
10
42%
28
31
Jan
June
July
Jan
Jan
Aug
Mar
Jan
Jan
Jan
2034
9
900
77
20%
17
48
74
38%
3831
Feb
Feb
Jan
Mar
June
June
Feb
June
Apr
Apr
150
3%
3
26%
28
14%
1531
39
45
106
75
15o
331
3%
2831
1531
45
108
75
150
1,275
470
2,579
524
3,036
20
5
100
2
3
21
14%
28
8831
50
1.00
Aug
6%
Aug
Aug
6%
July 57%
Aug 1731
Feb 45
Jan 110
Mar 75
Jan
Mar
June
Jan
Jan
Aug
July
Aug
148
166
173
194
257
152
201
150
168
174
195
261
156
202%
55
30
35
50
25
31
22
122
81
110
107
123
81
110
107
47 118
14 70
10 105
10 105
68
33
34%
3%
150
168
173
194
257
156
202
123
Jan 168
133
Jan 186
141
Jan 180
167
Jan 203
253
July 278
13034 Jan 168
162
Jan 210
Jan 140
Jan 95
Jan 120
Jan 120
Feb
Mar
Feb
Feb
Jan
Mar
May
Apr
Mar
Apr
Apr
Montreal Stock Exchange.
-Record of transactions at
the Montreal Stock Exchange, Aug. 25 to Aug. 31, both inclusive, compiled from official sales lists:
Stocks-
MARKETS
100
100
100
100
100
100
100
Range Since Jan. 1.
19
6
35c
68
18
17
4631
69
33
3334
Loan and Trust
Canada Permanent_ _100
Huron & Erie Mortgage 100
Toronto General Trusts 100
Toronto Mortgage
so
• No par value.
• No par value.
CANADIAN
1377
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week,
Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
Agnew-Surpass Shoe
634 7
•
Preferred
76
• 76
76
Alberta Pac Grain pref_100 15
15
15
Amal Elec Corp pref_
15
50
15
Bathurst Pow Sc Paper A_•
434
434
Bell Telephone
100 11734 117 118
Brazilian T L & Pow____* 1034
1034 1134
Brit Col Pow Corp A ____• 2634 26% 2734
II
•
534 6
Bruck Silk Mills
1534
•
15
Canada Cement
6%
*
654 634
Preferred
100 3834 3834 39
Can North Pow Corp_ __ _• 2031 20
21
Can Steamship pref___ _100
5
554
5
Canadian Bronze
22
•
22
Preferred
102 103
100
Can Car & Foundry..,..•
634 731
6%
Preferred
25
1434 14%
Canadian Celanese
• 16
16
1691
Preferred 7%
106 108
100 106
Canadian Cottons
5634 5634
100
Preferred
95
100
95
Can Gen Elec pre
62
62
ao
Can Hydro-Elec pref_100 66
6434 66
Can Indust Alcohol
•
774 894
831
Class B
•
734
7
734
Can Pacific Ry
25 1354
1334 1431
Cocksbutt Plow
631
•
636 631
Con Mining & Smelting_25 138% 138 141
20
51.4
4 72
5 1434
10 10
3
185
204 110
2.875
734
485 2231
4%
55
250 1234
4%
546
45 32
341 1631
75
236
50 17
10 95
531
825
365 1134
85 16
55 104
15 41
25 70
45 58
161 5434
2,580
5
845
5
3,587 1134
6
195
340 119
Aug
Feb
July
Jan
Jan
Jan
July
Jan
Jan
July
July
Jan
Jan
Jan
Jan
Jan
July
May
Aug
Feb
Jan
Jan
Jan
Jan
July
July
July
Aug
July
834
90
22
15
834
120
1431
3234
834
22
12
5234
2234
9
27
109
934
16
2231
120
72
95
63
76
2034
1836
18%
1034
170
Feb
Mar
Mar
July
Mar
Mar
Feb
Feb
Feb
Max
Feb
Feb
Max
Apr
Max
May
Mar
Feb
Max
Apr
Feb
Aug
May
Apr
Jan
Jar
Mar
Pet
Mai
Dominion Bridge
* 3134
3134 32
Dominion Coal pref._ _100
80
80
Dominion Glass
100
97
90
Dom Steel & Coal B_ _ _25
331 434
331
Dominion Textile
• 8434 8434 8534
Dryden Paper
3% 4%
•
Enamel & bleating Prod_ •
1.00 1.00
General Steel Wares
•
331
334
331
Goodyr T prof inc 1927_100
114 114
Gurd (Charles)
•
6
6
6
Gypsum Lime & Alast
5
*
5
534
Hamilton Bridge
*
5
5
Preferred
100 24
24
25
Hollinger Gold Mines____5 19.65 18.55 19.70
Howard Smith Paper M__•
634 634
Preferred
100
6154 6154
Internatl Nickel of Can• 2436
2434 2531
International Power
334
331
•
Preferred
100 28
28
28
Jamaica P S Ltd pref 100
10231 103
Lake of the Woods
"
2
231
Massey-Harris
•
4
4
454
McColl-Frontenao 011_ __ _• 1334
1334 1334
Mitchell (J S)
•
15
15
Preferred
100
100 100
Montreal L H & P Cons_ _• 3334 3334 35
Montreal Telegraph__ _40
5434 55
Montreal Tramways_ .100 96
95
98
National Breweries
• 2834 2731 2834
Preferred
25
36
36
Natl Steel Car Corp
• 1434
1434 16
486
10
90
1,836
360
310
10
85
20
135
115
5
2
2,400
14
115
5,684
30
63
15
25
255
1,026
10
2
2,900
62
40
4,128
10
151
2594
10
80
2%
67
3%
1
331
107
6
431
4%
23
11.40
4
33
21.15
2
14
97
10
331
1034
15
100
3034
50
93
2356
31
1234
Jan
Jan
Jan
Jan
Jan
Aug
Apr
Jan
Jan
July
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
July
Jan
July
Jan
July
Jan
July
Jan
Feb
July
37
92
100
534
88
734
334
6
114
1134
834
934
37
20.10
11
73
29
4
2834
103
15
8
14%
16
100
3934
55
125
28%
3634
1834
Max
Juni
Ma.
Ap.
May
Fel
Mai
Fet
Juni
Ap.
Fel
Fel
Fel
Ate
Mai
Mal
Ap
Jul:
Jul:
Au.
Fel
Fel
Ap
Jul:
Jai
Fel
Ma:
Fel
Au'
Jul
Fel
Ogilvie Flour Mills
*
195 200
Preferred
100 13734 137 13734
Ottawa L H & Pow pref 100 100
100 100
Ottawa Traction
100
15
15
Penmans
•
60
60
Preferred
100
102 102
Power Corp of Canada.... 10
10
11
Quebec Power
* 16
16
1634
St. Lawrence Corp
•
1.90 2.00
A preferred
50
7
7%
St. Lawrence Paper pref100
1734 18
Shawinigan Wat & Pow..
• 19
1831 2031
Sherman-Williarns of Can •
14
1434
Preferred
100
83
83
Simon (H) & Sons
•
735 8
Preferred
100
100 100
Southern Can Power
• 13
13
13
Steel Co of Canada
• 33
33
34
Preferred
25 35
35
36
Wabasso Cotton
•
25
25
Western Grocers Ltd--•
32
32
Preferred
100
95
95
Winnipeg Electric
•
234 234
65 180
5 125
3 90
5 5
10 47
10 87
734
456
80 15
210
134
534
355
620 12
2,373 1731
90 1234
10 60
6%
250
5 65
62 11
100 28
118 31
5 20
5 30
10 85
131
25
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
209
14034
103
20
62
102
15
20
334
11%
26
2434
21
8734
10
100
16
38
39
37
34
95
4
Fel
Jul
Jun
Ap
Fe
Au
Fe
Fe
Fe
Ma
Ma
Fe
Me
Ms
Me
Jul
ME
Me
Jul
Al
Jul
Au
Fe
BanksCanadienne
Commerce
Imperial
Montreal
Nova Scotia
Toronto
* No par value.
100
100
100
100
100
100
125
195
256
156
123
14834
171
19334
256
154
125
151)
171
196
256
156
139
32
1
214
28
66
124
Aug145
129
Jan 166
145
Jan 175
169
Jan 203
July 276
253
18134 Jan 205
Fe
Fe
ME
Fe
Fe
MI
Financial Chronicle
Montreal Curb Market.
-Record of transactions at the
Montreal Curb Market, Aug. 25 to Aug. 31, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Asbestos Corp vtg trusts_ •
51i 6
Associated Brew of Can •
104 11
Assd 011 & Gas Co Ltd_ _•
130 15e
Brit American 011 Ltd_ _ __• 13% 13X 14
Brit Col Packers Co Ltd_ • 1.80
1.80 1.85
150
Cum preferred
12% 13
Canada Vinegars Ltd__ *
26
26
Cndn Dredge & Dk Ltd_ •
209 204
Cndn Foreign Invest Corp •
20
21
100
Preferred
105 105
CndnVickersLtd cum p1100
44 44
Cndn Wineries Ltd
•
634 634
CatelliMacProds pref A_30
8
8
Commercial Alcohols Ltd.*
8
84
834
Distill Corp Seagrams Ltd • 15
134 15
Dominion Eng Works Ltd • 22
22
22
Dominion Stores Ltd
• 1734
1734 1834
Dom Tar & Chem Co Ltd _•
234
234
100
Cum preferred
2234 22.4
FraserCompanies vot trust*
314 4
Home 011 Co Ltd
•
1.00 1.05
Imperial 011 Ltd
* 144 144 143-4
Imp Tobacco Co of Can_ _5 1134
113.4 1154
InteratyBaking Co Ltd100
1734 1734
4
4
lot Paints(Can) Ltd A_ _ _•
4
Int Petroleum Co Ltd_ _• 2854 28
2834
11
12
Melchers Distill Ltd A_..° 11
•
5
54
5
B
Mitchell & Co Ltd (Robt) *
534 53i
69
69
Page-Hersey Tubes Ltd.*
4
4
4
Regent Knitting Mills Ltd*
74 8
Rogers Majestic Corp_ __ _•
1.25 1.25
Stand Paving & Materials•
20
20
ThriftSt cum pt64%_ _ _25
8.25
8.00 8.50
Walkerville Brewery Ltd.*
2834
Walker Good & Worts__ * 284 27
Preferred
• 154
1454 154
•
Whittall Can Co Ltd
334
334
50
50
100
Cum preferred
Public UtilityBeauharnois Power Corp.*
C No Pow Corp Ltd pref100
City Gas & Elec Corp Ltd •
Foreign Pow Sec Corp Ltd •
Inter Util Corp cl A
Class B
1
Pow Corp of Can cum pt 100
Sou Can P Co Ltd pref.
_100
Mining
Big Missouri Mine Corp._ 1
Bulolo Gold Dredging Ltd 5
Cartier-Malartic G M Ltd 1
Crown Cons Mines Ltd_ 25c
•
FalconbriclgeNickel M Ltd
Greene Stabell Mines_ __I
1
J M Consolidated
Lake Shore Mines Ltd_ _ _ .. 1
1
Lebel Oro Mines Ltd
•
Lamaque Cont
McIntyre-Porcupine Ltd_5
Nipissing Mines Ltd
5
Noranda Mines Ltd
•
6
534
1004
334
1.50
3
550
550
7534
894 894
33c
33c
36.0036.00
41ic 4Sic
36c 354c
3.95
780
41e 34Sic
55.0055.00
81ic
8c
47c
47c
47.30 45.75
2.54
41.75 41.50
6
101
314
1.50
3
600
7534
90
Range Since Jan. 1.
Low.
34
884
3
1.50
3
50c
57
72
Jan 10
Jan 102
June 144
Jan
334
Jan
614
July
1.50
Jan 85
Jan 903-4
Feb
Aug
Mar
Feb
Feb
Feb
June
Mar
34c
1,650 2640 June 50c Feb
60 23.50 Jan 37.50 Aug
37.00
lc
53-ic 20,600
Jan
9c Mar
36c 21,800 3Ic Aug 36c Aug
125
3.00 Feb
4.15 Mar
4.00
100 670 Mar
1.20 Apr
78c
410
9,600 34c July 47Sic July
15 42.50 Jan 56.25 Aug
56.25
60 Aug 254c
94c 5,300
Apr
47c
1,000 43.4c Aug 47c Aug
1,010 39.60 Feb 49.75 July
47.30
2.57
1,600
2.18 July
2.78 Feb
42.50
1,192 33.25 Jan 45.00 June
36c 3714c 5,710 34c
Parkhill Gold Mines Ltd._1 36c
1
1.55 1.60
500
1.37
Pickle Crow
Quebec G Mining Corp_ _ _1
180 1734c 235ic 55,300 15c
5,533 260
Read-Authier Mine Ltd...1
1.50 1.45 1.59
2.75 2.65 2.76 13,080
1.43
Slime Gold Mines Ltd_ _ _1
Sullivan Consolidated_ _ _ _1 57Sic 55e 58c 18,169 440
1,825
Teek-Hughes G Mines Ltdl
6.50 6.45 6.75
5.80
1
500 2(1 Sic
Thompson-Cadillac
480 48c
•
1.07 1.10
800 77e
Ventures Ltd
225
9.65 9.70
6.75
Wright Harg Mines Ltd_ *
July 71%c
Aug
1.82
June 70c
Jan
1.74
Jan
2.87
June 63c
Jan
8.00
Jan 580
Jan
1.12
Jan 10.25
May
July
Apr
June
Aug
July
Apr
Mar
Mar
Apr
Unlisted Mines
Cent Patricia G Mines_ _ _1
Kirkland Lake G M Co_ _ _1
McVittle Graham M Ltd_l
Pioneer G Mines of B C _ _ 1
San Antonio G M Ltd.__ _ 1
Sherritt-Gordon M Ltd_ _ _1
Stadacona Rouyn Mines._•
Sylvanite G Mines Ltd_ _ _1
Jan
1.22
Jan 74c
Aug
1.20
Feb 14.00
Jan
6.20
July
1.43
Jan 463-ic
Jan
3.20
Aug
Aug
Jan
Apr
July
Apr
July
Apr
UnlistedAbitibi Power & Paper Co•
Brew dr Distill of Van.--•
Brewing Corp of Can Ltd_•
Preferred
•
Canada Malting Co Ltd..°
Canada Bud Breweries_ _ _•
Cndn Light & Power Co100
Claude Neon Gen Ad Ltd_*
Consolidated Paper Ltd...*
Ford Motor of Can Ltd A..•
Gen Steel Wares pref _ _100
Goodyear T & Rubber Co_•
Loblaw Groceterlas Ltd A
.
•
B
Price Bros Co Ltd
100
•
Weston Ltd
6,700 544c
1.22 1.07 1.22
71 Sic 740
500 25c
600 41.1ic
4134c 430
100 11.60
12.95 12.95
1.150
5.45 5.35 5.45
1.76
300 64c
650 6614c
350 33340 37Sie 11.300 834c
1.30
2.92 2.89 2.92
4,100
1.05
800
83-4
1.05 1.10
75c 85c
834 83-4
314 314
31
314
31
103-4
103-4 1034
234 2334
400 40c
40c
1.80 2.00
1.85
20
20%
20
353-4 37
126 126
174 174
174 174
3
3
23-4
44
44
226
985
135
764
175
110
30
350
375
308
50
5
30
5
375
25
900
Jan
23.4 Feb
65e July
2.95 Feb
54 Jan
11
Apr
154 Jan 3234 July
28
Jan 354 Mar
84 Jan
12
Mar
19
Aug 40
Feb
350 June 800
Jan
1.75 Jan
34 Jan
1534 Jan 2514 Feb
144 Jan 47
June
90
Jan 1264 Mar
144 Mar 18
Apr
16
June 17.4 Aug
95c • Jan
6
May
294 Mar 44
Aug
• No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Aug. 25 to Aug. 31, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Bell Tel Co of Pa pref. _100 116.4
Budd (E G) Mtg Co
•
Central Airport
•
Fire Association
10 484
Horn & Hart(N Y) pt_100
Insurance Co of N A__10
so
Lehigh Valley
Mitten Bk Sec Corp pt_ _25
2
Pennroad Corp v t c
•
Pennsylvania RR
50
Phila Dairy Prod pref. _25
Phila Else of Pa $5 pref. •
Phila Elec Pow pret_ _ _ _25 33
_50
Phila Rapid Transit _
50
7% preferred
7
Phil & Rd Coal & Iron_ •
Philadelphia Traction.. _ _50 21
•
Scott Paper
Series A 7% Pref.-- -100 11434
1
Tonopah Mining
11634
4%
4
48
100
48%
114
1%
2
2
334
11
1044
33%
2
63-i
4%
21
50
11414
34
117
6
48%
100
48%
1334
IX
2%
25%
11
104%
33%
24
7
44
21
50
114.4
3-4
Range Since Jan. 1.
Low.
Sates
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Union Traction
50
United Gas Impr com__-•
Preferred
•
Victory Insurance Co_ _..10
634
1434
95
631 631
1431 15%
97
95
8.4 84
200
1,200
394
100
Range Since Jan. 1.
High.
Low.
5
July 11% Apr
14
Aug 204 Feb
86
Jan 1003.4 June
9X June
44 Jan
High.
54 Aug 134 Apr
20
Feb
93i June 13
75
Jan
1,100 130 Aug 35c
835 12% July 15% Mar
24 July
1.10 Aug
255
Aug
July 13
15 11
10 224 Jan 274 Feb
Aug 344 Feb
20 18
May
Jan 25
9
500
Jan 105 June
264 80
64 Mar
44 Aug
30
10
534 July 114 Jan
100
7
July
834 Jan
Mar
9
1.104
734 Mar
84 July 264 Jan
1,270
Feb
5 1834 Aug 28
65 17.4 July 2231 Mar
54 Feb
July
2
50
Jan 2934 Feb
25 15
9
Apr
140
2% Jan
1.90 Feb
775 99c Aug
3.221 124 Jan 154 June
12% Feb
750 104 Jun
50 14
Mar 174 Aug
5
Feb
35
3
Jan
1,244 1934 Jan 3034 June
17
May
July
235 10
1131 Jan
4% Aug
105
40
3
July
104 Feb
5 56
Jan 7434 Mar
Jan
64 Feb
65
2
35
74 Aug
91i Aug
4% Feb
20
1.25 Aug
25 20
Aug 25
Jan
1.905
3.90 Jan 10.10 July
Jan
384 213.4 July 58
208 1434 July
1734 Jan
10 75c Aug
5
Feb
Jan 62
Apr
5 33
344
45
50
35
5
675
25
38
Sept. 1 1934
High.
150 111% Jan 117%
3
July
7X
200
14 Feb
6
200
275 31% Jan 504
20 89
Jan 100
200 39% Jan 514
20%
45
200
july
3%
9:Si June
1
July
4%
3,100
1.600 214 Aug 394
Aug 21
266 11
so 93 Jan 106
400 304 Jan 334
1
Jan
6
1,000
44 Jan
15
70
34 Jan
64
130
100 16% Jan 294
20 43% June 504
18 108% Mar 1144
3-4 July
500
1118
Mar
Apr
Aug
Apr
Apr
Apr
Feb
Apr
Feb
Feb
Jan
July
July
Apr
Apr
Feb
Apr
July
Aug
Feb
BondsElec & Peoples tr ctfs 4s '45
Peoples Pass tr etre 48.1943
Ctfs of deposit
1943
• No par value.
204 21
$8,000
1,000
26
26
1,000
2534 2534
18
Jan
20
Aug
2534 Aug
27% Apr
Jan
34
25% Aug
-See page 1353
Baltimore Stock Exchange.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Aug. 25 to Aug. 31, both
inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Stocks-
Amer Fruit Growers 0_100
Amer Window Glass pt-100
Armstrong Cork Co com..•
•
Blaw-Knox Co
1
Carnegie Metals Co
Columbia Gas & Else_ _•
Devonian 011
10
Duquesne Brewing cl A _ _5
Fort Pittsburgh Brewing_ 1
•
Lone Star Gas
5
Mesta Machine
1
Phoenix Oil Co pret
Pittsburgh Brewing pref--•
Pittsburgh 011 dr Gas
_5
Pittsburgh Plate Glass_ _25
Pittsburgh Screw & Bolt.'"
Plymouth Oil Co
5
1
Renner Co
United Engine & FdY•
Vanadium Alloy Steel_ _ _ -•
1
Victor Brewing
Western Public Serv v t c_•
Wegrghouse Air Brake_ __.
Werst'ghouse Else & Mfg 50
7
134
94
53-4
64
14
1
1834
324
7
13
1934
71i
1
93i
1034
44
14
5
24
4c
213-4
134
49
64
94
134
2134
19
1
434
183i
3214
7
13
1934
834
14
1034
104
4%
134
54
25
4c
2134
14
49
73-4
04
134
22
19
14
44
185-4
343-4
10
65
10
360
2,350
530
145
100
100
812
235
1,700
31
100
50
335
100
900
259
10
685
524
367
226
Range Since Jan. 1.
Low.
7
11
14
73.4
1
7%
9
414
1%
4%
1734
4c
213-4
I
393.4
4%
94
14
16
1534
90c
35-4
15%
2834
Aug
Jan
Jan
Aug
July
July
Jan
Aug
Jan
July
Jan
Aug
Aug
Jan
Jan
July
Aug
Jan
Jan
Mar
Jan
July
July
July
High.
934
1534
263-4
1634
3
19
18
534
231
83.4
2934
7c
39
13-4
57
115-4
164
2%
253-4
20
134
7
354
47
Apr
Apr
Feb
Jan
Feb
Feb
May
Feb
July
Feb
Feb
Apr
Feb
July
Apr
Apr
Feb
Apr
Feb
Jan
June
Feb
Feb
Feb
* No par value.
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exclianoe
-Cherry 5050
Union Trust Bldg.
CLEVELAND, - - - OHIO
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Aug. 25 to Aug. 31, both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
Sale
offrices.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Aug
110
4
Jan • 7
55
44 Aug
84 Apr
Jan
337
84 Aug
16
100 17% Jan 234 Feb
41
24 June
3 June
27
2
Aug
54 Jan
28 1004 Jan 1134 July
July
Jan 70
01 44
42 3914 Jan 704 July
Mar
170 5014 Jan 83
Jan
280
94 Jan 17
Jan
178 10
Jan 17
Aug
118 1084 Mar 115
44 Feb
Aug
2
40
Feb
9
10
63-4 Jan
Mar
Jan 90
41 70
Apr
19
64 Jan
255
63-1
Allen Industries Inc
•
44
44
Apex Electrical Mfg
*
834
84
Central United Nat'l__ _20
194
City Ice & Fuel
•
3
Cleve Aut Mach 1st pret_ •
2
Cleve Builders Supply_
•
109
Cleve Elec 1116% pre! _100 109
.
Cleveland Railway... _100 574 5714
58
Ctts of deposit
100
Cleve Union Stockyards_ _" 55
55
13
Corr McK Steel voting_ __ 1
13
Non-voting
1
113
Dow Chemical pref._ _100
24
Ferry Cap & Set Screw_ •
73-6
Fostoria Pressed Steel_
•
78
General T & R 6% pf A 100 78
1434
• 19
Harbauer
7
44
94
194
3
2
109
60
61
55
134
13
113
234
74
80
19
7
McKee (Arthur G)cl B _ •
3
Metropolitan Pavg Brick."
140
National Carbon pref __ 100 140
65
National Refining pret_ 100
14
National Tile
•
14
234
Nestle KeMur cum cl A_ •
214
Nineteen Hund Corp cl A_•
155-4
Ohio Brass B
• 16
*
414
Packer Corp
•
Patterson-Sargent
1934
234
Peerless Corp
3
24
40
Richman Bros
• 40
2
Robbins & M pref v t c_ •
2
•
2
Seiberling Rubber
•
Selby Shoe
213-4
71
Sherwin-Williams
25 71
108
AA preferred
100
14
Stand Text Prod cum A pi*
13
Thompson Products Inc_ _ *
934
Weinberger Drug Inc_ ___•
934
25
5
7
3
309
214
140
148 135
65
104 45
1
14
40
50
14
23-4
75 21
2134
17
427 12
5
300
334
1931
100
144
2450
24
4134
' 61 39
t
2
160
2
265
14
234
100 21
213-4
71
10 4714
108
20 99
14
75
1.34
13
100 13
159
94
734
Apr 14
44
Jan
Jan 141
Jan 75
3
Aug
311
Jan
Feb 24
18
May
5
Mar
Jan 20
414
Jan
Jan 493-4
2%
Jan
54
July
May 243-i
Jan 714
Jan 108
44
Aug
Aug 184
Jan
94
Feb
Apr
Aug
May
Feb
Mar
Apr
Feb
Aug
Feb
June
Jan
Feb
Jan
Apr
July
Aug
Apr
Feb
July
• No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Aug. 25 to Aug. 31,
both inclusive, compiled from official sales lists:
• Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sole
Week.
Par Price. Low. High. Shares.
Alaska Juneau G Mining 10
5
Darnsdall Corp corn
Byron Jackson
•
Chrysler Corp
5
20
Citizens Natl Bank
Claude Neon Elec Prods- •
Douglas Aircraft Co Inc...*
Emsco Derrick & Eq Co_ _•
Lbs Ang Gas & El Pref.-10
0
Los Angeles Invest Co 10
Lockheed Aircraft Corp_ _1
IV ortgage Guarantee Co100
20
91
18%
7
6%
324
20
11
191i
74
91
44
2
5
18"i
7
6%
354
20
11
1934
74
914
4%
2
5
100
100
100
400
150
200
200
200
104
400
600
27
Range Since Jan. 1.
Low.
17
7
4
29%
20
74
1536
3
79
211
1%
3%
July
Aug
Jan
Aug
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
2334
9%
74
60
28
124
2834
834
95
5
34
8
Jan
Feb
May
Feb
Feb
Feb
Jan
Apr
Feb
July
Mar
Mar
Volume 139
Financial Chronicle
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Pacific Finance Corp com10
Pacific Gas & Elea com_ _ 25
5i% Ist pref
25
Pacific Lighting 6% pf
Pac Mutual Life Insur_ _10
Sec First Nat Bk of L A_25
Signal 011,k Gas A
•
Socony Vacuum Corp_ _25
So Calif Edison Ltd corn 25
Original pref
25
7% preferred A
25
69, preferred B
25
54 *1 preferred C._ _25
Southern Pacific Co_. _100
100
Standard Oil of Calif
•
Transmerica Corp
•
Union()Hof Calif
25
WeberShowcase&FIxlstPf *
* No par value.
7%
82
31%
13%
31
184
34%
534
15%
7%
16%
19%
81%
21
31%
3%
14%
1334
31
2134
1834
1.6%
18
3434
5%
15%
4
7%
1634
19%
82
21
31%
4
14%
13%
31
21%
18%
17
19%
34%
634
16
4
300
300
100
40
50
750
400
100
800
45
200
1,400
800
500
300
1,200
800
400
Range Since Jan. 1.
Low.
734
1554
1831
71
20
30
2
13%
134
3031
203
,
1
1734
154
1551
3034
54
13%
34
Jan
July
Jan
Jan
July
Mar
Jan
Aug
July
July
Jan
Jan
Jan
July
May
July
July
Aug
High.
1051
23%
2051
88%
2831
3651
431
1951
22
37%
254
22
1951
3351
4251
831
204
May
Feb
Mar
Mar
Feb
Jan
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
434 may
BALLINGER & CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System-First of Boston Corporation
Cincinnati Stock Exchange-Record of transactions
at Cincinnati Stock Exchange, Aug. 25 to Aug. 31, both
inclusive, compiled from official sales lists:
Aluminum Industries
•
Amer Laund Mach
20
Amer Products pref
•
Amer Roiling Mills
25
Amer Thermos A
*
Baldwin common
20
Burger
•
Champ Coated 1st
100
Special preferred_ _ _ _100
Champ Fibre pref
100
Churngold Corp
•
Cinc Bail Crank pref
*
CNO&TPpret
100
Clno Gas prat
100
Cincinnati Street Ry _ _ _ _50
Cincinnati Telephone...50
Cincinnati Stock Yards_ •
Cinc Union Term prat _100
934
12
1234
7%
1634
1734
5
231
234
3
99
100
924
924
2
2
loom 1003.4
72
72
7235
4
4
431
64
664
2151 2151
104 104
934
12
751
1634
434
234
3
99
99
9251
2
2
Dow Drug
•-. 44
Eagle Picher
20
Found Invest pref
100
Gibson Art
•
P Goldsmith Sons
•
sg
Hatfield prior prat
12
8
Part pref
100 28
Hobart
•.23
Kahn lot pref
100
Kroger common
• 2834
Manischewitz
•
Procter & Gamble
• 38
Randall A
•
•
6
B
Rapid Electrotype
•
Sabin Robbins pref. _100 70
Second National
100
U S Playing Card
10
Waco Aircraft
*
Whitaker preferred... _100
• No par value.
44
44
61
14
534
8
28
23
60
2834
6
38
17
6
1751
70
80
234
834
78
44
451
61
14
54
8
28
25
60
2854
6
394
17
634
1734
70
80
2454
84
78
1..
.
1
WW,P..-4
.1—.00
oP0100=NQI
0
..44.000 ..
0000.00.00..40000...00
0. tOO.NWW0.0.000..4.400000J
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par Price. Low. High. Shares.
Stocks-
Range Since Jan. 1.
Low.
High.
734
11
6
1431
134
3
2
92
85
80
134
151
82
66
4
62
20
974
16
Jan
Jan
18
Feb
751
July 28
Jan
851
Jan
2
Aug
3
Feb 103
Mar 99
Jan 93
Aug
34
Apr
351
Jan 101
Jan 83
Aug
6
Jan 71
Mar 244
Mar 105
Jan
Jan
Aug
Feb
Mar
Jan
Aug
July
Aug
AUg
Feb
Feb
June
Apr
Apr
Apr
Feb
July
234
331
60
9
4
8
27
184
52
2334
554
334
14
334
12
50
80
17
8
51
Jan
July
Mar
Jan
Feb
Aug
July
Jan
Feb
Jan
Jan
June
Jan
Jan
Feb
Jan
July
Jan
July
Jan
June
MST
Apr
July
Apr
Mar
Mar
May
Feb
Apt
Jan
Jar
Apr
Api
June
AST
Ap
Ary
Fel
Fel
5
731
61
154
6
934
3851
28
60
33
7
41
21
9
19
70
90
28
18
90
ST. LOUIS MARKETS
LISTED AND UNLISTED
WALDH El M,PLATT &CO.
Members
New York Stock Exchange $t. Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Monthly quotation sheet mailed upon request.
ST. LOUIS
513 011ve St.
MISSOURI
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Aug. 25 to Aug. 31, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last IVeek's Range for
Sate
Week.
ofPrices.
Par Price. Low. High. Shares.
20
A S Aloe Co corn
Brown Shoe common._ _
Burkart Mfg pref
•
Como Mills common
Ely & Walker D Gds com25
Falstaff Brewing corn.. I
•
Fulton Iron Works corn..
Hussmann-Ligonier corn _•
International Shoe coin_ •
National Candy coin
Nicholas Beasley Airplane
5
Common
RIce-Stis Dry Goods corn •
100
1st preferred
100
2nd Preferred
Securities Inv common_ _*
Southw Bell Tel pref._ _100
SM. Baer & Fuller corn...*
Wagner Electric corn_ _15
100
Preferred
24
41
20
t In default.
50
5
20
10
25
25
Low.
41
10
52
15
10
1444
4%
50c
23.4
42
375
70
16
10
BondstCity & Suburban P S 5$'34
Milked Railways 4s 1934
• No par value.
10
52
15
10
14%
434
500
Range Since Jan. 1.
1651
105
15%
50o
9
98
85
19%
120
8
934
103
50
9
98
85
20
121
8
951
103
50
20
25c
8
90
83
154
11651
8
8
100
ag
so
20
150
45
20
255
3
2134 21% 82,000
20
7,000
20
9
59
10
10
14
334
20c
1
4051
June
Aug
Jan
Aug
July
Aug
Aug
Mar
July
Jan
High.
10
Aug
60
Mar
16
Apr
124 Apr
Feb
21
734 Apr
134 Feb
3
Feb
4934 Jan
21
Feb
Mar 50c Aug
Aug
1251 Feb
Jan 1014 July
Apr 8651 July
Mar 20
Aug
Jan 12154 July
Aug
13
Feb
July
12% Jan
Apr 105
July
214 Aug
18
June
25
Mar
2034 Aug
1379
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Aug. 25 to Aug. 31,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
ofPrices.
eMk.
Par Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Alaska Juneau G Min _10
184 1831
July 234 Jan
17
200
Anglo Cal Nat Bk of S F_20 1351
1234 1331
1434 June
698
831 Jan
Assoc Insur Fund Inc_ _10
151
231
1924
Jan
1
234 Apr
Bank of Call N A
100
147 147
12 121
Jan 159
Feb
Byron Jackson Co
•
64 64
991
351 Jan
May
8
Calamba Sugar corn__ _ _20
2134 22
July 254 Mar
434 18
7% preferred
20
20% 2034
25 19
Feb 2051 Aug
California Copper
10
110
34 Feb
31 Jan
3.4
%
Calif Cotton Mills com.100
1251 Feb
120
454 Jan
8% 94
California Packing Corp_ _• 42
4051 4351
Jan 434 Aug
954 19
Calif Water Service prat 100 7131 714 7131
11 64% Jan 74
June
CalWest Sts Life Ins Cap 10
12
35 114 June 14 June
1255
Caterpillar Tractor
27
375 2351 Jan 3354 Apr
2834
Clorox Chemical Co
28
28
380 2254 Jan 28
Mar
Cst Cos G & E6% lst pf100 85
294 58
Jan 8534 Aug
Cons Chem Indus A
•
170 24% Jan 274 July
2734 2755
Crown Zellerbach v t
434 5
•
1,613
651 Apr
331 July
Preferred A
•
5254 5254
10 34
Jan 58
June
Preferred B
• 50% 5034 53
Jan 5751 June
101 34
Digiorgio Fruit pref
204 21
52 16
May
Aug 22
Claude Neon Elec pref. •
11
11
185 1051 July
Aug
11
Fireman's Fund Indem_ _10
24
100 1854 Jan 24
24
Aug
Fireman's Fund In.sur_ _ _25 6054 60% 60%
367 4734 Jan 614 Feb
Food Mach Corp coin
•
174 174
800 10% Jan 2051 July
Galland Mere Laundry...
3451 3451
5 3154 July 34% Feb
Gen Paint Corp B corn. •
Gen
14 14
254 June
100
Jan
1
Golden State Co Ltd
751 Feb
350
454 Mar
*
64 651
Haiku Pine Co Ltd com.20
354 Aug
151 Jan
331
730
3%
351
Hale Bros Stores Inc
9
•
July 114 Feb
934
270
9
Hawaiian C &113 Ltd_ _25
4754 4755
Jan
35 40
May 52
Home F & M Ins Co_ _10
3054 31
Feb
35 25% Jan 31
Honolulu Oil Corp Ltd. •
1254 12%
1551 Feb
340 11% July
•
Hunt Bros A corn
595
431 Jan 1051 Aug
104 104
Investors Assoc (The)_
44 454
Jan
7
•
431 Aug
10
Langendorf Utd Bak A
•
1451 Jan
110 10
1031 1031
Aug
Los Aug Gas& Elec pref100
Apr
45 7931 Jan 94
9151
91
Lyons
-Magnus Inc B....
1%
4
200
14 Aug
Feb
151
Magnavox Co Ltd
151
131
134
434
•
254 July
134 Aug
Magnin & Co (1)6% pf 100 85
35 85
85
85
May 90
Apr
•
Natomas Company
1,411
84
7% Jul
1051 MsY
851 834
No Amer Invest corn.. 100
454 Jan
6
6
7% Mar
7
North Amer Oil Cons_ _10
94
1031 Aug
951 104 2,583
751 May
Occidental Ins Co
10
22
22
15 144 Jan 22
Feb
Oliver Utd Filters A
Apr
Jan
225
*
11
934 951
6
•
2
234 Apr
100
151 Aug
2
Pacific G & E corn
25 154
1534 16% 2,309 1534 July 23% Feb
6% 1st preferred
25 2154 2151 2151 2,895 1951 Jan 2351 Mar
531% preferred
25 1934 1934 19%
690 1751 Jan 214 Apr
Pac Lighting Corp corn...*
2751 2751
166 2334 Jan 3634 Feb
6% preferred
324 7135 Jan 89
81% 81
8254
Mar
Pao Pub Set(non-vtg)com:
154 May
51 Feb
31
h 1,125
(Non-voting) pref
7,099
•
1% Jan
8
84 Aug
735 8
Pacific Tel & Tel com__I00 79
ao 71 Jan 864 Mar
7834 7954
9 103
June
100 112
Jan 116
112 1124
ParaliaefCoedcorn•
6 pre err s
'
1.212 2551 Jan 414 Aug
4034 4134
Ity Equip & ItIty lst pf. _ _• 1154
1134 1154
15 June
54 Jan
1
Rainier Pulp St Paper Co *
1731 Jan 29% Aug
41
2831 29%
a
Shell Union Oil com
631 July
754
7
1154 Jan
87
Southern Pacific Co_ _ _ _ 100 18
1551 July 334 Feb
1,01
1734 20
So Pac Golden Gate A._ _ _•
Jan
5
1,97
731
731 Mar
634
B
• 4
3% Jan
554 Mar
Standard Oil of Calif
4% 1,22
• 344 3454 3 4
L4°
5
4
30% May 4234 Jan
TideWat Assd Oil6% pf100
*
5x 8 x 82%
531
2
May
53 64% Jan 8.5
Transamerica Corp
851 Feb
631 14,022
551 Jul
Union 011Co of Calif ___ _25
20% Feb
758 1334 Jul
16
13td Aircraft & Transport _• 14% 1551 1434
250 134 July 3731 Feb
4
West Amer Fin Co 8% pf 10
Feb
1
4 Jan
%
34
50
0
Western Pipe & Steel Co.10
74 July
Feb
14
155
8
8
• No par value.
San Francisco Curb Exchange.
-Record of transactions at San Francisco Curb Exchange, Aug. 25 to Aug. 31,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
American Tel & Tel_ __ _100 111
111 11351
Anglo Nat Corp
•
854
8
Argonaut Mining
5 11
11
12
Aviation Corp (Del)
5
454 451
Chrysler Corp
5
3554 3534
cities Service
•
2
251
131
Claude Neon Lights
1 50c
49c 54c
(mown Willamette 1st pref*
6434 66
1 dwards Dental
s
7
7
t msco Derrick
•
734
751
1 wa Plantation
20 42
42
42
( eneral Motors
10 294 2951 3151
I awallan Sugar
28
28
20
I Iobbs Battery A
90c 90c
Idaho Maryland
1
2.75 2.85
I talo Petroleum
18c
180
Preferred
• 80c
800 900
Kinner Alrplane
•
50c 50c
Libby, McNeill& Libby _10
834
751
83.4
Montgomery Ward
•
254 2531
Nat Auto Fibres A
*
751
75.4
7'%
Preferred
• 100
100 100
Occidental Petroleum _ _ _ _1 25
25
26
Pacific American Fish_ _ _ _•
9
931
9
Pacific Eastern Corp
1
24
231 24
Pineapple Holding
9
20
834 954
Radio Corp
531 6
*
Shasta Water com
* 22
214 22
Southern Calif Edison_ _ _25 1354
1354 1374
534% preferred
25
1651 17
6% preferred
25 184
1851 184
7% preferred
25
22
22
So Pacific G 0 pref _ _ _ _100
4134 45
Title Guaranty preferred_•
1851 1954
U 8 Petroleum
1
260 26c
Virden Packing
25
6
6
634
Walalua Agricul
20
36
36
* No par value.
Range Since Jan. I.
Low.
337 106
136 3.15
1,500 4.50
145
33.4
100, 3131
819
131
2,800 490
177 433.4
531
12
150
551
145 42
700 2454
10 28
25 75
505 2.50
600 10c
525 52c
1,000 50c
4,769
3
20 2454
100 3.75
5 51
200 25
225
6(4
137
14
1,595
651
550
454
140 1551
208 1334
335 153.4
200 1754
400 2034
185 39
30 12
100 22c
375 3.75
55 32
High.
July 125
10
Jan
Jan
143.4
July
104
Aug 5931
Jan
431
Aug
154
Jan 70
Jan
7
July
851
Jan 44
July 4234
Aug 314
Feb90
Mar 3.75
Jan 350
Jan 1.80
June 88c
Jan
834
Jan 3354
Jan
934
Jan 100
July 56
May
954
July
3
Jan
1034
July
934
Jan 22
July 2251
1931
Jan
Jan 2251
Jan 2451
Jan 5251
Mar 1951
July 42c
May
7
Apr 40
Feb
June
Aug
Jan
Feb
Feb
Feb
Apr
Aug
Apr
Apr
Feb
Feb
Aug
Jan
Feb
Feb
Feb
Aug
Feb
Aug
July
Feb
Aug
Mar
Apr
Feb
Aug
Feb
Feb
Feb
mar
Aug
Aug
Feb
Aug
Feb
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Aug. 25 to Aug. 31,
both inclusive, compiled from sales lists:
StocksAdmiralty Alaska
Aetna Brew
Allied Brew
Altar Cons Mine
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High Shares.
I
1
1
1
1.09
1543 180
39c 39c
1
1
1.03 1.27
2,000
200
400
4.600
Range Since Jan. 1.
Low.
9c
250
31
1.00
Jan
July
July
Jan
High.
36c Feb
1
Jan
434 Feb
2% Mar
Sept. 1 1934
Financial Chronicle
1380
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
American Republics
Arizona Comstock
Bancamerica-Blair
Brewers & Distill v t c_
Bulolo Gold
Cache La Poudre
Carnegie Metals
Central Amer Aline
Como Mines
Cornucopia Gold
Croft Brew
Distilled Liquors
Distillers & Brew
Elizabeth Brew
Fada Radio
Golden Cycle
Harvard Brew
10
1
1
•
20
20
1
1
1
lc
1
5
5
1
1
10
1
Interstate Nat'l Gas
•
Kildtui Alining
1
Knabb Barrel
1
Macassa Mines
1
Macfadden Public pref_'
Maytag warrants
National Surety
10
Newton Steel
•
O'Sullivan Rubber
1
Paramount-Publix
10
Petroleum Derivatives_ •
Polymet Mfg
1
Railways Corp
1
Rayon Industries A
1
Remington Arms
1
Richfield Oil
•
*
Rustless Iron
1
Simon Brew
1
Squibb-Pattison pref
1
Sylvanite Gold
37%
15%
1.60
38c
131
2931
4%
351
131
2
954
h
2.90
Range Stnce Jan. 1.
Low.
High.
100
3
500
23c
100
4
1,800
51
37%
500
800
16%
1.00
100
1.89 1,100
1.70 8,000
13,000
38c
3,400
2
900
15%
100
5%
1,100
50c
500
15e
500
2931
100
1%
2
200
2%
%
2354
15
1
1
43c
250
1%
13%
331
350
7c
1854
154
Jan
Aug
Jan
July
Jan
Slay
June
May
May
Aug
Jan
Jan
Aug
Aug
June
Jan
Aug
5.51
650
4%
2%
38%
19%
3%
251
1.90
510
3
45%
10%
1%
156
29N
3%
Apr
Apr
July
Jan
Aug
Jan
Mar
Apr
July
June
Apr
Apr
Mar
Apr
Feb
July
Mar
200
12% 12%
2,100
254 254
4% 45.1 10,900
2.85 2.95 1,000
10
3014 30%
,,,a,
li
100
100
N
54
304)
234 3
300
6% 7
1,500
3% 4
100
134
134
1%
154 8,100
600
1%
2
934 9% 19,300
100
3% 354
100
18c
18c
100
156
156
h
300
h
200
1
1
300
2.90 2.90
11%
1.80
451.
1.95
1814
Jan
July
Aug
Jan
Jan
July
July
Aug
June
Jan
July
May
June
Jan
July
Aug
Mar
Aug
Aug
Jan
14%
4%
451
3.00
39
254
2%
8%
734
451
5
131
4
934
6%
56
231
131
3)1
3.20
May
Mar
Aug
Aug
May
Feb
Apr
Feb
June
Aug
Mar
Aug
Jan
July
Mar
Feb
Apr
Apr
Jan
Apr
3
230
4
31
3731
1531
1.00
1.74
1.55
32e
1%
15
5
5%
360
150
29
1%
31
37c
2
6%
154
54
25c
131
6%
3
170
1%
h
1
1.50
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Texas Gold Producing_ _ _.
Tobacco l'rods (Del)_ _10
1
United Cigar
l'referred
100
1
Utah metals
Van Sweringen
I
1
West Indies Sugar
Willys-Overland
5
C-d
5
4%
16e
3h
Bonds
Shamrock Oil & Gas 68 '39
4%
31
150
651
3
200
3
120
15c
3,600
20
1,000
300
100
300
900
2,300
100
4%
31
160
731
3
200
351
150
15c
46% 49
818,750
Range Since Jan. 1.
Low.
High.
4
631
I lc
556
1.13
140
231
12c
10c
Jan
Feb
Slay
Aug
Jan
Jan
Jan
Aug
July
7
32%
29c
9%
454
50c
531
51
54
45
July
60
Jan
Apr
May
June
June
Apr
Feb
Feb
Jan
Apr
• No par value.
-Closing
New York Real Estate Securities Exchange.
bid and asked quotations on the New York Real Estate
Securities Exchange for Friday, Aug.31:
Active Issues.
Bonds13way Barclay Off. Bldg 68'41
Dorset 4 i he) 68 (Ars
1941
Equitable Office Big 58_1052
5th Ave & 56th street
Building 612s 1945
1946
50 liway Bldg 68
Film Center Blg 68
_1043
Fox( The)& Office Bldg 6s'41
Mortgage Bond (N Y / 5558
(Ser 6)
1934
New Weston Hotel
Annex (Is 1940
NY Athletic Club 6s_.1946
Bid
Active Issues.
Ask
Bid
Bonds (Concluded)
2512 III John St Bldg 643...1948
22
Park Central Hotel
2112
8128 Ws of deposit
5i
55 - 12
Prudence Co 554s
1961
36
39 sherry Netherlands Hotel
1948
5545
.
30
27
1958
46 Textile Bldg 69
41
7 ____ Trinity IlIdgs Corp 5)1e '39
2124 Bway Bldg 5%8_1943
3512 39
Stocks
-"HY & Suburban Homes__
(
29
25 French (F F) Investing__ __
2112 -
Ash
35, ---2
12
10
5612 6012
22
18
4512 4812
.
95
10 1312
3
1
514
2
New York Curb Exchange-Weekly and Yearly Record
-Cash and deferred delivery sated are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the
NOTICE.
regular weekly range are shown in a footnote in the week In which they occur. No account Is taken of such sales in computing the range for the year.
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 (Aug. 25 1934) and ending the present Friday (Aug. 311934). 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 dealimrs occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Week Ended Aug. 31.
Stocks-
Indus. & Miscellaneous.
Acetol Products cony A_ •
25
Acme Wire Co v t c
Adams Millis 7% 1st p1100
Aero Supply Mfg Cl B....'
I
Agfa Ansco corn
'Ainsworth Mfg Corp_ _10
•
Air Investors tom
Warrants
Convertible pref
•
Alabama Gt Southern_ _50
Allied Internatl Investing •
*
$3 convertible pref
•
Allied Mills Inc
•
Aluminum Co common __.
100
6% preference
•
Aluminum Ltd corn
100
6% preferred
Series D warrants
•
Amer Bakeries CIA
1
Amer Beverage core
100
Amer Book Co
Amer Brit & Coot Corp_ •
Amer Capitar•
Common doss B
•
$3 preferred
9631 9651
131 1%
354
3
15
15
754
55%
6434
73/4
67%
5551 6156
6454 6551
24
24%
600
550
500
200
Low.
2%
7
73
1%
3
10
54
h
10
40
34
83.4
554
50
82
18%
37
6%
5
151
48
51
1
1754 18%
131 151
54
54
12
1351
1134 1334
9,400
100
2,300
175
175
54
1
12%
12
3,600
350
1
154
500
1854 20
2
2
1,600
400
5
5
500
8
9
954 10
4551 4554
33-4 356
6
6%
5,000
4,300
400
2,100
2,900
High •
July
7
July
1131
Jan 100
July
4
Aug
4%
Jan
15%
Aug
3
July
1
Aug 2154
Jan 63%
Jan
134
Jan
954
931
July
July 85%
Aug 78
July 36
Mar 60
Mar 12%
July
8
July
351
Jan 56
1
Jan
54 June
15% Jan
Amer Cyanamid cl B n-v .• 1731
Amer Equities Co corn. _.1
14444
Amer Founders Corp__ _1
50
7% pref series B
6% 1st pref sec D--.50 11%
50 Amer Hard Rubber
1
Amer Investors corn
Warrants
Amer Laundry Mach __ _20 12
Amer Mfg Co com
100
Amer Maize Prod
"
Amer Meter Co
•
Amer Potash & Chemical_•
Amer Salamandra CorpGeneral stock
10
Amer Thread Co pref _
_5
•
154
Anchor Post Fence
Arcturus Radio Tube_ _1
Armstrong Cork com____• 1834
Art Metal Works corn_ _5
Associated Elec Industries
Amer deposit rots_ _£1
Associated Rayon corn....'
Atlantic Coast Fisheries_ _•
834
Atlantic Cat Line Co__ _50
9%
Atlas Corp common__ •
• 45%
$3 preference A
Warrants
3%
Atlas Plywood Corp
•
631
Automatic-Voting Mach..•
Axton-Fisher TobaccoClass A common
10
Babcock St Wilcox Co_ _100
Baldwin Locomotive Works
Warrants
Baumann(L)&Co7%pfd100
Reliance Aircraft v t c_ _1
Benson & Hedges corn....'
Converitble preferred_ •
•
BIckfords Inc corn
•
$234 cony preferred_
•
Bliss(E AV) & Co corn_
Blue Ridge Corp corn_ .1
•
33 opt cony pref.
•
Blumenthal (9) & Co
•
Bohack(H C)Co corn_
•
Botany Consol Mills
•
BourJois Inc
Bowinan-BiltmorelioteLs7% 1st preferred_ _100
Bower Roller Bearing___.5
•
Bridgeport Machine
•
Brill Corp class B
•
Class A
25
100
200
100
Rang (Since Jan. 1.
Jan
Feb
Apr
Jan
June
Aug
Jan
Jan
Apr
Apr
July
Jan
Jan
Jan
Jan
Apr
Apr
July
Apr
Feb
Apr
Mar
54 Jan
2151 Feb
143/4
1
54
11
951
7
2
54
10%
8%
20
7
16
July
Jun
July
Jan
Jan
Aug
Jan
July
Jan
Aug
July
June
July
22%
2%
131
21%
22%
10
451
1
18
16
363/4
173/4
1954
Apr
Feb
Feb
Apr
Apr
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Feb
4
354
1
54
1431
154
Jan
Jan
July
Aug
Jan
Jan
9
454
23/
1
26 %
451
July
June
Mar
Feb
Feb
Apr
4
1
2
28
751
39
254
5
2)1
Mar
July
Jan
July
July
Jan
July
July
Jan
551
551
9
35
153.4
49
6%
8
854
Jan
Mar
Aug
May
Feb
Apr
Feb
Feb
Apr
57
57
50
57
Aug
69% Feb
22
25
175
22
Aug
51
19
19%
5
5
lq
1%
3134 3251
1131
1134 1134
231 231
50
100
800
200
100
100
Jan
July
July
Aug
July
July
Aug
Feb
Jan
July
Jan
July
July
July
July
11
24
6
454
10
83-4
29
1034
334
3941
1231
1451
51
654
Feb
Apr
Feb
July
Apr
Mar
Mar
Mar
Feb
Apr
Feb
Jan
Feb
Jan
Mar
2
83-4 July
h Jan
1
Apr
151 June
5
17%
3%
231
351
July
Feb
Apr
Feb
Feb
3%
11
234
13X
354
6
2351
234
1%
3131
6
8
h
4
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
High.
Low.
Stocks (Continued) Par Price. Low. High. Shares.
-100
5% Jan
7% Feb
634 656
Bello Mfg Co corn
•
Apr
2254 Mar 25
Class A
•
British Amer Tobacco
100 28% Jan 3154 Aug
313/4 31% 31%
Am dep rcts ord bearer£1
Aug
2851 Jan 31
Am dep rcts ord reg_ _.C1
British Celanese Ltd
200
254 Aug
456 Mar
254 231
Am dep rcts ord reg_10s
25
5
Jan
16% Apr
7
7
Brown Co 6% pref
100
751 July 21% Mar
900
9
931
Brown Forman Distillery 1
1631 Jan
Apr
28
Bulova Watch $334 pref..•
Aug
3% Feb
400
3
331 331
Burma Am dep rcts reg shs
4
Jan
1,900
1234 Apr
8%
8% 9
le
Butler Brothers
.
Cable Elec Prod v t c
Calamba Sugar Estates.20
.
Campo Corp corn
Canadian Indus Alcohol A•
•
B non-voting
Carman & Co class 13_ _ •
Carnation Co corn
•
Carrier Corporation
•
Catalln Corp of Amer....1
Celanese Corp of America
7% 1st 'Artie pref _100
7% prior preferred_ -.100
Celluloid Corp corn
15
$7 div preferred
Centrifugal Pipe
•
Charts Corporation
•
Childs Co pref
100
Cities Service corn
•
Preferred
•
Preferred B
•
Preferred BB
•
City Auto Stamping
•
Claude Neon Lights Inc _ _1
Cleveland Tractor corn_ __a
Club Aluminum Utensil _ _.
Colt's Patent lire Arms_25
Colum bin Pictures
*
Compo Shoe Machinery I
Consolidated Aircraft_
1
Consol Auto Alerchand'g.*
Consol Retail Stores
5
8% preferred w w _100
Coon (5V B) Co corn
•
Cooper Bessemer corn_
•
•
$3 pref A w w
Cord Corp
5
Corroon & Reynolds
Common
1
VI preferred A
•
Courtaulds Ltd
Am dep rcts ord reg......
Cramp (Wm) & Sons Ship
& Lag Ilidg Corp_ _100
Crane Co corn
25
Preferred
100
Crocker Wheeler Elec.... •
Crown Cork Internet] A. •
Davenport Hosiery Mills..
Be Haviland Aircraft Co
Am dep rcts ord reg_ _£1
Delsel Wemmer Gilbert-10
Distillers Co LtdAmer deposit rots
Distillers Corp Seagrams.
•
Doehler Die Casting
•
Dow Chemical
•
Driver Harris Co
10
7% preferred
100
Dubiller Condenser Corp.'
Durham Hosiery class B. a
Duval Texas Sulphur. ___ •
Easy Washing Mach "B" •
Edison Bros Stores corn_ •
Eisler Electric Corp
•
Elee Power Assoc Cora-1
Class A
1
Electric shareholding
Common
1
Ss cony pref w w
%
51
51
100
831
8
8%
1,100
451
854
451
8%
474
500
900
8231 8231
9
8
23
23
454
434
25
1,400
25
300
9
2
17%
30
23
20
1% 254 31,000
800
17% 17%
17
15
54
1re
17
20
34
2,300
307-4 31%
1051 1054
854 8%
is
116
200
200
200
100
%
10
ii
1831
10
534
451
156
13%
5%
334
Aug
July
Aug
July
July
Feb
Feb
May
Mar
134
25
10
20%
1956
331
18
9%
8%
July
Mar
Aug
Jan
Jan
July
Apr
July
June
81
8231
7
1634
4
951
13
151
1151
1
9
3
5/
1%
54
1854
2454
8
654
li.
151
20
4
254
14
274
July 10431
Aug 9831
19
July
July 44
751
July
Mar 20
Aug 4254
4q
July
Jan 26%
214
Jan
2354
Jail
1154
Aug
Aug
134
July
63/4
1
Jan
Jan 27
Feb3254
14
Jan
12%
July
hi
Jan
27-4
Jan
Aug 31
4
July
654
July
May 21
July
83.4
Feb
Feb
Jan
Jan
Jan
Apr
Feb
Feb
Feb
June
June
Jan
Feb
Feb
Feb
Feb
May
Feb
Mar
Feb
Feb
Apr
July
Jan
Feb
Jan
20
20
14
4
14
454
100
1.900
2031
2% 254
20%
19
100
200
154 Jail
1051 Jan
Feb
4
2631 Feb
11%
1151 1154
300
10%
Jan
1454 Apr
1
554
46
351
554
12
Apr
Aug
Jan
July
July
Feb
154
11
62
854
ii%
2034
10
6
Fell
Feb
1534 June
754 Apr
Jan
July
Jan
July
July
Jan
Jan
July
Jan
Aug
Feb
Jan
July
Jan
24)1
263-4
1131
7934
23
95
1
2
1014
854
2851
13.4
851
8
451
754
87
%
650
551
654
754
531
631
100
600
56
54
51
300
674
87-4
63/4
---
100
434
4%
%
451
451
51
434
454
300
400
300
20
834
33/4
6756
10
56
54
54
4
354
8
51
334
351
174
234
4534 4531
200
125
151 July
lan
88
1531
200
2231 2231
13% 1531 17,400
7751
77
1134 1134
200
100
Apr
Jan
July
Feb
Mar
May
Aar
Jan
APr
July
Apr
Apr
Feb
Feb
May
Jan
Apr
Feb
Feb
Feb
47-4 Feb
# ell
R2
Financial Chronicle
Volume 139
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Electrical Secur 85 pref_ •
Electrographic Corn
1
Equity Corp corn
10
Ex cell 0 Air & Tool
3
Fairchild Aviation
1
Fairey Aviation Ltd.—
American share3
Fajardo Sugar Co
100
Falstaff Brewing
1
Fansteel Products Co__ •
Fedders Mfg Co class A_ •
F E D Corp
•
Federal Bake Shops
•
Ferro Er amel
•
Fiat Amer dep rcts
Mello Brewery
___.1
Fire Association (Phila.) 10
First National Storm
7% 1st preferred __100
Fisk Rubber Corp
.1
100
$6 Preferred
Filiatokote Co el A
•
Ford Motor Co Ltd—
Am Sep rots ord reg_£1
Ford Motor of Canal A •
Class B
•
Ford Motor of France—
American dep rots
Foremast Dairy Products.*
Foundation Co Horn shsl•
3%,
3%
100
6%
6%
100
1134 11%
23% 23%
14
%
1134
23%
34
14
53i
9%
100
3,000
SOO
1,000
100
200
800
3
1%
4%
835
1%
4%
8.11
3
z111% 111%
84 9%
67
65
1334 16
8%
20%
8% 834
2011 21%
3%
3%
Garlock Packing com_
•
17
17
Alloys Co.
•
General Aviation C,orp
1
3% 4
Gen Electric Co Ltd—
Am dep rots ord reg__£1
1111 114
Gen Fireproofing corn_
*
Gen Investment coin_
5
115
34
$6 cony prof class
13% 13
13.15
Warrants
131
34
Gen Rayon Co A stock_ _•
14
111 1%
General Tire& Rubber_ .25
61
60
6% preferred A
100 75% 7514 75%
Gilbert (A C) corn
•
Glen %Eden Co..i
• 1916 187 21%
%
Globe Underwriters Ex_ •
6% 6%
mid seal F.leetrierd
1% 2%
1
211,
Godchaux Sugars B
•
734 7%
Goodyr T & R 7% pref_100
Gorham Inc—
Class A common
•
$3 preferred
•
17
17
Gorham Mfg co—
y I e agreement extended
1614 16%
Grand Rapids Varnish. *
4% 5
Gray Telep Pay Station_ *
Great At & Pee Tea
Non-vot corn stock
• 133
127 133
7% 1st preferred ____100 125
125 127
Gt Northern Paper
25
24% 24%
Greenfield Tap & Die_
•
5
5
Greyhound (*ore
1814
__A 17% 17
Grocery Storm Prod v t c25
94
11
Kingsbury Breweries
1
Knott Corp
1
Roister Brandes Ltd_ .£1
Koppers Gas & Coke Co
100
6% preferred
Kress (S H) 2nd pref.-100
__
Kreuger Brewing
Lakey Foundry & Mach_ 1
Lane Bryant 7% prof 100
Langendort United Bak—
Class A
•
Lefcourt Realty corn
1
Preferred
Lehigh Coal & Nay
•
Lerner Stores common_ •
6% prof with warr _100
Libby McNeil k Libby_ _10
Loblaw Groceterlas A_ _.
•
Loudon Packing
Louisiana Land & Explor_•
Lynch Coro corn
5
•
Mengel Stores Corp
100
635% pref w w
•
Mapes Consol Mfg
Marlon Steam Shovel_ _ •
Maryland Casualty
1
•
Massey-Harris corn
Mathleson Alkali Works—
Part paid rots
Mavis Bottling class A__ _ I
Mayflower Associates. _ _ _•
McCord Had dr Nffg II_ _•
McWilliams Dredging -_•
•
Mead Johnson & Co
Mercantile Stores
•
100
7% preferred
Merritt Chapman & Scott •
014% A preferred _100
•
Mesabi Iron Co
•
Michigan Sugar CO
Midland Royalty Core—
•
cony prof
$2
•
Midland Steel Prod
1%
78
8%
14
211
2
834
%
1231 Jan
14 July
34, Aug
18% Mar
314 Mtu
9% Feb
100
600
200
600
200
1,500
100
125
25
5,500
100
7,800
100
200
100
300
134 Jan
Feb
15
4% Apr
17% July
July
11
411 Aug
9
Aug
18% Apr
734 Jan
1934 Feb
6%
July
4
Feb
Jan
1234
114
Jan
Jan 37
Aug 29
Mar 91
2114
Jan
Jan 102
Jan
Mar
Mar
Mar
Apr
Apr
Aug
Apr
Apr
14
25
4
3
1916
July
May
July
July
Mar
2
30
8
514
24
Jan
Feb
Feb
Apr
Feb
30
100
800
100
200
734 Feb
1034 June
700
28
SS
3811
19
Jan
Jan
Jan
Jan
Aug34
200
100
500
600
150
1,000
400
400
114
200
1,200
%
Jan
Feb
Feb
Apr
Feb
Jan
Apr
Apr
Apr
July
Jan
Aug
Mar
Aug
3%
"is
3
14
19
2214
44
1614
9034
100
100
100
1
June 11%
July
8
Jan
3
22
Jan
Jan
Jan
July 99
Aug 89
411
Jan
Jar
24%
7
Feb
2%
July
104
Jan
Aug 108%
Feb
May
Aug
Jan
July
Feb
30% 30%
%
1
1014
3%
it
6
lls
1
52
75%
1%
10%
6%
11
434
108%
Jan 150
200 122
Jan 130
140 121
200 1911 Mar 2414
Apr
5
6
100
536 Jan 2014
4,800
%
7
Aug
800
3034
54
25
May
Mar
Mar
Aug
4% Apr
15 Jan
814 Mar
100
1,600
100
5
23
117
2014
81
16
July
3
14 May
5
Jul
25
25
314 3%
30
30
516
614 Aug
Mar
July
May 105
834 Apr
July
411 Feb
July
July
Mar
10
July
814 Mar
Jan
16 Jan
1414 Apr
Jan
June 23% Aug
July
29/4 Jan
Feb 49% Apr
200
831 22,500
3_I
5
65
3%
114
5
4
54
7%
1836
34
41
9% May
247
% Feb
June
40
314
1%
July
Mar
Feb
Feb
Aug
July
Feb
July
May
Jan
5% May
Jar
16
Jan
20
2% 2%
100
13
13
. 200
100
734 7%
500
2614 27%
714
SO
3
214
814
9%
80
2
1%
414
5%
6,300
1,500
25
78
High.
Low.
300 110% Jun
616 July
1,900
Jan
300 65
416 Jan
3,000
General
Hall Lamp Co
•
Iltulman Tobacco Co__ •
*
Ilazeltine Corp
5% 5%
Helena Rubenstein Ins._ •
35
SS
Hayden Chemical
10
Holly Sugar Co corn
Preferred _
100
Horn & liardart
•
7% preferred
100 10111 10111 102
I luyiers of Delaware Inc—
Common
1
prof stamped _ .100
Hydro Electric Securitles_•
5% 5%
Ilygrade Food Prod
4% 4%
43-4
5
1 lYgrade Sylvania Corp- •
Imperial Chem Industries
Amer deposit rots
914 9%
Imperial Tub of Canada_ 5
11% 12
Imperical Tobacco of Great
Britain and Ireland_ _Cl
Industrial Finance v t 0.10
Insurance Co of N Amer.10
4814
48
International Cigar Mach •
Internet] Hold & Invest__*
International Products....
211 3
3
Internati Safety Razor B.•
Interstate Equities
1
%
3-1
$3 cony preferred_ --50
Interstate Hos Mills
2011 21
•
Irving Air Chute_
1
336 3%
334
Jonas & Naum burg
•
$3 cony preferred
Jones & Laughlin Steel_100
18
22
Range Since Jan. 1.
1,300
800
2,300
1,000
Jan
1
134 June
14
154
19
23'
1..
534
15%
Aug
Jan
Jan
July
July
Jan
July
I% July
1
Aug
Ire Aug
68
1011
8%
Si.
65
Apr
Jan
July
July
Apr
934
1%
84
531
14
53
234
15
25
24
2511
2
20
29%
1%
134
334
July
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Aug
Jan
July
Jan
Jan
July
Aug
Jan
July
26
11
38
1%
16
45
84
GO
154
6
14
111,
July
July
July
Jan
Jan
Jan
Aug
Aug
Aug
Aug
Aug
July
6% Ma
8% July
Apr
10
1234 Apr
33
3
5111
2431
234
3
234
114
22
3011
7%
134
734
48
Aug
Apr
Apr
July
Feb
Aug
Jan
Feb
Feb
Apr
Feb
Feb
Mar
Feb
1381
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par Price. Low, High. Shares.
Midvale Co
•
Minneapolis Honeywell
100
Regulator preferred. _100
Mock Judson Voehringer_•
137-4
Molybdenum Corp v to. . I
634
Montgomery Ward A _ _• 118% 11834
Moody's Investors Service
1716
Partic preferred
1734
Moore Corp Ltd B pref100
Moore Drop Forging A •
Mtge Bk of Colombia—
314
Amer shares regis
Murphy(0 C)Co
•
Range Since Jan. 1.
Low.
High.
18% May
10034
1434
7
11936
70
600
1,000
90
173S
50
331
100
Nati Bellas Fees corn
I
2% 3
2%
Nat Bond & Share Corp..
35
1
36
Nati Container corn
•
52 cony pref
Nat Dairy Products
100
7% prof class A
134 1%
National Investors corn..l
$54 preferred
42
1
42
y,
Warrants
3-4
131
•
Nat Leather corn
19-4
114
4% 5
Nat Rubber Mach
•
%
Nat Service common.1
36
Cony part preferred...'
Nat Steel Car Corp Ltd_ •
Nat Steel Corp warr.. .
•
14
14
%
Nat Sugar Refining
• z3515 z353-4 36
34
Nat Union Radio corn
1
54
Natomair Co
8% 9
•
Neill Corp corn
•
1% 2
Neisner Bros 7% prof..100
NeLson(Herman)Corp_ _5
Neptune Meter class A_ •
1
New Niex dr Ariz Land_ .1
1
New York Auction Co. *
New York Merchandise_ •
N Y Shipbuilding Corp—
Founders shares
1
1374 1334
Niagara Shares cl B corn.
33
,
4 434
.5
Niles-Bement-Pond
•
8
8
Norris Electric
North American Watch_ •
North and South Amer A.
Northwest Engineering_ •
Northam Warren pref_ •
Nevado scene
• 2074 2014 219-1
Ohio Brass Cool 13 corn_ •
16%
16
011stocks Ltd corn
5
9% 9%
Outboard Motors B
Class A cony pref__ •
Overseas Securities Co_ •
234 23-4
Pacific Eastern Corp
Pan Amer Airways__ _10
37% 3834
Parke Davis a ('o
2534
25
2534
Parker Rust-Proof com_ •
4711 48%
Ponder(D)Grocery cl A_ •
Pennroad Corr' v to.. _ I
24
2
2
Penna Salt Mfg
62
62
50
Pepperell Mfg Co
78
100 7634 75
Pet Milk Co 7% pref
110 110
100
Philip Morris Consol Inc
14
13
133-4
Class A
25% 25%
25
Phoenix Securities—
COMMOD
„ ___ I
1
1
1
$3 cony pref ser A___10 18
19
18
Pie Bakeries corn v t c_.•
914 9%
Pines Winterfront Co
Pitney Bowes Postage
Meter
. _
•
314
3% 331
Pgh Bessemer & L Erie 50
Pittsburgh & Lake Erie 50
Pittsburgh Plate dass. 27- 453-4 4534 49
Potrero Sugar corn
5
114
134 1%
Pratt dr Lambert Co_
•
Prentice-Hall Inc—
Partic cony stock
•
Propper McCall Hoe Mills*
%
Prudential Investors
_.•
6% 6%
635
Pyrene Manufacturing._10
Quaker Oats ..om
123 123
• 123
6% preferred
100
7,100
Ry & Utilities Investing A 1
Railroad Shares Corp _ _•
Rainbow Lu.
..inus Prod -A'
Raytheon Mfg v t c__ .50c
Reeves (1)1 corn
• 114 11% 1214
Reliable Stores Corp
•
Reliance International A...
2% 234
2%
Reliance Management_ •
Reybarn Co Inc
10
Reynold.. Investing
1
1 •
Rike-Kumler corn
Roosevelt Meld. Inc
1
1
5
Rossia International
9% Jan Royal Typewriter
3% Feb Ruberoid Co
28% 28%
"it Feb Ru.sseks Fifth Ave
6
6
5
Safety Car Heat & Light100
70
70%
82 June St Regis Paper corn
1,
24
234
234
1131 June
7% preferred
100 2551 25% 263-4
1414 Apr Schiff Co corn
•
24 Apr Schulte Real Estate
•
73 June Seaboard Utilities Shares 1
3.4
14
Securities Corp General_•
1%
1%
Jan Seeman Bros Inc
15
42
4336
3
Apr Segal Lock dr Hardware_ •
%
Si
1314 Aug Selberling Rubber Corn...'
2
2
2%
1014 Feb Selby Shoe Co corn
•
21
21
31% Apr Selected Industries Inc—
99% Apr
Common
1
114
134
1%
811 Aug
$5.50 prior stock
25
18
Apr
Allotment certificates__
543.4 54% 55
Aug Sentry Safety Control__ •
25
•
June Beton Leather corn
4
434 414
4%
41
Feb Sheaffer Pen corn
May Shenandoah Corp corn...
5
1%
42% Aug
$3 cone pref
25
34% Mar Sherwin-Williams corn.25 70
6914 71%
3% Feb
6% preferred A A____100
Feb Singer 51fg Co
3
100 180
180 182%
8
Amer dep rets ord reg -£1
Feb
Slsto Financial Corp
•
38% Jan Smith (A 0) Corp coin...* 21% 2114 25
214 Jan Sonotone Corp
2% 2%
47
Feb Southern Corp corn
•
July Spanish & Gen Corp—
6
2614 Jan
Am dep rots ord bearer.61
6314 Apr
Am dep rots reg shs_ _£1
14
Apr Spleg-May-St 614% p1.100
83
83
Apr Standard Brewing Co _ _ _ -•
76
%
34
2% Feb Standard Cap & Seal com _5
14
Mar Stand Investing $5.50 pf22
22
•
1
to Apr Starrett Corporation
94
34
%
116
14 Jan
10
6% preferred
134 1%
•
Steel Co of Canada
814 816
9% Jan Stein (A) dr CO corn
100% 100%
15
Feb
100
614% preferred
150
500
25
800
1,400
500
2,300
2,700
500
300
2,400
200
300
49
Apr
Jan 10231 June
2034 Apr
Jan
9% Apr
Jan
June
Jan 124
87
9
5
88
17% Aug 22
115
Feb 115
19
10
Jan
Jan
Jan
2%
39
2
Jan
28% Aug
25
F eb
29
Feb
Apr
Feb
Aug
311
68
Aug
Apr
41-4 Apr
36
Feb
40% Apr
41% Apr
Aug
Jan 101
80
111 July
3
Feb
Mar
4016 Jan 56
1% Feb
314 June
34 j n
July
2% Jan
734, Feb
Pi, May
Aug
14 May
. 1
3% Apr
1311 July
18% Feb
9
14 July
Jan
29
Feb 38
June
1% May
14 Mar
10% Apr
734
jFuenbe
Aug
40
Jan 10111 July
Jan
2
711 Feb
Mar
6
314 Jan
1
2.11 Apr
Jar
4
Jan
1% July
23% Feb 33% Apr
1,000
: julny
24" j a y
1 4 Aug
ju i
500
1,800
300
31% Aug
4
23244
y
July
26
Apr
1% July
504 Mar
69
July
92% Feb
234 Jan
19
Feb
20% Mar
7
Feb
15% Feb
2% Feb
Apr
23
1
Feb
774 Mar
37
Jan
234 Apr
16% Feb
1034 Apr
1% Apr
314 Apr
314 Jan
3% Jan
Jan
51
25% Aug
734 Feb
Jan
30
434 Feb
62% July
101
Jan
July
110
1411 July
26% June
300
200
300
1f Aug
18
Aug
4
Jan
15 Jun
2
Feb
Apr
30
1434 Feb
1
Aug
700
314
304
554
39
%
1735
4% Apr
3534 July
Apr
81
57% Apr
314 Apr
Apr
31
100
700
100
500
275
100
3,400
25
210
10
3.700
200
1,300
100
10
2%
8
34
18
3
'"
32
17
12
8%
July
July
;Ji3
,
J a0
July
July
July
Jan
July
Mar
Jan
21%
SS
600
5
1,300
1%
50 108
113
Jul
Jan
Aug
.1-.1
Jan
Jan
Jan 32
254
Aug
July
311
May
May 123
Jan 130
June
Jan
Feb
Feb
Aug
July
1
%
14
4%
1634
47
%
311
2
334
134
20
2%
11
14
3416
10
83
5%
51
4011
11
34
414
48
1
5
24%
Feb
Feb
Feb
Feb
Feb
July
Jan
Feb
Apr
Apr
June
Feb
Feb
Jan
Apr
Apr
Apr
Feb
Apr
Apr
Feb
Feb
Feb
Apr
Jan
Jan
Apr
800
100
Si
%
11
131
11%
214
24
if
111
Apr
Aug
Mar
Jan
May
Feb
July
Jan
Jan
11%
200
Jan
Jun
Jul
Jan
Jul
Feb
Jan
Jan
Jan
Jan
June
July
June
Jan
May
July
Feb
700
100
100
100
225
1.700
50
200
100
500
600
800
100
1,600
250
100
GOO
1,400
130
750
900
11
51
9
26
5
50
2%
21%
1711
11
34
116
36
%
1%
20
111
40%
40
Si
33-4
1051
1
12
474
100
156
3%
714
15%
2%
%
'11
50
400
100
200
300
100
10
34
60
%
23
14%
14
1
32
7
844
3
July
Feb
Jan 61% Apr
Jan 6234 Feb
14 Mar
Au
luiy 10% Feb
July
13% May
Jul
2% Feb
Mar
Aug 23
73% July
Jan
Jan 10711 July
Mar 1824 Aug
414 Feb
July
9
July
Apr
July 43
Feb
411 Mar
July
1% Jan
June
14
Aug
16
July
Jan 87
2%
Jan
July 2714
Jan 25
114
July
316
Aug
Jan 37%
Jan
1034
Jan 101
Feb
Feb
Apr
Mar
Feb
Mar
Feb
Feb
May
Feb
July
1382
Financial Chronicle
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Stein Cosmetics
•
1%
Stetson (J B) Co com
•
. Stinnes(Hugo)Con7
•
Stroock (S)& Co
•
Stutz Motor Car
•
•
Sullivan Machinery
•
Sun Investing corn
•
$3 cony pref
Swift & Co
25 1934
Swift Internacional
15 3934
Taggart Corp corn
•
Taatyeast Inc class A____•
%
Technicolor Inc corn
• 1234
Thermold & Co 7% cony
preferred
100 30
Tobacco Allied Stocks_
•
Tobacco Prod Exports- •
Todd Shipyards Corp_ •
Trans Air Transport
1%
1
Trans Lux Pict ScreenCommon
155
1
TM-Continental warranta__ ______
Triplex Safety Class Co
Am dep rcts ord reg_10s
Trunz Pork Stores Inc_ •
Tub'se Chatillon Corp. _1
Class A
1
Tung-Sol Lamp Works_ •
•
$3 cony preferred
Union American Inv'g- •
Union Tobacco corn
•
United Aircraft Transport
Warrants
United Carr Fastener_ •
United Chemicals corn_ •
55
United Dry Docks corn __•
1
%
United Founders
United Molasses Co431
Am dep rota ord ref ___ £1
United Proflt-Sharing--- •
3%
10
Preferred
United Shoe Mach com_25
25
Preferred
•
1r4
United stereo v t a
United Wall Paper
•
US Dairy Products B
•
•
%
U S Finishing corn
U S Foil Co Masa B
1 10
US Intl Securities
•
1st pref with warr
•
U S Lines
pref. 23%
US Playing Cards
10
•
US Radiator corn
7% preferred
100
US Rubber Reclaiming_ •
Universal Ins Co
8
Utility Equities Corp-- •
•
Priority stock
Utility & Ind Corp
•
*
Cony preferred
Vogt Manufacturing
•
•
Waco Aircraft Co
•
Wahl Company
•
Waitt & Bond cl A
•
Class B
Walgreen Co warrants
Hiram Walker-Gooderham
•
& Worts Ltd corn-•
Cumul preferred
Watson (John Warren)__ •
•
Wayne Pump Co
Convertible preferred_*
Western Auto Supply A_ •
Western Cartridge pref _100
Western Dairy Products•
$6 preferred ser A
Western Maryland Ry
7% 1st preferred___100
Westvaco Chlorine Prod100
7% Preferred
West Va Coal & Coke...."
Williams(R C)& CO
•
Wit
-low Cafeterias Inc
Common
1
•
cony preferred
•
Wilson-Jones Co
Woolworth(F W)Ltd-.
Amer deposit reta
Youngstown Sheet & Tube
100
634% Preferred
Public UtilitiesAla Power $7 pref
•
•
$6 preferred
Am Cities Pow & Lt25
Class A
5
Class B
Am Dist Tel N J 7% pf_100
AM& dr Foreign Pow warrAmer Gas & Elee corn_ •
•
Preferred
Amer L & Tr corn
25
6% preferred
25
Am Superpower Corp cam•
1st preferred
•
Preferred
Appalachian Elec Pr pref_•
Arkarusas P & L $7 pref_.•
Assoc Gas & EleoCommon
1
Claes A
1
$5 preferred
•
Warrants
Assoc Tel Util corn
•
Bell Tel of Canada
100
Brasillan Tr Lt & Pow___•
Buff Meg 34 East Pr pret 25
$5 lit preferred
•
Cables & Wireless LtdAm dep rcts A ord ells_ £1
Am dep rcts B ord shs £1
Amer dep rcts pref shs £1
Carolina P & L $6 pref_ •
Cent Hud Ci & E v t o___•
CentP & L 7% pref.- _100
Cent & Soul% est UM coml.
Cent Mates Elea com
I
6% pref without ware 100
7% preferred
100
Cony preferred
100
Cony pre:op aer'29-100
Cities Serv P & L $7 pret_•
•
$6 preferred
Cleve Elec Ilium com- •
Columbia Gas & Elea-100
Cony 5% prat
Commonwealth Edison_100
Common & Southern Corp.
Warrants
8
134
1,100
2
2
100
2
8
2
8
100
100
1934 2034 30.900
3734 3934 9,800
11,4
54
1234 1354
30
2,600
3,000
50
30
1%
1%
200
1%
2%
400
Low.
23(
1034
3
8
1035
1734
554
4134
2031
3931
234
155
1431
July
Jan
May
Mar
Mar
Apr
Feb
Apr
Aug
Aug
Apr
Apr
June
Jan
24
45
Feb
35 Jan
Jan
19
134 July
4434
51
1%
28
434
Apr
June
Apr
May
Jan
900
100
4% 4%
1034 1055
3% 4
200
100
800
1834
10
331
1034
3
1534
20
20
35
34
100
100
July
17
35 Jan
4%
4%
100
35
35
34
%
3,200
5,400
434
31
434
34
1,000
400
6534 6534
36% 36%
Tie
55
234 234
A
34
51
34
1155
10
135 1%
350
10
400
1,200
100
300
2,600
200
2331 2335
100
8%
75
1% 1%
4534 45%
35
A
100
25
100
8%
8%
2734 29%
1555 15%
600
5,600
600
High.
Jan
June
Apr
May
July
July
July
Jan
Jan
Jan
July
Jan
Mar
54
8
134
5
I%
755
334
35
1334
2351
54
34
734
2
134
134
134
755
2834
1534
2
Range Since Jan. 1.
135 July
1
May
July
July
July
Aug
Jan
Jan
334 Jan
255 Feb
21
2034
15
3034
734
30
May
Apr
Jan
Jan
Mar
Apr
25
Feb
34 Jan
4
534
3
%
h.
July
Jan
Jan
July
July
1534
12
11
234
155
Jan
May
Feb
Feb
Feb
354
%
6
5734
3234
34
2
A
A
574
155
44
34
16%
135
8
1
555
134
36
35
134
Jan
Aug
Apr
Jan
Jan
June
Feb
Aug
Aug
Jan
Jan
July
Jan
Jan
Aug
July
Jan
Jan
Jan
Jan
Jan
Jan
835
454
955
6855
3654
I%
454
134
5
1434
2
8034
134
2734
3
1034
1%
12
4
53
234
534
Ain
Feb
Jan
Apr
Aug
Feb
Apr
Feb
Feb
Apr
Feb
Feb
Mar
Apr
Feb
May
Apr
June
Feb
Feb
Feb
Feb
355 Jan
555 July
1% June
434 Jan
1
Jan
2
Jan
9
19
2%
735
151
434
Feb
Apr
Feb
June
Jan
Feb
5734
1754
51
134
6
4834
88
Jan
Jan
Feb
Feb
Apr
Apr
May
95
234
88
9434 95
254 234
300
25
125
300
July
July
July
July
July
Jan
Jan
11
88
A
2134
1474
34
55
134
19
6331
July
1134 Apr
50
A
Jan
7934 Apr
85
Apr
% Jan
1155 July
9834 June
555 Apr
20
Mar
35 Jan
2
Feb
6% Feb1074 Apr
11
Jan 17% July
2755 28
39
40
1,100
2234 Jan
2
834 Aug
100
3854 July
5934 Feb
Jan
Jan
5835 Apr
52
Apr
3134
3231
29
234
2834 2934
174 255
11234 112%
2251
82%
2154 25
81
8351
1134 12%
2
2
.
34
235
1454 1535
77
77
34
34
Si
"is
1,,
Si
1,4
1074 11%
18
1834
11
175 25
2,000
134
50 102
3
4,600 1854
450 72
900 1054
19
5,600
134
5154
200 1355
10 77
50 2851
Jan 3434 Apr
Jan
454 Feb
Jan 11255 Aug
July
9% Feb
Jan 3334 Feb
Jan 91
July
July
1934 Feb
Mar 22
Apr
July
474 Feb
Jan 70
Apr
Jan 33
Feb
Aug 77
Aug
Jan 42
Apr
54
rie
I%
1,000
514
35
11155
1,400
8
200 1551
8834
July
234 Feb
Jan
255 Feb
Jan
655 Feb
34 Feb
Jan
July
A Feb
Jan 12131 Aug
July
1434 Feb
Jan
1934 Feb
Jan 81
Aug
1,600
Aug
151
51 July
355 Aug
27
Jan
831 July
14
Mar
55 Aug
35 Aug
2
Aug
4
Aug
434 Aug
2
Aug
1654 Aug
9
Jan
2251 Aug
'111
3%
37
1231
1954
2
231
855
15
12
934
30
25
3054
'14
355
934
Si
1654
75
355
100
934
100
36
35
%
1514
255 254
456 43-4
454 454
2% 256
1655 1634
300
1,400
100
25
25
25
50
7355 76
45
4735
325
500
514
34
3,600
Jan
Jan
Jan
Apr
Feb
July
Jan
Feb
Feb
Jan
Jan
Apr
June
May
Feb
88
Jan 103
Feb
3454 Jan 6154 Feb
pis Aug
34 Feb
Sept. 1 1934
Sales
Friday
Last Week's Range for
Public Utilities
ofPrices.
Week.
Sale
(Concluded)
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
334 Aug
34 Mar
Jan
53
37% Jan
3734 July
1134
35
68
57
5751
Apr
Jan
July
Apr
Apr
Jan
Jan
Jan
July
Aug
July
Jan
Jan
Jan
July
1034
79
70
254
21
2334
5034
60
1734
431
Feb
July
July
Feb
Feb
Feb
Feb
Feb
Apr
Feb
1034 Jan
15
July
1234 Jan
1634 July
Jan
5
2534
2234
2934
32
10
Feb
Feb
Feb
Feb
Apr
8% June
55 July
July
10
1234 Feb
24 Feb
2434 Jan
7
25
44
41
34
4855
19
57
6434
50
35
58
Mar
Apr
Feb
Feb
Feb
July
15
15
50 1034 Jan 30
Illinois P & L $8 pret
•
5834 July 72
Ind*polis P & L 654% pt100
Internet Hydro-Eleo300 1451 Jan 3134
Pref $3.50series
50
1934 2134
Internat'l Utility
55 July
131
Class 11
914 2.000
35
35
1
July 19
7
Interstate Power $7 pref-•
!
134 Jan
3
134
134 1,400
Italian Super Power A__ a
Warrants34June
1
Long Island Ltg•
354
3
200
Common
254 Aug
834
60 4534 Jan 6934
7% preferred
5834
100 5834 58
100
47
50
500 3
Pref class B
634 Jan 6034
Marconi Internat Marine
8
Mar
7
Common Am den rcts.£1
1% Aug
434
1% 234 3,500
Marconi Wirel T of Can 1
2
154
2%
1%
300
Mass Util Assoc v t o
134 May
•
3
100
3
234 Aug
4
Memphis Nat Gas com__5
25 51
72
72
Jan 75
Met Edison $6 pref
•
55 Jan
54
%
IC 1,700
Middle West UM]oom___•
•
014 Jan
255
$6 cony prof ser A
70
Jan 89
Miss River Pow pref_100
4954 4935
July 6434
25 45
Mob & Hud Pow 1st pref.*
May 40
50 20
27
27
2d preferred
• 27
300 3134 July 3934
3454 3634
Montreal Lt Ht & Pow•
Jan 11134
100
Mountain Ste Tel& Tel 1110
4755 1,050 3
45
National P & I. $6 pref. • 45
534 Jan 6935
69
73% 75
75
Jan 76
N YPr& Lt 7% pref_100
23
100 22
July 38
23
N Y Steam Corp com___.•
175 114% Jan 12034
N Y Telep 64% pret-100 11955 119 119%
25
Jan 3935
N Y Water Serv pref___100
Niagara Hud Pow
454 Aug
4,800
431 5
4%
15
Common
954
%
'ii July
Class A opt warr
2%
% Aug
Class B opt warrants
1,,
1,4
In Jan
•14
114 14,600
Class C opt warr
Nor Amer Lt & Pr- Aug
1
354
1,600
134
1
Common
1
1
355 Jan
16
300
•
551 634
$8 preferred
Nor Ind Pub Serv21
Jan 3234
6% preferred
100
300 1335 Aug32
15
15
Nor Sts Pow corn class A100
80
Jan 9034
Ohio Power 6% pref _100
Ohio Public Service
May 7334
71
100
7% 1st pref CIA
600 1955 Jan 2354
Pacific6& E 8% lat pref25 21% 2134 2134
18% Jan 2055
555% lst pret
25
50 7034 Jan 90
Pacific Ltg 56 pref
8234 83
•
8
2% Jan
500
734 8
8
Pacific Pub Serv let pref.*
26
May 2934
Pa Cent Lt & Pow pret_.•
6% Jan 1934
Pa Gas & Elec class A.---•
500 4534 Jan 5634
Pa Water & Power Co.__ _• 5331 5
3
55
Jan 15
11
8
11
100
Philadelphia Co com
•
1455
July
8
Power Corp of Canada__•
10
19
July
Pub Serv Ind prior pref..*
1434 Aug20
Public Serv Nor Ill corn..'
Puget Sound P & L1,930
20
835 July 20
14
$5 preferred
• 1655
634 Jan 15%
10% 15%
1,530
• 1234
$O Preferred
7
25
7
554 Jan 11
Ry dc Light Secur corn...'
Jan 2435
200 17
Shawinigan Wat& Power_•
1034 2054
Sou Calif Edison
Aug36
100 30
30
30
5% original preferred.25
18
1834 1,100 1755 Jan 2134
Preferred B
25 183.4
500 1534 Jan 1935
534% ore!series C.-25 16% 16% 1634
714
55 Apr
Southern Nat Gas corn__.*
104 104
Aug 10754
10 104
Sou New Engl Telep-_100
234
34 Feb
Southern Union Gas com-•
10
Aug
2
200
Standard P & Loom
254 3
•
754
155 Aug
Common class B
•
Swiss Am Erne pref._ -100 3534 3534 3654
150 3534 Aug 4934
Apr
Apr
Community P & L 56 prof•
Community Water* Serv_ •
C,onsol G E L&P Balt cow•
Cont G & E 7% prior Pf 100
Duke Power Co
10
East Gas & Fuel Assoc,
•
Common
455% prior preterred_100
100
6% preferred
East States Pow corn B...•
$7 preferred series A_ •
Elec Bond &Share com__ 5
•
$5 preferred
$13 preferred
•
Elec P & L 2d prat A- •
Option warrants
Empire Gas & Fuel Co
100
8% preferred
100
634% preferred
100
7% preferred
100
8% preferred
Empire Power Part Stk_ •
European Electric Corp
10
Class A
Option warrants
Florida P & L $7 pref- •
Gen Gas & Elec•
$6 cony pref B
Gen Pub Serv $6 Pret---•
Georgia Power 56 pref___
Gulf Sts ULU $5.50 pret_ •
1
Hamilton Gas sic
Hartford Electric Light..25
Tampa Electric Co corn..'
Tenn El Pow 7% let pt-100
Toledo Edison 6% pref 100
7% preferred A
100
Union El Lt & Pr pret_.100
Union Gas of Can
•
United Corp warrants
United El Serv Am shs____
United G & E 7% pref.100
United Gas Corp corn._ I
Pref non-voting
•
Option warrants
United Lt & Pow cam A__•
Common class B
•
•
$8 cony let pref
U S Elec pow with warr__1
Warrants
Utah Pow & Lt $7 pret__-•
Util Pow & Lt new oom--1
V t c class B
1
7% preferred
100
Western Power pref. _100
Wisconsin P & L 7% pt-100
Former Standard Oil
Subsidiaries
-Borne Scrymser Co
25
Buckeye Pipe Line
50
Chesebrough Mfg
25
Eureka Pipe Line
100
Humble Oil & Ref
•
Imperial 011 (Can) enup__•
Registered
•
Indiana Pipe Line
10
National Transit
12 50
6534
39
3934
6455 6534
39
39
3934 4055
900
25
75
154
7% 8
77
76
67
67
131
134
400
50
50
400
1034
3655
4335
1034 1234 21,600
3554 3634
200
800
4334 45
8% 834
75
100
2
2
1834 1934
150
1034
1
1034 1034
35
1%
100
4,100
14
28
14
28
50
50
1434
28
51
300
20
50
24
34
255
3354
2
55
A
234
2
3234 3655
Tie
55
1% 254
4.800
1,200
2,000
9,100
9
1034
5te
55
3,600
700
III
31
4236
15
15
3%
31
%
1,000
654
Si
656
400
31
123
31
123
4355
42
1534
15
1555
15
3% 4
8
834
Feb
Apr
Apr
Apr
Feb
Feb
Feb
Apr
Feb
Feb
May
Jan
Feb
Feb
Apr
Fen
Apr
Mar
June
June
Feb
Feb
Feb
Jan
Apr
Apr
May
Feb
July
Apr
Mar
Feb
Apr
Aug
July
June
Aug
June
Feb
Apr
Feb
Apr
Aug
Feb
Apr
Feb
Feb
Feb
Jan
Mar
Mar
Feb
Feb
Feb
Jan
11
Jan
July 4134 May
May 12854 Feb
July
July 37
Jan 4835 Apr
1534 June
Jan
1535 Aug
Jan
874 Feb
Aug
may
934 Feb
1,000
800
1
Apr
8
50 26
50 118
30
2,800 3334
6, 0 1234
50
200 13
800
331
200
734
334
134
2134
46
62
7734
10655
334
1
2
46
134
17
34
155
154
734
X
,
Feb
Mar
Feb
Feb
1534
34
1%
4
65
2854
300
355
1%
Jan
Jan
Jan
Jan
July
Jan
Apr
28
Jan
Aug
Apr 54
Feb 7755 Apr
mar 8934 Apr
Aug 10734 July
6% Mar
Jan
234 Feb
July
July
334 Jan
Apr
Feb 62
3% Mar
July
Jan 4554 Apr
155 Mar
July
535 Feb
July
Aug
BA Feb
July 2456 Feb
Aug
% Feb
gis Jan
Mar
July 2834 Feb
2% Feb
Jan
454 Feb
Jan
1755 Feb
July
May
Jan 88
Aug 2254 Aug
24%
24
6
56
46
Si
6%
934
2834
31
6
1%
0
1383
Financial Chronicle
VO/um. /.: 9
Friday
Sales
Former Standard 011
Last Week's Range for
Subsidiaries
Sale
ofPrices.
Week.
(Concluded)
Par Pace. Low. High. Shares.
5
N Y Transit
10
Nortbern Pipe Line
Ohio thine,' pret
100
Penn Max Fuel Co
1
South Penn Oil
25
10
Southern Pipe Line
So-west Pa Pipe Una_ _50
Standard 011 Indiana)..25
(
Standard 011(KY) ____ .10
Standard 011(Neb)
25
Standard cm (I ihio• enm 25
5% preferred
100
Swan Finch OR Corp- _25
224
1534
Other Oil Stocks.1
Amer Maracaibo Co
Arkansas Nat Gas oom_ ..
Common class A . _ •
1
Preferred
10
British-Amer 011coup_ •
Carib Ayn•ileate
264
345
•
Colon MCorp com
Columbia al &(
:as etc •
10
Consol Royalty 011
Continental011 of Mex. _1
Coeden Oil com
14
1
Preferred
100
134
Creole Petroleum
"row.Cent Petroleum. _1
Darby Petroleum corn_ _5
1
*
Derby OH& Ref com
Gull 011 Corn of Penna__25
Indian Ter ilium 011Non-voting class A_ •
*
Class B
International Petroleum... 294
224 23
34 344
500
100
2634 2734 14,700
1534 is% 2,000
200
9% 944
350
1534 16
ti
144
1
2%
4
14
134
234
300
200
1,700
100
34
134
44
4
14
44
4,400
300
700
144
144
700
1334 1434
%
%
534 534
1
1%
5654 58
9,000
200
100
500
800
144
100
2834 294
4,300
134
Kirby Petroleum
2
244 2,400
24
1
Leonard (iii 1)evelop._.25
700
4
713
71
Lion 011 Development__ •
5
54 1,400
5
Lone Star Gas Corp
•
•
Margay Oil Corp
McColl Frontenao Oil._ •
Michigan Gas & 011
300
3
34
•
Middle States PetrolClhas A v t o
•
200
134 • 134
Class B v t c
•
300
44
4
300
444 414
Mountain Producers_ _ _10
44
National Fuel Oas .......
500
• 15
1434 1534
National Refining Co_ _ _25
New Bradford Oils
400
244
5
254 244
2
Nor Cent Texas 011 Co_5
2
234
500
Nor European Oil coin...I
34
500
4
Si
134
Pantepec 011 of Vanes •
144 244 10,200
600
44
4
Producers Royalty
41
1
130
Pure Oil Co 6% prat _100 4134 4134 44
Red Bank Oil Co
•
100
44
4
44
•
Reiter-Foster Oil
300
Richfield . ill pref
4
4
34
25
Root Refining com
1
Cony prior prat
10
Ryan Coned Petrol
•
Salt Creek Como'011_1
300
41
41
44
Salt Creek Producers...10
700
544 84
6
yi
44
400
Savoy 011 Co
5
100
Southland Royalty C0_5
54 544
544
144
Sunray (411
5
1% 145 3,400
100
Swiss 011 Corp
134 134
1
Tenon 011 & Land Co _..
534 74 3,700
834
. •
Venezuela Mex 011
10
si4
iii
,
4 1,500
Venezuelan Petroleum...6
Woodley Petroleum
1
Mining3534 36
Bunker Hill& Sullivan_10
Bwana M'Kubwa CopperAmer shares Se
41
41
Chief Consol Mining
1
ni
, Die
Consol Copper MInee. _5
139 139
Consol Min & Smelt Ltd_25 139
•
Copper Range Co
1
I
Cresson Canso! G M
1
134
144
144
134
Cusi Mexican Mining .50e
Eagle Mbar Lead Co__20
Evans Wallower Lead_ •
Falcon Lead Mines
'IS
1
he
34
Goldfield Coneol Mines.10
Si
he
'a
Heel.. Mining Co
644 64
641
26
Hollinger Consol G 4.....6 1934 1954 2034
15
Hud Bay Min & Smelt..
1434 1544
Internat Mining Corp...I
1354 144
64
Warrants
_ .. _
_
6
64
Iron Cap Copper •
10
Kerr Lake Mines
4
44
44
n„
III
, %
Kirkland Lake GM Ltd-..1
55
59
Lake Shore Mines Ltd...I 57
125
100
200
50
900
3,800
1.
300
2.300
500
6,600
7,600
1,000
4,400
100
2,100
5.500
Range Since Jan. 1.
Low.
High.
3
44
8344
3%
174
3%
41
25
1434
9
14
774
24
Jan
Jan
Jan
Jan
Jan
Aug
Feb
Mar
Jan
July
July
Jan
Aug
44
14
1
134
124
244
14
4
134
44
134
5
,
944
Si
494
1
50
July
July
Jan
Aug
July
Feb
Jan
Aug
June
May
July
May
Jai
July
Aug
Aug
July
14 Aug
144 July
1934 Jan
144
41$
344
44
64
12
24
Mar
Jan
July
July
Jan
Feb
June
14
4
4
134
444
1%
144
he
4
44
3844
44
4
4
41
844
%
713
534
4
434
Iris
14
444
134
44
344
Jan
Jan
Jan
July
July
Jan
Jan
Jan
Jan
July
July
Apr
July
Jan
July
Jan
Aug
Jan
July
Aug
Jan
Jan
July
July
July
July
Jan
33
44
44
44
125
34
44
44
344
44
he
4
4
1134
844
1034
34
1
44
44
4144
Aug
Aug
Jan
Jan
July
Aug
Jan
July
Aug
Jan
July
Jan
July
Jan
Jan
Jan
Jan
Feb
May
Feb
Jan
New Jersey Zino.
55
55
100 474 May
55
900 4244 July
46
4644
Newmont Mining -Corp 10 46
250 28
N Y & Honduras Rogarlo10 4341 4194 4334
Feb
Slipisaine vines
24 244 1.000
.5
2
May
Pacific Tin spec
stk17 Jan
Gold %lines Ltd : 123k 12% 13% 4.100 104 Jar
Pioneer
100 14
1834 1834
Pond Creek Pocahontaa_ •
Apr
15.4
Premier i :old mining ._ I
154 134 3,600
1
Jan
St Anthony Gold Mines _.1
715
Tit
ris Jan
4 1 000
.
244 234 1,200
24
Shattuck Dann Mining___5
14 July
1144 1,200
Meer King Coalition--5
11
8
May
374
334 454 25.000
So 5 nier Crold & Plat new I
244 July
% Jan
Standard Silver Lead._ I
riz 21,800
ris
44
894
84 844 16,200
Sunshine Mining Co_.10e
744 Aug
10,500
644 7
644
i
034 Jam1
Teat ii woes ‘inies. _
Tonopah Belmont Develp 1
34 July
Tonopah Mining of Nev..1
% Jan
100
Si
Si
444
444 1,000
43
On Verde Extension „50e
84 Jan
500
154 144
144
4 Jan
Utah Apex Mining Co......5
1
alz
41 8.400
Wenden Copper
44 Jan
934 1034 10,200
Wright-Hargreaves Ltd..* 10
834 Jan
4 Jan
200
he
6
he
Yukon Gold Co
-..25
Bonds3
99
Abbott's Dairy 138- --1942
99
1,000
Alabaina rover Co1946 90
90
let & ref 55
913.4 4,000
1951 84
84
844 10,000
let A ref tie
1958 8244 82
8244 5,000
1st & ref Se
19613 7354 73
7344 6,000
let & ref 5,1
69
1967 6844 68
16,000
1st & ref 4 41_ _
Aluminum Co e 1 deb 58 '52 10494 10344 105
14,000
Aluminum Ltd deb 53 1948 9034 9034 9014 16,000
Amer Commonwealth Pow
1940
Cony deb 65
4
44 1.000
1953
64s
154 1% 1,000
Amer Comm Pow 5548 '53
5.000
89
90
Amer & Continental 581948
14
1434 29.000
Ain El Pow Corp deb 65 67 14
9044 9131 89,000
Amer 0 & El deb Se_2025 91
Am Gas & Pow deb 811 1939 3344 294 3 44 154,000
1953 284 26
Secured deb be
2944 145,000
Am Pow & 1.t deb ile _2016 4734 4744 504 82,000
Amer Radiator 4'4s 1947 210234 10234 10234 11,000
924 July
68
69
60
65
51
954
72
Jan
Jan
Jan
Jan
Jan
Jan
Jan
44
34
1%
79
934
73
11344
14%
4144
9774
July
July
Aug
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Bonds (Continued)-
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Price. Low. High.
$
Range Since Jan. 1.
Low.
High.
Apr
46,000 704 Jan 92
Am Roll Mill deb bs_ _1948 8734 874 89
Apr
1,000 4734 Jan 70
54
54
Amer Seating cony 60_1936 54
Jan 10044 July
974 984 31,000 76
Appalachian El Pr 5s_ 19W 98
Aug
Jan 108
Appalachian Power 50_1941 1074 10734 1074 2,000 102
Jan 8844 July
1,000 59
82
82
Deb 6e
2024
Jan 7934 Apr
28,000 57
Arkansas Pr & Lt be..19fin 704 7034 71
34
364 101,000 254 Jan 424 Feb
Associated Elm 44s../95.3 34
Associated Gas & El Co-Jan 2834 Feb
11,000 18
204 21
Cone deb 514s
1938 21
Jan 234 Feb
4,000 10
Cony deb 434s C__ 1948
1734 18
Jan 2434 Feb
1734 45,000 10
Cony deb 444s
194Y 174 17
194 34,000 1144 Jan 2534 Feb
Cony deb Ss
1950 1834 18
Feb
67,000 1114 Jan 25
19
Deb Ss
196/. 184 18
1977
Cony deb 54s
2034 2134 9,000 1234 Jan 2934 Feb
Jan 7544 Mir
5,000 53
6544 67
Assoc Rayon bs
1950 66
Aug
14 Feb Assoc Telephone Ltd 5s '85
8034 Jan 98
Mar
Jan 60
4934 26,000 44
234 Feb Assoc T & T deb 5Sis A '55 4834 48
Feb
934 Jan 22
1434 44,000
234 Feb Assoc Telep HUI 510.1944 1434 14
Feb
Jan 23
334 Apr
1434 25,000 10
Certifteates of deposit
1434 14
Jan 284 Feb
Mar
Os
1933 184 1834 1834 1.000 15
1534
Jan 2634 Feb
1,000 14
18
18
Ctfs of deposit-.1933
534 Mar
5044 Jan 8044 July
334 Feb Atlas Plywood 5Sis _ _1943
1% Feb Baldwin Loco WorksFeb
27,000 1054 Jan 137
6a with watt
1932 1134 1134 116
2
Jan
Jan 9744 July
9134 9334 46,000 74
611 without wart
_1938 92
34 May
344 Jan Bell Telep of Canada
tat M be series 4....1955 10944 10934 11034 28.000 1024 Jan 11044 Aug
Mar
9
110 11134 28.000 10134 Jan 11144 Aug
1st M Ss aeries B_1957 110
1444 Aug
Aug
1114 11134 5,000 1014 Jan 112
5s series C
14 Feb
1960
Jan 12234 May
4,000 105
119 119
734 Jan Bethlehem Steel 138. _1998
234 Feb Binghamton L II & P bs 48 9934 9944 994 3.000 7634 Jan 10134 July
Jan 704 Mar
NM Jan Bir inch... E1ee4141 196i. 8534 8534 6534 15,000 31
Apr
14,000 404 Jan 60
484 50
Birmingham Gas 58-1959 50
Jan 10844 June
44 Feb Boston Como!Gas 5s_1947
10644 10634 1,000 104
Aug
89,000 3834 Jan 71
644 71
444 Feb Broad River Pow Se...1954 71
108 1084 2,000 1034 Jan 10944 June
304 June Buff Gen Eleo be ....1939
1,000 10334 Jan 10944 July
Gen & ref 5s
109 109
1948
3 May
Aug
Jan 99
14 Mar Canada Northern Pr be 53 98
984 14,000 81
98
Jan 1054 Apr
544 Jan Canadian Nat Ry 7s_ _1935
1024 10354 9,000 102
Apr
844 Feb Canadian Par Ry fie _ _ 1942 11344 1134 11434 51,000 102% Jan 117
Apr
4,000 7034 Jan 90
84
834 Feb Capital Adminis Ss_ _1953
84
14
Apr Carolina Pr & Lt 5s.... 195(
7754 7634 7794 39,000 5244 Jan 7834 July
5
Apr Cedar Rapids M & P 5* 53 11244 11234 1134 19,000 103
Feb 11344 Aug
Cent Ariz Lt & Pow 5e 1960
6,000 784 Jan 9434 Apr
8134 83
844 Apr Cent German Power
14 Apr
Partici Ws 8s
38
3944 10,000 3734 July 6354 Mar
1934
544 Apt Cent Ill Light 58_ _ _ _1943 .
Jan 10744 JULY
1064 10634 3,000 100
1844 Apr Central III Pub Servicebs series E
8
Mar
1956 6734 66
6714 10,000 5234 Jan 7634 Apr
1st & ref 414s ser F_ 1967 5934 5944 8034 40.000 4734 Jan 138
244 June
Feb
Jan 7444 Apr
5s series G
1968 66
344 Apr
6534 6634 16,000 52
Apr
1981
he MAY
5994 6034 6,000 4734 Jan 68
434% series H
Jan 9844 Aug
244 Mar Cent Maine Pow 44s E'57 9544 9544 96
4,000 76
5s series D
4 Jan
100 10034 5,000 854 Jan 1024 July
1955
63
Feb Cent Ohio Lt & Pow 561950
Jan 77 May
6934 7044 7,000 57
Jan 6134 Feb
144 Mar Cent Power 5s ser D l957 5394 53
5434 13,000 41
Apr
1
Jan Cent Pow & Lt let 5&1956 53% 5344 55
59,000 414 Jan 62
4
Feb Cent States Else le_ 1948 3344 3334 35
19,000 2714 Jan 5234 Apr
Apr
Jan 51
14 Jan
54s with warrants_1954 3334 3244 37
50,000 28
844 Apr Cent States P& L 648.'63 45
4334 4534 46,000 3834 Jan 5344 Apr
Jan 914 July
334 Jan Chic Dist Elea Gen 414s'70 8734 8834 88
91,000 62
34 Apr
July
Jan 100
Deb 544e.0ot 1 1935
45,000 74
100 100
734 Apr Chic Jet Ry - Union Stk
4z
95
Jan 10634 July
1
Mar
Yards bs
1940
8
Feb Chic Pneu Tools 5348.1942 70
2,000 544 Jan 8444 Apr
6834 70
2
Feb Chic Rys 58 nth)
Jan 574 JI11.1
1927 5534 5514 5594 15,000 48
244 May Cincinnati Street RYApr
Jan 81
54s series A
11
Feb
1952
713.4 7154 1,000 50
Apr
6244 Jan 213
68 aeries B
594 Jan
1955
144 Mar Cities Service Ss
1966
4234 4344 36,000 3034 Jan 5234 Apr
534 Feb
CODY deb 5s
1950 43
4234 4434 199,000 3044 Jan 5834 May
Cities Service Gas 54s '42 63
6444 19,000 46 34 Jan 6844 June
63
Cities Service Gas Pipe
Line 68.
6334 Feb
5.000 574 Jan 864 July
1943
7944 80
Cities Serv P & L 5He 1952 41
4044 414 90,000 274 Jan 4944 Apr
134 Jan
11,000 273.4 Jan 4934 Apr
514s
414 42
1949 42
Jan 1074 June
144 Mar Cleve Elea Ill tat 55_1989 10634 10634 10634 24,000 105
Mar
144 Feb
106
Jan 111
5s series A
1954
170
July
Mar
1054 Jan 112
58 series B
1961
54 Apr Commers und Privet
134 Feb
Rank 544e
1937
3794 3834 11,000 3754 Aug 624 Feb
2
Feb Commonwealth Edison
July
Jan 109
let M 58 series A...1953
744 Mar
104 104% 12,000 92
July
44 Jan
Jan 108
let M 56 series B...1954
4,000 92
10434 105
he Jan
1st 434* series C___1958 1014 10034 10174 44,000 844 Jan 1054 July
44 Apr
Jan 10454 July
44s series 0
1957 101
101 10134 26,000 86
84 Feb
Jan 10334 July
434s series E
1960
10094 10094 17,000 85
tat M 48 series F.- 1981 9054 9044 92 122.000 724 Jan 944 July
2034 Aug
1544 Aug
5%a series G
12,000 9444 Jan 108 June
1982 106
10544 106
1444 Apr Com'wealth Subsid 54s'Oe 804 80
8044 24,000 564 Jan 874 May
64 Apr Community Pr & Lt bs 1957
464 20,000 884 Jan 57 June
45
14 Apr Connecticut Light & Power
Mar 12034 June
7s series A
% Mar
1951
11754 117% 1,000 112
44 Aug
5345 series B
1954
10954 109% 5,000 10634 Jan 11234 June
59
Aug
Jan 10754 JUIN
10744 10734 4,000 100
44s series C
1956
Jan ung June
1,000 104
109 109
as series D
1962 109
6344 Jan Conn River Pow 56 A 1952 10394 1034 104
26,000 9134 Jan 108K June
6734 Apr ConsolG E L & P 44s 1935 10144 101 10144 30,000 101
Aug 10354 Apr
4634 July
10,000 10134 Aug 10894 Feb
Stamped
101% 102
254 Feb Consul Gas (Saito City)
5s
27% May
10444 Jan 11054 JULY
1939
14% Apr
July
Jan 114
5,000 102
Gen mtge 44413
111
111
1954
1834 Aug Consol Gas El Lt& P(Balt.
134 Mar
Jan 10944 July
434* series 0
1969
10734 10834 10,000 105
rhs Apr
July
4 He series H
10314 Jan 110
1970
3
Jan
1st ref s t ts
Jan 10694 July
1981 1044 10444 10544 12.000 93
1244 Feb Canso' Gae Util Co
54 Feb
1st & coil 68 ser A...1943 4434 4454 4534 17,000 3344 Jan 5234 Apr
% Feb
Apr
Mar 13
Cony deb 63.4s w w .1943
8
844 Aug Conan)Publishers 74451938
July
Jan 89
4,000 63
88
88
894 Apr Conaumera Pow 44e_1953 10444 10444 1064 72,000 94% Jan 1064 July
.is Feb
let & ref Se
104% 104% 3.000 tong Jan 10554 July
1938
Apr
134 Feb Cont'l Gas& El 5s.__.1958 4734 474 504 108,000 8614 Jan 57
5
Feb Continental 011 54s-1937 10244 1024 10244 12,000 10134 Feb 10444 Apr
214 Apr Cosgrove Meehan Coal6 4s
34 Apr
8
1945
Aug
9
Mar
1044 Mar Crane Co 6s___Aug 1 1940 9844 98
Jan 1004 July
46,000 85
99
4 Apr Crucible Steel 5s.. _ _1940 914 91
Apr
914 20,000 7314 Jan 96
Cuban Telephone 734s 1941 80
5.000 50
59
60
Aug 8034 JUDO
Cuban Tobacco 5,s__ _1944
Jan
Aug 50
35
99
Aug Cudahy Pack deb 5 qn 193
Jan 1044 May
10354 10334 19,000 98
7
2,000 1034 Jan 10734 July
107 107
a f Is
1946
92% July Cumberld Co P& L 41411'56
1,000 74
94
94
Jan 9554 July
88
July Dallas Pow & Lt 6s 11 1949
Apr
1075410754 4,000 1044 Jan 110
87% July
be series C
1054 1054 3.000 99
1952
Jan 10854 June
804 July Dayton Pow & Lt 511_1941 10754 10634 10744 24.000 10234 Jan 108
May
73% July Delaware El Pow 5Sis-'59 85
85
Jan 0154 July
85% 6,000 66
105% July Denver Gas & Eiec 58.1949 105
10434 10534 22,000 9244 Jan 10645 Aug
9344 July Derby Gas & Elec 58_1946
Apr
79
79
3,000 6754 Jan 85
May
96
97
Det City Gas (10 tier A _1947 96
24,000 11414 Jan 101
2
Se lat eerier' B
Feb
874 8844 9,000 73 . Jan 924 July
1950
2
Jan Detroit Internal Bridge
Feb
534 Feb
7
34 Jan
Aug. 1 1952
64s
934 May
Feb
5
Certificates of deposit
234 Jan
20
1
Feb
Jan
1
1
2
N Jan
3,000
Deb 7s
Aug 1 1952
954 June
2
Jan
4
34 1,000
44 Aug
Certificates of deposit.
3434 Aug Dixie ouif (;,e, 6)4s,1937 102
Jan 103
19,000 79
10134 103
Aug
3234 Apr Duke Power 4 Hs
July
1967
85
Jan 105
674 Feb Eastern Utilities Investing
19
105
May
Mar
58 ser A w w ------1964 19
1934 17,000 1034 Jan 25
444
7
88
6
264
534
47
324
1734
1834
284
95
444
Mar
Feb
Feb
Jan
June
Feb
Feb
Jan
Feb
Feb
Feb
July
Jan
1384
Bonds (Continued)Edison Elea III (Boston)1935
b% notes
Elec Power Az Light 55_2030
Elmira Wat,Lt & RR 58'56
El Paso Elec 5s A_ _1950
El Paso Nat Gas 6%8_1943
With warrants
Deb 614s
1938
Empire Dist El 55._ _1952
Empire Oil & Ref 555s 1942
Ercole Marelli Elec Mfg1953
6 35s A W w
Erie Lighting 59
1967
European Elec Corp Ltd655s x-warr
1965
European Mtge Inv 78 C'67
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek.
Price. Low. High.
8
3655
68
6151
Hackensack Water 55_1938
1977
534s series A
Hall Printing 5558_ __ _1947
Hamburg Elect 7s _ _1935
.
Hamburg El Underground
1938
& St Ity 5%8
Hood Rubber 5%s__ _1936
1936
7s
Houston Gulf Gas 8s__1943
6555 with warrants_1943
bus L & P lst 4158 E.1981
1978
4 16s series D
1053
55 series A
Hudson Bay M Az 385_1935
Hydraulic Pow 5s_ _1951
1950
58
Hygrade Food Products1949
68 series A
1949
68 series B
1947
Idaho Power 59
Illinois Central RR 68 1937
III Northern UM 55._ _1957
Ill Pow Az L 1st 68 ser A '53
1st Az ref 5%8 ser B.1954
151 Az ref 58 ser C--1956
S f deb 5545 _May 1957
Indiana Electric Corp1947
&series A
1953
6369 series 13
,
1951
58 series C
Indiana General Elec 55 '48
Indiana Hydro-Elec bs '58
Indiana Az Mich Elea 58 '55
1957
Indiana Service 5s____1950
let lien & ref Ss__ _1983
7155
10,000
a82 02
a70 a70
1,000
6834 17,000
68
60% 62
30,000
Jan
Jan
Jan
Jan
4435 45
54
92%
89%
8855
67%
56
94%
90%
88%
69
1015 102
4
10435 10416
43
12655
9554
534
336
54
76
56
44
71% 72
104% 104%
3355
104%
8234
100%
10734
22
3
934
105
105
86
7734
3356
105
8334
100%
10734
2255
3934
105
10516
8654
7756
70
86
Apr
July 88
Jan 10235 July
80
29
Jan 100% Apr
Jan 54
June
8,000
5,000
21,000
63
42
1835
Jan
Jan
Jan
62,000
59,000
60,000
9,000
34,000
7331
89%
93
5656
53%
Jan 8954 APr
Jan 103% July
Jan 103% June
Apr
Jan 80
Apr
Jan 71
14,000
96,000
14,000
2,000
10,000
34
7734
69
68%
60
Jab
Jan
Jan
Jan
Jan
89% Apr
57% June
42
May
67% Apr
97
July
92% July
91% July
81% Apr
3.000 10131 July 103% Jan
14,000 10234 Jan 10535 July
Jan 82% Aug
64
27,000 25% Jan 56
June
45
Feb 5815 May
10,000
68,000
9,000
2,000
98%
85
235
2
40
5955
40
32%
94
57%
Jan 146% Apr
Mar 99
Aug
Jan
9
Mar
Jan
715 Mar
Jan 62
June
Jan 84% Apr
Jan 65
Feb
Jan
Aug 73
Jan 10416 July
Jan 8131 July
7051 Aug 85
95
Jan 105
3,000 1651 Jan
23,000 10034 Jan
5,000 70
Jan
15,000 9356 Jan
10,000 9415 Jan
18,000 12
Jan
1,000 24
Jan
13,000 101
Jan
27,000 9911 Jan
9,000 MI
Jan
4,000 63
Jan
41
106
8815
101
108
2655
48
10554
106%
9255
84
Apr
Aug
Apr
Apr
Apr
Aug
June
Apr
Feb
Aug
June
Apr
July
75
7415
,
5835
101% 101
101
101
104% 10415
111
Jan
Mar
Apr
June
June
July
June
June
Apr
June
June
21,000
11,000
17.000
2,000
6,000
27,000
12,000
35,000
15,000
48
Jan 70
50
Jan 693,4
8731 Jan 105
80
Aug 93%
8215 Jan 105
52
Jan 7836
47% Jan 75
4315 Jan 70
37
Jan 66
Apr
API'
June
Apr
Aug
May
Apr
Apr
Apr
8,
000
65
69
4,000
5615 11,000
10554
2,000
3,000
60
5434 Jan 7531
59
Jan 80
47
Jan 68
98
Jan 106
47
Jan 6734
Jan 98
71
Jan 10855
91
2554 Jan 4834
2415 Jan 4834
Feb
Apr
Apr
May
Apr
July
June
Apr
Apr
75
1,000
7655 15,000
5815 3,000
10134 20,000
102%
5.000
10435 6,000
112
9,000
6735 68
68
67
68
102% 10134 102%
84
84
103 103
103
6935 71
70
67%
66
66
6234 6134 63
5631 58%
5834
63
65
56
10555 105%
60
6,000
7031
81
83
84
7234
10234
103
105%
118%
106%
11055
3634 38
11,000
35
3555 16,000
80
80
Indianapolis Gas Is A.1952
In d'n0118 P & L 5s ser A*57 94% 9434 95
Intercontinents PowerDeb 65 x warrants _ _1948
International Power See75
75
1955
6 559 series C
1957
73 series E
86
86
1952
79 series F
104 10451
International Salt 513_1951 1114
5816 61
International Sec 58._1947
87
Interstate Irn & St14355'46 8655 82
10531 105%
Interstate Nat Gas 68_1936
Interstate Power Ss _ _ 1957 48% 47% 51
36% 38
1952 37
1)ebenture 68
Interstate Public Service52
54
5sserleaD
1956
4735 4954
4558 series F
1958
Invest Co of Amer8434 86
1947
Is series A w w
without warrants
8415 8455
81
81
Iowa-Neb L Az P 5s___195i
Si)
82
1961
5s series B
95
95%
Iowa Pow & Lt 4155..1958
79
79
1957
Iowa Pub Seri 58
7356 7334
Isarco Ilydro Elec 78_1952
laOtta Fraschini 7s _ _1942
Italian Superpower of Der
6035 63
Deb 68 without war_1963
3556 37
.
Jacksonville Gas 50_ _1942
Jamaica Wet Sup 515555
Jersey C P & L 4558 C_1961 95% 94% 9534
101% 102
1947
58 series B
107 107
Jones & Laughlin SU 55 '39 107
88
88
Kansas Gas & Elea 65_2022
75
75
1947 75
Kansas Power 58
Kansas Power Az Light10055 101
1055
(is series A
9134 9334
1957 93
be series EI
June
Aug
July
Apr
wog Jan 108
July
99
Jan 105% July
7115 7234 13,000 61
Jan 83
Apr
Aug 82
54
Feb
7434
3634
77
70
75
72
2,000
12855 1,000
9534 3,000
755 2,000
4
2,000
58
49,000
7836 51,0013
4,000
5734
103 103
76% 78
67
35
4615
4614
12,00(1
9554
36% 36%
03
65
High.
Jan 103% Mar
Jan 5155 Apr
Apr
Jan 85
Jan 86% May
Fairbanks Morse 55_ _1942
86
8655
Farmers Nat Mtge 75_1963
55% 57
Federal Water Serv 555554 32
3331
32
Finland Residential Mtge
Banks 6s
8555
1961 85% 84
Firestone Cot Mills 58.'48 101% 1013 102%
Firestone Tire & Rub 5s'42 102% 10231 102%
68% 70
Fla Power Corp 5158.1979
Florida Power dz Lt 581954 5916 5834 60
Gary El Az Gas 585er A 1934 5431
Gatineau Power let 58 1956 9334
Deb gold 68 June 15 1941 89%
Deb tis series B
1941 8834
General Bronze 8s....19411
General Motors Acceptance
57 serial notes_ _ _ _1935
57: serial notes
1936
General Pub Serv 55 _1953
Gen Pub Utll 6 155 A1950 43
General Rayon 6s A.1948
Gen Refractories 69_ _ _1938
With warrants
Without warrants
534
Gen Vending 65 ex war '37
Certificates of deposit _ _ _
355
Gen W at Wks & El 58.1945 5434
Georgia Power ref 58_ _1967 76
Georgia Pow 44 Lt 5s_ _1978
Gesture! 68 x-warrants 1955
Gillette Safety Itazor 58 '40 a103
Glen Alden Coal 4s_ _ _1965 76%
Gobel (Adolf) 6%5_ __1935
with warrants
Godchaux Sugar 7348_1941
Grand (F W)Prop 68_ 194b
3355
Certificates of deposit _ _ _
Grand Trunk Ry 6345 1936 105
Grand 1 run k West 45_1950 8334
Great Northern Pow 5535 10011
Great Western Pow bs 1946 107%
Guantanamo & West 6s '58
Guardian Investors 5.9_1948
1937 100
Gulf 01101 Pa Is
5
8
1947
Gulf States UCH 5s._ A956
1961
4565 series B
Low.
102% 102% 11,000 100%
36% 41% 137,000 25%
62
64
95
4434
Range Since Jan. 1.
1,000
45,000
3631
66
70%
42
31
8115
8236
933
104
10334
104
Aug
Jan
July
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
71
76
Jan
Jan
2
Aug
5
Apr
July
July
July
Jan
Jan
Jan
Feb
Jan
Jan
98
10315
102
10456
65
87
105%
6134
48
Mar
Mar
Mar
Aug
Jan
Aug
July
Feb
Apr
Feb
Feb
1,000
73
77
79
84
4635
6716
1.000 103
68,000 4136
38,000 2835
7,000
13,000
28,000
30,000
88
Apr
9834 Jul
13,000
26,000
47% July
4235 Jan
64
61
5,0
00
1.0
00
5,000
11,000
8,000
9,000
2,000
Jan
67
67
Jan
6354 Jan
64
Jan
75
Jan
58
Jan
7034 June
74 June
86
843-6
893.4
8955
97
8735
92
88
Aug
Aug
Apr
Apr
July
May
Apr
Feb
49
7831
Apr
7,000
June
10,000 32
May 53
Feb
Jan 10615 Aug
100
102,000 7314 Jan 98
July
21,000 83
Jan 104
July
5,000 10355 Jan 10751 June
10,000 62
Jan 90
June
1,000 6015 Jan
8634 Apr
4,000
16,000
8434 Jan 102% July
7344 Jan 9934 July
Bonds (Continued)Kentucky Utilities Colet mtge 5e
1961
6%s series I)
1948
5%5651'1(s F
1955
be series I
1965
Kimberly-Clark 5s_.1943
Koppers G dz C deb 5s1947
Sink fund deb 5103_1950
Kresge(S S) Co 58... _1945
Certificates of deposit_
Laclede Gas Light 55581935
Landon Gas 655e____1935
Lehigh Pow Secur 69_ 2026
Leonard'nets 715s ex w '46
Lexington Utilities 55_1952
Libby McN & Libby 55'42
Lone Star Gas 5s
1942
Long Island Ltg 68_1945
Los Angeles Gas & Elan
5s
1939
bs
1961
65
1942
556s series E
1947
5355 series I
1949
Louisiana Pow dr Lt 581957
Louisville G Az E 65_ _ _1937
4 %s series C
1963
Manitoba Power 5158_1951
Maas Gas deb be
195!
534s
1946
McCord Radiator & Mfg
65 with warrants_ _ _1943
Memphis P & L 5s A__1948
Metropolitan Edison
4s series E
1971
be series F
1962
Middle States Pet 655s '45
Middle West Utilities
5s ctfs of deposit _ _1932
58 ctfs of dap
1933
beats of dep
1934
Is efts of deposit__1935
Midland Valley 5s__1943
Milwaukee Gas Lt 4345 '67
Minneap Gas Lt 4158_1950
Minn Gen Flea 5s_ _ _ _1934
1955
Minn P& L 4%a
1955
bs
Mississippi Pow 58._ _1955
Miss Pow & Lt 5s_ _ _ _1957
311831591PM River Fuel
69 with warrants _ _1944
.
Without warrants__ _
Miss River Pow 1st 5s1951
Missouri Pow & Lt 534s 55
Missouri Pub Serv 55_1947
Monongahela West Penn
Pub Sent 5% ser B.1953
Montreal Lit Az P Con
1st & ref 55 ser A_ __195I
1070
55 series B
MUIL9011 Steamship Lines
63'50 with warrants_l 37
Sept. 1 1934
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
$
High.
Low.
47
58
61
45%
8836
8254
84%
89
8755
50
93
6155
29
5431
6834
8235
67
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
68
8656
73
68
98%
99%
102
104
10111
7555
101%
89
65
76
9334
9834
9434
Mar
Apr
Apr
Mar
July
July
Aug
Apr
Aug
Feb
July
July
Mar
Apr
Aug
July
Apr
10754 107% 4,000 102
103 103
1,000 89
109 109
5,000 99%
106% 106% 3,000 9411
105% 105% 105% 5,000 9434
90% 108,000 6616
90
90
102% 102% 102% 6,000 90
101% 101%
1,000 82
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
108
104%
1093,4
107%
107%
9734
104
102%
July
Aug
July
June
July
July
June
July
61% 62
12,000
96
96% 20,000
96
10034 100 100% 9,000
38%
74
83
Jan 67% July
Jan 98% July
Jan 104
July
40
70
Jan
Jan
66
73
5331
Jan 90% July
Jan 10134 Aug
Jan 75 June
535
751
1,000
534
6%
3,000
634
735 2.000
555
64
8,000 60
105
2,000 93%
94
47,000 73
100
3,000 100
7455 66,000 5511
5855 27,000 64
40
6555 66% 23,000 4834
Jan 10% Feb
Jan
1034 Feb
1055 Feb
Jan
1015 Feb
Jan
Apr
Jan
75
Jan 107% July
Jan 9431 July
Aug 102% Apr
Jan 80
Aug
Jan 8956 July
Jan 67% July
July
Jan 72
5654 56%
65% 68%
57
5834
5454 56
9855
98
9751 98%
98
10031 100% 10131
102% 102%
101 101
6955 70%
67%
58%
.5434
29
9255
8415
29
7055
9215
98
91
5,000
13,000
9,000
19,000
11,000
33,000
77,000
4,000
2,000
13,000
21,000
85
9,000
30
7134 4,000
9334 66,000
98
14,000
91
4,000
109
66%
94%
06% 6736 20,000
9411 9555 26,000
88
88% 7,000
101% 100% 101% 45,000
64
93
71
57
6534
751
6%
635
62
104%
923.4
100
74
57
99
96
96
10416 10451
9931
4134 4135
84
5,000
99
98
9,000
10534 10.000
101
12,000
4334 20,000
8531 13,000
109% 109% Ill
11034 11034 111
435
435
5,000
18,000
1,000
943.4 9415
94%
95
106% 10531
1023-4
431 Aug
12% Feb
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1635
102
10734
10134
8455
81
103%
65
61
6134
72
7734
63
4411
83
Feb
Mar
July
May
July
July
July
Feb
Feb
Feb
Apr
Apr
June
Apr
May
70
963,4
74
6434
80
98
98
6,000 104%
6,000 10034
10,000 65
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
89
10235
9654
8634
100
106
106
11034
107%
81%
July
June
July
July
July
June
June
Mar
June
Aug
4,000
5,000
42.000
7,000
9,000
91
82
2514
20
71
Jan 10134 Juno
Jan 103 June
Apr
Jan 58
Jan 3634 May
Jan 0954 July
13,000
43,000
10,000
3.000
3,000
68,000
1,000
6,000
3,000
6,000
12,000
5434
65
50
7055
68
7311
7134
54
1215
14
5054
Jan 7831
Jan 7615
Jan 74
Jan 103
Jan 98%
Jan 9535
Jan 9534
Jan 87
Jan 3611
Jan 3434
Jan 73
May
Mar
Mar
July
Aug
July
July
Apr
May
May
June
95% 13,000
95% 52,000
106%
5,000
102% 36,000
7754
6736
95%
85
Jan 100
Jan 98
Jan 10634
Jan 105
July
July
Aug
Aug
7051 Jan 104
6336 Jan 99
Jan 100
63
7315 Jan 118%
Jan 93
6(1
Jan 60
44
Mar 40
33
5131 Jan 65
Jail 99%
77
July
July
July
July
June
Feb
Aug
Apr
July
113% 18.000 101% Jan 114%
1065-4 59,000 05% Jan 108
Jan 10711
10555 16,000 92
74,000 8551 Jan 10351
102
101% 48,000 8534 Jan 103
Jan 8254
7931 8,000 70
Jar. 111
110% 15.000 104
4835 305,000 3534 Jar, 57
Aug
June
July
July
July
may
Aug
Feb
19,000
7,000
29,000
2,000
2,000
29,000
39,000
43,000
19,000
38,000
12,000
25,000
42,000
13,000
1,000
242,000
24.000
1,000
12,000
47
95%
6234 62%
9534 97
1,000
13,000
47
903-4 June
Jan 11136 Aug
Jan 1113.4 Aug
655
9734
91%
77
43
5731
85
3936
39
3855
5134
54
3655
25
69
21,000
50,000
45,000
23,000
69,000
18,000
4,000
113
10534
10351
10015
100
78
110%
43%
Jan
Jan 10655 June
Jan 10534 June
Jan 101
May
Jan 83
Feb
Jan 74
Feb
9655
9751
95
87
4835
113
105%
103%
10034
IOU
61
98
98
08
67
4735
95
97
93%
86%
47
9615
Apr
70
96% Aug
9055 Jan 100
Apr
89
Jan 99
Apr
9635 Jan 107% June
7015 Jan 101
Aug
37
Feb
Jan 56
20,000 10455
9,000 10315
Narragansett Elea 58 A '57 10411 104 104%
104 104
5,9 series B
1957
Nassau & Suffolk Ltg 55 '45
68
66
Nat Pow Az Lt 68 A _ _ _2026
59
Deb 58 series B.._2030 57% 57
Nat Public Service5s 1978
634 835
63.4
Certificates of deposit_
100% 101%
Nat Tea Co Is
1953
Nebraska Power 4%8_1986 10316 103% 1033.4
9555
95
68 series A
2022
80
79
Neisner Bros Realty 68 '48 80
Nevada-Calif Elec 55_1956 7234
7234 76%
100 10034
New Amsterdam Ga 55_'48
N E Gas & El Assn 58_1947 55% 5534 5634
1045 5534 5555 55%
Cony deb 5s
Cony deb 55
1950 5534 5416 56%
6135 6234
New Eng Pow Amin 55_1948
68
67
Debenture 55513._ _ _1954 67
52%
New On Pub Serv 4348 '35 5034 50
34%
33
&Series A
1949 31
N Y Central Elec 555s '50
NY & Foreign Investing
555s with warranta_l 48
101 101
NY Penns & Ohio 43-453..
90%
89
NY P&L Corp let 4558'67 89
8234
NY State0& E 4340_1980 8234 81
9954 9955
151 53.50
1962
9935 100
N Y & Westch'r Ltg 482004
Debenture Ea
1954
10651 107%
Niagara Falls Pow 68_1950
10655 107
58 series A
1959
8116
Nippon El Pow 61513_1953 8155 81
No American Lt & Pow
10034 10015
5% notes
1935
5% notes
1936 100% 100% 101
1956 48% 48% 5031
5158 series A
26
Nor Cont LIM 5%s_ _ _1048 27
27
943 95
,
1
No Indiana G & E 65_1952
Northern Indiana P S6951 7055
5s series C
1966
6834 6955
be series D
1969 69
66% 68
4545 series E
1970
100% 101
No Ohio P & L 555s_ _1951
Nor Ohio Trac Az Lt 58 '56 9534 95% 96
90% 91%
No States Pr ref 415s__1961
89
89
535% notes
1940
61
6415
N'western Elect fls_ _ _1935
25% 25%
N'western Power 6s A _1960
2431 2554
Certificates of deposit__ _
84
62
N'western Pub Serv be 1957
Ogden Gas be
1945
Ohio Edison lst 5s____1960
Ohio Power 1st 5s 13_1952
let & ref 4358 ser D 1956
Ohio Public Service Go
65 series C
1953
58 series D
1954
5168 series F
1961
Okla Gas & Elea 58_1950
68 series A
1940
Okla Power Az Water 58 '48
Osgood Co 65 ex-warr _1938
Oswego Falls 65
1941
Pacific Coast Power 581940
Pacific Gas AC El Co
1st 65 merles B
1941
let & ref 5%s ser C_1952
59 series D
1955
1st & ref 454s E____1957
1st & ref 416s F. __I980
Pacific Investing 58A.1948
Pacific Mg & Pow 5s_ _1942
Pacific Pow & Ltg 58..1955
Pacific Western 0116158 43
With warrants
Range Since Jan. 1.
9234 04
14,000
76
Jan
07
June
Bonds (Continued)-
Sales
Friday
Last ll'eek's Range for
Week.
Sale
ofPrices.
Price. Low. High.
$
Range Since Jan. 1.
Low.
Phila Electric Co 5s_ _1966 11234 11234 11234 9,000 10534
Phtla Elec Pow 535s....1972 109
10834 10931 23,000 1044
4,000 494
Fhila Rapid Transit ils 1962 68
69
68
Phil Sub Co G & E 4355'57
100
Phila Suburban Wat bs '55
96%
Merlin't Hydro-El 63511 '60
6835
Piedmont & Nor 55_ _. 1954 85
10,000 7435
85
88
Pittsburgh Coal 6s _ __ _1949
11,000 93
10134 103
Pittsburgh Steel 6s _ _1948
85
Pomeranian El 6s____1953 284 2731 30
35,000 2731
1939
Poor & Co 68
83
Portland Gas & Cote be '40 7535 754 7734 23,000 75
Potomac Edition 5s_.... 1956 9831 9831 9834 8,000 7435
415s series F
1961 92
2,000 73
92
92
10234
Potomac Elea Pow 55_1936
Potrero Sugar 75
18
1947
PowerCorp(Can) 4345 13'59
7735 7735 3,000 63
Power Corp of NY1,000 70
6 35s series A
81
81
1942
545
1947
5735 574 2,000 5135
Power Securities 6s _ .._1949 70
26,000 45
6935 71
Pub Serv of NH 4 358 B '57 10235 10235 102% 23,000 834
Pub Serv of NJ pet ctfs_ 11331 11331 114
5,000 103
Pub Serv of Nor Illinoislet 'Sc ref 55
33,000 6531
1956 85
83
87
Is series C
1966 85
2,000 604
85
85
445 series D
7734 774 3,000 56
1978
445series E
1980 77
77
7834 8,000 5531
1st & ref 4358 eer F_1981 75
34,000 55
78
75
6358serles0
42,000 7635
1937 10035 100 101
648 series II
10,000 7135
1952 9434 9435 95
Pub Serv of Oklahoma
5s series C
1961
8635 8635 2,000 62
bs series D
8535 19,000 5734
1957 8435 84
Pub Serv Subsid 5355_1949
2,000 42
76
74
Puget Sound P & L 5413'49 54
4931 5834 530,000 4134
let & ref 58 series C_1950 51
4734 5535 173,000 3934
let & ref 4355 ser D_1950 4834 45
5431 302,000 3635
Bonds (Concluded)-
High.
10,000 8535 Jan
Palmer Corn 68
10131 102
1938
Feb
Park & Tilford 6s
77
1936
Penn Cent L & P 4355 1977
8331 8434 29,000 5935 Jan
1979
Is
Jan
9335 9431 9,000 71
Jan
Penn Electric 45 F_ __ _1971 7334
7334 7535 15,000 57
Penn Ohio Edison1950 6635 6635 6634 3,000 4634 Jan
65 series A xgv
5,000 4135 Jan
Deb 5 4s series B_ _1959 6035 6035 61
Jan
Penn-Ohio P & L 548 1954 10234 10234 10331 25.000 79
Jan
1956 10531 1054 10534 17,000 95
Penn Power 58
Jan
Penn Pub Sere 6sC_ _1947
984 9835 1,000 75
Jan
1954
2,000 64
bs series D
8634 87
Jan
Penn Telephone 55 0.1960
10035 10135 2,000 86
Penn W iter Pow 1_1940 11034 10935 11034 27,000 10334 Jan
4385 series B
1968
5,000 9531 Jan
104 104
Peoples Gas I. & CokeJan
95
1936
435% serial notes
48 series B
1981
7331
7331 7534 29,000 6235 Jan
Jan
1957 8734 8735 9134 49,000 75
65 series C
Peoples Lt & Pr Es_ _ __1979
134 Aug
231
231
231 3,000
102
90
884
964
7611
Aug
July
July
Aug
Aug
7435
70
105
1064
101
92
103
1114
1054
July
Apr
July
July
June
May
Aug
July
June
100 34 July
May
80
99
Apr
535 Jan
Jan 11331
Jan 10934
Jan 744
Jan 107
Jan 105
June 924
Jan 93
Jan 1034
Mar 96
Aug5
434
Jan97
Aug 9535
Jan 10054
Jan 94
Jan 10634
Jan
Jan
July
Apr
Apr
June
July
Apr
July
July
June
Feb
July
Mar
July
July
June
3435 Apr
7931 Mar
June
Jan 95
Jan 6435 July
Jan 74
Aug
Jan 10331 July
Jan 11933 July
Jan
9131 July
July
Jan 87
Jan 8235 July
Jan 8134 July
Jan 8131 July
Jan 1034 July
Jan 9931 July
90
904
854
5935
574
543.1
June
June
June
Feb
Feb
Aug
Jan 10335
Quebec Power bs
1968
102% 10234 5,000 91
Jan 10135
Queens Boro CI & E 435s'58 9935 9935 9934 8,000 88
Jan 89
5,000 62
series A
1952
5 353
84
84
Reliance Management 58'54
Jan 79
59
With warrants
39
5,000 1434 Jan
Republic Gas68
3335 34
1945
Jan 3731
Certificates of deposit__
32
333-4 32,000 16
37
3735 20,000 284 Jan 47
Rochester Central Pr 5s '53
10235 Jan 113
Rochester Sty & 1.1 58_1954
Ruhr Gm Corp 6 34 s_ _1953 40
40
40% 15,000 394 July 66
July
7031
Ruhr Housing 6 358_ _1958
2731 2731 4,000 23
Ryerson (Joe T) & Sons6,000 9135 Jan 102
1943 102
58
102 102
June
Aug
Apr
Safe Harbor Water Power
1979
4%s.
St Louis Gas & Coke 8547
San Antonio Punlic Service
55 series B
1958
San Diego Consol0 & El5 3588eriee D
1960
San Joaquin Lt dr Power6s series B
1952
58serlos 13
1957
Sauda Falls 58
1955
Saxon Pub Wks 68
_1937
Schulte steal nstate 68_'35
With warrants
Without warrants
Scripp(E W)00 5344.11143
Seattle Lighting 55_1949
Serval Inc 55
1948
44
1054 105% 3,000
334 44 36,000
8834 8935 16,000
10631 10631
Jan
Jan
Jan
Jan
Jan
Jan
May
May
June
Feb
July
Feb
Feb
July
9514 Jan 10635 June
11
Feb
334 Aug
66
5,000 103
Jan
9431 July
Mar 10735 July
88
Jan 10831 July
98
9631 14,000 7531 Jan 904 July
May
1074 10731 10,000 10331 Jan 109
June 7234 Star
48
2634
91
12
87
2535
89%
1,000
12
15,000
88
2631 71,000
19,000
91
934 may
7
Jan
73
Jan
2135 July
Jan
71
Shawinigan W & P4344'67 94
94
9435
435s 8eriee 11
1968 9331 9334 0431
let be series C
1970
10174 10231
1st 435s aeries D. _1970 9435 94
. .
9431
Sheffield Steel 5 34s. _ _1948
101 1014
Sheridan Wyo Coal 65 1947
3834 3831
Sou Carolina Pow 55_1957
71
71%
Southeast P & L 68_ _ _2021
Without warrants
66
6634
Sou Calif Edison 5s__ _ 1951 10431 10454 105
68
1939
108 108
Refunding 58 June 1 1954 10435 10435 10534
Refunding be Sep 1952
10434 105%
Sou Calif Use Co 448_1961
9634 9731
181 ref ba
1967
101 34 101%
534s series 13
1952
Sou Calif Gas Corp be 1937 101
101 101
Sou Counties Gas 445-68
96
9631
Southern Gas Co 645_1935
1014 10131
Sou Indiana G & E 554s '57
107 107
Sou Indiana Ry 45_ _ _ _1951
52
52
Sou Natural Gas 65_.1944
Unstamped
71
71
7135
Stam ped
7134
7131 7131
S'western AssonTel Es '61
5835 584
Southwest CI & E be A.1957
8831 9034
1957 8831
58 series 11
stig 90
S'western Lt .6 Pr 5s..1957 68
67
68
s'western Nat Gas 65_1945 49
49
5031
SoWest Pow A It 58_2022
47
47
Sweet Pub Serv (is_ __1945
73
74
37,000
21,000
13,000
37,000
5,000
2,000
14,000
22,000
1,000
2,000
35,000
41,000
10,000
8,000
1,000
3,000
Jan
59
Jan
60
Jan
42
62% Jan
634 Jan
Jan
47
34
Jan
Jan
40
Jan
57
1942 103
Staley Mfg 65
103
Stand Gaa & Elea Os_ _1935 84
8335
1935 834 833.4
Cony 6s
Debenture 68
1951 4531
4534
Debenture 6s _ Dec 1 1066
4435
Standard Investg1939
5 358
1937
55 cc warrants
78
. _ 1957 43
Stand Pow at LI 68 _.
42
Standard Telep 5355_1943
2334
saunas (Hugo) Corp1936
78 ex-warr
1936 2835 284
7-4% stamped
1946 34
34
7s ex-war
1946
2734
7-4% stamped
8,000
53,000
16,000
17.000
14,000
87
4331
4335
3234
324
1,000
50,000
4,000
6434 Jan
Jan
66
2935 Jan
Jan
18
1385
Financial Chronicle
Volume 139
103
8631
8631
4735
47
78
45
24
283-4
34
2735
72
7235
79
7234
854
3831
5134
12,000 4331
29,000 934
19,000 10234
17,000 9335
3,000 03
17,000 82
2,000 89
9335
12,000 834
12,000 8934
1,000 96
2,000 101
1,000 48
11,000
1,000
5,000
32
26
33
25
1531
18
8931
41
91
July
July
May
Feb
July
Jan 9534 Aug
Jan 954 July
Jan 10235 Aug
Jan 9531 Aug
Jan 10431 July
Aug 4934 Feb
Slay
Jan 79
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Aug
7435
106
10874
106
106
9851
104
106
1024
9735
102.35
108 34
73
7731
77
6435
1(254
91
7534
55
6635
84
Apr
June
July
June
June
July
June
June
July
Aug
Apr
July
Apr
July
July
API'
July
July
May
July
Feb
Slay
Jan 10334 July
June
Jan 94
June
Jan 93
June
Jan 60
Jan 59
Apr
Apr
82
Apr
83
5735 Ara'
2431 June
July 58
Aug55
Aug51
Aug
50
Jan
Feb
Jan
Jan
Sales
Friday
bast Week's Range for
Week.
ofPrices.
Sale
$
Price. Low. High.
Range Since Jan. 1.
High.
Low.
101
101
10134 10131
804
8135 8135
98
10631 10634
10334 10334
1014
10134
83
8234
9834
10634
104
Me..
Aug 106
6,000 101
Jan 1043.6 May
16,000 101
Jan 864 July
15,000 59
July
12,000 5734 Jan 85
Jan 9934 July
5,000 73
May
14,000 10335 Jan 108
22,000 984 Jan 10434 Mar
10334 Jan 10831 July
100
Jan 10835 Aug
Tennessee Elea Pow 5e 1956 7534
7431
Tenn Public Service 58 1970 944 9434
7434
Tern' Hydro Elec 6 As 1953 77
Texas Cities Gas 5s_ __1948
56
Texas Elec Service 55_1960 784 784
Texas Gas Util 6e _ __ _1945
16
Texas Power & Lt bs _ _1956
9134
1937 103
5s
103
2022
6s
Thermeid 001937 67
65 stamped
654
Tide Water Power 55_1979
71
1962 103% 10334
Toledo Edison 55
4535
Twin City Rap Tr 545'52 46
76
0534
77
56
79
16
9134
10335
13,000
50.000
19,000
1,000
64,000
1,000
37,000
35,000
July
Jan 82
55
Jan 9535 July
44
June 8634 Apr
62
Jan 61
Feb
61
Jan 8831 Apr
63
Apr
1434 Jan 25
674 Jan 9.534 July
8934 Jan 10474 July
May
5634 Jan 87
2,000
67
714 13,000
70,000
104
4735 74,000
Feb
Jan 76
65
Jan 7435 Slay
50
864 Jan 10535 July
234 Jan
58
Apr
1939
Sun 011 deb 535e
Sun Pipe Line 5s_ _ _ _1940
Super Power of Ill 4355 '68
1970
18t4348
1961
68
Swift & Co let m St 68_1944
1940
5% notes
Syracuse Ltg 534s_1954
1957
55 serles B
Glen Co deb (is
4534
1944
45
Union Elec Lt & Power
10534 10534
1954
as series A
1967 10435 10335 10434
bs series 13
435s
1957
Un Gulf Corp 5s July 1 '50 105
10431 105
United Elec N J 4s_ _ _ 1949
106 106
71
United El Serv 75 x-w_ 1956 71
69
United Industrial 648 1941
43
41
lst 6s
1945 4231 4234 4534
United Lt & Pow 68_1975 3635 364 3935
4034 41
1974
654s
545
Apr 1 1959
7235 73
United Lt & Ey 545_1952 50
4931 5134
138 series A
1952 7635 7635 7735
65 series A
1973 3835 3834 39
U S Rubber 6s
1936
64% serial notes_ _1935
654% serial notes_ _1936
63-4% serial notes _ _1937
647 serial notes _ __1938 913.4
654% serial notes_ _1939
64% serial notes_ _1940
Utah Pow & Lt 65 A_2022
1944
454s
Utica G & E 5s E
1952
be series D
1956 10454
Foreign Government
end Municipalities
Agriculture 111gte Bank
20
-year 75
1947
75
1946
78 with coupon
1946
Baden 75
1951
Buenos Aires (Province) External 7s
1952
1952
75 stamped
External 7358
1947
7 355 stamped
1947
Cauca VaJley 78
1945
Cent Ilk of German State &
Prov Banks 68 B_ _ _ 1951
°Beetles A
1952
Danish 545
1965
56
1953
Danzig l'ort A-, Waterways
External 6358
1952
German Cone Muni° 78 '47
Secured 6s
1947
Hanover (City) 7s____1939
Hanover(Prov)648..1949
Lima (City) 63.45..1955
Certificates of deposit_
Slarautio 78
19Li
Sledellin 7s ser E
1951
Mendoza 734s
1951
45 stamped
1951
Mtge Bank of Bogota78 Issue of May 27_1947
7s issue of Oct 27..1947
Mtge Ilk of Chile 68_1931
SItge Elk of Denmark 55'72
Jan
Jan
Jan
Jan
Jan
Jan
June
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
10531
10534
106
106
1074
90
694
6734
5234
58
8031
564
85
52
Aug
June
June
June
June
Apr
Jan
Jan
Apr
Feb
June
Feb
June
Feb
90
8935
77
7054
6954
6935
68
463-4
5434
9331
94
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
102
10135
9931
94
9934
9834
99
674
75
105
10454
July
May
Apr
July
Apr
Apr
Apr
Feb
Apr
July
July
9,000
10134 102
3.000
100 100
984 9834 2,000
3,000
9335 94
12,000
9134 92
904 19,000
90
7,000
91
90
5034 5034 2,000
1,000
57
57
10335 104% 12,000
10435 10434 6,000
Vamma Water Pow 548'57
Va Eine & Power 5s.. _1955
101 10134
Va Public Serv 54e A_1948
704 73
let ref be ser B
1950 654 654 66
68
6231 6231
1946
Waldorf-Astoria Corp
75%
75 with warrants_ _.1954
7
734
78 ctfs of deposit__ _1954
635 635
635
Ward Baking 68
1937
10034 101
Wash Gas Light 5s.....1958
964 98
Wash Ry viz El 48
97
97
1951
Wash Water Power 58_1960
West Penn Flee 55_ _ __2030 64
6435
64
West Penn Power 4s..1061 106
106 106
West Penn Traction 58 1960
West Texas GUI 55 A_1957 55
57
55
Western Newspaper Union
68
3631 3635
1944
Western United Gas & Elec
1st 535s series A _ _ _ _1955 86
8635
86
Westvaco Chlorine Prod
5 355
1937
Wise Elec Pow 55 A .. _1954
10431 1044
Wise-Minn Lt & Pow be '44
8974 9035
Wise Pow & Lt be F_ _1958
79
79
55 series E
7731 7734
1956
Wise Pub Fiery fis A_ _ _1952 964 96
9735
Yadkin Ely Pow 58___1941
York Eye 00 58
9634 07
1937 97
26
2731
524 May
3834
2,000 101
6,000 9535
92
3,000 1014
1,000 100
10,000 64
2,000 41
11,000 4231
61.000 274
12,000 31
3,000 50
29,000 3535
24,000 56
12,000 284
8,000
7.000
14,000
12,000
1,000
2,000
4,000
11,000
33,000
2,000
4,000
5,000
29,000
7935 Jan 9134 May
Jan 1044 Aug
89
Apr
5534 Jan 80
Apr
Jan 76
51
Apr
4734 Jan 70
5
2
9634
79
8335
80
55
9454
61
46
July 20
16
July
Jan 104
Jan 1004
Jan 98
Jan 9935
Jan 71
Jan 10631
Jan 87
Jan 6731
Jan
Feb
June
July
June
July
Apr
July
July
Apr
Apr
2,000
25
Jan
464
52,000
65
Jan
893.4 July
10134 Jan 1044
Jan 106
99
Jan
64
94
594 Jan 83
Jan 834
58
7834 Jan 99
Jan 98
66
Jan 100
28,000 76
July
Aug
July
July
July
July
July
July
1934 Jan
184 Jan
23
May
Aug
22
2734
3035
2734
524
Aug
June
June
Jan
41
254
35
294
Jan
J&I3
Jan
Jan
634
5635
64
59
Aug
Aug
Aug
Aug
8
4,000
12,000
1,000
1,000
9,000
5,000
22
2631 27
22
22
7,000
200
5534
6354 6354
5635
55
2,000
6,000
58
55
59
65,000
1034
1035 11
7,000
32
904
7935
49
30
8735
77
5131 14,000
9,000
39
22,000
92
17,000
80
74
29
2515
2431
2535
74
2731
2535
244
2534
7431
3334
3335
27
2835
934
934
735
11,000
27,000
29,000
15,000
6,000
2,000
935
735 10,000
1235 1335
8,000
41
4234
9,000
24
24
2,000
13
76
1335 6,000
76
10,000
Jan
16
Feb
46
Aug
30
Aug
7935 Jan
6231 Jan
70
73
92
82
Feb
Feb
Aug
June
Jan
44
Aug
254 Aug
2431 Aug
2531 Aug
75
594
5735
53 65
Aug
Feb
Feb
Feb
Feb
Jan
5
5
June
1234 Jan
104 Jan
2635 Jan
264 Jan
123.4
1035
21
2034
46
4434
Feb
Feb
Feb
Feb
May
May
Jan
Jan
Jan
Jan
24
24
1535
82
July
May
Feb
Mar
2751
15
16
84
75
Parana (State) 7s _ _ _ _1955 1334 1354 1331 8,000
84 Jan
17
Feb
Rio de Janeiro 645_ _1959
1631 167.4 4,000 1434 Jan 194 Feb
Russian Govt635s
5
1919
Mar
211
23.4 July
234 315 8,000
.
May
635s certificates.. _ _1919
234 3
5
Jan
59,000
2
1921
5%s
24 235 3,000
231 July
531 MaY
2% 27-4 10,000
May
5568 certificates _ _ _ _1921
July
5
2
Aug
Saar Basin 75
1935 16134 16135 162
Jan 162
4,000 108
Santa Fe 7s
1945 36
Aug
36
36
1,000 184 Jan 38
915 10
1949 10
Santiago Te
13
Feb
10,000
57-4 Jan
75
1961
1031
10
104 7.000
13
Feb
64 Jan
• No par value. a Deferred delivery sales not included in year's range. e Cash
sales not included in year's range. r Under the rule sales not included in year's
range. z Ex-dividend.
-"cod" Certificates of deposit. "eons" Consolidated.
Abbreviations Used Above.
"cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
stock. "v t (3" Voting trust certificates. "w I" When issued. "w w" With warrants. "x w" Without warrants.
I
Sept.
Financial Chronicle
1386
1 1934
Over-the-Counter + Securities + Bought and Sold
1101T, E&IMF&
16
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
Real Estate, Industrial, Public
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston. Hartford. Newark and Philadelphia.
Private wires to principal cities in United States and Canada
Quotations on Over-the-Counter Securities-Friday Aug. 31
Investment Trusts.
Port of New York Authority Bonds.
Bid
Bid
Ask
Ask
Bayonne Bridge 45 series C
98
J&J 3 96
1938-53
Inland Terminal 4 1is ser D
9812
MAS 97
1936-80
Geo. Washington Bridge
,
4s series B 1936-50_ J&D 9912 10012 Holland Tunnel 431s series E
Pil&S 04.00 3.90
1935-60
4348 ser B 1939-53 IYI&N 54 25 4.10
Arthur Kill Bridges 41-is
MAS
series A 1935-46
991 i 10012
U S. Insular Bonds.
Bid I Ask
98 1 Honolulu 5s
96
9612 9712 US Panama 3s June 1 1961_
9712 9812
2s Aug 1 1936
Is Nov 1 1938
100 101
100 102 Govt of Puerto Rico
10413 106
43-is July 1958
106 109
be July 1948
US Consol 23
1930
Philippine Government4s 1946
43.4s Oct 1959
4 gs July 1952
5s April 1955
5s Feb 1952
5385 Aur 1941
Hawaii 4 gs Oct 1956
Bid
Ask
103 1107
107 108
1013t 10214
10113 102
102
104
100
105
107
10012
Federal Land Bank Bonds.
Bid
Bid I Ask 1
Ask
99
993
4
98
98341 434s 1942 opt 1934___MAN
993
4
97
9734; 43s 1943 opt 1935____J&J 99
9834
97 ) 9734: 438s 1953 opt 1935____J&J 98
973 983 41 1955 opt 1935____J&J 98
4;
41 -is
983
4
4
98 ' 983 434s 1956 opt 1936____JdrJ 983 9912
4
983 is 1941 optional 1934 MAN 10014 100 2
4
98
,
9834, 9913 58 1941 optional 1934_MAN 10014 100 2
,
48 1946 optional 1944
is 1957 optional 1937..M&N
Is 1958 optional 1938.111AN
4348 1956 opt 1936____J&J
434s 1957 opt 1937____J&J
4348 1957 opt 1937._MAN
434s 1958 opt 1938__MAN
New York State Bonds.
Bid
Ask
Canal & Highway
Is Jan & Mar 1934 to 1935 01.75
Is Jan & Mar 1936 to 1945 03 25
5s Jan A Mar 1946 to 1971 03.60
H.ghway Imp 41is Sept '63_ 01.20
Canal Imp 41Is Jan 1964....
117
Can A Imp High 434_s 1065_
117
Bid
World War Bonus
434s April 1933 to 1939__
41-48 April 1940 to 1949__
Institution Building
45 Sept 1933 to 1940
is Sept 1941 to 1976
Highway Improvement
4s Mar A Sept 1958 to '67
Canal Imp 4s J &J '60 to '67
Barge C T 4s Jan 1942 to '46
Ask
82 25
03.15
62 20
03.30
112
112
108
New York City Bonds.
Bid
Ask ,
a3s May 1935
1001 1 10034 a4348 June 1974
92
93 I a4 34s Feb 15 1978
d338s May 1954
92 '93 I 04148 Jan 1977
a31-48 Nov 1954
95
a4s Nov 1955 & 1956
96 'a434s Nov 15 1978
96
a4s M A N 1957 to 1959
a4 i48 March 1981
a4s May 1977
9
9634
9634 04 gs Si & N 1957
95
a4s Oct 1980
963 a4 gs July 1967
4
age Feb 15 1933 to 1940_ 64.00
I a4 38s Dec. 15 1971
99
9934 a4 gs Dec 1 1979
a434s March 1962 A 1964_
04)48 Sept 1960
99
993
4'
9412 99'21 a6s Jan 25 1935
a4348 March 1960
99
a4348 April 1966
993 a6s Jan 25 1936
4
993 a68Jan 25 1937
-le
99
a43 April 15 1972
a Interchangeable
I) 7183131
a Registered
coupon
(serial)
Bid
Ask
993
4
99
99
903
4
99
9934
99
993
4
99
99
102 103
10212 10312
10213 10312
10212 10313
101
103
104
1013
4
1633
4
10434
d Coupon
Bank and Insurance Stocks
Bought, Sold and Quoted
MHOS WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks.
Ask
Par Bid
Bank of Manhattan Co.. 10 2714 283
4
Bank of Yorktown
38
100 30
Bensonhurst National 100 25
__
Chase new
13.55 2312 25
City (N
12g
2114 2234
Commercial National Bank
& Trust
100 132 142
Fifth Avenue
100 1000 1050
First National of N Y
100 1490 1330
Flatbush N.4tional
100 25
35
Par
Kingsboro Nat Bk
100
Nat Bronx Bank
60
Nat Safety Bank & Tr
25
10
Penn Exchange
100
Peoples National
Public National Bank &
25
Trust
Sterling Nat Bank A Tr_25
100
Trade Bank
Yorkville(Nat Bank of)_100
Bid
50
15
634
Ark
2b
734
412 612
45
60
281,
183
4
22
25
30
2012
27
35
Chicago Bank Stocks.
Par Bid
Par Bid lAsk
Ask
American National Bank &
100 83
First National
85
Trust
100 110
_-. Harris Trust A Savings_ _100 185 195
100 394 409
Continental Ill Bank A
Northern Trust Co
Trust
100 40
4112
New York Trust Companies.
Par, Bid 1 456
Par Bid Ask
10 17121 1812
Banos Comm Itallana_100 145
_ . Empire
100 210 !230
Bank of New York & Tr_100 322 1330 , Fulton
Bankers
10 5412 5612 Guaranty
100 317 322
Bank of Sicily
12 I Irving
1
20 10
143 153
4
4
Bronx County
100 1780 11410
20
6
8 Kings County
un
100 85 90 i Lawyers County
Brooklyn
25 36
38
I
Central Hanover
20 183 2014
20 118 122 , Manufacturers
4
Chemical Bank & Trust_ _10 3814 4012 New York
25 93 96
Clinton Trust
50 39
47 I Title Guarantee & Trust.-20
63
4 73
4
12 ,
Colonial Trust
100 10
Continental Bk & Tr
10 1114 13 : Underwriters
100 45
55
100 1680 1730
20 46 , 47 : United States
Cora Etch Ilk & Tr
f Ex-coupon.
x Es-dividend
a Defaulted.
• No par value.
A sk
Par Bta
Administered Fund
1 14 64 15.58
143 151,1
8
Amerex Holding Corp
.97 1.08
Amer Bankstocks Corp_ - 93
.84
Amer Business Shares
8
33
8 37
Amer Composite Tr Shares_
712 812
Amer & Continental Corp_ _
Am Founders Corp 6% pf 50 1212 1413
15
7% preferred
50 13
6
4
Amer dr General Sec cl A__•
43
• 38
$3 preferred
17
8 212
Amer Insuranstocks
47
8 558
Assoc Standard Oil Shares..
31s 414
Bancarnerica-Blair Corp___ _
.85 1.10
Bancshares. Ltd part she 50c
• 2.79
Basic Industry Shares
.45 .70
British Type Invest A
1
12
11
Bullock Fund Ltd
3.25 3.50
Canadian Inv Fund Ltd____
2012 2212
Central Nat Corp class A_
Class B
'2
19.01 20.44
Century Trust Shares
8
25
8 32
Commercial Nati Corp
1.81
Corporate Trust Shares
1.74
Series AA
1.74
Accumulative series
2 05 2 18
Series AA mod
2 05 2 18
Series ACC mod
Crum & Foster Ins Shares
22
Common B
10 19
4
7% preferred
100 1013 10534
17,2
Crum & Foster Ins com„.• 15
105 109
8% preferred
Cumulative Trust Sharee__• 3 62
Deposited Bank She ser A__ 2.16 2 40
Deposited Insur SIB A____ 3.33 3.70
7
Diversified Trustee She 13._
2.75 3 05
4
4, 1 43
1.15 t 17
Dividend Shares
24
20
Equity Corp cv pret
Equity Trust Shared A____ 255 2 85
Fidelity Fund Inc
• 39 34 42.36
_
Five-year Fixed Tr Shares._ 2.97
Fixed Trust Shares A
• 7 35 _
6.30
14
Fundamental Tr Shares A..
33
4 1
313
Shares B
Fundamental Investors Inc 1.811 fo;
Guardian Invest pref w war
Huron Holding Corp
Incorporated Inveetors____•
Independence Tr Shares_ _•
Indus & Power Security___•
Internet Security Corp(Am)
Class A common
Clans it common
•
100
61-1% Preferred
6% preferred
100
Investment Co. of Amer
10
New common
•
7% preferred
Par MS Ask
Investment Trust of N 1(..•
414 473
Low Priced Shares
434
Major Shares Corp
178
_
Mass Investors Trust
18.06 19.63
Mutual Invest Trust
101 110
Nation Wide Securities Co_ 298 308
Voting trust certificates
I 09 1.19
278
N Y Bank A Trust Shares....
No Amer Bond trust at _ _ f"4
83
861No Amer Trust Shares, 1953 1.74
Series 1955
2.15
Series 1956
2.11
Series 1958
2.16 2.40
Northern Securities
65
100 55
Pacific Southern Invest pf..• 2614 2812
Class A
•
314 412
Class 13
•
5
8
1 18
Plymouth Fund Inc el A.100
.79
89
1 19 I 31
Qu rterly Inc Shares
Representative Trust Shares 7.50 8.25
3
8
1
Royaltles Management___
Second Internet Sec el A _ _ _•
14
1
Class 13 common
18
1
•
54) 24
6% preferred
28
Selected Amer Shares Inc__ 1103 1 12
Selected American Shares__ 23!
Selected Cumulative Shs_ _ 4310
Selected Income Shares___
3 18
Selected Man Trustees Shs_
43
4
518
Spencer Trust Fund
'13.81 14.68
Standard Amer Trust Shares 2.60 2 85
Standard Utilities Inc
53 .57
State Street by Corp
60.91 65 89
Super Corp of Am Tr She A 2.75
_
AA.
198
291
BB_
205
507
508 -1.17 1.28
Supervised Shares
Trust Fund Shares
Trustee Industry Shares
Trustee Stand Investment C
31s
99
198
193
Trustee Standard 011 She A 5.30
4.70
91
Trustee Amer Bank She B..
1 25
913 1112 Trusteed N Y Bank Shares
1 45
35 20th Century °rig series
.25
x2.40
Series 13
16 30 17.52
2.00 2 28
1314 United Gold Equities (Can)
12
Standard Shares
1 2.79
14
„ 1 U S A Brit Int class A corn •
Preferred
•
12
5
U S Else Lt A Pow Shares A x107
8
1(i
12
1 69
16
11
Voting trust ctN
58
4
1012 2112 Un N Y Bank Trust C 3 _
15
8
1912 2112 Un Ins Tr She ser F
35
8
1.11
__ _
101
1.40
2.80
114
8
1138
1 79
.66
412
2
Insurance Companies.
Ask
Par
Bid
4
503.1 523 Ilartford Steam Boiler__ _10
.1
5
403.1 423 Home
,
10
17 x18. Home Fire Security
10
521, 54,2 Homestead Fire
181, 20 Hudson Insurance
10
513 613
1912 Importers A Exp. of N Y.25
17
614 8 , Knickerbocker new
6
Lincoln Fire
1012 12
4112 4412
4
2
1814 193 Maryland Casualty
4
25
263 2814 Mass Bonding & Ins
2112 Merchants FireAssur com2 g
20
March dc Mfrs Fire Newark_5
3
Baltimore Amer
34 44
3
23i
National Casualty
10
58
Bankers A Shippers
25 54
National Fire
480
10
Boston
100 463
National Liberty
2
20
Camden Fire
5 1014 201, National Union Fire
2012 New Amsterdam Cu
5
Carolina
10 19
New Brunswick Flre
10
City of New York
100 174 179
New England Fire
10
Connecticut General Life.10 2614 28
Continental Casualty
4
5 1112 123 New Hampshire Fire......10
New Jersey
20
Eagle Fire
214 312 New York Fire
5
234
12 50
Employers Re-Insurance_10 2334 2812 Northern
2.60
Excess
5 1112 /212 North River
Northwestern National_ _25
6212
Federal
10 59
26
Fidelity & Deposit of Md_20 36' i 383 Pacific Fire
4
10
Firemen's of Newark
6
,
5 2 612 Phoenix
5
Franklin Fire
2212 Preferred AccIdent
5 21
Providence-Washington _.i0
General Alliance
1
914 11
Rochester American
10
Georgia Home
10 2014 22
3012 St Paul Fire & Marine_ _ _25
Glens Falls Fire
5 29
Globe & Republic
(2
4
83 10 Security New Haven......10
5
3!) Southern Fire
10
Globe A Rutgers Fire_ „26 36
Great American
5 1912 21 Springfield Fire &Marire_25
10
Great Amer Indemnity__ __1
614 73 Stuyvesant
4
Sun Life Assurance
10(
Halifax Fire
1812
10 17
100
Hamilton Fire
28 Travelers
25 22
Hanover Fire
10 301 1 3214 U S Fidelity & Guar Co_..2
4
Harmonla
10 193 21(4 U Fire
4
2.50
Hartford Fire
10 5212 5412 Westchester Fire
Par
Aetna Casualty & Surety_10
Aetna Fire
10
Aetna Life
10
25
Agricultural
American Alliance
10
6
American Colony
American EQ Liftable
5
America,' lIome
10
American of Newark _ _ _ _ 214
American Re-Insurance_ _10
American Reserve
10
American Surety
26
Automobile
10
As
Bid
6102
243 264
4
3
4
1812
17
714
8
212
11
1112
312
112 212
1312 15
34
31
412 634
712 83
4
5312 5512
514 61i
110
93
7,2 9
2512
24
13
4312 4554
37
33
93 1212
4
5812 63
4
2014 213
106 '09
61
65
9
27
8512
67
10
29
163 2034
4
51
148
30
28
1734 19
08 101
212 312
330 353
416 426
4
41 2 53
3712 3912
243 2614
4
1387
Financial Chronicle
Volume 139
Quotations on Over-the-Counter Securities-Friday Aug. 31-Continued
M
scellaneous Bonds.
Adams Express 4e ___ A947
American Meter 68 ____1946
Amer Tobacco 45
1951
Am Type Fdrs 65
1937
Debenture 68
1939
Am Wire Fabrics 78 _.1942
Bear Mountain-Hudson
River Bridge 78
1953
ButterickPublIshing 634 1936
cincago Stock 1! da 5a_ 1961
Consolidation Coa1430 1934
Deep Rock 01178
1937
Equitable Office Bldg 5s '52
Forty Wall Street 138_ _1958
ilaytlan Coep 88
1938
Hoboken Ferry 58
1949
home Owners Loan 130'36
134's
Aug 15 1937
28
Aug 15 1938
23.s
Aug 1 1939-1949
Journal of Comm 630_1937
Loewe New Broad Prop
151 68
1945
BEd
77
83
10012
e20
e20
87
.4sk
7812 Maine Central RR 65__1935
Merchants ltd rig 6s___1937
Y & Elob F'y 5s ___1946
1946
N Y Shipbidg 55
26
NorthAmerican Refractories
26
1944
92
6345
1941
Otis Steel 68 ctfs
72
7712 Pierce Butler & P 630_1942
2612 30 Prudence Co guar collateral
1961
88
5345
90
e24
27
Realty Assoc sec 68 _ _1937
e4212 4512 Sixty-One Bway 1st 5345 '50
56 Standard Textile Products
53
1942
1st 6345onas'nted
44
4512
el7
19 Starrett Investing 5s
1950
94
87 Struthers Wells Titusville
1002212 10016,2
1943
630
992211 993.42
993122 1002.1 roledo Term RR 4348._1957
1939
96 56.1,34 Trinity Bldg 5345
Witherbee Sherman 66_1944
4412 48
1952
Woodward Iron 5s
9118 9418
Railroad Stocks
Bid
84
90
73
90
Ask
71
e39
e63
e8
42
68
12
77
25
3212 3712
54
102
98
13
30
100
96
el0
e26
63 WALL ST., NEW YORK
BOwling Green 9-8120
Philadelphia
Boston Hartford
Guaranteed Railroad Stocks.
(Guarantor in Parenthesis.)
Alabama & Vicksburg (Iii Cent)
190
Albany & Susquehanna (Delaware & Iludson)_100
Allegheny & Western(Buff Roch de Pitts)
100
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Batton & Providence(New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchfield & Ohio(L & N A CL)
.1% _._.i00
Common 5% stamped
100
Chic Cleve eine & St Louis pref(N Y Cent)
100
Cleveland & Pittsburgh (Pennsylvania)
60
letterman stock
60
Delaware (Pennaylvanial
25
Georgia RR & Banking(L & N,A CL)
100
Lackawanna RR of NJ (Del Lack & Western)_100
Michigan Central(New York Central)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna dr Western(DL & W)..100
Northern Central (Pennsylvania)
50
Old Colony (N Y N It & Hartford)
100
Oswego & Syracuse (Del Lack & Western)
_ 60
Pittsburgh Bees & Lake Erie(U S Steel)
5
Preferred
5
Pittsburgh Fort Wayne & Chicago (Penn)___ _100
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson).10
St Louis Bridge let pref (Tsrminal RIO)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
10
United New Jersey RIO & Canal (Penns)
10
Utica Chenango & Susquehanna(D L & W)...10
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (Ill Cent)__AO
Preferred
100
Warren RR of N J (Del Lack & Western)
5
West Jersey & Sea Shore (Penn)
5
6 00
10.50
6 00
2.00
8 75
8.50
3.00
4.00
5.00
6.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
6.00
5 00
3.50
3.00
Bkl.
Ask.
86
200
93
33
123
158
50
81
86
87
75
44
42
160
74
900
66
91
87
86
70
33
66
148
166
119
129
(34
129
231
92
95
70
70
53
60
91
205
98
35
127
11
52
1(3
88
91
77
46
44
170
79
Bid
2.50
3.00
2.50
3.75
3.50
4.00
3.75
2.50
3.00
3.75
5.75
5.75
8.00
8.00
3.50
2.00
4.00
4.00
2.50
4.00
3.50
2.50
390
3.90
4.00
Ask
1.00
2.00
1.50
3 00
2.00
3.00
3.25
1.00
2.00
3.00
4.50
4.50
6.50
6.50
2.50
1.00
3.25
3.25
150
3.00
2.75
160
3 00
3.00
3.25
Kanawha & Michigan 85._
Kansas City Southern 594s.
Louisville & Nashville 85___
Equipment 630
Minn St P & SS NI 43413& 5s
Equipment 630 &
Missouri Pacific 630
Equipment 68
Mobile & Ohio 5s
New York Central 4348 & 55
Equipment 6s
Equipment 75
Norfolk & Western 430
Northern Pacific 78
Pacific Fruit Express 75_
Pennsylvania RR equip 5s_ _
Pittsburgh & Lake Erie 63.4s
Reading Co 430 & 55
St Louis & San Fran 55.
Southern Pacific Co 4 Ss
Equipment 78
Southern By 434e & 58
Equipment 68
Toledo & Ohio Central 68_
Union Pacific 7.
Ask
47
863
4
38
173
4
1414 15
1514 16
1714 18
19
20
3012 3112
3212 3312
3512 3612
4112
40
63
68
9134 93,4
4
9814 993
1013 103
4
82
78
48
50
50
52
10012 10212
65
80
27
e25
41
43
60
87
89
8222 s412,
71
7312
57
59
33
35
641.,
61
31
33
Par
Long Island Lighting 5s 1955
Monmouth Cons Wat 5556
Nassau El RR 1st 58 1944_
Newport N & Ham 5s 1944_
New England G & E 5s 1962
New York Cent Rico 5s 1952
N Y Water Ser 50 1951
New Rochelle Water 512851
Norf & Portsmouth Tr 56'36
Okla Natural Gas 55 1948_
Okla Natural G3.9 6s 1946...
Old Dom Pow 5e_May 1661
Parr Shoals l'ower 5s 1952_ _
PeninsularTelephone5359'51
Pennsylvania Else 5s 1962..
Peoples L & P 530 1941Public fiery of Cob 65 1961_
Roanoke W W 58 1950
Rochester Ry 1st 5s 1930...
Schenectady By Co 1st 58'46
Scranton Gas & Wat 430'58
Sioux City Gas & Elec 68'47
Sou Blvd RR 1st 55 1945
South Pittsburg Water 5s'60
Tel Bond & Share 58 1958 _ _
Union By Co N Y 55 1942
Un Trac Albany 434s 2004
United Pow & Lt 58 1947_ _ _
United Pow & Lt 68 1944_ _ _
Wash & Suburban 5Ws 1941
Virginia Power 58 1942
Westchester RR 1st 58 1943_
Western P S 530 1980
Yonkers RR Co gtd 58 1946_
Ask
eta
9814 10014
8812 9012
95 100
9234 95
54
57
70
73
87
883
4
8712 88is
1053 10712
4
5312 5512
71,2 73
46
4734
71
69
1013 10312
4
85
8612
28
30
93
9414
66
68
c25
30
c4
8
911 2 9312
80
82
58
102 104
4612 4734
70
75
e4
7
89
91
95
98
6212 64
10212
_
58
6214 64
60
65
W. D. YERGASON & CO.
Dealers in Public Mail!, Preferred SlOciis
New York
30 Broad Street
Tel. HAnover 2-4350
Public Utility Stocks.
77
57
63
Bid
101
991s
BEn
e25
e20
4412
65
37
17
Preferred Stocks
69
94
89
88
75
36
72
152
170
122
133
66
133
235
97
Bid
3.00
4.25
2.50
3.75
6 00
6.00
9.00
9.00
900
3.90
2.50
2.50
1.50
2.50
2.00
3.00
4.25
3.75
9.00
4.00
2.00
4 00
4.00
3.00
21)0
Public Utility Bonds.
Par
Albany By Co con 55 1930__
General 58 1947
Amer States P S 530 1948_
Amer Wat Wks dr Elee 51375
Associated Electric 58 1961_
Assoc Gas & Elec Co 430'58
Associated Gas & Elec Corp
Income deb 3.345_ _ _1978
Income deb 33„121.___1978
1978
Income deb 4s
Income deb 434s...1978
Cony debenture 4s I973__
Cony debenture 430 1973
Cony debenture 58 1973_ _
Cony debenture 530 1973
Participating 88 1940_._ _
Bellows Falls Hydro El 5558
Birmingham Wat Wks 58'57
530 1954
Bklyn C & Newt'n con 58'39
Central G & E 5148 1946__
lot lien coil tr 68 1946
Colorado Power Os 1953..
Con laid & 13klyn con 48 '48
Federal P S 1st 6s 1947
Federated Util 5's 1957
42d St Man dr St Nick 5840
Green Mountain Pow Ls '48
Ill Wat Set let 581952
Interborough R T 5.9 ars '66
Iowa So URI 530 1950
Kan City l'ub Sexy 38 1951.
Keystone Telephone 530'55
Lehigh Vall Trans ref 58 '60
Public Utility
k
As0
I.5o
3.50
1 55
3.2
0
50
5 02
6 00
.
7.og
32
'0
1.50
15
0
10
00
°
00
1.0
3.00
3.25
600
32
5
1 25
3 25
3.25
2.0
0
1 no
Water Bonds.
Bed
Ask
Ron Water 55 1956__A&O 100 101 Ilunt'ton W let 1313'54...141&S
4
let m 55 1954 ser B. M&S
.rk Wat 1st 55 A 1958.A&O 100 1003
ehtabula W W 158'58_A&O 94
96
Es 1962
Mantic Co Wat 55'58 M&S 93
95 Joplin W W 58'57 ser A M&S
irm WW let 5345A'54A&O 102 103 Kokomo W W 55 1958_J&D
1st m 5s 1954 ser B__J&D 99 ____ Monm Con W lat 58'56 J&D
9812 9914 Monon Val W 534e '50_J&J
let 58 1957 series C._ F&A
97 Richm W W 1st 55'57_M&N
iutier Water 55 1957..A&O 95
____ St Joseph Wat 5s 1941_A&O
'Ity of Newcastle Wat 58'41 101
by W (Chat) Es 13'54 J&D 10112 ____ So Pitts Wat 1st 55'55.F&A
let & ref 5s '60 ser A _J&J
let 56 1957 series C.M&N 101 102
lommonwealth Water1st & ref 5s'60 ser B.J&J
F&A 100 ___ Terre lite WW 68'49 A J&D
let 58 1956 13
1st m 5s 1956 ser B..J&D
1st m 58 1957 sec C F&A 100 ____
)avenport W 58 1961_ _J&J 10112 ____ Texarkana W lat 58'58 F&A
8912 Wichita Wat let 6s'49_M&S
1 S L & lot W 58 1942.J&J 88
96
let m 5s '56 ser B._ F&A
let m 6s 1942 sec 13 J&J 95
8512 8612 let in 581960 ser C_M&N
1st 5819 finscr D_ ._ _F&A
rtivi,iend
• No par exhie e Defaulted z
Tel. REctor 2-3273
We deal in
Railroad Equipment Bonds.
Atlantic Coast Line fle
Equipment 630
Baltimore & Ohio 68
Equipment 430 & 5s
Buff Roch & Pitte equip 613. _
Canadian Pacific 430 dr (Ss_
Central RR of N J 68
Chesapeake & Ohio 65
Equipment630
Equipment Its
Chicago & North West (le
Equipment 830
Chic R I & P.430 & 58...
Equipment 68
Colorado & Southern (hr.__ _
Delaware dr Hudson 88
Erie 41is 55
Equipment 68
Great Northern 68
Equipment 55
Hocking Valley Es
Equipment 88
Illinois Central 430 & 55
Equipment 8s
Equipment 78 de 610._ _
Wm Caine&Ewen
53
Guaranteed &Leased Line
Preferred
Common
Dividend
Par En Dollars.
Also in underlying and inactive
Railroad and Public Utility Bonds.
2 Wall St., New York
e57
e37
50
Railroad Bonds
Adams &Peck
We specialize in
NEW YORK CITY TRACTION ISSUES
A:)
9412 96
94
96
89
90
100
98
99
101 10112
10314 10414
10212 ......
10212
101
.......
96
7712 SO
102 .......
9712 9812
97
_
Par
Alabama Power $7 pret.100
Arkansas Pr & Lt $7 pref_ _•
Assoc Gas & El prig pref--•
86.50 preferred
$7 preferred
Atlantic City Elm, $8 pref..
Bangor Hydro-El 7% p1.100
Birmingham Elm $7 Pret•
Broad lily l'ow 7% pf-100
Buff Nisei & East pr pret_25
Carolina Pr & Lt $7 pre •
6% preferred
•
Cent Ark Pub Sere' pret_100
Cent Maine Pow 8% pt.100
$7 preferred
100
Cent Pr dr Lt 7% pref _ _100
Cant Pub Rerv Corp reef •
Cleve Elec
6% pref 100
Co.umbus By. Pr dv Lt
let $13 preferred A__ - -100
$6.50 preferred B
100
Consol Traction(N J)_ _100
Consumers Pow $5 pref.•
110
6% Preferred
6.60% preferred
100
Continental Gas & El
7% Preferred
100
Dallas Pow & Lt 7% pref 100
Dayton Pr & Lt 6% pret100
Derby Gas & Elec $7 pre _•
Essex-H mimeo Gee
100
Foreign Lt & Pow units. _
Gas & Elec of Bergen__ A00
Hudson County Gas _
100
Idaho Power $6 pre!
•
7% Preferred
100
Illinois Pr & Lt 1st pref..•
Interstate Natural Gas.___•
Interstate Power 57 pref ....•
Jamaica Water Supply p1_50
Jersey Cent P & L 7% pt100
Kansas Gas & El 7% pf 100
Kings Co Ltg 7% pref_ _100
Long Island Ltg 6% pf. 100
73' Preferred
100
Les Angeles0 dr 126% pt 100
Memphis Pr & Lt $7 pret..•
Mts.:U.981pp! P & L $6 pref...'
Bia
46
33
It
12
12
8214
9712.
2734
30
173
4
3112
36
62
82
7212
17
Act
48
34
2
1,
112
112
8514
Par Bed Ask
Metro Edison $7 pref B___• 75
6% preferred ser C____• 7112 fit;
Miss Illy l'ow 6% Pref.-166 77
82
klo Pub Serv $7 pref.__ _100
3
6
Mountain States Pr corn_ •
112
5
9
7% preferred
1130
37
Nassau & Suffolk Ltg pf 100 34
2912 Nebraska Power 7% pref100 89
92
32 Newark Congo! Gas
100 103 106
1834 New Enal G & E 501 % Pf-* 3412 36
;
3312 New Eng Pow Assn 6% p1100 46
4714
3712 New Jersey Pow & Lt $6 pf • 71
74
___ New Oil Pub Sen.: $7 pt._• 12
1412
8412 N Y & Queens E L P pt 100 100
75 Northern States Pr 57 p1100 53 .56
1912 Ohio Power 6% pref
100 8712 89
Ohio Edison $6 pref
• 86
6712
108 16634
76
78
01117 Pu feSery 6% Pi--- 100 6212 6412
$o preb rred
73
76
100 72
7% preferred
75
63
66 Okla G dr E 7% pref.__ _100 79
82
3414 3634 Pao Gas dr Elm 6% pf...25 213 223
4
4
6612 88 Pacific Pow & Et 7% Pf.100 141 151s.
7714 783 I'enn Pow & Light $7 pret' 85
4
87
82
84 Philadelphia Co $5 pref__50
52
Piedmont Northern By.100 35
42
39
41 Pub Serv of Colo 7% pf-.100 76
79
Puget Sound Pow & Lt
• 16
100
94
96
$5 prior preferred
18
5612 5912 Roch Gas & Elec
pref B. 88
165
6% preferred C
79
7112
Sioux City G & E $7 pre( ._
37
3912
102
Som'set Un & Mid'sex Ltg
82
165
Sou Calif Ed pref A
25 21
22
64Preferred B
68
19
25 18
70
75 South Jersey Gas & Elec_100 1681 17112
16
173 Tenn Elec Pow 8% pref_100 46
4
48
12
14
7% preferred
100 51
53
712 9 Texas Pow dr Lt 7% pret. _
78
81
47t2 50 Toledo Edison
pf A_100 79
8112
63
66
United G & E (Conn) 7% P
60
62
7422 77 United 0& E(NJ) pret 100 48
51
79
83 Utah Pow & Lt $7 pref
1614 18,
4
49
50
Utica Gas & El 7% Pref77
7912
561, 5812 Util Power & Lt
pref...
6
8
91
94
Virginia Railway
60
65
53
56
Wash By & Elec com___100 315 340
2514 27
5% preferred
100 98 100
Western Power 57 pref..100 84
8712
•
Telephone and Telegraph Stocks.
Par
Amer Dist Teleg(N J) com •
Preferred
100
Bell Telep of Canada.
._.100
13ell Telep of Penn pret..100
Chichi & Sub Bell Telep.
.60
Cuban Telep 7% pref
100
Empire & Bay State Te1.100
Franklin Teleg $2.50
100
Int Ocean Teleg 6%
100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel 100
New England Tel & Tel_100
Bid
6912
1113
4
118
11434
64
20
493
4
3712
7312
90
10634
9512
Ask
_
113
123
1167s
68
30
59
42
8312
Par
New York Mutual Tel.
.100
Northw Bell Tel p1634% 100
Pac & Atl Teleg U S 1%_25
Peninsular Telephone cam_ •
l'referred A
100
Roch Telep $6.50 lit pf.100
So & All Teleg $1.25____25
Sou New Ertel Telep
100
S'western Bell Tel, pf...100
TM States Tel & Tel
109
Preferred
10
9712 Wisconsin Telep 7% pret 100
BEd
2212
110
1322
412
8812
10012
1612
105
11914
Ask
25
11112
26
814
7112
176.
107
12114
8
93 105
8
111 113
Financial Chronicle
1388
Sept. 1 1934
Quotations on Over-the-Counter Securities-Friday Aug. 31-Concluded
WE OFFER
through our private wire system to Principal Cities
dependable trading service in Over Counter Securities
Also
-Execution of orders on out of town Exchanges.
•FU LLER CRUTTEN DEN & COMPANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Members:
Chicago Board of Trade
Chicago Stock Excilange
Chicago Curb Exchange Association
CHICAGO
ST. LOUIS
120 So. LaSalle St.
Boatmen's Bank Bldg.
Phone: Dearborn 0500
Phone: Chestnut 4640
LIVINGSTON & CO.
111 BROADWAY, NEW YORK CITY
Members New York and other stock and commodity Exchanges.
Industrial Stocks.
German and Foreign Unlisted Dollar Bonds.
Ask
Par Bid
15
Herring-Hall-Mary Safe.100 12
100
Howe Scale
114
81,
Preferred
100
Industrial Accept pref..100 20
24
International Textbook.."
13
4 3
73
King Royalty corn
4 9
69
74
$8 preferred
8
Lawrence Port Cernent_100
1012
5,
14
Liberty Baking corn
212 512
Preferred
100
4
518
Locomotive Firebox Co__
314 414
alacfadden Publica'ns corns
Preferred
• 2912 3112
Merck Corp $8 pref... _100 123 127
2312 25
National Casket
• 41
4
2
Preferred
• 103
15
23 National Licoricecom___100 30
Nat Paper & Type pret_100
20
30
1
5
New Haven Clock pref. _100 33
38
2
4
New Jersey Worsted pref 100 66
---.5
35
40
Northwestern Yeast_ ___100 149 152
85
88
3 Norwich Pharmacal Co..
4
hi
3
418 Ohio Leather
• 16
19
100 3212 37
P2 Okonite Co $7 pref
5s
5112 Publication Corp corn
50
• 1312 16
$7 let preferred
3512 383
100 8212
4
1612 :814 Riverside Silk Mills
• 2114 23
10712 11012 Rockwood & Co
•
8
10
Preferred
102
100 38
la
2912
Boxy Theatre preferred A.
Is
512 6i2 Ruberold Co
100 28
30
193 2018 Scovill Mfg
8
25 1912 203
4
..100 178 182
2
8 115 Singer Manufacturing.
5 25
30
33
4 5 Standard Cup & Seal
'4
53
100 61
5512
1"4 Standard Screw
23
8
251 1 Stetson (J B) common_ ___•
102
Preferred
2.5 15
91
Taylor Milling Corp
12 1
• 10 Ill;
18
1% 314
2112 Taylor Wharton Ir&St corn •
Preferred
612
102
100
lennProducts Corp pref.50
47
42
15
8 3
60
_100 54
57
6712 fubize Chatillon cum pf.
Urexcelled Mfg Co
10
34
212 338
30
431
100
2
163 1814 U S Finishing pre/
4
5412 Welch Grape Juice pref._100 64
551
West Va Pulp & Pap corn_ • 10 75
55
fi
Preferred
8
13
100 82
85
1928 2118 White Rock Min Spring
57 let preferred
21 1
100 94
314
Wilcox-Gibbs com
50 21
111 1
Woodward Iron
100
65
50
3
1,2 3 4
414 53 Worcester Salt
100 4212 4712
4
...100 72
28
32
Young Cr 5) Co corn.
7% preferred
100 100
25
23
Par Bid Ask
Adams-Millis Corp, pf__100 93 ---_
Aeolian-Weber P& P
3
4
14
Preferred
100
American Arch $1
• 14.
American Book $4
100 6312 56
American Canadian Prop_.•
1
13
8
American Cigar $6 prei 100 99
American Hard Rubber_ _50
512 8
,
American Hardware
25 18 8 2018
7
American Mfg
12
100
Preferred
58
100 48
712 9
American Meter corn
Andian National Corp
4
• 3514 373
Babcock & Wilcox
100
Bancroft (Jos) & Sons com_•
Preferred
100
Bliss(E
50
1st pref
2d pref B
10
Bohn Refrigerator pref_.000
Bon Aml Co B common.__
Bowman-Biltmore HoteLs..•
1st preferred
100
2nd preferred__
100
Brunsw-Balke-Col pret_.100
Bunker II & Sullivan com 10
Canadian Celanese corn_ _ _•
Preferred
100
carnation Co $7 pref ...100
Clinch:leld Coal Corp pf 100
Color Pictures Inc
Colts Patent Fire Arms_ __25
Columbia Baking corn....
1st preferred
•
2d preferred
•
Crowell Pub Co S1 cm....
$7 preferred
100
De Forest Phonotilm Corp..
Dictaphone Corp
•
Preferred
100
Dixon (Joe) Crucible..._100
()Oehler Die Cast pref
•
Preferred
50
Douglas Shoe preferred__100
Draper Corp
•
Driver-Harris pref
100
Eiseman Magneto pref 100
First Boston Corp
Flour Mills of America____•
Franklin Railway Supply- -•
Gen Fireproofing $7 pf_ _100
Graton & Knight corn__ _•
Preferred
100
Great Northern Paper _ _ .25
Aeronautical Stocks.
Par
Aviation Sec Corp(N
Central Airports
•
Btct
5
1
Ask
7
3
Par Bid
Ask
54
Khmer Airplane & Mot __I
11
7
8
12
Warner Aircraft Engine ___•
Short Term Securities.
Consumers Power 5s.-1936
Edison El III (Bus) 3s--1937
Gulf 011 of Pa 5s
1937
Long Island Ltg 5s_...1936
Bid
10158
102
105
10315
tisk
/lid
Ask
8
1047 Nod dz Portsm'th Trac 5s'36 106
10238 Nor Boo Ltg Prop 5 Si8-1937 102 2 103;
-1
1051 1 Texas Pow & Light 5s_1937 103 10312
10412
Par
Bond & Mortgage Guar...20
Empire Title & Guar__ _100
Lawyers Mortgage
20
5121
1
Ask
2
Sugar Stocks.
Fajardo Sugar
Ilaytian Corp Amer
*No par value.
Par Bid
Ask
Par Bid
Ask
• 8712 92
95 Savannah Sugar Ref
100 80
•
1, 112
7% preferred
100 100
12
United Porto Rican ctfs__.•
•
Preferred ctts
e Defaulted.
CURRENT
f Ex-coUpon.
/2-1
/24
/26
26
26
29
/20
f183
4
/6
/39
/25
68
168
23
193
4
712
41
27
6834
_
/5612
/37
/111,
'5
512
/52
/3612
52
/5112
Dortmund Mun UCH 65,'48 /40
Duisburg 7% to 1945
120
Duesseldorf 75 to 1945_ _ _ _ /25
East Prussian Pr. 6s, 1953_
European Mortgage & Investment 745s, 1966.-71is, 1950
French Govt. 5459. 1937_ .
French Nat. Mall 85.613.'52
Frankfurt 7s to 1945
aid
Ask.
/79
2812 I0 2
-1/36-48 -- -f34
/7212 I512
/42
46
39
/37
/30
Mannheim & Palat 78, 1941
Munich 7s to 1945
Munlo Bk, Hessen, 75 to '45
Municipal Gas & Eleo Corp
Recklinghausen, 78, 1947
Nassau Landbank 645s,'38
Natl. Bank Panama 645%
1946-9
5812 Nat Central Savings Bk of
Hungary 745s, 1962_ _ _
42
National Hungarian dr Ind•
1212
Mtge. 7%, 1948
8 Oberpfalz Elec. 7%, 1948_
8 Oldenburg-Free State 7%
54
to 1945
3812 Porto Alegre 7%, 1968_ _
Protestant Church ((her54
many). 7e. 1946
53 Prov Bk Westphalia (is, '33
Prov Bk Westphalia 8s, '36
43
Rhine Westph Elea 7%,'36
25
Rio de Janeiro 8%, 1933..
29
Rom Cath Church 845s,'46
Et C Church Welfare 718, '4ii
33
145
50
130
/25
124
35
29
29
/30
/35
35
40
145
46
/56
57
160
124
6112
2712
/24
/21
29
22
/34
/3212
/32
35
./4312
124.,
193
/25
4712
27
46
29
38
Saarbruecken M 13k Os, '47 173
77
Salvador 7%, 1957
/31
34
Salvador 7% ctt of dep '57 /2512 27
Salvador scrip
/13
17
Santa Catharine (Brasil),
8%, 1947
12212 2413.
33 Santander (Colom) 75, 1945 111
1212
Sao Paulo (13raztl) 6s, 1943 /2312 25
35 Saxon State Mtge. 8s, 1947 /46
51
Serbian 58, 1958
2812 3012
2012 Serbian coupons
/36-48
35 Stem & Halske deb 6s, 2930 /220
270
81 State Mtg Bk Jugosl 551951) 27
30
coupons
f35 48
9812
Stettin Pub Utli 75, 1946.. /31
34
2612
Tucuman City is, 1951__
31
/38
40
rucuman Prov. 78, 1950_
49
72
76
Tucuman Scrip
/20
25
40, Vesten Elea 1ty 7s, 1947_ /22
4
23
Wurtemberg 71 to 1945_ _
/26
30
.
163,
2 8512
J64
1 78"
173
16412 16712
28
/21
German All Cable 75, 1945 /31
German Building ds Landbank 845%, 1948
/29
German defaulted coupons. !German scrip
/19
German called bonds
25
Haiti 6% 1853
7912
Hamb-Am Line 645s to '40 /9412
Hanover liars Water Wks.
6%, 1957
/24
Housing di Real Imp 75,'48 /21
Hungarian Cent Mut 7s.'37 /47
Hungarian Discount & Ex
Change Bank 7s, 1963.. 1 3914
Hungarian defaulted coup. /30-70
Flat twice
*Soviet Government Bonds.
Bid I Ask
Bid
Ask
Union of Soviet Soc Repub
Union of Soviet Sue Repub
7% gold rouble_ _19431 87.531 __ __ 1 10% gold rouble._ _19421 87.53
• Quotation per 100 gold rouble bond equivalent to 77.4234 grains of pure gold.
Chain Store Stocks.
A sk
ii
Par
Lord di Taylor
100
1st preferred 6%
58
100 .43
100
and preferred 8%
12 212
100
100
100
314 74 Melville Shoe pref
100
100 61
--- Miller (I) & Sons pref _ .100
MockJuds&Voeheger pf 100
Edison Broil Stores prof.100 86
Murphy (0 (2) 8% pref _100
Fan Farmer Candy Sh pt_ _• 3,3
4
Fishman(M II) Stores_ _ _ -• 10
1412 Nat Shirt Shops (Del)- -•
Preferred
lot preferred
94
100 84
100
Great A & P Tea pt_ _100 124 12712
and preferred
100
Bohack (II C) com
7% preferred
Butler (James) com
Preferred
Diamond Shoe wet
Kobacker Stores pref .100
Kress(S II) 6% pref
10
erner Stores pref
100
11
85
39
12
95
A sk
Bid
150 190
87
DO
103 105
1612
14
60 z70
102 112
1
22
30
24
,
16-
Reeves (Daniel) pref....100 105
__
Schiff Co preferred
100 8912 95
U S Stores preferred_ _ _.l00
.512 812
x Es-dividend.
NOTICES.
-Herrick, Heinzelmann & Ripley, Inc. announce the enlargement of
the personnel of its trading department and the extension of its facilities
on a Nation-wide scale to provide wire connections to 23 cities throughout
the country.
L. D. Sherman, who becomes Manager of the trading department, will
have associated with him D. E. Wilson, Jules Bean, E. J. Hall, J. F. Hatfield and S. J. Waintrob, all of whom were formerly with the Trading
department of Ewart & Bond, Inc.,
In addition to branch offices in Baltimore, Syracuse and Buffalo, the
firm now has wire connections to Boston, l'hiladelphia, Washington,
Atlanta, Cleveland, Pittsburgh, Chicago, Detroit, Kansas City, St. Louis,
Omaha, Des Moines, Denver, Minneapolis, St. Paul, Milwaukee, Seattle,
Portland, San Francisco and Los Angeles.
-Stephen N. Bond, who, since the decease of Wilber F. Baker, became
the only surviving partner of the firm of S. N. Bond & Co.. retires from
business to-day, and the firm dissolves.
The business of S. N. Bond & Co. will in the future be served by II. A.
Leavitt of Leavitt & Co.. 111 Broadway, New York. Mr. Leavitt was
for some years Manager of the municipal loan department of the First
National Bank of Boston and for the past two years has been in business
for himself, specializing in New England short-time municipals.
Bank of Colombia, 7%,'47
Bank of Colombia, 7%.'48
Bavaria 8455 to 1945
Bavarian Palatinate Cone
Cit. 7% to 1945
Bogota (Colombia) 845,'47
Bolivia 6%, 1940
Buenos Aires scrip
Brandenburg Elec. 6s, 1953
Brazil funding .5%, '31-51
Brazil funding scrip
British Hungarian Bank
7455, 1962
Brown Coal Ind. Corp.
845s, 1953
Cali (Colombia) 7%, 1947
Callao (Peru) 71.4%, 1944
Ceara (Brazil) 8%, 1947..
Columbia scrip Issue of '33
Issue of 1934
Costa Rica funding 5%.'51
City Ravings Bank, Budapest, 7s, 1953
Hungarian Ital Bk 7455,'32
Jugoslavia 58, 1958
Jugoslavia coupons
Koholyt 645s, 1943
Land M Bk, Warsaw 88.41
Leipzig Oland Pr. 645s,'46
Leipzig Trade Fair 79, 1953
Luneberg Power, Light &
Water 7%,1048
Po: Bid
Realty, Surety and Mortgage Companies.
Bid Ask
Par
2
5 1 1Lawyers T:cle & Guar__ 100
N Y Title & Mtge Corp. 10
15
11 t
Btd. Ark
Anhalt is to 1946
29
/24
Argentine 5%, 1945, $100
pieces
92
Antioquia 8%, 1946
28
125
AustrianDefaultedCoupons 190-12o
-John G. Sheldon, formerly with Brown Brothers Harriman & Co.,
has been appointed Assistant Vice-President of the Bancamerica-Blair
Corp., specializing in State and municipal bonds, at the Chicago office.
-Swart, Brent & Co., Inc., 25 Broad St., New York, have prepared
a booklet "The Same Income 1929 and 1934," which discusses water works
bonds, with special reference to their stability of income payments.
-Theodore PrInce & Co., 120 Broadway, New York, discuss the present
day problems of the railroads and present suggested remedies in it pamphlet
which they have just Issued.
-Distributors Group, Inc., 63 Wall St., New York City, has prepared
a series of five studies covering investment company operations for the
first six months of 1934.
Otto Menke, formerly Sales Manager for W. R. Bull & Co., Inc..
has joined Brown, Young & Co. as Investment Counselor for domestic
and foreign investments.
Allen & Co., 20 Broad St., New York, have issued a comparative
analysis of New York bank and insurance stocks.
-William J. Murty has become associated with Hammons & Co., Inc.,
as Manager of their municipal bond department.
-Alpha Distributors, Inc., 80 Broad St., New York, have
report on Empire Gas'& Fuel Co.
Financial Chronicle
Volume 139
1389
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY
-INDUSTRIAL
---MISCELLANEOUS.
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings,such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
Monthly Gross Earnings of Railroads.
-The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Oross Earnings.
Month.
1933.
1932.
Inc. 1+)Or
Dec.(-)•
Per
Cent.
1933.
1932.
Miles
241,991
241,467
241,489
242,160
242,143
242,333
241,908
242,358
239,904
242.177
244,143
240,950
1933.
241,337
241,263
241.194
241.113
240,908
240.932
January - -February- -March
April
May
June
July
August
September_
October.
November_
December__.
228,889,421
213.851.168
219.857,606
227,300.543
257.963,036
281.353,909
297.185,484
300,520,299
295,506.009
297.690.747
260.503,983
248,057.612
274.890,197
266.231,186
288.880,547
267,480,682
254,378,672
245,869,626
237,493,700
251,782.311
272,059,765
298,084,387
263,225,641
245,760.336
-46,000.776
-52,380,018
-69,022,941
-40,180.139
+3,584.364
+35,484,283
+59.691,784
+48.737.988
+23,446.244
-393.640
+7,278.324
+2.297.276
16.73
19.67
23.89
15.02
+1.41
+14 43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
Miles
241,881
241.189
240.911
241.880
241.484
241.455
241,348
241,186
240.992
240.858
242.708
240.338
January _ _
Febrwiry
March
April
May
June
1934.
257.719,855
248,104,297
292.775.785
265.022,239
281,627.332
282.406,507
1933.
226,276,523
211,882.826
217,773.265
224,585,926
254,857,827
277,923,922
+31,443.332
+36,221.471
+75,002,520
+40.456.313
+26,769,505
+4.482,585
+13.90
+17.10
+34.44
+18.02
+ 10.50
+1.61
1934.
239,444
239.389
230.228
239.109
238.983
239.107
Na Earnings.
Month
Inc.(+1 or Dec.(-).
1933.
1932.
Amount.
JaritIOXy
February
March
April
May
June
July
August
September
October
November
December
$
45,603,287
41,460,593
43.100.029
52.585.047
74 844,410
94.448.669
100482,838
96,108.921
94,222,438
91,000.573
68,868.814
59,129,403
$
45.964.987
56,187,604
68,356.042
56,261.840
47.416.270
47,018.729
46,148.017
62.553,029
83,092.822
98.337,581
63,962,092
57.861,144
$
-361.700
-14.727.011
-25.256.013
-3,676,793
+27.428.140
+47.429.940
+54.334.821
+33.555,892
+11.129.616
-7.336.988
+2,904.522
+1,268,259
Per Cent.
-0.79
-26.21
-36.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13 39
-746
+4.54
+2.19
January
February.
March
April
May
June
1934.
62,262.469
59.923.775
83.939,285
65.253,473
72,084,732
74,529,256
1933.
44,978.268
40.914.074
42,447 013
51,640,515
73,703,361
92,967,854
+17,284.203
+19.009 701
+41.492,272
+13.612,958
-1,618,619
-18.4 ,598
+38.43
+46.48
+97.75
+26.36
-2.20
-19
" Acme Glove Works, Ltd.-Accumu ated
The directors have declared a dividend of 8131 cents per shasd on the
yable
63. % cum. 1st pref. stock, par $50, on account of accumulations
Sept. 15 to holders of record Aug. 31. A similar distribution was made on
June 15 last. The last regular quarterly payment of 81je's cents per share
on this issue was made on Dec. 15 1930.
Accruals, after payment of the Sept. 15 dividend, will amount to $10.565i
-V. 138, p. 3593.
per share.
Akron Canton & Youngstown Ry.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 588.
1934.
$128,154
32,846
11,162
1933.
$187,043
92,836
59,992
1932.
$110,037
21,296
def2,015
1931.
$149.307
41,916
12,281
1,051,888
396,452
212,628
912,748
336,901
183,305
934,765
296,850
141,812
1,173,471
365,478
174,062
Alabama Great Southern RR.
-Earnings.
JUIVGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-F,139, p. 588.
1934.
$402,631
75,607
39.504
2,850,806
599,626
388,161
1933.
$424,995
139,117
103,405
1932.
$287,644
def19,088
def53,238
1931.
$518,643
63,394
39.715
2,485,052
2.400,096
528,953
def48,707
241,860 def317.953
3,748,039
410.172
197,227
American Equities Co.-Annua/ Report for 1933.-
P. M. Chandler, President says in part:
The consolidated statements include (1) Edgecott Utilities Corp. (in
which the stock interest of the company is 65.48%) and Dulwich Corp.
(non-operating subsidiaries), (2) Vermont Lighting Corp.. St. Johnsbury
Gas Co. and Wanoat Associates and its controlled companies and (3)
General Water Gas & Electric Co. and its subsidiaries.
The plan of readjustment of General Water Works & Electric Corp. was
consummated during 1933. As a result thereof, company acquired substantial control of General Water Gas & Electric Co. (the successor company under the plan). The securities of General Water Gas & Electric
Co. held at Dec. 31 1933 (exclusive of bondholdings) by company and its
non-operating subsidiaries consisted of 33,352.06 shares of $3 preferred
stock and 155,599 shares of common stock, being respectively 28.72% and a
71.35% of the total of such shares then outstanding. These securities now
constitute the major part of the investment holdings of the corporation and
of its non-operating subsidiary companies.
In pursuance of this plan, General Water Gas & Electric Co. acquired
control of certain of its subsidiaries as of May 1 1933 and of the remainder
thereof as of June 1 1933, and in the accompanying financial statements, the
accounts of the General Water Gas & Electric Co. system as such, are
consolidated only from these dates. The accounts of the subsidiaries which
the company caused to be transferred to General Water Gas & Electric Co.
under the said plan, are included for the full year.
As of May 31 1933, General Water Securities Corp., a subsidiary of
General Water Gas & Electric Co., had a bank loan of $3,100,000 outstanding in which American Equities Co. holds a subordinated participation
of $500,000. This loan is secured by collateral representing an important
part of the assets of the General Water Gas & Electric Co. group. As at
Dec. 311933. tee loan had been reduced to 32.780,000, and since that date
(to April 12) further payments aggregating $80000 have been made on
account of the principal thereof. Under conditions calling for a further
minimum reduction of $100,000 in the principal amount of the loan in the
Interval, and the contingent undertaking bPthe company to purchase an
additional subordinated participation of up to $200,000 on Aug. 1 1934,
the maturity of the loan has been extended from April 1 1934 to Aug. 1 1934.
Largely because of the diversion of cash income to the reduction of the
indebtedness aforementioned, General Water Gas & Electric Co. has
exercised its right (effective during the period ending Sept. 30 1935) to
pay dividends on shares of its 9.3 preferred stock wholly in shares of such
preferred stock, taken at $50 a share. Such dividends have been paid
regularly to date. The position of company's equity in General Water
Gas & Electric Co. has been substantially improved as a result of the reduction of indebtedness and every endeavor will be continued to secure the
permanent financing of the bank loan before referred to.
The loan indebtedness from Intercontinents Power Co. (in receivership)
includes $720,000 participation in loans aggregating $2,540,200 made by
certain banks to Intercontinents Power Co. and (or) its Argentine subsidiary. The participations were acquired in pursuance of agreements made
In 1931, and $360,000 thereof are subordinated to the bank's interest. The
loans in question are secured by $3,000,000 of notes of the Argentine subsidiary of Intercontinents Power Co. In addition, during 1931, the sum
of $63,072 was advanced directly by American Equities Co. and is secured
by the demand note of said Argentine subsidiary in like principal amount.
These loans carry interest at the rate of 7% per annum, but inasmuch as no
payments were made on account thereof during 1933 no accrual of such
nterest has been included in the income of the company.
-Year Ended Dec. 31 1933.
Consolidated Income Account
[Including operations of subsidiaries (other than subsidiaries in receivership and their subsidiaries) which were formerly controlled by General
Water Works & Electric Corp. only for the period from effective date of
acquisition of control thereof by General Water Gas & Electric Co. on
June 1 1933.1
$1,629,794
Operating revenues: Water
639,212
Electric
461.846
Gas, manufactured
79,178
Gas, natural
91.959
Ice
28,312
Steam, hot water, &c
S2,930.302
Total
Other income incl. interest and dividends from investment
169.502
securities
$3,099.804
Gross earnings from all sources
1,268.488
Operating expenses: Operation
111.369
Maintenance
239.364
Taxes, other than Federal income taxes
Provision for depreciation and depletion
274,747
Interest on funded debt of subsidiaries
444,363
Other interest
89,603
Amortization of debt discount and expense of subsidiaries
15.234
Dividends accrued on pref. stocks of subsidiaries: Cash divs
15,812
Dividends paid in preferred stock
137,076
Proportion applicable to minority interest in common stock of
subsidiaries
125,766
Consolidated net earnings (exclusive of net losses on sales of
investment securities amounting to $1,132,641 charged to
to reserves for depreciation thereof in the amount of $1,$377,982
267,568 which had been provided in prior years)
Notes.
-(1) Of the foregoing balance of income $128,951 is represented
by undistributed earnings of subsidiaries not wholly owned.
(2) On June 30 1933, the P. S. Commission of N. Y. issued an order
requiring Consolidated Water Co. of Utica, N. Y., a subsidiary of General
Water Gas & Electric Co., to reduce its rates, effective Aug. 1 1933 by an
amount estimated to reduce its annual net income in the amount of$120,000.
A stay has been obtained allowing the company to continue charging its
present rates until an appeal from the decision has been heard and an
opinion rendered, upon condition that the company file a bond to return
to its consumers the reduction ordered, if the decision of the Commission
is upheld. The liability for refund at Dec. 311933, if the appeal should be
denied, is estimated at $50,000.
k3) The net income shown above includes earnings of subsidiaries applicable to the securities pledged as collateral to bank loan of $2,780,000 (in
which American Equities Co. has a subordinated participation of $500.000)
aggregating 3180,505, after providing for interest on said loan.
(4) No provision has been made in the above statement for Federal
income tax due to other allowable deductions being in excess of the net
income for the period.
Consolidated Balance Sheet as at Dec. 311933.
[Exclusive of subsidiaries in receivership and their subsidiaries.]
Liabilities
Assets
Long-term debt of subsidiaries $15269,383
Property, plant and equip.,
Loans payable of subsidiaries:
organic: exp., franchises,
Secured
a$27,559,773
c2,280,000
Unsecured
63,298,709
Investments
38,500
Loans payable, broker, seSpecial deposits, incl. $40,000
cured by pledge of marketagainst possible rate reducable securities, per contra_
43,991
tions
77,850
332,663 Accrued interest on funded
Cash in banks and on hand
debt of subsidiaries
Loans receivable, secured_
50,000
94,003
Accounts payable and other
Notts, accounts and accrued
672,049
accrued liabilities
interest receivable
337,337
89,614 Consumers'and other deposits
Unmeasured services, est.- with subsidiaries
Inventories of material, sup140,591
plies, &c
238,147 Reserves: Premium on redemption of 1st mtge. 5s
Notes and accounts receiv.
non-current, less reserves
26,052
of subsidiary
46,037
Cash in closed and restricted
Contingencies
122,030
banks, less reserves
Other reserves, incl. con14,038
Prepaid insurance, taxes, &c_
59,237
tributions for extensions
75,263
Deferred charges
827.305 Capital stocks of subsidiaries
Corporation's own cap, stock
publicly held: Preferred
repurchased: 14,104 shs.
stocks
4,537,499
at cost
34,687
Accrued dividends thereon_
5,697
Minority interest in common stocks and surplus of
subsidiaries
d1.545,860
Capital stock of American
Equities Co (par $1)
1,464,531
Capital surplus
6,888,335
Earned surplus from Jan. 1
1932
323,345
Total
$33,246,267
Total
$33,246,267
a After deducting excess of adjusted assets of subsidiaries over stated
value ofinvestments of General Water Gas & Electric Co. at their respective
dates of acquisition amounting to $3,367,610 and depreciation and depletion
reserves of $5,148,812.
b Marketable securities at market value ($141,621 pledged), $631,323
Affiliated companies: Stocks of International Utilities Corp. at cost
$539.080; bonds of other affiliated companies(par value 3400,000),$200,000
Subsidiary companies: Bonds held for resale (par $365,000). $264.507
Participation in loans and direct loan to Intercontinents Power Co. (in
receivership) at face value, $783,072; stocks and bonds of and amounts due
Financial Chronicle
1390
from subsidiaries in receivership, less reserves; $28,540; other investments
(less reserves) at estimated fair values as determined by board of directors,
$852,185.
c Represents collateral loan due by General Water Securities Corp., a
subsidiary of General Water Gas & Electric Co., in the principal amount of
$2,780,000. less subordinated participation of American Equities Co.
therei., $500,000; such loan is secured by the pledge of 29,993 shares
common stock of San Jose Water Works, 28,888 shares of 6% cumulative
preferred and 40,000 shares common stock of San Jose Water Works (which
securities represent the ownership of San Jose Water Works and San Jose
Water Works, excepting $813,000 principal amount of first mortgage 5%
bonds and $277,800 of 6% cumulative preferred stock of San Jose Water
Works); $1,600,000 principal amount of first mortgage 53i% bonds of
Alabama Utilities Co. and all ot the securities representing ownership of
New Mexico Public Utilities Corp.(except $5,000 first mortgage 6% notes),
and $750,000 of 6% debenture bonds of Texas-Louisiana Power Co. (in
receivership).
d There are also outstanding or to be issued warrants entitling the holders
thereof to subscribe to 93,279 shares of common stock of General Water
Gas & Electric Co. at $12.50 per share.
-V. 136. p. 4270.
•
Alabama Power Co.
-Earnings.
[A Subsidiary of Commonwealth & Southern Corp.]
-Month-1933.
1934-12 Mos.-1933.
Period End. July 31- 1934
Gross earnings
$1,241,439 $1,322,509 $15,527,904 $15,379,600
Operating expenses, incl.
557,816 6,802,272 6,451,467
maintenance & taxes_
568,352
390,388
4,705,839 4,662,414
Fixed charges
384,140
1,001,383
1,148,331
Prov.for retirement res_
97,845
92,683
Divs.on preferred stock _
195.198 2,342,220 2,341,900
195,196 `
Balance
-V. 139, p. 1229.
def$4,085
$86,422
$529,239
$922,434
-Earnings.
Allied Mills, Inc.(& Subs.).
Years Ended June 30x Gross profit from operations
Selling expenses
Administrative expenses
1932.
1933.
1934.
$3,079,201 $1,982,177 $1,688,648
1,109,949
1,116,849
1,191,825
414,816
321,765
598,137
Net profit from operations
Miscellaneous income
$1,289,239
187,747
$457,412
204,947
$250,035
263.032
$1,476,985
Total profit
293,934
Depredation
Y54,920
Interest and exchange
Write-down of investments to quoted
12,000
value
Loss
-American Milk Products Co_
167,686
Provision for Federal income tax_ _ _ _
60,000
Provision for contingencies
$662,359
186,305
14,148
$513,067
175,922
13,807
8,501
9.403
61,776
69,845
44,000
$382,226
$888,445
$209,493
Net profit
882,394
886.888
948,931
Shs. capital stock outstanding (no par)
$0.41
$1.01
$0.22
Earnings per share
x After deducting all manufacturing expenses, incl. reductions of inventories to lower of cost or market. y Interest only.
Consolidated Balance Sheet June 30.
1934.
1933.
1934.
1933.
Assets$432,839 $137,540 Accounts payable $260,238 $184,053
Cash
613,323 Notes payable__ __ 805,000
a Accts.& notes rec 599,883
Reserves
65,474
Dep. on grain sold
55,326 Accrued liabilities_
93,955
98,361
1,150
for future del1v.
2,303,312 2,008.602 Prov. for Federal
Inventories
Income tax
184,000
62,191
57,000
Prepaid insur., &c.
81,688
104.131
273,683 c Capital stock_ _ _ 4,565,891 4,542,944
Investments, &c
2,140,862 1,372,674
b Plant & equIpMt 4,586,494 3,066,499 d Surplus
Leasehold Improvements In process
5,924
6,955
of amortization_
Plant under con30,915
struction
48 115,420 $6,255,033
Total
$8,115,420 $6,255,033
Total
a After reserve for bad debts of $109,109 in 1934 and $86,428 in 193:3.
b After depreciation of$1.815.393 in 1934 and $1,607,869 in 1933. c Represented by 881.888 no par shares in 1934 and 882,394 in 1933. d Initial
surplus $960,676 in 1934 ($1.101,626 in 1933); discount on stock purchased
for treasury, $167,323 in 1934 ($146,6321n 1933);earned surplus, $1,012,862
in 1934 (3124,417 in 1933).-V. 137, p. 2810.
Alton RR.-Earnings.1932.
1934.
1931.
1933.
July$1,285,293 $1,280,983 $1,171,036 $1,764,592
Gross from railway
475.556
388.905
286,228
491,371
Net from railway
155,301
259,772
7,297
194,598
Net after rents
From Jan. 1
7,472,643 8,311,979 11,603,703
7,411,331
Gross from railway
2,156,208
1,757,033
2,355,634
1,633,001
Net from railway
766,558
def7,556
167.579
432,236
Net after rents
-V.139, p. 1075.
-Earnings.
American-Hawaiian Steamship Co.
[Including Williams Steamship Corp.]
-Month-1933.
1934-7 Mos.-1933.
1934
Period End. July 31$934,973 $5,230,528 $5,681,761
$465,471
Operating earnings
792.397
5,055,864
520,888
5,151.972
Oper. and general expens
Net profit from oper__ def355.416
3.212
Other income (net)
$142,575
def1,080
$174,664
36,822
'$529,789
2,889
Profit before deprec.
Federal income tax_ def$52,204
54,265
Prov. for depreciation__
$141.495
56,339
3211.486
368.345
$532,679
383,942
Deficit
Non-recurring items_ _ _ _
$106,469 prof$85.156 def$156,858prof$148,736
def226,401
def78.604
Net profit or loss before
Federal income taxes df$185,074
-V. 139, p. 1229.
$85,156 def$383.259
$148.736
-Earnings.
American Safety Razor Corp.(& Subs.).
Period End. June 30-1934-3 Mos.-1933. 1934-6 Mos.-1933.
Net profit after deprec..
$171,729
$427,892
Federal taxes, &c_ _ _
$221,082
$317,712
Earns. per sh.on 200,000
$2.14
$1.11
$0.86
$1.59
shs.cap.stk.(no par)_
-V. 138, p. 3430.
American & Foreign Power Co., Inc.-Earnings.7Comparatire Statement of Income (Company Only).
Period End. June 30-1934-3 Mos.-1933. 1934-12 Mos.-1933.
Gross inc.-From subs_ $2,166,939 $33,203,272 $9,584,585 $9,148,717
100,605
32,627
134,591
Other
16.806
Total
$2,183,745 $33,235,899 $9,685,190 $9,283,308
84,362
600.155
374,178
Expenses, incl. taxes_ _ _
87,926
Int. (incl. interco.) &c.
2.052,187
8,028,777
8.138,492
deductions
1.948,567
Balance (before exch.
$770,638
adjs.) carried to surp $150,816 $1,095,786 $1,056,258
-Earned surplus,
Summary of Surplus 12 Months Ended June 30 1934.
July 1 1933, $14,979.715; balance from statement of income (as above),
31,056.257; exchange adjustment (net). $75,694; total, $16,111,668.
net loss on investments sold, 11948,357: adjustment of book value of investments, $586,587; miscellaneous adjustments, $18,121; earned surplus,
June 30 1934. $14,558,601.
Sept. 1 1934
Consolidated Income Statement (Company and Subsidiaries).
Period End. June 30-1934-3 Mos.-1933. 1934-12 Mos.-1933
Subsidiaries
Operating revenues_ _ _ _313,055,797 $13,715,279 $56,662,271 $51,966,752
Oper. exps., incl. taxes_ 7,747.342
7,737,740 33,941,334 28,884,420
Net revs, from oper__ $5,308,455 $5,977,539 $22,720,937 $23,082,332
Other income (net)
59,067
72,806
772,048
642,920
Gross corporate inc__ $5,381,261 $6,036,606 $23,492,985 $23,725.252
1,169,892
Int. to public &c.deducts 1,200,469
4,963,651
4,138.376
Cr9,522
Less int. chgd. to constr. Cr13,167
Cr86,242
Cr53,387
Net int. to public &c.
$1,187,302 $1.160,370 $4,910,264
deductions
$4,052,134
Balance
$4,193,959 $4,876,236 $18,582,721 $19,673,118
Prop, retire. res. approp.
914,820
910,179
3,669,266
3,033,758
Balance
a Pref. diva. to public
$3,283,780 $3,961,416 $14,913,455 $16.639,360
678,781
656,021
2.507,678
2,743,635
$2,604,999 $3,305,395 $12,169,820 $14,131,682
Balance
Portion applicable to mi68,018
8,609
nority Interests
365,951
168,305
Net equity of Am. &
For. Pow.Co., Inc.,
in inc. of subs. (of
which only part is
avail. in U. S. curr.)
before exch. adjusts. $2,536,981 $3.296,786 $11,803,869 $13,963,377
American et Foreign Power Co., Inc.
Net equity of company
$2,536,981 $3,296,786 $11.803,869 $13,963,377
(as above)
16,806
32,627
Other income
100,605
134,591
$2,553,787 $3,329,413 $11,904,474 $14,097,968
Total
84,362
87.926
Expenses, incl. taxes_ _ _
600,155
374,178
Balance applic. to int.
&c. deductions_ _ _ _ $2,469,425 $3,241,487 $11,304,319 $13,723.790
Interest to public, &c.,
1,937,891
2,051,426
aeductions
8,000,628
8,137,038
Balance, before exch.
$531,534 $1,190,061 $3,303,691 $5,586,752
adjustments
a Full dividend requirements applicable to respective periods, whether
earned or unearned.
Comparative Statement of Consolidated Operating Revenues, Operating Expenses
and Net Revs. from Oper. of Subs. Only for Month of June 1934:1933.
1934.
1933.
Operating revenues
34,455,109 $4,776,936
Operating expenses, including taxes
2,701,437
2,784,780
a Net revenues from operation
$1,753,672 $1,992,156
a Before property retirement reserve appropriations, interest, dividends
and exchange adjustments.
Comparative Balance Sheet June 30 (Co. Only).
1934.
1933.
Assets
485,139,365 493,592,203
Investments in subsidiaries, &c
10.130,063
7,075,614
Cash
39,969,754 37,525,486
Loans receivable-subsidiaries
,
Accounts receivable-subsidiaries
925,209
receivable for subscriptions to
Notes and loans
68,986
securities of subsidiaries
56,779
8,863
Accounts receivable-others
87,951
Stock and debenture subscription rights
23,910,000
655,650
858,720
Contracts receivable-subsidiaries
26,240
64,005
Claim receivable
7,151,174
Unamortized discount and expense
7,387.036
29,978
Bankers' acceptances
149,263
Special deposit
30,165
Contingent assets
400
1,891
Sundry debits
543.632,852 571,694,303
Total
Liabilities
393,938,272x393,938.272
Capital stock
2,180
2,180
Capital stock subscribed
50,000,000 50,000,000
Gold debentures, 5% series due 2030
--due Oct. 26_ - 36,800,000 50,000,000
Notes and loans payable-banks
44,200,000 35,000,000
Electric Bond & Share Co
683,842
818.270
Contracts payable
627,176
308,719
Accounts payable
2,822,380
2,688,317
Accrued accounts
23,910,000
Uncalled subscrip. liab. for wears. of subs
400
18,662
Sundry credits
Contingent liability
30,165
14;558,602 14,979,715
Surplus
543,632,852 571,694,302
Total
x Represented by 478,995 shares $7 pref. stock; 387,025 shares $6 pref.
stock (inclusive of 6.65 shares of scrip); 2,629,791 in 1934 (2,644,121 in
1933) shares $7 2d pref., series A; 1,952,950 in 1934 (1,895,630 in 1933)
shares of common stock and option warrants to purchase 6,772,650.8
in 1934 (6,829,970.8 in 1933) shares of common stock for $25 per share
(one share of 2d pref. stock acceptable in lieu of cash with warrants for
.-V. 139.
four shares in full payment for four shares of common stock)
p. 589.
-Earnings.
American Gas & Electric Co. (&Subs.).
-Month-1933.
1394-12 M03.-1933.
Period End. July 31- 1934
Sub. Cos. Consolidated
(Inter-co.items eliminated)$4,874,761 $4,601,171 $60,154.786 $56,196,334
Operating revenue
2,259,449 29,403,038 26,169,565
2.595.376
Operating expenses
Operating income_ _ _ _ $2,279,384 $2,341,722 $30,751,748 $30,026,769
46,059
59,710
781,576
802,113
Other income
$2,325,444 $2,401.432 $31,553,862 330.808,345
Total income
Reserve for renewals &
706,129
619,388 8,135.263
7,274.867
replacements (deprec.)
Balance
Deductions
$1,619,315 $1,782,044 $23,418,598 $23,533,477
1,351.959
1,346,759 16,193,581 16,229,977
$267,355
$435,285 $7,225,016 $7,303,500
13
$267,355
Balance
Amer.Gas & Elec. Co.Bal. of sub. cos.' earns.
267,355
appl. to A. G.& E. Co
Int. & pref. stock diva.
428,389
from sub.companies_ _
21,767
Other income
$435,285 $7,225,016 $7,303,513
Total income
Expense
$717.512
36,870
$897.503 $12,745,473 $12,802,549
394,531
52,851
488,161
Balance
Deductions
$680,642
391,378
$844,652 $12,257,312 $12,407,017
391.378 4,696,539 4,712.426
Balance
-V. 139, p. 749.
$289,264
$453,273 *7,560.772 $7,695,591
Balance
Portion appl.to min.int.
435,285
7,225,016
7,303.513
426,842
35,375
5,116,933
403,523
5,195,934
303,101
-Earnings.
American Investment Co. of 111.
Period End, June 30- 1934-3 Mos.-1933,
$45,956
$30,469
Net income.
-V. 137, p. 3329.
1934-6 Mos.-1933.
*70.044
*75,613
Volume 139
Financial Chronicle
1391
‘ basis would be total in dollars of each series collateral to the total and the
American Steel Car Lines, Inc.
--Plan of Reolvizaii‘On'. L-tificates. The the percentage to be distributed would be $397,250,value of
The company, which has for the past two years been managed und
the collateral. The amount of preferred stock as shown above would be
the direction of the committee representing the holders of the'5% equi
distributed in number of shares (as shown below) for each $25 trust cerment trust certificates, series AA, BB, CC, DD and EE, in conjunctio
tificate.
An introwith the committee, has presented a plan of reorganization.
The company has at present an authorized issue of common stock conductory statement to the plan affords the following:
sisting of 100,000 shares of no par value. By amendment to the articles of
The plan provides for a capital structure for the company which is
incorporation, the 100,000 shares will be changed to shares having a par
consistent with the present values of the company's equipment and with its
value of $1 each. Upon the consummation of the plan, 13,890 shares will
potential earning capacity and which not only preserves to the holders of
be immediately issued to the holders of the old certificates on the basis of
the present equipment trust certificates the benefit of their present security
one share for each $100 of old certificates.
but also provides for their participation in any future profits of the com-Under the plan the certificate
Summary of Distribution of Securities.
pany. The committee and the company request the prompt co-operation of
holders in the several series will receive the following securities per $100
all holders of the equipment trust certificates in consummating the plan
face value of certificates now held:
under the supervision of the U. S. District Court for the Northern District
Series AA. Series BB. Series CC. Series DD. Series EE.
of Illinois. Eastern Division.
$25
$25
$25
$25
New equip, trust ctfs_
$25
The company, which was incorporated in Delaware on Feb. 6 1928,
5-42-100 2-41-100 4-12-100 2-72-100
Pref. stock (in shs.)_ _8-4-100
leases and operates 1,279 railroad tank cars in the transportation of gasoline,
1 share
1 share
I share
1 share
1 share
Common stock
oils and other liquids. It also owns all of the capital stock of the Kansas
Preparatory to formulating plans for a reorganization prior to the enactCity Car Co.(Mo.), which owns and operates a car repair shop in Kansas
ment of Section 77-B, the committee purchased from the estate of Charles
City, Mo. Company now has outstanding the following 5% equipment
E. McSweeney, former President, all of the outstanding capital stock,
trust certificates issued under five separate trust agreements as amended
together with $78,000 of old certificates owned by his estate for $5.000
by agreements dated Sept. 1 1931, under each of which the Trust Co. of
Chicago is now acting as trustee:
which the committee borrowed from the company. The outstanding
Cars Held
1,000 shares of common stock now held in Mr. Spencer's name will be surby Trustee
rendered to the company. The $19,500 of new certificates, the 2,200 shares
OutOriginally
of preferred stock and 780 shares of common stock issuable to the committee
Series.
Retired.
standing. as Security.
Dated.
Issued.
in respect of the $78,000 old certificates will be surrendered to the company
AA
Feb. 1 1928
$85,000
100
$125,000 $40.000
in consideration of the cancellation of the committee's note for $5,000.
BB
120,000
120
150.000
30,000
July 1 1928
May 15 1928
These securities, with the exception of $5,000 of the new certificates which
CC
320,000
300
55,000
375,000
will be canceled to offset the asset item of $5,000 due on the committee's
DD
Mar. 1 1929
390,000
359
450,000
60,000
Mar. 1 1930
note, will be held in the treasury of the company.
EE
474,000
400
500,000
26,000
-There is owing to general creditors approximately
General Creditors.
Total
$40,000 and approximately $12,000 is owed on account of various local and
1,279
$1,600,000 $211,000 $1,389,000
State taxes. Of the amount due to general creditors, approximately
No dividends or principal payments have been paid on any of the cer$29,000 is owed to railroad companies for repair charges, &c. Against this
tificates since Sept. 1 1931, as the earnings of the company have not been
item there is due to the company from the several railroads approximately
sufficient to provide for the payment to the trustee of the rentals due under
$31,000. In this reorganization the railroads could, of course, offset their
several leases, out of which rentals the dividends and principal payment
the
claims against the amounts due from them to the company.
are payable by the trustee.
In view of the fact that the amount of taxes and of general claims, other
Early in 1932, when it became apparent that a default was imminent,
than railroad claims, is comparatively small, and that the company is to
a meeting of certificate holders was called and at that meeting a certificate
be continued as a going concern, after careful consideration it has been
holders' protective committee was organized. The committee was comdeemed advisable, in order to preserve the company's credit standing,
posed of individuals who either owned or represented substantial amounts
not to include the general creditors in the plan. Accordingly, the general
of the certificates. The Continental Illinois National Bank & Trust Co.
creditors will be paid in full in the usual course of the business of the comof Chicago was appointed as depositary for the committee and a call for
pany. The general creditors will remain as general creditors only and will,
the deposit of certificates was issued. There are now on deposit under the
of course, have no interest in the equipment securing the trust certificates
certificate holders' protective agreement dated Mar. 25 1932 the following
or in the other securities issued under the plan.
certificates:
% of Certificates
Pro Forma Consolidated Balance Sheet As of March 31 1934.
Series.
Outstanding.
Amount.
Liabilities
Assets
AA
94
$80,000
$42,336
Cash
$28,608 Accounts payable
BB
94,000
78
11,935
Accrued local taxes, Sm
Customers' accounts receivable
CC
278,500
86
347,250
for rentals
3,974 Equipment trust certificates_
DD
84
328,000
50,000
31,328 Non-cum. 5% pref. stock
Due from railroads for mileage
HE
93
445,000
13,890
14,503 Common stock
Inventories
32,157
Other assets
5,250 Capital surplus
Total
$1,225.500
88
413,549
Permanent assets
During the past two years the committee has earnestly endeavored to
356
Prepaid expenses
find a purchaser for the cars but there has been practically no market for
second-hand tank cars except at junk prices.
Total
$497,568
Total
$497,568
On the basis of the equipment trust certificates now outstanding, the
-V. 139, p. 1075.
company is hopelessly insolvent. However, the equipment is in fair con-Earnings.
dition and the company is now satisfactorily meeting its current obligations
American Public Service Co.(& Subs.).
other than the rentals due to the trustee under the leases, and if current
Period End. June 30- 1934-3 Mos.-x1933. 1934-6 Mos.-x1933.
income can be maintained it is expected that the company will be able to
Total gross earnings_ -- - 31,139,281 $1,056.526 $2,128,890 $2,025.584
pay a sufficient rental to pay interest on the new trust certificates which
1,294,755
Total oper. exp. & taxes
770,174
674,173
1,425,809
it is proposed to issue under the plan.
Looking toward a reorganization, the committee acquired from the estate
Net earns, from oper _
$369,107
$382.352
$703,080
$730,828
of Charles E. McSweeney, former President of the company, all of the
381
Dr6,481
Other income (net)
Dr5,827
3.526
capital stock of the company, together with a substantial amount of the
trust certificates. This was done for the purpose offacilitating and lessening
Net earnings
$696,598
$363,279
$382,734
5734.354
the expense of a reorganization.
Total int. & other deducAlthough 88% of the certificate holders have deposited their certificates
tions ofsubs. cos
408.627
407,288
815.825
814.611
with the committee, it has not been practicable to effect a reorganization
Net loss appl.to Amer.
provisions of Secuntil this time, but it is now possible to do so under the
Public Service Co__
$45,347
$24,554
$119,227
$80,257
tion 77-B of the Bankruptcy Act.
Gen. int. exp. of Amer.
On June 18 1934 the company, with the co-operation of the committee,
7,134
3,429.
6.926
Public Service Co_ _ _ 13,716
filed its petition for relief under Section 77-B in the U. S. District Court
Net loss
$31.481
$48,776
$126,361$93,973
for the Northern District of Illinois, Eastern Division. The petition was
x Adjustments made subsequent to June 30 1933 but applicable to the
company was continued
approved by the Court as properly filed and the
period beginning Jan. 1 1933 have been given effect to in these columns.
temporarily in possession of its properties. On July 13 1934 the Court
-V. 138, p. 4119.
entered an order authorizing the company to file a plan of reorganization
on or before July 25. Pursuant to such order, this plan is presented for
-$7 Preferred Dividendi‘d
...American Ship Building Co.
consideration of the Court and of the certificate holders.
the co
Equipment
ent.-The company now operates 1,279 railroad tank cars;
No Action on Common Dividend.•
1,275 of these were appriased by Ford, Bacon & Davis, based on an inThe directors have declared a dividend of $7 per share on the 7% nonspection of 25% of the cars in the several series. Their estimate, as of
cumulative preferred stock, par $100, payable Nov. 1 to holders of record
July 2 1934, is as follows:
Oct. 20. This is the first distribution made on this issue since Aug. 1 1932
Equipment
Estimated Present
No. of
when a regular quarterly dividend of $1.75 per share was paid.
Trust.
Day Value.
Cars.
Common dividends have been maintained on a $2 annual basis (the last
AA
$25,375
100
payment of 50 cents having been made on Aug. 1) even though no divi119
32,670
dends have been paid on the preferred stock. This has been due to the
C
298
78,575
fact that the preferred stock is non-cumulative and is payable only out
DD
358
102.295
of each year's current earnings, while common dividends may be paid out
EE
400
118,750
of surplus.
-V. 137, p. 2465.
Total
1.275
$357,665
-Earns.
American Sumatra Tobacco Corp.(& Subs.).
Four additional tank cars were purchased during the past few months
1932.
1931.
1934.
1933.
6 Mos. End. July31to replace cars destroyed, at a total cost of $1,400.
loss$214.550
$331,022
Gross profit on sales_ _
$153,256
$693,757
In the new capital structure the cars are valued at $359,065, which is the
127.270
133.070
Selling & general expense
128,183
116,983
sum of the value of the 1,275 cars as appraised and the cost of the four cars.
Earning Statement.
-The consolidated income and expense account for
Profit
$565.574
$336,273 loss3341.820 loss$102.048
the two years ended March 31 is as follows:
7.421
Otner income
14,691
17.375
17,906
1934.
1933.
income
Gross
$301,238
$175,045
Total profit
$50,964 loss3.324,445 loss$94.627
$583,480
Shop cost of car repairs and direct expenses
83,643
162,801
Miscellaneous charges _
75,854
42,123
37,215
48,407
Selling, administrative and general expenses
99.361
69.755
Federal taxes, &c
72.042
Depreciation
66.862
66,945
Net
$8.841 loss 361,660 loss$170,481
Operating loss
$27,787
$45,299
Divide
$448 203541
63
Other deductions
76,906
75,239
Surplus
$8,841 def$361.660 def$170.481
$4414.777
Total loss
$104,693
$120,539
Consolidated Balance Sheet July 31.
Other income
446
25
Assets1934.
Liabilities1934.
1933.
1933.
Net loss
Plants & oth.prop.
$104,246
$120.513
x Common stock _ _$2,884,000 $2,884,000
inclIivestk Sr eq.S4,789,650 64.882,601 Accounts payable_
8,092
4,168
Consolidated Balance Sheet March 31 1934.
Cash in banks and
Acced pay., State
Liabilities
Assets
on hand
912,844
769,778
taxes, Sm
27,420
26,567
$14.718 Accounts payable
640,936
Cash on deposit
Notes Sc accts. rec. 370,057
395,569 Res. for Fed. and
35,302 Accrued liabilities
Accounts receivable
11.933
Tobacco on hand
cap. stk. taxes
72,627
14,503 x Equipment trust certificates 1,568,412
Inventories
and in process of
Reserve for self-in13,890 Capital stock (100,000 she., no
Cash with trustee
harvesting
1,266,419 1,057,821
surance
28,540
31,156
5,250
Par)
567,700
Other assets
Supplies
204,555
55,209 Initial surplus_ ___ 1,749,342 1.749,342
1,863,009 Capital surplus (donated)
Permanent assets
60,000
Hogs and cattle inCapital surplus_ _ _ 2,381,336 2,425,939
357 Earned deficit
expenses
Prepaid
301,953
ventory
21,933
11,117 Earned surplus_ _ _ 494,744
79,967
Adv. to contr. co.
Total
$1,947,027
Total
$1,947,027
(not consol.) _ _ _
40.000
Invest. in contrord
x Includes accrued interest of $179,413.
co. (not consol.)
-Upon completion of the reorganization the company
510
New Capitalization.
Unexp. Insur. and
will have outstanding the following securities:
prepaid taxes...
34,922
22,712
American Steel Car Lines 5% equipment trust ctfs., series I,
Invest. In corn.stk.
authorized
$347.250
of corporation
4,340
4,340
50.000shs.
5% non-cumulative preferred stock (par $1) authorized
Employ. subscr, to
Common stock (par $1) authorized
100,000 shs.
cap.stk. of corp.
870
1,992
After careful consideration it has been determined that it is unwise and
impracticable to continue the five separate series, and accordingly a single
Total
$7,646,101 $7,201,141
Total
$7,646,101 $7,201.141
issue of new certificates will be created, aggregating in principal amount
x Represented by 193.105 shares of no par value.
-V. 139. p. 1076.
$347,250, which is 25% of the principal amount of the outstanding old
certificates. Upon the consummation of the plan each certificate holder
American Water Works & Electric Co.
-Weekly Output
will receive new certificates aggregating in principal amount 25% of the
Output of electric energy for the week ended Aug. 25 1934 totaled
principal amount of his old certificates.
The committee, in order to equalize variances, suggest the distribution
30,790,000 kwh., a decrease of 15% from the output of 36,289,000 kwh.
for the corresponding period of 1933.
of 50,000 shares of preferred stock ($1 par) as a bonus with the trust cer,
8B
1392
Financial Chronicle
Comparative table of weekly output of electric
years follows:
Week End. 1934.
1933.
1932.
Aug. 4_ _ __31,950,000 34.675,000 24,466,000
Aug. II__ _ _31,136,000 35,394,000 23,958,000
Aug. 18.- - -31,342,000 36,370,000 24,000,000
Aug. 25_ _ _ _30,790,000 36,289,000 24,085,000
-V. 139, p. 1230.
energy for the last five
1931.
31,647,000
31,104,000
30,581,000
29,734,000
1930.
33,563,000
33,514,000
33.757,000
34,399,000
Sept. 1
Art Metal Construction Co.
-Earnings.
-[Including its Subsidiary, Postindex, Inc.]
Period End,June 30-- 1934-3 Mos.-1933.
1934-6 Mos.-1933.
Sales
$607,132
$557,347 $1,207,988 $1,068,059
Cost ofsales
584,042
618,480
1,176,354
1.179,777
Estimated taxes
3,175
4,350
Net profit
-V.138, p. 3263.
Anaconda Copper Mining Co.
-Obituary.
John A. McCarthy, Vice-President of Anaconda Sales Co., a subsidiary,
and in charge of the sales of Anaconda's zinc, lead and by-products, died
Aug. 25.-V. 139. p. 108.
-New Director.
Anchor Cap Corp.
S. Dale Dilworth has been elected a director representing the Salem
-V. 139, p. 751.
Glass Works, recently acquired by Anchor Cap.
Appalachian Electric Power Co.
-Rates Reduced.
A reduction in light and power rates to its residential users in Virginia,
amounting to about $186,800 a year, or about 15% of the total now paid
by these consumers, has been granted by the company, the first decrease
In charges being effective to a group of 10,000 on Oct. 1, and amounting to
$80,000 a year.
The reduction plan, effective on Nov. 1 to 24,000 of the 38,000 subscribers, represents a saving to them of $118,400 a year.
On Dec. 1 all the 38,000 light and power users begin to participate in a
service charge reduction of 1 cent a month over a period of 15 months, to
-V.138, p. 4454.
represent a saving of $68,400 a year.
-Earnings.
Arkansas Power & Light Co.
[Electric Power & Light Corp. Subsidiary.]
1934-12 Mos.-1933.
-Month-1933.
Period End. July 31- 1934
$669892 $7,203,944 $7,223.150
$703,281
Operating revenues
331,908 4,048,526 3,742,237
384,760
Oper.exps.,incl taxes
Rent for leased property
492
8,794
9,469
432
(net)
1934
$19,915 loss$61,133
$27,284 loss$111,718
Associated Telephone & Telegraph Co.(& Subs.).
Earningsfor Years Ended Dec. 311931.
1933.
1932.
Operating revenue
$9,148,632 $11,350,546 $12,991,645
Non-operating revenues
760,096
526,428
980,063
Total revenue
$9,908,728 $11,876,974 $13,971,709
Operating, marnt. (incl. deprec.),
selling and gen. exps., and taxes__ - 7,157,448 9,025,202 9,794,548
Net earnings
Interest and other deductions
$2,751,280 12,851,772 $ 4,177,161
2,747,909 3,148,698 2,865,076
Balance of income
7% 1st pref. dividends
$6 1st pref. dividends
$4 preference dividends
Class A dividends
Common dividends
$3,371 loss$296,926 $1,312,084
245,000
61,192
204,910
94,067
126,936
24,098
711,000
110,560
777,160
Deficit
-V. 138, p. 3595.
prof$3,371
$586,843
$752,922
Atchison Topeka & Santa Fe Ry. System.
-Earnings.
Balance
Other Income
$318,089
1.220
8337,492 $3,146,624 $3,471,444
Dr1,206
17,216
40,810
p'e
[Includes Atchison Topeka 8e Santa Fe Ry.-Gulf Colorado & Santa ,
By., Panhandle & Santa Fe By.]
-Month-1933.
Period End. July 31- 1934
1934-7 Mos.-1933.
Railway oper. revenues.$12,975,796 $11,714,852 $73,048,412 $66,188,547
Railway oper. expenses.. 8,627,306 7,923,936 57,789,856 54,386,562
Railway tax accruals.-- 1,187,883
935,939 6,572,740 6,967,431
Other debits
5,888
18,700
586,537
333,524
Gross corp.income.-Int.& other deductions_
$319,309
157,640
$336,286 $3,163,840 $3,512,254
1,905,189
159,904
1.924,264
Net railway oper. inc.. $3,154,718 $2,636,274 $8,352,291 $4,248,015
Average miles operated13,315
13,531
13,552
13,325
0161,669 y$176,382 $1,258,651 31,587,990
Balance
669.840
402.717
Property retirement reserve appropriations
x Divs. applicable to pref. stocks for period,
949,269
947.458
whether paid or unpaid
Earnings of Company Only.-
July1934.
1933.
1932.
1931.
$10,708,527 $9,579,129 $10,105,073 $17,217,897
Gross from railway
3,375.099 2,975,395 3,470,817 7,486,032
Net from railway
2,440,294 2,300,208 2,669,093 5,680,364
Net after rents
def$360,458
$237,815
Balance
From Jan 1
61,089,489 54,469,734 63,172,070 89,669,525
Gross from railway
x Dividends accumulated and unpaid to July 31 1934, amounted to $1,13,225,188 9,826,262 12,486,490 22,315,965
Net from railway
002,006. Latest dividends, amounting to 58 cents a share on $7 pref,stock
8,254,951
Net after rents
4,362,826 6.501,681 14,249,136
and 50 cents a share on $6 pref. stock, were paid on July 2 1934 DiyiV. 139, p. 752.
dends on these stocks are cumulative. y Before _property retire entire-V. 139, p.918.
serve appropriations and dividends.
'Iktlanta Birmingham & Coast RR.-Earningsc
-25 Cent iv,5'------Associated Breweries of Canada, Ltd.
1934.
1933.
uty.1932.
1931.
The directors have declared a dividend of 25 cents per share on the cciV$273.860
Gross from railway
$291,255
$326,878
$175,936
mon stock, no par value, payable Sept. 30 to holders of record Sept. 15. A
38,128
64,496 def69.224
Net from railway
def4,897
similar distribution was made on Jan. 2 last and compares with 15 cents
14,408
39,583 def87,842 def45,108
Net after rents
per share paid on Dec.31 1932.-V. 137, P. 4363.
From Jan 1
1,699,219
1.548.407 1,477,339 2,082,967
Gross from railway
-Weekly Electric Output. Net from railway
32,401
50,144 def358,837 def320,310
Associated Gas & Electric Co.
def144,707 def128,600 def548,267 def572,130
Net after rents
For the week ended Aug. 18, Associated Gas & Electric System reports
-V. 139, p. 752.
53,090,318 units (nvil.), an increase of only 8,003
net electric output of
units or 0.02% above the same week a year ago. This makes the fourth
Atlanta & West Point RR.-Earnings.consecutive week that the output has been less than 1.% above last year,
1934.
1933.
1932.
tne total for the four weeks to date being but 0.2% higher than 1933.
1931.
July$137,864
$109.066
$151,292
$93,053
Gross from railway
Consolidated Statement of Earnings and Expenses of Properties of System.
32,468 def14,271
def9,953
10,665
Net from railway
-Increase11.516
def37,002 def11,904
def28,294
Net after rents
1933.
Amount. %
1934.
12 Mos. End. July 31From Jan 1
$73,844,280 $72,437,835 81,406,445
Electric
738,936
752,754
811,923
1,125,469
Gross from railway
15.754,971 15,804,593
x49.622 x__
Gas
17,910
def47,100
111,674
26,655
Net from railway
2,402,558 2,321,651
80,907
3
Ice
def100,241 def122,185 def194,346
def35,255
Net after rents
1,428,738 1,546,355
Transportation
x117,617 x8
-V. 139, p. 752.
1,433,720
1,576,792
143,072 10
Heating
1,214,656 1,238,390
x23,734 x2
Water
etie,v
Total gross oper. revenues_ $96,221,995 $94,782,544 $1,439,451
Operating expenses, maint &c 48,841,990 45,786,145
10,805.064 8,933,400
Taxes
2
3,055,845
1.871,664
7
21
Total oper. exps., taxes, &c. $59,647,054 $54,719,545 $4.927,509
$36,574,941 $40,062,999 x$3,488,055
Net operating revenue
8,341,818 7,899,598
442,220
Prov.for retirem. (deprec.)
9
xg
6
$28,233,123 $32,163,401 43,930,278 x12
Operating income
-V. 139, p. 1231.
x Decrease.
-Earnings.Associated Telephone Co., Ltd.
19. 2.
1931.
1933.
Years Ended Dec. 31$2.646,807 $2,846,831 $2,657,352
Total gross earnings
603,486
527,088
556,040
Operating expenses
477,221
447,755
402,332
Maintenance
276,987
{
183,138
1 231,419
and local taxes
State
50,693
Federalincome taxes
425,000
425,000
365,833
Interest on funded debt
4,960
21,388
155
General interest
25,841
25,844
24,030
Amortization of debt discount and exp
Cr2,500
Cr6,250
Cr10,757
Interest charged to construction
511,987
519,200
405,004
Provision for depreciation
3,934
Miscellaneous charges
Surplus net income
Previous surplus
Adjustment of toll billing period
Miscellaneous credits
$439,448
707,664
$557,064
637,588
$659,650
439,438
13,716
L
Atlantic Coast Line RR.-Earnings.1934.
1933.1931.
July-
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p.3431.
$2,302,402 $2,515,949 $2,065,438 $3,319,153
195,930 def414,340 def124,882
def153,523
16,127 def635,369 def374,395
def314,818
25,314,673 24,424,648 24,855.298 37,691,511
6,688,643 7,288.723 4,195,012 10,534,042
3,061.216 3,380,784
231,247 5,669,975
Atlantic Gulf & West Indies SS. Lines (& Subs.).
-Month-1933.
1934-6 Mos.-1933.
Period End. June 30-- 1934
$1,614,177 $1,861,257 $11,493,904 $11,408,130
Operating revenues
1,650,829 10,841,198 9,860,312
Oper. exps.(incl. depre.) 1.731,991
14,698
14,842
99,297
95.873
Taxes
Operating income.-- _def$132,512
2,194
Other income
$195,586
4,906
$556,831 $1,448,520
20,018
37,168
Gross income
Interest and rentals_
def$130,317
141,779
$200,492
152,663
$576,850 $1,485,689
898,439
855,156
Net income
-V. 139, p. 591.
def$272,096
$47,829 `def$278,305
$587,249
Atlas Pipe Line Co., Inc.(& Subs.). Earnings.-6 Months Ended June 30-/get income after deprec., deple., int.,
taxes and other charges
Earnings per share on 500,000 shares
capital stock
-V.138, p. 2910.
1934.
$113,605
1932.
$605,876loss$125,080
44
Dr17,339
Nil
$0.23$1.21
$1,129,772 $1,194,696 $1,112,804
`
159,468
159,468
159,468
Co.-Dividends..1114 Nit
61.
327,564
315.748--Automatic Voting Machine
204,728
The directors have declared four quarterly dividends of 12 M cents pe
$637,555
share eacn on the common stock no par, the Bret of whicn is payable October
$707,664
$765,577
Surplus, Dec. 31
2 to holders of record Sept. 20. On July 2 last an initial dividend of 25 cents
-V. 138, p. 3937.
per share was paid.
Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
-Earnings.-Baltimore & dhio RR.
$
Liabilities$
Assets-8
8
1931.
1933.
1932.
July-$1.50 cum. pi. stk_ 2,445,176 2,445,176
Tel. plant, equip.,
, 31
$13,461,167 $9,311,178 $151132;829
,654
3
$1119 4;709
Gross from railway
15,499,712 15,470,325 c Common stock__ 3,344,200 3.344,200
&a
2,631,514 3,953,184
3,156,947 5.429,801
Net from railway
let mtge. 5% gold
Invest,in and adv.
2,166,003 4,232;308 1,641,586 2,871,064
Net after rents
8,500,000 8,500,000
bonds
297,271
278,997
to sub. cos
From Jan. 132,675
3,151
10,100 Deferred liabilities
Miscell.investml.
21,880
81,359,468 70,115,254 74,661,188 104,620,175
Gross from railway
160,291
Aceounts payable- 152,420
Debt. disc. & exp.
20.887,318 22.556,582 17,693,308 22,572,573
Net from railway
246,593
. 235,434
Accrued taxes_ .. _
in process of
13,741,861 15,271,273 10,683,758 15,258,750
Net after rents
141,667
832,472 Accrued interest_ 141,667
amortization. __ 806,630
-V.139, p. 1077.
Accrued pref. stock
Prepaid insurance,
26,578
26.578
29,788 dividends
36,156
taxes, .kc
-Earnings.
-75,934
81,720
Bangor & Aroostook RR.
Serv. billed in adv.
Misc. def.& unadj.
7,587
3,139
-Month-r-1933.
1934-7 Mos.-1933.
1934
13,210
33,185 Misc. turn Raba__
Items
Period End. July 31$197,475 $3,877,3713 $3,709,536
68,578
Res.for deprec'n__ 1,987,644 1,733,777
Earthquake exp
Gross oper. revenues... _ $213,817
317,601
4,668
9,905 Capital surp lug-- 404,256
Net rev, from operations def81,765 def72,857 $1,477,468 $1,593,794
Cash in closed bks.
341,921
707,664
11,387
327,889
359.333 Earned surplus ___ 765,577
10,486
680,257
Tax accruals
Cash
Employees' workg.
6,972
7,060
Operating income...... def$92,251 def$84,244 $1,149,579 $1,251,873
funds
def7,638
def5,429
19,108
18,517
Other income
b Accts. and notes
294,716
278,090
receivable
413.552
def$73,143 def$65,727 $1,144,150 $1,244,235
377,847
Gross income
Mats.& supplies
473,144
458,494
65,604
68,174
Deductions
18,089,625 17,741,079
18,089,625 17,741,079 Total
Total
$771,091
$685,656
def$138,747 def$133,901
et income
b After reserves of $25,968 in 1933 (1932 $34,213). c Represented by
-V.139, p. 753.
-V. 139, p. 752.
136,485 no par shares.
Total surplus
Preferred dividends
Common dividends
-
Volume
1393
, Financial Chronicle
139
\
--Balfour Building, Inc.
-Dividend.
Bridgeport Brass Co.
-New Director.-
A dividend of $1 per share was paid on the common voting trus
tiMates August 31 to holders of record August 20. Dividends of 50 cents
per share had been distributed each quarter since and including May 31
1933.-V. 137, P. 1582: V. 136. P. 3725.
Otis A. Glazebrook Jr. has been elected a director and member of the
Executive Committee.
-V.139. p. 754.
Beaumont Sour Lake & Western Ry.-Earnings.-
Period End, June 30-- 1934-3 Mos.-1933. 1934-6 Mos.-1933.
Net earns,after all chges.
incl. deprec., Fed. &
State taxes
$78,416
$74,696
$35.606
$38.977
Earns,per sh.00 160,000
shs. common stock...._
$0.32
$0.14
$0.30
During the first 6 months of 1934 there have beenretired 522 shares of
class A stock, leaving 25.848 shares outstanding on June 30 1934.
Current assets as of June 30 1934 amounted to $594,490, of which $238,477 was in cash, compared with current liabilities of $90,343. including
accounts payable and sundry accruals of $20,564, dividends payable July 2
of $37,185 and reserve for Federal and State taxes of $32,594, a ratio of
6.5 to 1.-V. 138, p. 3596.
July1934.
Gross from railway
$125.586
Net from railway
32.492
Net after rents
def4,340
From Jan. 1
Gross from railway_,.... 1,047,381
Net from railway
279,884
Net after rents
def38,651
-V. 139, P. 753.
1933.
$110,932
24.937
def12,955
1932.
$102,216
12,590
def27,622
1931.
$204,268
65,921
17,045
804.117
1,032,151
206.636
254,425
def96.697 def109,505
1,734,116
544,459
68,868
Bessemer & Lake Erie RR.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, P. 753.
1934,
$1,003,474
,
320,657
4,838,130
914,284
820,432
1933.
$971,135
697,546
558,165
1932.
1931.
$320,250 $1,229,515
,
.
745,512
def52,343
3,063,717
1,933,983
779,036 def644,890
666,963 def769,306
5,151,534
1,058,697
733,047
Bethlehem Steel Corp.
-Subsidiary Receives Order.
The Pacific Coast Steel Corp., a subsidiary, has received an order for
12,128 tons of reinforcing bars for the Bonneville, Ore., dam power-house,
substructure and lock.
-V. 139, P. 1078.
Bing & Bing, Inc.(& Subs.).
-Earnings.
Period End. June 30- 1934-3 Mos.-1933.
1934-6 Mos.-1933.
Net loss after all charges $179,353
$267,263
$215,285
$474,819
-V.139. p. 920.
Borg Warner Corp.-itsquison.w
The company has acquired the Detroit Vapor Stove Co., of Detroit,
h will be operated as a subs! ary. V. 139, p. 920.
Boston & Maine RR.
-Not "n Need of Financial Reorganization-RFC Loans Extended.
The L-S. C. Commission on Aug. 2 in extending loans aggregating
$7.569.437 made by the Reconstructio
Inane° Corporation to the company from Sept. 6 1934 to Sept. 6 1935 found the road "not to be in need
of financial reorganization.'
The report of the Commission says in part:
"By report and certificate dated Aug. 12 1932, we approved a loan of
$10.000.000 to the road by the RFC,for a term of two years. Pursuant
thereto, advances were made in the amount of $1,200.000 on Sept. 6 1932.
$4.915.237 on Dec. 30 1932. $454,200 on Jan. 13 1933, and $1,000,000 on
Jan.30 1933.a total of 87,569,437 advanced and now outstanding,evidenced
In each case by note due and payable Sept.6 1934. The application for the
remaining $2,430,563 has been withdrawn.
The advanci3s are secured by the deposit of $11,450,000, gen. mtge.
(first) 6% series LL bonds, due 1962, and $2,000.000 general mortgage
(first) 5% series KK bonds, due 1952.
"The company filed on Aug. 7 1934, a supplemental application for
extension of the time of payment of the advances mentioned for a further
period of three years. Under the provisions of the RFC Act, as amended,
the Finance Corporation may. with our approval, and upon our prior
certification that the railroad is not in need of financial reorganization in
the public interest, extend the period for payment of loans made pursuant
thereto to dates not later than five years from Feb. 1 1935. The applicant
represents that it is not in a position to pay the loans mentioned at maturity,
and is not able to obtain funds upon reasonable terms tnrough banking
channels, nor from the general public, to meet such maturities. We have
made the required investigation of the supplemental application.
"In addition to the loans from tne Finance Corporation the applicant
owed, as of May 31 1934, $3,017.000 to the Federal Emergency Administration of Public Works and $642.117 to the Railroad Credit Corporation.
It also owed $5,500,000 to banks. The bank loans had various maturities
as of May 31 1934: each was for a six-months'term, the maturities prior to
that of the Reconstruction loan being in the amount of $500.000 on June 6
1934, and $2,000,000 on Aug. 28 1934. The Public Works loans mature
serially. The loan from the RCC matures May 281935. Funded debt,other
than for equipment and miscellaneous obligations maturing serially, will be
due and payable in the amount of 8380,000 in 1934. $150,000 in 1935 and
81.250.000 in 1936. The applicant's equity in the collateral deposited with
the Finance Corporation has been pledged with the Federal Emergency
Administration of Public Works. We have approved railroad maintenance
and equipment to be applied to the property of the applicant and proposed
to be financed with the aid of loans from the Federal Emergency .Administration of Public Works in amount not to exceed $7,458.000 in the aggregate.
"As of May 31 1934, capital stock outstanding was in the amount of
$108.574,340. and funded debt $119,943,480. If to the rate-making values
as of June 30 1914. of lines owned by the applicant on Dec. 31 1931. there
be added the net cost of property changes between then and date of val,
uation, the sum is $252,423,497, exclusive of $5.507,643 of non-carrier
physical property owned, and investments of $6,636,500 in securities of
,
and advances to affiliated and other companies. In view of the conservative
relation of debt to probable property valuation, and the demonstrated
ability of Hie applicant to earn its interest requirements from the present
volume of traffic, we are of the opinion that a financial reot ganization is not
required in the public interest. On the other hand, we are of the opinion
that in approving an extension of the loans made to the applicant by the
RFC we must be guided principally by our ability to foresee the financial
needs of the applicant.
Earnings.
Period End. July 31
- 1934-Afonth-1933.
1934-7 Mos:4933.
Operating revenues
$o.347,367 $3.881,123 $25,061,292 $23,636,645
6,553,166
1,342,726 5.680.171
Net operating revenue_
689,644
Net ry. oper. income_ _
318,498
920.777 3,095,600 4.014,793
Dr8.728
Net misc. oper. income_
583.620
Other income
83,170
592,868
96,826
Gross income
Deducts, (rentals, int.,
&c.)
$415,324 $1,003.947 $3,679,220 $4,598,933
Net income
-17. 139. p. 1078.
$224,313
639,637
4.472,381
4.543.012
$345,480 def$793.161
$55.921
658.467
-".Boston Terminal Co.
-To Retire $500,000 34e.
The Old Colony Trust Co., Boston, as trustee for bonds issued by the
company, has been authorized by Judge Charles H. Donahue of the Mass.
Supreme Court to retire $500,000 of the 334% bonds of the company.
Payment will be effected Sept. 13.-V. 136. P. 3153.
Brewers & Distillers of Vancouver, Ltd.
-New Pres.R. Kerr Houlgate has been elected President and Chairman of the Board.
-V.138, P. 3432.
Brewing Corp. of Canada, Ltd.
-Earnings.
3 Months Ended July 31Profit from operation
Miscellaneous income
1934.
$849,628
7,427
1933.
$500,124
6,798
Total income
Taxes
Interest deductions
Depreciation
$857,055
618,032
18,804
89,124
$506.922
375,147
22,896
72,157
Net profit
-v. 138, p. 3764.
$$31.09
$36.721
444e-10 Cent ExtraDividend.---Briggs & Stratton Corp.
The directors have declared an„extra dividend of 10 cents pe4hare in
addition to the regular quarterly dividend of 25 cents per shard on the
common stock, no par value, both payable Sept. 29 to holders of record
-V.139. p. 592.
Sept. 20. Similar distributions were made on June 30 last.
-Earnings.
Brillo Mfg. Co., Inc.
-V(/(
ft.
-Interim Div.
British-American Tobacco Co., Ltd.
An interim dividend of 10d. for each £1. unit of ordinary stock, free of
United Kingdom income tax, has been declared, payable Sept. 29. Holders
156 with
of bearer stock to obtain this dividend must deposit coupon
the Guaranty Trust Co. of New York, 32 Lombard St., London, E. C.,
England, for examination three clear business days (excluding Saturday)
before payment is made.
Interim dividends of 10d. per ordinary share were also made on June 30,
March 31 and Jan. 17 last, Total dividends for the year ended Sept. 30
-V. 138, p. 3938.
1933 amounted to 48d. on this stock.
-Earnings.Broad River Power Co.
12 Months Ended June 30Total operating revenues
Operating expenses
Maintenance
Provision for retirements
Taxes (incl. provision for Federal tax)
1934.
1933.
$3,052,766 $2,668,737
1,092,866
1,273,383
104,378
110,896
261,824
210,384
383,570
433,860
Operating income
x Other income
$972,802
5,619
$877,539
Gross income
Interest on funded debt (net)
Interest on unfunded debt
Amortization of debt discount & expense
Interest during construction
$978,421
642,544
92,404
63,600
Cr3,897
$882,776
655,568
111,413
41.681
Cr2.287
5.237
$183.769
$76,400
Balance of income
x Excludes interest on bonds in sinking fund.
Note.
-The South Carolina Railroad Commission has ordered a reduction
in the company's rates which, upon the present basis of earnings, would
reduce the income approximately $170,000 per year. In contesting this
order, a preliminary motion has been decided in favor of the company
and the case remanded to the Commission for further consideration. Consequently, no effect of such reduction is shown in the above statement.
V. 138, P. 3938.
-Comparative Balance Sheet June 30.Bullard Co.
1933.
Assets1934.
y Ld.,bldgs.,mach.
$1,197,602 $1,350,517
& equip
1
al
Patents
209,804
Cash
120,851
77,432
12,151
z Receivables
Trade accepts. rec.
99,247
392,746
Inventories
494,775
6,480
Prepaid expenses_
9,092
Liabilities1934. •
1933.
z Common stock__51,051,125 $1,051,125
Accounts payable_
36,591
18,304
Accrued payrolls,
taxes. Scc
18,184
23,608
Earned surplus893.100
878,662
Total
81,999,001 $1,971,698
Total
$1,999,001 $1,971,698
a In accordance with resolution of directors, patents, drawings, &c.,
were written down as of Jan. 1 1932 to nominal value of $1 by a net charge
to surplus account of $504.967.
x Represented by 276 000 no par shares. y Less reserves for depreciation
of $2,635.273 in 1934 ($2,523,939 in 1933). z Less reserve for bad debts,
&c., of $11,5701n 1934 ($7,693 in 1933)•
The income statement for the 6 months ended June 30 was given in
"Chronicle" of Aug. 25, page 1232.
-11th Annual ReBrooklyn-Manhattan Transit Corp.
-Gerhard M. Dahl, Chairport, Year Ended June 30 1934.
man, says in part:
Consolidated Results.
-The following is a condensed consolidated statement
of operations of the B.
-M. T.System for the fiscal year ended June 30 1934.
and for the preceding fiscal year. The statement includes the Brooklyn
and Queens Transit System, of which the Brooklyn Bus Corp. a part.
-is
B.
-M. T. System, Including B. & Q. T. System.
1934.
1933.
$52,755,273 $53,636.427
32,393.833 32.504,818
Total operating revenue
Total operating expenses. including depreciation
Net operating revenue
Taxes paid and accrued
820.361.440 $21,131,609
4.180,048 4.185,270
Operating income
Net non-operating income
$16,181,392 $16,946,339
766,224
765.472
Gross income
Income deductions
$16,947.616 $17,711,811
9,047,230
9,599.387
Balance
Less
-Amount accruing to minority interests
$7,900,385 $8,112,424
959.566
1,070.146
Current income carried to surplus
$6,940,818 $7,042,278
The above gross income is after providing for all maintenance charges,
taxes and reserves for depreciation.
Included in the above gross income are $910,561 for 1934 and $1,446,792
for 1933 earned on account of the accumulated deficiency under the accounting for Contract No.4 operations on the rapid transit lines of the B.
-M. T.
System. There was appropriated from surplus during the year 31,263,857
for sinking fund reserves in accordance with the mortgage provisions. This
appropriation includes an estimated amount of approximately $550,000 for
1934 to amortize the New York Rapid Transit Corp.'s investment reverting
to the City of New York at the termination of Contract No.4 lease and of
the grants under the related certificates.
Short Term Notes and Bank Loans Paid.
-During the fiscal year, a program
of refinancing that permitted the retirement of the short term notes and the
paying off of bank loans of corporation was completed.
On July 1 1933, there were outstanding $10,250,000 of the $13,500,000
two-year 6% notes issued on Aug. 1 1932, to refinance the three-year 634%
notes that matured on that date. Between July 1 1933, and April 19
1934, a total of $3,250,000 of the two-year 6% notes were redeemed,
reducing the total ofsuch notes outstanding at the latter date to $7,000,000.
In April 1934, corporation sold $5,553,000 New York Rapid Transit
Corp. 1st & ref.6% bonds,series A,due in 1968, and in June 1934,corporation sold $8,000.000 Brooklyn-Manhattan Transit Corp. 15
-year secured
sinking fund 6% bonds, dated June 1 1934, and payable June 1.1949.
With the proceeds of these bonds so sold and with additional funds of the
corporation all of the outstanding short-term notes and bank loans were
paid by July 3 1934.
The above transactions were effected without any increase in the bonded
Indebtedness of the New York Rapid Transit Corp., as the bonds sold in
the first instance and pledged as security in the second instance were part
of the bonds of the Rapid Transit Corp. held in the treasury of corporation
or pledged as collateral for the short term notes. On July 3 1934 corporation held in its treasury, free and clear, $5,215,870 of bonds of the Rapid
Transit corporation, including $800,000 which were pledged as collateral
to bills payable on June 30 1934.
Revenues and Operating Costs.
-In the condensed consolidated statement
of operations above, it will be observed that total operating revenues in
1934 were $881,153 less than in 1933. The reduction in operating revenues
is in part due to the decrease in revenue from advertising and to loss of
•
Financial Chronicle
1394
Sept. 1 1934
traffic on both rapid transit and trolley lines due to the competition of the
city's Independent Subway system in Brooklyn.
-The total number of fare passengers carried on all lines of the
Traffic.
-during
-M. T. System-rapid transit lines, trolley lines and bus routes
B.
the fiscal year ended June 30 1934, was 1,034,231,701. a decrease of 15,699,121 passengers of 1.5% from the preceding fiscal year.
Passenger traffic in the latter part of the 1934 fiscal year compared more
favorably with that of the preceding year than in the early part of the year.
For the month of March 1934, there was an increase of 5.5% in the number
offare passengers as compared with the same month of 1933. This improvement in traffic failed to continue, however, as in April there was an increase
of only 1.7% and in May only 1.5%. In June traffic again had fallen
below the level of the preceding year by 0.2%.
-The total number of fare passengers carried on the
Raid Transit Lines.
rapid transit lines in the fiscal year ended June 30 1934. was 606,437.805,
a decrease of 6,560.502 passengers or 1.1% as compared with the preceding
fiscal year and a decrease of 107,995.811 passengers or 15.1% as compared
with the fiscal year ended June 30 1930, which was the year of maximum
traffic on the rapid transit lines.
The total car miles operated on the rapid transit lines in the 1934 fiscal
year was 100,775,807, an increase of 1,725.331 car miles or 1.7% over the
preceding year and a decrease of 3,469,511 car miles or 3.3% from the total
car miles operated in the 1930 fiscal year.
The decrease of 3.3% in car miles operated from 1930 to 1934 compares
with the decrease of 15.1% in passengers carried on the rapid transit lines
in the same period.
.-Two high-speed,light-weight,
Multi-Section Carsfor Rapid Transit Lines
-one constructed of aluminum alloy and the other of
multi-section cars
stainless steel-were built for the New York Rapid Transit Corp. during
the past fiscal year, and are now being operated for experimental purposes
In local service on both subway and "L" lines. In the last annual report
reference was made to the order for the aluminum car, construction of which
was authorized by the Transit Commission on June 28 1933. The construction of the stainless steel car was authorized by the Transit Commission
on Nov. 1 1933. Like the aluminum car, it is particularly adapted for use
In local service on both subway and "L"lines and because of its light weight
It can be operated on the "L" lines without requiring any expenditures for
reinforcing or reconstructing the "L" structures in Brooklyn.
-Under the provisions of
Results of Operation under Contract with City.
Contract No. 4 with the City of New York, the New York Rapid Transit
deduct from the revenue from operation all operating
Corp. Is entitled to
expenses and certain preferential deductions, including accumulated
deficiencies, ahead of any payments to the city. The condensed summary
below for the fiscal year ending June 30 1934, and for the 21-year period of
this operation under the contract shows the order in which such deductions
are made from the revenues and the application of revenues thereto together
with the accumulated deficit.
Period
Aug. 4 1913
Year Ended
June 30 1934. to June 301934
$32.068.685 6526,394,393
Revenue
Operating deductions and corporation's first
439,654,721
24,257,070
preferential
sents dividends paid for three quarters, the dividend payable in July 1932
having been omitted.
Comparative Consolidated Balance Sheet June 30.
1931.
1932.
1933.
1934.
AssetsCost of road and equip.:
Properties owned,excl.
or rapid transit exp.
made under Contr't
No. 4 & related afs.186,294,027 187,394,319 188,158,848 184,677.147
Rapid transit exp. under Contract No. 4
& related ctfs
112,577,380 111,892,213 110,691,772 109,750.771
6,984,107
2,441,840
Cash on hand & in banks 3,638.880 3,747,282
3.412,483
2,862,608
3,236,940
Materials and supplies..- 3.129,665
Notes rec.-non current_
16.650
2.319,728
2,298,308
2,279,342
Coupon deposit
573,656
589,656
Dividend deposit
599.950
315.865
367,965
Mortgage receivable_ __ _
315.365
3.147,061
1.717.987
487.599
472,108
Investments
593.515
562,757
499,194
z418,321
Accounts receivable _ __ _
135,161
146,275
Interest receivable
148,858
178,998
Spec. dep. of sec. & cash:
City of N. Y., Contr.
400,620
400,620
282,454
400,620
No. 4, &c
State Industrial Com.
-City of N.Y.corp.
1,234,416
1,546,430 1,650,356
stk. & Liberty. bds. 1,546,430
Deprec. Fund Board,
7,200,860
8,325,306
8,011.792
Scc. sec. and cash
a9,125,499
153,273
1,121,385
131,901
204,236
Other special deposits
Trustees fund for replace.
18,325
19.196
18.443
of equipment
3,851,482
Collateral to bills pay_
10,410,000
Sinking fund bonds_
Accts. In litig. & items in
2,683,903
2,886,015
2,854,646
2,888,951
suspense
877,004
520,489
669.652
752,621
Prepaid accounts
Balance available for return on new money
Invested under contract
Corporation's second preferential, representing
interest and sinking fund on corporation's
contribution to construction and equipment
under contract
Total funded debt_ - _147,780,297 145.631,424 291.697.267 288,659,600
140,942,543 126,822,542
Less bds, owned in treas.
$7,811.614
6,901,053
$86,739,672
90,233,619
Balance above corporation's second prefer$910,561
ential
Deficiency, representing amount by which
revenue failed to equal interest and sinking
fund on corporation's contribution to con$3.493,947
struction and equipment under contract_
Consolidated Income Account Years Ended June 301932.
1931.
1933.
1934.
Rev.from Transport.$47,595,961 $48,606,910 $52,891,743 $56,455,996
Passenger
254,336
297,535
225,511
290.693
Freight
Pass. revenue Brooklyn
2,582,368
3,037,460
3.241,676
Bus Corp
81
144
132
180
Chartered car revenue- _
$51,128,510 E51,870,013 $55,728,529 $56,753,675
Total
Other St. Ry. Oper. Rev.
$687.841
$661,312
$543,493
$438.396
Advertising
837,305
814,494
766,858
724,141
Other car & station priv_
328,264
329,867
299,019
313.784
Rent of bldgs. & prop'ty
102,946
82.661
145,715
86,778
Rent of equipment
55,092
53.700
55,259
41,743
Rent of tracks & termls_
9,246
6,800
13.745
3.990
Sale of power
14,050
13,882
17,021
17.930
Miscellaneous receipts
Total
$1,626,764
11,766,414 $2,034,745 $2,037,414
Total revenues
$52,755,274 $53,636,427 $57,763.274 $58.791,088
Operating ExpensesMaint. of way & structs_ $4,039,217 $3,956,667 $4,568,841 $5,151,325
6.382,241
7,455,409
5,863,905
Maint. of equipment _ _ _ 6,060,358
4,621,022
4,162,953
4,668,023
Operation of power plant 4,215,300
9,803,523 10,085,061
8,122.884
7,783.489
Trainsmen's wages
6.421,824
5,586,145
5,772,032
5,793,950
Other expense
1,948,263
1,797,679
1.865,744
1,870.477
Damages
Legal exp. in connection
453,352
373,897
446,779
497.030
with damages
138,061
128.326
156.359
140,990
General law expenses_ _ _
2,145.609
2,016,861
1,971.864
Other general expenses_ 1,810,711
223,682
267,433
185,631
182.310
Freight expenses
Total oper. expenses-$32,393,833 $32,504,818 $36,706,417 $37,530,159
Net rev,from operation_ 20,361,440 21.131.609 21,056,856 21,260,929
4,071.733
4,185,270 4,131,177
Taxes accr. on oper. prop 4,180,048
Operating income- -- -$16,181,392 $16,946,339 $16,925,680 $17,189,196
Rents accr. from lease of
87,037
88,957
86.800
86,400
road
166.103
174,338
177,904
149,349
Miscellaneous rent rev.. _
559,996
593,917
536,183
538,473
Interest revenues
21,250
18.625
16.500
31,428
Dividend revenues
Profits from oper. of
1,748
others
29,990
3,120
118,748
6,554
Miscellaneous
Total
Non-oper. rev, deduct.,
rent expense
Misc. non-oper. rev.exp.
Non-operating taxes-
1813,953
$820,507
E895,672
$963,289
6,994
56
40.679
9,543
1.607
43.885
6,321
3.553
44.335
3,547
6,287
67,125
$886,330
$841.463
$765,472
$766,224
Net non-oper.income_
16,947,617 17.711.812 17,767,142 18,075,525
Gross income
Deductions
Interest deductions_ _ _ _ $8,488,832 £8,902.509 $9,084,242 $8,747,268
Rent for lease of other
25,325
25,325
25,526
25,925
road & equipment _
525,989
579,988
671,352
532,473
Other deductions
Tota4 deductions
$9.047,231
$9,599,387
$9,689,555 $9,298.582
67,900,387 $8,112.424 $8,077,586 $8,776,943
Balance
1,074,710
1,048.039
1.070.146
959,567
Less accr. to minor. int.
$6,940,819 $7,042.278 $7,002.877 $7,728,904
Net income
1,496,808
a359.754
1,495,897
Preferred dividends paid 1.496.808
3.079,644
b2.205,375
Common dividends paid
15.444,011 $5,546,381 $4,437.748 $3,152,452
Balance
Shs. common stock out741,251
769.911
735.664
735,664
standing (no par)...
$8.09
$7.43
$7.40
$7.54
Earnings per share
one quarterly dividend of $1.50 per share which was
a Represents but
declared payable in July 1932. Previously full year dividends were declared
n advance in June of each year and charged against surplus. b Repre-
325,001,489
Total
Liabilities
Funded debt
-M. T.
-B.
90.660,000
Corp
N. Y. Rap. Tr. Corp.
underlying bonds_ _ 29.215,630
Williamsburgh Pwr. Pt.
Corp
Bklyn. & Queens Tran.
26,086,000
Corp
726.667
Brooklyn Bus Corp..- Bklyn. St Queens Ser1.092.000
vice Co., Inc
147,780,297
Balance
Pref. stk.(249,468 shs.) _ 24,946,800
Common stock
y29,938,138
Stlis, owned pledged as
collateral
Min,int. in cap. & surpl.
20,268,492
of subsidiaries
150,000
Real estate mortgages
3,849.031
Bills payable
2.281,318
Accounts payable
2,041.805
Tax accruals
Int. accr. on fund. debt_ 3,872,970
61,899
Other interests
53,820
Tort claims, incl. judg_ _
745,204
Dividends payable
44,652,444
Other reserves
Accr. amot, of cap., &c.,
13.666.122
reserves
Res. for taxes in litigation & conting.tax liab 1,527,518
181,589
Unadjusted credits
Excess of par or stated
val, over cost of Interco. sec. eliminated in
529,215
consolidation (net)
846,132
Capital surplus
27.608.690
Surplus, June 30
324,118,555 327,573,108 332,712.380
93,565,000 106,198,000 106,198,000
22,966,630 130,598,500 130,598.500
17,885,600
17,885.600
26,779,128 37,015,166 33,977,500
1,046,667
1,274,000
145,631,424 150,754,724 161,837.058
24,946,800 24,835,300 24,946,800
y29,938,138 30,165,502 31,331,833
3,813,558
20,339.576 20,097,065 20,848.239
150,000
150,000
150,000
7,750,000
9,949,031
9,586,748
3,181,535
2,597,075
2,748,979
1,560.237
2,902,105 4,110,342
4.010,820
3.938,198
4,075,194
84.405
90,061
517,674
54.020
54,946
55,722
713,787
734.910
1,281,466
43,147,939 35.160.029 34,727,368
13,185.720
18,223,649
16.626,245
1,544,591
222,449
1,544,611
340,421
1,520,779
97.166
894,374
846,190
23,763.358 22,040,719 x20,585,161
325,001,489 324.118,555 327.573,108 332,712,380
Total
Includes $1,122,606 dividends declared on preferred stock payable
Oct. 15, Jan. 15 and April 15. y Represented by 735,664 no par shares.
z Accounts and notes receivable.
a Includes $4,275,227 for the depreciation fund for the railroad and
equipment,the unexpended balance of which at the termination of contract
No. 4 will be payable to the City of New York.
-M. T. Issue.
FTC Asks Dealers for Data on B.
The Federal Trade Commission has asked dealers who acquired $8,000,000
-year 6% bonds issued last Spring
Brooklyn-Manhattan Transit secured 15
for information as to the placement of the bonds and method of'delivery to
purchaser.
The issue was disposed of by a syndicate within New York State without
registration under the Securities Act.
Trading Privileges Asked for $2,000,000 Additional Bonds
No Federal Registration.
Application has been made to the New York Stock Exchange for the
-year secured 6% sinking fund bonds,
listing of an additional $2,000,000 15
series A. The bonds are issued under the same trust indenture as the
on the Stock Exchange in June, but are due July 1
*8.000.000 bonds listed
1949, compared with a maturity date of June 1 1949 for the $8,000,000
issue.
The $2,000,000 of bonds was sold some time ago to the same group of
bankers that bought the $8,000.000 with the exception of Kuhn, Loeb &
Co. and application to list them has been made to the Stock Exchange.
Proceeds will be used for treasury cash.
As in the earlier instance, no registration statement was filed with the
Federal Trade Commission in connection with these bonds. They are
secured by 120% of New York Rapid Transit refunding mortgage bonds,
as In the case of the $8,000.000 bonds, and bear the same rate of interest.
-V. 139, p. 1232.
-Fifth Annual
Brooklyn & Queens Transit Corp.
-Gerhard M. Dahl,
Report, Year Ended June 30 1934.
Chairman, says in part:
-The total number of fare passengers carried on all lines of the
Traffic.
Brooklyn & Queens Transit System, including the routes of the Brooklyn
Bus Corp., for the respective fiscal years ended June 30, are as follows:
Inc. or Dec.
193,4.
-3.6
360.804.362
374.365.915
Trolley lines
+7.1%
62,566,600
66.989.534
Bus lines
-2.1%
436.932,515
427,793.896
Total
The decrease in traffic on trolley lines is largely due to the loss of traffic
to the Independent Subway System, the operation of which was extended
on Oct. 7 1933 into the Park Slope and West Flatbush areas of Brooklyn.
The total car miles operated on trolley lines in the fiscal year ended
June :30 1934 was 48,840,221. being a decrease of 1,438,133 car miles or
2.8% of the total car miles operated in the previous year and a decrease of
1.498.896 car miles or 3% of the total car miles operated in the fiscal year
ended June 30 1930.
-Passenger traffic on the bus routes operated by the Brooklyn
Bus Routes.
Bus Corp. increased 7.1% in the fiscal year ended June 30 1934, as compared with the preceding fiscal year. The total number of fare passengers
carried on the bus routes in 1934 was 66,989,534, whereas the total number
in 1933 was 62.566,600. The total number of bus miles operated in the
Financial Chronicle
Volume 139
1934 fiscal year was 9.904.110, an increase of 484,597 bus miles or 5.1%
over the preceding fiscal year.
Because of the increase in passenger traffic on the bus routes, orders were
placed in May and June for 35 new buses at a total net cost of approximately $275.500, of which sum $163,000 is to be paid within six months
after the delivery of the buses and the remaining $112,500 to be paid in
ten semi-annual instalments. Of these new buses, 28 are additional units
and seven are being used to replace an equal number of buses that had been
in operation since 1928 and 1929 and were sold as part of the transaction
for the purchase of new buses.
-There was no change in the amount of the bank loans of the
Financial.
corporation during the fiscal year, the amount of these loans as of June 30
1934 being $3,000,000, but during the year the funded debt of the Brooklyn
& Queens Transit System was reduced $1,218,000.
During the year settlement was made of portion of tax claims in litigation
or in dispute with the City of New York by payment of $365.000, which
settlement disposed of approximately one-half of the tax claims by the city
pending against the predecessor companies of the Brooklyn & Queens
Transit System.
Income Account for Year Ended June 30 (System).
1931.
1932.
1933.
1934.
Passenger revenue
$17.271,899 $17,955,251 $20,200,523 $21.694,563
Pass. revenue Brooklyn
Bus Corp
3.241,676 3.037,461
2,582.368
Freight revenue
225.511
254.336
290,693
297.535
COMparative
Total
$20,804,267 321.218,222 $23,037.227 $21,992,098
Other Street Ry. Oper.
.
Revenuer
Advertising
146,593
253,841
241,312
63.546
Other car & station privileges
4,250
7,083
5,250
2,500
Rent of buildings & other
property
126,746
161.660
154.594
140.684
Rent of equipment
80,257
145,130
99.317
83,335
Rent of tracks & term'Is_
52.029
53,424
53.431
39.520
Sale of power
7.472
4,955
11.912
2,315
Miscellaneous receipts
11.208
12.212
10,787
11,933
Total other street ry.
oper. revenues
$343,833
5584,694
3426.038
$632,733
Total street ry. op. revs_321,148,101 $21.644,260 323.621.921 $22,624,831
Operating Expenses1,661.454
Maint. of way & struc
1.418,029
1.987,601
1,488,942
Maint. of equipment_ - _ 2.825,686
2.451.229 2.508,705
2.521,776
Oper.of power plant_
2.246.545 2.482.0b5 2.531.286
2,244,946
Operation of cars:
Trainmen's wages_ _ _ _ 4,644,990 4,960,137
6.098,675 6.130,365
Other expenses
1,798,419
2,067.219 2,062.468 2.412.125
Damages
1.288,099
1,192.311
1.322,557
1,316,255
Legal exps. in connection
227.642
285.928
with damages
285,118
323,866
77.224
General law expenses _
79,446
74.078
65,785
Other general expenses
789,844
921.546
864.157
814.968
267,433
223.682
Freight expenses
185.630
182,310
Net rev, from oper
$5.173,133 $5,732,852 35.685,437 $5,117.149
Taxes accrued on oper1,594,388
1.284.425
1,511.381
ating properties
1.517.824
Operating income-
$3.655,310 $4.138.464 $4,174.056 $3,832,723
Total non-oper.revs_ _
$228,851
Non-oper. rev. deduc'ns
28.193
---Net non-oper.income_
$200.657
$245,809
35.124
3235.872
33,173
$242,055
54,377
$210,685
$202,699
$187,678
Gross income
33.855.968 34,349,149 $4,376.755 1.4,0c0,402
1,631.214
Interest deductions..
1,566,495
1,461.923
1,510,091
Rent for lease of other
225
426
225
road and equipment__
82b
90,114
35,243
35,084
Other rent deductions_ _
37,469
76.830
658
658
Sinking fund accruals_ _ _
658
8,600
10.575
13,462
Amortization
16,779
Net income
$2,290,146 12,661,555 32,643.968 12,509,049
1,b99.500
1,699,500
1,416,250
Preferred dividends....._ 1,699,500
Sut plus
Earns, per sh.on 800,000
common shares
$596.646
1962,055
$0.74
$1.20
3944.468 $1.092,799
$1.18
$1.36
Condensed Consolidated Balance Sheet Jun( 30.
1934.
1934.
1933.
LiaMlittesAssets
Road & equip_ A08,495.723 109,672,556 Capital stock
Cash
Mat'ls & suppl's
Accts. and notes
receivable.... _
Coupon deposit.
Dividend deposit
Mtges. receivle
Int. receivable._
Notes roe-not
current
City of N. N.,
acc't franchise
Trustees' acc't
fund for replacement of
equipment_ _ _
State Ind. Corn.
(City of N. Y.
corp. stock &
Libly bonds)
Other special deposits
Accts. In !Riga
don and items
In suspense_ _
Prepaid aCCOURVI
849,481
976.248
x167,890
22,137
444,785
290,500
25,595
160,849
132,520
24,634
620,509
69.468
738.089
417,722
1933.
$
$
Preferred stk.
(283,250 sh.) 28,325,000 28,325,000
Common stk.
(800,000 ah.) 18,800,000 18,800,000
321,599
21.076 Funded debt- 28,264,667 29,459.794
150,000
444,492 Real est. mtge.
150,000
290,500 Ctfs. of indebt.
499,866
to assoc. cos..
19,739
3,000,000
Bills payable_
3,000,000
Accts. payable__ 1.793,910
1,742,498
Tax accruals._ _
728.381
628,866
132,520 Int. accrued on
funded debt__
586,425
608.997
Other Interest__
28,949
25,062
Tort claims,incl.
Judgments
22.472
24,516
22,672
Dividend pay'le
444.785
444,492
Res. for canting. 17,888.720 19,293.182
Res. for damages 2,332,909 1,875,099
620.509 Res. for replace.
of equipment. 1,759,519
1,448,281
89.764 Accr. amortiz. of
capital & other
2,721.411
reserves
2,411,183
897,424 Taxes in litigation& canting.
335,180
825,498
tax liability
885.580
UnadJ. credits
62,533
62,274
Excess of par or
stated val.over
cost of Interco. sec. elim.
65,239
in consolida'n
65.311
Capital surplus. 1,485,572
1.465.572
3.874.072
Surplus
4,112,763
892,380
840,352
113,435,930 114,602,608
Total
Total
-V. 139, p. 1232.
x Accounts only.
113,435,930 114,602,808
Burlington & Rock Island RR.
-Earnings.
--JulyGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, D. 754.
1934.
$68,151
def9,591
def21.702
1933.
$70,359
12,692
1.331
1932.
350.160
def25.665
def40,069
1931.
$237.580
127,579
108,092
446,188
def55,931
def147.797
474,304
26,674
der74,444
543,051
def12,028
def141.991
856,206
72,476
def140,722
1395
Butterick Co.
-Earnings.
Period End. June 30-1934-3 Mos.-1933. 1934-6 Mos.-1933.
Sales
$2,034.803 $1,894,154 $3,874,847 $3,631.157
Operating profit
81,357
119,429
145.025
66,855
Other income
x37,663
95.740
y93,121
60.880
Total income
Interest, deprec., &c_- -
$119,020
97,178
$180,309
96,077
$159,976
193.935
$240.765
191.649
Net profit
$84,232 loss533.959
$21,842
$49,116
Earns. per sh.on 183,477
shs. (no par) cap. stk_
$0.12
$0.46
Nil
$0.27
* Includes profit of 35,525 on bonds purchased. y Includes $5.525
profit on bonds purchased and credit of $30,000 on sale of capital assets.
V. 138. p. 3765.
California Water Service Co.
-Earnings.
Calendar YearsOperating revenues
Operation
Maintenance
General taxes
1933.
1932.
12,004,548 $2,083,949
790,303
810.114
63.968
70.707
151.034
152.618
Net earnings
Other income
$999,243 $1,050,509
7.842
9,501
Gross corporate income
Net interest deductions
Provision for Federal income tax
Provision for depreciation
31.007,085 $1,060.011
453.569
447.573
45,542
52.187
174.196
137.121
Net inc. (before condemnation defense expenses) 5333.777 x$423.129
x Exclusive of interest of $40,426.68 on non-negotiable notes payable to
Federal Water Service Corp., canceled Dec. 29 1932; subordinated to
dividends on preferred stock.
Comparative Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Assets$
Liabilities$
$
8
Plant, property,
Funded debt
8,738,000 8,738,000
equipment, &c.15,682,081 15,809,746 Miscell. def. Bab.
Inv. in other cos__
2,007
5,907
& unadj. credits 284.309
305,906
Mtscell special dep
2,712
3,910 Due affiliated cos_
5.702
Cash
93,679 Accounts payable_
121,409
46,768
41,287
Working funds_ _ _ _
8,805
Interest accrued__
109,225
109,834
yAccts. receivable
114,335 Taxes accrued.... 101,450
105,574
73,833
Materials & suppl_
138,356 Dividends accrued
145,993
21,855
21,855
M iscell..prepaym't
30,078 Miscell. accruals__
6,294
4,294
xDeferred chges. &
1,674,927 1.556,694
Reserves
440,042
Prepaid accts.._
703.898 V( cum. pref. stk. 2,914,000 2,914,000
2,414,200 2,914,200
zCommon stock
Earned surplus_ _
197,388
212,505
.
Total
18,508,416 16,897,910
Total
16.508,416 16,897,910
x Including unamortized debt discount and expense and commission on
capital stock. y Less reserve for uncollectible accounts of $16,941 in 1933
(1932, $11,198). c Represented by 24,142 shares of $100 par in 1933
(29.142 in 1932).-V. 139, p. 1233.
Cambria &
July-
Indiana RR.-Earnings.1934.1931.
$81,117
3109.689
597.023
$69,603
13,248
43.043
6.895
19,863
59,181
41.068
93,759
63.777
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p.754.
600,055
140,900
497.349
705.907
231,250
536,201
614,837
147,197
434,274
718.134
172,834
552.631
Canada Northern Power Corp.
-Earnings.
Period End. July31Gross earnings
Operating expenses
1934-Month-1933.
1934-7 Mos.-1933.
$299,895 $2,343,358 $2,087,171
$341,408
91,493
120,085
779.733
639.044
Net earnings
-V. 139, p. 593.
$221,323
3208,402 31,563,625 51,448,127
Canada Packers, Ltd.
-Earnings.
Years Ended-
Mar.29'34. Mar.30'33. Afar.31'32. Afar.26'31.
Net profits after prov.
for bond int., deprec.
and income taxes
$1,429,670
Preferred dividends_ _
x1.055.672
1607.672
422,254
3384,303
422,318
$838,112
435,395
Balance.surplus_._ _ _ $373,998
$402.717
$185,418 def$38.016
Earnings per share on
200.000 shs. common
stock (no par)
$5.00
Nil
$0.93
$2.01
x Including arrearages aggregating $10.50 per share covering period Oct. 1
1931 to March 31 1933.
Consolidated Balance Sheet.
Mar29'34. Mar.30'33.
Assets
Cash
17.084
24,997
Call loan
288,370
261,000
Govt. & municipal
bonds
505,128 2,923.465
Accounts receiv'ble
less res. for losses 3,003,349 2,233,048
Inventories
5,933,010 4,045,854
Investments in related companies
116.073
301,873
Prepaid expenses_
144.245
110,433
Bonds of sub. cos. 1,486,655
969,169
Sundry dep. & bal.
receivable
70,081
108,386
Mises. and sundry
investments_ _
803,047
753.573
Life Ins. prems. pd. 177,525
229,355
Cash in hands of
trustees for b'dholders
67,812
67,612
Land, bldgs., leasehold, plant & eq.18,962,703 18,870,909
Good-will
4
4
Total
31,374,885 30.899.882
Mar.29'34. Mar.30'33.
LiabilitiesCumul. pref. shs__ 6,033,500 6,033,500
x Common shares_ 1,438,284 1,437,688
Co's bankers (see.) 420,246 1,301,597
Accts. payable and
accrued charges. 1,309,649
971.221
Accrued bond int_
81,439
87,798
Dividends payable 316.701
105,564
Funded debt
4,592,900 4,890,900
Res, for deprec. &
surplus on appr.12,549,127 11,812.395
Surplus
4,633,038 4,259.040
Total
31,374,885 30,899,682
x Represented by 200,000 no par shares.
-V.138. p.2090.
Canadian Gold & Metals Mining Co., Ltd.
-Files
Registration Statement at Washington.
A registration statement has been filed with the Federal Trade Commission in Washington, D. C., with regard to the securities of this company,
a Canadian corporation formed to provide a medium for investment in gold
and other metal mining and allied businesses. The company has charter
powers to invest and deal in shares and other securities of companies engaged in gold,silver, copper, nickel, base metal mining and allied businesses,
and to acquire and develop mines and mineral lands.
The company is headed by John W. Hobbs, a director of Canadian Pacific Ry. and President of Continental Life Insurance Co. E. W. Beatty,
K.C., President and Chairman of Canadian Pacific Ry, and director of
Postal Telegraph St Cable Corp.. is a director of the new company, as are
B'wana M'K ubwa Copper Mining Co.
-Stock Exchange.
also the following: Sir Henry Drayton. former Minister of Finance of the
Dominion of Canada; Hon. W. D. Ross, director. Canadian General Electric Co., Ltd.; David Sloan, Managing Director, Pioneer Gold Mines of
B. C., Ltd.. and Claude R. Alderson.
"The standing of the directors in Canada," a statement by Mr. Hobbs
President, concludes, "and the contemplated size of the company are
Rhodesian Anglo American, Ltd., has announced that 83.8% of the
stock held by others in its subsidiary, the B'wana M'Kubwa Copper Mining
Co., has been voted to exchange shares in B'wana M'Kubwa for shares in
Rhodesian Anglo American. See also V. 139. p. 437.
vestors in Canadian mining enterprises from losses through wildcat speculation; and because they believe that the profitable future development
expected to make it an outstanding medium for the raising of capital for
gold and other mining enterprises in Canada. The directors are interested
in Canada and its development. They are interested in protecting in-
Financial Chronicle
1396
Sept. I 1934
of mineral resources in Canada will require large amounts of capital, much
Chesapeake & Ohio Ry. Co.
-To Extend Lake Docks.
of which will have to be raised abroad, they are interested that investors'
The company has announced that it will start work at once on a $500.000
money in Canada should be safeguarded to insure a continued supply of
addition to its ore and coal docks at Presque Isle, near Toledo, Ohio.
increasingly greater amounts of new capital for such purposes."
The docks will be extended 500 efet to provide for a $250,000 coal loading
The policy of the management is to invest at least 70% of the commachine which will be the third placed in operation.
-V. 139. p. 1234.
pany's capital and paid-in surplus in listed shares or other listed securities of
corporations or associations in the mining field, and at least 50% of its
Chicago Burlington & Quincy RR.-Earnings.capital and paid-in surplus in dividend-paying or interest-bearing marketJuly1934.
1933.
1932.
1931.
able securities. Principal initial investments of the company in gold
Gross from railway
$7.157,271 $7,788,511 $5,709,020 $9,714,653
mining securities may include shares of the following companies: ConsoliNet from railway
2,338,796 3,140,047
934.977 2,797,141
dated Mining & Smelting Co. of Canada, Ltd.; Bralorne Mines, Ltd.;
Net after rents
1,570,050 2,215,867 def13,420
1,696,423
Dome Mines, Ltd.; Hollinger Consolidated Gold Mines, Ltd.' Hudson Bay
From Jan. 1Mining & Smelting Co., Ltd.; International Nickel Co. of Canada, Ltd.;
Gross from railway
44,433,419 41.943,494 45,665,063 66,744,268
Lake Shore Mines, Ltd.; Macassa Mines, Ltd.' McIntyre-Porcupine Mines,
Net from railway
11.492,516 12,141,190 11,117,825 19,728.636
Ltd.; Noranda Mines, Ltd.; Pioneer Gold Mines of B. C., Ltd.; San AnNet after rents
„
„
„
,.
tonio Gold Mines. Ltd.; Siscoe Gold Mines, Ltd.; Sylvanite Gold Mines,
Ltd.; Tech-Hughes Gold Mines, Ltd., and Wright-Hargreaves Mines, Ltd. -V. 139, P. 756.
The securities of the company will not be offered to the public or orders
-Chicago Daily News, Inc.
-Extra Distribution.14 -6te.<
4
accepted prior to the effective date under the registration statement, which An extra dividend of 50 cents per share in addition to the usual annual
cannot be before Sept.5 1934.
dividend of 50 cents per share on the common stock, no par value, was
The company has an authorized capital of 10.000,000 shares of $1 par
paid July 2 to holders of record June 20. Distributions of $1 per share
and 11.000 shares are at present outstanding. The registration statement
were also made on July 1 1933 and July 51932.-V. 138. p. 2741.
is with respect to 4.525,000 shares and warrants covering an additional
2,262,500 shares The company is reserving 2.000.000 shares with war-Plans
rants covering 1,000,000 shares for possible future offering and is offering 'Chicago District Electric Generating Corp.
Refunding Issue.
on Sept. 5 and after 2,500,000 shares with warrants covering 3j share each
at $2.50 a share (U. S.funds) through Loring R. Hoover & Co.
A deal involving the refunding of $7,847,000 debenture 5s due on
Oct. 1 1935, is being negotiated through E. 13. Smith & Co., New York.
-Earnings. It is understood the transaction will involve issuance of $10,000,000 refundCanadian National Lines in New England.
ing bonds, carrying a lower rate than the present 534s. The new bonds
1931.
1932.
July1934.
1933.
were offered privately to institutional investors. The maturity date of the
$108,167
$85,600
Gross from railway
$106,133
$94,794
outstanding debentures is Oct. 1 1935, but it is expected that they will be
Net from railway
def26,496 def11,978 de127,232 def54,690
called for payment on Oct. 1 next.(New York"Times")
-V. 139, p. 438.
Net after rents
def72,797 def59,603 def87,652 def111,624
From Jan. 1
Chicago & Eastern Illinois Ry.-Earninas.860,565
704,720
569,144
Gross from railway
619,459
July1934.
1933.
1932.
Net from railway
def144,046 def128,907 def148,819 def290,284
1931.
Gross from railway
$1,081,826
1,121,524
869,861
Net after rents
def469,402 def475,752 def549.222 def712,522
1,304,159
Net from railway
,
,
,
,
941
-V. 139, p. 593.
Net after rents
73,099
118,319 def191,085 def93,704
From Jan. 1-Earnings.
Canadian National Ry. System.
Gross from railway
7,283.297 6,643,515 6,958,968 9,087,771
1934-7 Mos.-1933.
Period End. July 31- 1934-Month-1933.
Net from railway
1,465,109
1,187,487
762,988
536,148
$13.993,275 $13,282,596 $93,490,022 $80,757,467
Operating revenues
Net after rents
153,065 def240,378 def1,104,186 def1045,093
a Operating expenses--- 13,304,830 12,462.130 88,423,036 82,915,982 -V. 139, P. 756.
Net revenue
$688,445
$820.466 $5,066,986df$2,158.515 -Chicago Great Western RR. 7o Pay 50% of Interest
-6
-V. 139, p. 1233.
a Includes pensions.
Due Sept. 1-Balance Postponed One Year P. H. Joyce,
President, in a notice dated Aug. 27, says.
Canadian Pacific Ry.-Earnings.-
' Due to low volume of business and greatly increased operating costs
1934-7 Mos.-1933.
-Month-1933.
Period End. July 31- 1934
during the past six months, and considering the uncertainty of prospects
Gross earnings
$10,716,853 $10,142,427 $67,927,533 $60,865,922
for the future, in the light of these increased costs, the company finds it
Working expenses
x9,205,371 8,774,047
necessary order to conserve its cash resources, to defer 50% of the interest
payment due Sept. 1 1934, on its 4% first mortgage bonds.
Net profits
$1,511,481 $1,368,380 $9,565,894 $6,229,521
The company plans to pay the remaining 50% of such interest on Sept.
x Includes pensions.
1 1935, or prior thereto if in the judgment of its board of directors its fiEarningsfor Third Week of August.
nancial position warrants. The Sept. 1 1934, coupons will be stamped to
1933.
Increase.
1934.
indicate the payment of 50% and the postponement without interest of
$2.331,000 $2,171,000
Gross earnings
$160,000
50% to Sept. 1 1935, upon which date such balance will become due.
Bondholders may obtain at the office of the company 122 South Michigan
Vice-President Grant Hall Dies.
Ave., Chicago. or at the office of the paying agent, J. P. Morgan & Co.,
Grant Hall, Vice-President and a director. died Aug.29.-V.139, p. 1233.
23 Wall St., N. Y. City, forms which must accompany coupons due Sept.
1 1934.
-Earnings.
(A. M.) Castle & Co.
T.Tpon receipt by the paying agent of such coupons, accompanied by the
1934-6 Mos.-1933.
Period End. June 30-- 1934-3 Mos.-1933.
necessary form executed either by the owner or his agent, payment of the
Net profit after all chgs.,
coupons to the extent of 50% will be made and the coupons, stamped as
$162,520 105446,569
loss$824
depreciation & taxes__ $101,682
above indicated, will be returned with the 50% payment. These coupons
Earns. per sh.on 120,000
after being stamped should be retained by the bondholders with the bonds
Nil
Nil
$1.35
shares common stock_
$0.84
from which they were detached.
The remaining amount of the coupons as extended will become immedi-V. 138, p. 1402.
ately due and payable if, prior to Sept. 1 1935, any receiver for the compaisdicn insorrnf IT'
urn at
courtof compete
-Earnings.
Central Arizona Light & Power Co.
i
ntthecomj
. . Irsll ce'Tt t lI b;kn possession of
nar
tribt gu iligi t3 e
i
property
[American Power & Light Co. Subsidiary]
under Section 77 of the Bankruptcy Act as amended, or irthe trustee
1934-12 Mos.-1933.
Period End. July 31- 1934-Month-1933.
the mortgage shall take any action to enforce the provisions of the mort$218,862 $2,629,258 $2,627,039
Operating revenues---- $227.553
gage•
165,923
148,503 1,898,965 1,717,534
Open exps., incl. taxes-
r
Earnings.-
Net revs, from oper...
Other income
$61,630
23,104
$70,359
21,804
$730,293
272,061
Gross corp. income.._
Int. & other deductions_
$84,734
33,068
$92,163 $1,002,354 $1,196,550
32,517
381,379
380,476
y$59.646
Balance
y$51,666
Property retirement reserve appropriations
x Dividends applic. to pref. stocks for period,
whether paid or unpaid
$909,505
287,045
$620.975
440.757
$816,074
443,669
108.054
107,948
$72.164
Balance
$264,457
x Regular dividends on $7 and $6 pref. stocks were paid on May 11934.
After the payment of these dividends there were no accumulated unpaid
dividends at that date. Regular dividends on these stocks were declared
for payment on Aug. 1 1934. y Before property retirement reserve appropriations and dividends.
-Income account includes full revenues without consideration of
Note.
-V.139. p. 1233.
rate reduction in litigation.
Central of Georgia Ry.-Earnings.-.1932.
July-1934.
1931.
$828,371 $1,620,221
$1,149,711 $1,257.i68
Gross from railway
315,904 def20,557
196,832
309,984
Net from railway
203,200 def135,059
94,510
156,360
Net after rents
From Jan. 1
7,839.913 7,092.354 6.947,834 10,737,085
Gross from railway
1,077.286 1,097,904
590,956 2,126,194
Net from railway
298.210 def246,422 1,203,419
273,620
Net after rents
-V. 139, p. 755.
-Earnings.
Central RR. of New Jersey.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1079.
17,171,184 15.267,313 17.764,394 23,717,134
4,044,555 4,290,808 5,507,961
5,004,471
1,397,290
1,448,481
2,255,195
2,528,716
-Earns.
Central & South West Utilities Co.(8c Subs.).
1934-6 Mos.-933.
$464,4 8
-5 Cent Coninzgl
.--- Chapman Ice Cream Co.
--
26,840
/
,144
ividend.
The directors have declared a dividend of 5 cents per share on the
mon stock, no par value, payable Oct. 15 to holders of record Sept. 25.
the first since Jan. 15 1932, when a distribution of 183( cents per share was
-V. 139,
made, prior to which 3194 cents per share was paid each quarter.
p. 1234.
Charleston & Western Carolina Ry.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 756.
1933.
1932.
1934.
1931.
$1,281,655 $1,457,938 $1,080,696 $1,904,463
550.174
164.551
541,814
329.568
285,498 def91,884
275,684
88,470
8,414,656
2.020,582
360.167
8.050,106
2,034,209
283,980
8,849,810 11.696,670
2,197,035 3,415,821
358,894
1,507,376
Chicago & Illinois Midland Ry.-Earnings.-1933.
1934.
1932.
July1931.
$283,541
Gross from railway
$237.652
$95,050
$219,96
Net from railway
70,398
123.901,54,907
Net after rents
107,289 def45,165
64,477
42,366
From Jan. 1
Gross from railway
1,601,642
1,667,332
1,574,637
1,170,569
Net from railway
424.377
576,631
196,187
250,904
Net after rents
398,126
534.086
76,744
154,490
- 139, p. 756.
V.
Chicago Indianapolis & Louisville Ry.-Earnings.July1934.1931.
$613,492
$648,792
Gross from railway
$582,480
$907,161
120,239
129,628
Net from railway
51,221
160,864
Net after rents
def26,778
5,546 def83.751
def18,989
From Jan. 1
4,235,903 4,021,906 4,605,231
Gross from railway
6,779,358
688,858
Net from railway
681,073
1,403,198
616,955
def298,545
Net after rents
183,081 def418,836
174,401
- 139, p. 756.
V.
Chicago & North Western Ry.-Earnings.--
1932.
1931.
1933.
1934.
$2,289,517 $2,337,213 $2,308,059 $3,284,254
528,162
654,496
852,694
551,386
50.779 de179.807
217,021
def47,363
Period End. June 30
1934-3 Mos.-1933.
Net loss after deprec.,
taxes, int., amortiz. &
divs. on subs
$174,090 4156,891
x Revised figures.
-V. 138, p. 4122.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1079.
1934.
$144,178
36,851
19,867
$187,119
84,061
70,364
$113,873
19,899
9,901
$21092
57,535
36,875
1,204,879
413,841
273,863
1,147,884
425,464
299,630
1,019,326
206,477
90,467
1,588,876
466,313
287,873
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 139, p. 756.
V.
1934.
1933.
1931.
1932.
$6,743,503 $7,681,029 $5,567,717 $9,592,983
1,326,423 2,619,261
1,925,638
327.957
551,863
1,803,307 def512,676
1,048,813
43,014,519 40,331,369 41,619,674 61,997,810
6,663,400 7,098,333 4,784,894 10,718,804
1.471,149
1,360,743 def1472,845 4,142,685
Chicago Rock Island & Gulf Ry.-Earnings.1934.
1933.
JulyGross from railway
413,116
330,982
Net from railway
168,967
107,216
Net after rents
81.910
def453
From Jan. 1Gross from railway.-- 2.119.024
1.968,531
Net from railway
533.072
561,461
def23,430 def138,406
Net after rents
-V. 139, p. 922.
1932.
426,468
195,004
101,465
1931.
1,028,098
647,324
571,396
2,494,141
883,725
347,056
3,723,029
1,506,051
1,113,583
Chicago Milwaukee St. Paul & Pacific RR.
-Earnings.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934.
1933.
1931.
1932.
$7.583,749 $8,413,060 $6,101,710 $9,995,627
2,555,077
1,354.2572.427,050,
314.738 1,359,143 def1177,139 1,383,864
48,535.963 47.904,249 47,036,040 66,807,751
9,890,197 11,890,149 3,998,540 11,856,011
2,903,167 4,285,721 def4104.371 3,669.838
No Interest on 5% Cony. Adj. Mtge. Gold Bonds, Series A.
The directors have declared no interest to be due and payable Oct. 1
1934. on the 5% convertible adjustment mortgage gold bonds, series A. due
2.000,80 that coupon No. 15, maturing Oct. 1 1934, has no value. Accumu-
1397
Financial Chronicle
Volume 139
(a) 51,000 1st mtge. 414% cumulative income bond of the new company.
lations of cumulative interest on the adjustment mortgage bonds will be
(b) 10 shares of the capital stock of the new company.
paid (but without interest thereon) against future coupons when and as
(c) $40 in cash.
declared by the board of directors in accordance with the adjustment
Under this plan of reorganization, no securities, neither bonds nor
-V. 139, p. 756.
mortgage.
common stock of the new company, will be issued except to bondholders
-Earnings. participating in the plan of reorganization. first mortgage on both the
Chicago Rock Island & Pacific Ry.System.
The bonds are to be secured by a closed
1934-7 Mos.-1933.
-Month-1933.
Period End. July 31- 1934
The bonds shall
Hopkins Apartments and the Lake Drive Apartments. becomes effective.
Railway oper. revenue-- $5,909,831 $6,307.107 $38,530,219 $37,162.478
mature 10 years after date when plan of reorganization
Railway oper. expenses- 4,964,363 4,746,960 32,576,410 29,212,305
Red. in whole or in part, by lot, at any time at par and interest on 30 days'
3.390,000
475,000 3,045,000
435.000
Railway tax accruals_ _ notice. Interest at rate of 4;6% per annum will be payable semi-annually
7,696
13,323
1.731
918
Uncollect. railway rev- If earnings are available after operating expenses, taxes and insurance.
1,833,615
264,686 1,754,367
296,930
Equip. rents, debt balAny unpaid interest to accumulate until earnings are available for the purJoint facil. rents, debit
pose. All net earnings in excess of operating expenses, taxes, interest charges
544,862
603.127
91.657
balance
86,153
and working capital, shall be paid into a sinking fund and used by the
of the
trustee to retire outstanding bonds, by redemption or by purchasemailed
$538,092 52,073.800
$727,073
Ney ry. oper. income- $126,463
bonds tendered to the trustee at the lowest prices after due noticetrustee.
the
Earnings of Company Only.to all bondholders whose addresses have been furnished to for the sinkBonds shall be registered. All bonds redeemed or purchased
1931.
. 1932.
1933.
1934.
Julying fund shall be cancelled and shall not be reissued.
$5,496,715 $5,976,126 $5,740,511 $10,170,758
Gross from railway
The indenture shall contain provisions reserving to the company the
1,452.932 1,279.716 3,674,296
776.500
Net from railway
right at any time to release therefrom the Lake Drive Apartments upon
374,513 2,596.584
727,525
44.553
Net after rents
tender to the trustee under the new indenture for cancellation of 35% in
From Jan 1
principal amount of bonds outstanding at the time of tender, after deduct36,411,195 35.193,947 39,699,626 58.312,442
Gross from railway
ing all bonds which have been cancelled, including bonds redeemed or
5,420,738 7,388,712 7,726.699 15.044,708
Net from railway
purchased through the operation of the sinking fund or an amount in cash
1,655,306 8,328.008
Net after rents
•
•
tendered,
equal to the face amount of the bonds required to beand in like together
manner,
Proposed Abandonment Denied.
with any interest accumulated thereon to date of tender, the release of the
time to secure
The ICC on Aug. 14 denied the application of the company for authority
reserving the right to the company at any
principal
Hopkins Apartments upon tender for cancellation of 80% in all bonds
to abandon the operation of a leased line of railroad extending from Brinkley
northerly to Newport, 52.4 miles, in Monroe, Woodruff, and Jackson
amount of bonds outstanding at time of tender, after deducting
Counties, Ark., together with a branch line extending from Wiville
which have been cancelled, including bonds redeemed or purchased through
-V.139, p. 922.
the operation of the sinking fund, or an amount in cash equal to the face
westerly to Gregory, 5.96 miles, in Woodruff County.
amount of the bonds required to be tendered, together with any interest
Chicago St. Paul Minneapolis & Omaha Ry.-Earns. accumulated thereon to date of tender.
July
Capital Repuirements.-Now company will apply such funds as are now
held by the Mercantile Trust Co. as successor trustee under the indenture
Gross from railway
$1,259,103 $1,562,369 $1,131,676 $1,641,628
243,665
25,076
534,487
Net front railway
dated Oct. 101922, to the payment of the $40 in cash per 81,000 bond, the
233,546
58,201
369,494 def122.670
expenses of reorganization as fixed by the U. S. Court, and such other
Net after rents
81,497
From Jan. 1
expenses as are found necessary by the court. Any additional funds
8,303.801 11,048,578
Gross from railway
8,175,352 8,076,673
acquired by the new company from the trustee not deemed by the directors
1,231,250
481.178
1,644,386
Net from railway
1,318,505
of the new company necessary for working capital, shall be paid into the
63 939
Net after rents
611,818 def589,896
ng fund for the retirement of bonds.
s
306.209
-As a part of the plan of reorganization.
-V.139. p. 757.
Management of Properties.
the
roperty management, Inc. will be employed to manage new apartment
1.4- properites, and designate the first board of directors of the
company.
41144
-Special Divi end.4
---Chickasha Cotton Oil Co.
A special dividend of 50 cents per share has been declaf8cj on the capital
,Claude Neon Electrical Products Corp., Ltd. (&
stock, par $10, payable Sept. 1 to holders of record Sept. O. A similar
distribution was made on July 2. April 16 and Feb. 15 last, while on May 1.
Subs.).
July 1 and Oct. 16 1933 the company paid special dividends of 25 cents per
1933.
1934.
6 Mos. End. June 30share.
$159,607
Net profit after deprec., Fed.taxes & all other chrgs $203,688
1931.
1932.
Years Ended June 301933.
1934.
Earns. per share on 262.303 shares cap. stock out$0.56
Sales and gin. earnings--$13,279,446 $11,550,176 $8,773,080 $12,971,781
$0.76
standing
Cost of sales, operating
Current assets as of June 30 1934, including 5744,248 cash, amounted
and admin. expenses- 11.484.444 10,905.655 8,716,803 13,454,960
to $1,255,993 and current liabilities were $192.170. This compares with
cash of $958,762, current assets of $1,592,877 and current liabilities of
$56.276 loss$483,179
Net profit
$644,522
$1.795,002
-V.- 138. p. 2404.
5212.680 on June 30 of previous year.
368,515
231.208
Other income
154.461
25,873
e
Net income
Interest paid
Depreciation
Federal tax
Other deductions
Net income for year
Dividends paid
$1.820,875
13.233
357,608
186,080
426,637
$837,317
446,250
$798.983
16,438
394,553
55,000
$287,484 loss$114,664
34.200
21,040
273,097
387,370
$332,992 loss$120,926 loss$421.963
127,500
$205,492 def$120,926 def$421.963
$391,067
Balance Sheet June 30.
1934.
1933.
LiabilitiesAssets1934.
1933.
Cash
$3,028,258 $2,248,364 Cap. stk. (par 510)82,550,000 $2,550,000
04.940
134,409 Accts. payable._ _ 296,068
Accts. receivable_
80.210
171,904
Notes & accts. rec_
56,729 Taxes accrued__ 254,808
83,185
Insurance accrued
11.720
Commercial Paper_ 209,474
Capital surplus._ 2,556,408 2,647,289
Real estate not used
Earned surplus _ 4,110.843 3.866,632
36,831
In operation__
Cash.surr. value of
officers' life ins.
63,668
68,951
policies
1,889
Interest accrued
1,512,805 1,130,089
Inventories
Advs.& investmls 1,453,924 2,196,256
x Real estate, mills,
3.004,433 3,379.758
gins, &t,
9,320
9,098
Organization exp.
110,506
Deferred charges
92,455
Balance. surplus
$9,579,846 S9,330,765
$9.579,846 59,330,765 Total
Total
x After depreciation reserves of $3,866,942 In 1934 and $3,334,095 in
1933.-V. 138, P. 3769.
Chrysler Corp.
-Dodge Retail Sales.
Retail sales or Dodge passenger cars in week ended Aug. 18 totaled
1.966 units compared with 1,894 in the preceding week. Sales in 1934
through Aug. 18 totaled 65,560 milts compared with 52,219 in corresponding period of 1933.
Dodge truck sales in week ended Aug. 18 totaled 1,111 units compared
with 987 in preceding week. Total sales for year through Aug. 18 were
29.479 units compared with 10,761 in corresponding period of 1933.
Plymouth Retail Sales.
Retail sales of Plymouth cars in week ended Aug. 25 totaled 7,195 units,
according to It. G. Moock, sales manager. This compares with retail sales
of 7.344 in the preceding week. Production in the week ended Aug. 25
-V. 139. p. 1234.
last totaled 6.750 units.
Cincinnati New Orleans & Texas Pacific Ry.-Earns.
July
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 594.
1934
51.119:576 $1,260:059
627,878
450,634
486,955
326,945
$750:486 $1.3i 1 :866
151.205
338.010
101,128
251,414
6.714,855
2,641,813
1,975.748
6,107,719 9,062,597
1.154.452
1709,943
799g25
7,463,062
2,952.136
2,131,467
Clinchfield RR.-Earnings.1934.
$350,579
122,970
104,573
1933.
$475,191
238,825
202,818
1932.
5248.840
19.417
def28,141
1931.
$423.736
131.337
82.268
3,189.545
1,425,755
1,333.682
JulyGross from railway
Net from railway
Net after rents
Frecin Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p.757.
2,720,366
1.242.668
948,158
2,310,324
649,210
279,020
3,272.794
1,100,372
887,791
-Earnings.
Clorox Chemical Co.
Years End. June 30Gross profit from oper_Depreciation
1934.
$469.149
30,502
1933.
5355,886
25,458
1932.
$387,857
34,698
1931.
$381,428
37,163
Net profit from oper
Other income, net
$438,648
$330,428
3,473
$353,159
17,288
$344.265
Income before Federal
Income taxes
Prov. for Fed. inc. tax
Other expenses (net)
$438.648
62,510
94.453
$333,901
45.900
60,817
$370,446
45.300
62,163
$344.265
32,760
53.496 -
Net income
Dividends paid
$281,685
106.170
$227,184
220,369
$262,983
227.634
$258,010
236.380
$21,630
335.349
$6.815
$175,515
$2.18
$2.31
$2.00
$2.48
Balance Sheet June 30.
1933.
1934.
1933.
1934.
$350.119 $210,038 Accounts payable_ $174,178 $111,405
168,813
54,957
Dividend payable_
8,055
14,938
46.000
62,600
Fed. income taxes_
y Capital stock.... 1,219,606 1,219,607
214,019
__ 396,550
Earned surplus_
18.533
19.103
47,718 Capital surplus__ _
58,062
413.935
432,376
128,929
150,186
Balance, surplus
Earns. per sh.on cap.stk
AssetsCash on hand _ _ __
Stocks and bonds..
Sub. cos. invest. in
capital stock of
Clorox Chemical
Co
Accounts receiv_
Inventories
Plant equipment &
real estate
Trade-marks
Deferred charges_
Adv.& devel. costs
327,528
300,188
65,786
229,812
336,911
300.188
42,788
289.812
Total
51.926.995 51,778,377 Total
y Represented by 113,756 no par shares.
$1.926,995 $1,778.377
New Officer.
-
At a reorganization meeting directors voted to combine the offices of
Treasurer and Assistant Secretary. T.F. Fullmer, a director, was appointed
-V. 137. P. 3845.
to the new position as Assistant Secretary-Treasurer.
-Earnings.
Coca-Cola Co.(& Subs.).
1934-6 Mos.-1933.
Period End. June 30-- 1934-3 Mos.-1933.
Gross earnings
*8,044,237 $6,475,327 $12,923,279 *10.438.778
Selling, adm. exp., &c
2,972,260 2,432.806 5,159,820 4,325.397
$5.071.977 $4,042,521 $7,763,459 $6,113,381
Operating profit
166,836
169,523
Other income
61,300
122.297
-Reorganization.
City Investment Corp., Baltimore.
Total income
$5,194,274 $4,103,821 $7,932.982 $6,280,217
Holders of 6;4% gold bonds on Aug. 22 filed petition under Section
251,193
265.185
Miscall. deductions_ _ _ _
167,080
142,731
868.233
of the Federal Bankruptcy Act, asking for a reorganization of the proneri,tes
1,151,061
582,168
Federal taxes
742,971
against which $1,200,000 of bonds were issued in Oct. 1922. Principal
in Oct. 1931 and defaults in interest
payments due on the bonds defaulted
Net income
54,308,572 $3,354,573 $6,516,736 $5,160,791
occurred in April 1933.
Earns, per sh. on 1,000.The properties securing this issue of bonds, originally underwritten by
000 shs. corn. stk. (no
g. W. Straus & Co., are known as the Hopkins Apartments at Thirty-first
$4.15
$5.50
$2.85
$3.80
St. and St. Paul St., Baltimore, and the Lake Drive Apartments on Lake
P. 923.
Drive. opposite Druid Hill Park. Baltimore.
The petition was filed in behalf of Bayard Turnbull, 328 N. Charles St.,
Colorado & Southern Ry.-Earnings.Baltimore, Edward W. Cockey. 3933 Cloverhill Road, Baltimore and Mrs.
1931.
1932.
1933.
1934.
JulyEmma Burkholder. 328 Main St., Denver. Lancaster County, Pa. James
$623,481
$367.373
Gross from railway---- $497.351
$432,868
petitioning
115,886
Carey, 3d is the attorney for the the present creditors. the
90,302 def16.761
122,724
Net from railway
time is in
Hopkins-Lake
properties at
27,312
The title to the
16.384 def103,796
Net after rents
47.066
Drive Realty Corp.. the stock of which is owned by S. W.Straus & Co.. Inc.
From Jan. 1
It is proposed to organize a new company to acquire title to the properties,
2.956,013 2,639,777 3,028.220 4,412,464
Gross from railway
Corp.
Hopkins-Lake Drive
705.405
207.290
the new company to be known as theof the new company will be as
267,617
368.947
Net from railway
follows:
98,441
The funded debt and capital stock
Net after rents
def135,771 def242,684 def371,939
Available ft
-V. 139. p. 758.
Authorized.
Exchange.
5855.500
$855,0 ----Removed
1st mtge. 4;4% cumulative income bonds_ -Columbus Delaware 8c Marion Electric Co.
8.555
8,555
Capital stock (Par $1)
from Dealing. a
- -t,,
-Each SLOW 634% serial bond due serially through
Exchange.
Terms of
removed from dealing the 1st gr
isi_l
'Plett _w York Produce Exchange
1936 with April 10 1933, and subsequent coupons attached, participating
ref. mt . gold 5s, 1937. and 1st & . mtge.gold 6s, 1937.-V.137. p. 1049
in the plan of reorganization will receive in exchange:
1398
Columbus & Greenville Ry.-Earnings.-
Financial Chronicle
Sept. 1 1934
3. Beginning with the semi-annual interest payment due Nov. 1 1934,
the bonds will bear interest at the fixed minimum rate of 2% per annum,
July1934.
1933.
1932.
1931.
together with such additional interest, up to the total accumulation of
Gross from railway
$62,028
$70,422
$39,256
$82,437
unpaid interest for the two-year period ended May 1 1934 and 4% per
Net from railway
def3,159
14,483
def22,161
5,089
annum thereafter, as will be permitted by the company's available net
Net after rents
def2,047
15,844
def21,870
3,812
income, as defined below. All such additional interest will be cumulative
From Jan. 1
so that any deficiencies in total interest payments below an aggregate of
Gross from railway
465,817
397,783
624,544
424,763
6% per annum for May 1 1932 (the date of the last interest payment) will
Net from railway
292
26,299
def39,958
71,955
be carried forward and be payable out of future available net income of the
Net after rents
def9,243
30,959
def36,152
61,805
company. Each adjusted interest coupon will evidence the right of the
-V.139. P. 758.
holder to receive the fixed interest and any payment then required in
interest. All unpaid
Combustion Engineering Co., Inc.
-Orders Received.
- respect of cumulativeall events, become dueaccumulations of interest, even
if not earned, will, in
and payable upon the maturity
An order for the largest 1,400
-pound pressure steam generating unit
of the bonds, whether such maturity shall occur by lapse of time on the
ever built has been received by the company, it was announced Aug. 26.
regular maturity date or by acceleration, or otherwise.
The unit is to go into the River Rouge plant of the Ford Motor Co. Orders
4. In the event, for any two successive years, the available net income of
have also been received by the company for two large boiler units for
the company permits interest payments aggregating 6% or more per annum
the Detroit Edison Co., two complete steam generating units for the
(whether in respect of current or accumulated interest), the fixed interest
United States Industrial Alcohol Co., 64 welded drums for naval boilers,
rate will thereafter be restored to 6% per annum. In this event the obligatwo 50
-ton chemical and waste-heat recovery units for a Virginia pulp
tion of the company to pay additional interest for subsequent periods will
mill, two steam generators for a public utility in Nankin, China five waterautomatically cease, although all accumulated and unpaid interest for
cooled furnaces for Du Pont. four boilers for a Texas sulphur company,
prior periods must be discharged as soon as available net income will permit.
and other units for a hospital,a flour mill and a Public Works Administration
5. All available net income of the company remaining after the payment
project.
of all current and accumulated interest must, to the extent necessary, be
The company also states that in addition to the above orders a conapplied to the cumulative semi-annual sinking fund payments specified in
siderable volume of stoker and small boiler sales indicates that industry
the original mortgage. Such payments will be applied to the retirement of
now is giving attention to its steam generating facilities. ("Herald
bonds purchased on the most advantageous terms readily obtainable below
Tribune.")
-V. 139, p. 439.
the original sinking fund call prices, or. if not so obtainable, by call by lot.
The company will be permitted to make the semi-annual sinking fund payCommercial Credit Trust, Chicago.-Earnings.ments in cash and (or) bonds, any bonds presented to the sinking fund to
Earninas for Six Months Ended June 30 1934.
be taken not at their principal amount, but at the cost thereof to the comNet income after interest and Federal taxes
pany. Bonds purchased for the sinking fund with all unmatured coupons
$133.860
Earnings per share on 20,000 common shares
attached will be canceled immediately by the trustee.
$3.84
-V.121. p. 2044.
6. The "available net income" of the company for the payment of additional bond interest and for sinking fund requirements
Commonwealth & Southern Corp.(& Subs.).
-Earns. total gross earnings and income (whether operatingis defined to be the
or non-operating)
derived by the company from all sources, less all operating, administraPeriod End. July 31- 1934
-Month-1933.
1934-12 Mos.-1933.
tive and other expenses, which expenses shall not include depreciation but
Gross earnings
*9.243,020 $8,921,873$113,841,298$108,927,745
shall include, among other items constituting the same, salaries, current
Oper. expenses, includ.
maintenance and repairs, rentals, Federal income taxes, State and local
maintenance & taxes- 4,869,353 4,323,641 55,357,827 49,748.994
taxes of every kind and character, insurance, accrual for bad debt losses,
Fixed charges_ a
3,318,574
3,338,038 39,918,398 40,414,112
charges and reserves for capital expenditures,and reserves for contingencies,
Prey.for retire. reserve_
813,509
797,987
9,662,431
9,511,251
which shall, in the opinion of the board of directors of the company, be
Divs, on pref. stock..
749,722
8,996,629 8,996.007
749,531
deemed to be reasonable and necessary, interest paid and accrued on all
interest bearing indebtedness of the company, including the fixed interest
Balance
def$508,139 deff287,325 def$93,987
$257,379
on the bonds but excluding the additional interest thereon, and also less
a Includes interest, amortization of debt discount and expense and
such expenditures as the company, at the direction of the committee, shall
earnings accruing on stock of subsidiary companies not owned by Cornhave made in such period in connection with the promulgation or consumwealth & Southern Corp.
-V. 139, p. 1235.
mation of the amended adjustment plan, and also less such amount as
must be retained by the company in order to maintain net current assets
Consolidated Gas,Electric Light & Power Co., Balt.- of
working capital in an amount not less than $25,000; provided, however,
$18,000,000 Issue of 33 % Bonds Planned.
4
that in determining the "available net income" there shall not be included
It is stated that a registration statement covering the proposed issuance
in the income or deducted therefrom any profits or losses resulting from the
of $18,000,000 334% bonds is in course of preparation and is expected to be
purchase, sale or other disposition by the company of the bonds or of any
filed in Washington in the near future.
of its shares of stock or of any of its fixed assets. The periods for the comProceeds of the new issue will, it is said, be used for the retirement of
putation of "available net income" will be the six months' periods ending
$13,850.000 general mortgage 448 due on Feb. 14 1935, and for the
respectively on Sept. 30 and March 31 next preceding the interest payment
•
redemption of two underlying bond issues aggregating $824,400.
dates.
In the financial district it is reported that underwriters of the new issue
7. For the purpose of reducing taxes the company's stockholders and
will be White, Weld & Co.; the First Boston Corp.. Alexander Brown &
directors have approved a reduction in the par value of the company's
Sons, the Lee Higginson Corp.. Brown Harriman & Co., Inc.; Minsch,
participating preference stock from $50 per share to $1 per share, and the
Monell & Co. and Joseph W. Gross & Co. of Philadelphia.
common stock from $5 per share to 10 cents per share. No dividends on
-V. 139. p. 759.
either the preference or common stock may be paid
time until all
---Consolidated Machine Tool Corp. of America.- current and accumulated interest on the bonds hasat any paid and the
been
cumulative sinking fund requirements fully discharged.
Rfm ef x m Dealing.
rh ..
:ted ero
8. If a bona fide offer for the purchase of the bridge shall be received by
New York Produce Exchange has removed from dealing the 1st
the company while any of the bonds are outstanding, the company must
mtge.
s. f. gold 7s, 1942.-V 136, p. 3351.
notify the corporate trustee thereof and the corporate trustee will (upon
being reimbursed for expenses to be incurred) thereupon give appropriate
Consumers Power Co.
-Earnings.
notice of such offer by publication and by mail to bondholders whose names
IA. Subsidiary of Commonwealth & Southern Corp.]
are known and,if, at that time, any bond interest or sinking fund payments
Period End. July 31- 1934
shall be accumulated and unpaid holders of 51% or more of the bonds then
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
outstanding may, whithin a period of 120 days from the date of the last
$2.309.432 $2,098,038 127,745,048 126.161,785
Operating expenses, incl.
publication of notice, declare a default and direct the corporate trustee to
maintenance & taxes_ 1,169,371
proceed to enforce the lien of the mortgage by foreclosure proceedings, or
995,407 12,799,145 11,505,855
Fixed charges
otherwise. A six-months' period of grace, during which default may not
390,559
389,759 4.662.177
4,663,287
Prov. for retirement res_
ordinarily be declared for the failure to pay fixed interest on the date due,
237,500
232,000
2,822,500
2,784,000
Dividends on pref. stock
will be provided but such provision will not in any way impair the right of
350.667
347.039
4,172.631
4.161,828
holders of a majority of the bonds to direct the acceleration of the maturity
Balance
of the bonds and the institution offoreclosure or other proceedings to enforce
$161,332
$131,832 $3,288,594 $3,046,814
-V.139. p. 925.
the lien of the mortgage in the event a bona fide offer for the purchale of
the bridge is received.
Continental Illinois Co., Chicago.
-Second Liquidating
9. On the consummation of the amended adjustment plan all of the first
mortgage bonds and coupons now in the treasury of the company will be
Dividend.
surrendered to the corporate trustee for cancellation.
A distribution of $750,000 or $1 per share was made to holders of cerResults of Operation.
-Results of the company's operations for the first
tificates of beneficial interest on Aug. 28. This was the second liquidating
four fiscal
disbursement made, a like cash distribution in addition to.1 000,000. earnings for years ended July 31 1933. together with non-comparative
the 12 months' periods ended Dec. 31 1933 and June 30 1934,
common shares of the Chicago Corp. having been disbursed on March 27
as reported by the company, were as follows:
last. The company, which is being liquidated under the Banking Act,
Gross
was the securities affiliate of the Continental Illinois National Bank &
Revenue.
e Net Income.
Trust Co. of Chicago. See also V. 138, p. 1922.
f Rate.
a 1930
*230.945
1137,089
4.22
I, 1931
234,392
151,590
4.67
" "Continental Shares, Inc.
--Plan Filed by Receiver.
b 1932
187,759
118,054
3.64
Settlement of $16.754,528 asserted claims against the company,
b1933
147,577
80,129
2.46
basis that will preserve a small equity for 'referred stockholders wason a
C 1933
pro148,035
76,526
2.35
posed in a debt adjustment plan filed in Commons Pleas Court, Cleveland,
d 1934
164,264
80.824
2.49 o
Aug. 29, by Charles B. Wachner. receiver.
a Period Aug. 8 1929 to July 31 1930. b Fiscal years ended July 31.
The proposal would leave the company in possession of substantial
c 12 months ended Dec. 31. d 12 months ended June 30. e Before bond
blocks of Republic Steel Corp. and Cliffs Corp. stocks with a market value
interest, depreciation, Federal income taxes, amortization and certain
of around $2,000,000 at present prices, indicating that preferred stockunpaid adjustment plan charges. f Rate of such net income on $3,244,500
holders might receive as much as $5 a share when affairs finally
first mortgage bonds.
are wound up.
During the last few months earnings of the company have shown an
As part of the settlement various litigation against Cyrus S. Eaton,
encouraging increase in comparison with the corresponding months of 1933
dominant figure in the investment trust management, and others would
and, while it it too &Lily to make a definite prediction, it is hoped that
be dropped Nine such law suits which charged mismanagement and sought
the present trend will continue.
recovery from Eaton and others are now pending.
Committee -B. Miles Warner, Charles H. Bliss, Arthur H. Gilbert,
Judge Lee Skeet directed creditors to show cause why the proposal should
James B. van Vleck. and J. Sidney Condit,
not be approved and set a hearing for Oct.6.-V. 137, p. 3500.
Balance Sheet, June 30 1934.
4r
*--"Cooper 4y. arid , Inc.
-Amended Reorganization
AssetsLiabtldiesFixed assets
14,632,736 Capital stock,$3 particip. pref.
Plan.
Investments (at cost)
71,795
stock (par 150)
The adjustment committee
12,315,000
e 1st (closed) mtge. 6% sinking fund
Cash
136,312
Common stock ($5 par)____ 930.000
gold bonds, due May 1 1958 (R. Miles Warner, Chairman) has announced
Accounts receivable
1,967 1st mortgage 6s 1958
that over 92% of the bonds have now been deposited and that amendments
3,244,500
Special deposit
63 Bond interest matured
to the adjustment plan (V. 135, p. 1497) have been adopted and approved
389,340
Inventory
454 Bond Interest accrued
by the committee and the directors. It is hoped, the Committee states,
32.445
Prepaid expenses
5.006 Other accrued expenses
that, with the approval of the depositing bondholders. the amended plan
9,070
Deterred charges
418,775 Deferred credit
may be declared operative some time in September 1934.
2,260
Discount on capital stock__ __ 1.183,750 Reserve for maintenance
An appropriate petition has been filed by the company with the United
13,123
Deficit
States District Court for the Eastern District of South Carolina at Charles484,879
ton under the provisions of the Federal Bankruptcy Act, as amended.
Total
Total
16,450,858
The amended plan upon approval by the depositing bondholders, will be
16,450,85
presented to the court for confirmation. As soon as final confirmation has
-V. 139. p. 1081.
been given by the court, the amended plan will immediately be conCord Corp.
summated. [It was erroneously stated in "Chronicle" of Aug. 18 that
-New President.
L. B. Manning, Executive Vice-President, has been elected President.
the company operated a toll bridge at Charleston, W. Va. This should
have read South Carolina.]
succeeding E. L. Cord, who will remain a director and member of the
The terms of the amended plan are as follows:
Executive Committee, R. S. Pruitt. General Counsel for the corporation,
was elected a Vice-President.
1. When the amended plan has been declared operative the deposited
-V. 135, p. 1235.
bonds will be duly stamped as subject to the supplemental adjustment
Corrigan, McKinney Steel Co.
agreement, dated May 1 1934, all present interest coupons detached from
-Proposed Merger.
-See
the bonds, and new adjusted interest coupons, beginning with the coupon
Republic Steel Corp. below.
-V. 139, p. 595.
due Nov. 1 1934. attached thereto in lieu of the original coupons. The
adjusted coupons will evidence the obligation of the company to pay•••••••••Cuban Telephone Co.
-To Pay Sept. 1 Interest.
interest in the amounts and manner set forth in paragraph (3) below.
Interest due Sept. 1 on the 1st & ref. 7'bonds of 1941 will be paid,
Thereupon holders of certificates of deposit will receive, in exchange for
according to information received by International Telephone & Telegraph
their certificates, the bonds to which they are entitled together with an
Corp., of which this company is a subsidiary.
interest payment of $10 for each $500 of bonds owned, as a partial payment
The company is being operated by an "interventor" appointed by the
of interest at the rate of 1% per annum for the two year period from May 1
Cuban courts,following strike disorders some weeks ago.
-V. 139. P. 925.
1932 to May 1 1934. The remaining accumulated and unpaid interest of
5% per annum for such period will be carried forward and be payable out
Curtis Publishing Co., Phila.-Preferred Dividend.
of the future available net Income of the company.
The directors have declared a dividend of $1.75 per share on a
unt
2. The first mortgage positiqn, principal amount, and redemption and
of accumulations on the 7% cum. pref. stock, par $100. payable Oct.1
sinking fund call prices of the bonds will remain undisturbed.
to holders of record Sept. 20. This compares with $1.25 per share paid on
Volume 139
Financial Chronicle
1399
that as of
adjusted or satisfied by payment pursuant to court orders, so
July 2 last. 75 cents per share on April 2 last and 50 cents per share on
Feb. 28 1934 this indebtedness amounted to approximately $153,000.
Jan. 23 1934.
-The plan of reorganization provides in substance
Outline of Plan.
Brief
on the
Accruals on the preferred stock, after the Oct. 1 dividend, will amount
for the formation of a new company and the issuance of Its securities
-V. 139, p. 596.
to $8 per share.
following basis:
Will Receive
-Earnings.
Dallas Power & Light Co.
Common
$7 Cumu/.
Income
OutShares.
Pref.Shs.
Debs.
standing.
[Electric Power & Light Corp. Subsidiary]
Existing Securities80,000 shs.
$10,000,000
1934-12 Mos.-1933.
$10,000,000
-Month-1933.
Cony.gold notes
Period End. July 31- 1934
4 shs
500
$433,354 $5,123,392 $4.965,122
Each $500
$461,864
Operating revenues_ _ _ _
390.000
25,000
2,339.845
2.520,664
192,121
224,149
Indebt.to Standard_ _ _ _ a9,342,642
Oper. exps., incl. taxes_
Is
See
4,227
4,085
251
334
-Dr
Misc.& conting claims_ _
Other income
50.000
50.000 shs.
$7_pref. stock
1 sh.
$240.982 $2,598,643 $2,621,050
Each share
Grose corp. Income.,,.., $237,381
753.562
761.052
c599,475 shs.
64.268
64.326
Common stock
Interest & other deductshown above is taken from the
a The amount of the claim of Standard
the claim is
y$173.055 0176,714 $1,837,591 $1,867.488
Balance
books of the corporation. A determination of the amount of
Standard is made
x Dividends applicable to preferred stocks for
still pending. The foregoing allotment under the plan to
506,018
507.267
corporation and (b) in
period, whether paid or unpaid
(a) in satisfaction of its entire claim against the of all interest, whether
consideration of its transfer to the new company
$1,330,324 $1.361.470
Refining Co.. so that the new
z Balance
stock or indebtedness. in Deep Rock Oil &
miscellaneous
x Regular dividends on 7% and $6 pref. stocks were paid on May 1 1934.
company will be the sole owner of the Refining Co. b The
obligations not
debts, the expenses of reorganization, the receivership
After the payment of these dividends there were no accumulated unpaid
corporation to the
otherwise discharged, the contingent liability of the debts, expenses and
dividends at that date. Regular dividends on these stocks were declared
for payment on Aug. 1 1934.
Federal government for income taxes, and certain other the new company.
assumed by
y Before transfers to replacement requisition and before dividends.
liabilities referred to in the plan, will bebe assumed by the new company,
z Before transfers (aggregating $442,015 for the 12 months ended July 31
Other contingent liabilities referred to will
income debentures. Other creditors whose claims
and surplus reserves in accord1934) made to maintenance and depreciation
but payable only in new
will be entitled
-V.139.
ance with franchise provisions, and (or)to replacement requisition.
are not assumed by the new company or otherwise adjusted, notes.
c No
the convertible
p. 925
to share in the plan on the same basis as common stock. gold
the
provision under the plan is made for
in the reorganization
he
------CrtBrewing Co.-Admittd to List.
The Standard claim has been allotted a position claim in a substantial
that the common
annou
New York Produce Exchange
T
based upon the theory that Standard can justify its
respect to the Standard
is stock, which has
stock
been admitted to fully lisLd status,
manner. Before reaching any conclusions with
detailed study
been in the unlisted department, is the firs to change its status.
formerly
claim, the committee and its counsel made an independent
between the corporation and
-V. 139. p. 1081.
and analysis of the transactions and accounts
to the
covering the period from the organization of the corporation
Standard
committee believes
date of the receivership. Based on this investigation,the
Cusi Mexican Mininga-Admitted to List.$7.300.approximately
ditional
tted
that Standard could justify and support a claim for in the indenture under
The(sew York Curb Exchange as admitted to list 318,0
000. Because of the existence of certain covenants
shares ofcommon stock, par 50
question may be presented
which the convertible gold notes were issued, a the Standard claim, should
i
ip
,e
as to whether the entire amount, as allowed on
IDHttn Realty Co.-Rem:yd from Dealing."
this connection it
rank on a parity with the convertible gold notes. In a subordination of
ow York Produce Exchange has removed from dealing the 10
T
provide for
th non-detachable stock purchase
should be noted that the terms of the plan debentures to be issued to the
gold notes,
inking fund
year 6
Standard to the income
the entire claim of
-V. 136, p. 2250.
warrants.
consented to take only
holders of convertible gold notes, as Standard has
of convertible
-Earnings.
preferred and common stock for its claim. whereas the holders
Dallas Ry. & Terminal Co.
security for the full principal amount of the
gold notes will receive a prior
stock. FurPower & Light Corp. Subsidiary]
(Electric
notes and in addition approximately 157 of the new commonindebtedness
1934-12 Mos.-1933.
cancel all
-Month-1933.
Period End. July 31- 1934
thermore, the plan provides that Standard shalltransfer all of the capital
$2,284,816 $2,206,269
and
$166,116
$174,887
Operating revenues
owing to it by Deep Rock Oil & Refining Co.
unnecessary for
1.508.983
1,583,463
1..2.314
126,118
Oper. exps., incl. taxes_
stock of that company to the new company thus making it respect to the
186,063
186,063
15,505
15,505
Rent for leased property
the new company to make future rental payments with In view of the
properties heretofore leased from the refining company.
determination of the
$511,223
$515,290
$28,297
$33.264
Balance
foregoing. in the judgment of the committee, the final provided the claim
17,696
17,500
the plan
1.476
1,458
Other income
claim of Standard will not affect the fairness ofsubstantial portion shall be
Is allowed for at least $5.000.000, of which a
$528.919
$532,790
$29.773
Gross corp. income__ _
$34,722
held to rank on a parity with the convertible gold notes. been determined
328,554
327,535
not
27,556
27,525
Int. & other deductions_
However, inasmuch as the Standard claim has convertible gold notes
by the court, the plan provides that the holders of
$200.365
given an oppor$205,255
y$2,217
)47,197
Balance
assenting to the plan before such determination, shall be
actual determinaz Dividends applicable to pref. stock for period,
tunity to consider the fairness of the plan in the light of the
103,901
103,901
of the claim of Standard by the Oklapaid or unpaid
whether
tion. Therefore upon determination
will be given
homa District Court, notice of the terms ofsuch determination
notes with the
$96,464
$101,354
z Balance
to those who have theretofore deposited convertible gold to reconsider
opportunity
x Dividends accumulated and unpaid to July 31 1934. amounted to
committee and such depositors will be given anwithout expense, if tney so
the plan and to withdraw their deposited notes
$77,926. Latest dividend, amounting to $1.75 a share on 7% pref. stock.
desire.
was paid on Nov. 1 1933. Dividends on this stock are cumulative.
y Paefore repair, maintenance and depreciation reserve and surplus
Property and Operation of the Corporation.
reserve transfers and before dividends.
oil leases
z Before repair, maintenance and depreciation reserve and surplus
The corporation, as of Dec. 31 1933, owned or controlled States of
principally in the
reserve transfers.
covering 130,703 acres of oil lands located
9,947 acres are developed.
current income for the
-This statement includes only actual
Note.
Oklahoma, Kansas, Texas and Arkansas. of which
were in operation.
periods shown. By reason of the fact that the company did not earn the
As of Dec.31 1933.469 producing oil wells and 46 gas wells
1934, under
full return permitted by the franchise during the last 12 months, $47,230
The daily average production during the month of January and operates
owns
to
was transferred during that period from certain reserves and takenwas
proration, was in excess of 5,000 barrels. The corporation
plants.
purposes under the terms of the franchise and
account for corporate
three casinghead gasoline
more than 400
therefore available to the company for return in addition to the current
Through its own pipe line and gathering system, totaling
crude oil which it
Income shown. After such transfers there was a deficiency for the year
miles, the corporation gathers and transports all of the
return permitted by the franchise for
ended July 311934. of $84,519 in the
refines.
crude oil and is
balance in the company's
such period. At July 31 1934, there was noby the franchise to equalize
The refinery has a daily capacity of 10,000 barrels of
field. It is a
surplus reserve (a special reserve provided for
located at Cushing. Okla., in the heart of the Mid-Continent
of $846.779.-V. 139.
wax, zero bright stock and
operations) but the company and corporate surplus
completely equipped plant and includes paraffin
lease from
oil equipment. The corporation operated under
p. 925.
lubricating
capacity cracking
Deep Rock Oil & Refining Co. a modern 4,000 barrel daily
4
Planeti
Deep Rock Oil Corp.-Reorganitation
plant.
-642 tank
The corporation on Dec. 31 1933, had in operation a fleet of MissouriThe corporation on Aug.20 filed a reorganization plan with the Oklahoma
The
cars, 591 of which are owned by the corporation and 51 leased.
District Court pursuant to the terms of the amended Bankruptcy Act.
railroads, adjacent to the
-Texas and Atchison Topeka & Santa Feloading racks and tracks.
Kansas
had appointed H. N. Greta as trustee. The reorThe Court previously
refinery site, serve the corporation's extensive
ganization committee states that it considers the plan "fair and equitable"
distributing
The corporation, directly or through subsidiaries, has retail marketing
to all interested parties and recommends its acceptance.
The principal
of: John J. Shinners, Chairman;
facilities through which its products are marketed. Iowa, Nebraska, MinneThe reorganization committee consists
Illinois,
-P. Murphy, Robert F.
territory includes the States of Wisconsin,
John H. Mason, Newton P. Frye, Grayson M.
Arkansas,
sota, Oklahoma, North Dakota, South Dakota,Indiana, Missouri,
Holden and Albert J. Robertson, with R. Miles Warner, Sec., 231 So. La
and Michigan.
Salle St.. Chicago, and Cutting. Moore & Wiley. Counsel, 11 So. La
had the following
Subsidiary Companies.-Corporatton at Feb. 28 1933, case noted:
Salle St., Chicago. The depositary is First National Bank, 38 South
active subsidiaries which are wholly owned, except in the
Dearborn St, Chicago, with the Chase National Bank, 11 Broad St., New
York.sub-depositary.
Deep Rock Petroleum Co.
Deposit of securities must be made on or before Oct. 15. unless extended.
Deep Rock Oil Co. (of Del.).
-On Feb.28 1933. the time of the
Present Capitalization and Indebtedness.
Deep Rock Oil Co. of Wisconsin.
original receivership in the Oklahoma State Court before removal to the
Southern Illinois Service Stations Co.
Oklahoma District Court. the outstanding capitalization and major inOzark Car Corp.
stock
debtedness of the corporation, as reflected by its books, were approximately
Deep Rock Oil Corp. of Neb. (pref. stock owned 69 2-3%; com,
.
as follows
owned 63%).
6% cony,gold notes (unsecured) originally due March 11933:
of the stock investment in these subsidiaries at Feb. 28
The total cost
while the
47.819,500
Extended to March 11937. at 7%
1933, as reflected by the books of the corporation, was $852,572 shown by
x2.180.500
Not extended
investment in other securities of certain of these subsidiaries wasthe books
34.389
In addition to these amounts,
Secured notes, payable aerially
the the books to be $110,308.
by the subsidiaries
3,365
Assumed indebtedness of former subsidiary
showed balances of $1,093.417, as of Feb. 28 1933, dueobligation of Deep
Open acct.indebted. to Standard Gas & Elec. Co.(unsecured)_ _ 9,342.642
to the corporation, which amount included a $33,376
1880.488
y)
28 1933. Although the
Miscellaneous current indebtedness (approximatel
Rock Oil Corp. of Neb. paid subsequent to Feb.
balances
$7 cum. cony. pref. stock without par value (cum. diva. unrecords of the corporation show that the total investments and
after
50,000 shs.
paid $758.333)
due amounted to $2.056.297. the books of the subsidiary companies, such
Corn,stock without par value (579,132 shs. owned by Standard
eliminating intangibles, reflect an aggregate net worth applicable to
599,475 shs.
Gas & Electric Co.)
and balances of only $1.280,097.
investments
The current indebtedness of subsidiary companies excluding obligations
Wis,
x Corporation's books on Feb. 28 1933 showed as a liability the $300,000
to the corporation, amounts to $65.591. The Deep Rock Oil Co. of
accrued semi-annual interest due March 1 1933 on the convertible gold
and the Southern Illinois Service Stations Co. have outstanding certain
notes. This amount. which is not included above, was on deposit with the
profit participating certificates and certificates of indebtedness calling for
trustee on March 1 193d from funds theretofore provided by the corporation.
payments from time to time of which a major portion as of Feb. 28 1933
pary Exclusive of reserves of $219.681 for liabilities.
had been acquired by the corporation. The total liability on such than
In connection with the foregoing statement of major indebtedness, the
ticipating certificates and certificates of indebtedness held by others cum,
following comments are made:
$140,000 on Feb. 28 1933. Unpaid
the corporation, did not exceed
Neb.
(1) There are not included in the foregoing, certain obligations of the
dividends on the 7% cum, pref, stock of the Deep Rock Oil Corp. of 1-3%
corporation (other than fen rental accrued to Feb. 28 1933) under a lease,
amounted to $120.121 at Feb. 28 1933; there is a minority interest of 30 the
1 1930 (terminable on 30 days' notice) whereby Deep Rock Oil
interest being owned by
dated Oct.
in this sum owned by others, the remaining
& Refining Co., a wholly owned subsidiary of Standard Gas & Electric Co.,
corporation.
leased certain oil properties and a cracking plant to the corporation. The
Statement of Consolidated Gross Earnings and Operating Expenses (Corporation
liability under this lease as well as title to the properties
corporation's
and Subsidiaries).
included therein are in dispute in connection with the claim of Standard.
a1930.
1931.
1932.
1933.
Under the plan of reorganization these properties (or the company directly
$10,362,544 $13,285,226 $13,541.490 $18.629,628
Is Gross earnings
the new company.
owning such properties) will be wholly owned by
8.932,673 11,500,539 11.833.734 15.778.519
c Oper. expenses
(2) The foregoing does not include the capitalization or indebtedness of
a The 1930 figures exclude the operations of Deep Rock Oil Co. (Del.),
subsidiary companies. Subsidiary indebtedness other than current oblia subsidiary, not then consolidated. b Other income included as follows:
gations and debts due to the corporation consist of profit participating
1930, $46,000; 1931, $75.178; 1932, $114,717: 1933, undetermined amount
certificates and certificates of indebtedness payable over periods, of which
included in gross earnings. c After adjustments and before charges.
not more than $140,000 were outstanding on Feb. 28 1933.
On the basis of the audits for the years 1931 and 1932 additional reserves
(3) The foregoing does not include contingent liabilities, largely relating
for bad debts amounting cumulatively to $113,000 were proposed. Such
and obligations in connectien therewith.
to income taxes
proposed additional reserves are not included above.
(4) The open account indebtedness to Standard as shown above has
For the first 12 months of the receivership (March 1 1933 to Feb. 28
been contested and the amount is still undetermined. The committee has
1934), the receivers reported that gross earnings from operations of the
order to ascertain a proper
made an independent investigation thereof, in
properties of Deep Rock Oil Corp. and its subsidiaries were $10,786,803.
basis for Standard's participation in the plan.
and that the operating expenses, (after making the adjustments and before
(5) The miscellaneous indebtedness of the corporation of approximately
making the charges referred to) were $8,897.780.
$880.488, which consists largely of current trade obligations, has been
f/E
1400
Financial Chronicle
All of the above figures disregard the minority interest outstanding in
Deep Rock MCorp.of Neb., a subsidiary.
-V.139, p. 1235.
Delaware & Hudson RR.
-Earnings.
July
-1933.
1932.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 596.
$1,694,471 $2,011,827 $1,731,790 $2,537,698
def8,294
300,536 def32,531
444,940
def75,646
208,585 def13,737
379,021
14,075,531 11,759.425 13,590,711 18.270.750
1,693,069
55,218
417,553 2.366,857
1,293,930 def476,341 def215,396 1,861,977
Delaware Lackawanna & Western RR.
-Earnings.-
July
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 596.
1934.
1933.
1932.
1931.
$3,391,697 $3.913,795 $3,528,154 $4,774.83
409.045 1,111,709
579,661
993,651
29,980
633,904
98,897
530,125
26,682,468 24,416,493 27,485,526 35,441,485
5,632,514 4,648,485 5,090.901
7,753,915
3.003.252 1,501,421
2,036,568 4,468,984
Denver & Rio Grande Western RR.
-Earnings.
-Period End. July 31- 1934-Month-1933.
1934-7 Mos.-1933.
Operating revenues
$1,546,264 $1,330,721 $9,617,361 $8,333,930
Operating expenses
1.222,993
985,218 7,556,270 6,586,609
Net ry. oper. income_ _
.
133,388
196,485
965,492
778,333
Available for interest.-121,459
172,004
1,138,611
743,829
Int. on funded debt_ --454,462
448,241 3,122,606 3,147,488
Net deficit
$333,002
$276.236 $1,983.995 $2,403,658
Payment of July 1 Interest on 18t Consol. Bonds.
-
The directors, meeting in Cleveland, Aug. 29, voted to pay the interest
due on July 1 on the 1st consol. 4 and 4h % bonds of 1936, payment on
which had been deferred under the 60
-day Period of grace.
The board voted also to settle the interest due on July 1 on the 45 of 1939
at the end of the 90
-day period of grace.
Payment of interest due on the consolidated bonds had been deferred
previously to meet the Colorado taxes of about $1,000,000, but payment
within the period of grace was hoped for.
-V.139, p. 1235.
Detroit & Mackinac Ry.-Earnings.July
1934.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 760.
$4,405,007
3,655,432
Gross operating profit
General & administrative expense
Selling expense
Traffic, warehousing & shipping expense
Bad debts provision-less recoveries
$749,575
228,711
368.825
85,050
34,635
Net operating profit
Other income
$32.355
18,634
Total income
Interest paid
Depreciation
$50,989
16,480
144,750
Net loss
$110,242
Consolidated Balance Sheet June 30 1934.
Assets
LlaltlLttesCash
$533,866
Notes payable-banks._ $1,500,000
Trade accts. & notes me__ .. x1,716,034 Accounts payable
146,835
Inventories
4,085,570 Accrued taxes, wages, comManufacturing supplies &
pensation awards, &c
91.622
stores, repair parts, &e
209,463 Customers' credit balances
97,720
Employees'loans and expense
Prov. for Fed. Inc. tax-1933
33,549
advances
26,904 Reserves for self-insurance.._ _
54,075
Fixed assets
y4,400,614 Capital stock:
U. S. Treas. notes-st cost
Pref.6% non-cumulative
555,400
(Prin. amt.
40,434
-$40,000)
Common
18,000,000
Investments
6,824,487 Deficit
577,452
Due from the Eagle-Picher
Mining .4 Smelting Co_
1,687,381
Treasury stock-at cost
24,128
Prepaid freight, insurance,
taxes, Interest. &c
102,307
Miscell. deferred charges
250,560
1
Patents, goodwill, &c
1931.
$90,455
26,935
18,047
Total
$19,901,750 Total
$19,901,750
z Less reserve for bad and doubtful accounts of $241,531. y Less
reserve for depreciation of t5.517.232.
-V. 139. D. 1236,
326,416
27,660
49,350
319,885
13,217
-7,035
386,728
26,350
5,018
606,583
151,898
110,837
Earnings for the 6 Months Ended June 30 1934.
Sales-Eagle-Picher Lead Co
Others
$1.161,427
1.518,896
Total sales..
Royalty paid
Freight
$2.680,323
110,522
39,206
Net sales
Production & manufacturing costs
$2,530,596
2,218,977
$396.847
163,109
95,119
$382,344
165,326
127.269
$360,535
89,196
47,657
1931.
$430,166
114,910
61,586
3,798,775
1,984,063
1.413,862
2,177,455
829,632
524,469
2,735,779
745,779
384,197
4,001,552
1,338,961
881.686
Distributors Group, Inc.-Investmen1 Company Averages
t
Rise 10%.
The investment companies common stock index rose substantially during
the past week,as evidenced by the averages compiled by Distributors Group,
Inc. The average for the common stocks of the 10 leading management
companies,influenced by the leverage factor, stood at 12.28 as of the close
Aug. 24, compared with 11.17 on Aug. 17.
The average of the non-leverage stocks stood at 14.26 as of the clam
Aug. 24, compared with 14.23 at the close on Aug. 17. The average of
the mutual funds closed at 10.45, compared with 10.11 at the close of the
previous week.
-V.139, p. 1082.
Duke Power Co.
-Smaller Common Dividend.41. 11
4
The directors have declared a dividend of 75 cents per share on the common stock, par $100. payable Oct. 1 to holders of record Sept. 15. The
company made distributions of $1 per share each quarter from April 1
1933 to and including July 2 last, and $1.25 per share quarterly from April 1
1929 to and including Jan. 3 1933. In addition, a 2% stock dividend was
paid on the common stock in January 1930.-V. 138, p. 2081.
Duluth Missabe & Northern Ry.-Earnings.1934.
1933.
$1.798,984 $1,410.352
1,151,389
937,861
1.023,857
866,907
5,125,081
1,151,536
611,052
1932.
1931.
$417,376 $2,360,834
45,255 1,479.885
22.433
1,338,336
3,167.653
915.651
5,782.297
411,099 def1987,678
185,116
171,002 def2025,266 def314,876
Duluth South Shore 8c Atlantic Ry.-Earnings.--
July
-1933.
1932.
1931.
Gross from railway
$220,851
$144,152
$256,g78
$227,282
Net from railway
86,649 def17,247 def11.368
82,369
Net after rents
def45,640 def45,863
67,711
56,113
From Jan. 1
Gross from railway
1,025.130
1,321,330
992.309 1,688,602
Net from railway
89,793 def119,539
264,398
95,056
Net after rents
106,584 def72,994 def329,317 def154,376
-V. 139, p. 761.
Duluth Winnipeg & Pacific Ry.-Earnings.1934.
$67,100
def20,982
def15,566
1933.
$77,274
9,232
18,886
1932.
$60,431
def35,531
def24,005
1931.
$90,440
def42,000
def54,021
497,825
417,699
535,74/
724,972
def45,573 def108,762 def101,257 def195,809
def16,828 def10,516
def4,037 def191,398
Dunhill International, Inc.
-Sells English Company
Holdings.
The Committee on Stock List of the New York Stock Exchange has
received the following notice from the company:
"We beg to advise that Dunhill International, Inc., has disposed of its
entire holdings in Alfred Dunkin Ltd. of London, Eng., by the recent sale
of80,000 ordinary shares of the capital stock of the latter."
-V.139, 13. 113.
$4,748,761
343,754
Net sales
Production & manufacturing costs
$66;233
13.800
9,075
etroit Vapor Stove Co.-SsierKhis company has been acquired by the Borg-Warner Corj
.1.)-V. 127,
...
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 596.
[Including The Eagle-Picher Sales Co.]
Earnings for the 6 Months Ended June 30 1934.
Gross sales
Freight,allowances and discount
$51,.670
3,630
def1,539
Detroit & Toledo Shore Line RR.
-Earnings.
July
1931.
Gross from railway
$181,674
$229,i94
$112.876
$190,661
Net from railway
73,551
124,419
27,594
70,968
Net after rents
23,910
48,390 def13,282
15,589
From Jan. 1
Gross from railway
1,871,657 1.464.917 1,345.792 1,824,326
Net from railway
1,024,996
736,546
575,727
812,492
Net after rents
529.900
307.822
169,306
298,820
- 139, p. 596.
V.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p.761.
Eagle-Picher Lead Co.
-Earnings.
-
$48;953
2,967
20,970
Detroit Toledo & Ironton RR.-Earnings.July1934.
1933.
1932.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 139, p. 596.
V.
Sept. 1 1934
Eagle-Picher Mining & Smelting Co. (& Subs.).
-
Gross operating profit
General and administrative
Selling commissions
Bad accounts
$311,619
48.691
11.432
8,000
Net operating profit
Other income
$243,495
33.220
Total income
Depreciation & depletion
$276,715
267,809
Consolidated net profit
$8,906
Consolidated Balance Sheet June 30 1934.
Assets
LiabflWesCash
$98,622 Accounts payable
$168,652
Accts. & notes recelable
x165,649 Accrued wages, taxes,
56,219
Inventories
1,253,176 Due Eagle-Picher Lead Co. &
Equipment In temporary servEagle-Picher Sales Co_ _ _ 1,687,381
ice and surplus stores
67.083 Reserve: Workmen's compenService deposit & other accts_
11,793 sation insurance
25,044
Due from employees
4,470,780
4,090 Capital stock
Investments at cost
22,551 Surplus
z1,392,503
Fixed assets
y5,880,640
Prepaid expense
40,412
Deferred charges
256,563
Total
$7,800,578 Total
$7,800.578
x Less reserve for bad and doubtful accounts of $39.214. 3, Less reserve
for depreciation and depletion of $5 336,078. z Arising from revaluation
of capital stock and acquisition of treasury stock less operating deficit.
-V. 138, p. 2921.
Eastman Kodak Co.(& Subs.).
-Earnings.
-
24 Weeks EndedIncome from operations
Interest and dividends receivable
Other income
June 16 '34. June 17 '33.
$9,950,561 $7,778,718
600,939
596,342
106.874
95,347
Total income
Depreciation
Federal taxes, &c
Other charges
$10,642.250 $8,486,531
2,725,212 2,711,739
1,445,681
772,389
257.553
653,779
Profit
Profit on sale of securities
$6,213,804 $4,348,624
531,872
Net profit
$6,745,676 $4,348,624
Earnings per sh.on 2,255,921 she.cora.stock (no par)
$2.91
$1.84
Obituary.
Lewis B. Jones, Vice-President and Sales Director, died Aug. 26.V. 139, p. 1236.
Electric Auto-Lite Co.
-Earnings.
Including Wholly Owned Subsidiaries.]
6 Mos.End. June 301934.
1933.
Net profit after deprec. St other deductions but
before Federal taxes
$827,448 x$316,012
x After Federal taxes.
The company reports the percentage of its holdings in four partially
owned subsidiaries and earnings before Federal taxes of these companies
for the six months ended June 30 1934 (not included in the above statement), as follows: Moto Meter Gauge & Equipment Corp. 94% owned,
profit $346,239; Barley Industries, Inc.. 51% owned, profit $4,010; Columbus Auto Parts Co., 51% owned, profit $20,586, and Burt Foundry Co.,
60% owned, a loss of $485.
C. 0. Minlger, President, has been elected to the newly created office
of Chairman of the Board, and has been replaced as President by Royce G.
Martin, who has been Vice-President.
-V. 138, p. 4124.
Electric Bond 8c Share Co.
-Electric Output of Affiliates.
Electric output for the three major affiliates of the Electric Bond &
Share System for the week ended Aug. 23 compares with the corresponding
week of 1933 as follows (kwh.):
Increase
1934.
1933.
Amount. %
American Power & Light Co_---77,101.000 82.013,000 4,912,000 x6.0
Electric Power & Light Co
41,485.000 36,904.000 4.581,000 12.4
National Power & Light Co
67,088.000 64,976,000 2,112,000 3.3
z Decrease.-V. 139. p. 1237.
Elgin Joliet &
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 762.
Eastern Ry.-Earnings.-1931.
1932.
1933.
1934.
8954,581
$511,056
$715,859 $1,160.370
435,756 def36,61323,065
1,219
273,150 def179,484 def133,475
def123,466
6,483,152
1.444,889
576,194
5,353,359 4,851,433 9,034,583
1,715,890
351,676
1,318,806
318.744 def696,980 def383,306
Earnings for the 7 Months Ended April 30 1934.
Net loss after interest and sundry adjustments
138. p. 4295.
-V.
In addition to the loan to purchase new equipment, PWA loaned the
Erie $2,048.000 to purchase 32,121 tons of rails and $623,000 to rebuild
750 coal cars in its shops. On July 15 the company reported more than
3,000 of its track forces engaged in laying the new rail and 256 of its shop
men employed on rebuilding the cars.
The cars being built as a result of the $10,602,000 loan for their purchase
-V. 139.
are under construction in the shops of car building companies.
1
P• 12:0
Exchange -Buffet Corp.-Earning8.3 Mos.End.July 31Gross oper. loss
Depreciation
-Earnings.
Elizabeth Brewing Corp.
$52,495
Emporia Gold Mines Inc.-Issue Stopped.-
'
A stop order was issued Aug. 20 by the Federal Trade Commission against
the company, halting the registration of a securities statement involving a
proposed issuance of 8250,000 in securities. The Commission ruled that
the statement would remain ineffective until the company had furnished
Information required by the Securities Act of 1933.
-Earnings.
Emporium Capwell Corp.(& Subs.).
1933.
1934.
12 Months Ended July 31Net profit after depreciation, interest, taxes and
$214,994 $207.967
subsidiary preferred dividends
Earnings per share on 412,853 shares capital stock
$0.46
$0.48
(no par)
A profit of $209,244 was realized during the 12 months ended July 31
1934, from the purchase and retirement of the company's own and its
subsidiaries funded obligations. This was credited to surplus and was not
Included in the current Income. In the corresponding period of last year
a profit of $233.700 was realized from the same source and was also carried
to earned surplus.
The consolidated balance sheet as of July 31 1934, shows current assets,
including $792,052 cash and marketable securities, amounted to $5,481,835;
current liabilities were 51,223,070. This compares with cash and marketable securities of $1,211,929, current assets of $5,751,261 and current liabilities of $1,278,385 on July 31 1933.-V. 138, p. 3945.
Emsco
1934.
$31,069
27,221
1931.
1932.
1933.
$7,957 prof56,899 prof$110232
y43,772
35,363
31,466
Net loss
Dividends paid
$58,290
539.423
x15,633
$27,290
$0.26
Exeter Oil Co. Ltd.-Earnings.-
1934-6 Mos.-1933.
Pexiod End. June 30- 1934-3 Mos.-1933.
Operating profit before
$8,727
$26.651
$5.035
$10,459
fixed charges
Net after deprec. deple6,200
362
tion, &c
Balance Shot June 30.
1933.
1934.
Liabilities
1933.
Assets1934.
Current assets-- $313,119 $163,712 Current liabilities. $239,889 $128.462
66,373
16.374
Purch. obligations
344,000
Cont. rec
5
Deferred credits4,011
Deferred debits_
656,863
846,277
25.800 Reserves
25,800
Investments
815,200
811,900
Property
1,160,685 1,432.856 Class A stock
50,000
8.152
500 Class B stock
500
Franchise
84,991
66.272
1 Deficit
1
Organization exp_
Prepaid & deferred
9,044
8,204
charges
$1,856,319 $1,631,913
Total
Total
$1,856,319 $1,631,913
-V.139, p. 279.
Fatbanks Co.-Citztifivates-Off..List.-
$199,914
$0.53
[And Constituent Companies]
Period End. July 31- 1934-Month-1933. 1934-12 Mos.-1933.
Gross earnings
$3,697,534 $3,474.264 842,784.069 142,148,507
Operation
1,529,135 1,429,605 17,651,659 16,635.778
170,202 2.353,124 2.180,230
Maintenance
191,558
363,999 4.952.000 4.008,534
Taxes
470,207
Net oper. revenue- _ _ _ $1,506,632 $1.510,456 $17,827,285 519,323,963
1,092.195
646.672
34.930
Inc. from other sources_
52,233
Balance
$1,558,866 $1,545,386 $18,473,958 $20,416,159
723,702 8.476.816 8,704,747
Interest & amortization_
699,880
$821,683 89.997.141 811,711,411
Balance
$858.985
. .
Appropriations for retirement reserve b____ _ _ __ 4,818.694
Divs. on pref. stk. of constituent cos., declared- 2,143,549 2,596,714
Divs. on pref. stk. of constituent cos., not declared
c2,191.452 1,738,196
(cumulative)
Amount applicable to common stock of constituent
14,212
def1.496
companies in hands of public
.323.549
2
Dividends on preferred stock, declared
Dividends on preferred stock, not declared (cumul.) 2,323.526
$522,670
def$1,478.584
Balance for common stock
a Income from miscellaneous investments, also $1,456 (1933-$480.239)
Interest on funds for construction purposes. b Equal to 11.3% (193310.7%) of gross earnings. c Dividends not declared by certain constituent
companies of which $1,527,028 was not earned by those companies. This
amount, which has been deducted in the above statement, however, is
not a claim against either Engineers Public Service Co. or its other constituent companies. Eliminating this unearned amount and adjusting for
minority interest and inter-co. eliminations would increase the balance
aPPlicable to Engineers Public Service Co. by $1,516,622.
During a period averaging about 29 years for which records are available,
the companies in the Engineers group have expended for maintenance a
total of 9.1% of their entire gross earnings for the period, and in addition
have set aside for reserves or retained as surplus a total of 9.9% of such
earnings after allowance for cumulative preferred dividends not declared.
-V.139, p. 762.
-Creditors
Co.
.Phe committee on stock list of the New York Stock Exchange announces
that t
certificates of deposit for common and preferred sto:y of this
company have been stricken from the list as of Sept. 1 1934. V. 139,
P. 1083.
-Earnings.
Federal Water Service Corp.(& Subs.).
-Earnings.
Engineers Public Service Co.
Casualty & Surety
$28,464 prof$66,460
93.750
x15.625
$44,089
$55,056
$58,290
Deficit
Earns per sh. on 250,000
Nil
Nil
Nil
abs. com.stk.(no par)
-V. 139, p. 441.
x Estimated by editor. y Includes taxes.
--Earnings.
Derrick & Equipment Co.
Earnings for the 6 Months Ended June 30 1934.
Net income after Federal taxes
Earnings per share on 377.194 shares of stock
-V. 139, p. 1237.
Equitable
$616,450.
1401
Financial Chronicle
Volume 139
Get
An initial dividend of $616,450 will be mailed to creditors of the company
beginning Aug. 31 and continuing for the next month, George S. Van
&black, State Superintendent of Insurance, announced Aug. 30. The
company has been in liquidation since Jan. 11931.
Holders of insurance claims will receive an 11% dividend. All other
creditors will receive one of 7%. The difference represents the amount of
the company's statutory deposit rep uired of an insurance carrier in New
York State. It was said that another dividend payment probably would
-V. 139, p. 441.
be made later.
-Dividend Omitted.
-." -Equitable Office Building Corp.
1933.
1934.
12 Months Ended June 30$16,014,688 $16,048,495
Operating revenues
4,700,462 4,528,346
Operation expense
10,009
.
General expense charged to construction (credit)
164,304
185,733
Reserved for uncollectible accounts
210.364
213,546
Amortization of rate case expense
Special legal & other exps. of Federal Water Ser16.752
177.959
vice Corp
625,168
773,787
Maintenance
995,760 1,044.790
for retirements & replacements
Reserved
1.248,127
1,293,650
General taxes
170,000
170,000
Reserved for contingencies
Net earnings from operation
Other income
57.755,229 57.889,445
168,427
175,243
Gross corporate income
Charges of Subsidiary Companies
Interest on funded debt
Amortiz. of debt discount, miscell. int., &c
Provision for Federal income tax
Dividends on pref.stock-paid or accrued
Divs,on pref.stock-not declared
Charges of Federal Water Service Corp.
Interest on debentures
Miscellaneous interest and other charges
$7,923,656 $8,064,688
$4.893,089 $4.989,126
303,667
323,196
285,308
274,507
400.996
347,062
940,709
994,394
386,072
212,178
$493,158
Consolidated Balance Sheet June 30.
1934.
1933.
1934.
LiabilitiesAssets
Fed. Water Ser.
Plant, property,
equipml, dm-173,809,971 173,134,493 Corp. 5.)i%
gold deben___ 7,019,500
Invest, in and
Ed. debt of subs 96,213,200
loans to MM.
Short-term notes
& other companies
6,358,230 6,538,350 of subsidiaries 1,069,250
Notes payable__ 5,737,862
Miscell. special
281,912
314,622 Accts. payable_
315,619
deposits
1,648,661 Interest accrued 1,281,033
Def. accts. rec._ 1,475,519
38,327
Divs. accrued__
Cash and working funds_ _ 1,066,320 1,016,458 Taxes accrued__ 1,803,240
156,549
Misc. cure. liab_
a Notes & accts.
2,524,937 2,231,675 Cu.st. deps., &c.. 1,296,064
receivable_
656,388
503,955 Unearned rev__
494,305
Unbilled rev _ _
855,764 Other def. Bab.
859,671
Mat'la & suppl_
435,092
& income_ ___
Prepaid taxes,
80,907 Res.for retire. &
Insurance, &c.
77,982
replacements_ 13,895,917
Miscell. current
110,830
85,095 Other oper. res_
assets
717,617
Contr. for extens
Commission on
stock.. 2,708,356 2,983,671 Min. int. in cal).
capital
76,256
Debt disc. exp 2,311,125 2,454,139 stock & surp_
Cum. pref. stock
Organic. exp. of
15,179,802
(corp.)
446,113
424,733
parent co_
c Class A stock_ 13,684,840
Def. charges &
974,855 1,111,490 d Class 13 stock. 2,500,000
unadj. debits..
Subs. pref. stocke25,129,320
Capital and paid
2,772,328
• in surplus_
Earned surplu.s_ 3,346,291
•
Net income
386,073
253,267
$505,543
1933.
$
7,019,500
96,495,700
2,133,250
6,152,368
272,054
1,347,016
41,447
1,540,867
137,718
1,547,641
694,082
13,318,381
226,235
680,313
434,047
15,179,140
The directors have decided to omit the dividend due on the no par
13,685,056
common stock at this time. On July 2 last a dividend of 10 cents per share
2,500,000
was paid. This compared with 25 cents per share distributed each quarter
22,254,156
from April 1 1933 to and including April 2 1934 and 373i cents per share
on Jan. 2 19:33.
H. B. Miller, Vice-President, in a letter to stockholders commenting on
3,229,329
4,517,095
the omission of the dividend, says:
"Net earnings for the first quarter of the current fiscal year indicate
a surplus from operations for the balance of the year sufficient to cover
193,401,620 193,405,395
193,401,620 193,405,395 Total
Total
dividends at the quarterly rate last declared, after providing for operating
a After reserve for uncollectible notes and accounts of $354,666 in 1934
expenses, all taxes,fixed charges, and after payment of $445,000 on account
and $284,057 in 1933. b Represented by 568,968 shares of class A stock
of principoal of the funded debt. Your directors, however, are of the opinion
shares of class B stock (no par value). c Rethat under the existing uncertain conditions it would be prudent to omit (no par value) and 542,450of no par value in 1934 (569,507 shares in 1933)•
presented by 569,499 shares
the dividends heretofore paid on Oct. 1 and to retain for the present this
d Represented by 542,450 shares of no par value. e Includes undeclared
surplus in the treasury of the corporation for further protection of the equity
and unpaid dividends of 52,520,448.-V. 138. p. 4296.
of the stockholders.
/
"Although unsatsfactory conditions prevail in the leasing of office space -- - erro Enamel Corp.
F
-10 Cent Extra Dividend.'
your building retains its popularity gained by location, service rendered to
The directors have declared an extra dividend of 10 cents per share in
tenants and adaptability of space as evidenced by the fact that it is now
addition to the regular quarterly dividend of like amount on the common
85% under lease as compared to an average on Jan. 1 of 78.8% for the entire
stock, no par value, both payable Sept. 20 to holders of record Sept. 10.
downtown district. It has been necessary to meet price competition due
Extra distributions of 5 cents per share were made on June 20 and March 20
this abnormal volume of vacant space. This has necessarily brought
to
last.
-V. 139, p. 1238.
about a substantial reduction of income."
Earnings for 3 Months Ended July 31.
-To Redeem One-half of
First National Stores, Inc.
1933.
1932.
1934.
Preferred Stock.
-The company, in a letter to stockholders,
8289.379
$356,820
$92,807
Net income after charges
862,098
895,464
says in part:
Shares common stock outstanding_
In accordance with the provisions governing the first preferred stock of
-v.138, P. 3945.
this corporation, directors at a meeting held Aug. 27 1934 voted to call for
-New Ferry Boat.RR.
redemption on Oct. 1 1934 substantially one-half of the first preferred stock
Erie
outstanding at the close of business Aug. 28 1934 at $110 per share, plus
Public Works Administrator Harold L. Ickes has announced that the
the regular dividend previously declared and payable Oct. 1 1934, subject
company has been authorized to use 8680,000 of its $11.282,000 allotment
to certain exemptions and adjustments in the case of small holdings and of
for equipment purchases to buy a new ferry boat for use between New York
odd numbers of shares.
City and New Jersey.
In accordance with said jmovisions, the shares so called will not be
When tho $11,282,000 allotment was made last winter it was expected
entitled to any dividends after Oct. 1 1934. In pursuance of authority
that the 3,775 freight and 133 passenger cars to be purchased by the Erie
granted at the same meeting of the directors:
cost that amount. All of this equipment now is under contract
would
1. The Treasurer will accept prior to Oct. 1 1934 the surrender of first
and in process of construction and will cost $10,602,000. The Erie, therePreferred shares called for redemption, paying therefor $110 per share and
fore, has been authorized to use the $680,000 balance to create addition
accrued dividend to date of delivery a the certificates, duly endorsed.
employment through construction of the ferry boat,
1402
Financial Chronicle
2. Inasmuch as in the case of a shareholder holding of record 11 shares
or less, only the shares in excess of five are called, and some shareholders
may not care to retain an ownership of only five shares or less, the Treasurer will, at the option ofsuch shareholders, accept on or before Oct. 1 1934
the surrender of such uncalled shares, paying therefor $110 per share and
accrued dividend to date of delivery of the certificates, duly endorsed.
The New York Curb Exchange has issued the following ruling on dividends on the preferred shares:
"Notice has been received from First National Stores, Inc., of the declaration of the regular quarterly dividend of$1.75 per share on the first preferred
stock for payment on Oct. 11934. to stock of record Sept. 12 1934, at Boston. Due, however, to the call for redemption on Oct. 1 1934 of part of
the issue of the first preferred stock, the stock transfer books will be closed
from Aug. 28 1934 to Oct. 15 1934, in effect making the date of record of
stockholders entitled to receive payment of the dividend Aug. 28 1934.
"Accordingly, the Committee on Securities rules that said first preferred
stock of First National Stores, Inc., sell 'ex' said dividend of $1.75 per share
to-day, Aug.30 1934, and that deliveries in settlement of transactions made
on Aug. 24 1934 to and including Aug. 29 1934 carry due bills."
-V. 139,
p. 10&3.
New Strip Mill.-
•
The company has awarded a •contract to the United Engineering &
Foundry Co. for an 84-inch cold strip mill, costing $400,000. The mill
will produce wide cold rolled strip up to 78 inches in width. It will be a
single stand, reversing 4-high mill.
-V. 139. p. 1238.
Foreign Bond Associates Inc.
-Balance Sheet.AssetsJune 30'34. Mar. 31 '34
Cash in bank
$9,803
$36,458
Due from 0th. for
secure. sold but
not delivered _ _
6,827
1,290
Miscell. accts. rec_
4
Securities owned
214,146
209,815
Accr. int. receivle
620
777
Prepaid registrar's
& trustee's fees
& tax stamps_
153
258
I t,
.
(William) Filene's Sons Co.
mt '
. ( 1
---10
-cent Extra Dividend.- " -4
-
The directors have declared an extra dividend of 10 cents per share
in addition to the regular quarterly distribution of 20 cents per share on
the common stock, no par value, both payable Sept. 29 to holders of record
Sept. 18. Similar distributions were made on July 2, March 31 and
Dec. 30 last.
-V. 138, p 3945.
Sept. 1 1934
LiabilitiesJune 30'34. Mar. 31 '34
Due for secs. purch
but not roe
$16,791
$2,898
Other accts. pay'le,
Manses'agent's
fees
207
224
Accr'd int. on 5%
deb&, series A _ _
2,513
658
Prov.for Fed.taxes
and expenses _ _
7,553
4,691
5% debentures - _ _ 150,800
157,900
Corn. stk.
(par 10c)
1,000
1,000
y Surplus
44,859
44,898
Earned surplus_ _ _ :28,155
26,967
Excess of market
value over cost
of secur. owned..
11,812
848
Total
Total
$226,173 $253,979
$226,173 $253,979
x Under agreement dated Oct. 6 1933 with fiscal agent, company is
obligated to pay to fiscal agent an amount equal to 10% of any div. that
---Flintkote Co. To Pay $4 Dividend from Capital-Tomay be declared, and upon termination of the agreement, 10% of earned
Distribute Proceeds o Sale of Interest in Colas-Flintkote, Ltd. surplus and undivided profits of the company; no provision has been made
&n the above balance sheet for any such payments which may be made
A special meeting of stockholders will be held in Boston on Sept. 6
subsequent to June 30 1934.
act upon the matter ofreducing the capital of the corporation by $1,654,399,
As at June 30 1934. the asset value per $100 debenture with escrow
from $10,004,974 to $8,350,575. or by such other amount as may be deterreceipt annexed (the net asset value of two shares of common stock, as
mined at the meeting.
defined in the indenture, plus the principal amount of one such debenture)
explaining the proposed capital reduction,
In a letter to stockholders,
amounted to $138.68.
President Harvey states:
y Representing the excess of amounts received on issuance of 5% de"The company has contracted to sell its interest in Colas-Flintkote Ltd.
bentures, series A, with escrow receipts annexed over the principal amount
for approximately 152,765,000, with a resulting profit to the company
of debentures issued.
from its investment of approximately $1,200,000. The purchaser is one
The income statement for the six months ended June 30 was give in
of the companies of the Royal Dutch Shell group (owners of the class B
"Chronicle" of Aug. 25, page 1239.
Flintkote stock)
"In view of the company's strong cash position, directors are prepared,
Fort Smith & Western Ry.-Earnings.upon consummation of the sale, to distribute on Sept. 15, to stockholders
July
1933.
of record Sept. 8, the sum of $4 per share, or a total distribution of $2,660.1931 .
1931.
Gross from railway
1$9504,.
$44,534
3 758
$41.498
$52,546
184, being a sum slightly less than the full proceeds of sale.
Net from railway
1,049
631
"Company will apply to the United States Treasury Department for
def8,501
def12,806
Net after rents
def6,490
def6.539
a ruling on the question of what part, if any, of the distribution is to be
def24,702
def16.576
From Jan. 1treated by stockholders as a receipt of income, and therefore subject to
Gross from railway
365.436
349,862
-V. 139, p. 927.
453,215
income taxes."
352,118
Net from railway
def3131:310148
12.505 def28,846
def5.639
Net after rents
def31,068
def93,077
def81,658
Florida East Coast Ry.-Earnings.-V. 139, P. 762.
1934.
-1932.
1933.
1931.
JulyGross from railway
,
$249,629
$243.933
$407.784
Fort Worth & Denver City Ry.-Earnings.Net from railway
def155.895 def169.898 def171.775
de170,240
July1934.
1933.
1932.
Net after rents
def252,427 def269,799 def289.648 def235,050
Gross from railway
$764,023
$618.880
1 3;
37 1
$626.773 $1,9 3 047
From Jan. 1Net from railway
. 83
885,542
347,300
Gross from railway
5,302,867 4,708.399 4,765.623 6.734,893
Net after rents
369„226
284,769
284,359
799,921
1,627.149
1,242,538 2,276,097
Net from railway
1,425,331
From Jan. 1Net after rents
575.657
202,234
745.400
1,006.969
Gross from railway
3.463,295 2,995,710 3,268,617 4,723,501
Protective Committee.Net from railway
1,414,731
1,106,537
1.129.270
1,727,457
Net after rents
993,639
A protective committee has been formed for the equipment trust series D
728,767.
1.337.848
5% equipment trust gold certificates. The members are: Gladden W. -V. 139, p. 762.
Baker. Chairman (Treas.) Travelers Insurance Co.) Hartford; Arthur E.
y3
.
Fort Worth & Rio Grande R19-Earnings..
Braun (Pres., Farmers Deposit National Bank), Pittsburgh; Wallace D.
Dexter, Jr. (Treas. New England Mutual Life Insurance Co.), Boston,
July1931.
with Russell H. Dorr, Sec., 20 Exchange Place, New York. and Debevoise,
$31 403
Gross from railway
$3 2
193 .
74 99
$63,720
$45,2 9
Stevenson & Plimpton, 20 Exchange Place, New York, counsel.
Net from railway
def23.470
defll,924
def14.812
def10,461
In a letter to the nolders of the certificates the committee states:
Net after rents
def22.642 def32,937
def28,186
def21,867
In view of the serious situation confronting the holders of the series D
From Jan. 1equipment trust certificates, the undersigned, representing large holdings
245.299
234.758
Gross from railway
276,979
415,286
a toe certificates and at the request of other substantial holders, have Net from railway
def108,036 def161,737 def150,401 def109,549
agreed to act as a committee to protect the interests of the certificate holders.
Net after rents
def171.772 de 36,617 def239.160 def206,297
On Aug. 31 1931. receivers were appointed to take over and manage the
-V.139, p.762.
property of the company. The court order appointing the receivers al
lowed them six months within which to adopt or disaffirm leases.
from Unlisted Trading.
Fr tirt Cos. Ltd.-Rem
er
time h as been extended by successive court orders to Aug. 31 1934. Sucti-----lpherew York Curb Exchange has removed from unlisted trading.
N
'
The receivers, without expressly adopting the lease agreement relating
.-V. 139, P. 1083.
privile
he common stock, no
to the series D equipment trust, have paid the amounts due with respect
to the semi-annual dividends on the trust certificates to an including Jan.
-Preferred Stock of Sub. Retired.
(Geo. A.) Fuller Co.
1. 1934, but have failed to make the semi-annual payment due on July 1
--V. 139, p.442.
See Geo. A. Fuller Co. of Canada,.Ltd. below.
1934. on account of such dividends.
The payments under the lease agreement on account of the principal ofCanada,
-Retires Pref.
----(George A.) Fuller Co. of Canada Ltd.
the trust certificates due on July 1 1932, and July 1 1933, were in effect
Co.(American)the
The company has purchased from the George A.
extended,subject to certain conditions,until July 1 1935, and July 1 1936.
entire issued and outstanding 6% cumulative guaranteed and participating
respectively, pursuant to deposit agreements dated as of June 23 1932. and
preferred stock and the issue has been retired.
-V. 132, p. 3536.
June 17 1933. Tne payment due on July 1 1934, has not been made.
On July 10 1934. the receivers filed in the U. S. District Court for the-----... Galveston Houston Electric Ry. Co.
-Removed from
Southern District of Florida a petition for authority to disaffirm the agreement and lease agreement relating to the series D certificates. Such disaffirmance. if sustained by the courts, would nave the effect of relieving
The
(New
Dedics.Lw York Produce Exchange as removed from dealing the 1st
the receivers from any obligation to make the future rental payments
mtge.
Id 5s, 1954.-V. 139. 13• 39.
specified in the lease agreement.
Gatineau Power Co.(& Subs.).
-Earnings.
=
The receivers state in their petition that they have concluded that it is
not in the interest of the receivership estate to continue to use the series D
Period End. June 30- 1934-3 Mos.-1933. 1934-12 Mos.-1933.
equipment, as they are otherwise supplied with all equipment necessary to
Net income after taxes &
conduct the business of the railway. The lease agreement requires that
other deductions
$641,845
$525,037 $2.338,113 $2,177,335
the equipment be maintained in good order and repair, but the receivers
-37 138, p. 3744.
.
state that they have no funds available for the purpose and that approximately $400,000 would be needed to put the equipment in good condition. --"""Ge eral Gas & Electric CT.
-Removedfrom Dealing.- 1-,
6
The receivers have agreed, pending the committee's investigation, not
Th New York Produce Exchange as removed from dealing the 5%
to take any further action toward disaffirmance of the agreement and
serial
tee of 1933. 1934 and 1 5.-V. 139. p. 927.
lease agreement. The committee has retained counsel and plans to have
an independent survey made of the company's equipment needs and of
-Earnings.
-Georgia & Florida RR.
the condition of its equipment.
The situation confronting the holders of the series D certificates is a
Period End. July 31- 1934
-Month-1933,
1934-7 Mos.-1933.
serious one, and it is obvious that such holders must unite immediately
Railway oper. revenue
$75,000
$86 491
:6
90 5
$628.108
$507,806
es
for the protection of their nterts.-V. 139, p. 762.
Net rev. from ry. oper
def13,522
15,110
def19,334
Net ry. oper. income _ def21,997
co
6,674
def60,921
def41,109
Ford Motor Co. Company Building $12,750,000 Steel Non-operating income
1,716
rating
8,571
10,491
Mill
-To Be Independen of Producers.
Gross income
87871
def320.2
def$32.538 def$50,430
•
The New York "Times" August 31 said in p .
Deductions
$91;10
1 1469672
6,754
6,892
The company's $12,750,000 steel plant expansion program, designed to
make the company independent of all other manufacturers of steel, will
Surplus applic. to int_ defS21,158
$7,061 defS39.292 defS57.322
begin immediately, according to an announcement August 30.
-Third Week August- -Jan.4. to Aug. 211
The move involves the building of two huge steel mills, installation of a
Period1933.
large amount of special machinery and sufficient additions to present
Gross earnings
1239.
$129334,7.50
$45,500
$69 ,507
12 3
3
$709,258
power equipment to drive the new mills. The construction will require
_V. mg, p.
eight months to complete and will cost between $12,000,000 and $13,000,000.
When the new mills are ready company can produce 3,000 cars a day
Georgia Power Co.
-Earnings.
without buying a pound.of steel in the market. Company will have attained
[A subsidiary of Commonwealth & Southern Corp.1
a position. so far as steel supply is concerned, achieved by no other private
manufacturer in the world. All other great manufacturers using steel
Period End. July31- 1934
-Month-1933.
1934-12 Mos.-1933.
are dependent on outside producers.
Gross earnings
$1,774.620 $4,844,360 $22,194,549 $21,990,219
Mr. Ford's move will tend further to make the Detroit area a great
Oper. exps., incl. mainsteel-producing district by the addition of 1,500 tons of finished steel a day.
tenance and taxes_ - _ 906.583
768,839 10,523,388 9,133,285
The buildings alone will cost $650,000. Into them will go special machinFixed charges
507,878
509.448 6,115,477
5,953,963
ery and equipment costing more than $6,000,000-a 54
-inch blooming
Prov. for retire. reserve_
110,000
110,000
1,320,000
1.320,000
mill, huge reheating furnaces, roughing mills, hot finishing mills, cold
Divs. on 1st pref. stock_
245.873
245.873
2,950,430 3,158,705
mills, 500 feet of continuous pickling tanks and several annealing furnaces.
The plants will give employment to 500 additional men.Balancd
$4.284
$210,199 $1,285.252 $2,424,263
To produce the additional power needed to drive the new mills will - 139, p. 599.
V.
Involve a practical duplication of the present River Rouge power plant.
Georgia RR.
-Earnings.Orders for turbo-generators to cost $2,000,000 were placed a few weeks
ago. They will be housed in space provided years ago in the present power
July
1933.
1931.
1932.
house. Into this will go a new high-pressure boiler costing $2,000,000.
Gross from railway
4
193
$368,189
$274,504
$290.918
$2 0176
04 27
2
In addition, auxiliary equipment for both boiler and turbines, conNet from railway
48,165 , 83,1 2
7
59,943
densers, metering and control equipment, feed and circulating pumps
Net after rents
46,443
88,648
58,823
30,112
and other machinery will bring the total cost of the new power development
From Jan 1well above $6,000,000. The combined cost of power and steel developGross from railway
1,839,965
1.772,030
2,499,096
1,638.649
ments will be about 512.750,000.
Net from railway
260,327
306,251
350,170
54,216
The present steel productive capacity of the Detroit area, including
Net after rents
261,966
323.261
90,010
369,579
the Newton Steel Co. at Monroe, is about 6,000 tons a day.
-V. 139, p. 784.
Financial Chronicle
Volume 139
General Alliance Corp.
-Change in Par of Stock.At a meeting of the stockholders of the corporation held on July 16
1934 the authorized capital of the corporation was changed from 320,000
shares of no par value to 400,000 shares of the par value of $1 per share.
-V. 139, p. 763.
ASSC18-
Cash
Notes receivable
Securities
Georgia Southern & Florida Ry.-Earnings.-JulyGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 599.
1403
Balance Sheet June 30 1934.
Liabilities
$138,395 Notes payable
8 270
"0
1,000,000 Provision for Federal taxes,dm $1"°,
3,310,990 Corn. stk.(74,628 shs. no par) 2,500,000
921,251
Capital surplus
19,863
Earned
1931.
$4,449,385
$4,449,385
Total
Total
$256,613
-Removed from Dealing.
45 7 -26;815 -Grcd Rapids Metalcraft Co.
'
The New York Produce Exchangnas removed from dealing the common st
--no par.
,
-V. 132. p. 142g.
1.199,100
1,896,762
991,699
1.147,167
169,507
317.996
169,413
147,076
-Earnings.Grand Trunk Western RR.
149,781
79,393
27.266
90,512
1931.
1932.
1933.
July1934.
$961,865 $1,703,261
` Gross from railway
$1,493,828 $1,409,818
135.206
-1-1.-e,Net from railway
182,347
189,427 def118,322
-Reorganization Plan..
---Globe-Wernicke Co.
3.645 de 80,989 def106,429
Net after rents
32,313
On July 11 1934 the company flied an application in the U. S. District
From Jan 1Court at Cincinnati under the new Corporate Reorganization Act, stating
8,795,242
8,496,466 12,863.557
10,939,651
Gross from railway
its desire to effect a plan of reorganization. Creditors holding 25% of the
1.458,294
108,654
2,051,049
812.377
Net from railway
total claims against the company then presented a plan of reorganization
Net after rents__ _ _ _ _
718,693 def457,994 def1240,897 def565,427
to the Court, and under the order of the Court this plan will be considered
-V. 139, P. 599.
at a hearing to be held in Cincinnati on Sept. 11.
The creditors' protective committee, together with a stockholders'
Great Northern Ry.-Earnings.
protective committee, has entered into a deposit agreement with Central
1932.
1933:
1934.
JulyTrust Co. of Cincinnati. Ohio, depositary.
,990,782
$6,694,852 $5,955,504 $3,917,231 $6,990,782
Gross from railway
The creditors' protective committee consists of Norman S. Hill, Herbert
Net from railway
1,924,730 2,344.591 def255,366 2,085,173
Jackson, Hugh McD. Ritchey and John J. Rowe, with John R. Bullock,
Jackson.
1,272,821
1,581.185 def980,581
1,244,967
Net aftei rents
Secretary, Dixie Terminal Bldg., Cincinnati.
From Jan. 1The stockholders' protective committee consists of W. P. Anderson,
36.496,523 30,687,362 28,412.619 43,404,200
Gross from railway
DeWitt W. Balch, J. E. Blaine and C. J. McDiarmid, Secretary, 808
993,869 9,024,814
9,063,346 8.099,753
Traction Bldg., Cincinnati, Ohio.
3.442.982
Net after rents
4,420.688 3,037,703 def4.063.561
At the present time(Aug.25 1939) the committee has well over two-thirds
V. 139, p. 764.
of creditors and 50% of each class of stockholders as parties to the agreement,and as acceptors of the plan of reorganization. If the Court approves
-Earnings.
Green Bay & Western RR.
the fairness of the plan at the hearing in September, it is expected that the
1931.
1934.
Julyplan of reorganization can be put into effect by October.
$120284
1933.19 2 58
$8 .f
3.
7
$111,489
$76.656
Gross from railway_ _ _ _
Digest of Plan of Reorganization.
26.281
4,148
30,579
def7,207
Net from railway
def4,367
17,480
def13,024
22,279
New Company.
Net after rents
-All assets of the company shall be transferred to a new
corporation to be organized in Ohio.
From Jan. 1835,184
675,279
624,599
606,399
Gross from railway
Claims of Creditors.
-The claims of all creditors will be adjusted by the
111,248
77,998
3: 9
82 515
60 9
14,270
new company to even hundreds of dollars. To this end all claims under
.
Net from railway
44,579
15,932
def34,752
Net after rents
$100 in amount will be paid in full in cash; and on all claims exceeding $100
-V. 139. p. 764.
or any multiple thereof, but not e nailing an exact multiple of $100, the
excess over $100 or multiple thereot will be paid in cash and the claim ree./.,.1
4 ._ -Accumulated Dividend
Green Mountain Power Corp.
duced to the extent of such payment. Unpaid interest on claims from"eres" -The directors nave declared a dividend of 75 cents per share on account
Jan. 1 1932 shall not be allowed, but the principal amount of the claim,
of accumulations on the $6 cumulative preferred stock, no par value. payplus the amount of any interest due up to Jan. 1 1932, with the excess over
able Sept. 1 to holders of record Aug. 15. A similar distribution was made
even hundreds of dollars (if any) deducted as herein set forth, shall be called
on this issue each quarter since and including June 1 1933 prior to which
the "adjusted amount of the claim," and shall be used in computing the
regular quarterly disbursements of $1.50 per share were made. .
bonds, preferred and common stock to be given to creditors,
Accruals on the preferred stock after the Sept.1PayrnentwMamallatto
New Bonds.
-The new company shall issue 6% bonds, secured by a
-V.138, p. 4464.
first mortgage on all fixed assets of the new company, in the aggregate
$4.50 per share.
amount of50% of the adjusted amount of all claims of creditors. Denoms.,
44-e/f
-Extra
$50, $100, $500 and $1,000. Bonds shall mature 10 years from date, .""'""'Group No. One Oil Corp.
which shall be as near the actual date of issuance as possible, and shall bear
The directors have declared an extra dividend of $1.00 per share in addition to the regular quarterly dividend of $100 per share on the capital stock.
interest at rate of 6% per annum.
no par, both payable Sept. 29 to holders of record Sept. 10. An extra disEach creditor shall receive bonds for 50% of the adjusted amount of his
tribution of $200 per share was paid on Dec. 31 1932 and one of $150 per
claim,
share on Sept. 30 1932.-V. 136. p. 4098.
The bonds shall be redeemable on any int. date on four weeks' published
notice, the redemption price, expressed in percentages of the principal
Gulf Colorado & Santa Fe Ry.-Earnings.amount, to be as follows: During first five years, 105%; during next three
1931.
1932.
1933.
1934.
Julyyears, 102% %;and during the last two years, 100%. Mortgage indenture
Gross from railway
shall provide for a sinking fund into which 25% of the net income (as de$1,239,076 $1,202,901 $1,200,157 $2.742,099
1,340.461
310,092
328,850
Net from railway
414,386
termined by standard accounting practices), after payment of income taxes
1.123.765
129,738
159.291
Net after rents
269,718
and reserve for depreciation, shall be paid.
From Jan. 1The creditors' protective committee shall select a trustee who shall be
8,122.638 11.134.543
7.033,o03
Gross from railway
6,797,994
the trustee of the sinking fund, and use funds accumulated therein from
1.889.682
1,139,934
706,545
Net from railway
317,925
time to time, at its discretion, for the purchase of bonds in the open market
423,870
Net after rents
def797.773 def564.392 def219,732
at not to exceed the current call prico, or, if it shall so elect, for the redemp-.
interest-payment date. Whention of bonds by lot by the company on any
-V.139. p. 764.
ever at least $50,000 accumulates in such fund, such accumulation must,
-Earnings.Gulf Mobile & Northern RR.
within six months thereafter, be used for the purchase of bonds in the open
market, or for the calling by lot of bonds. All bonds acquired by the trustee
1931.
1932.
July1934.
$331,889
shall be canceled.
$354,481
$429,594
Gross from railway
$394,556
The new company shall issue cumulative preferred stock in the aggre57.599
39,846
176,649
Net from railway
84,162
us
gate principal amount of 50% of the adjusted amount of all claims of
def37,004
12,904
107,902
Net after rents
8,773
creditors.
From Jan 1Each creditor shall receive preferred stock having a par value of 50% of
2,483,662
1,958.468
2,020.352
Gross from railway
3,081,065
the adjusted amount of his claim.
379,765
181,848
595.432
Net from railway
890,107
The preferred stock shall be entitled to dividendsat rate of 2% per
13,551
274,363 def149,087
Net after rents
316.262
annum from Jan. 1 1935 to Dec. 31 1937, inclusive, and thereafter at the
-V. 139, p. 764.
rate of 7% per annum; and dividends shall be cumulative from Jan. 11935.
The stock shall be callable, in whole or in part, on Jan. 1 or July 1 in any
-Earnings.
Gulf & Ship Island RR.
year at 105 on four weeks' published notice. As of the date of issuance
1931.
1932.
1933.
July1934.
of the preferred stock (which shall be the same date as the issuance of the
$144,259
$65.473
$80,583
Gross from railway
$74,382
bonds) there shall be Created a sinking fund for such preferred stock, into
15,626
def9,276
10,211
Net from railway
def3.050
which, after such date. 25% of the net earnings of the company, after all
def34,263
def26,338
def15,751
Net after rents
def26,373
expenses, bond interest and bond sinking fund payments, shall be paid.
From Jan 1Whenever at least $50,000 accumulates in sinking fund, such accumula1,041,763
630,281 ' 609,829
Gross from railway
687,487
tion shall, within six months thereafter, be used for the purchase of preferred
def42.022
8,170
115,868
108,012
Net from railway
stock in the open market, or for the calling of preferred stock by lot for
def87,284 def179.260 def344,792
Net after rents
def72,540
retirement. All preferred stock acquired by the trustee shall be surrendered
-V. 139, p. 600.
to the company and canceled.
The new company shall issue 55,000 shares of no par value common-......,
lde- --<
4
e
(M. A.) Hanna Co.
-Initial Common Dividend.-l
stock, having an aggregate stated value of $55,000.. Such stock shall be
The directors have declared an initial dividend of 25 cents per share
issued as follows.
on the common stock, no par value, payable Sept. 10 to holders of record
To each creditor, 1 share for each $100 of adjusted amount of his claim,
Sept. 5.
To each preferred stockholders, 1 share for each $100 share of present
The directors stated that the dividend is not to be regarded as a regular
preferred stock.
disbursement. Future dividends will be paid from time to time when, in
To each common stockholder, 1 share for each five shares of present cornthe discretion of directors, they are warranted by earnings.
mon stock.
The funded indebtedness of the company was paid in full on Aug. 1.
Each share of preferred stock in the new company shall have five votes
-V. 139. p. 765.
at all meetings of stockholders, and each share of common stock shall have
' one vote.
-Bond Extension Proposed.Consolidated Balance Sheet As at may 311934.
..---.--(R.) Hoe & Co., Inc.
AssetsLiabilitiesThe extension of the maturity of the bonds and notes for 10 years and
securities
$601,353Receivers' liabilities
$63,346
Cash & Govt.
reduction by 1% in the interest rates on each of these securities is proposed
Customers' notes & accounts__ 218.25817% coupon notes
1,273,000
in a plan for reorganization submitted to the creditors and security holders
Value life insurance
68,115 Notes to banks
426,196
by the company. The reorganization has been delayed because of the inInventory
621,728 Notes for equipment
22,365
ability of two groups in the company to agree. It is understood that within
8,251 Accrued interest
Total other assets
46,995
a few days a second plan of reorganization will be submitted by the bondLand, bldas. mach'y, &c____ 1,908,908 Accounts payable
15,165
holders' committee.
34,808 Accrued State and local taxes_
1,104
The company has outstanding $3,171,00063 % first mortgage bonds,due
Patents (net)
15,377 Estate of A. M. Barnhart_ _ _ _
Deferred assets
45,829
Oct. 1 1934, on which interest is accrued since Oct. 11931. The plan proThe Globe-Wernicke RIty.Co_ 300,000
poses to extend the maturity of these bonds until Oct. I 1944, and to reduce
Miscellaneous claims
1,808
the interest rate to 59i %. The accrued interest will be paid off in $05 Par
Common stock
3,449,900
prior preferred stock on the basis of one share of prior preferred for each
Preferred stock
1,527,300
$65 of accumulated interest.
Deficit
3,696,213
Interest up to the rate of 5 %, per annum from Oct. 1 1934 to Oct. 1
1937, will be payable in multiples of 9i% on all bonds outstanding on
Total
$3,476,798
Total
$3,476,798
Dec. 31 1935, 1936 and 1937. to the extent that consolidated net earnings
are realized in the fiscal years ended Sept. 30 1935, 1936 and 1937; to the
-V. 139. P. 764
.
extent that interest payments on Dec. 31 1935, 1936 and 1937 are less than
104
C.) Godman Co.-Ini ial Preferred Dividend. 4, 35%. the deficiency shall be cumulative, and shall be paid thereafter to
,
-----tH.
the
The directors on Aug. 20 declared an initial dividend of $1.50 per share teachextent that earnings exceed the full interest payments accrued in
year.
second preferred 6% cumulative stock, payable Sept. 10 to
on the new
. When any accumulated interest is paid off during the three-year period,
-V.138, P.4754.
holders of record on that date.
one-third of such rate, also out of consolidated earnings, shall be paid on
account of accumulated interest on the notes. Beginning with April 1 1938,
-Earnings.Goodall Securities Corp.
all interest shall be payable on the bonds, whether earned or not. Sinking
Earnings for the Six Months Ended June 30 1934.
fund provisions on the bonds are also modified to require payments de$90.294
4 9
.04
Income from interest and dividends
pending upon net earnings.
There are outstanding $786,000 of 7% notes, due Oct. 1 1934, with
General expenses, including custodians fees
-year extension
accrued interest since Oct. 1 1931. The plan proposes the 10
$85,746
of maturity, 1% reduction in the interest rate, and the exchange of $21 of
Net gain from operations
12,254
accumulated interest coupons for one share of $21 par value preferred stock.
Net loss on sale of securities
8.070
It is also provided that interest payments for three years shall depend
Provision for Federal taxes
upon earnings, with unpaid interest in any years to be paid out of earnings
65,421
in future years in excess of interest requirements. Interest payments
Net profit for the period
46,154
beginning April 1 1938,shall be due, whether earned or not.
Dividends paid out of earnings
There are first and second mortgages against the company's property
$19,267
in the Bronx, the first maturing on Nov. 11934, and the second on Oct. 1
Balance
1934.
$173,186
30.319
21,132
1933.
$155,354
24,321
10,542
1932.
$161,657
43,458
34.153
6
4
1404
Financial Chronicle
1934. It is proposed to extend.both maturities to Nov. 1 1939. at 5%,
although the first mortgage now carries
% interest rate and the second
6%.
The new prior preferred stock shall be entitled to 63i% cumulative
dividends from Oct. 1 1934. When any dividends are paid on the prior
preferred stock, one-third of such amount must be paid on the preferred
stock, although when full dividends are paid on the prior preferred, the
preferred may receive up to 7% per annum. Until Oct. 1 1937, an,:hereafter until full interest shall be paid on the bonds for the period Oct. 1 1934
to Oct. 11937. the prior preferred stockholders shall have the right to elect
four members of the board of directors. When prior preferred stockholders
have this right, the preferred stockholders shall have the right to elect one
director.
Samuel Zirn, who formed an independent group of stockhprs of R.
Hoe & Co., has approvedthe plan, the copyany rOltr.—y:
f
e
765.
Sept. I 1934
account of the new basic rental will not accumulate. These differences
will accumulate for each year in respect of which the amount paid upon
account of the new basic rental is less than the minimum new basic rental
for such year. unless and until the landlord shall elect to terminate the lease.
(b) In each year as an "additional earnings rental," the total of the
following: (1) 20% of the gross earnings of the hotel between $6,500,000
and $8,000,000, and (2) 15% of the gross earnings in excess of $8,000,000;
provided that the additional earnings rental shall not exceed: (1) 50% of
the net earnings in excess of $1,200,000. when the net earnings are between
$1,200,000 and $2.000,000, or (2) 40% of the net earnings in excess of
$1,200,000, when the net earnings are between $2,000,000 and $2,400,000,or
(3) 30% of the net earnings in excess of $1,200,000, when the total net
earnings are in excess of $2.400,000; and provided further that if the net
earnings be between $2,000,000 and 82,400.000, the additional earnings
rental shall not be less than $400.000, and that if the net earnings be in
excess of $2,400,000, the additional earnings rental shall not be less than
'"--(R. M.) Hollingshead Co.—P4n,"(5pfr4"ativ.L
$480,000.
The Bondholders' Protective Committee Announces that the plan of
Deferred Rent Payments.—If any portion of net earnings be required to
reorganization (V. 139, p. 1085) has been submitted to all depositing bondprovide for capital expenditures, approved by the landlord, or for the costs
holders, and pursuant to the terms of the bondholders' agreement. the
and expenses incurred in or in connection with the reorganization proceedCommittee has declared the plan operative. The Committee further states:
ings under Section 77-B of the Bankruptcy Act, or to provide for working
"This reorganization is being effected without the necessity of new
capital, in amounts approved by the landlord,and such use shall reduce the
capital contributed, by assessment or otherwise, by the present security
net earnings, available for the payment of rent, to an amount less than the
holders. For this reason time must be allowed for the accumulation of
aggregate of the new basic rental and the additional earnings rental payable
surplus from the operation of the business. Such allowance will prevent
to the landlord, the payment, to the extent of the deficiency, may be postthe immediate exchange of deposited bonds for the securities of the new
poned and such deficiency with interest at 6% shall be paid to the landlord
company.
from the net earnings of subsequent years. in excess of the aggregate of the
In accordance with the plan of reorganization the exchange of deposited
new basic rental and the additional earnings rental for such years.
bonds for the securities of the new company may be effected at any time
Defaults Entitling Landlord to Terminate Lease.—If, during the term of the
within 3 years from Jan. 1 1934. Such exchange can be effected without
new lease, the hotel shall fail to pay the minimum new basic rental for any
foreclosure. This being the case, non-depositing bondholders may not
Year, if any, promptly the new lease may be terminated by the landlord
receive any cash from sale of the mortgaged property for an indefinite period.
upon notice as in the original lease provided.
For this reason we have been requested to permit the deposit of bonds
Datesfor Payment of Rents.—The new basic rental will be payable monthly.
with the Committee under the plan by bondholders who have not heretoas net earnings will permit, after provision for deferment in payment of
fore deposited such bonds.
rents, to and including Dec. 31 1941. Thereafter the new basic rental shall
The Committee reserves the right to decline to accept further bonds on
be payable in equal monthly installments of $100,000, in advance.
and after Sept. 15 1934.—V. 139. p. 1085.
To and including Dec. 31 1941 taxes will be payable to the landlord
monthly upon an accrual basis, to the extent that earnings will permit,after
H.) Holmes Co., Ltd.—Resumes Common Dividends.— provision for deferment in payment of rents, at the end of each month.
The directors have declared a dividend of Si per share on the common
Thereafter taxes will be payable to the landlord within 30 days after they
stock, payable Oct. 1 to holders of record Sept. 20, the first since Jan. 2
become a lien upon the demised premises.
1933, when a quarterly dividend of $1.50 per share was distributed. This
Additional earnings rental will be payable semi-annually on March 1 and
rate was maintained each quarter from April 1 1932. On Jan. 2 1932 a
Sept. 1 in each year, subject to adjustment upon a calendar year basis.
dividend of $2.50 per share was paid.—V. 136, p. 2252.
Future Adjustment of Rent.—The new lease will provide that if the aggregate of the rents received by the landlord under the original lease, and the
---Honolulu Oil Corp., Ltd.
-25
-cent Dividend.Al
itit;Ka rents received by the landlord under the new lease, shall at any time equal
The directors have declared a dividend of 25 cents per share on the
the aggregate of the following:
common stock, no par value. payable Sept. 15 to holders of record Sept. 5.
(1) The sums payable as ground rental under the original lease, from
Similar distributions were made on June 15. March 15 last, Dec. 29 1933
Jan. 11930; (2) The sum of $10,000,000 advanced by the landlord toward
and Jan. 15 1933. The stock has not been on a regular dividend basis since
the coat of the construction of the hotel building with simple interest on the
the March 16 1931 distribution of 50 cents per share was made.—V. 138,
unpaid balances of said amount at the rate of6% per annum from the date
p.2094.
of each advance,and (3) Interest at the rate of6% per annum,compounded
semi-annually on the amounts by which thesum ofthe ground rental reserved
in the original lease and the aforesaid interest on thesum of810,000.000 shall
Honolulu Rapid Transit Co., Ltd.—Earnings.-at the end of each six months' period during the term and the renewal term
Period End. July 31—
1934—Month-1933. 1934-7 Mos.-1933.
or terms of the new lease, be in excess of the return under the new lease, at
Gross rev,from transp__
$74,325
$58,729
$479,226
$419,922
the end of each such period ofsix months,the annual rent thereafter payable
Operating expenses
47,428
45,893
333,763
345,555
under the new lease shall be such amount as will equal the aggregate of 5%
upon the value of a certain portion and 6% of the value of the remaining
Net rev,from transp'n
$26,897
$12,835
$145,463
$74,365
portion, of the real property, upon which the hotel building is situated, as
Rev,other than transp'n
1,939
1,311
13.009
10,668
provided in the original lease for the determination of the ground rental
during the renewal term or terms, or $800,000 a year, whichever is greater.
Net rev.from oper'ns_
$28,836
$14,146
$158.473
$85.035
plus the additional earnings rental.
Deductions
14,576
18.945
102.037
132.758
For the purpose of determining if and when the rentals shall be reduced,as
aforesaid, rental payments received by the landlord shall be deemed to
Net revenue
$14,260
def$4,799
$56,435 def47,723
have been applied first to the payment of ground rental, next to the pay—V.139, p. 765.
ment of interest at 6% per annum on the aforesaid RUM of $10,000,000,
Hudson Motor Car Co.—Domestic Retail Sales Up 15%.— next to the payment of interest on the aforesaid semi-annual deficiencies and
next to the payment of the principal of said $10,000,000.
Company reports retail sales of 6,112 Hudson and Terraplane cars during
the month of July, the first month of the current quarter. This total is the
Securities of the Hotel.
largest reported for any July since 1929, and represents an increase of 15%
Upon the confirmation of this plan of reorganization, the hotel will have
as compared with retail sales of 5,312 cars reported for July 1933. '
two classes of securities as follows:
Retail sales for the first seven months of 1934, aggregated 41,509 cars,
(1) Debentures.—A principal amount of non-cumulative income 5%
an increase of 79% as compared with retail sales of 23.160 cars reported for
sinking fund debentures, dated July 1 1934, due Sept. 11954. equivalent
the corresponding period last year. These figures include retail sajçs in the
to such principal amount of the present first mortgage leasehold 7% sinkUnited States only.—V. 139. p. 1086.
hotel.
tr.eit ing fund gold bonds as shall be proved as claims against thehotel will be of
(2) Stock.—All of the authorized shares of stock of the
—
"Hotel Waldorf-Astoria Corp.—Reorganization Plan.,—
one class par $1. The stock will have no rights of conversion exchange or
A plan of reorganization, dated as of July 11934, has been proPosCil
subscription, and will carry no preemptive rights. The numberof shares
filed by the company under Section 77-B of the bankruptcy act, in and
to be outstanding upon the consummation of the plan, will be the number
U. S. District Court for the Southern District of New York. A hearingthe
of shares necessary to effect the exchanges of securities. Upon the basis
for
the consideration of plan will be held Nov. 1 next.
ofthe presently outstanding stock and bonds, it will be necessary to increase
An earlier plan, which was dated as of March 1 1932, was abandoned on
the authorized number of shares from 300,000 to 368,730.
Dec. 27 1933. when the deposit agreement, under which it was announced.
expired. Although the holders of more than 86% of the bonds had approved
Basis of Exchange of Securities.
that plan and deposited their bonds prior to Dec. 27 1933. these deposits
The hotel will issue its debentures in face amount equivalent to the bonds
were not deemed sufficient to declare that plan operative.
presented for exchange with the coupon due Sept. 1 1932 and all subsequent
From Aug. 1933 until June 1934 negotiations for the modification of the
coupon attached or accompanied by an amount of cash equivalent to the
lease were in progress; but the plan of reorganization, based upon these
face amount of the missing coupons with interest. In addition (1) Each
negotiations, was discarded upon the enactment of Section 77-B of the
bondholder, who presents bonds with warrants attached, and with coupons
Bankruptcy Act.
or cash, as aforesaid, will receive 10 shares of stock in respect of each $500
On June 29 1934 the hotel, with the approval of its landlord, filed its
of such bonds. and (2) Each bondholder, who presents bonds without
original petition under Section 77-B of the Bankruptcy Act. On June 30
warrants attached, but with coupons or cash as aforesaid, will be entitled
1934, the hotel filed a petition in these proceedings, requesting that
to nine shares in respect of each $500 of such bonds.
hotel be continued in possession of its property and business, and thatthe
The shares of stock outstanding at the time of the confirmation of the
all
suits against it be enjoined. On June 30 1934, the filing of the original
plan will be retained by the persons holding them at that time.
petition was approved and an order made continuing the hotel temporarily
The effect of the foregoing disposition of shares, assuming that all of the
in possession of its property and business, pending the hearing, upon notice
stock and bonds presently outstanding will be outstanding at the time of
to all known bondholders. creditors and stockholders, to determine whether
the confirmation of the plan, will be that approximately 60% of the shares
or not to continue the hotel in possession of its property and business thereto be outstanding will be owned by the holders of bonds and warrants, outafter or to appoint a trustee or trustees. On July 18 1934, after this hearstanding at the time of the confirmation of the plan, together with the
ing, the court made a further order continuing the hotel in possession of its
holders of shares theretofore acquired through the exercise of warrants; the
property and business.
remaining 40% of the shares will be owned by the holders at the time of
In order that the plan ofreorganization may become effective,the consent
the confirmation of the play of all of the share; issued by the Hotel, other
than the 22.000 shares which were issued and reserved to provide for the
of the landlord will be necessary, since it is essential to the business of the
hotel that it continue in possession of the now Waldorf-Astoria, under its
exercise of the warrants appurtenant to the bonds.
Each bondholder, who presents bonds without the coupon due Sept. 1
lease. If the landlord does not approve the plan, it has the power to
1932 and all subsequent coupons,and without cash equivalent to the amount
terminate the lease.
of the missing coupons, will receive deposit receipts, but the bonds and
The landlord has indicated its willingness to approve the plan. (1) if
shares of stock to which he would otherwise be entitled shall be held by the
two-thirds of the bondholders and a majority of the stockholders accept the
hotel for the benefit of the holder of such receipt, until such time as the
plan in writing on or before Oct. 15 1934,(2) if the plan of reorganization be
holder of the deposit receipt shall pay to the hotel, or be credited with, the
confirmed by the court on or before Nov. 15 1934, and (3) if the landlord
face amount of the miming coupons with interest from Jan. 1 1935 at 6%
be not required to defer the payment of rents, in order to provide funds for
compounded semi-annually upon the differences from time to time existing
the expenses of the reorganization, In excess ofsuch amount as the landlord
between the face amount of the missing coupons and such amount as may
shall deem reasonable.
be credited to the holder of such certificate of deposit from time to time.
Interest upon the debentures and dividends upon the stock held for the
Digest of Plan of Reorganization.
account of the holder of such receipt shall be credited as aforesaid to the
Calcellation of Arrears in Rentals and Taxes.
account of the holder ofsuch receipt.
New York State Realty & Terminal Co. (the landlord), in connection
Interest Upon the Bonds.—The obligation of the hotel for all interest
with the amendment of the lease will release the corporation from the
accrued or to accrue upon the presently outstanding bonds will be cancelled.
obligation to pay arrears of rent, due and unpaid as of Dec. 311933,(other
As of June 30 1934 accrued interest amounted to $1,797,621.
than sinking fund rental in arrears) and real estate taxes, and certain other
Trade Creditors.—After payment or provision for payment of the costs
indebtedness as of Dec. 31 1933. The total amount of arrears of rent
of administration and other allowances made by the court and expense; of
(other than sinking fund rental in arrears), taxes and other indebtedness is
the hotel in operating, managing and preserving its assets and properties
$2,587,244. In addition, the landlord will agree not to demand payment
and conducting its business since June 30 1934, including, without limiting
of the arrears of the sinking fund rentals as of Dec. 311933, which on that
the generality of the foregoing, wages.salary and compensation of officers,
date amounted to $399,900.
accountants, agents, employees, attorneys and counsel, such ordinary
Amendment of the Lease.—If, the reorganization plan is confirmed,
capital expenditures, approved by the landlord, as may be necessary in the
the original lease will be amended as of Jan. 1 1934, as follows:
proper conduct of the business of the hotel and the coats of maintaining the
Rents.—The hotel will pay as rent, under the new lease, in lieu of the
corporate existence of the hotel, all moneys due upon accounts payable
rent reserved in the original lease, which currently amounts to $1,400,000
and upon open accounts (other than rents due to the landlord, as of June 30
per annum, and which gradually increases during the first term of the
1934), as well as wages due to the employees and miscellaneous accrued
original lease expiring Dec. 1 1956 to $1,600,000 per annum, the following:
liabilities, shall be paid in full. As of June 30 1934 accounts payable were
(a) A new basic rental of $1,200,000 per annum.
$205.151, wages due to employees were $20,331 and miscellaneous accrued
Waiver of Rents by Landlord.—During the period of three years from
liabilities were $9,556.
Jan. 1 1934 to Dec. 31 1936, if the net earnings do not equal S1,200.000 in
Any moneys available, after payment or provision for the payments to be
any one or more of such years, the difference between the new basic rental
made to trade creditors as aforesaid, shall be payable to the landlord upon
and the net earnings will be waived by the landlord,and will not accumulate.
account of the rentals reserved under the terms of the new lease.
During the balance of the first term of the new lease, if the payments
Landlord's Control of Management.—During any period, in which the
upon account of the new basic rental in respect of any year shall be equal
net earnings shall not be sufficient to enable the payment in full of the
to or greater than the minimum new basic rental, provioied in the following
new basic rental, the additional earnings rental and the deferred rentals,
table, to wit: $500,000 for the year 1937: $600,000. 1938; $700,000, 1939;
the members of the board of directors of the hotel shall be subject to the
$800,000. 1940; $1,000,000, 1941; $1,200,000, 1942 and each year thereapproval of the landlord, and the management, accounts and expenditures
of the hotel shall likewise be subject to the approval of the landlord.
after. the difference between the new basic rental and the amount paid upon
.0:
1405
Financial Chronicle
Volume 139
Charter and Name.
-Under the plan the hotel, the present corporation.
will continue its corporate identity. The charter, name and good will of
. he hotel will be retained.
Statement of Operating Income Six Months Ended June 30.
1932.
1933.
1934.
Gross revenue
$3,491,087 $2,011,462 $2,373,182
1,623,130
2,010.839
Operating expense
2,677,851
$813,236
274,081
Net loss
-V.139, p. 1086.
$122,931
$29,944
700,059
43,128
699,146
6,493
$242,778
$620,257
$675,696
390,201
481,525
Loss
Interest on bonds, State tax and 2%
Federal tax thereon
Amortization and depreciation
$362,343
332,399
700,000
81,933
Profit available for rentals,interest,
amortization & depreciation
Rentals:
Ground, building and sinking fund
rental
Interest on deferred rental
$388,332
265.401
$539,155
Operating income
Real estate taxes
392,889
473,701
392,763
469,503
$1.114,504 $1,486,847 $1,537.961
-Earnings.
Houston Lighting & Power Co.
Statement ofIncomefor 12 Months Ended Dec. 31.
1932.
1933.
Operating revenues
$7,806.910 $8,032,359
Operating expenses, including taxes
3.604,824 3,515.951
Net revenues from operation
Other income
$4,202,086 $4,516,407
25,112
16,022
Gross corporate Income
Interest on mortgage bonds
Other interest and deductions
$4,218,108 $4,541,520
1,297.500
1,297,500
102,981
91.113
Balance
Property retirement reserve appropriations
82,829,495 $3,141,038
558,929
868,179
Balance carried to earned surplus
Dividends on 7% preferred stock
Dividends on $6 preferred stock
Dividends on common stock
$2,270,566 82,272,859
209,933
210,000
103,253
109,717
1,800,000
1,800,000
Balance Sheet Dec. 31 1933.
Assets
Liabilities
Plant, prop., franchises, &c._$47,074,206 Capital stock
x$15,020,000
Investments
735
100,000 Capital stock subscribed__
Current assets
27,500,000
1,896,536 Long-term debt
Miscellaneous assets
150,000
277,899 Dividends declared
Deferred charges
165,239
2,165,656 Accounts payable
Sundry debits
309,194
125,000 Customers' deposits
283
Miscell. current liabilities
900,794
Accrued accounts
15.386
Miscellaneous liabilities
6,528,561
Reserves
1,049,106
Earned surplus
Total
Total
$51,639,298
$51,639,298
x Represented by 30,000 she. 7% pref. stock (par 8100); 20,000 she.
-V. 139.
$6 Pref. stock (no par) and 500,000 shs. corn. stock (no par).
p. 1241.
Idaho Power Co.
-Earnings.
[Electric Power & Light Corp. Subsidiary.]
Period End,July 311934-Afonthly-1933. 1934-12 Mos.-1933.
Operating revenues
$349,132 $3,969,266 $3,805,001
$362,768
Oper exps.,incl. taxes
162.457
1,945,597
1.858,159
179,627
Net rev,from oper'n
Other income
$183,141
Dr454
$186,675 $2,023,669 $1,946,842
519
2,907
20,362
Gross corp. income_ _ _
Int. & other deductions_
$182,687
59,475
$187,194 $2,026,576 $1,967,204
59,493
715,571
719,475
Balance
Y$123,212 y$127,701 $1,311,005 $1,247,729
Property retirement reserve appropriations
432,500
380,000
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
414,342
414,151
Balance
$464,163
8453,578
x Regular dividends on 7% and $6 preferred stocks were paid on May 1
1934. After the payment of' these dividends there were no accumulated
unpaid dividends at that date. Regular dividends on these stocks were
declared for payment on Aug. 11934. y Before property retirement reserve
appropriations and dividends.
-V. 139. p. 931.
Illinois Terminal Co.
-Earnings.
--July1933.
1934.
$407,457
106,242
66,583
$432,651
153.487
92,332
1932.
$317,523
64,571
21,641
1931.
$550,906
187,665
123,420
2,842,369
848,635
540,778
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p.601,
2,604,170
786,820
414,750
2,632,244
663.558
294,243
3,838,305
1.293.190
883,369
Balance Sheet Dec. 31.
1933.
1932.
1933.
LiabilUiesAssets
$6 preferred stock. 2.020,810
Tel. plant, equip.,
13,602,351 13,712,184 Common stock... 4,849,480
&c
5,750,000
Funded debt
Inv. In stks. & bds.
252,059
Due to MM. cos
of other cos., as5,690
8.382 Def'd liabilities...
sociations, &c
6,925
Accts. payable_ _
49,667
Special deposits__ _
1,863
95,833
Accrued interest
Cash sink. funds &
1,869 Accrued taxes.... 115,600
other spec. dens.
31,929
Accr. pf. stk. dive_
Debt disct. & exp.
14.864
410,430 Misc. curr. Habits_
in proc. of arnort. 392,551
Reserves
1,063.792
Prepd. accts.& def.
249,241
55,928 Surplus
41,448
charges
140,243
251,951
Cash
24,164
Empl, wkg. funds_
52,795
x46,378
Notes receivable_
34,886
Acc'ts receivable._
Due from subs, to
9,184
pref. stock
145,702
Mat'ls & supplies_ 114,195
14,498,966 14,554,464
Total
-V.138, p. 2414.
1932.
2,032,699
4,849,480
5,750,000
251,603
4,824
54,815
95,833
114,073
30,915
13,717
1,118,562
237,944
14,498,966 14,554,464
Total
-Earnings.Indiana Associated Telephone Corp.
Income Account for Year Ended Dec. 31.
1932.
$1.076,693 $1,218,568
Total gross earnings
283.829
152,860
156,922
350.030
186,473
139,238
Net earnings
Net interest deductions
Prov, for deprec., as determined by company
$483,382
191,345
133,700
$542.827
185,798
184,750
Balance of income
Dividends on preferred stock
Dividends on common stock
$158.337
70,933
24,255
$172,279
74.434
91.350
$63,149
$6,495
Operating expenses
Maintenance
State and local taxes
Balance
Balance Sheet Dec. 31.
1932.
Liabilities1933.
1932.
Assets1933.
Tel. prt,equip.,&c$6,878,794 $6,893,146 $6 Pref. stock_-_$1,392.144 $1,336,668
3,685 s Common stock__ 1,890,000 1,890,000
3,898
Mlscell. investmls
2,952,000 3,134,800
233,046 Funded debt
•Depreciation fund 301,686
14,033
Deferred liabilities
Special deposits...
8,128
4,171
2,424
Debt disc. & exp._ 221,583
231,863 Due to affil. cos
45,852
49,737
Accounts payable_
Prepaid accts, and
4,043
66,692
46,276 Accrued interest
36,935
deferred charges
3,197 Accr. State & local
Due from attn. cos.
1,960
151,250
145,225
taxes
208,956
Cash
54,758
3,432 Accr, pref. stock
Working funds_ _
2,945
8,787
dividends
8,895
U.S. Govt. securs. 100,000
14,175
Com.stk.clivs.pay_
Rec'd from subscr,
2,135
1,627
20,674 Misc. current liab.
to pref. stock_
1,217,398 1,133,234
Reserves
Constr. & oper'g
6,494
68,271
113,585 Surplus
mat'ls supple 114,081
29,865
Acc'ts receivable
27.560
Total
Total
$7,752,330 $7,787,724
x Represented by 63,000 shares.
-V. 137, p. 488.
$7.752,330 $7,787,724
-Investors Get MaterInterborough Rapid Transit Co.
myer for Attorney.Samuel Untermyer, former Special Counsel for the Transit Commission
and for the city in its endeavors to unify the city's independent subway
system with the lines of the B. M. T. and I. R. T. has been retained as
Special and Associate Counsel for the committees of stockholders of the
I. R. T. and Manhattan By.
Mr. Untermyer's new role was disclosed Aug. 26 in a letter sent to
Sullivan & Cromwell, Counsel for the stockholders' committee of the
I. R. T., and to Charles Franklin, Counsel for a similar group of the Manhattan. Both groups agreed. as.part of the conditions laid down by Mr.
Untermyer before he accepted their offer to act as Associate and Special
Counsel, to reconcile their conflicting differences and that "unification
shall not involve or permit of a rate of fare to exceed five cents."
The offer to serve both groups was made to Mr. T.Intermyer a fortnight
ago. but before accepting he submitted the offer to the LaGuardia Administration and to the Transit Commission to ascertain if his re-entry into the
unification proceedings was agreeable to them and was informed that he
would be welcome.
-V. 139. p. 1086.
1a3ni
International Great Northern RR.-E9r2. ngs.-July
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
1934.
1933.
$1.072,745 $1,122,327
366,024
274,809
205,273
120,555
7,377,613
2,054,456
930,143
7,693,342
2,381,885
1,175.684
$743,472 $1,8 31.
199,236
6
624,155
100,748
2,180
386.378
5,952,070
822,540
3,919
11,788,705
3,311,364
1,775,996
No Interset on Adjustment Mortgage Bonds.No interest on the adjustment mortgage bonds will be payable Oct. 1
1934, it is announced.
From Oct. 1 1928 to and incl. Oct. 1 1930 the company paid 3% each
six months on the above-mentioned issue; none since.
-V. 139, p. 766.
Independent Brewing CO., Pittsburgh.
--Removed from
-New Name.International Metal Industries, Ltd.
1
)eali5.71._...
s
See Service Stations, Ltd., below.
York Produce ExchanEahas removed from dealing tne let
The ew
mtge.
bonds, 1955.-V. 137. p. 0.
t
-L
" ----Lnternational Silver (2c).---Accumulated Dividend.4- d-0.-1,, .
-The directors have declared a dividend of $1 per share on account of
Illinois Central RR.
-Earnings--stock, par $100, payable
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1241.
1934.
1932.
1931
$6,645,584 $7.117,506 $5.731.204 38.256,225
1,565,453
2,442,711
1,271,260
1,743,719
1,808.980
868,700
680,879
1.198,153
45,265.490 42,459,86 44,707,276 60,562,736
11,506,064 12,249,285 10,281,978 10,582,777
7,059,636
8,077,906
5,658.594
5,415.800
Illinois Commercial Telephone Co.
-Earnings.-Calendar Years
-1933.
1932.
1931.
Operating revenues
$1,698,754 $1,889,476 $2,136.143
2,298
Non-operating revenues
1,770
2,271
Total gross earnings
Operation expense
Maintenance expense
Taxes
$1,701,052 $1,891,246 $2,138,414
685.361
848,692
900,687
299,162
296,454
325,269
97,875
103.201
96,000
Net earnings before depreciation_
Net interest deductions
$618.653
323,258
$642,899
321,759
$816.457
321,208
Surplus net income before deprec
Prov,for deprec. as determined by co.
$295,395
149,636
$321,140
149,637
$495,248
146,773
Balance of income after depreciation
Surplus balance Jan. 1
$145.758
237,944
$171,503
245,658
$348,474
243,600
Total surplus
Dividends on preferred stock
Dividends on common stock
Provision for loss on investments
$383,702
127.579
6.881
$417,162
116,847
30,309
32,063
$592,075
103,942
242,474
$249,242
$237,944
$245,658
Surplus balance Dec. 31
accumulations on the 7% cumulative preferred
Oct. 1 to holders of record Sept. 14. A similar distribution was made in
each of the three previous quarters, $1 per share was paid quarterly from
April 1 1932 to and including Jan. 1 1933. The last regular quarterly
distribution of $1.75 per share was made on Jan. 1 1932.
Accumulations after the distribution of the Oct. 1 dividend will amount
to $11.25 per share.
-V. 139, p. 602.
-Earnings.Interstate Telephone Co.
Years Ended Dec. 31Gross earnings
Operation expenses
Maintenance expense
Taxes
1933.
$620,350
215,329
85,999
61,919
1932.
$707,829
246,642
88,901
62,085
1931.
$831,055
279,215
119,137
57,935
Net earnings before depreciation_-_
Interest on funded debt
General interest
Amortization of debt disct. Sz expense
Interest during construction
$257,104
100,000
1,248
7,821
$310,200
100,000
1,234
7,840
Cr18
$374,767
69,444
36,610
5,847
Cr352
Surplus net income before deprec'n_
Prov.for deprec. as determined by co_
$148,034
102,978
8201,144
85.449
8263.219
83.030
Balance of income after deprecia'n_
Dividends on preferred stock
Dividends on common stock
845,056
14,963
Surplus
-V. 137, p. 2635.
$30,093
$115,695
8180.188
59,274
41,667
57,500 Not report'd
defS1,079
8138,521
Jewel Tea Co., Inc.
-Sales.
Period End.Aug.11- 1934-4 Weeks-1933. 1934-32 Weeks-1933.
Sales
$1,275,079 $1,021,086 $10,220,845 $8,426,227
Average No.units in oper.
1.527
1,432
1,435
1,508
1406
Financial Chronicle
Pays 5% Bonus to Employees.
A special "wage extra" to employees of this company and the Jewel Food
Stores was announced Aug. 28. Tnis will be in the form of a bonus to be
paid on Sept. 15 to all who are then in the emplcy of the company and were
continuously in its employ from Dec. 31 1933 to July 14 1934, with the
exception that senior executives are excluded from participation.
In taking this action the company is dividing a fund of approximately
$75,000 among over 2.250 employees tnroughout the organization. The
distribution of this fund will be on the basis of a 5% wage or salary "eat'a"
on the total income of each worker,including wages or salary, commissions.
bonuses, or other special awards, up to a total average income of 350 per
week. Those whose average income exceeded $50 per week will receive
the 5% "extra" on the $50 average but not on that portion of their income
above that figure. as the intent is to distribute this money broadly down
through the organization.
Checks covering t is "wage extra" will be distributed on Sept. 15 to all
eligible employees.- Ar. 139. p. 1242.
Irving Air Cl ute Co., Inc.(& Subs.).-Earnings.Earni psfor the Six Months Ended June 30 1934.
Sept. I 1934
Consolidated Balance Sheet Da. 31.
Assets
1932.
Dtalriltttes1933.
Cash
$43,260 Notes payable__ -$17,849
1nv.U.8.Govt.bds.
26,956
127,585 Accounts payable.
a Trade accts. and
Acced royalties.-notes receivable_ 438,492
246,683 Deposits held unInventories
192,335 der contracts__
436.679
Cash val. life Ins..
35,846
29,058 Other accr. exps__
Due from officers
C Common stock__
and employees_ _
3,014
Surplus
Accrued int, and
other accounts_ _
11,888
1,448
Exp. paid in adv_
101,319
b Land, bldgs, and
equipment
524,946
508,322
Patents
5
Licenses (cost
$222,500)
2
2
Good-will
1
1
1933.
$100.000
91,082
99,804
1932.
31,559
85.980
26,525
70,744
875,000
259,048
81,750
20,221
875,000
158,980
Total
$1,495,678 $1,250,015 Total
$1,495,678 $1,250,015
Net profit after all adrarges
$22,030
a After reserve for bad debts of 148,526 in 1933 and 331.713 in 1932.
b After reserve for depreciation of $416,704 in 1933 and $346,477 in 1932.
Consolidated Balance Sheet.
c Represented by 150.000 snares class A stock and 25.000 shares class B
Assetsjint/ 3034. Dec. 3133. LlatrlIttlesJune 3034. Dec. 3133.
stock.
-V. 138, p. 2095.
Cash
$273,847 $308,855 Accounts payable_ $54,301
$32,913
Accts. receivable
112.712
63,451 Accrued Govt. tax
3,976
877---Knb Barrel Co., Inc.idmitted to List.
Marketable secs
175,456
188.019 Accrued salaries &
The ew York Produce Exchange as admitted to list mmon stock,
Accr. int. receiv
3,094
3,717 wages
907
922
$1 par.
Inventories
191,917
138,678 Reserve for continFixed assets
134,889
120,987 gencies_
30,000
30,000
Lawyers Mortgage Co.
-Report on Year's Progress.
Good-will, patents
37,456
41,580 Capital stock
211,000
211,000
Payments of$17,839,244 in mortgage interest and tax arrearsfrom Aug.2
Treasury stock
75,466
75,466 Surplus
742,026
719,995
1933, to July 31 1934, were reported Aug. 28 by Charles J. Mylod,Special
Other securities_ _ _
27,360
31,156
Deputy Superintendent of Insurance in charge of rehabilitation of the
Miscell. assets.
1,513
company, one of the 17 title and mortgage companies taken over last year
Deferred charges
10,014
22,287
by the State Insurance Department of New York.
Interest paid out during the year amounted to $12,628,580. A total of
Total
$1.042,210 $995.707 Total
$1,042,210 $995,707
314,398 checks was issued. 43.110 aggregating $6,683,297 to holders of
-V. 138, p. 1755.
whole mortgages and 271,288 aggregating $5,945,283 to certificate holders.
Jones & Laughlin Steel Corp.
The city received $4,348,817 in payment of tax arrears, of which amount
-Wage Cuts.
$3,646,340 went to reduce arrears on certificated issues. Mortgagees
The company has eliminated Saturday operations for salaried employees,
received $861,847 during the year for the reduction and satisfaction of
with a corresponding reduction of approximately 10% in wages.
-V. 139.
mortgages. Payments of principal and amortization would have been
p. 602.
larger had it not been for the State moratorium, it was said. Mortgages
Kansas Oklahoma & Gulf Ry.-Earnings.refunded through the Home Owners Loan Corporation totaled 734, with
an aggregate value of $3,705,110.
Jaw1934.
1932.
1933.
1931.
Of the 23,000 certificate holders all except 822 received some interest
Gross from railway
$164,046
$149,474
$126,258
$243,015
during the year. These 822 held 22 of the 880 mortgage series. The total
Net from railway
83,655
74,994
40,628
96,123
value of all the series is approximately $149,000,000, while the series on
Net after rents
53,753
40.762
15,413
54,487
which no interest was paid amount to $2,041,327,the report states.
-V.138.
From Jan. 1
p.4302.
Gross from railway
1,108,811
983,978 1.037,027 1,533.456
Net from railway
556,059
460,121
398.651
632,839
i
- & R.) Lazarus Co.
'(F.
-Extra Distribution. -r- JeA-t j
Net after rents
344,593
192,389
245,761
367,781
The directors have declared an extra dividend of five cents per share in
-V.139, P. 767.
additicn to the usual quarterly dividend of 10 cents per share on the common
stock, no par value, both payable Sept. 29 to holders of record Sept. 20.
K,elly-Springfield Tire Co.
-Stockholders Contest.
Similar distributions were made on June 30 and March 31 last.
-V. 138,
The stockholders' protective committee has sent a new letter to stockp.3952.
holders soliciting their proxies to elect a new board of directors, to remove
Edmund S. Burke and some of his associates from their present positions
Lehigh & Hudson River Ry.-Earnings.-and to bring new officers into the company, it was announced Aug. 27.
The committee alleges that the cause for the losses incurred by company
Juts1933.
1931.
1934.
1932.
In 1933 and 1934 is "mismanagement."
$173,598
Gross from railway
$132.272
$109,896
$114,685
If 35% of the company's outstanding stocks, as required by the by-laws,
45,394
Net from railway
26,843
55,823
33,165
can be obtained in time, the committee proposes to call a special meeting
15,237
Net after rents
5,180
28,571
10,256
of stockholders to effect the changes within a month or six weeks. It is
From Jan. 1
also provided that proxies given shall be valid for the next annual meeting
1,183.283
814.013
Gross from railway
868,563
937,366
of the company, in March next year.
-V. 139, p. 1087.
Net from railway
253,562
265,330
229,369
334,935
120,283
Net after rents
101,151
50,969
96,376
Kellogg Switchboard & Supply Co.
-Earnings.
-V.139. p. 768.
Calendar Years1932.
1931.
1933.
1930.
-Earnings.
---Lehigh & New England RR.
Net loss
3622.229
$199,076
$343,406prof$189,099
Depreciation_
87.528
97,487
119,028
118,818
1931.
July1933., 1932.
1934.
Interest
6,122
$315,753
$303.913
$231,168
Gross from railway
$264,438
Patent amortization_ _
29,106
30.102
30,511
31.221
55,309
101,906
43,937
Net from railway
48,805
53,146
41,881
81,917
Net after rents
47,657
Net loss
$315.710
3749.818
$492.946 prof.$32,937
From Jan. 1
Surplus account Dec. 311933: (a) Capital surplus-Balance Jan. 1 1933:
1,705,148 1,901,332 2,451,031
Gross from railway
2,085,961
496,839
390,444
Premium on capital stock sold.$52,500;discount on capital stock reacquired.
380,484
Net from railway
550,051
481,781
386,647
3542.922; arising from valuation of good-will, $315,167: total, $910,590:
362.101
Net after rents
481,663
discount on stock reacquired in 1933, $43,592; total, $954,183. Less
-V.139, p. 1243.
Good-will written off, $315.167; reserved for plant property. $100,000:
Lehigh Valley RR.
-Earnings.
balance, Dec. 31 1933, $539,015. (b) Earned surplus: Restoration of
portion of amounts distributed as stock dividends in prior years in ac-1932. 1931.
July
cordance with a resolution of the board of directors. 32,273.534. Less
33,030309 $3,358,483 32,674,370 $3,873,937
- Gross from railway
479,831
Deficit Jan. 1 1933,$718.673; net loss for 1933,$315,710:reserved for bonds
130,802
Netfrom railway
821.908
334,116
77,281
owned. $100,000; reserved for inventories. $400.000: reduction in patent
Net after rents
27.834
537,482 def196,047
account, 3226,167. Balance, Dec. 31 1933 (restricted in use under the
From Jan. 1
Illinois Business Corporation Act of July 1933 to the extent of the cost
Gross from railway
24.108.630 20,991,289 22,665,880 30,664,425
(3528.311) of treasury stock until such stock is sold or canceled), 3512,983;
Net from railway
5,747,844 3.985,104 3,706,086 5,727,749
total surplus. $1,051,999.
Net after rents
1,558,728 1,268,882 2,930,502
3,319,381
Balance Sheet Dec. 31.
-V. 139. p. 603.
1932.
Assets1933.
1933.
1932.
-Earnings.
Lexington Utilities Co.(& Subs.).
Cash
$152,897 $110,193 Accounts payable_ $55,350
$58,241
Period End.June 30-- 1934-3 Mos.-x1933. 1934-6 Mos.-x1933.
Marketable sec.._ 1,868,171 1,982,352 Accrued pay-roll,
$831.108
Total gross earnings,.._ $422,373
3425.223
3825.884
273,855 COnMTeDA, taxes,
Notes & accts. rec_ 198,343
514.451
Total oper.exp.& taxes_
574,860
293,751
264,018
Inventories
713,707 1,306,957 royalties, &c _ _
77,625
94,502
7% cum preferred
Due from officers &
$316.657
Net earns, from oper_ 3128.622
$251.023
$161.2o5
stock
employees, incl.
2,113,938 2,167,638
41,229
Other income (net)
10.269
4,062
20.711
5,891 Common stock(par
traveling advs.,
5,516
Dep. with mutual
$10)
566,235 2,835,988
$357,886
8261,293
Net earn.avall.for mt.. $132,684
$181,916
16,160 Capital surplus..._ 539,015
Insurance cos
15,229
910,591
999
Gen. int, of subs. cos,...
76n
382
499
Earned surplus
Cash surr. val. of
512,983 def718,673
12,464
life insur. paid
26,991
Bal. avail, for int. of
13,353
Deferred charges
12,183
$356,887
Lexington Util.
$132,302
$181.417
$260.528
913,140
x Plant & equip
728,266
116,188
Funded debt interest-- _
115.319
57.632
58,057
398,753
Patents
143,844
172
General interest
4,257
3,025
83
Good-will
315,168
14,766
Amort.of bond dis.& exp.
7.383
7,383
14,766
Total
Total
$3,865,147 $5.348,286
$3,865,147 $5,348,286
$225,761
Net inc. before diva__
$64,262
$126,186
$115.894
x After depreciation.
-V.138, p. 1926.
x In addition to excluding the operations -of the Kentucky Traction &
-Earnings.
-Lake Superior & Ishpeming RR.
Terminal Co., otnor adjustments, including increased provision for retire1932.
ment made subsequent to June 30 1933 but applicable to the period be1934.
1933.
July1931.
Gross from railway
$322,656
$23,978
ginning Jan. 1 1933, have been given effect to in these columns.
3207.747
$220,691
Net from railway
235.747 def23.431
Note.
-This income statement includes the operations of the Kentucky
115,562
123,962
Net after rents
Coach Co. and tne Lexington Ice Co.,subsidiaries of the Lexington Utilities
87,664
197,014
def39,028
104,507
From Jan 1Co., but does not reflect the income and expenses of the Kentucky Traci
Gross from railway
tion & Terminal Co.placed in receivership Jan. 14 1934.-V.138, p.3952.
633,490
751,257
174,088
713,348
Net from railway
236,386 def187,624
233,037
98,712
Net after rents
135,710 def297,050 def32,549
107,639
Lexington Water Power Co.
-Earnings.
-V. 139. p. 767.
1933.
12 Months Ended June 30Operating revenue (electric)
Ken-Rad Tube & Lamp Corp.
-Earnings.
Operating expenses
Calendar Years1933.
1932.
1931.
1930.
11.535
Maintenance
10.426
•
Net sales
32.830,312 31,549.591 $1,118,834 $1,097,575
Provision for retirements
Cost of goods sold
891,447
2.287.408 1,180.960
865,436
Taxes (incl. provision for Federal tax)
Gen.& admin.expenses102.866
118,994
134.697
185.120
Selling expenses
277.568
167,014
207,406
188.727
Operating income
$783.196 $1,206,696
583
Other income
7
Operating profit
$162,470
$82,623 def$114.716 def$141.709
Other income
16.586
32.879
47,393
25,795
Gross income
$783,204 $1,207,279
869,146
Interest on funded debt
853,446
Total income
$179.056
$115.502 def$67,323 def$115,914
27,689
Interest on unfunded debt
10,821
Other deductions
81.833
37,371
15.999
15.496
42,978
Amortization of debt discount & expense
42,021
Income taxes
19.632
$267.467
Balance of income
def$123,084
Net profit
$77.591
378.132 def$83,322 def$131.409
-V.139, p. 281.
22.476
Surplus adjustments__
158,980
-Transfer of
Surplus beginning of year
80.848
164.170
295,579
Liberty Surety Bond & Insurance Co.
"igg "OM
383:US IRSA2
Surplus end of year,._
Earns. per sh.00 175,000
she. combined A & B
stock (no par)
$259,047
$0.44
$158,980
$0.45
380.848
Nil
$164.170
Nil
Assets Condemned by Court.
Vice-Chancellor Malcolm G. Buchanan decided at Trenton on.Aug. 25
that transfer of assets of the company to the Independent Indemnity Corp.
was a breach oftrust and in violation of the rights of the Libert creditors.
Financial Chronicle
Volume 139
Assets of more than $700,000 were involved in the transaction condemned by the Court,which granted an order authorizing James R.Barber.
receiver for the Liberty concern to bring action in the Federal courts to
protect interests of the creditors.
The charge of fraud in transfer of the Liberty assets was an outgrowth
of a suit by the Aetna Casualty & Surety Co. to establish a trust in bonds
and mortgages totaling $110,000 deposited by the Liberty concern with the
State Banking Department. When that was allowed an attack was made
on the allowance of a preferred claim of $34,806 in favor of the Aetna concern, critics charging the Aetna did not have such a preferred claim.
-V. 134, p. 143; V. 136. P. 3549.
Loft, Inc.
-Earnings.
Period End. June 30- 1934-3 Mos.-1933. 1934-6 Mos.-1933.
Netsales
$3.042,824 $3,272,611 $6,312,854 $6,184,026
9,623
106,178
Net profit after all chgs_ loss70,904
82,332
-V. 138, p. 3606.
Long Island RR.
-Earnings.July
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.139, p.768.
1931.
1932.
1933.
1934.
$2,405,111 $2,465,129 $2,691,961 $3,629,561
881,087 1,126,332 1,186,680 1,516,139
927.390
853,862
629,930
353,831
14,178,942 13,845,454 16,915,457 21,399,587
3,764,679 4,712,508 5,412,214 7,056,149
1,154,105 2,236.859 2,795,223 4,492.995
Los Angeles & Salt Lake RR.
-Earnings.
July
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.139. P. 768.
1931.
$1,429,642 $1,176,796 $1,238,740 $1.574,204
352,912
403,771
385,556
562,212
58,354
102,866
138,148
307,096
9,374,006
3,378,430
1,710,483
7,581,890
2,173,532
514,511
9.004.291 11,426,079
2,753,519 2.332,316
413,697
816,645
Louisiana & Arkansas Ry.-Earnings.--JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
.
V- 139 P. 768.
1934.
$381,782
130,620
76,405
$353,230
108,003
72,701
$302,766
87,859
42,541
1931.
$551,428
263,005
188,723
2,488,539
840,411
546,927
2,337.002
823,275
501,660
2,358,091
642,489
349.006
3.299,005
1,161,160
710,498
Louisiana Arkansas & Texas Ry.-Earnings.July
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 137, p. 768.
def4 437
1933.
$80,959
20,982
,
377
1932.
:44.054
def5,678
def13,920
1931.
$54,756
def3,558
def11,763
556,522
128,065
9,189
458.147
66,584
def22,557
327,383
1,322
def56,860
425,561
6.439
def68,004
1934.
$77.045
-Earnings.
Louisiana Power & Light Co.
[Electric Power & Light Corp. Subsidiary.]
Period End.July31- 1934-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$460,255 $5,417.058 $5,257,486
$475,925
Oper.exps.,incl. taxes
272,673 3,212.443 2.986.743
290,856
Net revs, from oper__
Rent from leased property (net)
Other income
$188,069
$187.582 $2,204,615 $2,270,743
1407
only) $100,000 five-year 6% sinking fund convertible debentures at 100 and interest.
Dated. June 11934; due June 11939. Denom. $500, $1,000. Trustee.
National Bank of Detroit. Debentures are redeemable at any time up
to June 1 1935 inclusive at 105 and int., this premium decreasing 1%
each year thereafter, excepting the last year, when debentures will be
redeemable at par.
The debentures are a direct obligation of the company and are convertible into common stock on the following basis: $1,000 debentures into
200 shares until June 1 1935; $1,000 debentures into 165 shares of common
stock until June 1 1936; $1,000 debentures into 145 shares of common
stock until June 1 1937; $1,000 debentures into 125 shares of common
stock until June 1 1938;$1,000 debentures into 110 shares of common stock
after June 1 1938.
The company agrees to pay into a sinking fund yearly 20% of its earnings
after payment of interest and all taxes, or $20,0130, whichever is greater.
The first of these payments is to be made May 15 1936 for the annual
period ending March 31 of that year. Funds in the sinking fund are to be
used by the trustee toward the purchase and retirement of debentures at
not exceeding the then call price.
Authorized. Outstanding.
Capitalization$100,000
$100,000
5 year 6% sinking fund debentures
Common stock (no par)
*mom shs. 50,000 shs.
20,000 shares reserved for conversion of debentures.
HislorY.-Business was founded in July 1924 by C. H. McAleer to manufacture and sell a polishing paste which would produce a gloss on lacquered
automobile bodies. From this beginning there was developed a business
of selling to automobile and body plants a line consisting for the most part
of polishing paste, lacquer sanding compound, buffing and polishing compositions. A retail business was also built up with products consisting of
a complete line of automobile polishes, wax, touch up enamel, top dressing
and synthetic enamels which can be either sprayed or brushed. The retail
items are distributed through approximately 1,000 automotive and paint
Jobbers and 90,000 retail dealer outlets. The business was started with less
than $1.000 and expanded out of earnings until 1929. when it was incorporated as McAleer Manufacturing Co. and a public stock offering was
made, the net worth by that time having grown to a total of $113,000.
Part of the stock offered to the public was convertible preference stock callable at $13.75 and carrying cumulative dividends of $1 annually. On
June 30 1930, the stock was called but all the preference stockholders exercised their conversion privileged taking the common on a share for share
basis in preference to the redemption in cash.
Purpose of Issue.
-As these debentures are sold from time to time, it is
present intention to use the funds made available, among other things, to
manufacture and place in the hands of various outlets a sufficient stock of
the new McAleer steam heaters to meet sales requirements of the coming
winter. At the same time company is continuing to work on its Ethylene
Glycol project, the laboratory stage of which is completed. After the
erection and operation of a pilot plant company hopes to shortly begin the
manufacture of this fluid on a full commercial scale.
Earnings.
-For the five months ended May 31 company reports a net
profit of $23,997.
Consolidated Balance Sheet May 31 1934.
Liabilities
Assets
$3,050
Cash on hand and in banks_ _ _ $14,497 Notes payable
City of Detroit scrip
440 Loans and premium payable to
7,097
life insurance companies_ _ _
Notes, trade acceptances and
58,651
85,823 Accounts payable
account receivable
7,487
63,249 Accrued liabilities
Inventories
15.750
10,539 First mortgage payable
Prepaid taxes, insurance, &c
Value of life insurance
12,188 Capital stock (50,000 shares)_ _ 269,382
12,728
Deficit from operations
Mnnicipal and public utility
1,574
20,313 Capital surplus
bonds cost
115,481
Fixed assets
Land not used in operations_ _ _
13,553
Formulas, patents and trade8.052
marks
Deferred expenses
6,060
$350,243
Total
$350,243 Total
-V. 135, p. 1834.
Gross corp. income--_ $187,456
$188,871 $2,242,123 $2,309,242--M or Shares Corp.-Reooved from Dealing.
930.303
924,711
Interest & other deduc'ns
76,898
Th
York Produce Exchan e tas removed from dealing the interim
77.989
-V. 136, p. 168.
jor Corp. shares.
receipts or bearer certificates for
Balance
34109,467 y$111,973 $1,311,820 $1,384.531
-Earnings.
(H. R.) Mallinson & Co., Inc. (8r Subs.).
Property retirement reserve appropriations
345.750
$459,250
x Dividends applicable to preferred stock for
1931.
1932.
1933.
6 Mos. End. June 30-- 1934.
356,547
356,502
period, whether paid or unpaid
Profit on sales
$132,295 loss$7,348 loss$41,045 loss$110,980
257,901
145.844
129,089
251,586
Expenses
Balance
$496,023
$682.279
$368,881 '
x Regular dividend on $6 pref. stock was paid on May 1 1934. After
$119,291
$136,437
$186,889
Operating loss
the payment of this dividend there were no accumulated unpaid dividends
6.130
3,371
Other income
1,722
6,318
at that date. Regular dividend on this stock was declared for payment on
Aug. 11934. y Before property retirement reserve for appropriations and
$362,751
$183,518
Loss
$130,119
$117.569
dividends -V.139. p. 933.
43.305
33,849
33.036
Depreciation
28,873
58.682
32,479
Other deductions
1,200
27,533
Lucey Mfg. Corp.
-Distribution to Noteholders.
The Manufacturers Trust Co., N. Y. City. Is making a distribution of
$464,738
$249,846
$190,688
Net loss
$147.642
1.034502% to holders of certificates of deposit representing 10-year 8%
The consolidated balance sheet as of June 30 1934, shows total assets of
convertible sinking fund notes, series A.
-V. 139. p. 769.
$2,857,844 comparing with $2,798,915 on June 30 1933, and deficit from
operations of $744,905 against deficit of $349,537. Current assets as of
Louisville & Nashville RR.-Earnings.June 30 1934, including $10,656 cash, amounted to $692,006 and current
July1934.
1932.
1933.
1931.
liabilities were $659,472, comparing with cash of $11,533, current assets of
Gross from railway
$5,431,882 $6,269,640 $4,491,413 $7,140,116
8617,124 and current liabilities of $426,743 on June 30, of previous year.
Net from railway
1,164,871
Inventories totaled $525,632 against $419,441.-V. 139, p. 1085.
Net after rents
524,492 1,646,606
216,779
766,067
-Earnings.
From Jan. 1
Mapes Consolidated Mfg. Co.
Gross from railway
1933.
1934.
41,077,657 36,503,455 38,223,420 53,443,610
6 Months Ended June 30Net from railway
9,871,698 8,370,506 4,250,444 9,042,109
Net profit after deprec., Federal taxes, minority
Net after rents
$362,930
$322 180
7,477,593 5,834,228 1,201,507 5,582,745
int., &c
-V.139, P. 769.
$2.87
$2.54
Earns per share on 126,500 no Tar shares stock_.
The current assets as of June 0 1934, including $817,314 cash, amounted
Lynch Corp.
-Earnings.-to $1,005.156 and current liabilities were $82,485.-V. 138. P. 1409.
Period End. July 31- 1934-Month-1933.
1934-7 Mos.-1933.
-Reorganization Permitted.
'4laple Leaf Milling Co., Ltd.
Net profit after charges
and taxes
Permission to carry out the reorganization agreement of the company was
$58,518
$32,851
$211,997
$141,626
onto.
of capital stock
by Justice J. M. McEvoy of
Shares
given Aug. 28 at Osgoode Hall
Tor
outstanding
Holders of the preferred stock will receive 7 of the new 300,0•Ishares for
90,000
78,044
Earnings per share
each share now held and owners of Class B pref. will receive 1 new common
$2.25
$1.81
share for each B share and holders of common stock will get 1 new share for
On July 31, last, current assets including $141,409 cash totaled $750,725
5 of the present issue.
and current liabilities were $94,172. On July 31 1933, current assets
Three new management shares are to be authorized. Two of these will
including $192,113 cash were $533.438 and current liabilities were $48,044.
be voted under directions given by the bondholders. The other will be
-V. 138, p. 4302.
held by the company's bankers -V.139, p. 934.
696
1.691
598
691
Lyons-Magnus, Inc.
-Earnings.
-
8.212
29.296
6.977
31.522
.....
1931. ''
..---. ,. .,ys Bros. Theatres, Inc -Removed from Dealing.
.r
5r
Years Ended Dec. 311933.
1932.
removed from dealing the $2
ew York Produce Exchange
.
Net profit (after depreciation and
coni.le preferred stock, no par.
amortization)
$27,297 10858137,827
$18,554
(Glenn L.) Martin Co.
-Earnings.-Condensed Balance Sheet Dec. 31.
1933.
1932.
LiabilitiesEarnings for the 12 Months Ended July 31 1934.
Assets1933.
1932.
856,067
Net income after interest and other charges
$146,734 Accounts payable_ $344,601
$40,251
$. 5
.4
09
$154 8 1
Cash
Earnings per share on 376,000 shares capital stock
98,952 Notes payable..68,000
Coat. accts. rec.- 222,733
-V. 138, p. 3953.
701,569
259,269 Res. for Fed. Inc.
Inventories
3,510
3,220 tax
12,800
5,000
Life insurance_ .. _
-Recapitalization Plan Approved.
x Capital stock_
1,179,881 1,119,881 '"Maryland Casualty Co.
Due from RichardThe stockholders on Aug. 29 ratified the proposals of the management
14,798
Capital surplus_ _ _
6.742
140,332
son Corp. & subs
for a recapitalization of the company through the sale of stock to the
668,686 Earned surplus__ _
27,297 def113,457
y Plant & equipml 618,717
Reconstruction Finance Corporation. Under the plan a new issue of
Other assets & def.
29,213
30,962
1,250,000 shares offirst convertible preferred stock,series A. was authorized.
charges to oper_
and outstanding shares of the old issue reclassified. Of the new class A
x8,530
Treasury stock -- issue, the RFC has agreed to purchase 1.000,000 shares at $10 a share,
giving the company 810,000,000 of new capital.
$1,639,321 $1,207,823 Total
81,639,321 $1,207,823
Total
Other steps in the recapitalization include reduction in par value of the
x Represented by 49,705 shares class A stock and 60,000 shares class B
old fifst convertible preferred shares from $2 to $1 and transfer of $1,000,000
stock at net paid in value of $1,119,881 and 60,000 shares of special stock
from capital to surplus, and the reclassifying of the old first convertible
y After reserve for depreciation of $473,963 in 1933,$475,087
at $60,000.
preferred into first convertible series B. New certificates will be issued to
In 1932. z 1,790 class A shares at cost.
holders in exchange for their old ones.
-V. 139. p. 1244.
Note -Dividends of $3 per share cumulated on the class A stock up to
-V. 137. P. 2645.
Sept. 30 1932 are unpaid.
Maryland & Delaware Seacoast RR.
-Abandonment.
The Inter-State Commerce
16
-Debentures Offered.
-Baker, (1) permitting abandonment Commission on Aug.its issued a certificate
McAleer Mfg. Co. (Mich.).
by the company of
line of railroad in
Simonds & Co. are offering for sale cto residents of Michigan Sussex and Kent Counties, Del.and Caroline County, Md..and (2) author(
1408
Financial Chronicle
izing (a) acquisition and operation by the Baltimore & Eastern RR. of a
part of such line in Caroline County, and (b) acquisition by the Delaware
Maryland & Virginia RR., a part of such line in Sussex County.
The operation by the Pennsylvania RR., under agreement, of the part
of the line to be acquired by the Delaware Maryland & Virginia RR. was
approved and authorized by the Commission.
-V. 135, p. 1651.
---Merchants Fire Insurance Co., Denver, Colo.
Dividend Increased.
A quarterly dividend of 25 cents per share was paid on the common
stock. Par $10, Aug. 15 to holders of record Aug. 10. The company paid
20 cents per share on May 15 and Feb. 15 last, and 15 cents per share
quarterly prior thereto.
-V. 138, p. 1927.
Merchants & Manufacturers Securities Co.
(& Subs.).
Earnings for the Year Ended March 31 1934.
Gross earnings
$909,305
Cost offinancial services
751,844
Other deductions
56,281
Provision for dividends on preference stock of subsidiary
92,986
Net profit
$8,194
Consolidated Balance Sheet March 31 1934.
Assets
LiaMlitiesCash
$477,693 Notes payable (of subsidiarY)- $700,000
Receivables
2,819,962 Accounts payable
11,637
Repossessions, machinery and
Accrued expenses
23,871
equipment
693 Reserve for preference divs. of
Investments
x150,501 subsidiary
15,527
Other assets
254,273 Capital stocks-subsidiary__ - 1,026,674
Equipment
Y75,180 Merchants & Mfrs Securs. Co.
Unexpired insurance, prepaid
prior preferred 53.50 eum....z1,895,211
discount, taxes, aro
19,516 Class A common
399,720
Class B common
3,200
278,022
Deficit
Total
$3,797,818 Total
$3,797,818
x After allowance for doubtful investments of $2,131,879. y After allowance for depreciation of 156.386. z Represented by 46,848 no par shares.
-V. 138, p. 3277.
'Merrimac Hat Corp.
-Doubles Dividend.
-
The directors have declared a quarterly dividend of $1 per share on the
common stock, no par value, payable Sept. 1 to holders of record Aug. 25.
This compares with distributions of 50 cents per share made each quarter
from Dec.1 1930 to and including June 1 last, and $1 per share prior thereto.
-V.137. p. 326.
Metropolitan Edison Co.
-Stock Applicatio.nApplication has been made to Pennsylvania P. S. Commission for approval of the issuance and disposal of 6,332 shares of $5; 112,896 shares of
$6 and 387 shares of $7 prior pref. stock without par value,for the purpose
of effecting the exchange of 119,609 shares, out of a total of 210.825 shares,
of company's presently outstanding cumulative preferred stock bearing the
aforementioned rates of dividend -V.139, p.603.
Metropolitan Edison Corp.(& Subs.).
-Earnings.
12 Months Ended June 30
Total operating revenues
Operating expenses
Maintenance
Provision for retirements
Taxes (incl. provision for Federal inc. tax)
1934.
1933.
$15,710,342 $15,437,872
5,114,556 4,887,848
1,693,900 1,539,400
2,549,991 2,549,394
1,229,612
862,314
Operating income
Other income
$5,122,283 15,598,917
2,087,072 1,860,304
Gross income
$7.209,354 $7,459,221
Deductions, subsidiary companies:
Interest on funded Si unfunded debt
$2,740,132 $2.705,852
Amortization of debt discount & expense
183,586
183,915
Dividends on preferred stocks
806,169
806,168
Income applicable to common stock ofsubsidiary
company held by minority
82,510
83,717
Interest during construction
Cr13,447
Cr15,668
Balance
$3,410,404 13,695,237
Deductions Metropolitan Edison Corp.:
Interest on funded debt
1,260,000 1,260.000
Interest on unfunded debt
213,289 1,500,308
Amortization of debt discount & expense
48,466
48.438
Balance of income
-V.138. p. 2083.
$1,888,650
Michigan Public Service Co.
-Earnings.-
$886.492
'
Period End. June 30 1934-3 Mos.--1933.
1934-S Mos.-1933.
Total gross earnings_ _ _ _ 1182,022
$172.963
1375.167
1363,094
Operation
65,319
128,867
54.773
110.267
Maintenance
8,142
10,877
20,122
14.702
Prov. for retirement _--13,809
14,556
30,093
29,060
Taxes
-Local. State and
Federal(3% Elec.)19.704
15.725
39,797
31,423
Taxes: Federal income_
595
2.474
Net earns, from oper_
Other income (net)
$70,971
323
$80,513
174
$153,820
887
$177,642
607
Net earn, before int
Int. on funded debt--- General interest
Amortization of debt
discount and expense_
Amortization of capital
stock commission and
expenses
Int. charged construct'n
$71.293
49,536
9,779
$80,687
50,864
9,756
$154.707
99,606
19,518
$178,249
102,008
19,853
6,125
6.283
12.317
12,612
501
495
Cr64
1,001
Net income before div.
-V.139. P. 604•
$5,353
$13,352
122.265
Midland Valley RR.
-Earnings.
-1932.
u
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, P. 770.
991
Cr232
$42.977
$106,i49
47,948
33,937
$102,g95
47,370
32,334
192.588
23.658
10.226
1931.
$182,635
82,481
58,996
691,147
257,274
167,939
742.264
315,735
207,141
857.890
312,444
185,402
1,193,974
405,534
241,099
-Noteholders Reject Plan
Middle West Utilities Co.
Proposed by Stockholders.
-
Sept. 1 1934
the assets must be worth more than $142,000,000, the amount of secured
claims, notes and preferred stock.
-V. 139, p. 1244.
Milwaukee Electric Ry. & Light Co.
-Blue Eagle
Returned.
See last weeks "Chronicle" page 1188.-V. 139, p. 1091.
Minneapolis Gas Light Co.
-Rate Reduction.
The Minneapolis City Council has approved an agreement with this
company, a subsidiary of American Gas & Power Co., regulating the company's rates for a period of ten years on a net return basis of $1,250,000
annually. The action will result in a reduction of approximately 9% in
rates. The ordinance was passed by a vote of 18 to 6.-V. 138, p. 4304.
Minneapolis & St. Louis RR.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1244
1934.
$573,962
6,219
def39,356
3,948,186
134,253
def258,645
1932.
1933.
1931.
1748.204
$564,874 $1,062,882
173,304 def62,833
208,983
133,395 def128,714
121,742
4,251,013 4,261,686
428,597 def153,182
21,010 def611,285
6,238,920
657,745
102,407
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
JulyGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 770.
1933.
1932.
1931.
1934.
$1,839,136 $2,129,195 $1,819,036 $2,640,610
630,218
284,109
580,479
109,757
325,412 def208,532
40,912
228,445
12,525.237 11,899,311 12,275,285 17,279,750
1,823,095
1,621,304
301,312 2,519.482
def40,899 def274,814 def1,881,136
103,794
Mississippi Central RR.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 770.
1934.
$51,024
_efl.309
def7,201
372,227
34,679
def4,416
1933.
1932.
$55,323 ' $40,696
9,915
0ef552
1,791
def7,799
334,687
16,717
def28,717
337.297
de 9,724
def80.245
1931.
$99,258
34,057
22,635
591,019
116,527
50,060
Mississippi Power & Light Co.
-Earnings.
[Electric Power & Light Corp. Subsidiary]
Period End. July 31- 1934-Month-1933.
1934=12 Mos.-1933.
Operating revenues__ $360.765
$330,877 $4,636,820 $4,372,753
Oper.ens.,incl. taxes..
245.995
206,280 2,970,489 2.761,402
Net rev,from oper__
Rent from leased prop.
(net)
Other income
$114,770
Gross corp. income_ - _
Interest and other deduc.
$117,661
76,898
1,018
1,873
$124,597 $1,666,331 11,621.351
821
1,098
9,152
15,633
15.152
21,972
$126,516 $1,691,116 $1,658,475
79,652
915,761
940,983
Balance
y$46,864
3
y$40.76
Property retirement reserve appropriations
x Dividends applicable to pref. stock for period,
whether paid or unpaid
$775,355
392,465
$717,492
445,876
403,608
403,185
Deficit
$20,718
$131,569
x Dividends accumulated and unpaid to July 31 1934, amounted to
$369,974, after giving effect to a dividend of 50 cents a share on $6 pref.
stock declared for payment on Aug. 1 1934. Dividends on this stock are
cumulative. y Before property retirement reserve appropriations and
dividends.
-V. 139, p. 935.
Missouri Illinois RR.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 770.
1934.
$81,290
9,673
def5,520
547,909
128,409
44,284
1932.
1933.
$75,249
$80,883
24,95416,093
5,449
10,751
454.854
74.252
def21,117
515,201
98,125
12,601
1931.
$125,646
34,434
19.991
779,325
173,339
75,753
Missouri & North Arkansas Ry.-Earnings.Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 770.
$76,332
20,772
10,035
933
$85,302
34.978
23,772
571,033
113,695
34,073
464.392
46.916
def28.938
1932
$63,698
def2,199
def11,774
1931
$83,141
def1,561
def13,935
497,381
def23.323
def98,317,
720.104
45,784
def47,050
Missouri Pacific RR.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, 9. 770.
1933.
1931.
1934.
1932.
$6,539,866 $6,737,760 $5,465,732 $9,068,925
1,446,183 2,206,273
1,244,973 2,552,631
1,665,105
648,935, ,
619,638
42,606,350 38,082,517 40,196,493 58,016,644
9,789.212 8,824,934 8,473,116 15,837,819
4.540,905 3,883,920 3,673,246 10,278,572
Missouri Public Service Co.(& Subs.).-Earning8.Period End. June 30
- 1934-3 Mos.-1933.
Total gross earnings_ _- $323,724
$315,526
Operation
119.542
131,366
21,214
23,519
Maintenance
Provision for retirement27,854
29,233
Taxes
-Local, State &
26,037
Federal (3% elec.)--31,509
1934-6 Mos.-1933.
$644,632
.$644,891
48,390
59,577
43.053
55,442
62,613
50,377
Net earningsfrom oper
Other income (net)
1108.097
864
$120,880
527
$217,063
989
$259,423
1,207
Net earns, before int_
Funded debt interest__ _
General interest
Amortization ofdebt discount and expense_ _
Int.charged construction
$108,961
80.075
24.708
$121,407
81,038
21,851
1218,052
160,234
49,423
$260,630
162,870
50.490
10,155
Cr62
9,839
20,320
Cr109
19,911
Cr5
Net inc. before diva__ def15,915
$27,365
$8,679 deft11,816
A plan for reorganization of the company without raising new capital
-V. 138, p. 4305.
was rejected unconditionally Aug. 25 by Robert N. Golding, attorney for
-Earnings.the noteholders'committee.
Mobile & Ohio RR.
Submitted by Orville J. Taylor, counsel for a common stockholders'
1931.
1932.
group, the plan proposed the issuance of a single common stock. Mr.
Gross from railway
1776.381
$824,100
1688.788
$560,883
Taylor in a letter to Mr. Golding, had denied the need for new money
Net from railway
93,960
def6,566
169,039
84,246
and suggested a "fair and equitable distribution" among all investors.
def17,982
Net after rents
62.876 def117,164
def10.844
Secured creditors, who were to be bought out for $11.340,000 under the
From Jan. 1
noteholders' plan would receive 40% of the stock. Noteholders and unGross from railway
4,606,234 6,338,038
5,084,532 4,582.351
secured creditors would obtain 30%. preferred stockholders would take 20%
911.600
Net from railway
829,152
767.328
375,473
a
Net after rents
104,563 def461.2930,318
0.
36,544
"You can either deal with us sensibly on a basis of existing facts, or -V.139, p. 1244.
accoig1i e
s
you can continue to live in a dreamland created by Insull bookkeeping,"
"••-•.Monarch Knitting Co., Ltd.
-$1. Preferred Dividend
Mr. Golding replied. "But you can't do both. It is your move."
Mr. Golding said that stockholder representatives refused to admit that
The directors have declared a dividend of $1 per share on
of ,
Middle West was an insolvent company. The most important thing to
accumulations on the 7% cum. pref. stock, par 3100, payable Oct. 1 to
consider in any reorganization, he said, was the value of the assets, and
holders of record Sept. 15. Similar distributions were made on this issue
on July 3 and on April 2 last, while on Feb. 20 1934 a payment of $3 per
before common stockholders could have a legal interest in the company
Financial Chronicle
Volume 139
share was made. The current dividend will be paid in Canadian funds.
Non-residents will be subject to a 5% tax. After payment of the Oct. 1
dividend, accruals on the pref. stock will total $48.25 per share.
-V. 139,
p. 451.
Monongahela Ry.-Earnings.-July1934.
1933.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1244.
$279,605
162,470
60.098
4361,872
247.875
151,027
1932.
$251,916
152,983
77,773
1931.
$427,640
217.621
121,490
2.314,892
1.387,236
690,351
1,937,298
1,210,235
622,546
2,153,408
1,200,976
611,885
2,895,552
1,387,285
728,878
Montana Power Co.(& Subs.).
-Earnings.
(American Power & Light Co. Subsidiary]
Period End. July31- 1934
1934-12 Mos.-1933.
-Month-1933.
Operating revenues_ _ _ _ $571,642
$698.299 $8.778,732 $8,521,936
Oper expa..incl. taxes _
.
312,725
4,341,986
346.206 4.680.957
Net revs, from oper__
Other income
$258,917
9.822
$352,093 $4,097,775 $4,179,950
101.415
53,874
6.406
Gross corp. Income__ _
Interest & other deducts.
$268,739
213,803
$358.499 $4.199.190 $4,233,824
2,361.153
206,925 2,564,859
Balance
y$54,936 y$151,574 $1,634,331 $1,872,671
Property retirement reserve appropriations
217,084
507.962
x Dividends applicable to preferred stock for the
period, whether paid or unpaid
952,796
954,630
Balance
4702.791
$171,739
x Regular dividend on $6 pref. stock was paid may 1 1934. After the
payment of this dividend there were no accumulated unpaid dividends at
that date. Regular dividend on this stock was declared for payment on
Aug. 1 1934. y Before property retirement reserve appropriations and
dividends.
-V. 139, p. 1245.
Montgomery Ward & Co.
-Meeting Postponed.. The meeting of directors for class A dividend action, which would normally be held Aug. 24, did not take place, due to the absence of a number
of directors.
-V. 139, p. 1245.
Montour RR.-Earnings.July1934.
1932.
1931.
1933.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, P. 451.
$172.726
83.698
79,914
4224,780
99.254
116,544
$77,485
10,635
27,790
$225,977
100,667
116.999
1.061.581
365,261
990,422
402,925
512,067
778,023
188,006
299 185
1,219.925
405,429
506.059
zn
.
et tto 1114 Lil.e
- Mortgage Security Corp. of America.- eorganszation.
--A reorganization plan, dated Aug. 17, for the 1st lien 5%% gold bon
series A-NY and series B-NY, has been prepared by the committee co
slating of Burton A. Howe, Chairman, George de B. Greene and A. J.
Ward.
There have been issued and are now outstanding $3,0C2.000 series A-NY
bonds and $382,500 series B-NY bonds.
As at June 30 1933 Bank of the Manhattan Co., as trustee, held in the
trust, as security for the bonds, various obligations secured by mortgages
and trust deeds the principal amount of which, together with the cash in
the hands of the trustee, amounted in the aggregate to 160% of the face
amount of bonds then outstanding.
Since June 30 1933 certain sums have been collected on account of the
principal and interest of certain of the underlying mortgages, and disbursements have been made by the trustee in respect of management fees, collection charges, advances for payment of taxes, &c., and miscellaneous
expenses, so that on July 31 1934 the aggregate principal amount of the
underlying mortgages securing the bonds was $3,277,873. [This figure
represents tho total before application of monthly payments received on
account of underlying mortgages, which are held in reserve for accumulation of sums sufficient to make up required semi-annual payments. It
also includes 455.552 representing (a) principal of mortgages on which
property has been reduced to ownership, (b) trustees advances added to
liens of mortgages, and (c) miscellaneous items.] In addition to these
underlying mortgages there was, on July 31 1934, additional security for
the bonds consisting of the sum of $150.327. of which $100,823 was cash
held by the trustee and the remainder consisted mainly of moneys held for
the account of said trustee by Union Trust Co. of Maryland as depositary
and (or) trustee under various of the underlying mortgages.
Appraisal of Collateral.
-On June 15 1933 the trustee entered into a contract with National Realty Management Co., Inc. (a corporation which
had been theretofore organized by the Superintendent of Insurance of the
State of New York), and the various trustees under the several indentures
securing mortgage bond issues of Mortgage Security Corp. of America and
other companies, which bonds were guaranteed by National Surety Co.,
for the purpose of servicing the collateral securing those guaranteed issues.
This contract provided for the separate servicing and management of the
properties underlying the series A-NY and series B-NY bonds. At the
same time the trustee arranged with the Management company to have the
local representatives of the Management company make a detailed appraisal
and report with regard to the value of each of the approximately 479 propertiesinvolved In the mortgages underlying the series A-NY and series B-NY
bonds. These local representatives were instructed to make their respective appraisals on the basis of salesfrom willing sellers to willing purchasers,
on the usual local terms of payment, and consequently their appraisals
only indicate a possible liquidating value for these properties over a long
period of years.
These appraisals, without allowance for any of the costs ofsales,expenses,
&c., would indicate a maximum value for the properties underlying the
series A-NY bonds ofsomething less than $2,645,497, and for the properties
underlying the series B-NY bonds of something less than $298,405. The
various appraisers have, of course, not intimated that any such sums could
be realized at this time or that the amounts which will ultimately be distributable to the holders of the series A-NY and series D-NY bonds, respectively. will approach these figures.
Necessity for Plan -Analysis of the above mentioned appraisals demonstrates that an immediate cash sale of the collateral constituting the
security for the bonds would result in a very small distribution to the bondholders. Neither Mortgage Security Corp. of America nor its assignee,
Consolidated Mortgage Corp., is in a position to service and liquidate such
collateral. The trustee does not have the necessary organization and facilities for continuing the management and liquidation of the collateral which.
is scattered over 24 States. It is accordingly obvious that the only method
by which the bondholders can realize a substantial amount upon their
bonds will be by the organization of a new corporation to take over and
liquidate the collateral for the benefit of the bondholders.
Proceedings Under Section 77-B ofthe Bankruptcy Act -Corporation, being
already in receivership, a committee representing the holders of Its bonds
guaranteed by National Surety Co. on June 11 started a proceeding In the
IL S. District Court for the Southern District of New York, under Section
77-B of the Bankruptcy Act,for approval of its plan. Corporation having
filed an answer to that committee's petition admitting its inability to meet
its obligations, the affairs of the corporation came before the Court for
disposition. The committee representing the series A-NY and series B-NY
bonds accordingly intervened In the proceeding and was made a party
thereto and will submit this plan for approval of the Court.
Procedure for Carrying Out the Plan.
-The committee will, when it deems
that sufficient bondholders have assented to the plan to assure successful
consummation thereof, promptly Petition the Court for approval of the
plan. If the plan is aporoved, the Court will, in substance, be asked to
order the sale or transfer of all of the assets constituting the collateral
security for the bonds, including the cash and the underlying mortgages,
with the evidences thereof, together with all records and accounts with
respect thereto, less such sum for the fees, expenses and allowances of the
trustee and its counsel, the committee and its counsel, and expenses of
carrying tho plan into effect, as the Court may approve. Such sale or
transfer will be made, either directly or through the committee or its nominee,to the new corporation. which will beformed for the purpose ofacquiring
1409
and liquidating the assets. The committee will pay for said assets or use
in connection with the transfer thereof such bonds as have already been
deposited and the bonds to be surrendered to the committee. The committee will receive from such new corporation as the purchase price or in
connection with the transfer of said assets substantially the following:
(a) $3.384,500 of income debentures.
(b) 6,769 shares of the capital stock, without par value.
This will be all of the securities which it is intended that such new corporation shall issue at this time.
New Corporation.
-The new corporation is to be organized In New York
and is to be known as A-NY & B-NY Realizing Corp., with powers, among
others, to acquire and deal in securities and property, both real and personal, and with appropriate incidental powers. It is to acquire all of the
assets constituting the collateral security for the bonds.
The business of the new corporation will be to manage the assets so
acquired by it, under the supervision of Its board of directors, and to liquidate the same with all convenient speed, having due regard to the intrinsic
value of such assets. The net proceeds of such liquidation shall be distributed from time to time as hereinafter provided.
Control of the New Corporation.
-To insure the carrying out of a comprehensive plan of liquidation under continuity of management, the capital
stock of the new corporation will be placed in a voting trust. The voting
trustees will be three in number, one of whom shall be a member of the
committee and the other two shall be nominated by the committee, subject to the approval of the Court.
Features of the Debentures.
-The debentures will bear 5%% interest.
payable only out of the net income of the new corporation if and when,
in the judgment of the directors, such net income has been earned and is
available therefor. The principal of the debentures will be due in 20 years
from date of issuance.
The debentures will provide, among other things, that the new corporation will distribute among the holders thereof, pro rata. until the face
amount of said debentures shall have been fully paid, together with interest
at 5%% per annum on the balance due to the date of full payment, such
part of the net proceeds received by the new corporation from liquidation
of the assets acquired by it as its directors may from time to time determine.
in their sole discretion, to be available and not required for the purpose of
expenses or advances or otherwise in the corporation's business.
No payment shall be made by the new corporation by way of dividend
or otherwise upon its capital stock, nor shall there be any distribution of
assets in any manner by the new corporation until the debentures shall all
have been fully paid as above provided.
Management of Properties in the Trust.
-The trustee has already formed
and caused to be qualified to transact business in various States two subsidiary corporations, named respectively "First Morse Realty Corp."
and "Second Morse Realty Corp." The primary purpose of the formation
of these corporations was to furnish a medium for taking title to properties
underlying obligations held as collateral for series is-NY and series B-NY
bonds, respectively, on foreclosure, inasmuch as since the default many
foreclosures have been and will be necessary,and the trustee was not authorized under the laws of the various States in which the underlying properties
were located, to transact local business to the extent necessary to take title
to and administer the foreclosed properties, and could not so qualify, if at
all, without prohibitive expense.
These corporations were formed with the assent and approval of the comittee with the expectation that the stock of these corporations, constitutg a part of the trust estate, would be turned over to the new corporation
be formed by the committee, as provided above in this plan, and that
these two corporations (or one of them, if it should be determined to be
unnecessary to operate both) being qualified to transact business locally
in the various States, could be used as a convenient medium for taking and
retaining title to the various underlying properties and managing and
liquidating such properties.
The plan, therefore,contemplates the taking over by the new corporation.
along with the other assets of the trust, the stock of these two corporations,
and, as title to property is acquired for the benefit of the bondholders,
to take such titles in the name of one of these corporations. These corporations (or one of them) will continue as operating corporations, and the
new corporation to be formed by the committee will be a holding corporation, conducting its business through the medium of these operating companies (or one of them).
-As soon as possiboe after
Distribution of Securities of New Corporation.
consummation of the plan, the committee (having first deposited the capital
stock of the new corporation received by it in a voting trust as above provided) will cause the securities of the new corporation received by it to be
distributed to the bondholders on the following basis:
On account of each $500 principal amount of bonds of either series A-NY
or series B-NY, of whatever maturity:
(a) $500 in principal amount of the debentures of the new corporation, and,
(b) Voting trust certificate for one share (without par value) of the capital
stock of the new corporation.
-V. 138. p. 4131.
/;"
4
E.) Myers & Bro. Co.
-Larger Distribution. /
Tne directors have declared a dividend of 40 cents per share on the
common stock, no par value. payable Sept. 29 to holders of record Sept. 15.
This compares with 25 cents per share distributed each quarter since
Sept. 30 1933. 25 cents per share poaid on Dec. 31 1932. 35 cents per share
paid on Sept. 30 and June 30 1932. and 50 cents per share previously each
quarter -V. 139, p. 1245.
-Bonds Offered.' W.
Nanaimo-Duncan Utilities, Ltd.
C. Pitfield & Co., Ltd., recently offered $450,000 53.. %
1st mtge. 30
-year sinking fund bonds, series A, at 93 and
int., yielding over 6%.
Dated July 2 1934; maturing July 2 1964. Principal and interest(J.& J.)
payable in lawful money of Canada at Royal Bank of Canada at Vancouver.
Victoria, Winnipeg, Toronto, Montreal, St. John and Halifax. Denom.
$1.000 and $500c5 Red. all or part on any int. date at 105 up to and incl.
.
July 2 1939; 104 up to and incl. July 2 1944: 103 up to and Incl. July 2
1949; 102 up to and incl. July 2 1954; 101 up to and incl. July 2 1959,
thereafter at par until maturity. Trustee: Montreal Trust Co.
Outstanding.
Authori:ed.
Capitalizalion5%% 1st mortgage 30
-year sinking fund
$450,000
$450.000
bonds, series A •
6% sinking fund debentures of the City of
Duncan, B. C.. assumed by the com68.499
pany, maturing 1937 and 1955
21,774 shs.
Common shares ($20 par)
21.774 shs.
• Additional bonds may be issued, but only subject to the restrictions of
the trust deed.
Data from Letter of R. H. Milner, 1C.C., President of the Company.
Company.-Incorp. June 11 1934. under the laws of the Province of
British Columbia, to acquire the undertakings formerly operated by
Nanaimo Electric Light, Power & Heating Co., Ltd.. and Duncan Utilities, Ltd. These companies have been engaged ill the business of supplying
electric light and power services to a population of approximately 15,000 in
the territory covering the East Coast of Vancouver Island, B. C., from
Cowichan to North Wellington, embracing the municipalities of Duncan,
Ladysmith and Nanatmo. The Duncan company also served the City of
Duncan with water. There are approximately 4.036 individual electric
services and about 570 water services.
The assets acquired by the company had a book value as at Dec. 31 1933
of $1,089.862. An appraisal, under date of June 20 1934, values the
company's fixed assets at $1,044,780 replacement value new, with depreciated value of $733,630.
Purpose.
-The bonds of this issue are being used to retire 4500,000 of
6%% first mortgage bonds of Nanaimo Electric Light, Power & Heating
Co.. Ltd., and $100,000 of 6%% first mortgage gold bonds of Duncan
Utilities, Ltd.
Earnings.
-Earnings of the combined properties for the past five years
(certified) have been as follows:
Opel Erpenses Aavail. for Bond
..
Gross
Earnings.
Mizint. & Taxes. Int., Depr., &c.
1929
S84.1351
$185,664
$100,813
1930
212,333
100.546
111,786
1931
213.678
87,818
125,860
1932
204.889
110.560.
1933
206.723
90.458
116,264
91,600
Avge. for 5-yr. period_
204,657
113,057
Average annual net earnings for the five years ended Dec. 31 1933.
available for interest and depreciation have therefore been $91,600, or
more than 3% Urns the annual interest requirements amounting to $24.750
Financial Chronicle
1410
on the $450,000 of the 5%% first mortgage 30
-year sinking fund bonds.
series A.
Security.
-Bonds are a direct obligation of the company and are secured
by a specific first mortgage and pledge of all the company's fixed assets,
whether now owned or hereafter acquired, including its franchises, licenses,
&c., and by a floating charge on all the other assets of the company, both
present and future.
Sinking Fund.
-The trust deed provides for an annual sinking fund of
$6,900 commencing Sept. 1 1935, to be used by the trustee for redemption
of bonds of this issue.
Nashville Chattanooga & St. Louis Ry.-Earnings.July1931.
1932.
1934.
1933.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 771.
$1,023,722 $1,225,011
100,949
288,119
225,619
39,947
7,622,132
1,201,270
747,750
$822,225 $1,307,439
109.936
86,765
45,629
38,595
6,714,207
495,434
139,654
7,302,931
1,236,414
869,598
National Aviation Corp.
-Earnings.
6 Mos.End. June 30- 1934.
1932.
1933.
Loss from sale of securities (net)
.$137.209
Of
Management and corporate expense
42,418
Prov. for Fed. inc. taxes
15,565
Total loss
Dividends received
Interest received
Other income
prof$79,226
18,410
Net loss for six monthsprof$97,636
Deficit from oper. Jan. 1 2,462,195
Prov.for prior year's tax
10,767
9,488,186
1.054,395
533,720
1931.
Nevada Northern Ry.-Earnings.1934.
$46,150
13,139
9,675
1933.
$28,026
5,643
2,627
1931.
1932.
$40,143
$26,471
8,430
3,181
def506 def252,117
194,721
40,619
22,065
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 772.
149,294
def15,353
def36,558
307.759
196,978
72,843
4,584
def19,886 def220,875
-Earnings.
New Orleans Public Service Inc.
[Electric Power & Light Corp. Subsidiary.]
1934-12 Mos.-1933.
Period End. July 31- 1934-Monih-1933.
$1.138,033 $1,149,207 $14.974,226 $14.979,934
Operating revenues
9.095,212
Oper.exps.,incl. taxes
730,038
9,653,723
795,543
Net rev, from oper
Other Income
$342,490
2.374
$419,169 $5,320,503 $5,884,722
Dr4.914
Dr567
32.742
Gross corp. income_
Int. & other deductions_
$344,864
243,671
$418,602 $5,353,245 $5,879,808
2,929,556
243,790 2,928,534
$448,826
$494.727
$743,133
32,008
17.612
26,290
Balance
Y3101.193 y$174,812 $2,424,711 $2,950,252
Property retirement reserve appropriations
2,124,000 2,124,000
x Dividends applicable to pref. stock for period,
540.417
544,586
whether paid or unpaid
$480,833
900
681
$512,340
8,825
1,754
50
$769,423
25,093
3,725
2,275
$285,835
def$243,875
Balance
x Dividends accumulated and unpaid to July 31 1934, amounted to
share on $7 pref.
$794,171. Latest dividend, amounting to 8734 cents a
stock, was paid April 1 1933. Dividends on this stock are cumulative.
y Before property retirement reserve appropriations and dividends.
$479,253
2,327,305
$501,710
1,842.457
$738,330
1,014,503
Bond Extension Offered-Payment of 10% and New Issue
to Replace Old.
-
$2,375,325 $2,806,558 $2,344,168 $1,752,834
Balance Sheet June 30.
1934.
1933.
1933.
1934.
Assets$1,410
Invest. at cost__ --$5,748,175 $3,654,740 Accounts payable_
$2,570
10,000
4,603
643 Accruals
Accts. receivable_
31.825
Res. for Fed. taxes
Bond int. rec
5,050
Cash in bank
329,305 1,031,619 Res. for liabilities
11,460
exps. assumed
450
Accrued divs. rec.
Deferred charges_
2,550 x Capital stock__ 2,386,761 2,051.890
Paid-in surplus_ _ _ 6,041,302 5,421,800
Earned deficit.._ _ 2,375,325 2,806,558
Deficit,June 30
$6,087,132 $4,690,002
Total
Total
$6,087,132 $4,690,002
x Represented by 477,352 (no par) shares in 1934 (410,378 in 1933).V. 139, p. 1092.
''--Ni:ional Belles Hess, nc.-Admitted to List.
t
T
shar
Sept. 1 1934
New York Curb Exchange has admitted to list 500,000
common stock, par $1.7'V. 139, p. 1245.
ditional
a-pe
tional Radiator Corp.-VeRiemes-lustallaUens.-
AL6
Holders of the general lien 434% bonds which mature July 1 1935 have
been offered a plan of extension whereby all coupons maturing on or prior
to maturity will be paid in cash upon deposit of the bonds, and, when
the plan becomes effective will receive 10% of the principal in cash and
new bonds for the balance to mature July 1 1942. The interest rate is
also to be increased to 5%•
The directors in the letter to bondholders state that after the plan becomes
operative, and although depositing bondholders will have received payment in cash of 10% of their principal, they will be entitled to receive
semi-annually as interest during the extended period, the same number
of dollars as heretofore. The extended date of maturity will still preserve
the priority of maturity which the general lien bonds now enjoy as to all
bonds of the company now outstanding, except the $1,885,000 of underlying Consumers Electric Light & Power Co. bonds which mature Jan. 1
1936. The company expects to pay the underlying bonds at maturity.
V. 139, p. 936.
New Orleans Texas & Mexico Ry.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1934.
$111,727
8,694
29.529
1933.
$107,102
6,364
12,533
1932.
$114,565
14,738
23,417
1931.
$153,361
10,638
31,269
1,349.016
781,355
986,555
1,058.450
s'.----* n instalment
-payment credit plan, patterned-after-the-Federal-Houstng
290,350
105,974
180,333
317.925
offering three-year terms without initial down payments to home
368,621
220.195
404,635
-206,421
owners in connection with the installation of heating equipment, was...,..
anat42t zt4r.-.74. by the company.
z.
No Interest.
vides for personal character loans on heating installations
No interest on the 5% non-cum. income bonds, series A, will be payable
ranging from $100 to $2,000 in cost. Carrying charges are to be similar
Oct. 11934, it was announced on Aug. 29.
of
to those in effect under Alas provisions - the Federal Housing Act V.
The last semi-annual payment of 234% was made on this issue on Oct. 1
137, p. 3684.
.
1932.
•
-Plan Approved by Court.- •
---National Surety Co.
General Statistics for Calendar Years,
1932.
1931.
The Supreme Court of the State of New York for the County of New York
1933.
has approved the plan and agreement of reorganization with respect to the
1,793
1,816,
Average miles operated
5,676,797
3.881,018
3,327,054
real estate securities guaranteed by the National Surety Co. proposed by
Revenue tons carried
Harvey D. Gibson, C. Prevost Boyce and John W. Hannon, reorganiza452,985,893 499.390.730 724,211.148
Rev, tons carried one mile
1.61 cts.
1.73 eta.
tion managers. (See details in V. 138. p. 3444).
1.62 cts.
Revenue per ton per mile
491,483
339,079
Judge Aaron J. Levy, before whom the matter originally came up,
248,322
Passengers carried
designated James A. Martin to conduct hearings and to report on the
16,036,973 24,691,515 32.818,645
Passengers carried one mile
2.76 cts.
2.10 cts.
2.20 cts.
fairness and equitableness of the plan of reorganization.
Revenues per passenger per mile
The hearings commenced on June 19 1934, and were continued from time
-Years Ended Dec. 31.
Consolidated Income Account
to time until July 26 1934, when the hearings were closed. The report of
1931.
1932.
1933.
the referee which has been adopted and approved by Judge Levy contains
Railway Operating Revenues.
;
$7.355:580 $8,686 886 $11,705,825
a detailed analysis of the plan submitted by the reorganization managers
Freight
906,406
517,488
352,076
as well as an analysis of the objections and suggestions with respect to the
Passenger
272,011
250,913
238,748
plan made by various parties who appeared at the hearing. In concluding,
Mail
302,709
168,602
95,489
the report states:
Express
70,341
48,174
44,279
"The plan and agreement of reorganization dated as of May 3 1934
Miscellaneous
105,648
79,818
71,616
submitted by the reorganization managers is, in my opinion, fair and
Incidental
72,594
64,446
60,564
equitable to the bondholders and to all other parties in interest, and I
Joint facility
recommend its approval by this court. Careful examination of that plan
$8,218,352 $9,786,326 $13,435,533
and of the resolutions adopted by the reorganization managers, of the
Total
personnel of the reorganization managers, of the objections submitted in
Railway Operating Expenses.
writing and of the objections heard orally, and of the proposed alternative
$1,287,967 $1,330,274 $2,150,979
Maint.of way and structures
plans and of the entire record. impels me to the conclusion that the adoption
2,269,679
1,696,913
1,477,889
Maintenance of equipment
of the plan and agreement submitted by the reorganization managers would
621,305
522,135
467,471
Traffic expense
make for the most efficient and economic administration of the complex
3,996,464
2,837,037
2,646,360
Transportation expense
unitary and economical
problem involved in the situation and an assured
47,017
22,655
13,223
Miscellaneous operations
control."
850,008
646,229
530,718
General expenses
43.459
The report of the referee also rejects an alternative plan submitted by
40,373
46,415
Transportation for inv.-credit
counsel for the Sun Life Insurance Co. with the following comment:
"Careful consideration of the Kraus plan impels me to the conclusion that
$6,383,254 $7,008,828 $9,891,993
Total
it is incomplete in many important respects, that it is impractical and is
not fair and equitable to the bondholders and other parties in interest, and
$1,835,098 $2,777,499 $3,543,541
Net operating revenue
732,153
that its adoption would fail to solve the bondholders' problem. Nor do I
592,210
563,622
Railway tax accruals
10,921
find any new proposal in the Kraus plan that may be adopted as an addi11,054
7,769
Uncollectible railway revenues
tion to or modification of the plan proposed by the reorganization
managers."
$1,263,707 $2,174,236 $2,800,466
Railway operating income
The reorganization managers stated that there should now be no further
Other Operating Income
question about the soundness and practicability of the plan of reorganiza$356,042
$342,805
$338.743
Rent from locomotives
tion promulgated by them. After a full and complete impartial hearing
76.773
100,262
79,067
Rent from passenger train cars
at which all objections and alternative proposals and plans were considered,
36,500
36,500
36,600
Rent from floating equipment
referee found and concluded that the plan of reorganization submitted
the
23,176
15,027
15,870
Rent from work equipment
by the reorganization managers was complete, fair and equitable, and
44,669
21,422
13,120
Joint facility rent income
accordingly, the court approved the plan and agreement.
There are now on deposit with the reorganization managers in excess of
$1,750,225 $2,687,133 $3,337,627
• Total operating income
$27,000,000 of the real estate bonds secured by the National Surety Co.
Deductionsfrom Operating Income
The reorganization managers hope that all bondholders who have not as
$910,312
$765,350
$684,821
Hire offreight cars
-debit balance
yet deposited will so so immediately and express the expectation that as a
477,617
399.619
245,021
Rent for locomotives
result of the referee's report sufficient additional bonds will be deposited
129,491
124,222
108,498
Rent for passenger train cars
to make It possible to proceed speedily and economically in carrying out the
31,888
31,195
15,672
Rent for work equipment
plan of reorganization.
-V. 139, p. 936.
362,028
378,869
335,011
Joint facility rents
National Tea Co.
-Sales.
1934-32 Wks.
Period End.Aug.11- 1934-4 Wks.
-1933.
-1933.
Sales
$4,404,117 $4,730,998 $36,922,455 $38,863,371
Company had 1,244 stores in operation on Aug. 11 last, as compared with
1.391 on Aug. 12 1933.-V. 139, p. 772.
-Earns.
Nevada-California Electric Corp.(& Subs.).
Period End. July 31- 1934-Monih-1933.
.
Gross oper. earnings- - - - $458,747
$508,318
Operating & general ex233.375
241,117
penses & taxes
Operating profits_ _ _ _
$225,372
$267,200
Non-oper. earns. (net)
8,272
2.587
Total income
$233,644
$269,787
121,164
131,338
Interest
57,120
51.532
Depreciation
8,580
9.969
Disct. & exp. on sec. sold
Miscell, additions and
Dr2,519
Dr3.508
deducts. (net)
Surplus avail, for re
demotion of bonds,
844,260
$73,438
diva.,&c
-V. 139. p. 605.
-1934-12 Mos.-1933.
$5.151,622 $4,646,717
2,588,349
2.083,744
$2,563.272 $2,562.973
67.716
71,512
$2,630,989 $2,634,485
1,527.910
1,575,534
586,084
701.538
103,859
107.842
Cr176,465
Cr210.698
$589,601
$460,268
Net railway operating income
Non-Operating Income
Miscellaneous rent income
Miscall. non-oper. physical property.
Income from funded securities
Income from unfunded securities....
Miscellaneous income
$345,477 $1,003,601
$1,426,290
5
$69077
?
$51a7
9
16,857
19.832
11,445
MAI
Gross income
Deductions from Gross Income
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
$476.313 $1,126,059 $1,542,875
Net loss
Dividend approp. of surplus
$67,248
3,628
16,853
41,629
1,479
1,366
4,996
Cr289
2,858,014
940
8,426
5,010
1,191
2,778,754
1.448
13,764
3.414
1,915
460
2,617,260
32.446
13,216
$2.397,139 $1,674,109 $1,122,422
1,038,198
$2,397,139 $1,674,109 $2,160,620
Balance, deficit
Note.-DurIng 1932 company and subsidiaries paid into the Railroad
Credit Corporation fund $204,188.
Financial Chronicle
Volume 139
Consolidated Balance Sheet Dec. 31.
.
•
.
AssetsLiabilities
$
$
Invest. In road &
Capital stock..__15,000.000
equipment
73,681,224 74.251,575 Fund, debt unmat.44,574,000
Dep. in lieu of mtg.
Non-negot. debt
prop.sold
to affiliated cos. 10,565,227
100
Miscellan. physical
Traffic car service
property
balances payable 212,208
473,428
474,696
Invest. in MM.cos.
Audited accts. &
-pledged
wages payable__ 1,631,423
3,411,142
452,696
Invest. in affiliated
Miscell. accts. pay
32,409
cos., unpledged_ 2,002,332 4,913,459 Int. matur. unpaid 1,975,397
Other investments
Divs, matured unp
-unpledged __ . 141,2C6
83,638 Fund, debt mat'd
Cash
444,421
unpaid
285,767
Time drafts & dep.
5,000 Unmet. int. acced 1,273,047
Special deposits___
30,361
15,226
120,877 Other liabilities_
Loans & bills rec__
4,451
49,940
60,998 Deferred liabilities
Traffic & car serv.
Tax liability
358,848
balances receiv_ 319,723
38,336
393,263 Ins.&casualty res_
Net balance rec.
Accr. depr.-equip. 5,572,531
from agent and
Accr. depr.-misc.
conductors
88,913
physical proply
82,157
7.331
MaceII. accts. rec. 561.202
917,076 Other unadjusted
Mat'l & supplies
1,023,243
246.792
credits
992,652
Int. & div. reale
73,591
106.920 Excess of bk. value
Other curr. assets_
1,130
of sec, of sub.cos.
1,101
Working fund adat dates of acq'n
vances
9,537
over cost thereof 6,449,633
7,677
Insurance & other
Add. to prop. thru
funds
15,713
15,660 inc. & surplus 2,458,192
Other def. assets
256,346
93,921 Approp. surp, not
Rents & Insurance
spec. Invested_
prem, paid in ad6,868,376
Profit & loss
vance
35,704
44,095
Other unadjusted
debits
1,018,400 1,199,562
Total
83,592,167 84,502,789
-V. 139. p. 772.
Total
•
15,000,000
44,802,000
10,434,227
195,680
1,799,915
37,893
26.762
1,647
1,000
867,932
12,791
111,540
320.921
38,336
5,481,131
9,220
404.897
6,449,633
2,431,656
5,248
3,929,640
83,592,167 84,502,789
Natomas Co.
-Earnings.
Period Ended July 31 1934
Net profit after deprec., depletion & Fed. taxes_ _
Earns. per sh. on 995,820 no par shs. cap. stock_ _
-V. 139. p. 605.
Month.
7 Months.
$528,081
$73,300
Nil
$0.53
New Jersey & New York RR.-Earnings.July1932.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 605.
$65.868
def17,232
def35,821
$79,034
def3.998
def26,710
$89.995
2.327
def20,866
1931.
$117,326
14,045
def13,252
648,006
565,620
787,971
500,713
29.678
def21,238
127,471
def100,511
def242,629 def185,372 def144,526 def100,697
New Orleans & Northeastern RR.-Earning8.duty-1932.
1931.
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 605.
$179,i88
47.333
7,931
$183,721
39,972
def10,977
$141,798
def10.455
def47,851
$245,871
17,148
def38,156
1,040,791
1398,827
1,285,153
1,874,915
88,798
1.478
153,983
309,105
41,758 def238,204 def288,325 def275,810
New York Central RR.
-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1Grow from railway
Net from railway
Net after rents
1932.
1933.
1934.
1931.
$23,824,080 $26,468,195 $21,074.667 $32,811,339
8,259.764
3.536.850 6,655,740
5.142,114
1,825,455 4.529.619 def161,870 2,717,056
175.344,723 159,339,857 174,226,509 232,381,261
45,084,904 42,611,391 34,856.475 47.728.022
7.323.539 19,490,275
18,993,139 17,023,131
New Treasurer.Rush N. Harry was appointed Treasurer on Aug. 29, succeeding the
late E. L. Rossiter.-V. 139, p. 1247.
New York Chicago & St. Louis RR.
-Earnings.July
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.139, p. 1247.
1932.
1933.
1934.
1931.
$2,584,843 $3,029,090 82.252,943 $3,093,767
1.229,319
502.756
676.170
704.203
239.774
783,634
102,351
191,625
19.816,636 17.217,141 17,376,333 22.353,680
5.707.104 3.675,417
6,620.835
5,410,742
2,880,328
3.612,221
667.737
1.884,694
New York Connecting RR.
-Earnings.JulyGrossfrom railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.139. p.606.
1934.
$201.411
152,966
74.733
1933.
$293.134
239,411
171.964
1939.
$222,461
177.137
99,356
1931.
$181.926
84.459
18.462
1,623.870
1,293.440
781.485
1,736,340
1,413,335
903.063
1.324,006
999.334
468,063
1.307,980
846,919
393,153
New York New Haven & Hartford RR.
-Plans Lay-Offs.
company on Aug. 28 announced that "in common with other railThe ,
roads,' a reduction in personnel throughout the entire system is immediately necessary because of decreased business and increased operating
costs. An official announcement, read:
"Due to continued falling off in business and increased costs of materials
and labor, welch resulted in increased deficits in net income, the New
Haven. in common with other railroads, has found it necessary to make
further temporary reductions in personnel.
"Some employees will be dropped and others will be furloughed for a
temporary period. This applies to all departments."
Period End. July 31- 1934-Month-1933.
1934-7 Mos.-1933.
Operating revenues
45.403,374 $6.075,139 841.194,928 $37,839.503
1,087.178
Net rev,from ry. oper
1,979,908 10,208.670 9.967,529
168,362
Net ry. oper. income_
1,075.651
3,872,636 3.872.508
def685.238
49,078 U2,019,912 df3,398,338
a Net after charges
a Before guarantees on separately operated properties.
-V. 139, p. 606'
"New York State Rys.-Reorganization Plan Modified.
The reorganization committee on Aug. 28 announced that modifications
to the reorganization plan dated Feb. 1 1934 had been agreed to by all four
of the protective committees representing bondnolders of the comipany
and that it would come up for hearing in tne United States District Court
at Malone, N. Y., on Sept. 7. At this hearing the rem ganization plan
will be proposed as meeting the new required legal approval of 25% in
amount of one or more classes of creditms, and not less than 10% in amount
of all the claims against the company. In event the New York P. S. Commission has not approved the plan by that time, application will be made
for court confirmation, subject to approval by the Commission.
The plan is the work of the security holdets and their counsel. No
banking firm has participated in its preparation or promulgation and no
commissions, underwriting fees or any otaer compensation is to be paid
to any banking firm in connection with consummation of the plan. The
fact that the receivers of the company held at the close of last year cash
and United States bonds aggregating $1,522,791 makes it possible for the
reorganization to be carried through without assessment of bondholders or
flotations of new securities.
1411
The reorganization committee consists of Jamieson G. McPherson
Chairman, Henry G. Brengle. William A. Law. Frederick J. Lisman and
John A. Murray. Cook. Nathan & Lehman are their Counsel.
,
The security holders thus represented include The Pennsylvania Co. for
Insurance on Lives and Granting Annuities. Philadelphia, Pa.; Fidelity
Philadelphia Trust Co., Rochester Trust & Safe Deposit Co.. State Mutual
Life Assurance Co., Worcester. Mass.; Central Trust Co., Rochester;
Girard Trust Co., Philadelphia. Pa.; Metropolitan Life Insurance Co..
Penn-Mutual Life Insurance Co., and several other institutions.
Under the plan a new company is formed which will operate and hold
only the Rochester, N. Y. properties of the New York State Rya., the reorganization committee having set forth that it is clearly in tne public
interest as well as in the.interest of the security nolders to sever the Rochester
properties from the other properties of New York State Rye.
Haste in placing the Rochester traction lines under private ownership is
made necessary by the "Service at Cost" contract between the ancillary
receivers of the line and the City of Rochester which will expire at midnight
between Oct. 16 and Oct. 17 with an option to the purchaser on a receivers'
sale to continue and renew the agreement for four more years.
The plan of reorganization provides for a drastic reduction in the fixed
charges which must be met out of the revenues of the Rochester properties.
and effects a large saving in tne cost of litigating the claim of tne Rochester
Gas & Electric Corp. against the traction lines. It also materially reduces
the capitalization applicable to the Rochester properties.
A new company is to be formed under the plan which will acquire all of the
propet ties of the New York State Rys, now operated in and around Rochester, together with the capital stock of the companies operating bus lines
In ccnnection with the street railroad system and any other companes
being operated in connection with the Rochester system.
New securities will be issued as follows:
$1,704,000 new general mortgage bonds, series A;
8824,450 new general mtge. bonds, series B;
$7,463,240 income debentures;
383,575 shares of common stock.
The general mortgage bonds are to be secured by a first lien on all of the
property of the new company, with the exception that up to $1.000,000 of
prior lien bonds may be issued under the new general mortgage, in event
that the new company needs capital for additions and betterments or
equipment.
These general mortgage bonds will bear fixed interest at the rate of 1%
for the first year and 2% for each of the two succeeding years. If during
any one of such years net earnings shall be sufficient to pay interest at a
higher rate, additional interest may be paid as earnings permit, but payments are limited to a 0% total tom fixed and additional interest. After
three years the general mortgage bonds become a 5% obligation. These
bonds mature in 20 years and a sinking fund is provided of $50.000 per
annum beginning with 1937, or if the net income after payment of interest
on the general mortgage bonds is less than 8200.000 the sinking fund is to
be 25% of such net income.
The income debentures are to pay interest of 5% per annum out of net
earnings or accumulated earned surplus. Interest is to be cumulative, the
accumulations limited at any one time to 15% of the principal amount of the
income debentures. The income debentures mature in 40 Years.
The new common stock is to be placed in a 10-yeal voting trust. Tnere
will be five voting trustees, three of whom are to be selected from nominees
submitted by the first mortgage bondholders committee and the second
mtge. bondholders committee acting jointly, and two of whom are to be
selected from nominees submitted by the consolidated bondholdeis committee. At least two-thirds of the members of the board of directors ofthe
new company shall be residents of Rochester.
Holders of the present first mortgage bonds of the New York State Rye
are to receive for each $1,000 ofsuch bonds $800 of the new bonds. series A.
$160 of income debentures and voting trust certificates representing 15
shares of common stock.
Holders of the second mortgage bonds are to receive for $1.000 of such
bonds, with appurtenant coupons maturing on and after Dec. 1 1929. 4550
of new general mortgage bonds, series B. $360 of income debentures and
voting trust certificates representing 15 shares of common stock.
Holders of tne consolidated bonds are to receive for each 41.000 principal
amount with appurtenant coupons maturing on and after Nov. 1 1929.
$400 of income debentures and vcting trust certificates representing 20
shares of common stock.
The plan makes no provision for the stockholders of the old company,
explaining that as the old company was and is insolvent the stockholders
have no equity.
-V. 139. p. 1247.
New York Susquehanna 8c Western RR.-Earnings.July1932.
*1933.
*1934.
Gross from railway
4253.490
$299.702
$283,791
Net from railway
58,511
86.634
55,596
Net after rents
13.157
43,328
15,840
From Jan. 1
Gross from railway
2.016.903
1,930.916
2,233,178
Net from railway
541,232
461,583
623,138
Net after rents
199,073
140,830
324,743
* Includes Wilkes-Barre & Eastern RR.
-V. 139, P. 606.
1931.
8311,628
56,964
4.439
2,650,068
823,804
401,257
New YorkITitle & Mortgage Co.
-Tax Lien Cut on
Series B-1.-A reduction in the tax lien on the properties securing the Series B-1
mortgage certificates which have an assessed valuation of $6,865.600 is
reported by Richard A. Brennan, Special Deputy Superintendent, in
charge of the rehabilitation bureau of the New York Insurance Department.
The Series B-1 guaranteed mortgage certificates were issued by the New
York Title & Mortgage Co., one of the 17 title and mortgage concerns in
rehabilitation under George S. Van Schaick, Superintendent of Insurance.
This series Is secured by 41 mortgages with a face value of 85.520.070 on
properties in Kings County. There are 2,054 individuals holding certificates in the series.
Mr. Brennan reports that only one owner still in possession has no arrears
of any kind on his $27,000 mortgage. There are 17 properties securing
$2,520,770 of the mortgages on which there are some arrears in possession
of the owners, but the superintendent controls the income either by assignment of rents or some similar arrangement assuring payment to the rehabilitator of all the net income,and in some cases over-riding payments in excess
of the net income. Eight other mortgages for $1,648,800 are under assignment of rents. Ten mortgages of $496,100 are in partial foreclosure and
five for $827,400 have been foreclosed.
At the date of rehabilitation there were arrears of taxes and assessments
on this series of $189,763. In the period from Aug. 4 1933 to July 31
last, the tax lien on the properties was reduced to $151,265 despite the additional full year's taxes accruing in that period. Taxes and penalties to the
approximate amount of $249,929 were paid in the year.
On Aug. 2 a sum of $65,723 was paid in interest to equalize payments
made before rehabilitation with a view of placing all certificate holders on
an equal basis. These payments completed interest in full for all certificate holders up to March 1 1933, and at the rate of 3% annually from
March 1 to Sept. 1 1933, the report sets forth.
Total collections in the year in the series amounted to $381.157. In
addition, the receivers of Land Estates, Inc., and Liberdar Holding Corp.,
wholly owned subsidiaries of the New York Title & Mortgage Co. in equity
receivership under the jurisdiction of the Federal Court, had in their
Possession on July 31 1934, cash on B-1 properties amounting to $24,297.
representing the net income on those properties for the year.
Pursuant to a recent determination of the Federal Circuit Court of
Appeals in a proceeding initiated by the superintendent as rehabilitator to
compel the receivers in equity to pay over to Mr. Van Schaick, on behalf
of certircate holders of this and other issues similarly situated, this sum of
$24,297 is expected to be remitted to the rehabilitator in the near future
for the accoua of the B-1 series.
Adding this to total collections, receipts aggregate 8405.455 for the year.
After deducting current tax accruals of $188,701 net earnings were $216,753
after providing for operating expenses. This is at the rate of 3.92% a
year.
-V. 139, p. 1247.
Norfolk Southern RR.
-Earnings.
--JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p.606.
1934.
4414.496
111.010
55.617
2,896,101
812,544
415.732
1932.
$297,065
63.718
3.611
1931.
$521,925
91.941
27,006
2,567,819 2,557,685
373.300
264,713
def2,548 def141.780
3.762.466
752.309
277.520
1933.
$375,879
66,7.21
15.5,1
Financial Chronicle
1412
New York Westchester & Boston Ry.-Earnings.
1934-7 Mos.-1933.
Period End. July 31- 1934
-Month-1933.
$987.713
$999,934
Railway oper. revenue_ _
$141,321
$140.665
783.305
869,609
Railway oper. expenses..
112,960
141,793
187,978
179,200
Taxes
25.600
26,854
Operating income_ ___ def$26.072
Non-operating income_ _
1.667
Gross income
Deductions
Net deficit
-V.139, p. 606.
def$24.405
z48.933
$273,338
$850 def$48,874
13.031
1.428
$16,429
13.368
$2,278 def$35,843
1.728.376
244.258
$29,797
1.697.623
$241.979 $1,764,220 31,667.825
Norfolk & Western Ry.-Earnings.1934-7 Mos.-1933.
Period End. July 31- 1934
-Month-1933.
2,235
2.185
Avge. mileage operated_
2,184
2,267
Railway oper. revenues_ $5,796,789 $6,803,261 $42,693,906 $36,842,404
Net ry. oper. revenues
2,024.389
3,457,393 16,823,997 15,180,865
Net ry. oper. income2,900,284 13,083,468 11,401,777
1,488,258
717,552
726,033
Other inc. items (bal.) _ _
98,012
58.475
Gross income
Int, on funded debt_ _ _
31.546.733 32,998,297 313,809.501 $12,119,329
2,303.887
2,056,444
328,377
290,624
Net income
-V. 139. p. 607.
$1,256,108 $2,669,919 $11,753,057 $9,815,442
Northern Alaba ma Ry.-Earnings.
1932.
July
1933.
1934.
$24,158
$46,196
Gross from railway
$42,640
2,745
23,143
Net from railway
13,756
def13,965
7.052
Net after rents
def471
From Jan. 1
268,169
299,000
318.275
Gross from railway
51.911
116,304
Net from railway
108.232
def76,656
def13,668
15,729
Net after rents
--V. 139. p. 607.
1931.
$50,710
11,747
def10,062
410,415
88,783
def50,898
Northern Pacific Ry.-Earnings.1932.
1931.
1933.
1934.
JulyGross from railway
$4.545,445 $4,398,358 33.529,662 $5,386,463
177.588
772.641
1,124,661
Net from railway
831.522
375.041
834,691 def206.366
Net after rents
672.835
From Jan. 1
27,280,701 24,771,591 25,481.123 36,234,491
Gross from railway
731,007 4.01s.479
4,078,797 2,023.201
Net from i ailway
0
111.7£6 def1,731,0 6 1,473.136
Net after rents
2,774,998
-V.139. p. 1248.
-Earnings.
Northern Pennsylvania Power Co.
12 Months Ended June30-1933.
$1,430;434 $1,406,235
Total operating revenues
624,018
545,254
Operating expenses
110,605
75,453
Maintenance
209,992
210,798
Provision for retirements
94,919
83,410
Taxes (including provision for Federal tax)
Operating income
Other income
$390,900
104,621
$491,320
96.108
Gross income
Interest on funded debt
$495,522
196,468
$587,428
201,527
Balance
-V. 138. p. 682.
$299,054
$385,901
Sept. 1 1934
Oklahoma City-Ada-Atoka Ry.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 773.
1934.
$25,645
5,102
def4,972
1933.
$24,684
8,054
def2,361
1932.
431,280
9,340
def2,416
1931.
$73,768
28,286
8,251
200,530
68.970
347
191,106
70.431
def5,615
239,549
61,465
def23,305
428,269
143.377
23,349
-Tenders. Oklahoma Natural Gas Corp.
The Chase National Bank, N. Y. City, successor trustee, will until
12 noon Sept. 6 next receive bids for the sale to it of 1st mtge. 6% gold
bonds, series A. due July 1 1946. sufficient to exhaust the sum of $356.746,
-V. 138, p. 1561; V. 137, p. 4361,
at a price not to exceed 104 and ink.
-Earnings.Oregon Short Line RR.
July31,641.897 31,638,271 31,257465 $2,015,149
.
Gross from railway
131,018
528,267
183.116
Net from railway
348.156
186.750 def157.537 def244.128
44,305
Net after rents
From Jan. 1
10.906.389 10,320.291 10.874.328 15,621.612
Gross from railway
2,986,013 3,091.845 2.673,056 3,457,131
Net from railway
825.086
796,665
332,795
Net after rents
184.382
-V.139, p. 773.
-Earns.Oregon-Washington RR. & Navigation Co.
1932.
1933.
1931.
1934.
July3963,746 $1,712,870
31,199.922 $1,333,757
Gross from railway
379,033
328,133
61,184
245.189
Net from railway
34.189
144,428 def200,872
def636
Net after rents
From Jan. 1
7,024,002
7,493,786 11,504,955
8,226,372
Gross from railway
992.945
554,663
1,247,681
1,481,813
Net from railway
def148.696 def636,529 df1,265,665 def767,580
Net after rents
-"V. 139, p. 773.
-4
-Sept. 1 1933 Coupons. 7
1-----Otis Steel Co.
The company in a notice to holders of the 1st mtge. 6% si ng fun
gold bonds, series A, dated March 1 1926 announces that it wi I deliver to
National City Bank of Cleveland, which will theretofore become successor
trustee under the indenture funds for the payment of the interest coupons
attached to such bonds and which matured for payment Sept. 1 1933.
Payment of the coupons can be secured on or after Sept. 1 1934, by the
surrender thereof to National City Bank of Cleveland or City Bank Farmers
-V. 139, P. 938.
Trust Co. of New York.
A....)
Pacific Clay Products. Earninqs.
1932.
1933.
Calendar Yearsloss$23,693 loss$90,639
Earnings for year
103,117
88,259
Depreciation
Reserve for Fed. taxes39,637
Dividends paid
1931.
$45,752
121,231
208,093
1930.
$383,983
119,398
32,964
237,977
$6,357
$111,952
3233,393
$283,572
Deficit
603,515
34.755
253,332
Profit & loss surplus_ _ _ _ def$77.197
99,157
99,092
99,092
99.092
Shs.cap.stk.out (no par)
$2.33
Nil
Nil
Nil
Earnings per share
Balance Sheet Dec. 31.
Condensed
1932.
1933.
1932.
Assets1933.
$1,586.180 $1,586,180
$941,980 $1,026,898 Capital stock
s Property
184,000
210.091 1st mtge. 7% s. 1. 153,500
103,534
Cash
44,021 Accts. pay. incl.
71,179
Notes & accts. rec.
43,443
32,060
accrd. sal. Sr Int.
533,679
Inventories
564,415
77,197
34,755
Surplus
5,862
Cash in sinking fd.
Deferred charges,
22,505
18,956
Arc
-Earns.
Northern States Power Co.(& Subs.) (Del.).
1934-12 Mos.-1933.
$1,705,926 $1,836,995
Total
Period End. June 30- 1934-6 Mos.-1933.
Total
$1,705,926 $1,836,995
$16,098,230 $15,533,247 331,514,238 331,197.746
Gross earnings
x Less reserve for depreciation and depletion of 3770,387 in 1933 and
Oper. expenses, main$966,976 in 1932.-V. 137, p. 2117.
7.792.298 17,347,080 15,994,677
tenance and taxes_ __ _ 8,814.553
14-.
-Removed from Dealing.ic Portland Cement Co.
o
$7,283,677 $7,740,949 $14,167,159 $15,203,069'Pat
Net earnings
Th
ew York Produce gachangejias removed from dealing the common
119,813
43,429
89,237
56,560
Other income
.
stock.
par.
-V. 138. IL 3101.•
$7,340,237 $7,784,378 $14,286,972 $15.292,306
Total
Panhandle & Sante Fe Ry.-Earnings.
2,906,108
5,810,639
.
Interest charges
-net _ -- 2,906,096
5,777,638
1934.
July$85030 $1,870,662
Amortization of debt dis$932,823
31,028,194
Gross from railway
104,114
207,239
104,782
1,113.107
194.114
335.221
count and expense__ _
486,672
559,005
Net from railway
944,288
Minority interest in net
210,901
376,776
444,706
Net after rents
26.821
13.143
13.696
25,762
income of subsidiary
From Jan. 1
1,370,000
2.900,000
6,999,157
2,900,000
Appropr. for retire't res_ 1,370.000
4,867,437
4,685,311
5,160.930
Gross from railway
1,761,539
702,609
1,269,178
1,715,443
Net from railway
32,945.663 $3,391.012 $5,342,273 $6,394,792
628.606
Net income
449.582 def270,529
895,120
Net after rents
6,426,995
6,430,132
7,220,803
Earn. sur. beg. of period 5,806,078
-V. 139, p. 773.
' ,.:.
44 6411-0
$8,751,741 $9,818,008 $11,772,405 $13,615,595 ---Total surplus
-10 Cent Extra Dividend.
Parke, Davis & Co.
5,069,327
2.546,087
5.100,336
Preferred dividends__ _ _ 2,534,424
The directors have declared an extra dividend of 10 cents per share in (..
621,661
828,890
2,072,229
207,229
Common dividends
addition to the regular guar. div. of 25 cents per share on the capital stock, ,Sundry adj.incl. min.int.
no par value, both payable Sept. 29 to holders of record Sept. 19. Similar
111,168
39.838
12,899
12,899
-net_
in surplus
-V. 138, p. 4472.
distributions were made on June 30 and Jan. 2 last.
Earn.sur.end of period 35.970.250 36,430,132 $5.970,250 36.430.132
-Dividends on the preferred stock of Northern States Power Co.
Note.
(Wis.) were discontinued Feb. 23 1933.
No provision has been made in the foregoing statement for taxes imposed
under the terms of the North Dakota gross receipts tax law enacted in
1933, which, in the opinion of counsel for the company,is unconstitutional.
The taxes so imposed are estimated to be approximately $60,000 for the
calendar year 1933 and $80,000 for the calendar year 1934. A temporary
injunction has been issued restraining the assessment of these taxes.
V. 139, p. 452.
--Earnings.
Northwestern Pacific RR.
1932.
1933.
1931.
1934.
July$402.077 $319,297 $346.883 $4479,098
Gross from railway
57,915
77.286
155,503
131,141
Net from railway
16,544
49,856
110,013
Net after rents99,278
From Jan. 1
1.823.321
1,500,750
1,869,270
2,395.323
Gross from railway
def43,607
def56,197
def42,043
206.960
Net from railway
15.286 def272,994 def337.121 def361,517
Net after rents
-V. 139. p. 772.
-Earnings.
North West Utilities Co.(& Subs.).
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933.
Net loss after taxes, deprec.. int., subs. pref.
$235,989
$89,219
$144.916
dividends, &c
$95,495
-V.138,P.4308.
-Figures for 1933 are after certain adjustments.
Note.
-Earnings.
Parker Rust
-Proof Co.
1934-6 Mos.-1933.
Period End. June 30-- 1934-3 Mos.-1933.
Net profit after deprec.,
&c., but before Federal
$275,349
$550,227
taxes
$269,411
$210,553
-V. 139, p. 1249.
-Creditors Press Fight on
Paramount Publix Corp.
Trustees-Seek Appeal from Order for Permanent AppointmentsA petition for permission to appeal to the Circuit Court of Appeals from
an order of Judge Alfred C. Coxe in Federal Court making permanent the
appointment of trustees in bankruptcy was filed Aug. 25 at the Federal
Building. At the same time Sept. 18 was fixed as the date of a special
meeting of creditors and other interested parties who will consider and act
upon the payment of $300,000 in fees to the three trustees and an additional
$350,000 for lawyers' services to the trustees. The meeting will be held in
the offices of John E. Joyce, referee in bankruptcy, at 70 Plne St.
The appeal from Judge Coxe's decision is based on alleged delays by the
trustees in instituting action against the former officers of the corporation
and of alleged errors in stock manipulations which resulted, it is charged,
in losses of about 312,000,000.-V. 139, p. 1248.
Patino Mines & Enterprises ConsfIlidated, Inc.Period End. June 30-1934-3 Mos.-1933. 1934-6 Mos.-1933.
Net profit after deprec.,
£142,084
£164,879
£142,850
£55,088
depletion, &c
-V. 138, p. 4473.
-Pays $3 on Account of Accruals.
'""
----Ohio Brass Co.
Inc.
-Debentures Called.
"
--Toe directors have declared two quarterly dividends of $1.50 each on " Pathe Exchange, 7% sinking fund gold debentures, due May
-year
A total of $78,500 10
account of accruals on the 6% cumulative preferred stock, par $100, both
1937 has been called for redemption on Nov. 1 next at 103 and interest.
payable Sept. 15 to holders ofrecord Aug.31. The dividends are applicable
Payment will be made at the City Bank Farmers Trust Co., N. Y. City,
to the March and June quarters of 1934. Similar distributions were made
-V. 139, p. 1249.
sinking fund agent.
-V. 138, p.4309.
on July 14, April 14 and Jan. 25 last.
-Earnings.
Ohio Edison Co.
(A Subsidiary of Commonwealth & Southern Corp.)
1934-111mM-1933. 1934-12 Mos.-1933.
Period End. July31$1,221,759 $1.176,800 $15,623.423 $14.560.299
Gross earnings
incl. maint
Oper. exps.,
5,872.750
572,045
508,687 6.817,334
and taxes
325,475 3.878,639 3,878,019
322,554
Fixed charges
1.200,000
100.000
100,000
1,200.000
Prov. for retirement res.
1.866.900
1,866.650
155.593
155,573
Divs. on pref. stock_ _ _
Balance
-V. 139, p. 773.
$71.586
$87,042 $1,860,548 $1,742,878
-Auction Sale.
Pennsylvania Carpet Corp.
Machinery and equipment of the corporation, sold at auction Aug. 23
brought $135,000, according to Samuel T. Freeman & Co., auctioneers,
slightly more than $61,000 being realized from the looms, numbering 131,
including approximately 40 broad looms.
This public offering of the machinery marks the termination of the
corporation.
After an attempt was made to reorganize the corporation some years ago
it was placed in receivership in N. Y. City, March 24 1933, and three days
later Edward A. Haggenmuller, formed head of the concern, and William
K. Shoemaker, an attorney representing the bondholders, were named as
-V. 136,
ancillary receivers in the Federal District Court at Philadelphia.
13• 2257: V. 129, p. 2870.
-Earnings.
Pennsylvania RR. Regional System.
[Excluding L. I. RR.& B & E RR.]
1934-7 Mos.-1933.
Period End. July311934
-Month-1933.
Railway oper. revenues_$29,064,657 $30,436,705$205.774051 $178.995680
Ry. operating expenses_ 21,255,383 20,097.699 149,083.967 126,098,602
Railway tax accruals_ _ _ 2,375,000 2.234,449 14,624,500 13,757,338
Uncollect. ry. revenues_
89,312
45,329
18,165
12.365
Railway oper. income $5,416,109 $8,092,192 $41,976,272 $39,094,411
Equipt. rents
-Dr. bal_
853,846
975.009 4.956,858 5,613.357
1,039,627
it.fac. rents-Dr. bal__
145,918
138,469
925,631
Net ry. oper. income_ $4,423,794 $0,971,265 $35,979,787 $32,555,229
Note.
-The 1934 figures shown in this statement do not include toe results
of operation of the West Jersey & Seashore RR., that road having been
leased to the Atlantic City RR. (Pennsylvania-Reading Seashore Lines),
effective June 25 1933. The figures for the period prior to this date,
however,include the results of operation of the West Jersey & Seashore RR.
-V.139. p. 1249.
Pennsylvania Reading Seashore Lines.
-Earnings.Jute
1932.
1931.
1934.
1933.
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-v. 130, P. 773.
$760,378
$781,078
201,892
168,016
def56,882 def117,012
$281.766
95.783
47,020
$420,509
148.524
94,356
1.074,937
1,580,782
3,215,594
1,498,405
def1,912 def131,893
def95.276
6,332
def1,243.438 def578,654 def441,980 def449,801
- Pettibone Milliken Co.
-Reorganization Plan Asked.
Petition was filed in the Chicago Federal Court August 30 by four holders
of 6% notes, with face value of $436,000, asking that the company, now
in equity receivership, be reorganized under Sec. 77b of the Federal Bankruptcy Ac
tg
m
itt with the petition was the company's balance sheet of March
ed
31 1934 which showed outstanding $2,258.500of 1st mtge. 6% notes and
$1,259,500 of 6% ordinary notes. Book value of total assets was given
as $7,737,338, including $6,663,306 land buildings and equipment.
V. 136. p. 859.
Philadelphia Dairy Products Co.,. Inc.
-Earnings.
Calendar Years1932.
1931.
1933.
Net sales
$6,728,068 $8,532,210 $11,927,519
Cost ofsales and oper.expenses
6,960.428
5,968,911
9,404,488
Miscellaneous charges-net
42,266
40,554
Miscellaneous income
Cr24,895
Federalincome tax-estimated
159,280
Appropriation for depreciation
714,780
761.936763,406
Rentals on leased plant & equipment_
50.047
66,535
102,427
Federal capital stock tax
4,500
Net income
Earned per share prior pref.stock _ _ _ _
$701,045 $1,457,363
$14,724
$24.06
$48.67
$0.49
Balance Sheet Dec. 31.
.
1933.
1933.
1932.
1932.
Assets
Liabiuhles$
Cash
308,771
277.000
332,550 Notes payable_ _ _ _ $175.000
Notes & accts.rec.
Notes receiv. disc.
130,000
Cuts.,less res_ _ 389,942
579,494 Sink, fund. pay_ _
52,500
Miscellaneous _ _
53,526
69,573 Resler plant chgs.
Officers & empl..
&c
10,718
11,089
45,259
ARIL companies
64,159
430,031
709,895 Accounts payable_ 266,847
Inventories at cost 156,157
86,421
209,393 Accrued liabilities.. 101,453
Notes & accts. rec.
Mtges. pay. due
due subsequent
within curr. per. 398,245
to Dec. 31
25,478
783,744
92,664 Mortgages payable 365,000
Due from affil. cos.
a Cap. & cap. sur_10,202,567 10,085,055
non current__ _ _ 908,504
Earned surplus:
Advances to U. S.
Approp. for reDairy Products_ 1,146,016 1,077,009
Orem't of$6.50
Advance to officers
cum. pr pref.
& employees_ _
45,598
stock
667,500
562,500
Accts. rec. empl'ees
20,554
Res. for dive. on
Prepaid expenses.
57,023
37,006
$6.50 cum. pr.
Cash with trustee_
pref. stock__ _ 195,163
58
189,345
52,544
Investments
302,643
Unappropriated 1,041,223 1,340,805
129,677
Adv. payments to
U.S.Dairy Prods
152,072
b Prop., plant &c_ 6,844,896 7,359,919
Bottles, boxes, &c_
141,201
140,448
Deferred charges..
2.182
3,977
Good-will
2,957,007 2,957,007
Total
13,423,715 13,948,492
Total
13,423,715 13,948,492
a Represented by: $6.50 cum. prior pref. stock-30,025 (29.130 in 1932)
shares of no par value entitled to $107.50 per share in voluntary liquidation
and $100 per share in involuntary I quidation, $7 second cum. preferred
stock-10,000 shares of no par value entitled to $100 per share Involuntary
and involuntary liquidation; common stock-30,000 shares of no par value.
b After depreciation reserve of $6,449,147 in 1933 ($5,870,090 in 1932.)V. 137, P. 2285.
Phoenix Securities Corp.
-Transfer Agent.
-
The Registrar and Transfer Co.,7 Dey St.. N.
City has been appointed
transfer agent for the 33 convertible preferred stock, series A and common
stock -V. 138, p. 877.
Pierce-Arrow Motor Car Co.
-Earnings.
Period End. June 30-1934-3 Mos.-1933. 1934-6 Mos.--1933.
Net loss after taxes, decrec.
1:19Inp 1
t tgo.
.
$372,544 prof$4,770
$681.088
$264,736
(S. S.) Pierce Co.
-Balance Sheet March 31.AssetsCash
Accepts, and notes
receivable
Merchandise
Securities
Motor vehicles. _ _
Furn. & fixtures
Treasury stock_ --
1413
Financial Chronicle
Volume 139
1934.
$383,352
1,696,725
1,762,787
2,808.250
75,925
96,061
84,640
1933.
1934.
1933.
$369,163 Accounts payable_ 3908,430 $744,841
Reserves
986,314
823,216
1,490,122 x Capital stock_ __ 1,244,200 1,244,200
1,213,785 Surplus
3,768,796 3,703,455
3,176,739
71,279
109,984
84,640
$6,907,740 86,515,712
Total
Total
$6,907,740 $6,515,712
x Represented by 2,442 preferred shares and 10,000 common shares,
both of $100 par value -V. 133, p. 301.
Pittsburgh & Lake Erie RR.
-Earnings.
July
1934.
1933.
1932.
1931.
railway
Gross from
$1,301,676 $1,697,759
$889,851 $1,620,026
Net from railway
214,790
581,724
40,986
180,961
Net after rents
289,461
548.737
76,483
258,122
From Jan 1
9,324,725
Gross from railway
7,795,670
7.165.998 11,076,714.
1,828,785
1,441.664
Net from railway
539.928
1.563,584
2,209,950
Net after rents
1,558,126
793,628
2,115,824
-V. 139, p. 1097.
Pittsburgh & Shawmut RR.
-Earnings.
-July
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139. P. 610.
1934.1932.
$40,248
$65,914
$65,308
24,801
4.927
15,527
11,205
21,904
10,133
1931.
$87.461
28,481
29,341
395,870
55,571
87,248
557.661
133,206
129,826
348,931
40,958
35,975
431,794
58,357
46,373
-Earnings.
--Pittsburgh Shawmut & Northern RR.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 610.
1934.
$47,982
def22,419
def29.745
1933.
$82,636
17,243
9,484
1932.
350,031
def18,303
def23,875
$115,613
22,918
15,121
570,830
34,257
def19,725
501.475
60,576
15,223
555.824
15,378
def28.349
765,842
167,684
122,024
Pittsburgh & West Virginia Ry.-Earnings.1932.
1931.
1933.
July1934.
$279.061
$170,963
$300,705
Gross from railway
$201,081
30.698
100.146
Net from railway
141,737
34.370
92,598
40,454
160,363
Net after rents
28,288
From Jan 1
1,771,020
1,266,123
1.466,345
Gross from railway
1,659.714
403,797
214,293
501,068
Net from railway
487,833
405.512
163,762
517,130
Net after rents
535,235
-V.139, p. 774.
Poor & Co.
-Semi-annual Statement.
Fred A. Poor, President, in a letter to stockholders dated Aug. 22 states:
"The continuance of increased purchases by the railroads through the
second quarter of this year has again had its wholesome effect and, as a
result, the operations for the first six months of this year show a decided
improvement as compared with those of a year ago.
"The figures which follow show the progress of company, for the second
quarter, as well as for the first half of the present year. For convenience the
results are expressed in dollars to the nearest thousand.
"Net billings for the second quarter this year were $1,798,000 or over three
times what they were for the same period last year. The net profit for the
second quarter was $277,000 as against a net loss of $50,000 a year ago.
Bond interest of $29,000, and depreciation, including amortization, of
$23,000, are provided for in the above profit. We continue to compute our
depreciation upon the same basis that we have used for a number of years
past.
Net billings for the first six months of this year were $2,675,000 and also
were over three times what they were for the same period last year. The
net profit realized from these billings was $310,000 as against a loss of
$200,000 a year ago. Bond interest of $59,000, depreciation, including
amortization of $47,000, and provision for Federal taxes amounting to
$54,000, are provided for in computing the profit for the current six months.
After taking into account all charges and credits, the surplus for this period
was increased $240,000 and stands at $675.000 as of June 30 1934.
"Net working capital amounted to $1,572,000 on June 30 1934 and included $707,000 of cash and marketable securities which cost 3303.000
but which had a market value of $190,000 on July 16 1934. The ratio
of current assets to current liabilities is seven to one.
"The estimated billing value of our unshipped business as of June 30
1934 was approximately two times as large as it was a year ago.
"On June 30 1934 the accumulated unpaid dividends on the class A
stock of the company amounted to $3.75 per share on the 160,000 shares
outstanding.
"The uncertainty as to the future makes it difficult to make any prediction as to the second half of the year -V.139, p. 1251.
-Bonds Called.
Potomac Electric Power Co.
A total of $34,800 of 6% general and refunding mortgage, gold bonds
series B due 1953 has been called for redemption on Oct. 1 next at 105.
Payment will be made at the City Bank Farmers Trust Co., N. Y. City,
successor trustee.
-V. 138. p. 1744.
io Securities Corp.emoved from Dealing.-
w York Produce Exchange as removed from dealing the class A
par.
-V. 134, p. 2357.
Th
stock,
Quarterly Income
-Earnings.
Shares, Inc.
Statement of Income and Distribution Account for Stated Periods.
Oct. 16'33 to Dec.9'32 to
July 15 '34. Oct. 15 '33.
$223,341
$672,282
Income-Dividends(other than stock dividends)__
832
Interest on bank balances
$224,174
$672,282
Total
103,124
49.388
a Total expenses
Net operating income
Add-Unappropriated balance of distribution acct.
at beginning of period, a partial return of
capital c
Other amounts credited to distribution account:
b Portion of net profits from sale of securities
credited March 28 1934. Jan. 5 1934, Sept.
27 1933 and May 23 1933
Appropriation July 15 1934 from reserve created principally from paid-in surplus, a
return of capital _c
Accumulations in respect of dive. (other than
stock diva.) and int, received principally upon surrender of trust shares for
underlying property, a partial return of
capital _ c
Credit arising from cancellation of reserve for
Federal excise tax (including $2,304 paid in
by subscribers to Capital stock to equalize
the per-share amount thereof), a return of
capital_c
Portion of net proceeds ofsubscription to capital stock credited to distribution account to
equalize distributable funds per share at
dates ofsuch subscription,a return ofcap'l c
Total
Appropriations for distribution
$569,157
$174,785
31.275
425,000
127.205
322,634
167,638
169,111
5.650
152.868
283,772
$1,674,222
1,674,222
$754,873
723.598
Unappropriated balance of distribution account
$31,274
at end of period
a Prior to Oct. 15 1933 the expenses of initially qualifying the company's
shares for sale under the laws of the various States, Sac., and certain other
operating expenses were paid by Administrative & Research Corp. (Md.).
b At April 15 1933 there existed a net loss from sales of securities which
loss, in accordance with the provisions of the corporation's charter, was
not deducted from the distribution account at that date.
c The word "capital" as used above refers to paid-in surplus and capital
surplus.
Statement of Net Profitsfrom Sales of Securities and Unappropriated Balance
for the Stated Periods.
Oct. 16'3310 Dec.9'32 to
July 15 '34. Oct. 15 '33.
$83,177
Unappropriated balance, beginning of period
C236,180
795,788
Net profit for the period
Total
Deduct: Provision for Federal income tax
Provision for depreciation in value ofsecurities
Remainder
$878,965
$236,180
395,055
136,861
$25.798
$647.048
$210.382
Transfers of net profits to distribution account:
March 28 1934
January 5 1934
September 27 1933
May 23 1933
$250,000
175.000
Unappropriated balance, end of period
$222.048
$75,000
52.205
$83,177
Financial Chronicle
1414
Balance Sheet July 15 1934.
Assets
5972.911
Cash on deposit with trustee and on hand
Interest, dividends and trust share accumulations receivable-_ 55,458
Subscribers to capital stock-270,518 shares of capital stock
359,083
Securities sold not not delivered
141.089
Investments
-At value based on closing market quotations,
July 15 1934 (cost $26,190,570 less provision for depreciation,
26,053.708
8136,861)
Furniture and fixtures,&c
1,549
Total
$27,583,801
Liabilities
Accounts payable (unsecured):
823,872
* Administrative and Research Corp.(Md.)
133
Other
93,517
Federal income taxes payable and accrued
21,185
Federal tax stamp assessment
17,161
Federal capital stock tax
420.924
Securities bought nut not received
631,506
Distribution of 3 cents per share payable Aug. 1 1934
Capital stock (authorized. Dec. 9 1932. 30.000,000 shares of a
par value of25 cents each;issued or issuable 21.050,225 shares.
5,262,556
including 270,518 shares subscribed)
Reserve (of which 85,000 was received from selling agents as part
consideration for exclusive selling rights, the remainder constituting funds received or receivable from subsequent subscribers for capitalstock,credited to the reserve to equalize the
Per-share amount thereof, less $322,634 which was transferred
729.876
on July 15 1934, to the distribution account)
20,161.019
Paid-in surplus
Unappropriated net profit from sales of securities (based on
222,048
identified cost of securities sold)
$27,583,801
Total
* Non-interest bearing-represents, principally, commissions payable for
trust shares purchased.capital stock sold and brokerage payable on
-V.138. p. 3287.
-Earnings.
Railway Express Agency, Inc.
1934-6 Mos.-1933.
Period End, June 30- 1934-Month-1933.
Revenues and income_ _ _511.293,977 811,274.226 $67,711,767 $60,465,429
Operating expenses
6,435.804 6,191,251 38,546,545 36.385.321
755,224
786,896
107,442
Express taxes
126,486
Int. and disc, on funded
867,554
861,458
144.770
143,705
debt
16,231
34,685
23,582
2,436
Other deductions
Rail transport. rev._ _x$4,563,335 $4,829,392 $27,507,759 $22,415,523
-VA 139/1o. 776.
x Payments to rail & other carriers-express privileges.
eksf ii
-Accumulated Dietz en .."'"'"••• Rainier Pulp & Paper Co.
The directors on Aug.22 declared four dividends on account of accVnulations on the $2 cum. class A common stock, no par value, as follows:
$2.50 per share payable Sept. b to holders of record Aug. 31, 50 cents per
share payable Dec. 1 to holders of record Nob. 10. 50 cents per share
payable Marco 1 1935 to holders of record Feb. 9 1935. and 50 cents per
share payable June 1 1935 to holders of record May 10 1935. These
dividend payments will clear up all arrearages on this issue for all dividend
periods up to and including Dec. 1 1932. Regular quarterly dividends
of 50 cents per share were paid from March 1929 to and including December
1930; none since.
Income Account Years Ended April 30.
1932.
1934.
1933.
1931.
Sales (net)
$3.564,976 $2.294.447 $2,430,502 $1.712.164
Cost of goods sold
1,900,540 1,823.649 1.502.055
2,830.033
171,878
160,688
152,288
Depreciation
108.385
Operating profits_ _ _
Interest St amortization_
Extraordinary expenses
and losses
Taxes
$o63.065
$233,219
8.995
$454,565
28,370
$101,724
36,188
26,428
78.176
53.382
23.809
202.439
6,968
235.654
Balance
Dividends paid
$458.460
$147,033
$216.7881oss$170,119
180.750
Balance, surplus
Earnings per share on
100,000 shs. el. A stk_
$458,460
8147,033
$216,788loss$350,869
$4.58
$2.16
$1.47
Nil
Balance Sheet April 30.
Liabilities1934.
1934.
1933.
1933.
Current assets_ ___$1,362.997 $809,411 Current liabilities_ 8502,949 $308,226
1st mtge. 6% gold
Investla at cost__
9,100
bonds due 1946_
Land & buildings_ 2,762,482 2,696.219
17,000
x Capital stock__ 2,780,086 2,780,086
Contracts and de133,515
31,237 Paid-1n surplus_ __
ferred charges__
38.471
133,515
Earned surplus__ 756,500
298,040
Assets-
Total
84,173,050 $3,536,867
x Represented by 100,000 no par class A shares and 123.000 no par
Total
$4,173,050 $3,536,867
class B shares.
-V. 137, p. 4541.
Raymond Concrete Pile Co.(& Subs.).
-Earnings.
-
1934
Sept. 1
Rapid Electrotype Co-Earnings.
1930.
1931.
Calendar Years1932.
1933.
Sales
$1,358,697 $1,376,394
$1,124,879
Net prof. after chgs. &
139,321
41,267 loss$57,202
143,271
taxes
62,727
Dividends paid
Earns, per sh. on cap.
$3.43
Nil
$0.91
stock
$3.53
Balance Sheet Dec. 31.
1932.
1932.
Liabilities
1933.
Assets
1933.
Cash
Notes receivable
Accts. receivable_
Inventories
Insur. (cash SUIT.
value)
Other assets
x Land, bidge. &c.
Patents, formula &
good-will
1,022
102.422
461,173
Accounts payable_
Notes payable__ _ _
Res. for Fed. taxes
Accrued accounts.
z Common stock. _
21,479 Earned surplus_ __
90,144
488.303
130.787
$49,708
106,888
131,898
$1,685
4,241
97,282
101,735
$44,105
833
126,787
87,891
$18,965
103,252
6,842
6,191
564,162
255,614
4,929
564,162
211,079
Total
$955,025 $936,767
$955,025 $936,767
Total
X After depreciation of $454,741 in 1933 and $399,329 in 1932. z Re-
-V. 139. p. 941.
presented by 44,890 shares no par value.
-Earnings.
Reece Button-Hole Machine Co.
Dc.31 '33. Dec.31 '32. Dec. 31 '31. Dec. 31 '30.
Year Ended$607,506
8663,654
Total earnings
$529.739
$588,293
297,294
338.550
352,999
287,984
Total expenses
196,926
127.959
131.147
176,737
Res. for depreciation
11,595
37.608
38,522
Income deduc.(net)_ -- _
45,288
Prov. for Fed. & Mass.
11,503
22.808
2,554
5.584
income taxes
8122,279
x63.313
Net income
Dividends paid
$18,965
x47,757
$90,188
140,000
$72,700
140,000
$49,812
858.966
828,792
$67,300
Deficit
$1.35
$0.90
$0.21
$0.72
Earns, per sh. cap.stock
x After deducting $6,687 dividends on treasury stock in 1933 ($2,243
in 1932).
Comparative Balance Sheet Dec. 31.
Liabilities1932.
1932.
1933.
Assets1933.
Capital stock
$1,000,000 $1,000,000
Cash, secure. and
7.676
14,246
accts. reedy... $777,243 $709,574 Accounts payable.
2,443 Federal and Mass.
11,127
Notes receivable__
2,382
taxes
406.365
410,015
22,850
Inventories
821 Reserves
10,000
899
10,000
Deferred charges_
92,168 Surplus
951,967
1,011,030
Other investments 104,284
433,539
x Machines ori lease 420,890
327,114
y Fixed assets.... 333,664
1
1
*z Patents
Total
$2,058,125 $1,972,025
$2,058,125 $1,972,025
Total
x After reserve for depreciation of 51.247.174 in 1933 $1,250,684 in
1932. y After reserve for depreciat on of $695,179 in 1933 (8664.304 in
1932). Z After reserve for depreciation of $1,283,380 in 1933 (81,246.261
in 1932). Less surplus appropriated for extinguishment of patent values
of $280,847 in 1933 ($281,009 in 1932).-V. 138, p. 4137.
-Balance Sheet Dec. 31.Regal Shoe Co.
Liabilities1932.
1932.
1933.
1933.
AssetsPreferred stock __ 42,029,800 $2,029,800
a Real est.& bldgs.
c Common
2,000,000 2,000,000
stock
mach'y, equip.,
impts., &c
$385,337 $437,022 Accounts payable_
Accrued expenses,
Advanced exp. and
advances by ten59,710
44,929
deferred charges
ants, reserve for
1,992
Cash in closed bks.
taxes and sundry
2,500,000 2,500,000
Good-will
361,890
other accounts__
337,544
Cash
1,333 New season's mdse
12,004
Accts. receivable
20.088 Paid-in surplus_ _ _
5,752
Sundry accts. rec_
b Merchandise Inv 1,194,255 1,137.844 Deficit
2,987
2,256
Advance payments
124,779
Life Insurance... 129.893
27,227
12,502
Prepaid insurance.
Total
$4,606,964 $4,672,882
109,436
77,631
57,199
30,774
500,000
120,245
90,005
45,763
500,000
70,319
$4,606,964 $4,672,882
Total
a After deducting $929,931 reserve for depreciation in 1933 and $958,145
In 1932. b After deducting $37,274 reserve for discount in 1933 and $33,801
-V.139, p.610.
in 1932. c Represented by 25,000 shares of no par value.
-Earnings.
Remington Rand, Inc.(& Subs.).
1933.
1934.
$7.479,970 $5,155,072
7,005,811 4,998.412
3 Months Ended June 30Net sales
Costs and expenses
Operating profit
Other income
$474,159
173,590
$156,660
194.663
Total income
Depreciation
Interest and amortization
United States and foreign tax
8647.749
187,314
252,289
43,119
$351.323
182.377
258.265
4,771
5165.027 1066894,090
Nil
$1.05
Years Ended Dec.31Loss from operations
Other income charges
1933.
$157,065
156.823
1932.
$207,742
30.225
1931.
8314,225
20.063
Net profit
Earnings per share on 156,950 shares 7% cumulative preferred stock
Gross loss
Income credits
$313,887
64,991
$237,967
71.814
$334,287
117,152
Net loss for the year
Surplus at beginning of the year
Surplus credits (net)
$248.897
1,137,969
7.708
$166,153
1,161.240
237,871
$217,136
1,650,859
7,950
Comparative Balance Sheet.
June 3034. Mar.31'34.
Liabilities
$
$
$896,780 $1,232,958 $1,441,673
94.989
94,989
95,540
184,893
Surplus before dividends
Preferred dividends
Common dividends
Surplus at end ofthe year
Assets-
$801,791
81.137,969 $1,161,240
Consolidated Balance Sheet Dec. 31.
Liabilities-1932.
1933.
Cash
$291,501
Notes & accts. rec. 377,214
Marketable bonds 1,210,811
Accr.int. thereon
14,554
Inventories
536,065
Contracts-unbilled
portion
19,405
Deposits on bids
850
Auth. extra contr.
work
269,602
Other accounts and
notes receivable
49,333
Due fr. employees_
37,673
Other securities__ _ 620,149
128,115
Treasury stock_ _ _
Patents
187,603
y Plant and other
940,924
property
Inv.in assoc. cos
213,200
18,676
Deferred charge
Patents and good1
will
1933.
1932.
$286,020 Accounts and notes
payable
8786,292
404.618
$73,732
4,021
1,206,493 Accrued taxes_ _ _ 2,090
Liab. Insur. prem.
5,176
accrued
372.853
5,286
Unci. divs. pay...
5,140
600,006
89,534 Res. for conting
600,000
Res. for indemnity
38,424
claims
27,862
Preferred stock.._ 1,698,400 1,698,400
976,586
x Common stock
978,586
801,791 1,137,969
115,691 Surplus
591,562
128.115
204,658
1,105.783
16,451
1
$4,915,976 84,521,779
$4,915,976 84,521,779
Total
Total
x Represented by 184,893 shares of no par value. y After reserves of
81,617,12010 1933 and $1,493,656 in 1932.-V. 137. P. 2286.
Assets-
x Land, bldgs. and
9,133,744
equipment
5,465,118
Cash
Marketable secur. 108,372
_
Notes and accts.
7,889,718
receivable, &c
10,009,965
Inventories
x Rental machines 1.738.989
1,619,543
Other assets
Goodwill, patents.
10,000,000
&a
Deferred charges_ 949.831
9,197,019
5,237,590
8,872,553
9.747,882
1,752,771
1,589,152
use 30'34. Mar. 3134.
$
$
7% first pref. stk.15.695,000 15,695,000
8% 2nd pref. stock 1,855,400 1,855,400
y Common stock_ 1.290,987 1,290,987
Sti% debenture,.17,503,000 17,503,000
Int. of min. stockholders in cap.
1.821
1,821
and surp. of subs
Sundry reserves_ 2,479,635 2.525,968
748,306
Accounts payable. 564,000
Accrued payrolls,
10,000,000
commission, &o_ 985.054 1,085,512
913,506 Taxes and interest
726,055
496,932
payable
Capital and initial
7,031,526 7,031,526
surplus
Deficit from oper_ 988,075 1,153,102
Total
46,915,280 47,310.473
Total
x After depreciation. y Par $1 -V. 139. p. 289.
46,915,280 47,310, 73
1;:t
Corp. Corn any and Corrigan, cKinAr
Plan to Consolidate, Forming 23,000,000 En er rise-Offe
also to Be Made to Truscon Steel Stockholders. One of the
- Republic Steel
underCorp.
largest consolidations of prominent steel
.ies
taken in several years, involving the Republic tee1
the third largest producer in the country, and the important
properties of the Corrigan, McKinney Steel Co., was approved at meetings of the boards of directors of both companies held Aug. 27, subject to ratification by the stockholders. Details of the terms and other essential factors in
the plan were announced jointly by T. M. Girdler, Chairman
of Republic, and Donald B. Gillies, President of Corrigan,
McKinney.
Volume 139
Financial Chronicle
The Republic's plans also contemplate readjustment of
the corporation's capital structure and $24,000,000 of new
financing for the combined 'companies.
The enlarged enterprise will have assets of approximately
$323,000,000 and a combined steel ingot producing capacity
of approximately 6,000,000 tons annually.
The Republic Steel Corp. directors simultaneously entered
into an agreement with leading executives and directors of
Truscon Steel Co. under which the latter will accept securities
of Republic Steel Corp. in exchange for their Truscon
holdings, after consummation of the acquisition of the
Corrigan, McKinney properties. This offer, on similar
terms, is open to all Truscon stockholders, but is contingent
upon acceptance by holders of 75% of Truscon stock.
The banking firms which have co-operated with the
corporations in preparation of the plan are Kuhn, Loeb &
Co. and Field, Glore & Co.
The essential features of the proposed changes in Republic's capital
structure, in addition to its simplification, are that they will eliminate all
dividend arrears on the outstanding preferred stocK; reduce the amount
of the preferred stock outstanding; permit 824,000.000 of new financing,
the proceeds of which will be used to retire the present outstanding ref. &
gen. mtge.; repay existing bank loans, and provide additional working
capital for the consolidated properties.
These steps, in the opinion of the directors, will place both the preferred
and common stockholders of Republic Steel Corp. in a more advantageous
pmition in respect to future earnings of the company than under the existing capital setup. They will also be more adapted to the present and future
requirements of the enlarged corporation.
A special stockholders' meeting of Republic Steel Corp. has been called
for Oct. 30, at which stockholders of record at the close of business Oct. 6
will have the right to vote.
Each of the proposals to be submitted to stockholders for their approval
at the special meeting is an integral part of the plan as a whole, and no one
proposal can be carried out unless all are ratified.
The proposals involving important changes in Republic's financial structure to be submitted to stockholders for their approval are:
(a) To amend the certificate of incorporation of Republic so as to create
a new class of prior preference stock and increase the authorized amount
of common stock;
(b) To offer to the present preferred stockholders of Republic the right
to exchange each share of preferred stock now held by them for one-half
share of new prior preference stock and two shares of common stock.
(The purpose of this is to materially reduce the outstanding amount of
preference stock of the corporation and to eliminate the existing arrears
on said stock.)
(c) To create a new general mortgage of Republic which will constitute
an adequate medium for financing its future requirements:
(d) To sell as a necessary part of the present transactions $24,000,000
of convertible bonds, the proceeds of which will be used to retire the outstanding refunding & general mortgage bonds of Republic. leaving over
$16,000,000 with which to pay off bank loans, retire underlying debt and
supply adequate working capital for the enlarged cperations, and for other
corporate purposes.
(e) To reduce the stated capital represented by the outstanding shares
of common stock awl in connection therewith to establish a reserve for
co-ordinating plant facilities and to cover possible readjustment of plant
values. This may result in a reduction of depreciation and other charges
against earnings.
In explaining the advantages of the proposed changes and how they will
affect preferred stockholders, the letter points out that:
(1) Adoption of the plan will make it possible for the company to pay
dividends any time they are earned, whereas under existing conditions the
corporation must make up $29,000,000 of losses resulting from the depression before dividends can be paid on the present preferred stock.
(2) That the new prior preference stock will have senior rights over the
present preferred stock both as to assets and earnings.
(3) The conversion features of the new prior preference stock are more
favorable than on the present preferred; and
(4) The preferred stockholder receives 37% of the present equity of the
corporation and thus should receive a greater participation in future earnings.
With reference to the common stockholders, the letter states that, while
the common stockholders will relinquish part of their equity under the plan,
its adoption would reduce the amount of stock outstanding, senior to the
common, by approximately 50%.
Also,from the standpoint of the common stock, approval of the plan will
result in elimination of the mortgage under which the corporation would
have to earn $29,000,000 before dividends are paid, which, plus the $14,000.000 accrued dividend means that the corporation would have to earn
$43,000,000 plus dividends to accrue on the preferred stock in the meantime
before any dividend could be paid on the common stock.
The letter further points out that, although the contemplated acquisition
will result in a substantial increase in the common stock to be outstanding,
the directors believe that the net value of these assets to the combined
enterprise applicable to the common stock will more than offset the common stock which is to be issued in exchange for such acquisition.
Commenting upon the proposed acquisitions, the letter to stockholders
states in part:
"The officers and directors of Republic have for some time been giving
careful consideration to the acquisition of Corrigan, McKinney and to
obtaining control of Truscon, and are of the opinion that these steps are
in the best interest of all stockholders. It is clear that each of the corporations will make material contributions to the combined enterprise, and that
each will gain important advantages from becoming a part of it."
Through Corrigan, McKinney, the letter adds. Republic will secure a
major advantage in obtaining the efficient production facilities of that
company, which are very advantageously located with water terminal
facilities at Cleveland. The combined enterprise will own large reserves
of iron ore, coal and limestone.
Truscon Steel has been for some time a large buyer of Republic's steel
and upon affiliation will furnish an outlet for an even larger amount.
It will increase diversification of the products of the combined enterprise.
Its numerous and well-located warehouses will also facilitate the distribution
of the products of Republic and Corrigan, McKinney.
Republic Steel Corp. will issue its own securities in payment for the
acquisition of Corrigan, McKinney and for the common and preferred
stock of the Truscon Steel Co.
For the business, assets and good-will of Corrgian, McKinney, Republic
Steel Corp. will assume all of the former's liabilities and deliver the following securities of Republic:
$15,361,000 of 53.51 20-year purchase money
shares par value $100) of new prior preference stock.
bonds.279
698,223 shares without par value) of common stock.
For the preferred and common stock of the Truscon Steel
Republic
Steel Corp. will offer (upon completion of the other transactions described
Co..
lathe plan):
For each share of Truscon preferred stock:
M share of prior preference stock and 2 shares of common stock of
Republic.
For each share of Truscon common stock:
4-10ths of a share of common stock of Republic.
Under these terms Republic will issue a maximum of 16.794 shares of
new prior preference stock and 375,878 shares of its common stock for
Truscon common and preferred stock, provided all of the latter is offered
for exchange.
In respect to Republic's offer to the preferred and common stockholders
of Truscon Steel, which offer will not be made unless and until the other
transactions described in the plan are completed, the stockholders' letter
states that: "In the meantime, however, Republic has entered into a contract with certain important stockholders of Truscon, including certain
officials and directors, which obligates them to exchange their stock on the
agreed basis if and when the offer is made.'
The fixed properties of Corrigan, McKinney and its subsidiaries as of
June 30 1934 are valued at approximately $51.000,000 after depreciation,
subject to only $3,075,000 of bonds of a subsidiary, which are a lien on its
assets alone. The consolidated current assets of Corrigan, McKinney
amounted to $12,000,000 and the consolidated current liabilities to $3,500,-
1415
000;in addition to which Corrigan, McKinney had outstanding a $2,000.000
5% note due Dec. 31 1939, which by its terms is entitled to sharek n any
lien placed on the Corrigan, McKinney properties. To eliminate this lien,
arrangements have been made with tne holder to accept in lieu thereof a
5% secured convertible note of Republic for the same amount and same
maturity.
The fixed properties of Truscon Steel and its subsidiaries are carried on
its consolidated balance sheet of June 30 1934 at $8.600.000 after depreciation. Truscon has no funded debt outstanding. The excess of its
current assets over current liabilities at June 30 1934 was approximately
$2,500,000.
The new cumulative convertible prior preference stock, series A, to be
Issued in exchange for the present outstanding preferred stock, will be
entitled to receive cumulative dividends at the rate of6% per anunm, prior
to the payment of any dividends on the unexchanged present preferred stock
as well as the common stock of the corporation; will be convertible at the
option of the holder into two shares of common stock for each share of prior
preference stock; will be redeemable at the option of the corporation at any
time on 30 days' notice at 110 plus accrued dividends; and will be entitled to
preference on liquidation over the unexchanged present preferred stock
and common stock, and to equal voting rights. -Dividends on the prior
preference stock series A will accrue from Jan. 1 1935.
In respect to the exchange of present preferred stock for new prior preference stock, the letter to ri,tockholders states that:
"The acquisition of Corrigan, McKinney and of control of Truscon and
the other transactions herein described will not be effected unless, in the
Judgment of the board, sufficient preferred stock is deposited for exchange
to warrant the cbnsummation of the plan and to satisfy the requirements
imposed by Corrigan, McKinney and the bankers."
The preferred stock deposited for exchange for new prior preference stock
will be canceled and will not be subject to reissue. Thus, if all the outstanding preferred stock has been so exchanged. Republic will have outstanding only two classes of stock, namely, prior preference stock and
common stock.
The letter further points out: "That your board of directors has been
aware for some time that developments of recent years have brought about
a situation which calls for fundamental changes in Republic's present financial structure. These developments have resulted partly from the depression and partly from the substantial changes in the size and character of
toe corporation since the date of its last bond issue. The situation is twofold:
"First, the large size of the present preferred stock issue, which, together
with the dividend accumulations thereon, makes for an unbalanced capital
structure, and is a serious obstacle in the way of providing for the corporation's financial requirements; and
"Second, the characteristics of the present refunding and general mortgage of Republic. which render this mortgage inadequate for the corporation's present needs and which, if not removed, will prevent the payment
of dividends on Republic's preferred and common stock for the indefinite
future, even if earned."
Holders of common stock, the letter states, if unable to attend the special
meeting, are requested to immediately send their proxies to the management's proxy committee to be voted in favor of the plan. Holders of preferred stock, in addition to submitting their proxies, are requested to immediately deposit their preferred stock with any one of the respective depositaries for exchange under the terms of the plan. Certificates of deposit,
representing the preferred stock, will be issued by the depositaries. Application will be made to list such certificates of deposit on the New York
Stock Exchange to assure a ready market for same. Should the plan not
be consummated, such preferred stock as is deposited will be returned
to the preferred stockholders without cost.
Depositaries for the preferred stock are: Bank of the Manhattan Co.
in N. Y. City: Continental Illinois National Bank & Trust Co. of Chicago,
and the Cleveland Trust Co., Cleveland, Ohio.
Upon the completion of the proposed transactions, assuming (1) that
all holders of present Republic preferred stock accept the offer of exchange.
(2) that all shareholders of Corrigan. McKinney assent to the sale of its
assets and business, and (3) that all stockholders of Truscon accept the
offer of exchange for their stock, Republic will have outstanding a maximum
of 342,527 shares of 6% cumulative convertible prior preference stock,
series A, of the par value of $100 per share, and 4.353.120 shares of common stock without par value.—V. 139, p. 1098.
Balance Sheets as of June 30 1934.
(Constituent Companies and Proposed Pro Forma.]
Combined Consolidated
Pro
Before
Corrigan,
Republic
McKtnney. Adjustmls. Forma.
Assets—
Steel.
$
3
Cash
653,898 6.912,939 12,482.679
6,259,041
Notes & accts. rec., less
3.862,720 17,907,253 17,907,253
reserve
14,044,534
7,521,043 34.986,292 34,165.389
Inventories
27.465,249
Mktle secs, owned by
7,945,143 7,945,143
sub
7,945,143
Inv. in & advs. to affil.,
&c., cos., sundry secs.
owned, miscell. rec.,
&c., less res
306,748 10,916,101 10.992.105
10,609,353
Spec'l fund (to be dep.
3.000.000
under mortgage)
Props., plants, &c., res.
(less depr.& exhaust'n)203,432,457 51,399,982 254,832.438 235,298,861
1,901,046
2,151,046
1,090,058
Deferred assets
1,060,988
Total
270.816,765 64,834,448 335,651.213 323,692,476
Liabilities—
Notes payable
250,000 6.312,500
6.062,500
1,242,000
Notes pay, of sub—sec'd 1,242,000
7,208.797
7,208.797
Accounts payable
2,233.848
4.974,949
3.077,736 3,077,736
Accrued items
1,010,423
2,067,312
Direct obligations, incl.
assumed debt
2,000,000 40,086,700 73,028.700
38.086.700
Debt of subs. (incl. $5,258,000 guar. by Re3.075,248 12,952,848 12.952,848
public Steel Corp.)— - 9,877.600
142,270
142,270
Other liabs., not current
142,270
Res. for co-ordination of
6,325,533 26,325,533
plantfacilities, &c__
6,325,533
7,661,702 7,437.705
Other reserves
1,677,057
5,984,645
6% pref. Trumbull-Cliffs
4,419,400 4,419.400
Furnace Co.
4,419,400
Min,int, in subs
1,022,762
1,712,716
1,712,716
6% prior pref. stock_
32,573,300
6% serial pref.stock_ _ _ _ 59,560,800
59.560,800
S(,om. stk., stated cap. 91,998.968
1,396,445 93,395.412 95,720,335
Capital surplus
41,407,707 24.426,144 65,833.851 60,974,440
Profit & loss —surplus _def1.191.350 26,910,297 25,718,946 def1,191,351
Total
270,816,765 64,834,448 335,651,213 323,692,476
x Com, shares outstad'g 2,037,803
y3.977,242
1,396,445
y In addition to 30,000 shares reserved for contracts of sale to officials,
shares are to be reserved for conversion of existing preferred stock and of
prior preference stock, note, purchase money bonds and bonds to be issued
pursuant to this plan.
Notes to Pro Forma Balance Sheet.—In the preparation of the pro forma
balancesheet.effect has been given to the following proposed transactions:
(1) Exchange of each share of present 6% pref. stock of Republic Steel
Corp. for 35 share of new 6% prior preference stock and two shares of
,
common stock, assuming 100% exchange—to the extent that preferred
stock shall not be so exchanged, the amount of the respective stocks to be
outstanding will be correspondingly changed.
12) Transfer of $41,023,493 from stated capital to capital surplus.
3) Acquisition of net assets of Corrigan, McKinney Steel Co. for
81 .361,00 5 % bonds,$2,792,900 6% prior preference stock and 748,223
shares of common stock (including 50,000 shares to be issued to bankers
for services in connection therewith) and valuation of such net assets on a
basis anticipated for Federal tax purposes.
(4) Provision of reserves for revaluation of Newton Falls property
(inactive) of Newton Steel Co. and for adjustment of Newton inventory of
rolls, &c., to Republic policy (control of Newton being acquired as part of
the net assets of Corrigan, McKinney Steel Co. and such reserves being
reflected in the valuation of such net assets.)
(5) Issuance of $2,000,000 secured convertible note of Republic due Dec.
31 1939, in exchange for outstanding note of Corrigan, McKinney Steel
1416
Financial Chronicle
Co. for the same amount due Dec. 31 1939, which is entitled to share in
any lien placed on the Corrigan, McKinney properties.
(6) Sale of $24.000.000 Of bonds at an assumed price of 95% (underwriting contingent upon consummation of plan and definite arrangements
for financing; price yet to be determined; any change in assumed price to be
reflected in the cash) charging discount of $1,200,000 against capital
r
s
f 122,800,000 proceeds from (6) above as follows: to
retire i.pplication'3
outstanding (16,419,000) refunding and general mortgage bonds,
series A. charging premium of $256,760 on bonds to capital surplus; to pay
short term debt ($7,554,500); provision of special fund of 13,000,000 to be
deposited under the terms of the mortgage to be used for acquisition of
properties, construction of improvements and additions and (or) to acquire
underlying bonds of the corporation or its subsidiaries; addition of balance
(15,569,740) to cash.
(8) Adjustment ($76,003) of carrying value of1119,000 principal amount
of refunding and general mortgage bonds series A, included in insurance
fund, to redemption value.
(9) Provision of additional reserve of $20,060,000 for co-ordination of
plant facilities to cover possible adjustments of plant values. &c. and
(10) Changes in authorized capital stock as outlined in plan.
-V. 139.
p. 1098.
Richfield Oil Co. of Calif.
-Earnings.
-[Including United Oil Co. of California.)
-3Months Ended--6Months EndedPeriodJune 30'34. Mar.31 '34. June 30'34. June 30'33.
Operating profit
loss$321,792
$609,464
$481,803
$160,011
William C. McDuffie, receiver, in this, his eighth report, filed in the
U. S. District Court at Los Angeles, urged the early reorganization or sale
of the properties under receivership.
"The receiver is still of the same opinion," the report states, "that the
properties of Richfield and Pan American should be sold at an early date,
for he is convinced that only through a sale or reoganization can the best
return be made for the creditors and bondholders of the company."
V. 139, p. 1251.
Richmond Fredericksburg
July1934.
Gross from railway_ _
$426,701
Net from railway_ __ _
29,271
Net after rents
def23.777
From Jan. 1
Gross from railway
3,851,745
Net from railway
849,319
Net after rents
339,230
- 139. p. 611.
V.
& Potomac RR.
-Earnings.
1933.
1°32.
1931.
$509,827
1437.010
1700,605
118,208
74,528
'116,947
defl1,724
10,751
28,397
3.827,166
1,012,525
376,389
4,220,755
982,207
392,711
6,039,556
1,882,341
1,06 ,225
''''"••••••-. Riverside Silk Mills, Ltd.
-Div. on Acct. of Accrua
A dividend of 25 cents per share on account of accumulations on e $2
cum. class A stock, no par value, in addition to a quarterly dividend f like
amount was paid July 3 to holders of record June 15. Like amounts
were distributed on April 2 last.
Following the July 3 payments, accruals amount to $1.25 per share.
V. 138, p. 1580.
Rogers-Majestic Corp., Ltd.
-Earnings.
Years Ended March 31Loss for year
Sundry revenue
1934.
prof.$9,142
1933.
1313,791
1932.
1209,672
30.600
Balance
sur$9,142
Provision for depreciation & bad debts
151.280
Dominion and Provincial taxes
2.252
$313,791
157,220
3,366
$179,072
92,047
4,678
Net loss
Previous surplus
Profit on sale of investment
1144,390
44.191
1,928
1474,377
528,471
$275,797
908,861
def$98,271
23,301
154,094
9.903
$633,064
29.262
75,329
Total surplus
Deductions from surplus
Dividends paid
Surplus Dec. 31
def$121,573
$44,190
$528,471
Balance Sheet March 31.
Assets
1934.
1933. 1 LtatAlttles1934.
1933.
Cash
$4,901
$34,812 x Capital stock___S2,258,228 82.225,228
Accts. & bills rec.,
Royal Bk. of Can. 173,104
inventories, &c_ 1,035,347
829,872 Accts. & bills pay_ 193,854
111,600
Investments
68,151
102,009 Unearned income_
10,046
11,644
y Land, buildings,
mach'y & equip_ 1,614,423
630,834 Capital sutplus___
49,807
49,667
Other assets
845,002 Earned surplus_ _def121,573
44,191
Total
$2,722.823 $2,442,331
Total
$2,722,823 82442,331
x Represented by 148,355 no par shares class A stock in 1934 (115,355
in 1933). and 10,194 no par shares class B stock. y After depreciation of
$354,021 in 1934 and $288,998 in 1933.-V. 138, p. 2941.
Rutland RR.
-Earnings.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-v. 139, p. 1098.
1934.
$275,003
11.705
def6,487
1933.
$302,226
49,277
39.795
1932.
$306.299
23,913
5,527
1931.
$378,421
34,176
18,097
1,910,806
107,077
def12,720
1,911,387
176,611
122,751
2,275,130
295,561
165,217
2,631,882
213,731
98,825
St. Joseph & Grand Island Ry.-Earnings.July1934.
1932.
1933.
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 777.
$219,038
70.463
24,220
$241.583
108,261
61,666
$164,695
36.380
def3,291
1931.
$258,291
58,233
13.050
1,584,988
640,653
325,051
1.371,305
494,406
265,029
1.256.117
366,904
152,242
1.851,374
440,832
140,217
St. Louis Brownsville &
July
Gross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
- 139, p. 777.
V.
Mexico Ry.-Earnings.-1932.
1934.
1933.
1931.
263,470
283,984
260.201
308,845
48,850
46,550
29.998
21,961
20.329
17,873
8,989
def9,555
2,905,115
965,979
551,796
2.497,774
799,806
367,962
3,349,986
1,451.710
962,559
4,283.410
1.556,442
988,598
St. Louis-San Francisco Ry.-Varergs:-July1932.
1934.
1933.
1931.
Gross from railway
$3,353,855 $3,417,975 13.231,407 $4,644,860
Net from railway
520,954
745,041
631,324
1,267,730
Net after rents
227,803
413.546
227.957
932,089
From Jan 1
Gross from railway
23.290,660 21.977,234 23.532,181 33,177.905
et from railway
4,098,668
4,412,674
4,205,574
9,138,202
after rents
2,098,194
1,670,947
1,540,866
6,365,371
ot to Pay Sept. 1 Interest on Birmingham Bonds.
.UM, Kurn and John G. Lonsdale, trustees in a letter to olders of
Kansas City. Memphis & Birmingham RR. general mortg
% bonds
and income mortgage 5% bonds matured March 1 1934 state:
"The trustees have given careful consideration to the question of the
payment of interest on the above bonds for the six months ending Sept. 1
1934, and in the present situation they do not feel that they would be
justified in applying to the court at this time for authority to make this
payment.
The recent wage increase; the possible burden of the pension act passed
by the recent Congress; the uncertainty as to the imposition of additional
taxes, in the nature of an occupational tax, now proposed by an ordinance
Sept. 1 1934
pending before the municipal council of the City of St. Louis, on each
railroad per mile for all tracks inside the city limits: and another proposed
ordinance to assess a tax on gross incomes of all corporations and in
together with the destruction of crops'as a result of the drought in the
Frisco territory, all make it impossible to foretell what the earnings will be.
The trustees being unable to secure loans, it is absolutely necessary to
conserve their cash to insure the payment of actual operating expenses.
-V
139 ri• 777.
.
St. Louis-San Francisco Ry. of Texas.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 777.
1934
895,936
def5,812
def34,920
1933
1103,856
15,349
def14,884
1931
$169,260
63.651
27,614
1932
1104,408
13,815
def18,412
581,785
811,352
558,534
589,673
def68,581
def20,837
65.159
def56,246
def276,759 def236,135 def293,508 def183,624
San Antonio Uvalde & Gulf RR.-Earninqs.JulyGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
- 139, p. 777.
V.
1934.
$68,628
8 ,019
def16,544
1933.
$59,185
17,396
def5,830
1932.
$60,683
def2.508
def29,227
1931.
$101,454
26,688
def3,812
419,793
657,150
204,230
71,754
34,649 def102,835
649,821
195,209
def19,658
909,474
243.396
14,335
San Diego & Arizona Eastern Ry.-Earnings.JulyGross from railway
Net from ratlway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 777.
1934
838,930
def1,267
def1,950
289.651
5,882
1,247
1933
131.852
def6,396
def6,318
1932
$35.750
def307
def2,699
1931.
$75,969
12.515
10,112
281,460
240,201
def10.001 def192,497
def24,837 def223,476
544.977
101,493
75.283
San Francisco Bay Toll Bridge Co. Earnings.
1934.
1933.
6 Months Ended June 30_
193.657
390,412
Net loss before depreciation & amortization_
V.
- 136. p. 2627.
-Rate Case.
Scrantor-Spring Brook Water Service Co.
The Pennsylvania P. S. Commission on June 19 1934 handed down a
report on the rate case which has been pending since June 1928. The report affects only that portion ofthe company s territory known as the Spring
Brook Division which serves the Cities of Wilkes-Barre, Nanticoke, Pittston and the Boroughs of Kingston and Plymouth and surrounding communities. The territory known as the Scranton Division is not involved,
as a settlement was effected last year as respects the consumers in that
Division.
E. C. Deal, President, in a letter to stockholders Aug. 13 states:
"In annual report for 1933 is a statement in detail showing that in May
1932, the Superior Court of Pennsylvania, to which an appeal had been
made, remanded the case to the Public Service Commission with a request
for supporting data on the valuations and earnings arrived at by the former
Commission.
"The Commission's report of June 19 1934 is an endeavor by that body
to comply with the order of the Superior Court: therefore, the matter is
still in the hands of the Superior Court for further adjudication. Our
attorneys have advised us that since the case is still under appeal to the
Superior Court, the company Is not required to file any new rates or make
any refunds until final adjudication by the courts. This opinion of our
counsel has been confirmed by an informal opinion given to the press by the
Commission and by statements which have been made by the complainants.
"The Commission in its report stated that It was impossible for them
to comply with the Superior Court's directions in giving details respecting
the valuation arrived at by the former Commission. Instead of answering
the Court's request for information, the Commission, apparently, ignored
the previous Commission's decision and endeavored to find a new value
for the company's Properties in the Spring Brook Division. We state, below, in a brief tabulation the value arrived at. rate of return, and operating
expenses allowed in the Commission's recent findings":
July 1 1933
July 1 1928 to Jan. 1 193110 June 30'34 Incl.
Dec.31 '30 Incl. June 30'33 Ind, and in Future.
517,446,000
118.384,000
117,290,000
Valuation allowed
6%
7%
7%
Rate of return
Annual return
Operating expenses
State & local taxes
Federal income tax
Depreciation
11,210,300
347,828
39.854
52,890
86.500
31,221.220
334,000
45.020
48.265
89,012
$1,103,040
339,132
45.020
33.900
89.176
Gross rev, allowed an51.610,268
11.737,517
nually
11.737,372
The P. S. Commission allowed a 7% return on the valuation from July
1 1928 to June 30 1933, but effective July 1 1933 reduced the rate of return
to 6%. This is in accordance with the Commission's resolution adopted
April 2 1934 in which it was stated that so long as the present economic
conditions of the country exist. the Commission believes that an annual
rate of return of6% is a fair and reasonable return on the value of the property used and useful. The first actual application of this policy Is in the
report in our rate case. Therefore, this drastic policy adopted by the
Commission has not yet been sustained by the Pennsylvania courts.
Subsequent to the recent report, we argued before the Superior Court
that the Commission did not comply with the Court's order and that the
case should be again remanded to the Commission with definite instructions
to follow the Court's order. While the Court during the argument apparently agreed with our contention that the Commission had not followed
their instructions, they did not again remand the case to the Commission.
but gave all parties until Aug. 15 1934 to file amendments to the appeal
which was pending and also to appeal from any part of the Commission's
new report which differed from the previous order.
We have been asked by a number of stockholders and security-dealers
for information respecting the effect of the Commission's report on our
revenues and collections. In view of the fact that it will not be necessary
to file new rates until the Superior Court has handed down its decision,
we shall continue to bill and collect under existing rates and agreements
and, therefore, we do not believe that the report will have any immediate
effect on our revenues or collections. Because of this, we question the
value of figures given at this time attempting to show the possible effect
of this report. This can only be done intellegently and with any degree
of accuracy after the Superior Court has passed upon the case. We realize,
nevertheless, that many persons desire to analyze the situation and It is
impossible for them to secure figures even approximately correct from any
source other than the company. For this reason, we state below certain
Information respecting the effect which the report might have on our
revenues and collections if by any chance the recent findings by the Commission are sustained by the courts. It must be understood, however,
that the figures which we are giving are, to some extent, approximations.
The following figures show the gross revenues billed, the gross revenues
allowed in the new report. and the actual cash collected for the six year
Period from July 1 1928 to June 30 1934, inclusive:
Actual Cash
Gross Regenue Gross Revenue
Collected.
Billed.
Allowed.
$742,470
81.253,914
$868,686
a 1928
1,574,492
b 1929
2,559,067
1,737,372
2,717.729
1,737,372
b 1930
2,446,895
2.018.924
b 1931
2,385,955
1.737.517
1,826.272
b 1932
2.297.467
1,737.517
835,372
c 1933
1,126,861
868,758
1.739.623
d 1934
2,149.064
1,610.268
111.451.882
$10,297,490
$14,219,283
a July 1 to Dec. 31. b Calendar years. c Jan. 1 to June 30. d July
1 1933 to June 30 1934.
Financial Chronicle
Volume 139
1417
The Commission in its findings stated as follows: "That the Scrantonwill receive $4.50 for an eight-hour day, and machine men $4.50 to $5
Spring Brook Water Service Co., respondent, refund to all consumers in
per day.
-V.138, p. 699.
the Spring Brook District whose rates are reduced under this order all
amounts charged or paid for service rendered since July 1 1928, in excess s----Smith-Alsop Paint & Varnish Co.
-Accumulated Div.- '
1
?
.
rates for the same service to be contained in the tariff schedules
of the
The directors have declared a dividend of 87% cents per share on acherein ordered to be filed, and where payments have actually been made
count of accumulations on the 7% cumulative preferred stock. par $50.
of such excess amounts, allow interest on such payments at the rate of 6%
payable Sept. 1 to holders of record Aug. 20. A similar distribution was
per annum. It is further ordered: that the refund or reparation herein
made on April 1 last, prior to which no dividends were paid on this issue
ordered to be made, whether in cash or by credit upon bills already accrued,
since Dec. 1 1932, when the last regular quarterly dividend of 87h cents
be made in equal quarterly amounts over a period offour years from the
may
per share was distributed. Accumulations after the Sept. 1 payment will
date of final adjudication hereof."
amount to $4.374i per share.
-V. 138, p. 1580.
If the Appellate courts sustain the Commission's order, total refunds
as of June 30 1934 would amount to approximately $3,900,000, of which
Southern California Telephone Co.
-Bonds Ca!led.approximately $1,400,000 (including interest) would be paid over a period
The Security-First National Bank of Los Angeles, trustee, Sixth and
of four years and the remainder would be paid by offsetting against present
Spring Streets, Los Angeles, Calif., will on Nov. 1 next redeem $159,000 of
accounts receivable. The deferred accounts receivable in the Spring
1st & ref. mtge. 5% sinking fund 30
-year gold bonds, due May 1 1947, at
Brook Division amount, approximately, to $2,437,000, and represent the
105 and interest. Payment will be made at the office of the trustee, or
uncollected portion of the difference between the rates now in force and
at the Bankers Trust Co., N. Y. City.
-V. 138. p. 3790.
-collection of which is being deferred
the rates in effect prior to July 1 1928
by agreement with the consumers until final settlement of the rate case.
Southern Dairies, Inc.
-Earnings.
The reserve for contingencies applied to these deferred accounts, at June
Calendar Years1933.
1932.
30 1934, amounted to $1,020,000 and is included in operating expenses at
Net sales
$5,040,395 $5,682,631
the rate of $170,000 annually. Earned surplus at June 30 1934 was apCost of sales, delivery,selling, admin.& gen. exp
4,317,872
5,082,192
proximately $2,980,000.
Repairs and maintenance
317.902
410,637
We shall file with the Superior Court on or before Aug. 15 1934 our
Depreciation
382,159
438.382
objections to these recent findings of the P. S. Commission and we understand that oral argument on our appeal will be heard by the Court in the
Operating profit
$22.461 losaS248.359
fall. The company believes that the facts warrant the Court in sustaining
Other income
64,086
63.063
.-V. 139, P. 1098.
ts appeal
Schulte Retail Stores Corp.
-Earnings.
-
Total profit
Interest paid
Divs,on sub. co. s8% cum. pref. stock
Seaboard Air Line Ry.-Earnings.July1934.
1933.
Gross from railway
Net from railway
Net after rents •
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, P. 612.
1932.
1931.
$2.231,668 $2.300,780 $1.858,317 $3.051,175
342,900 def156,980
def18,068
274,528
172,278 def303,517
def212,519
79,691
`==-Seattle Gas Co.
-aunt---
$1.229 def$98.116 def$87,490
3,324
408
6.286
821 def$101,441
def$2.956
7kmei F. Pollard. Vice-President and
al Manager states:
"Due to the decline which has taken place in earnings, funds to meet the
Aug. 1 interest due on the 6% debentures were not available.
"Gross operating earnings of the company for the 12 months period
ending May 31 1934. were $1.773,665 which is $737.755 or approximately
30% less than similar earnings for the calendar year 1930. In order to
permit the company to meet the situation created by this critical decline in
earnings, to continue to render adequate service to the community served,
and to pursue an aggressive policy of building up the business, it appears
necessary and desirable to propose to the company's security holders a
plan of financial readjustment. The company is now engaged in the preparation of such a plan the details of which have been submitted to the
Department of Public Works of the State of Washington which has jurisdiction over the matter, and it is expected that the proposal can be pre-day period of
sented to security holders prior to the expiration of the 60
grace granted to the company in connection with the payment of interest
due Aug. 1, on its debenture bonds.'-V . 139, p. 942.
$76,860
28.976
32.273
14.478
$105.776
56,707
38.620
144,367
Southern Pacific Co.
-Earnings.
July
-1932.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 139.p. 1253.
V.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
Gross earnings (est.)
-V. 139. P. 1253.
•
lerra Pacific Electric Co.
-Earnings.
Period End. July:31Gross earnings
Operation
Maintenance
Taxes
Int. & amortization_ __ ..
1934-Month-1933.
1934-12 Mos.-19:; .
$122,364 $1,462,639 $1,381.0.
$141,844
49,990
569.562
44,853
621,298
62,870
3,887
6,626
56,545
14,778
205.454
18.338
172,540
10,291
126,238
10,3.54
119,942
Balance
$56.534
Appropriations for retirement reserve
$48,553
$446,777
100,478
$462.412
100,000
Balance
$346,298
$362,412
During the last 24 years the company has expended for maintenance a
total of 7.32% 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
-V. 139, p. 612.
of 11.57% of these gross earnings.
-Wages Increased.
Silver King Coalition Mines Co.
Employees have been granted an increase of 50 cents a day effective
Sept. 1, N. J. Dailey, General Manager, has announced. This is the second
50 cents increase this year. The first became effective Jan. 1. Muckers
$399,841
def69,74d
def70,498
$382,268
def5,693
def6.674
$350,265
def64.407
def65,213
1931.
8581.371
de173.870
def75.039
2,560.452
2.606,857 3.797.446
2.343,226
def452,910 def374,174 def671.867 def600.063
def455.106 def383,678 def681,727 def611.159
1933.
1932.
1931.
$6,075,936 87,398.830 $5,030,091 88.185.701
1,193,654
241,134
2,755,470
1.580,285
583,007
2,077,694 def392,807
739.494
45,818,328 44,222.017 42,391.834 59,483.004
11,876.664 12,853.000
5,119,396 10,743,426
4,699.669
7,345,097
242,184
8,346,772
-Third Week of Aug.- -Jan. 1 to Aug. 211933.
1934.
1934.
1933.
$1.860,257 $1,943,707 $65,744,725 $62,772,344
Southern Surety Co.
-Workers' Claims Come Fire
Court Upholds Van Schaick in Liquidation Involving Compensation Law.
-
Total
Total
$151,347 $165,827
$151,347 $165,827
. a After reserves for allowances ai d bad debts. b After depreciation.
e After reserve for estimated loss of 829.219. d After depreciation reserves
-V. 138. p. 4312.
of $35,647. a Represented by 267,950 no par shares.
e-company•has changed-its-name to International Metal Industries.
V. 139, p. 777.
64,594,591 52.528.968 63.563,224 89.885.021
17,777.309 11.075.114 13.797.681 23.201,390
9,287,592
2.062,614
3,219.516 11.909.494
Southern Ry.-Earnings.July1934.
Net income
$1,134 loss$133,918 10558138,944
-The figures at July 25 1932, are at book values, after giving effect
Note.
to losses and legal fees incident to certain law suits and claims pending as of
that date.
Consolidated Balance Sheet Dec. 31.
(Includes Universal Sound System, Inc.)
1933.LiabilitiesAssets
1933
1932.
$17 635
.
$30,857
Cash
$8,h05 Accounts payable. $11,419
Notes receivable_
3,500
644 Loans payable_
34,552
a Accounts recetv.
18,750
25,735 Notes payable_ _ _ _
23,162
Merch. inv.,
7,983
7,369 Deps, by customers
b Sentry mach. &
18
In advance
1,044
47,066
parts
85,061 Res, for advance
billings
c Cash In bks. In
991
1.331
liquidation
5,745
8,548 Res. for law suits
25,140
1
d Plant & equipm't
29,962
1
and claims
Patents
1
120,169
1 e Capital stock _ _ _
341,569
Cost of patenting.
1
1 Deficit
222,414
Royalties receivle
1
1
Ltd.
1931.
$11.113,481 $9,069,439 $9,332,115 $13.470,261
3,547,699 2.807.131
2.505,971 4.293.047
2,228.779
1,462,773
958.891
2.453.301
Southern Pacific SS. Lines.-Earnings.July1934.
1933.
1932.
Gross from railway
Net from railway
Net after rents
From Jan. 1Gt oss from railway
Net from railway
Net after rents
- 139, p. 778.
V.
$65.15
45,576
22,528
135,996
... -Service Stations, Ltd.-ChangClame.
"
3
$697,587
Southern Ice & Utilities Co.
-Tenders.-
--Calendar Years- Jan. 1'32 to
1932.
July 25 '32.
1933.
$66,889
$99,244
$61,303
6,000
9,9711
}
3.500
532
353
7
3,730
$893,921
The Chase National Bank of N. Y. City, successor corporate trustee.
will receive bids for the sale to it of 1st mtge. gold bonds, convertible 67.
series. due Feb. 1 1946, to an amount sufficient to exhaust the sum of
$240.000. at a price not to exceed 103 and accrued interest. Bids will be
received up to 12 noon, Sept. 5 1934.-V. 139, p. 1253.
-FTC Issue Stop
Seneca Plumas Gold Mining Co.
-See "Chronicle'
Order Suspending Registration Statement.
of Aug. 25, p. 1172.
-Earnings.Sentry Safety Control Corp.
Total income
Oper. expenses-ordinary
Depreciation
Other charges
141,117
3,849
Total
11,630,621 11,880,329
Total
11,630,621 11,880,329
x After reserve for doubtful notes and accounts of $87,003 in 1933 ($99,464 in 1932). y After reserve for depreciation of $2,799.676 in 1934($2,926.850 in 1933). z Represented by 250,000 shares of no par value. a Represented by 235,000 shares of no par value.
-V. 139, p. 778.
def$93.776
Defaults Interest-To Reorganize.
PeriodRent of safety controls
Service charge to subsidiary
Miscellaneous income
$330,780
197.606
165,471
Consolidated Balance Sheet Dec. 31
1932.
1933.
1932.
1933.
Assets$
Cash
132,423
129,003 Accts. pay.& amid.
x Notes AL accts.rec 348.734
337,523
accruals
372,307
346,415
Inventories
151.677
173,775 Dividends payable
13.270
14,794
Miscell. supplies
136,146
78.600 R.for contings_
29,821
32,563
Rec. fr. employees
1.399
1.641 Funded debt
1,166.000 1.166,000
Invest., at cost_ _ _
40.474
43,391 Min. stkhldrs. int.
y Capital assets_. 7,174.007 7,446,349
in cap, of sub.
Deferred charges_
company
13,531
37.817
663,504
738,505
Goodwill
3,632,230 3,632.230 z Class A stock.. _ 6,810,100 6,810,100
a Class 13 stock... 3,469,539 3,469,539
Deficit
893,921
697,587
Period End. July 31- 1934-Monlh-1933.
1934-12 Mos.-1933.
Gross revenues$143,921
/
$146.246 $1.719,178 81,827,898
Operating expenses
89,330
1,142,457
1,239.007
90.189
Income deductions
55.685
674,837
56.408
676.381
def$2,677
279
451,368
697,587
Deficit. Dec. 31
20.946,794 19,117,006 19,236,547 27.671,247
2,482,941
3,784,367
5,248.174
4,002,999
1,650,628
1,621,855
352,277
2,363,505
Net income
Retirement provision_ _ _
,
ls......_,
et inc. to earned Bur_
$86,547 loss$185,296
81.835
83.404
56.080
62,080
Loss for the years
Previous defict
Loss on property sold or abandoned
Loss on liquidation of Cuban sub
Prem. on pref. stock of sub. co. purchased
6 Months Ended June 301934.
1932.
1933.
x Net loss after taxes and charges_ __ _
$514,455
$775.984
$589,991
x Includes real estate loss of $771,309 in 1934, $714,010 in 1933 and
$814,000 in 1932.-V. 138. p. 3617.
Judge Louis A. Valente of the N. Y. Supreme Court has upheld the
position of Superintendent of Insurance George S. Van Schaick as liquidator
of the company that claimants under the New York Workmen's Compensa •
lion Law are entitled to preference, whereas similar claimants under compensation laws of other States are only general creditors of the company.
The court also held that a New York employer who pays compensation
benefits directly to claimants upon failure of his insurance carrier is not
subrogated to the right of the employee or his dependents to preferred
status against the insurer but is merely a general creditor.
The Southern Surety Company of New York was one of the first insurance companies doing a large inter-State business to be taken over by the
New York State Insurance Department for liquidation. As liquidator of
the company Superintendent Van Schaick had recommended payment in
full to claimants under the New York Workmen's Compensation Act
because of the lien and preference given to them under Section 34 of that
law. The Attorney-General of Oklahoma, as well as objectors from other
States, opposed the confirmation of the Superintendent's report. claiming
that this preference is unconstitutional in that it unfairly prefers New York
claimants over those of other States.
In his argument and memorandum Superintendent Van Schaick pointed
out that in the case of the Southern Surety Co. sufficient funds were taken
over in this State to pay workmen's compensation claims, without using
any moneys which may be received from other States.' He also explained
that the legislation giving a preference is for the purpose of protecting all
of those who work in this State and is not confined in any way to residents.
There were other objections to the report, based upon the contention
that an employer who pays a compensation claim in this State should have
the same preference over general creditors that is given to his employees.
Superintendent Van Schaick opposed this, contending that the Workmen's
Compensation Act is primarily for the benefit of the worker, that the
employer is primarily liable, as well as the insurance company, and that the
employer is only a general creditor.
Judge Valente upheld both contentions of the liquidator.
-V. 134. IP•
3472.
Financial Chronicle
1418
-Reorganization Proceedzngs.,-Southern United Gas Co.
The creditors and stockholders are notified that an involuntary petition
of the company, under Section 77-A and 77-B of
for the reorganization
the Bankruptcy Act, has been filed in the U. S. District Court for the
Northern District of Illinois, Eastern Division, and that by order of the
court entered Aug. 16, the petition was approved as properly filed and
Samuel W. White, was temporarily appointed trustee.
A hearing will be held Sept. 14 at which the court will determine whether
/White, as
or not it shall make permanent the appointment of Samuel W.
trustee.
-V. 139, p. 943.
.
-cent Pref.
-50
----Southwestern Light & Power Co.
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $6 cum. pref. stock, no par value, payable Oct. 1
to holders of record Sept. 15. Similar distributions were made on this
issue on July 2, April 2, Jan. 2 last, and on Oct. 2 1933. compared with
75 cents per share on July 1 1933 and $1.50 per share in preceding quarters.
-V.139. p. 1099.
-Earnings.
Spicer Mfg. Co.(& Subs.).
6 Mos.End. June 30-Profit from operations..
Expenses
1934.
$856.416
336.315
1933.
$473,622
278.134
1932.
$544.621
351,340
1931.
$844,646
489.741
Balance
Other income (net)
$520,101
47.132
8195.488
21.952
8193,281
16.323
$364,905
13,065
Total income
Depreciation
$567,233
270.017
$217,440
309,599
8209,604
518,241
8367,970
647,800
Net profit
4297.216 100492,159 10s8$308.637 loss$279.830
-V. 138, p. 3791.
x Before Federal income and excess profits tax.
Spokane International Ry.-Earnings.JulyGross from railway
, Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 778.
1934.
$42,839
def1,204
def7.875
283,036
2.154
def42,061
1932.
544.919
def4.699
def12.172
1931.
$73,040
11,760
2,721
308,120
246,005
def49,146
def41,143
def88,725 def100.989
462.654
;6
13 14
71 417
1933.
$49,441
6,155
def1,713
Springfield (Ill.) Terminal Ry.-Abandonnient.-
The Inter.State Commerce Commission on Aug. 14 issued a certificate
permitting the company to abandon that part of its railroad extending
from its yard near Sangamon Ave., Springfield. Ill.. in an easterly and
northeasterly direction to the Bissell mine, in the switching district at
Springfield, 2.112 miles, all in Sangamon County, 111.-V. 123, p. 2652.
---Strard Oil Co. (Ind.).-Lietiog-of-Garitrzt Stnefe."
The ew York Stock Exchange has authorized the listing of 15,375.175
capital stock (par $25) o official notice of issuance in exchange
shares
for present outstanding certificates V. 139, p. 1253.
-Oil Fields Will Be
Standard Oil Co. of ew Jersey.
Sought in New Guinea by Standard and Dutch-Shell Companies.
The New York "Times" Aug. 29 had the following:
The Standard Oil Co. of New Jersey, the Royal Dutch-Shell and the
Standard of California have formed the Dutch New Guinea Petroleum Co.,
an exploration concern to prospect for oil in New Guinea. The company
has a capital of 1.000,000 florins, of which 40% will be subscribed by the
Royal Dutch-Shell, 40% by the Standard of New Jersey and 20% by the
Standard of Califonria.
The directors will be chosen in proportlonn to stockholdings of the three
companies, but for the time being Royal Dutch-Shell will manage the
company. Approximately half of New Guinea is under control of the
Netherlands. A. large part is under British control, while the old German
area is mandated to Australia. So far no oil is being produced there.
Both Standard of New Jersey and Royal Dutch-Shell have important
producing properties in the Dutch East Indies. Last year the New Jersey
company merged its producing and refining properties in that territory with
the marketing outlets of the Socony-Vacuum Oil Co. in the Far East into
a jointly owned company, the Standard-Vacuum Oil Co.
In the event that oil is discovered in commercial quantities in the island
of New Guinea, it is believed that it will require several years to develop
-V. 139. p. 129.
production.
-Balance Sheet June 30.(L. S.) Starrett Co.
1934.
Ma/Wines1933.
1933.
1934.
Assets598,121 Accts. payable and
$482,242
Cash
313,959
accrued expenses 546,317
151,734
Accts. rec. (cust.)_ 198,396
Merch. Az supplies_ 1,527,842 1,762,253 Accrd. Fed., State
22,040
27,614
and town taxes_
452,119
Market securities. 188,925
607,500
23,466 Preferred stock_ _ _ 607,500
28,635
Misc. accts. reedy.
47,225 y Common stock_ 1.500,000 1.500,000
49,750
Misc. securities__
Capital surplus- -- 2,453,830 2,453,830
Deposit in Millers
65,303
65,303
10,841 Red. for sink. fund
5,421
River Nat. bank
754.196
Operating deficit_ _ 822,927
Sink,fund for pref.
65,303
65,303
stock
86,087
Treasury stock__ _ 124,884
x Plant and equip_ 1,186,339 1,211,379
5,479
14,325
charges
Deferred
Sept. 1 1934
Western Railway. These bonds mature July 11940. Both principal and
interest are guaranteed by the latter company.
The applicants entered into an eighth supplemental lease, effective July 1
1934, subject to our approval, extending the term for a further period of
six years from that date, upon the same terms and conditions contained
in the original lease, except that such terms and conditions, other than payment to cover interest as stated above, are made inapplicable to the portion
of the line abandoned.
Evidence submitted in behalf of the applicants is that while the length
of the Stephenville company's railroad is now only about 33 miles, as
compared with about 105 miles covered by the original lease, the St. Louis
company is of the opinion that it can continue to pay the rental to greater
advantage by operation of the remaining line because of the avoidance of
the losses formerly incurred from operation of the abandoned lines.
The proposed extension of the term of the lease will be in harmony with
and in furtherance of this Commission's plan for the consolidation of railroads, and will promote the public interest by reason of the fact that it apPears that the railroad of the Stephenville company could not be operated
to advantage by any carrier other than the St. Louis company. The St.
Louis Southwestern Railway controls the St. Louis company and the
-V. 138. p. 1740.
Stephenville company through stock ownership.
-Earnings.
Studebaker Corp.
[Including Rockne Motors Corp. and principal subsidiary companies.]
-3 Mos.End.June 30-- 6 Mos.End.
Period1934.
June 31 '34.
1933.
Net sales, in the U. S. and abroad__ -S12,163,323 $9,522,886 522,817.659
Net profit from sales, after deducting
cost of manufacturing, selling and
313,470
664,927
492,229
general expenses
47,878
24,474
24,446
x Depreciation
921,060
439.454
134,809
Repairs and replacements
$154,216 loss$304,011
828,301
Net income
6,684
4,005
33.277
Interest received, less interest paid-_
$32.306
$297,327
Net profit from receivers' operat'ias
$187,493
x Excludes depreciation of manufacturing plants and property.
Consolidated Balance Sheet June 30.
1933.
1934.
Assetsa Cash
$2,487.483 $2,406,789
Cash in closed banks,less reserve for losses
15,633
170.433
45,509
Marketable investments
527,225
1,193.329
Signt drafts outstanding
487.081
Trade accts. & notes rec, less res. for bad debts
396,808
588,134
282,941
Other accounts and notes receivable,less reserves.. _
4.830,408 4.414.870
Inventories
Due from employees on stock purchase contracts,
46,406
less reserve for losses
166.002
133.681
Mutual insurance deposit
7,724
189.512
Other non-current receivables, & invest'ts, less res.
Investments in & accts with sub.cos.not cons.(net):
26,853,822 29,958,626
White Motor Co
4,435.438
Pierce-Arrow Motor Car Co
677,922
557.667
Other subsidiaries
b Plants and equip., less rrserve for depreciation__ 49,426.823 49,663,041
190.856
156,704
Prepaid expenses and deferred charges
1
1
Trade-name, good-will and patent rights
$86,524,812 593,786,058
Total
1934.
1933.
Liabilities5186,697
Advance against export sight drafts
1,782,451
1.558,215
Accounts payable-trade
244.803
Other
242,435
213.420
Dealers deposits
Customers' credit balances
7 25
8 ,9
129 6 5
7
Miscellaneous
384,712
1 1.057,2201
Accrued expenses-Taxes
1
:
148 444
254 354
1
Wages and salaries
Interest and other
c Claims against the Studebaker Corp and Rockne
Motors Corp.. in receivership:
3.628.448 3,629.148
Bank loans. unsecured
2,017.852 2.036.695
Accounts payable-Trade
26.347
Other-Affiliated companies
Miscellaneous
3
2
3
3E1 32
1.500
-Taxes
Accrued expenses
7
50 2
9 . 45
369.0 14iris
Wages and salaries
Interest and other
Reserve for mat'l commitment cancellations
7
6
14.1 1,0g0
6% gold notes
5,808,200 5,808,200
7% preferred stock
49,285,740 49,285.740
e Common stock
1,708.375 d10,69l
Capital surplus
f5,213,960 4,020.330
Earned surplus
886,524,812 $93,786.058
Total
a $299,197 impounded pending litigation in 1934 (5246.584 in 1933)•
less depreciation of 817.540.243) are
b Plants and equipment (566.967,066.
at book values. which In the opinion of the receivers are substantially in
excess of actual values. c Exclusive of claims of subsidiary companies
included in this consolidation. d Includes special surplus of $8,505.000
which is not available for dividends on common stock. e Represented by
2.464,287 shares (no par) at stated value of $20 per share. f Earned
surplus is restricted by the terms and provisions of the certificate of incorporation relating to the retirement of the 7% cumulative preferred
stock.
-V.139. p. 1099.
53,872,063 53,9143)10
Total
$3,872,063 $3.914,010
Total
x After depreciation of *997.852 in 1934 and $978,977 in 1933. y Repro- *-----..-Su shine Mining Co.
dmitted to List.
by 150.000 shares no par value.
sented
The New York Curb Exchange as admitted to lisi488,822 shares of
The income statement for six months ended June 30 was given in "Chroncapital
, par 10 cents.
1de" of Aug. 25. page 1253.
-To Change Par Value
---1931.
Island Rapid Transit Ry.-Earnings.-' Telephone Bond & Share Co.
Staten
JulyGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139. p. 613.
of Stocks.
1934.
5145.820
20.575
def11.217
1933.
$152.794
35.890
6,168
1932.
$163.084
47.769
12,139
8202.230
12
5.5
25 01
1.012,519
172,694
def55.753
986,111
224.177
11.924
1.065,788
236,730
3,713
1.277,221
314,657
96,581
Stephenville North & South Texas Ry.-Contro/, dec.-
Two special meetings of stockholders has been called, one to be held
Sept. 25, and the other Sept. 27.
On Sept. 25 the stockholders will be asked to consider and act upon the
proposal to reduce the stated value of the 97,229 no-par shares of class A
common stock from $3.936.238 to $561.237 and credit the resulting amount
to capital surplus where it will be set up as a reserve for absorption of
Probable and prospective loss and shrinkage in assets.
On Sept. 27 the shareholders will vote on the question of amending
the certificate of incorporation by changing the par value of the class It
common stock from $4.50 to $2.50 a share, reducing the amount of capital
represented by the 450,000 shares outstanding from $2,025,000 to $1,125.000, the resulting $900.000 to be transferred from capital account to capital
surplus where it will be also set up as a reserve for absorption of probable
and prospective loss and shrinkage in assets.
-V. 139, p. 1254.
The Inter-State Commerce Commission on Aug. 14 approved the acquisition by the St. Louis Southwestern Railway Co. of Texas of control
of the properties of the Stephenville North & South Texas Ry., by supplemental lease,
The supplemental report of the Commission says:
Tennessee Central Ry.-Earnings.The St. Louis company and the Stephenville company on Nov. 15 1923.
1933.
Jute-1932.
jointly applied for an order authorizing the St. Louis company to acquire
7
199 1 32
8213,.
8115,244
Gross from railway
31179324,7.30
8167,067
Stephenville company
control of the railroad and other properties of the
172
15
:.0242
50,667
24,447
53.189
Net from railway
under a supplemental lease for a term of two years from July 1 1923, with
34.761
Net after rents
32,414
10.439
the St. Louis company for a further extension of the term for
an option to
From Jan. 1a period not to exceed 38 years. By our report and order issued April 11
02
8
1,5247
1,218,327
1,046.726
Gross from railway
1,070,415
1924, we authorized the acquisition of control sought for a period of two
269,955
190.729
336,394
Net from railway
251,305
years only. Our report contained a provision to the effect that if and
120,905
79,323
208,096
Net after rents
126,338
when the St. Louis company elected to exercise the option for a further
-V.139, P. 779.
extension contained in the supplemental lease it should file with us a supplemental application for such authority. By successive supplemental leases
Tennessee Electric Power Co.
-Earnings.
between the applicants the term was extended to July 1 1934.
[A Subsidiary of Commonwealth & Southern Corp.]
On June 14 1934.the St. Louis company and the Stephenville company
-Month-1933.
Period End. July 31- )934
1934-12 Mos.-1933.
jointly filed a seventh supplemental application for authority to further
81,063,894
Gross earnings
$949,926 $12,193,391 $11,241,272
extend the term for six years.
Oper. exps., incl. maint.
That part of the railroad of the Stephenville company west of Hamilton,
5,212,305
and taxes
6.264,962
571.744
444.777
Tex.. about 72 miles, has been abandoned pursuant to our report and
2,665,238
2.636,805
222,763
221.365
Fixed charges
certificate, decided Feb. 20 1934. The remaining part of that company's
Provision for retirement
railroad extends from Gatesville in a westerly direction to Hamilton, apreserve
105.4) 1,260,000
1.260.000
105,000
proximately 33 miles.
1,552.206
1,552,306
129.389
129.243
Dividends on pref. stock
By the terms of the original lease, the St. Louis company agrees to pay as
rental a sum sufficient to defray the interest on the $2,607,000first-mortgage
$551.522
$479,317
$47,995
$36,540
5% bonds of the Stephenville company, of which $2,423,000 is outstandingBalance
-V. 139. p. 944.
n the hands of the public and $184,000 is owned by the St. Louis SouthI
Texas Mexican Ry.-Earnings.July1934.
1933.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139. p. 779.
$68,355
8,066
1,027
$59,225
5.480
def1,441
1932.
$44,748
def14,364
def20,563
1931.
$65,110
def922
def9.735
518,712
• 117,532
57,397
380,262
def13,219
66,831
434,768
64,134
3,473
573.476
14,972
def62,998
Texas & New Orleans RR.
-Earnings.July1932.
1934.
1933.
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 779.
1931.
$2,515,393 $2,423,792 $2,247,419 $4,233,237
82,109
1,135,860
453,760
146.976
574,341
26,249 def393,018
def821,829
18.045,015 16,174,425 18,509.511 27,960,866
4,915.141
2,263,670
1,966,639
2.491,379
1.260,737
680,696 def1,366,932
def539.258
Texas & Pacific Ry.-Earnings.-
Period End. July 31- 1934- month-1933. 1934-7 Mos.-1933.
Operating revenues
$1,940,452 $1,857,002 $12.658,249 $11,584.200
Net rev,from oper
621,957 4.183,628 3,430,022
6u8,330
1,859.177
Net ry. oper. income_ -409,036
374.785 2.600.349
Gross income
441,462
409,582 2,824,864 2.069.645
392.132 def 22,675
Net income
50.508
96,453
-V. 138, y. 4478; N. 139. p. 614.
--"Fexon Oil & Land Co.
-15
-cent Extra Dividend
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, both payable Sept. 29 to holders of record Sept. 10.-V. 136, p.4476.
Third Avenue Ry. System.
-Earnings.
[Railway and Bus Operations.]
Month of July1934.
1933.
Operating revenue
$1,066,727 $1.041,008
Operating expenses
803,921
804.803
69,500
'Taxes
88,186
Operating income
Non-operating income
$173,737
34,469
$167,587
27,158
Gross income
Deductions
$208,207
226,720
$194,745
228,538
$18,512
$33,793
Combined net loss (railway and bus)
Interest Payment.
The directors have declared a semi-annual interest payment on the
adjustment income 58 1960, at the rate of 13i%, payable on Oct. 1 1934.
The previous semi-annual payment of interest on these bonds was at the
rate of 1 Si %.-V. 139, p. 779.
Thompson-Starrett Co., Inc. (8c Subs.).
-Earnings.
July 30
..Vuly 30
July 27
July 26
3 Mos. EndedNet loss after deprec. &
Federal taxes
-V. 139, p. 614.
1934.
1933.
$52.833
$55,808
1932.
1931.
prof$4.769 pf$214.727
-Earnings.
Timken Roller Bearing Co. (8c Subs.).
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933.
Net profit after deprec.,
Federal taxes, &c_ - $1,298,094
$929,460 $2,576,293 $653,393
Shares capital stock out2.411,380
2,411,638
standing (no par). _ 2,411 380
2,411,638
$1.07
Earnings per share
$0.38
.
$1.27
$6.54
-V. 139, p. 614.
-Earnings.
Tokyo Electric Light Co., Ltd.
(In Japanese Yen.)
6 Months Ended May 31Sales of electrictly
Interest and dividends
Other Income
1934.
1933.
60,752.755 57,058,736
236,086
1,588,539
1,195.965
1,067,606
Total income
Generating expenses
Interest on loans and debentures
Depreciation
Business expenses
Other deductions
62,184.807 59,714.882
19,168,985 15,068,036
14.833,988 20,131.978
13,341,124 12.225,000
5,454,850 4,605.753
9,385.859 7,334,495
Net profit
.
349,617
Balance Sheet May 31.
(Currency Japanese Yen.)
1934,
Liabilities-1934.
1933.
• AssetsShare capital- -429,562,000
Fixed assets less
depreciation_ _768.074,264 779,598,480 Bonds & debs_369,433,602
Inv. in securities 16,556,635 10,376,320 Accts. payable_ 2,835,511
83,017 5,375,222 Accrued interest 10,516,145
Bills receivable_
Mats.& supplies 4,818,317 5,518,505 Loans and bills
Receivables_ _ 12,031,207 14,351,929
payable
38,102,473
Cash in banks_ 2,945,593 4,236,077 Payables
Legal reserve_
19,601,000
Unamort. debt
disc, and me. 34,673,303 35,759,696 Special & general
Invest, in aftIi co 52,506,247
reserves
6,000,000
Employees tetire
Suspense payrols 8,677,068
reserve
1,117,967
Toden Security
2,586,292
51,779,761 Deposits
Co. account_
147,556
11,616,135 Unclaimed dive_
Deferred accts_
Unclaimed deb.
redemption_
701,800
Unclaimed debenture interest
Suspense receipts 10,410,087
Foreign exchange
suspense
3,800,208
5,551,010
Surplus
900,365,651 918,612,130
Total
--Nr. 139, p. 458.
Total
1933.
429,562,000
377,158,374
47,212,080
47,742
19,583,000
6,000,000
1,394,005
2,719,633
194,522
15.100
101,961
25,254,493
3,800,208
5,569,009
900,365,651 918,612,130
Toledo Peoria & Western RR.-Earnings.1934.
1932.
1933.
July-
Gross from railway
Net from railway
Net after rents
$174,378
48,340
23,555
$189,549
78.198
52,845
$126,828
20,949
6.952
1931.
$163,033
33.457
17.057
Gross from railway
Net from railway
Net after rents
-V.139, P.779
.
979,655
187,034
67.221
936.200
241,600
131.858
791,388
118,752
38,831
954,421
182,523
99.848
From Jan. 1
-Merger Proposal.
Truscon Steel Co.
-See Republic
-V. 139, P. 615.
Steel Corp. above.
-Transfer Agent.
Twin Coach Co.
The Chase National Bank, New York has been appointed transfer agent
for the common stock.
''Union GIrantee & Mortgage Co. Court Bars ReOrganization Ruling-Backs-Vert -Scirairk.
pederal judge obert I'. Patterson, in a decision handed down Aug. 27
declined to interfere with the rehabilitation of the company, which is being
undertaken by George S. Van Schaick, Superintendent of Insurance of
New York. The company filed a petition for permission to reorganize
under Section 77-B of the Bankruptcy Act.
1419
Financial Chronicle
Volume 139
Judge Patterson pointed out that insurance corporations were excluded
from privileges accorded other corporations under the Bankruptcy Act.
He held that the company was an insurance corporation, and therefore
dismissed its petition.
"The petitioner's creditors," he wrote, "are the persons who purchase
the mortgages and certificates bearing its guarantee. To these persons it
was held out that the guarantee was that of an insurance company, a
corporation subject to the New York Insurance Law, with statutory restrictions as to the amount that might be loaned on any parcel of real estate in
relation to the value of the property, and with the assurance that in the
case of difficulty the company's affairs would be managed, not by receivers
or trustees in bankruptcy, but by the State Superintendent of Insurance.
Under these conditions the mortgages and certificates were purchased and
the guarantee taken. Justice requires that these conditions be respected
-V. 139, p.
and that the control of the State officer be left undisturbed."
945.
-Earnings.
-Union Pacific RR.
JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1255.
1931.
1932.
1934.
1933.
$5,798,185 $5,839,372 $5,667,846 $8,097,725
2,086,429
2,232,520 2,015,331
1,956.701
1.121,078
1,169.866
1,357,006 1,174,709
36,157,499 32,807.015 36.310,245 51.256.314
10,067,711 10,554,746 10,761,757 13,257,573
7,153.859
6,389.575
5.781,901
5,308.303
-Earnings.
Union Tank Car Co.
6 Mos.End. June 30ofit from operations
(after depreciation)_ _
her income
1934.
1932.
1933.
1931.
$746,209
204,423
$414.346
218,459
$439,538 $1.030,456
234.165
274.474
Total income
Interest deductions
Federal income tax
$950,632
101,688
43,919
$632,806
150,961
12,081
$714,011 $1,264,621
212,104
171.904
67.812
17.460
Net income
Dividends paid
$805,025
720,000
$469.764
798.917
$524.647
940.536
Balance, surplus
Previous surplus
Adjustments
$984,705
1,003,238
$85,025 def$329,153 def$415.889 defS18,533
6,379,227 6,592,866 7,355,410 7,999,665
10,494
32,579
x1,608,704
Surplus, June 30
$4,855,548 $6,296,292 $6,939,521 $7.970,637
Shs.cap,stock outstand1.254,048
ing (no par)
1,200,000
1,200.000 1,254.048
Earnings per share
$0.41
$0.78
$0.39
$0.67
x Payment in full covering annuity premium for accrued liability under
amended annuity plan approved by stockholders April 11 1934.
Consolidated Balance Sheet June 30.
1934.
1933.
1934.
1933.
AssetsLiabilities- .
$
$
$
$
a Fixed assets__ _29,514,656 31,815.800 y Capital stock _ _30,000.000 30,000,000
Accrued income 43.i% equiptretf• 3.900.000 5,200,000
dr
384,379
deferred charges
. 298,674
82,357 Accts. payable_ _
99,481
Man & supplies__ 766,265
58,500
576,749 Accr. int. & taxes_ z43.875
Cash & securities_ 8,336,265 9,173,329 Reserves
908,935
886,840
4,855,548 6,296.292
Accts. receivable__ 1,272,726 1,144.849 Surplus
Unamort. debt disc
17,639
32,925
40,007,032 42,826,011
Total
Total
40,007,032 42,826,011
a After depreciation. y Represented.by 1,200,000 shares, no par value.
z Accrued interest only.
-V. 139, p. 780.
-To Vote on Rental
Union Traction Co., Philadelphia.
Cut.
The stockholders at their annual meeting Sept. 19 will be asked to approve
an extension of the 50% reduction in rental payments received from the
Philadelphia Rapid Transit Co. to cover the July 1 1934 and Jan. 1 1935
payments. The 50% rental cut has been in effect for the three previous
semi-annual payments.
The P. R. T. has not yet made the July 1 payment, announcing at the
time the payment was due that it expected to make the payment in Sept.
Rental owed to the Union Traction by P. R. T. is $1.800,000 annually.
or $900.000 semi-annually. Under a previous agreement, which expired
with the Jan. 1 1934 payment, the P. R. T. paid Union only half, or
$450,000 semi-annually.
The rental would return to $900.000 on the July 1 1934 payment unless
the Union stockholders approve the extension of the reduction. The
P. R. T. has implied in previous statements that it intends to pay only
-V. 138. p. 151.
the $450,000 toward the July 1 rental.
-Bonds Called.
...."United Biscuit Co. of America.
A total of $158,000 of 15
-year 6% debenture bonds due Nov. 1 1942 have
been called for payment on Nov. 1 next at 104 and interest. Payment will
be made at the office of the fiscal agents, Goldman,Sachs & Co.,30 Pine St..
N. Y. City.
-V. 139, p. 616.
-Receives Contract.
United Engineering & Foundry Co.
See Ford Motor Co. above.
-V. 138, p. 2945.
-Electric Output.
United Gas Improvement Co.
Aug.25'34. Aug.18'34. Aug.26'33.
Week EndedElec. output of U.G.I. System (kwh). 66,419,101 67,119,179 66.402.792
-V. 139. p. 1255.
-Earnings.
United Rys. & Electric Co. of Baltimore.
Period End. July 31Total revenue
Total expenses
Taxes
1934-7 Mos.-1933.
-Month-1933.
1934
$748,452 $6,286,069 $5,706,525
$797,274
5,306.635 5,000,051
697,803
718,030
636,292
86,271
603,290
80.728
def$35,622
Operating income.... def$1,484
Non-operating Income_ _
665
854
$376,143
6,742
$70,181
6,023
def$629 def$34,956
10,278
10,482
$382,886
72.735
$76,204
134,800
Gross income
Fixed charges
Net income
def$11,111
-V. 139. p.1101. 1255.
def$45,234
$310,150 def$58.595
-Earnings.
U. S. Royalty Oil Corp.
Earnings for the Six Months Ended June 30 1934.
Total income
Production expense
Administrative and general expense
$20.644
10,859
764
Operating profit
$9,021
Balance Sheet June 30 1934.
Assets
Liabilities
$34,904 Capital stock
Properties and equipment__
$200,000
Investments in affiliated cos
188,093 Profit and loss surplus
18,474
1,135 Due U. S. Oil & Royalties Co.,
Other investments
20,519
an affiliated co., for operatCash on band and on deposit- 3,199
ing services rendered
32,014
Due for current oil sales
3,441 Royalties payable
615
Inventory of oil in storage_ _ _ Reserve for Federal taxes_ _ _ _
188
Total
$251,291
Total
$251,291
-Salaried Emoplyees Put on
United States Steel Corp.
Five-day Week-Wages Cut by About 10%.
-The following
statement was issued by the.corporation on Aug. 30:
In view of the present basis of operations. Saturday work is irregular
and unsatisfactory. The corporation has therefore recommended to its
subsidiaries that, effective Sept. 1 and at least until marked improvement
In operations takes place. Saturday work for its salaried employees be
eliminated and salaries adjusted accordingly. This will involve a decrease
of practically 10% to all salaried classes affected.
Financial Chronicle
1420
Sept. 1 1934
The "Wall Street Journal" had the following on the action of the corUtah Ry.-Earnings.pora on.
1931.
1932.
1934.1933.
July-"For the first time since the beginning of the depression, nearly five
$47.261
$33,604
Gross from railway
$42,961
$30 127
dets:146
by eliminating
years ago, the U. S. Steel Corp. has adopted a five-day week
det6.769
de,f244
def10.711
Net from railway
Saturday work among its salaried employees wherever such action is
def21,600
def24,862
def15,785
def22,732
Net after rents
possible. This move is equivalent to a reduction of approximately 10%
From Jan. 1in the pay of those affected.
636.252
584,797
550,933
Gross from railway
308,207
This is the first of the large industrial organizations in a long while to
142.021
153,435
Net from railway
171.927
:3
0 4
6 9606
take the step to lower salary expenses. Bethlehem Steel Corp. has been
14,106
22.366
36,570
Net after rents
1
def10
working many of its employees only five days a week for several years, and
-V. 139. p. 781.
announcement of the adoption of the shorter work week was made by the
Republic Steel Corp. a few days ago. Jones & Laughlin promptly followed
^Vamma Water Power Co. (Aktieselskabet Vamma
the U. S. Steel move, and others are likely to do so.
-Bonds Called.
Fossekompagni), Oslo, Norway.
"The 10 reduction for the U. S. Steel Corp.'s 'white collar' workers will
A total of $52,000 of 1st & gen. mtge. 5%% gold bonds, due Oct. 1
bring their pay back to slightly below what it was between July of 1933 and
1957, have been called for payment Oct. 1 next at par and int. at the
April of this year. On July 17 1933, salaries were raised 15%, and another
Guaranty Trust Co. of New York, 140 Broadway, N. Y. City, or at the
10% increase was made on April 1 last, accompanying wage advances of
National Shawmut Bank of Boston, Boston, Mass., or at First Union
similar amounts to time, hourly and piece workers in the mills.
lower brackets still is
Trust & Savings Bank, Chicago, III.
-V. 138, p. 1562.
The current pay of the salaried workers in the
somewhat less than 15% above the lowest they have received during the
-Adjustment Com-------Vicksburg Bridge & Terminal Co.
The 10% advance announced last April was effective on.
depression.
salaries up to $3,000 a year. Therefore, those in the higher brackets did
mittee Approves Reorganization Plan Prepared by Shinners
not share in the increase, although the current 10% cut will include many
Committee.
of these.
The action taken by the steel companies is not surprising in view of the
The financial adjustment committee, Mord M.Bogle (of H. M.Byliesby
-year sinking
unsatisfactory trade conditions which have developed in the past two
Chicago, Chairman, in a letter to the holders of the 20
& Co.)
months. Because of the heavy buying In the three months ended June 30
fund gold debentures states:
The independent bondholders' committee for the 1st mtge. 6% sinking
last many consumers have been overstocked and have kept out of the
market. In addition, uncertainty as to the general business outlook had its
fund gold bonds, under the chairmansip of Milton W. Harrison, New York,
has proposed a plan of reorganization (V. 139, p. 617) and is actively soliciteffect in keeping down buying by manufacttming consumers.
ing the deposit of first mortgage bonds thereunder. This plan contemplates
Since the middle of July the trend of operations has been downward
foreclosure of the first mortgage and calls for the complete elimination of the
without interruption. There was a moderate spurt after the July 4 curdebentures from the reorganization. We are not advised as to the amount
tailment but this was wiped out soon and current production of ingots is
of bonds deposited under the Harrison plan.
at only 19% of capacity, the lowest reached since March 1933, the period
Another first mortgage committee, under the chairmanship of John J.
of the bank holidays when the average was at 15% %.-V. 139, p. 946.
Shinners of Chicago, has prepared a plan of reorganization which will be
-Earnings.
United States Sugar Corp.(& Subs.).
submitted to bondholders as soon as the Federal Court has approved the
filing of the company's petition under Section 77-B of the Bankruptcy Act
1932.
1933.
1934.
Years Ended June 30and the terms of solicitation. Under this plan it is proposed to incorporate
-sale of sugar f.o.b.
Net proceeds
a new company which will issue only two classes ofsecurities-first mortgage
$1,223.456 $1,907,206 $1,212,080
sugar house
bonds and common stock-all of the new first mortgage bonds and voting
1,348,881
1.827.350
996,735
Cost of sugar sold
trust certificates representing 75% of the common stock to go to present
first mortgage bondholders, and voting trust certificates representing the
$79,856los4136,802
$226,721
on operations
Net profit
remaining 25% of common stock to be distributed to holders of the de31,761
def8,201
130,119
Other income-net
bentures.
At first consideration such treatment of debentures may seem in371.656 loss$105,040
$356.840
Total net income
adequate, but an analysis of the present position of the debentures leads
104,223
300,999
11.991
Interest on bonds
to the conviction that it is the best to be expected under the circumstances.
12,266
26,792
112.225
Other interest
The Harrison committee is actively advocating a plan calling for elimination
16,362
Loss of standing cane by fire
of debentures, and should that committee prove the dominant one in the
reorganization, such elimination would of course be opposed by this com$237,892
$256,136
sur$232,623
Balance, loss
mittee which would prove expensive and probably be protracted. Taking
Arole.-Previous years' statements adjusted for comparative purposes
into consideration the cost and risk in such procedure we have come to the
Comparative Consolidated Balance Sheet June 30.
conclusion that the interests of debenture holders will be better served
1933.
1934.
1933. • Liabilities1934.
Assetsin the long-run by accepting a minority of the new common stock.
$121,757 $313,748 Notes payable due
Cash
This committee has, therefore, given its approval to the plan of reorwithin one year. $263,696 $141,090
18,991
2,478
Receivables-net _
ganization prepared by the Shinners committee.
51,924
43,032
Curr. accts. Pay..
Invs. & advs.The members of .the Financial Adjustment Committee are: Mord M.
528,253
228,574 Accr. taxes, in &c 110,630
drain. dist.-net 162,356
Bogie, Chairman, 231 South La Salle St., Chicago; Curtis B. Woolfolk and
Advs. from SayanInventories-sugar y960,396
Harold Beacom.
nab Sugar Re125,499
Malls. & suppl. 127,617
The members of the Shinners'committee are:John J. Shinners,Chairman,
fining Corp.._ _ 1.084,665
Growing cane dr
(Vice-Pres. of H. M. Etyllesby & Co.)', Chicago; Royal D. Alworth, (Dir.,
275,095 C. S. Mott,special
273,906
cane plantings..
Northern National Bank), Duluth; Edward C. Congdon, Duluth; William
200,000
550,000
account
Raps. crop in proH. Donner, (Dir., Fidelity-Philadephia Trust Co.), Philadelphia Pa.;
152.275 Mtges. payable
cess of growth_ _
182,178
J. Sanford Otis, (Vice-ices, of Central Republic Co.), Chicago; Ill.; J.
18,000
not assumed_ _ _
Joys, In & advs. to
Henry Scattergood, Trustee & Treas. Bryn Mawr (Pa.) College, with
57.074
96,720
797.667 Serial equip. notes
Clewiston Co_ __ 786,081
'
R. Miles Warner, Sec.. 231 South La Salle St., Chicago, and Cutting,
628,970
Series A bonds_ _
Other investments,
Moore & Shiley, Counsel, Chicago.
38,700 3,189,021
8,646 Series 13 bonds._ _
7,731
advances. &c_ _ _
-In substance the
• Summary of the Plan Prepared by Shinners Committee.
111,800 1,039,221
3.016,403 3,208,300 Series C bonds_ _ _
Land
plan provides for a new company which will issue only two classes of securi814,063
Debentures
x Bidgs.. mach. &
ties, first mortgage bonds (in amount $5.000.000), and common stock (80.equipment-net 2,479,959 2.696,934 Reserve for cane
000 shares). Present first mortgage bondholders shall receive, en iti.or't rVe
20,070
40,000
field insurance.
27.438
Organization caps_
investment of any money, all of the new first mortgage bonds, plus sect v
75,000
2.944 Res. for cooling_ _
14,502
Unexpired insur__
trust certificates representing 75% of the common stock. Thrs, e eh
1-referred stock_ _ _ 658.350
present holder of a $1,000 first mortgage bond will receive 31.000 o • • 555.168
Common stock. _ _ 1,391,969
first mortgage bonds and voting trust certificates representing 12 she rer m
Capital surplus_ _ _ 3,411,293 1.134,176
common stock. The holders of the corporation's debentures will receir el
Current surplus.. 232.624 def494,027
voting trust certificates representing the remaining 25% of the common
stock of the new company. The plan completely eliminates all present
$8,135,372 $7,856,111
Total
$8,135,372 $7,856,111
Total
stockholders.
The new first mortgage bonds will bear fixed interest at the rate of 3%
x Depreciation reserve deducted in determining net amount of buildings,
per annum and in addition contingent interest of 3% per annum. The
machinery and equipment as above $1.805,098 in 1934. $1,511,682 in 1933.
contingent interest will be payable out of the available net income of the
y Market value at June 30 1934, $1,131,992.
company as defined In the plan and will be fully cumulative, so that if the
Initial Preferred Dividewl.available net income for any period is not sufficient to pay the contingent
The directors on August 22 declared out of the earnings of the corporation
interest it will become payable out offuture available net income and in any
for the year ended June 30 1934 dividends number 1, 2. 3 and 4 on the
event will become payable at the maturity of the bonds. After all accumu$5 no-par preferred stock (entitled to cumulative dividends after July 1
lated contingent interest has been paid in full, any remaining available net
1938) as follows:
income for the year in question, up to 3100.000,shall be applied to a sinking
No. 1: $1.25 per share payable Feb. 20 1935 to holders of record Sept. 10.
fund for the retirement of new first mortgage bonds. The plan provides that
No. 2: $1.25 per share payable Jan. 5 1935 to holders of record Dec. 10.
all fixed Interest and all back accumulated contingent interest must be paid
No.3: $1.25 per share payable April 5 1935 to holders of record March 10
in full and that the $100.000 sinking fund payment for the year In question
1935.
must be made before any dividends may be paid on the new common stock.
share payable July 5 1935 to holders of record June 10
No. 4: $1.25 per
This committee is of the opinion that the new company will have no
1035.-V. 138, p. 3963. I
difficulty in meeting the fixed interest charge of $150,000 per annum on the
mortgage bonds provided for by the
even though taxes
of Burbach-Eich-Duclelange new firstthe new company in the future mayplanconsiderably larger to be
United Steel Works
paid by
be
than
Reunies de Burbach- the taxes which have been paid by the corporation in the past beoause of the
(Societe Anonyme des Acieries
expiration of periods during
Duchy of Luxemburg) "Ar- exemptions.-V . 139, p. 617. which the corpor ion njoyalkertain tax
Eich-Dudelange) (Grand
bed."-Bonds Called.
There have been called for payment on Oct. 1 next $136,500 of 25-yesr
sinking fund 77, gold bonds, due April 1 1951 at par and interest at the
office of Kuhn. Loeb & Co., 52 William St., N. Y. City, oral the Guaranty
-V. 138, p. 1415.
Trust Co., 140 Broadway, N. Y. City, paying agents.
-Earnings.
Utah Light & Traction Co.
Period End. July 31Operating revenues
Oper exps., incl. taxes_ _
1934-Monlh-1933.
$67,391
$74,593
72.118
70,963
Net revs,from oper _ _
Rent from lead prop_ _
Other income
$3.630
49,084
312
353.026
53.355
$88,708
90.003
383.186
727,634
2,528
$4.727
93.085
350
Gross corp. income_ _ _
Int. & other deductions_
1934-12 Mos.-1933.
$956.269
$947.299
836.488
873.033 -
$60,811
1,001,529
757
$313,348 $1,063,097
822.130
1.078,641
$8,782
$1,295
$15,544
3329
Deficit a
a Before property retirement reserve appropriations and diva.
V. 139. p. 947.
Utah Power & Light Co.-Earninas.(Including Western Colorado Power Co. and Utah Light dr Traction Cod
1934-12 Mos..--1953.
,
1934-1Ionth-1933.
Period End. July31$760.585 19,677.547 $9,789,077
Operating revenues
$817,154
5.449.704
400,615
5,276,518
.
464,248
Oper.exps., i ncl.taxes..
Net revs, from over__
Other income
$352,906
4,267
$359.970 $4,227,843 $4,512,559
34,367
4,344
41.782
Gross corp. income_ _ _
Int. and other deduc'ns_
$357,173
243.078
$364,314 $4.262,210 $4.554,341
258.798 3.008,245 3,106.189
Balance
y$114.095 y$105.516 $1,253,965 31.448,152
Property retirement reserve appropriations
700,000
300,000
x Dividends applicable to preferred stocks for
1.704.761
period. whether paid or unpaid
1.704,363
Deficit
$1,150.796
1456.211
x Divilends accumulated and unpaid to July 31 1934 amounted to
$2.699.205. Latest dividends, amounting to $1.75 a share on $7 pref.
stock and $1.50 a share on $6 pref. stock, were paid Jan. 3 1933. Dividends on t'rese stocks are cumulative. y Before property retirement reserve
-V. 139, p. 947.
appropriations and dividends.
''‘Vortex Cup Co.
-20 Cent Extra Dividend
Larger-Regtelar......„
The directors have declared an extra dividend of 0 cents per share in
addition to a regular quarterly dividend of 37% cents per share on the
common stock, no par value, both payable Oct. 1 to holders of record
Sept. 15. This compares with 30 cents per share paid on July 2 last, 2.5
cents per share on April 2 last. 12% cents per share paid on Jan. 2 last,
Oct. 2 1933 and July 1 1933, and 25 cents per share on April 1 1933 and
Jan. 3 1933.-V. 139, p. 460.
Virginian Ry.-Earninqs.July-Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139. 0. 781.
1934.
1933.
$1,162,321 $1,208,874
599,976
670,322
524,896
592,640
8,182.578
4.230.690
3.666,819
7,527.368
. , 83
3,234,786
1931.
1932.
1 1482
$932,841 11,248.
593,521
419,584
517,387
338,561
7,307,956
3,304,385
2,751.093
8,813,975
3,886.541
3,323,585
-50-Cent Preferred Dividend4o-4:,,
Ward-Baking Corp.
The directors have deca red a dividend of 50 cents per share on account'
of accumulations on the 7% cum. pref. stock. par $100. payable Oct. 1
to holders of record Sept. 15. A like amount was paid on this issue in
each of the four preceding quarters, while on April 1 and July 1 1933 distributions of 25 cents each were made, 50 cents per share paid on Jan. 3
1933. $1 per share on July 1 and Oct. 11932, and $1.75 per share in previous
-V. 139, p. 618.
quarters.
-Earnings.
Warren Foundry & Pipe Corp.(& Subs.).
Earnings for the 6 Months Ended June 30 1934.
Net sales
Cost of sales & expenses
$991,949
810,304
Operating profit
Other income (net)
$181.645
45,528
Total income
Depreciation & depletion
Federal & State taxes
$227,173
39,791
22,191
Net income
Earnings per share on 180,000 shares capital stock
$165.191
$0.92
1421
Financial Chronicle
Volume 139
Comparative Balance Sheet.
Current assets as of June 30 last including $353,973 cash and marketable
LiabilitiesFeb. 28'34. Feb. 28'33.
AssetsFeb. 2834. Feb. 28'33.
securities, amounted to $1,915,943 and current liabilities were $220,726.
$34,661
Cash
379,933 $147,045 Accounts payable_ $42,803
This compares with cash and marketable securities of $303,950. current
35,000
44,900
41,200 Prov. for Inc. tax_
assets of $1,843.474 and current liabilities of $26,350 on June 30, a year . Val. of life policies
Reserve for taxes
Accts. receivable
ago. Total assets as of June 30 1934 aggregated $4,339,665 comparing
10,000
85,537
116,943
guarantee. &c(less reserve)
with $4.182,230 on June 30. a year ago; capital surplus was $1,911,236
352,866
183,083 Accts. payable to
Inventories
comparing with $1,813,343 and. earned surplus was $368.684 against
8,215
affiliated cos
96,750
Inv.(Can. bonds)_
$193,476. Inventories totaled $1,168,771 against $1,066,778.=AT. /139,
23,976
26,973
785 Def. porch. accts.
Miscell, Investmls
785
p.
871,114 1,237,996 Res.for int. on adv
Inv. In MM. cos
-50 Cent Ext7.a'
./
Inc.
Oil & Snowdrift Co.,Wesn
to and sec. of
2,294
21,605
eferred charges_
54,739
affil companies_
y Property, plant,
The directors have declared an extra dividend of 50 cents per shard in
14,151
14,744
mach. & equip_ 992,672 1,061,188 Res. for guar., &c_
addition to the usual quarterly distribution of 12% cents per share on he
6,4% pref. stock_ 1,900,000 1,900.000
Good-will, patents
common stock, no par value, both payable Oct. 1 to holders a record
500,000
1 x Common stock_ 500,000
1
and trade-marks
Sept. 15.-V. 138, p. 4480.
41,734
229,700
Profit and loss...
,
Western Canada Flour Mills, Ltd.-Accumulated
Total
$2,558,258 $2,778,440
$2,558,258 $2,778,440
Total
The directors have declared a dividend of 75 cents per share on accourff of
accumulations on the 6%% cumulative preferred stock, par $100, payable
x Represented by 130,000 shares (no par). y After deducting depreciaSept. 15 to holders of record Aug.31. Similar distributions have been made
tion of $756,726 in 1933 (1932,$684,175).-V. 138, p. 4316.
on this issue each quarter since and including march 15 1933. prior to which
regular quarterly dividends of $1.62% per share were paid.
Wheeling & Lake Erie Ry.-Earnings.Effective with the Sept. 1 distribution, arrearages on this issue will
1931.
1934.
1933.
, 1932.
Julyamount to 36.124 per share.
-V. 138. p• 3795.
$931,228 $1,183,347
$648.303 $1.123.681
Gross from railway
154,599
460,922
147,000
298.480
Net from railway
Western Maryland Ry.-garnings.
318,484
34,213
180,741
73,519
Net after rents
1934-7 Mos.-1933.
-Month-1933.
Period End July311934
From Jan, 1Operating revenues
$1,103,728 $1,226,831 $8,150,206 $6.668,978
7.114,501
4,540,651
6,995,547
5,672,963
Gross from railway
2.411,911
2,637,534
437,502
oper. income
Net
302.758
703,751
1,497,547
1,801,505
1,627,379
Net from railway
418.144 2.390,710 2,020.683
291.435
Net ry. oper. Income......
743,811
1,103,069
860,413
def22,665
Net after rents
82,880
61.661
9,524
Other income
7,182
-V. 139, 13. 9 8•
4
$427.668 $2.452.371 $2.103,563
-Earnings.-Gross income
$298.617
Wichita Fella' & Southern RR.
1.905.741
1.883,543
271,767
Fixed charges
267,725
1932.
1931.
1933.
1934.
July$56,042
$46,941
$77,893
$42,323
Gross from railway
$197,822
$568,828
$155.901
Net income
$30.892
10.271
17.016
32,183
8.796
Net from railway
10,731
2,530
22,489
3,606
Net after rents
-Third Week of Aug.- -Jan. 1 to Aug. 211933.
1934.
1933.
From Jan 1Period1934.
384.401
314,579
330,758
$270,107 $8.890.548 $7,479,299
320.395
$263,824
Gross from railway
Gross earnings (est.). _ _
79.809
78,913
79,379
81.763
Net from railway
-V. 139, p. 1256.
19,589 .
24,899 ,.
40,424
36,855
Net after rents
-Notes Called.
Western Massachusetts Cos.
-V. 139, p. 782.
allot it
The company will redeem on Oct. 15 next at 101% and interest,
-Accumulated Dividend,
& Co.
outstanding 5-year5.7 coupon gold notes, due Oct. 15 1937. Payment
The directors have declared a dividend of $1.75 per share on account o
ec
will be made at the ma Colony
at Co., registrar, 17 Court St., Boston.
accumulations on the 7% cumulative preferred stock, par $100, payable
-V. 139. p. 782.
Mass.
Oct. 1 to holders of record Sept. 15. Similar distributions were made on
this issue in the three preceding quarters. Accruals following the Oct. 1
Pacific RR.-Earnings.
Western
-V.138, p.3796.
payment will amount to $26.25 per share.
1931.
1932.
1933.
July1934.
$954.788 $1,150,839
$932,786
Gross from railway
$1,184,991
Wisconsin Central Ry.-Earnings.157.938
181,535159,413
Net from railway
305.795
1934-7 Mos.-1933.
PeriodEnd,July31- 1934-Month-1933.
50,881
28,720
93.298
Net after rents
18,5,058
Total revenues
$849,143 $1,035,398 $5,718,262 $5.231,698
From Jan. 1
999,973
216.309
413.065
1,327.972
Net railway revenues_ _ _
7,112.136
5,597,048
5,376,033
Gross from railway
6,417,693
43,188
230,571
89,876 Dr.166.279
Net after rents
68,145
143,021
473.892
Net from railway
1,239,303
18.584
198.380
Other income
-Net Dr
33.404
153.860
598,833 def122,962 def517,433 def511,735
Net after rents
Int on funded debt
159,727
161,227 1.081.130
1,113.910
.
-Dr.
Deposits Over 72%.
-
More than 72% of the first mortgage bonds of 1946 has been deposited
under the company's plan to extend payment of interest from 1934 to
1937. To make the plan operative, it is said, assents covering 75% of the
issue will have to be received.
-V. 139, p. 782.
Western Ry. of Alabama.-Earnings.
1932.
1933.
July1934.
$101,387
$86,167
Gross from railway
$94,081
def21.547
def2,657
Net from railway
def19.430
def2ti.629
def4,097
def20,692
Net after rents
From Jan. 1
734.597
722,490
• 745.464
Gross from railway
def96,141
def5,849
def37,733
Net from railway
def28,147 def134,470
def54,239
Net after rents
-V.139, p.782.
-Earnings.
(William) Whiteley, Ltd.
1932.
1933.
Years End. Jan. 311934.
Balance from trading
acct. after provision
for bad and doubtful
£101,539
£103.285
£118,505
accounts
12,740
10,417
8,908
Rents receivable
18,324
18.882
20,857
Interest receivable
9,580
9,942
investment
9,399
Dividends on
141
168
220
Transfer fees
1931.
$149.092
4.301
def1,070
1,177.592
97.626
57,163
1931.
£95,252
15.311
14.829
9.484
170
Total income
Directors' fees
Trustees' and auditors'
fees
Deprec. of office and
store equip. & motor
vans
£157,892
£142,697
150
£142,325
1,800
£135,046
1,800
1,092
1,092
1,092
' 1,042
5,764
7,714
8.575
Net income
x Previous surplus
£151,924
91,070 •
£135,690
91,070
£131,719
91,070
£123,629
91.070
Total surplus
Int. on 4% deb. stock_ _
Int. on 6% red. deb. stk.
Divs. on pref. shares_
Interim dive. of 10% on
ordinary shares
Proportion of profit due
on mtge. shares
Deprec. of leasehalds_ _ _
Drpec. of plant & mach.
Deprec.of l'ixt. & fittings
Reserve for losses on subsidiary companies
Employees' benevolent
fund
£242,994
36,000
28.894
22,500
£226,760
36.000
29,248
22,500
£222,789
36,000
29,610
22,500
£214,609
36,000
22,500
22,500
45,000
45,000
45,000
45,000
3.733
4.000
3.750
7.000
2.414
5,000
3,750
7,000
1,015
5,000
3,750
7,000
1,131
5.000
6,500
7.000
14,326
9.052
2,000
2,000
4,875
1,000
2.000
£56,587
£73,849
£58,016
£91,117
x Balance
x The sum to be carried forward will remain at £9..070 and Selfridge
& Co., Ltd., will, under their guarantee become liable for the difference.
sufficient to pay the full 25% dividend to the holders of the ordinary shares.
-V. 136, p. 4478.
-Earnings.
Whittall Can Co., Ltd.
Feb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
Years Ended$330,795
$175,116
$191.204
$287,558
Profits from operations_
62,888
Dividends received
Net deficit
-V.139, p. 1257.
$149,943
Cr$50,759 $1.189.634 $1,434,050
-Balance Sheet.Wisconsin Electric Power Co.
Condensed Balance Sheet June 30.
1933.
1934.
1933.
1934.
Assets
Property & plant_26,004,279 26,015,834 Preferred stocks__ 5,134,200 5,134,200
1,299
1,284
801,760 Prem.on pref. stk_
Due from affil. cos. 803,693
664,145 Common stock.... 8,000,000 8,000,000
Cash
1,076,274
Funded debt
8,018.000 8,167,000
Dep. for pay. of
86,126
77,597
73,169 Sundry curr. Ilab_
mat. int., &c_ _ _
71,440
52,115
2,033 Inter-co. accounts 289,756
Accts. receivable..
444,919
Disc.& exp. on sec. 1,143,568 1,220.694 Taxes accrued_ _ _ _ 379,289
167,042
693,900 Interest accrued
170.146
Reacquired secur_ 762,500
Reserve
6,813,674 5,894,899
Other investments 547,225
1,528,122 1,527,346
6,500 Surplus
Other def. charges
30,408,979 29,478,035
Total
30,408.979 29,478,035 Total
The income statement for 12 months ended June 30, was published in
"Chronicle," page 783.
-Balance Sheet.Wisconsin Gas & Electric Co.
Condensed Balance Sheet June 30.
1933.
1934.
1933.
Liabilities$
Assets$
Property & plant.27,301,993 27,573,501 Preferred stocks__ 4,742,500 4,742,500
Prem. on pref.__ _
93,782
93,782
Capital expend's,
current year... _
__
30,301
158,366 Common stock __ _ 6,000,000 6,000,000
Funded debt
10,400,000 10,400,000
Cash & sec. on dep.
125,358
130,570
with trustees
421,810 Accounts payable_
301,583
Sundry invests-11s 260,490
282,671 Misc. curr.'tab.__ 314,427
880,047
Inter-co. accounts 127,460
Invest. sub. co.._
12,500
658,718
Cash
260,438 Taxes accrued_ _ _ _ 671,028
277,998
Interest accrued
53,750
53,750
Dep. for pay. of
69,589
69,648
24,237 Dividends accrued
mat. Int.. &c
25,047
25,089
27,552
113,434 Misc. accr.!lab..
Notes & bills rec
86,965
6,123,442 6,179,817
847,578 Reserves
Accts. receivable
876,623
1,672,988 1,687,165
513,432 Surplus
Material & suppl_ _ 567,018
13,643
35,709
Inter-co. accounts
11,106
Prepaid accounts..
4,889
325,200
Reacquired secur_ 325,500
Discount & expense
343,902
on securities_ _ _ _ 325,722
328,079
Res. & spec. funds 296,391
Total
30,427,147 31,217,395
30,427,147 31,217,395
Total
The income statement for 12 months ended June 30. was pnblished in
"Chronicle." page 783.
4_/
/
1
-Preferred Dividends W.e.
Wisconsin Power & Light Co.
The directors have declared a dividend of 37% cents per share on the
6% cum. pref. stock, par $100. and a dividend of 4345 cents per share
on the 7% cum. pref. stock, par $100, both payable Sept. 15 to holders of
record Aug. 31. Similar distributions were made on these stocks on June 15,
March 15 last and on Sept. 15 and Dec. 15 1934, as compared with 75 cents
per share and 8734 cents per share, respectively, paid on June 15 1933 on
the 6% and 7% pref. stock. (Compare V. 137. p. 4015.)-V. 139, p. 949.
Worcester Street Ry. Co.
-Earnings.(As Reported to the Mass. Dept. of Public Utilities)
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933.
Rev, passengers carried_ .5,189,410
4.718,290 11,452.394
9.909.974
9.67c.
Average fare
9.71c.
9.7c.
9.8c.
Net profit
$166.369
$94,431
$71,249
¶247,979
- 138. P. 3796.
v
Total income
Prov. for depreciation
Prov. for income tax_ _ _ _
$287,558
72,551
22.544
$191,204
72,158
$330,795
71,662
32,712
$238,003
64.403
9,
500
Net income
Previous balance
Prov. for income taxes in
excess of requirements
Surr. value of life policy_
$192.459
229,700
$119,046
548,868
$226,421
414,685
Total surplus
Preferred dividends__ _ _
Loss on investment in
Assoc'd Quality Canners, Ltd
Investments in Quebec
Canners Corp
$422,159
92,625
$695.578
$671.106
61,750
$164.099
,17
--Worthington Ball Co.
-$2 Class A Dividend.-tdet. /,.
404 085 -A dividend of $2 per share was paid on the $2 cumulative class A preferred
stock, pag $25, on Aug. 25 to holders of record Aug. 20. This payment
clears up'bIl accumulations on this issue. Previously 50 cents per share was
paid on July 14 and April 14 last, this latter being the first payment made
since Jan. 14 1933 when the regular quarterly dividend of 50 cents per share
$568,185
.-was disbursed.
-V. 138, p. 4480.
123,500
287,800
389,200
60,488
Balance
Earns. per sh. on 130,000
shs. cam.stk.(no par)
$41,734
$229,700
$548,868
$444.685
b0.77
$0.91
$1.18
$0.31
27.664
76.678
'Wright-Hargreaves Mines, Ltd.
-Extra Distribution.
The directors have declared an extra dividend of five cents per share
in addition to the regular quarterly dividend of 10 cents per share on the
common stock, no par value, both payable Oct. 1 to holders of record
Sept. 10. Like amounts were distributed on July 2 and April 2 last.
Previously the company made quarterly distributions of five cents per
share and, in addition, paid an extra dividend of five cents per share on
Jan. 2 1934.-V. 138. p. 376.
1422
Financial Chronirle
Sept. 1 1934
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-METALS
PETROLEUM-RUBBER-HIDES
-DRY GOODS
-WOOL
-ETC.
heavy liquidation. Raws were firm. Warehouse Cubas
were held at 1.90e. London was closed.
Prices were as follows:
Orders executed in
-CORN
WHEAT
-OATS
September
December
January
and other commodities
Special letter regarding current
grain situation supplied upon request.
BABCOCK, RUSHTON & CO.
-Established 1895
MEMBERS
NEW YORK STOCK EXCHANGE_
CHICAGO BOARD OF TRADES
and other principal exchanges
New York
50 Broadway
Chicago
135 So. La Salle St.
Des Moines
Fleming Bldg.
COMMERCIAL EPITOME
Friday Night, Aug. 311934.
Coffee futures on the 27th inst. declined 5 to 9 points
on Santos and 9 to 13 points on Rios owing to the lower
dollar rate and easiness of Brazilian cables. Sales were
9,000 bags of Santos and 6,500 bags of Rio. On the 28th
inst. futures closed 1 to 4 points lower on Santos, with
sales of 22,250 bags, and 7 points lower to 1 point higher
on Rios, with sales of 23,750 bags. There was considerable
pre-notice day liquidation. There was also a good deal
of buying at one time on reports from Brazil that Rio receipts would be reduced 86,000 bags monthly starting
Sept. 1. Reductions of about 20 to 30% are also expected
to be made at Santos. On the 29th inst. futures showed
some early weakness owing to heavy tenders, but rallied
later to close unchanged to 4 points lower on Santos contracts, and 1 to 5 points off on Rios; sales 20,000 bags of
Santos and 26,000 bags of Rios.
On the 30th inst. futures closed 4 to 11 points higher on
Santos with sales of 10,750 bags and 5 to 8 higher on Rios
with sales of 2,500 bags. The market was quiet. Spot was
unchanged in a quiet market. Brazilian markets were
firmer. To-day futures closed 3 to 15 points higher on Rios
and 2 to 5 points up on Santos. Spot coffee was quiet.
Rio coffee prices closed as follows:
September
December
March
7.80 iMay
7.97 July
8 11
8.20
8.28
Santos coffee prices closed as follows:
September
December
March
10.96 May
10.98 July
11.00
11.C4
11.09
1.83 March
1.91 May
1.89 July
1.92
1.96
1.99
Lard futures on the 26th inst. ended 10 to 15 points
higher on buying encouraged by the strength in corn and
continued light hog receipts. Hogs closed firm with the
top $7.50. Cash lard was also firm; in tierces 90; refined
to Continent 73' to 75 8c.; South America 75% to 73 c. On
/
%
the 27th inst. futures advanced to new highs early owing
to the strength of hogs but later reacted under general
liquidation and ended unchanged to 5 points lower. Exports were small. Hogs were 10 to 25c. higher with the
top $7.75, with receipts for the Western run 61,800 against
234,600 on the same day last year. Cash lard continued
firm; in tierces 9c.; refined to Continent 73/i to 758c.; South
/
America 75% to 73 0. On the 28th inst. futures advanced
/
27 to 30 points on a good demand from cash houses, encouraged by the firmness of hogs. Exports were light.
Hogs were 10 to 25c. higher. Cash lard was strong; in
tierces 9.27c.; refined to Continent 7% to 77'8c.; South
America 7% to 8c. On the 29th inst. futures moved into
new high ground for the movement owing to a good demand
from speculative interests influenced by the strength in
hogs. Final prices were 25 to 27 points higher. Hogs
were 15c. up with the top $8.05. Cash lard was strong;
in tierces 9.57c.; refined to Continent 7% to 8c.; South
America 7% to 83c. Export demand was slow. On the
30th inst. futures declined 10 to 15 points on liquidation
prompted by the weakness in grains and lower hogs prices.
Hogs were 15c. lower with the top $7.90. Cash lard was
easier; in tierces 6.42c.; refined to Continent 80.; South
America 83'g0. To-day prices ended 13 to 15 points lower
owing to the weakness in hogs.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Sat.
Wed. Thurs.
Fri.
8.92
9.20
8.92
9.47
9.32
9.17
9.02
9.32
9.02
9.57
9.45
9.32
9.30
9.55
9.37
9.75
9.62
9.42
September
October
December
Pork was firm, mess $27,family $24.50 nominal,fat backs
$19 to $24. Beef firm, mess, nominal, packer nominal,
family $15 to $16 nominal, extra India mess nominal. Cut
meats firm, pickled hams 4 to 6 lbs. 113c.,6 to 8 lbs. lie.,
8 to 10 lbs. 1030., 14 to 16 lbs. 171 c., 18 to 20 lbs. 17c.,
%
/
22 to 24 lbs. 153/2c., pickled bellies, clear, f.o.b. N. Y.6 to
12 lbs. 183/30., bellies, clear, dry salted, boxed, N. Y. 14 to
16 lbs. 15%c.,18 to 20 lbs. 15c.,20 to 30 lbs. 147 c. Butter,
%
creamery, firsts to higher than extra 24 to 283.c. Cheese,
flats 17 to 20c. Eggs, mixed colors, checks to special packs
16 to 280.
Oils.
-Linseed was quiet. The strike threat however, has
speeded up deliveries. Prices were lower at 8.9c. for tank
cars. Cocoanut, Manila, coast tanks 23/30., tanks, New
York, spot 2Vic. Corn, crude, tanks, f.o.b. Western mills
63/20. China weed, N. Y. drums, delivered 93 0. to 10c.,
4
tanks, spot 9.80. Olive, denatured, spot, Spanish 83 to 86c.,
shipments, Spanish 81c., Greek 81c. Soya bean, tank cars,
f.o.b. Western mills 6.0c., cars, N. Y. 7c., I. c. 1. 7.50.
Edible, olive $1.60 to $2.15. Lard, prime 9c., extra strained
winter 83-ic. Cod, dark 30e. light filtered 31c. Turpentine
46% to 50%c. Resin $5.35 io $6.35.
Cottonseed Oil sales, including switches, 34 contracts.
Crude, S. E., 6 nominal. Prices closed as follows:
Cocoa futures on the 27th inst. ended 3 to 7 points lower
with sales of 5,373 tons. Sept. ended at 4.81c., Oct. at
4.89c., Dec. at 5.04c., Jan. at 5.11c., March at 5.24c.,
May at 5.37c. and July at 5.50c. On the 28th inst. futures
ended 3 points lower to 1 point higher with sales of 9,313
tons. Sept. closed at 4.780., Oct. at 4.86c., Dec. at 5.00c.,
Jan. at 5.08e., March at 5.21c., May at 5.38e. and July
at 5.50c. On the 29th inst. futures were 5 to 7 points lower
-with sales of 7,678 tons. Sept. ended at 4.74c., Oct. at
4.81c., Dec. at 4.980., Jan. at 5.04c., March at 5.18c.,
May at 5.32c. and July at 5.46c.
On the 30th inst. with September liquidation showing
signs of having become exhausted the market became steady
and ended unchanged to 3 points lower, with sales of 1,796
tons. Manufacturers bought a little. Sept. ended at 4.72c., September
7.25@7.30 January
7.50© _
Oct. at 4.81c., Dec. at 4.96c., March at 5.17c., May at October
7 28(57.30 February
7.50(147.60
November
7 32 7.42 March
7.62847.61
6.30c. and July at 5.43c. To-day futures ended 1 point December
7 4i@7.43 April
7.6067.70
lower to 2 higher with sales of 43 lots. Warehouse stocks
Rubber futures, after showing early strength on the
were 955,890 bags against 961,297 a month ago and 876,691
last year. Jan. closed at 5.02c., March at 5.16c., May at 27th inst., declined and ended 1 point lower to 4 points
higher, with sales of 2,510 tons. Sept. ended at 15.73 to
5.29c., Sept. at 4.74c. and Dec. at 4.95c.
15.74c. Oct. at 15.87c. Dec. at 16.15 to 16.17c., Jan.
Sugar futures ended 1 to 2 points higher on the 27th inst. at 16.28c., March at 16.&5 to 16.56c., May at 16.83c. and
The market was active, with sales amounting to 43,300 July at 17.000. On the 28th inst. futures declined 11 to
tons. On the 28th inst. futures closed 3 to 7 points higher 18 points under scattered liquidation. Demand was
in the most active trading since July 1933. Some 67,950 lacking. Sept. ended at 15.62 to 15.65c. Dec. at 16.02c.,
tons were sold and Dec. reached 1.88c., a new high. Trade Jan. at 16.10c., March at 16.40 to 16.44c., May at 16.70
interests with Cuban connections were buying and shorts to 16.72c. and July at 16.98e. On the 29th inst. futures
covered on reports that an export tax, insuring for Cuba fluctuated within narrow limits, closing 3 points lower
the full benefits of the tariff reduction, would be placed on to 6 points higher on sales of 3,760 tons. Sept. ended at
shipments from the Island. Yet there was a good deal of 15.64c. Dec. at 16.05 to 16.06c., Jan. at 16.16c., March
hedge selling. On the 29th inst., after showing early at 16.43 to 16.450., May at 16.70c. and July at 16.9e0.
9
firmness, futures declined slightly under hedge selling
On the 30th inst. futures closed unchanged to 7 points
credited to Cuban interests and closed 2 points lower to higher with sales of 3,530 tons. Spot ribbed smoked sheets
1 point higher, with sales of 45,500 tons.
in New York were unchanged at 15.700. Some 2,980 tons
On the 30th inst. futures advanced 2 to 7 points in heavy were tendered for delivery against September contracts.
trading. New highs were reached on all positions. Buying London closed steady, unchanged to 3-16d. higher. Singawas general and was in anticipation of the signing of a pore was quiet but 1-16 to 3-32d. higher. Sept. ended at
Cuban decree which it is believed will fix a minimum sales 15.71c., Oct. at 15.840., Dec. at 16.100. Jan. at 16.25c.,
price of 2.10c. on sales of raw sugar to this country. Sales March at 16.43c. May at 16.710. and July
at 17.030. Towere 57,350 tons. London was firmer owing to conditions day futures ended 3 points lower to 6 points higher with sales
'
in European beet fields. In the raw mallet Cubes sold of 184 lots. Sept. ended at 15.71c., Oct. at 15.84c. Dec. at
at 1.85c. To-day futures closed 2 to 4 points lower under 16.11c., March at 16.49c. and May at 16.74 to 16.75c.
Volume 139
Hides futures on the 27th inst. closed 30 points lower
on old contracts and 5 to 10 points lower on standard, with
sales of 3,240,000 lbs. Old Sept. ended at 6.00 to 6.10c.,
standard Sept., 7.15 to 7.20c.; Dec., 7.35c.; March, 7.70
to 7.77e., and June at 8.05c. On the 28th inst. futures
ended 20 to 25 points lower on old contract, while standard
positions rose 10 to 15 points; sales, 440,000 lbs. of old
and 320,000 lbs. of standard. Old Sept. closed at 5.75c.;
standard Sept., 7.30e.; March, 7.80 to 7.95c., and June,
8.15c. On the 29th inst. futures closed unchanged to
5 points higher on the standard contract, with sales of
1,400,000 lbs. Spot prices in Chicago were reported unchanged. Dec. ended at 7.45c., March at 7.77 to 7.85c.
and June at 8.15c.
On the 30th inst. futures closed 10 to 25 points lower on
the old contract and 5 points lower to 13 points higher on
standard, with sales of 1,760,000 lbs. all of which was in the
standard contract. Old contract closed with Sept. at 5.50e.,
Dec. at 6.00c. and March at 6.10c., standard Sept. 7.20c.,
Dec. 7.45 to 7.550., March 7.80 to 7.85c. and June at 8.10
to 8.140. To-day futures closed 15 to 20 points higher with
sales of 70 lots. Dec. ended at 7.650., March at 8.00c. and
June at 8.25c.
Ocean Freights.
-Trade has recently been slower, but
rates were firmer.
Charters included: Grain booked, 3 loads to Bremen at 9c., Sept.;
10 loads, Oct., New York-West Italy, 10c.; same, ex-Montreal, Sept., 10c.;
a few loads Sept., New York-French Atlantic, 7c.; 1 load to Hamburg.
Sept., at 7c.; 10 loads between Antwerp at 9c. and Italy at 10c., and about
Sc. from Baltimore and Philadelphia to Rotterdam. Grain-33,000 qrs.,
Montreal, first half Sept., Limberick and Cork. 25.; trips-Across, North
Atlantic, prompt re-delivery United Kingdom-Continent, 45. 6d.; trip up
Canada. 85c.; trip down, 95c.
Coal was in fair demand for this season of the year.
Cooler weather of late has created a little autumn trade.
Southern smokeless Sept. mine run will be at Aug. quotations
but domestic sizes will be advanced 10e. throughout, and
effective Sept. 1 wholesale anthracite in the domestic market
will be lifted 25c. throughout. Bituminous production increased about 425,000 tons last week. It was 1,300,000
tons less than a year ago. For three weeks the output was
17,752,000 tons, and the weekly average 5,917,000 against
22,724,000 and 7,575,000 tons respectively a year ago.
/
-The bar quotation here was quoted at 495 e.
Silver.
and at London at 21 11-16d.
Copper was in small demand with Blue Eagle for domestic
shipment unchanged at 9c. and 7.05 to 7.125c. c.i.f. Hamburg, Havre and London. In London on the 30th inst.
spot was unchanged at £28 2s. 6d., futures off is. 3d. to
£28 8s. 9d., sales 225 tons of spot and 250 tons of futures,
electrolytic, spot advanced 10s. to £31 10s., futures unchanged at £31 15s.
Tin was in small demand and the price of spot Straits de
dined to 51.35e. the lowest level thus far this month. A
drop in sterling exchange caused the weakness. In London
on the 30th inst. spot standard was up 7s. 9d. to £228 2s. 6d.,
futures rose 12s. 6d. to £227 7s. 6d.,Straits advanced 5s. to
£228 5s., Eastern unchanged at £227 10s., sales 60 tons of
spot and 315 tons of futures.
Lead was in moderate demand and unchanged at 3.750.
New York and 3.60c. East St. Louis. In London spot rose
38. 9d. to £10 17s. 6d.; ftitures up 3s. 9d. to £10 17s. 6d.,
sales 270 tons of futures.
Zinc was quiet at 4.25e. East St. Louis. London on the
30th inst. was 3s. 9d. higher on the spot at £10 17s. 6d.;
futures up 3s. 9d. to £10 17s. 6d.; sales 270 tons of futures.
Steel operations dropped to 19.1% of capacity. The
United States Steel Corporation recommended to subsidaries
that Saturday work be eliminated for salaried employees,
effective Sept. 1, which will amount to a cut in salary of
about 10%. Steel scrap prices declined 25e. in several
districts. Heavy melting steel in the Pittsburgh district
was $10.75 to $11 per ton.
Pig Iron was in poor demand. There is no incentive to
buy ahead, now that prices are being filed for fourth quarter
at the same levels as those for third quarter. The sharp
decline in steel operations and uncertainty over Washington
developments have had a discouraging effect. Foundry
No. 2 plain-Eastern Pennsylvania $19.50; Buffalo,
Chicago, Valley and Cleveland $18.50; Birmingham $14.50.
Basic Valley, $18; Eastern Pennsylvania $19. Malleable,
Eastern Pennsylvania $20; Buffalo $19.
Wool continued in small demand. Boston wired a Government report on Aug. 28 which said: "The wool market is
very quiet on greasy combing lines. Some business is,being
done on scoured clothing wools suitable for woolen manufacturers, but the aggregate volume of sales on these lines
.
.
is very small as the demand is confined to piecing out stocks
on hand for immediate requirements. Quotations on greasy
combing wools are unchanged from last week, but they are
nominal in view of the absence of sales." Another Government report from Boston on Aug. 29 said: "Asking prices
remain unchanged on Ohio and similar fleeces. Fine Ohio
delaine wool is quoted at around 30c. in the grease. Around
31c. in the grease is being asked for strictly combing 58c.,
60s., one-half blood Ohio fleeces. Strictly combing medium
quality bright fleeces are being held at 32e. to 31c. for 48s,
50s, one-half blood. These quotations, however, are nominal as there is no trading in these wools and few inquiries are
being received at the moment." Boston sent still another
Government report on Aug. 30, which said: "A . very
1423
Financial Chronicle
limited demand is being received on a few of the Western
grown wools. Good twelve months wools bring 70c. scoured
basis. Short French combing 64s and finer territory wools
in original bags moved at 66 to 68c., scoured basis. Small
lots of twelve months Texas wools offered direct from the
country are reported being sold to mills at prices in the range
of 58 to 63c. scoured basis delivered East.
Silk futures ended unchanged to 13/2c. higher on the 27th
inst., with sales of 2,170 bales. Sept. ended at $1.11;
Nov. at $1.15; Dec., Jan. and Feb., $1.15 to $1.153/2 and
March at $1.155' to $1.16. On the 28th inst. futures
closed Mc. to 3c. lower with sales of 2,510 bales. Sept.
ended at $1.09 to $1.0934; Dec., $1.12M to $1.13; Jan.,
$1.143/2; Feb., $1.143/2; March and April, $1.14 to $1.14.
On the 29th inst. futures closed 13c. lower to Mc. higher,
with sales of 1,140 bales. Sept. ended at $1.09; Oct. at
$1.103/2 to $1.113/2; Jan. and Feb., $1.14 to $1.15, and
March and April at $1.14M.
On the 30th inst. futures ended M to 13/2c. lower on sales
of 740 bales. Crack double extra on the spot was unchanged at $1.16. Japanese cables were easier. Sept.
ended at 31.083/2, Oct. at $1.10 to $1.11, Nov. $1.103/2 to
$1.12, Dec. $1.11 to $1.12, Jan. and Feb. $1.133/2 to $1.14,
March $1.14 and April $1.133/ to $1.14. To-day futures
closed lc. lower to Mc. higher with sales of 187 lots. Sept.
ended at $1.08 to $1.09, Oct. at $1.09 to $1.10, De.c at
$1.11 to $1.12, Jan. and Feb. at $1.12 to $1.13, and March
and April at $1.13.
COTTON
Friday Night, Aug. 31 1934.
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
122,533 bales, against 71,884 bales last week and 50,645
bales the previous week, making the total receipts since
Aug. 1 1934 317,364 bales, against 563,513 bales for the
same period of 1933, decrease since Aug. 1 1933 246,149 bales.
Total.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts at2,096 3,316 3,772 1.811 4,775 5,224 20.994
Galveston
275
275
Texas City
2,237 2,923 4,286 2.450 5,377 20,993 •38,266
Houston
Corpus Christi_ _ 5,104 7,559 3.212 3,069 5,155 4,840 28,939
540
___
Beaumont
567 4.134 12.656
540995
New Orleans_ _ _
577 1,252 5,131
..
929 4,905
449
1,047 1,309
262
Mobile
909
3,111
-3.111
Pensacola
48
Jacksonville48
634 7.347
Savannah
1,418 1,775 1,212 1.062 1.246
202 1,173 1.968
179
81
47
Charleston
286
Lake Charles.__ 828
----------------822
Wilmington
6
314
16
Norfolk
8
Baltimore
Totals this was& 19 707 17 155 1R 702 10.973 21.507 41.364 122.533
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
This Since Aug This Since Aug
Week. 11934. Week. 1 1933.
Galveston
Texas City
Houston
Corpus Christi_ -Port Arthur,Sze,
NEM Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
0
si e
IsTezp431slews_
Boston
Baltimore
Philadelphia
Totals
Stock.
1933.
1934.
Receipts to
August 31.
20,994
275
38.266
28,939
540
12,656
4,905
3.111
48
7,347
1,968
742
828
314
1,600
122,533
47,277
2,613
64,045
99,040
546
49.797
27,000
698
73,453
35.265
4,209
20.549
14,898 2,785
4,701 10,404
746
835
17.345 13,709
1.100
7,787 8.231
1,230 6,763
742
916
474
1.984
9.406
10.404
1.677
32,126
1.468
14,900
9.883
896
1.369
491
3.473
4,350
317,364 206.619
1934.
1933.
55,059 496,091 439,998
9,516
978
7,000
196.150 821,586 1,160.358
168.025 129,640 191,215
17,560
4,209
968
53.490 578,305 646.770
95.616 112,479
35.369
13,877
3.596
4,094
105,762 120.955
38,209
17,630
16,984
9.009
35.655
45.096
14,005
15.577
57.314
8,957
1,200
123,465
15.520
1.000
563,513 2,402.242 2.990.134
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston..-__
Houston
New Orleans_
Mobile
Savannah_.
Brunswick_
Charleston_ _ Wilmington__
Norfolk
N'port News_
All others_ _ _.
1934.
1933.
1932.
20.994
38.266
12.6561
.
4 9051
7.347
27.000
73,453
20.549
2,785
13.709
1,100
8,231
742
474
13.689
62,457
16.834
2,987
10,906
3,950
9,284
554
480
1,968
828
314
1930.
1929.
8.366
55,154
4,449
799
15,341
21.933
99.606
18.857
6.771
45.851
36,427
73.583
33.770
10.708
47,699
1.063
12
118
3.931
49
1.813
3,292
795
525
1931.
35.255
58.576
33.412
41,661
79,041
47.539
Total this wk_
122.533
206.619
154,553
126.962
277.852
254.338
Since Aug.1--
317,364
563.513
462,061
294.186
911.893 664 808
The exports for the week ending this evening reach a total
of 74,874 bales, of which 11,138 were to Great Britain,
5,284 to France, 14,049 to Germany, 7,291 to Italy, 21,712
to Japan, 1,200 to China, and 14,200 to other destinations.
In the corresponding week last year total exports were
132,265 bales. For the season to date aggregate exports
have been 265,502 bales, against 561,512 bales in the same
period of the previous season. Below are the exports for
the week.
1424
Financial Chronicle
Exported to
-
Week Ended
Aug. 31 1934. Great
GerExports from
- Britain. France. many.
Galveston
Houston
Corpus Christi.._
Beaumont
New Orleans____
Lake Charles_ _ _
Mobile
Pensacola
Savannah
Norfolk
New York
Los Angeles__ _ _
580
510
7,024
175
1,535
719
304
100
191
Total
11,138
1,868
602
2,101
Italy.
Japan. China. Other.
40
2,344
2;iEi
so
1:555
59
3.682
641
4,732
100
158
505
1,462 5,304
3,100 10,268
5,575
795
205
200
50
165
400
-
Total.
2,888 12,317
630 14,845
7,153 17,953
510
753 12,322
674 1,066
300 6,772
150 1,560
50 5,182
454
602
702
L000 1,191
7,291 21,712
1,200 14,200 74,874
58,127 5,466 18,578
8,052 44,218 54,939
Total 1933
Total 1932
5,284 14,049
9,610 29,942
4,975 27,117
3,500 9,042 132,265
7,550 16,589 163.440
From
Exported toAug. 1 1934 to
Aug.31 1934. Great
GerExports from
- Britain. Fratce. many. I Italy. I Japan. China. Other.' Total.
Galveston
Houston
Corpus Christi _
Beaumont _ _ _ _
New Orleans_
Lake Charles_ _
Mobile
JacksonvIlle
Pensacola
Savannah
Charleston_
Norfolk
Gulfport
New York_ _ _
Los Angeles_ _
San Francisco_
Total
Total 1933_
Total 1934_
7,73
2,597
4,51
2,5
19,17
2,34
5,917
14
1,332
1,770
3,848
50
446
100
562
3,053
1,627
5,708
4,218 3.582
5,788; 5,820
2.344' 1,432
1:174
158
905
16,896, 4:5i5
59'
7.612 1:555
2.400
8,472
8411
1,699
2:5i5
50
50
22.678 2,858 13,458
24,182 20,694 5,8411
10,838
200 10,504'
95
3,415
75 8,0921
674
642
1:166
5
7671
243
53,420 15,245
-5136
51,342 16,652
-555I
596
37
612
602
L000
57,585
66,549
35,544
2,645
53,047
3,238
16,626
14
4,132
14,508
4,726
2,865
446
705
2,629
243
62,513 23,827 42,503 265,502
113,893 63,292 103,738 37,743 132,072 18,150 92,824 561,512
89.202 88,493 121,632 46,780 69,606 42,258 56.081 495,952
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Aug. 31 at
Great
CoastGerOther
Britain. France. many. Foreign wise.
Galveston
New OrleansSavannah
Charleston_
Mobile
Norfolk
Other ports *_ _
2,000
560
Total 1934
Total 1933- Total 1932_ _
5,401
6,681
7,637
* Estimated.
1,900
2,438
6,000 20,600
1,897
3,535
1,000 31.500
691
9,121
9,000
464,591
569,184
105,762
38,209
- - - _7,565
87,751
9,009
500 12,000 1,067,250
4,838 10.535 37,521
5,442 29,048 56,467
8,013 19.125 46.939
2,191 60,486 2,341,756
4,000 101,638 2,888,496
6,524 88,238 3,217,467
1,8;11
1,000
Leaving
Stock.
Total.
500
1,000
Sept. 1 1934
eastern belt will promote weevil activity, but thus far there
have been very few complaints. On the 29th ir st., after an
early rise of 10 point., came a recession under increased
soiling, owing to urfavorable reports relative to prospects
of a settlemert of the threatened textile strike ar d prices
ended 1 pointlower to J poirt nigher. Southern hedge seding
was aiso larger. A private report showed the condition of the
crop as 53.3%, and the indicated yield 9,415,000 bales or
3,000 more than a month ago. This attracted considerable
attention. Further rains, however, were reported in sections where weevil activity has been reported on the increase and this together with higher quotations for gold in
London and a less favorable weekly weather bulletin stimulated buying and the early advance. The weekly weather
summary indicated further deterioration in the drought
sections of central Texas, an uncertain effect from recent
heavy rains in Oklahoma and less favorable conditions east
of the Mississippi River, owing to too much rain. The spot
situation in the Southwest was the center of interest. The
uregent demand to fill August contracts has created a very
strong basis there. The movement is slow and shippers are
finding it difficult in obtaining supplies to fill sales which
now appear to be larger than had been expected.
On the 30th inst. prices ended 14 to 17 points lower, on
reports that the textile strike had been definitely called for
11:30 o'clock Saturday night. Weakness in sterling and a
further sharp rise in the price of gold in London helped to
depress the market. Southern hedge selling increased.
Trade buying held the market comparatively steady for a
time, but selling pressure increased and stop loss orders were
uncovered on the way down. The main support come from the
trade in the shape of price-fixing. New outside buying was
largely lacking. Then, too, sentiment was influenced by the
heaviness of the stock market, and traders were not inclined
to buy aggressively on the eve of a three-day holiday. Furthermore, with the publication of the next Government report near at hand, there is much uncertainty as to what it
will show, now that rains have fallen in the drought sections
of the West. The weather map showed further rains in parts
of the Atlantic States and along the Gulf Coast, but throughout most of the interior of the cotton belt the weather was
fair and cooler, which was more favorable for the movement
of the crop. Domestic spot demand was again slow, with
mills not disposed to buy on the eve of a strike. The spot
basis, however, remained firm.
To-day, after early weakness owing to strike news, support
came in, and prices rallied to close unchanged to 10 points
higher. The weather was generally clear throughout the
belt. Spinners' takings of American cotton this week were
estimated by the Exchange at between 105,000 and 160,000
bales, against 160,000 bales last week and 225,000 bales in
the same week last year. Final prices show a decline for
the week of 19 to 37 points. Spot cotton ended at 13.35c. for
middling, or 15 points lower for the week.
Speculation in cotton for future delivery was very moderate, and prices declined under unfavorable strike news and
more favorable weather.
On the 25th inst. trading was comparatively small and Staple Premiums
Differences between grades established
prices declined 13 to 18 points owing to increased hedge 60% of average of
six markets quoting
for deliveries on contract Sept. 7 1934
for deliveries on
selling against the new crop. The South and co-operative
are the average quotations of the ten
Sept. 7 1934.
organizations were selling, as well as spot interests. Trade
markets designated by the Secretary of
price fixing and covering of shorts at times caused moderate
15-18
I-Inch &
Agriculture.'
Inch.
longer.
rallies. Further rains were reported in portions of West
Texas, Oklahoma, Arkansas and in parts of the Central and
White
44
Middling Fair
.16
.75 on
Mid.
do
Strict Good Middling
.16
44
59
do
Eastern belts. The spot demand was small. Washington
do
Good Middling
.16
.44
.48
do
advices stated that members of the cotton pool who so
do
.16
44
Strict Middling
.33
do
do
.18
44
Middling
Basis
desire may Lorrow 2c. a lb. additional on their cotton, while
do
37
Strict Low Middling.
.14
39 off Mid
those who do not wish to do so may tender their certificates
do
13
.31
Low Middling
do
.81
do
*Strict Good Ordinary
do
1 31
for sale to the pool manager, who, however, reserves the
do
*Good Ordinary
do
1 76
right to reject any offer if he believes marketing conditions
Extra White
Good Middling
.49 on do
do do
Strict Middling
do not justify the sale. Textile sales last week were very
.34
do
do do
Middling
do
.01
large owing to sales of approximately 67,000,000 yards for
Strict Low Middling____ do do
.88 off do
Government redef work. On the 27th inst. there was a
do do
Low Middling
77
do
.42
(mod Middling
Spotted
16
2800 do
further decline of 10 to 14 points owing to hedge selling and
.42
do
16
Strict Middling
Even
do
foreign liquidation. The selling was prompted by lower
.35
do
14
31 off do
Middling
*Strict Low Middling__ do
81
do
Liverpool cables, further rains in the Southwestern States
*Low Middling
do
do
1.31
threatened textile strike. Yet
and nervousness over the
14
.34
Strict Good Middling ___ Yellow Tinged
02 off do
.34
.14
Good Middling
do do
27 off do
from the trade, and foreign
there was a good steady demand
.14
.32
Strict Middling_
do do
do
43
interests were buying apparently on the idea that the
*Middling
do
to
81
do
*Strict Low Middling__
do do
do
1 28
Government loan of 12c. to farmers would check heavy hedge
iiil-ow Middling
do do
do
1.70
selling and eventually lead to higher prices. Storm warn.13
.32
Good Middling
Light Yellow 4tained_. .42 off do
*Strict Middling
do
do
do __ .82
do
ings were issued for the Texas coast, in the vicinity of
*Middling
do
do
do -1.30
do
Galveston. There is a belief in some quarters that the
.13
.32
Good Middling
Yellow Stained
79 off do
*iitrict Middling
do do
generous rains of last week improved crop conditions to
do
I 26
*Middling
do do
do
I 69
some extent and the general opinion is that the crop east of
.14
.33
Good Middling
Gray
27011 do
the Mississippi River is doing well despite complaints of
.14
do
'inlet Middling
do
.33
52
•MiddlIng
do
do
83
too much rain. t,owever, buying interest was checked by
*Good Middling
Slue-Itained
82 oft do
the threatened textile strike.
do
do
*Atria iddling
do
1 28
do
i
•VIIIMIP .g
_ __
1 70
0
On the 28th inst., prices advanced 8 to 13 points on a good
* 'slot deliverable. n future contract
demand from Southern shippers to fill August engagements.
Recent rains have reduced the movement. Trading was
The official quotation for middling upland cotton in the
light most of the day, but prices stiffened and reached the New York market each day for the past week has been:
• highs of the day near the close. There was less hedge selling.
Aug. 25 to Aug. 31Sat. Mon. Tues. Wed. Thurs. Fri.
A private estimate issued by a Chicago firm showed a con- Middling upland
13.35 13.25 13.35 13.40 13.20 13.35
dition of 52.3% and an indicated yield of 8,780,000 bales,
New York Quotations for 32 Years.
or 200,000 bales under the figures of a month ago. October
The quotations for middling upland at New York on
we s relatively firm. This was due to covering by professional Aug. 31 for each of the past 32 years have been as follows:
operators of near months and reselling of the distant deliveries 1934
17.50c.
19.05c. 1918
13.35c. 1926
36.50c.11910
12.80c.
owing to a falling off in hedge selling. Contractb were not 1933
9.45c. 1925
22.60c. 1917
23 30c. 1909
9.50c.
8.40c.11924
25.90c. 1916
16.40c. 1908
plentiful. Galveston had a rainfall of over 5 inches and 1932
13.55c.
1931
7.00c. 1923
26.35c. 1915
9.30c. 1907/
further showers were reported in north and west Texas. 1930
9.80c.
11.40c. 1924
22.700.1191 1
,
1906
__16.C5c.11913
19.3t.c.11921
12.5Cc. 1905
10.95c.
Some heavy rains also fell in Oklahoma and along the Atlantic 1929
11.25c. 1004
11.50c
19.05c. 1920
31.75c.11912
.
1928
Coast. There were some fears that continued rains in the 1927
11.60c, 1903
12.75c.
31.40c.11911
22.40c. 1919
Financial Chronicle
Volume 139
Futures.
-The highest, lowest and closing prices at
New York for the past week haste been as follows:
Saturday,
Aug. 25,
Sept.
(1934)
Range_ _Closing _ 13.12n
Monday,
Aug. 27.
Tuesday,
Aug. 28.
13.05-13.05
13.01n
13.14n
Wednesday. Thursday,
Aug. 30.
Aug. 29.
Fri is.
Aup.31.
12.98n
April
-
Range
Closing
May
Range._ 13.57-13.69 13.44-13.53 13.44-13.54 13.52-13.6 13.35-13.46 13.21 13.42
Closing _ 13.57 ---- 13.44-13.46 13.52-13.53 13.53 ---- 13.38 ---- 13.32 -13.42
June
Range _
Closing -July
Range. 13.70-13.75 13.51-13.61 13.52-13.60 13.59-13.7 13.43-13.52 13.31 -13.45
Closing 13.65n
13.51 13.59 -13.43-13.41
13.80Aug.
Range..
Closing
n Nominal.
Range of future prices at New York for week ending
Aug. 31 1934 and since trading began on each option:
Aug. 1934
Sept. 1434_
Oct. 1934-Nov. 1934_
Dec. 1934__
Jan. 1935_
Feb. 1935
Mar. 1935_
Apr. 1935_
May 1935_
June 1935
July 1935._
Range Since Beginning of Option.
10.94
13.05 Aug. 27 13.05 Aug. 27 11.35
13.00 Aug. 3113.33 Aug. 29 10.05
11.14
13.12 Aug. 31 13.47 Aug. 25 10.73
13.16 Aug. 3113.52 Aug. 2511.02
Apr. 26 1934 12.38
Apr. 26 1934 13.46
Nov. 6 1933 13.84
Apr. 26 1934 13.21
Dec. 27 1933 13.98
May 1 1934 14.03
13.19 Aug. 3113.62 Aug. 25 11.13 May
Mar. 6 1934
Aug. 16 1934
Aug. 9 1934
July 20 1934
Aug. 9 1934
Aug. .9 1934
1 1934 14.15 Aug. 9 1934
13.25 Aug. 3113.69 Aug. 25 11.79 May 25 1934 14.23 Aug. 9 1934
13.31 Aug. 3113.75 Aug. 25 13.04 July 26 1934 14.21 Aug. 9 1934
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.
Aug 31Stock at Liverpool
Stock at Manchester*
1934.
bales.. 899,000
85,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
984,000
393,000
151.000
25.000
59,000
51.000
12.000
1933.
749,000
106,000
1932.
645,000
137.000
1931.
735,000
156.000
855.000
462,000
171.000
23.000
69,000
101,000
782.000
288,000
130,000
18,000
65.000
65,000
891,000
296,000
256.000
7.000
75.000
35,000
826.000
566,000
669.000
11.000
702.000
Total European stocks
1,686,000 1,681,000 1.348,000 1,560,000
India cotton afloat for Europe__ _
97.000
65,000
39.000
50,000
American cotton afloat for Europe 118,000 281,000 285,000
96,000
Egypt, Brazil,&c.,afi't for Europe 179,000
89,000 121,000 109,000
Stock in Alexandria, Egypt
168,000 247,00048,000 542,000
Stock in Bombay, India
901,000 736,000 784,000 568,000
Stock in U. S. ports
2,402.242 2.990,134 3.305,705 2.726.923
Stock in U.S.interior towns
1,102,173 1,111,525 1,261,495 725,430
U. S. exports to-day
21.227
17.554
10,115
30.563
Total visible supply
6.638,969 7,253,886 7.602,315 6.407,916
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 289.000 394,000 300.000 301.000
Manchester stock
41,000
61.000
77,000
52,000
Bremen stock
39.000
Havre stoc ;
119,000
Other Continental stock
104.000 743.000 512.000 566.000
American afloat for Europe
118.000 281,000 285,000
96,000
U.S. port stocks
2.402.242 2,990,134 3,305.705 2,726.923
U. S. interior stocks
1102,173 1,111.525 1,261.495 725,430
U.S. exports to-day
17.554
21,227
10,115
30.563
Total American
4,531.969 5.601,886 5,751.315 4.497.916
Indian, Brazil, &c.
East
Liverpool stock
610.000 355.000 345,000 434.000
Manchester stock
44,000
45,000
60,000 104.000
Bremen stock
53.000
Havre stock .
32.000
Continental stock
55,000
Other
83,000
54.000 103,006
Indian afloat for Europe
65.000
97,000
39,000
50,000
Egypt, Brazil, &c., afloat
179.000
89,000 121.000 109,000
168.000 247,000 448.000 542.000
Stock In Alexandria. Egypt
901.000 736,000 784.000 568.000
Stock in Bombay. India
Total East India Stc
2 107,000 1,652,000 1,851.000 1,910.000
%rota' American
4,531,969 5,601,886 5.751.315 4,497.916
Total visible supply
6,638 969 7,253.886 7,602.315 6.407.916
Middling uplands, Liverpool__ ...
7.11d.
5.604.
6.57d.
3.7Id.
Middling uplands, New York _ _ _ _ 13.35c.
9.45c.
8.75c.
6.70c.
9.29d.
8.33d. 10.004.
Egypt, good Sake', Liverpool_ _ _ _
6.70d.
5.46d.
4.63d.
Broach, fine. Liverpool
6.21d.
3.11d.
6.25d.
Tinnevelly, good, Liverpool
5.26d.
6.34d.
3.51d.
Continental imports for past week have been 51,000 bales.
The above figures for 1934 show a decrease from last
week of 44,821 bales, a loss of 614,917 bales from 1933, a
decrease of 963,346 bales from 1932, and an increase of
231,053 bales over 1931.
Movement to rept. 11933.
13.09
Range__
Closing _-Mar.
Range
13.48-13.62 13.36-13.45 13.36-13.45 13.44-13.56 13.27-13.38 13.11-13.35
Closing _ 13.4813.36 ---- 13.44-13.45 13.45-13.29 -13.32-13.35
Range for Week.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movemera to Aug. 31 1934.
13.15n
Range__ 13.20-13.32 13.09-13.16 13.11-13.25 13.23-13.33 13.04-13.18 13.00 13.18
Closing _ 13.20-43.21 13.09-13.11 13.2213.23-13.25 13.06 ---- 13.16 13.18
Nov.
Range__
Closing 13.27n
13.17n
13.28n
13.29n
13.13n
13.22
Dec.
Range._ 13.35-13.47 13.25-13.32 13.25-13.37 13.35-13.45 13.17-13.29 13.12-13.29
Closing _ 13.35-13.36 13.25-13.26 13.34-13.35 13.3513.20-13.2113.28 13.29
Jan.(1935)
Range__ 13.45-13.52 13.29-13.34 13.29-13.40 13.39-13.41 13.23-13.33 13.10 13.32
Closing _ 13.40n
13.2913.38-13.39-13.40 13.25 -- 13.32
Option for
-
1425
Receipts.
Towns.
Week.
Ship- Stocks
meats. Aug.
Season. Week.
31.
Ala., Birming'm
567
Eufaula
438
Montgomery
496
Selma
432
Ark.,Blytheville
429
42
Forest City- Helena
676
Hope
606
Jonesboro _
Little Rock
327
Newport _ _
98
Pine Bluff _ _
391
Walnut Ridge
2
Ga.. Albany _ _
585
Athens
35
Atlanta
1,896
Augusta _ _
1,566
Columbus _ _ _
600
Macon
48
Rome
La., Shreveport 4,900
Miss.Clarksdale 3,125
Columbus_ _ _
Greenwood_ _
1,375
Jackson
298
Natchez
Vicksburg_
24
Yazoo City
550
Mo.. St. Louis_
1,721
N.C.Greensb'ro
39
Oklahoma
15 towns._ _
425
S.C., Greenville 1,946
Tenn.,Mernphis 11,997
Texas, Abilene_
Austin
1,274
Brenham_ _ _ _
1,504
Dallas
2,319
Paris
280
Robstown_
558
San Antonio.
100
Texarkana _ _
302
Waco
5,069
2,108
776
1,275
1,099
668
64
963
1,097
268
2,037
98
1,251
85
1,324
908
9,412
5,463
3.500
708
16
6,616
6,441
6
2,112
29
28
581
12,521
65
Receipts.
Week.
758 8,252
141 4,396
470 22,205
425 20.678
763 32,988
96 9,424
21 11.357
229 9,900
384 4,084
353 29,058
815 8,351
154 17,193
358 4,931
2971 8,741
175 48,621
3,369 168,782
3,917105,155
800 11,511
766 29.410
8,226
201 20,565
1,074 16,726
305 8.775
385 27.959
249 9.630
51 3.377
543 2,836
99 6,922
3,065 8,985
163 18,755
909 35,970
2.336
6,656 3,593 82,974
47,100 18,763256,936
1.97
1,750
674 2,11
448 4,26
1,931
.2,540 1,001 4,981
270
6 2,27
5,747 1,234 4,47
591
100
68
186 8,41
583
7,424 2,631 9,31
Season.
70
100
789
1,303
4
118
507
1.236
2,053
144
18
78
275
15
2,473
107
827
31
2,300
• 665
2,144
20.87
900
1,66
3
954
1,670
83
2,911
489
6
13
276
10,608
271
27
231
15
1,043
1
268
2
1,321
200
276
9,580
-oii
624
649
72
1,647
219
6
28
249
2,21
56
1.460
6,76
Ship- Stocks
metes.
Week.
1.
1.266 5,723
100 5,305
1,392 31,996
360 24,380
134 15.607
115 10.131
656 19,057
545 8,858
155 1,624
901 39,292
250 7,549
6414.1 23.662
12
1.986
251 2,423
200 44.5.50
3.219187,943
2,526 102.069
15.801
289 33,770
450 6,190
577 24,718
955 12,713
106 4,254
880 34.027
507 15.206
98
167 5.217
76 8.343
2.211
2
142 17,150
503 14,615
1,9471
10.4691 3,518 86,792
48,6841 11,92 57,552
145
4.287
661 3.842
7,507 2,702 4,459
2,4
1.80
8,313
231
104 1.041
3,328 1.01
3,281
883 1,664
4,832
135
16 10.865
9.708 2,72
6,729
1.888
3,727
1,540
231
1.034
764
69
5,215
Total, 56 towns 47.7781 138.7171 50.1011102173 45,158 147,457 45,3161111525
'Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 2,453 bales and are to-night
9,352 bales less than at the same period last year. The
receipts at all the towns have been 2,620 bales more than
the same week last year.
Market and Sales at New York.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contr'cl Total.
Saturday... Steady, 15 pts. dec. Barely steady_ _
Monday __ _ Quiet, 10 pts. dec__ _ Steady
Tuesday
Steady, 10 pts. adv. Steady
Wednesday_ Steady, 5 pts. adv Steady
Thursday _ _ Quiet,20 pts. dee_ _ _ Barely steady_ _
Friday
Steady. 15 pts. adv. Steady
Total week_
Since Aug. 1
2,859
2,859
375
375
600
2.500
600
2.500
6.334
13.089
_
6.334
13.089
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 telesmanhic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
Aug. 31ShippedVia St Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1934
Since
Week. Aug. 1.
15.234
3.065
5.970
1,600
1933
Since
Week. Aug. 1.
2.211
10.608
476
4.600
4,000
1.024
17,950
20.195
64
3.491
4,000
1,095
16,734
16,121
Total gross overland
13.741
Deduro Shipments
Overland to N. Y., Boston, Ste_ _ _ 1,600
Between interior towns
271
Inland, &c.. from South
6.048
60.383
9.786
44.558
4.350
934
10.830
491
214
5.139
3.468
1,100
15,903
7.919
16.114
5,844
20,471
Leaving total net overland 'P.__ 5,822
44,269
3.942
24.087
Total to be deducted
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 5,822 bales, against 3,942 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 20,182 bales.
1934
/n Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to Aug. 31
122.533
317.364
Net overland to Aug. 31
5.821
44.269
Southern consumption to Aug.31_ 78.000
354,000
Total marketed
206.355
715.633
Interior stocks In excess
.2,453
*50.564
Came into sight during week
20.3.902
Total in sight Aug. 31
665.069
North spinn's takings to Aug 31_ 20,140
76,429
1933
Since
Aug. 1.
563.513
24,087
575.000
Week.
206,619
3.942
125.000
335,561
2,523
1,162.600
*80,319
338 084
_
1,082.281
29.551
85.346
* Decrease.
Movement into sight in previous years:
Week1932
-Sept. 2
1931-Sept. 4
1930
-Sept.5
Bales. I S ace Aug. 1213,151'1932
209.84111931
397.75211930
698,957
668.335
1.403.975
Financial Chronicle
1426
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:
C osing Quotations for Middling Cotton on
Week Ended
Aug. 31.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery
Augusta
Memphis
Houston
Little Rock_
Dallas
Fort Worth__ _ _
13.30
13.30
13.05
13.15
13.15
12.80
13.20
12.95
13.30
12.85
12.95
12.95
13.20
13.19
12.94
13.04
13.05
12.70
13.10
12.85
13.20
12.75
12.90
12.90
13.30
13.31
13.07
13.22
13.17
12.80
13.22
12.95
13.35
12.87
13.00
13.00
13.35
13.34
13.08
13.25
13.20
12.90
13.24
12.95
13.35
12.88
13.00
13.00
13.20
13.17
13.01
13.06
13.02
12.75
13.07
12.80
13.20
12.71
12.85
12.85
13.30
13.26
13.11
13.17
13.12
12.85
13.17
12.90
13.30
13.30
12.95
12.95
-The closing quotations
New Orleans Contract Market.
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
Aug. 25.
Monday,
Aug. 27.
Tuesday, Wednesday, Thursday,
Aug. 30.
Aug. 28, Aug. 29.
Friday,
Aug. 31.
Sept(1934)
October __ 13.20-13.21 13.08-13.09 13.20-13.21 13.24-13.25 13.05-13.07 13.16November
13.30-13.32 13.34-13.35 13.17-13.18 13.28 December_ 13.35-13.36 13.2413.20 Bid. 13.31 bid
Jan.(1935) 19.40 Bid. 13.29 Bld. 13.33 Bid. 13.38February.
March__ 13.47-13.4813.35 Bid. 13.40 --- 13.45 -- 13.27 ---- 13.33April
13.51 13.34 -- 13.3413.55 Bid. 13.44 Bid. 13.52May
June
July
13.61 Bid. 13.50 Bid. 13.58 Bid. 13.57 Bid. 13.41 Bld. 13.401' .41a
August _
ToneSteady.
Steady
Steady.
Steady.
Steady.
Steady.
Spot
Steady.
Steady. Barely stdy Irregular
Options _ _ Barely stdy Steady.
Members Elected to New York Cotton
Valentine Jaeger,. of New York City,
and Govindram Seksaria of Bombay, India, were elected to
membership in the New York Cotton Exchange on Aug. 28.
Mr. Jaeger is a partner of Redmond & Co., who are commission brokers. Mr. Seksaria is a member of various associations in India and is engaged in the spot cotton business,
wheat, jute merchandising, &c.
-Reports to us by
Weather Reports by Telegraph.
telegraph this evening denote that temperatures have been
mostly favorable during the week throughout the cotton
belt. Considerable rains have occurred over a considerable
portion of the belt and rainfall was heavy in many localities.
Texas
.-Rains in the northwestern portion of this State
have been beneficial and.cotton in this area shows improvement. In some droughty areas of the northwest, however,
deterioration has continued.
Two
New
Exchange.
-Edward
Rain. Rainfall. ------Thermometer
4 days 9.04 in. high 89 low 74 mean 82
Galveston, Tex
2 days 0.16 in. high 96 low 72 mean 84
Austin, Tex
2 days 0.38 in. high 86 low 56 mean 71
Amarillo, Tex
Abilene, Tex
2 days 0.13 in. hign 96 low 64 mean 80
dry
high 98 low 72 mean 85
Brenham,Tex
Brownsville. Tex
1 day 0.12 in. hign 96 low 72 mean 84
1 day 0.12 in. high 96 low 68 mean 82
Corpus Christi, Tex
Dallas, Tex
3 days 0.23 in. high 96 low 72 mean 84
thy
high 98 low 74 mean 86
Del Rio, Tex
2 days 0.60 in. high 96 low 66 mean 81
Henrietta. Tex
Kerrville, Tex
1 day 0.04 in. hign 98 low 64 mean 81
dry
high 102 low 64 mean 83
Lampasas, Tex
dry
high 104 low 70 mean 87
Longview, Tr,x
dry
Luling, Tex
higb 102 low 72 mean 87
1 day 0.46 in. high 96 low 66 mean 81
Nacogdoches. Tex
1 day 1.16 in. high 98 low 70 mean 84
Palestine, Tex
3 days 0:06 in. high 98 low 68 mean 83
Paris, Tex
1 day 0.01 In. high 98 low 74 mean 86
San Antonio, Tex
1 day 0.08 in. hihg 102 low 66 mean 84
Taylor. Tex
2 days 0.03 in. high 100 low 66 mean 83
Weatherford. Tex
2 days 1.02 in. nigh 94 low aS mean 76
Oklahoma City. Okla
1 day 0.02 in. high 102 low 66 mean 84
Eldorado, Ark
2 days 0.50 in. high 96 low 66 mean 81
Fort Smith, Ark
Little Rock, Ark _____ I----3 days 1.09 in. high 92 low 62 mean 77
1 day 0.44 in. high 100 low 64 mean 8h
Pine Bluff, Ark
3 days 1.60 in. high 94 low 69 mean 82
Alexandria, La
5 days 2.57 in. high 93 low 65 mean 79
Amite, La
5 days 1.71 in. high 90 low 74 mean 81
New Orleans, La
1 day 0.02 in. high 100 low 70 mean 85
Shreveport, La
2 days 0.92 in. high 92 low 66 mean 79
Meridian. Miss
3 days 3.06 in. hign 92 low 68 mean 80
Vicksburg, Miss
4 days 2.27 in. nigh 90 low 71 mean 80
Mobile, Ala
3 days 1.87 in. high 88 low 66 mean 77
Birmingham, Ala
2 days 1.16 in. high 92 low 68 mean 80
Montgomery, Ala
4 days 2.94 in. high 92 101(70 mean 81
Jacksonville, Fla
4 days 1.30 in. high 92 low 74 mean 83
Miami, Fla
2 days 0.19 in. nigh 88 low 72 mean 80
Pensacola, Fla
3 days 2.08 in. high 92 low 70 mean 81
Tampa, Fla
7 days 4.46 in. high 93 low 69 mean 81
Savannah. Ga
4 days 1.11 in. nigh 90 low 64 mean 77
Athens, Ga
4 days 0.37 in. high 88 low 64 mean 76
Atlanta, Ga
3 days 1.26 in. high 94 low 62 mean 78
Augusta, Ga
4 days 0.85 in. high 92 low 66 mean 79
Macon. Ga
4 days 1.98 in. high 91 low 64 mean 78
Charleston, S. C
4 days 1.69 in. high 92 low 61 mean 77
Greenwood. 8.0
Columbia, S. C
3 days 0.57 In. high 94 low 60 mean 77
3 days 0.77 in. high 82 low 54 mean 68
Asheville. N.C
5 days 0.89 in. high 92 low 63 mean 76
Charlotte. N. C
2 days 1.46 in. hign 95 low 57 mean 76
Newbern, N.0
4 days 1.1410. hign 90 low 56 mean 73
Raleigh, N. C
3 days 1.34 in. high 94 low 49 mean 77
Weldon. N. C
4 days 0.64 in. high 88 low 58 mean 73
Wilmington, N. C
2 days 0.49 in. high 87 low 61 mean 76
Memphis, Tenn
4 days 1.46 in. high 88 low 64 mean 76
Chattanooga. Tenn
dry
high 88 low 60 mean 74
Nashville. Tenn
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Aug. 311934. Sept. 11933,
Feet.
Feet.
Above zero of gauge..
2.6
2.4
Above zero of gauge_
5.5
5.2
Above zero of gauge_
11.4
11.0
Above zero of gauge..
2.3
6.1
Above zero of gauge..
6.7
7.7
Sept. 1 1934
-The following table
Receipts from the Plantations.
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
Ended
1933.
ReceiptsfromPlantations
Stocks at Interior Towns.
Receipts at Ports.
1934.
1932.
1934.
1932.
1933.
1934. 1933.
1932.
June
I__ 33,148 88,978 64.2581.351,401 1.521.228 1.526.180 8,280 43.245 37,716
NI1 43,046 2,328
8._ 34,989 86.064 30,5911,312.579 1.472,208 1,497.915
15__ 34,833 72.882 24.783 1.284,177 1,442,027 1,476.605 6,431 36,501 3,473
22_ 47,623 60.353 40,793 1.262,078 1,39k.031,450,054 25,524 10,929 14,242
.
29- 59,054 75,954 44,758,1.236.729 1,343,684 1.430,563 33.705 27,035 25.367
July
1
6.. 50.199 80.277 34,435 1,222,383 1.310.458 1,409,172 35,853 47,049 13,044
13._ 34,822 82,935 31,295 1.203.873 1.283.311 1.388,864 16,112 55,790 10,987
20_. 51.435125,404 31,530 1.179,660 1.255,569 1,361.854 27,222 97,662 4,520
27-- 50.608103.031 62,468,1.164.839 1.204,989 1.352,270 35.787 64,451 52,884
Aug.1
3._ 62,636 98,563 98,638 1,145,796 1,177,653 1.332,994 43,693 57,227 79,362
10._ 55,632 77,524 75,602 1,128,283 1,151,524 1,313.467 88.119 51,108 56,075
17_ 50.645103.437 85.716 1,11 ,58 1.130,073 1,293,783 39.943 82.27566,032
.
24._ 71,884142,921 111,142 1,104,626 1.109.0021,269.523 58.929121,850 86,882
31_ .. 122,533206,619 154,553 1,102.173 1.111,525 1,261,495 120.080 209,142 146.525
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 266,800 bales;
in 1933 were 483,196 bales and in 1932 were 374,851
bales. (2) That, although the receipts at the outports the
past week were 122,533 bales, the actual movement from
plantations was 120,080 bales, stock at interior towns
having decreased 2,453 bales during the week. Last year
receipts from the plantations for the week were 209,142
boles and for 1932 they were 146,525 bales.
-The followWorld's Supply and Takings of Cotton.
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
1934.
Cotton Takings.
Week and Season.
1933.
Season.
Week.
Week.
Season.
6,594,148
7,307,596
Visible supply Aug. 24
6,879,719
7,632,242
Visible supply Aug 1
203,902
665,069
338,084 1,082,281
American in sight to Aug. 31114,000
26.000
8,000 • 62,000
Bombay receipts to Aug. 30-.
46,000
20.000
77,000
9,000
Other India ship'ts to Aug. 30
3,200
2.000
1,200
200
Alexandria receipts to Aug.29
46.000
46,000
6,000
11.000
Aug. 29 *b
Other supply to
Total supply
Deduct
Visible supply Aug.31
6,857,050 7,753,988 7.668,880 8.900,723
6.638,960 6,638,960 7,253,886 7,253,886
218,081 1,115,019
414,994 1,646,837
Total takings to Aug 31-a--827.819
161,081
312.794 1.322,637
Of which American
287,200
324.200
102,200
57,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &e.
a This total embraces since Aug. 1 the total estimated cons' mption by
Southern mills, 354,000 bales in 1934 and 575,000 bales in 1933-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 761,019 bales in 1934 and 1,071.,837 bales in 1933.
of wnich 473,819 bales and 747.637 bales American. b Estimated.
-We now reAlexandria Receipts and Shipments.
ceive 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:
1934.
Alexandria. Egypt,
Aug. 29.
Receipts (cantars)This week
Clinon Am, 1
1933.
10,000
16.200
2,000
19.000
1,000
7.100
This Since
Week. Aug. 1.
Export (Bales)-
1932.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
3,900 ---- 4,750 4,000 9,000
To Liverpool
6,800 ---- 6,250 3,000 5,000
To Manchester,&e
and India_ - 9,000 31.450 3,000 30,000 10,000 30,050
To Continent
2,500
____
1,800 --- - 3,250
To America
0.000 43.950 3.000 44.250 17.000 46.550
rrntal sarnnrts1
Note.
-A cantar is 99 lbs Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Aug. 29 were
10,000 cantars and the fore gn shipments 9,000 bales.
-The receipts
India Cotton Movement from All Ports.
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:
1934.
Aug. 30.
Receipts at
Week.
26,000
Bombay
Since
Aug. 1.
114,000
Week.
8,000
Bombay
1934
1933
1932
Other India1934
1933
1932
Total all
1934
1933
1932
Since
Aug. 1.
Week.
62.000 54,000
Since
Aug. 1.
104,000
Since August 1.
For the Week.
Exports
from-
1932.
1933.
Great I Conti- I Japan ct
Great Conti- :Japan&
neat. I China.
Britain. nent. !China. Total. BrUain.
Total.
7,000 19,000 26,000
7,000 4,000 12,000
2,000 4,000 6,000
2,000
4,000
2,000
17,000
33,000
8,000
85,000 104,000
28,000 65,000
37,000 47.000
20,000
9,000
10,0001
22,000
8,000
36,000
55,000
17.000'
46,000
77,000
25.000
7.000 20,000 19,000 46,000
2,000, 15,000 4,000 21,000
_1 2,000 4,000 6,000
12,000
26,000
10,000
1
53,000
88,000
25,000
85,000 150,000
28,000 142,000
37,000 72,000
1;666
7,000 13,000
1,000 8.000
Financial Chronicle
Volume 139
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
18,000 bales. Exports from all India ports record an increase
of 25,000 bales during the week, and since Aug. 1 show an
increase of 8,000 bales.
Manchester Market.
-Our report received by cable
to-night from Manchester states that the market in both
yarns and cloths is steady. Demand for both yarn and
cloth is poor. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1934.
32s Cop
Twist.
d.
1933.
834 Lbs. Shirt- Cotton
trigs, Common Midep 32s Cop
to Finest.
Uprds. Twist.
s. d.
s. d.
d.
d.
s. d.
8.28
6.58
6.81
8.89
6.84
sq@10%
7
7
7
7
7
June9b4@l0
9%011
10 (011X
10 041151
1034011h
July-
2
2
2
2
2
losi@ms
io,v§ityg
2 @94
2 @94
2 09 4
2@9°
6.66 (1;s01054
6.99 934(51034
7.17 91401034
6.97 9 010%
2
4
4
4
4
7.07
7.42
7.11
7.12
7.11
105Vg11%
10id0113i
@94
@94
(0 9 4
@94
@94
834 Lbs. Shirt- Cotton
ings, Common
iddrg
to Finest.
Uprds.
934 @1034
9g(01054
9Si01044
914010%
s. d.
d.
@92
@91
@91
@91
@91
8.37
8.12
8.18
8.18
8.38
7 @91
7(591
7 (0 9 1
7 (0 9 I
8.40
8.33
8.23
8.47
@91
09 1
0 88
(0 8 6
@86
8.25
5.90
5.88
5.53
5.60
Aug.
-
24---
@94
@96
@96
@96
@96
9H0101(
93
,
101044
8%010
8%010
9 01.0)4
7
7
4
4
4
Shipping News.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 74,874 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
NEW ORLEANS
-To Hull
-Britt Marie, 1,566
-Aug.23
1,566
To Liverpool-Aug. 23-Senator, 1,278- --Aug. 27
-West
Chatala, 2,319
3,597
To Manchester-Aug. 23-Senator, 423---Aug. 27
-West
Chatala, 1,438
1,861
To Constanza-Aug. 24
140
-Clara, 140
To Venice
-Aug. 24
100
-Clara, 100
To Trieste-Aug. 24
-Clara, 1,289
1,289
To Genoa-Aug.29-Monrosa,400
400
To Bremen-Aug.25-Lekhaven, 2,451
2,451
To Japan-(7)-Addyl-Santos Maru, 25---Aug. 29
-Silver140
165
To Gdynia-Aug. 29
675
-Toronto, 675
To Copenhagen
-Aug. 29
-Toronto, 78
78
NORFOLK
-To Havre-_ _7_ _-Waukegan,50
50
To Liverpool-__ 7_ _-Artigas, 304
304
To Bremen-(1)
-City of Hamburg, 100
100
HOUSTON-To Havre
-Aug. 25
-Bruxelles, 265
265
To Venice
-Aug.29
1.058
-Clara, 1.058
To Dunkirk-Aug. 25
337
-Bruxelles, 337
To Trieste-Aug. 29
1,054
-Clara, 1,054
-Aug.25
To Ghent
-Bruxelles, 59; Boschdijk,43___Aus.28
Patricia, 18
120
To Genoa-Aug.25-Maddalena Oder°,988
988
-Patricia,
To Rotterdam-Aug.25-Boschdijk.100-- _Aug.28
433
333
To Oporto
77
-Aug. 25-Boschdijk, 77
To Hamburg-Aug.28-Patricia, 40
40
To Japan-Aug. 29-Bradbium, 5,686; Fernwood, 1,701_
Aug. 28-Azumusan Meru, 695-- _Aug. 30-Tahaooka
10,268
Maru,2,186
205
To China-Aug.29-Fernwood, 205
-Maiden Creek,80; Director,426 506
MOBILE
-To Liverpool
-Aug.20
To Manchester-Aug.20
-Maiden Creek, 552; Director, 477--- -1,029
320
To Havre
-Aug.18
-Alabama,320
To Bordeaux-Aug. 18
-Alabama, 185
185
To Bremen-Aug. 17
-Hastings, 1,832- _ -Aug. 20-Lekhaven,
1,500
3,332
To Gdnyia-Aug. 17
200
-Hastings, 200
To Hamburg-Aug. 17
350
-Hastings,350
To Rotterdam-Aug.20-Lekhaven, 100
100
To Venice-Aug. 20
300
-Clara, 300
To Trieste-Aug.20
-Clara, 400
400
To Fiume
-Aug.20
50
-Clara,50
CORPUS CHRISTI
-To Japan-Aug. 25-Fernwood, 5,575
5,575
To China-Aug. 25-Fernwood, 200
200
To Bremen-Aug. 27
-Simon von Utrecht, 146---Aug. 28
Tripp. 1,358
1,504
To Gdynia-Aug. 27-Simon von Utrecht, 138---Aug. 29
America, 1,063
1,201
To Hamburg-Aug. 27-Simon von Utrecht. 840
840
To Oporto
-Aug. 28
-Tripp, 223
223
To Liverpool-Aug. 29
-Effingham, 358
358
To Manchester-Aug. 29
-Effingham, 222
222
To Havre
-Aug. 29
-Effingham. 2.101
2,101
To Ghent
-Aug. 29
-Effingham, 308
308
To Antwerp-Aug. 29
-Effingham, 50
50
To Rotterdam-Aug.29
-Effingham,270; America, 240
510
To Barcelona-Aug. 29
-Mar Cantabrico, 3,574
3,574
To Gefle-Aug. 29
-America, 29
29
To Uddevalla-Aug. 29-Ameriba, 50
50
To Wasa-Aug. 29
-America, 56
56
-Aug. 29
To Malmo
-America,335
335
To Reval-Aug. 29
-America, 125
125
To Copenhagen-Aug. 29
-America, 300
300
To Aalborg-Aug. 29
-America, 300
300
To Abo-Aug. 29 America, 92
92
SAVANNAH-To Bremen-Aug. 24-Karpfanger, 2.389
2.389
To Hamburg-Aug. 25-Levenbridge, 2,343
2.343
To Japan-Aug.30-Glaucus,400
400
To Lisbon-Aug. 25-Levenbridge, 50
50
GALVESTON-To Copenhagen-Aug. 25
-America, 509
509
To Gothenburg-Aug. 25
-America, 921
921
To Gdnyia-Aug. 25
-America, 273
273
-Aug. 28-Bruxelles, 1,165
To Havre
1,165
To Dunkirk-Aug. 28-Bruxelles. 703
7()3
To Rotterdam-Aug. 29-Boschdijk, 350
350
To Genoa-Aug. 29-Madalena 0, 1,462
1,462
-Aug. 29-Boschdijk, 203: Patricia. 582
To Ghent
785
To Rotterdam-Aug. 29
-Patricia, 50
50
To Japan-Aug. 28-Fernwood, 624__ _Aug. 30-Azumazan
Meru, 4,680
5,304
To China-Aug. 28-Fernwood, 795
795
PENSACOLA-To Bremen-Aug. 27-Wido, 591---Aug. 29
West Madaket, 50
641
To Liver)ool-Aug. 30-Kenowis, 600
600
To Gdnyia-Aug. 27-Wido, 100
100
To Manchester-Aug. 30-Kenowis, 119
119
-Aug. 27-Wido,50
To Ghent
50
-Giulia. 50
To TrieaSe-Aug. 27
50
BEAUMONT-To Manchester-Aug.23
-West Hobomac, 510-- 510
2
-7-Artigas, 100
-To Liverpool-Aug.
NEW YORK
100
-Marques,602
To Barcelona-Aug.27
602
-To Liverpool-Aug.24-Steel Voyager, 191
LOS ANGELES
191
To Japan-Aug.27-President Hayes,1,000
1,000
1427
LAKE CHARLES
-To Liverpool
-Aug.26
-West Hobomac, 175To Havre
-Aug.16--Cardonia,158
To Ghent
-Aug.16-Cardonia,321_ __Aug.28-Cranford,303
To Rotterdam-Aug. 16-Cardonia, 50
To Bremen-Aug.25
-Tripp,59
Total
Bales
175
158
624
50
59
74,874
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 .250.
Manchester.25c
Antwerp .35c.
Havre
.25c.
Rotterdam .35c.
Genoa
.40c.
Oslo
.460.
Stockholm .420.
Standard.
.25e.
.25c.
.500.
.40c.
.500.
.55c.
.61c.
.570.
Trieste
Flume
Barcelona
Japan
Shanghai
Bombay a
Bremen
Hamburg
High
Density.
.500.
.500.
.35c.
•
*
.40c.
.35c.
.360.
Standard.
.85c
.65c.
.500.
•
•
.560.
.500.
.50c.
High
Density.
Piraeus
.75c.
Salonica .750.
Venice
.50c.
Copenhaffn.38c.
Naples
.40c.
Leghorn
.406.
Gothenberg.42c.
Standard.
.900.
.65c.
.53c.
.55c.
.550.
.57c.
Liverpool.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Au7.10. Aug.17. Aug.24. Aug.31.
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
37,000
49,000
901,000 880,000
317,000 302,000
81,000 . 21,000
24,000
4,000
161,000 187,000
27,000
37,000
41,000
887,000
292,000
56,000
5,000
171,000
43,000
37.000
899,000
289,000
47,000
12.000
165.000
41,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday,
Monday,
Tuesday. Wednesday. Thursday.
Market,A fair
12.15 I Quiet.
Quiet.
Quiet.
Quiet.
business
P.M.
doing.
Mid.Upl'd.s
7.17d.
7.116.
7.106.
7.126.
7.I5d.
Friday.
Quiet.
7.11d.
Futures.1 Steady, Quiet but Steady, Quiet but Steady. un- Quiet but
Market
4 to 5 pts. stdy., 3 to I to 3 pts. stdy., 1 to changed to steady. 3
opened
advance. 5 pts. dec. decline. 2 pts. adv. 1 pt adv. pts. dec.
Market,
Barely stdy
Steady,
Quiet,
Quiet,
Steady,
Steady at
4
llto2pts.Oto7pta. 3 pts. 2 to 3 phi. 1 to 2 pts. 1 to 2 pta.
P. M.
advance,
decline.
advance. advasce,
decline.
decline.
Prices of futures at Liverpool for each day are given below:
Aug. 25
to
Aug. 31.
Sat.
Mon.
Tues.
Wed. 1 Thurs.
Fri.
,
12.0012.0012.15 4.0012.15 4 i i l2.l4i 4.0012.15 4.0012.15 4.00
p. in. p. m p. in. p. in.p. m.p. m.p. ra p. m.:g. m g. m.p. in. p. m.
New Contract. d.
October (1934) _ __
December
__ __
January (1935) __ _
March
-- _
May
July
October
-- __
December
January (1936) __ __
March
-- __
May
_- __
July
d.
6.93
6.89
6.90
6.91
6.90
d.
6.88
6.8
6.85
6.86
6.85
d.
6.87
6.82
6.84
6.8
6.83
d.
6.87
6.82
6.84
6.8
6.83
d.
6.90
6.85
6.87
8.87
6.86
d.
6.89
6.85
6.86
8.87
6.86
d.
d.
6.92j 6.92
6.88 6.89
6.89 6.89
6.90 6.90
8.89 6.89
4.
6.90
6.87
6.88
6.88
6.88
d.
6.88
6.85
6.85
6.86
6.85
d.
6.89
6.86
6.87
6.87
6.86
6.83.... __ 6.77 __ __ 6.79... __ 6.82._ __ 6.81 ____ 6.80
6.81 __ __ 6.75.. __ 6.78._ __ 6.81._ _ 6.80 ___ 6.79
6.82_ __ 6.76._ __ 6.7' _ _ _ _ 6.82__ __ 6.81 -_-_ 6.80
6.82.. __ 6.76... __ 6.79... __ 6.82., __ 6.81 __ 6.80
BREADSTUFFS.
Friday Night, Aug. 31 1934.
Flour was in fair demand, and steadier of late, owing to
the firmness of Wheat. Rye flour made the best showing.
On the 30th inst. prices ended 91 lower to 1ic. higher.
3c.
7
Prices were firm most of the day, despite weaker foreign
cables. Eastern interests bought on the dips. Milling interests bought September and sold December. It was a
nervous market, with traders pursuing a waiting attitude
pending the issuance of private crop estimates on Friday.
Winnipeg rallied, after a poor start, and closed unchanged
to %c. higher. Liverpool declined IA to %d. under selling
due to unfavorable action of the North American markets
on Wednesday and the favorable reports of Argentine crop
conditions. Rotterdam ended 1 to 1%c. lower. Buenos Aires
was closed for a holiday. The open interest at Chicago on
the 28th inst. was 162,380,000 bushels, and on the 29th it
was 162,503,000 bushels.
To-day prices closed unchanged to lc. lower, despite bullish crop estimates. Trading was light, being held in check
by the impending holiday, the scheduled textile strike, a
sharp decline In sterling, and the rise in the price of gold
at London to a new high. The average of the estimates
issued to-day on spring wheat production was 84,000,000
bushels as compared with 78,000,000 bushels a month ago.
Final prices show a decline for the week of 1% to 1%c.
Wheat was influenced by outside buyng inspired by
predictions of frost in the American Northwest, and prices
ended Xi,. lower to 3.4.c. higher on the 25th inst. The
strength of corn also had its effect. Trading, however, was
not large. Foreign markets were generally steady. Liverpool closed unchanged to %d. higher and Buenos Aire3
was M to 5
Ac. up. Winnipeg ended unchanged to ,kic.
lower and Rotterdam was down %c. On the 27th inst.
prices closed 13. to 2%c. lower under light selling influenced
by the weakness of Winnipeg, where prices ended 1% to
13 0. lower. Foreign markets were generally lower. Buy/
ing interest was lacking. The frosts predicted for over the
week-end did not materialize and temperatures were more
moderate. The Canadian crop was estimated at 220,000,000
bushels, the lowest thus far. Liverpool ended % to )id.
lower and Rotterdam closed Mc. lower to Mc. higher. On
1428
Financial Chronicle
the 28th inst. prices ended X to Mc. lower in ugh; trading.
Demand was limited. The market was influenced by
heaviness at Winnipeg, where hedge selling sent prices
down more than a cent. Foreign markets were also weaker.
/
Winnipeg ended 1M to 15 8c. lower, Liverpool was 13- to
/
Ad. off and Rotterdam declined 17g to 2Mc. The weather
15
was favorable with beneficial showers falling in the Southwest. Local shippers sold 18,000 bushels of wheat to
outside mills. On the 29th inst. prices ended % to lc.
higher under buying owing to inflation talk from Washington
and a belief that private reports will be bullish, especially
on the Canadian crop. Reports of serious damage by
frost in Canada also helped the advance. Winnipeg was
X' to Mc. higher with a better export demand. Export
sales were reported of 1,000,000 bushels. Liverpool was
13'd. higher on news of crop damage from Canada and
Australia. Buenos Aires was up lA to 13%c. and Rotter31c.
dam rose /
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
115
116
No. 2 red
11436 11336 11476 116
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sit.Mon. Tues.Wed Thurs Fri
•
10234 1024 1023.4
10354 10276 102
September (new)
10534 10334 10234 10336 10336 10376
December (new)
10676 10576 10434 10531 10576 105
May (new)
10236 10176 10254 10276 102
104
September (old)
10376
10576 10334 10254 10376 104
December (old). _
Seasons Low and When Made.
Seasons High and When Made.
7434 Apr. 19 1934
Aug. 10 1934 September
September-- -III
July 2 1934
89
December
11376 Aug. 10 1934 December
Aug. 28 1934
Aug. 10 1934 May _____ ___104
117
May
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Mon. Tues. Wed. Thurs. Fri.
Sat.
8176 8176 8176
8476 8276 81
October
8534 8354 8276 8234 8276 8234
December
8676 8634 8676
8976 8776 86
May
/
Corn advanced Mc. to 15sc. on the 25th inst. under a
better demand owing to forecasts of frost in the American
Northwest. On the 27th inst. prices ended with net losses
/
of PA to 1isc. on liquidation owing to the failure of frost
to materialize over the week-end. Tne mid-month Nebraska
State crop report put the condition at only 5% of normal
and estimated the yield per acre at only 1.9 bushels. Leading experts will issue their reports on J riday and the general
op.nion is that the crop will be reduced to around 1,500,000,000 bushels as compared with the Government Aug. 1
estimate of 1,607,000,000, and a final crop last year of
2,344,000,000 bushels. On the 28th inst. prices, after
early weakness, rallied to close with net gains of % to %c.
On the break buying power developed which disclosed an
oversold condition and higher prices resulted. On the
29th inst. prices ended % to 13..c. higher on buying stimulated by a further advance in hogs and reports of poor
crops in Iowa and Illinois. Cash corn was stronger. No. 2
yellow sold at 3c. over Sept.
4c.
3
On the 30th inst. prices ended % to / higher, on a good
by a belief that the Friday's private reports will show a further reduction in yield. Reports were
circulated that at least one report will show a crop of 1,250,000,000 bushels or less. The general guess was 1,500,000,000
demand, stimulated
bushels, as compared with the August Government estimate
of 1,607,000,000 bushels. The open interest at Chicago, on
the 28th inst., was 87,119,000 bushels; on the 29th inst., 87,474,000 bushels.
To-day prices ended 1 to 1%c. lower. The average of four
crop estimates issued to-day was 1,459,000,000 bushels
against 1,658,090,000 bushels on Aug. 1, while the Government figure as of Aug. 1 was 1,607,000,000 bushels. They
were about in line with what was generally expected, and
produced no great change in sentiment. Final prices sin m4c.
a rise for the week, however, of 1 to 17
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9334 924 9254 9354 944 9376
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sit. Mon. Tues. Wed. Thurs, Fri.
7776 7734 79
7936 7834
79
September
8036 7934 7976 8036 8014 791/,
December
8276 8334 8334 823',
8376 82
May
Season's Low and When Made.
Season's High and When M3de I
Apr. 17 1934
/
Septen0er____ 8034 Aug. 1, 1934 1September_ _ _. 45
563 June 5 1934
Aug. 10 1934 December
December
84
as% Aug. 10 1934 I May
May
7834 Aug. 18 1934
%
3
Oats advanced 4 to 13 c. on the 25th inst. in response
to the rise in corn. On the 27th inst. prices ended dA to
%c. lower. The Northwest was buying Sept. and sailing
later deliveries. Cash interests bought Sept. and sold
Dec. On the 28th inst. the ending was unchanged to
Me. lower. Cash interests were selling May, but on the
break fair support was encountered. On the 29th inst.
prices followed other grain and advanced M to 3%c.
4
On the 30th inst. prices ended I/ to %c. higher, in sym-
pathy with corn. The open interest in Chicago on the 29th
inst. was 35,680,000 bushels as compared with 35,928,001)
bushels on the previous day and 36,375,000 bushels on the
same day last week. To-day prices followed other grain and
4c. lower. Final prices show an advance for
ended IA to 7
4
3
the week of / to lc.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sgt. Mon. Tues. Wed. Thurs. Fri.
6476
6376 6236 6276 634 65
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
5176
5076 5136 52
5134 51
September (new)
5236 52
51345134 5176 52
December (new)
5276 5234 5234 5276 5234 5235
May (new)
5134 5236 5136
5134 513-4 51
September (old)
52
5176 5134 5276 523-4 5176
December (old)
Sept. 1 1934
Season's Low and When Made.
Season's High and When Made
2534 Apr. 17 1934
September ---- 5576 Aug. 10 1934 September_
4176 June 22 1934
December
5676 Aug. 10 1934 December
5934 Aug. 10 1934 May
Aug. 4 1934
50
May
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
4756 4634 4534 4534 4676 4676
December
4634 4536 443-4 4576 4676 46
Rye followed corn upward on the 25th inst. and ended
% to 1Mc. higher. On the 27th inst. prices ended PA to
/0. lower and on the 28th inst. there was a further de13
cline of X to /0. Selling orders came from Winnipeg and
3
Minneapolis. Local traders bought. On the 29th inst.
prices ended % to 13/sc. higher in response to the strength
in wheat.
On the 30th inst. prices declined % to %c., owing more
to a lack of aggressive buying than to anything else. The
open interest at the close of business on the 29th inst. was
15,747,000 bushels against 15,559,000 bushels on the previous
day and 15,384,000 bushels on the same day last week. Today prices ended % to 2%c. lower, in sympathy with the
weakness in other grain. Final prices show a decline for
7
the week of 1% to 24c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September (new)
8676 8434 8434 8476 8436 8276
December (new)
8736 8676 8576 86 It 8636 8534
May (new)
9156 8934 8934 8934 8976 8834
September (old)
8676 8476 844 8436 8434 8276
December (old)
8736 8634 8576 8634 8635 8534
Season's Low and When Made.
Season's High and When Made
September ____ 8834 Aug. 9 1934 September __-- 5236 Apr. 19 1934
6534 June 22 1934
December
9034 Aug. 9 1934 December
May
Aug. 6 1934
88
9534 Aug. 10 1934 May
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
7176 6936 6836 7034 7036 7034
December
7236 7034 6976 7176 7136 714
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
82
September (new)
8134
8276 81
8176 81
76
December (new)
7774 77
7876 7976 78%
May (new)
7934
77
78
77
7934 80
September (old)
8176 82
834 82
8134 82
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
5936 60
6234 6036 5834 58
December
5754 5876 5934 5931
6134 60
Closing quotations were as follows:
GRAIN
Wheat, New York—
Oats. New York—
No.2 white_
No.2 red ,c.i.f.. domestic__ -115
Manitoba No.1,f.o.b. N.Y.. 8936 Rye.No.2,f.o.b.bond N Y
Chicago. No. I
Barley—
Corn. New York—
N.Y.,4734 lbs.malting
No. 2 yellow, all rail
9354
Chicago, cash
6434
804
9634
75-130
FLOUR.
. x5.5005.70
Spring pats.,high protein $7.75@8.5 Rye flour
bbl Nos.1-3.10.15010 65
Spring patents
7.45(87.75 SeminIla.patents__345
6.8007 30 Oats good
Clears.first spring
2.40
Soft winter straights_.. 6.40a6.75 Corn flour
Barley goods—
Hard winter straights.... 655-87.10
3 nn
en
Hard winter patents.... 7.1007.35
Fancy pearl. Nos.2.4817 5.4505.65
8.45(48.85
Hard wint er clears
For other tables usually given here see page 1352.
Weather Report for the Week Ended Aug. 29.—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 29, follows:
The reaction to cooler weather was pronounced in the Central-North, extending to the Lake region, the central Mississippi and lower Missouri
valleys and the southern Great Plains. Over much of the interior it was
'
the first week with below-normal temperature since last spring. Chart I
shows that the mean temperatures were below normal from the Ohio
River, northern Arkansas and Oklahoma. northward and northwestward:
they were subnormal as much as 6 to 11 degrees over a considerable centralnorthern area. There was more or less frost in the northern Great Plains
and the western upper Lake region, extending as far south as Iowa in
exposed places. The Atlantic area had about normal warmth and Gulf
sections averaged somewhat above normal. West of the Rocky Mountains
the week was abnormally warm, except along the Pacific coast.
Maximum temperatures did not reach 90 degrees in the Ohio and middle
and upper Mississippi valleys, and were below 80 degrees in the upper Lake
region and central-northern districts. In the Plains States the maxima
for the week ranged from around 80 degrees in central North Dakota to
100 degrees, or slightly hl Vier, II nxrth3rn and western Texas.
Chart II shows that widespread rains in mostly generous to locally
heavy amounts occurred from the Ohio River southward, eastward and
northeastward, though showers were generally light in western and northern New York and northern New England. The lower half of the Mississippi Valley had mostly heavy rains and also a belt extending westward
over northern Arkansas. through Oklahoma and northwestern Texas,
while the western part of Texas. much of New Mexico and the eastern
portion of Arizona had good showers in most places. While this makes
the largest areas for a long time to receive substantial weekly rainfall.
there was very little from the upper Mississippi Valley and western Lake
region westward to the Pacific Ocean, and only a few scattered showers
were reported from the central Rocky Mountain States and the Great
Basin.
Recent rains have brought decided improvement to conditions in the
Ohio Valley. Missouri, much of Arkansas, Oklahoma, western Texas.
New Mexico and much of Arizona. The Ohio Valley improvement came
principally from previous rains, with additional mostly light falls, but
the moisture of the past week in the southwestern area was especially
helpful in reviving fall pastures, supplying stock water and permitting
the planting of late garden truck and small grains for fall pastures. Also
there has been considerable seeding of rye and late forage crops in Missouri
and the lower Ohio Valley. Late corn shows rather general improvement
east of the Mississippi River and locally in the southern trans-Mississippi
States.
However, from the upper Mississippi River westward, especially from
Iowa and central Kansas northward and westward, there was no rain of
agricultural importance, except very locally, and the generally unfavorable
conditions continue. Ranges in western Colorado show improvement
and also there is some new growth in southeastern Wyoming and parts of
Utah. Ranges in the Pacific Northwest are very dry and shortage of irrigation water in the Imperial Valley of California continues.
The abnormally cool weather in north-central districts caused more or
less frost damage, but not generally extensive, in the western Lake region,
Minnesota, the eastern portions of the Dakotas and as far south as Iowa
in exposed places.
SMALL GRAINS.—Threshing has been largely completed in all late
northern sections under generally favorable weather conditions. Fall
plowing is quite general and progressing rapidly in the Ohio Valley, while
this work has begun in parts of the Lake region. In Iowa and Nebraska it
is still too dry for preparing seed beds, while in Kansas the preparation of
soil is quite delayed, although seeding of winter wheat has started in the
Volume 139
Financial Chronicle
1429
that the dollar volume of sales was now running ahead of
last year whereas during the first half of August not a few
complaints about slow response to special promotions were
heard. Some of the large chain store organizations increased
their sales over the previous week by close to 20% while
comparisons with last year showed gains up to 10%. Children's apparel lines and heavyweight sports wear for fall
use, met with active demand and there was a good call for
domestics, largely under the influence of the wide-spread
talk of a textile strike and the resulting expectation of higher
prices for these articles.
Trading in the wholesale dry goods markets reflected the
increased activity in retail business as well as the serious
threat of a shut-down in the cotton textile industry. Reorders on initial purchases of fall goods were received in
growing volume and in many instances urgent requests for
immediate shipment of merchandise were issued, obviously
because of fears that a prolonged strike might seriously
cripple the supply of goods. While wholesalers themselves
proceeded cautiously with their buying operations, a greater
inclination to cover foreward needs was unmistakable,
spurred also by continued stiffening of prices for some
staple items, particularly in the cotton goods field. The
cut in hours in the cotton garment industry, which is expected
to result in an eventual increase in prices of work clothing,
shirts and cotton dresses, helped to stimulate buying.
The Weather Bureau furnished the following resume of Business in silk goods showed some expansion, as the result
of the curtailment in output and the expectation of labor
conditions in the different States:
troubles in both the weaving and finishing trades. Piece
New England.—Boston: Ample sunshine, near-normal temperatures.
and light to moderate showers favorable for crops, but more rain needed.
goods buyers for retail stores were in the market for pure
Crops ripening in good condition.
dye crepes, satins, taffetas and tinsels, in anticipation of a
New York.—Ithaca: Cool nights, with light frosts in scattered localities.
Good rains over central and east, but scattered elsewhere. Rain still
better call for these fabrics as a result of the "Silk Parade"
needed in west and north. Some plowing being done.
promotion, scheduled to reach its climax during the second
New Jersey.—Trenton: Clear first part of week; light to moderate
showers last part. Temperatures about normal. Pastures improving
half of September. Trading in the popular counts of rayon
slowly; silos being filled. Late crops mostly good.
yarns was fairly active but, as a whole, the volume of orders
Pennsylvania.—Philadelphia: Good rains in west beneficial to pastures
and late potatoes; lignt to moderate rains in east enough to keep crops
kept within narrow limits and August shipments are expected
growing. Corn doing well; late truck mostly good.
to run considerably below the July figure. Prices held
Matyland and Delaware.—I,Ialtimore: Somewhat warm, with moderate
steady, because of the check placed on inventory accumuto heavy thundershowers. Favorable for plant growth and farming
operations, which made good progress. Crops and grass made further imlations through the curtailment in output. Prices on 150
provement and are good to very good. •
and 200 den, acetate crepes advances le. to 2c. per yard.
Virginia.—Richmond: Temperatures near normal; precipitation gencuring tobacco nad hay. Fall
erally light to moderate. Unfavorable for
unless the threatening textile strike should affect the rayon
plowing progressing. In southeast preparations for planting fall truck
industry, an expansion in business is anticipated soon after
delayed due to wet ground. Cotton good; corn fair to excellent.
much rain;
North Carolina—Raleigh: Persistent cloudiness and too
Labor Day.
heavy to excessive falls and local flooding in parts of east and central.
Progress of cotton fair; favorable for weevil activity; normal shedding.
Domestic Cotton Goods.—Activity on the print cloth
Advance of other crops mostly good, though rains hindered saving forage
market during the earlier part of the week continued to be
and local damage by flooding.
South Carolina—Columbia: Warm, with light to heavy showers. Pickstimulated by large covering purchases of the 64-60s coning and ginning cotton fair progress in south, but picking slow in central:
struction against the award of contracts by the Federal
blooming and setting bolls fairly good in north and beginning to open;
about normal shedding. Rains beneficial to late corn, meadows and
Surplus Relief Corporation for comfort coverings, with
truck and favored planting wheat and oats.
sales again exceeding output by a considerable margin.
Georgia.—Atlanta: Warm, with light to heavy showers. Cotton and
Later in the week, business in gray cloths was entirely
corn mostly fair progress and condition, with wide differences locally:
picking cotton fair advance in central and good progress in south. Condominated by the acute threat of a general walkout. Nudition of all minor crops generally fair to good.
merous requests for anticipation of deliveries were received
riorida.—Jacasonville: Warm and dry. Favorable for haying and
farm work. Cotton condition and progress fairly good: picking and
by the mills. Other buyers sought to cover their nearby
ginning slow. Truck scarce; preparing ground for fall crops. Citrus
requirements but ran up against a general strike clause
excellent and maturing.
Alsoama.—Montgomery: Normal temperatures; moderate to heavy
introduced by sellers, which permits postponement of
rains. Cotton deteriorated due to frequent rains and deficient sunshine,
deliveries on a pro-rata basis. As a result, an appreciable
with some staple damaged; picking slow progress; condition only fair.
Generally too wet for corn, but crop still good. Sweet potatoes, cane.
amount of business was lost, because of the unwillingness of
doing well.
peanuts and pastures
buyers to accept this restriction. Although the belief preMississippi.—Vicksburg: Rather warm, with mostly heavy rains.
Progress of cotton picking fair to good, with some staple damage noticevails that the strike call would not result in seriously affecting
harvesting early corn mostly poor:
able in wet localities. Progress in
more than about one-third of the industry,it is admitted that
advance of late generally fair to very good.
Louisiana—New Orleans: Warm, with moderate to heavy showers in
even a partial shutdown is likely to cause an advance in
Cotton opening rapidly
east and on coast; light and scattered elsewhere.
prices. Sheetings were very strong, with few constructions
and picking fair to good progress; fruiting ceased; condition fair, except
poor in northwest. Cane and rice good.
available for quick delivery. Osnaburgs moven in good
l'exas.—liouston: Averaged slightly cool in Panhandle and normal to
volume, and drills were firmer. The fine goods market was
somewhat warm elsewhere. No rain in extreme south, but general heavy
featured by the large demand developing for combed lawns
falls in northwest and light to heavy scattered showers elsewhere. Week
beneficial to cotton and other row crops in northwest, where condition
early in the week. Other divisions of the market reported
Improved somewhat, but average condition over south and southwest
little business although prices were firm. Immediately
is poor to only fair and deterioration continued in dry areas of northeast; picking advanced rapidly to middle districts and fairly well in northprior to the calling of the strike, a number of mills manucattle improved in district where
central regions. Truck. ranges and
facturing certain types of fine goods, withdrew quotations
moisture, otherwise continued poor. General rain needed for fall seeding
in south and east.
on these lines. tAosing prices in print cloths were as follows:
Oklanoma.—Onlahoma City: Normal temperatures, with heavy to ex%
7
39-inch 80s, 93 c., 39-inch 62-76s, 83 C., 39-inch 68-72s,
cessive rains, except only light to moderate in southeast and a few coun/
ties of southwest; heaviest over middle of Mate. Effect of rain on cotton
/
81 3c., 383/2-inch 64-60s, 74 to 73sc., 383/pinch 60-48s, 6c.
problematical, but stopped premature opening; condition, however, very
poor; much open damaged by rain. some tater corn benefited by showers,
Woolen Goods.—Little improvement was shown in the
but most of crop was beyond recovery. Pastures improved and stock
sale of men's wear fabrics. Clothing manufacturers continue
water now sufficient in most sections. Illte gardens, potatoes, fall truck,
and some winter wneat•planted. Some plowing done and much will be
to follow a hand-to-mouth buying policy reflecting the
done when ground dries sufficiently.
rather disappointing flow of goods in retail channels. The
A,kansas.--dattle Rock: Progress of cotton poor in most northern and
some contrail suctions, out fair to fairly good elsewhere; opeolog fast and
calling of the general cotton textile strike caused little
being picged rapidly; opening earlier than usual. Adios very favorable
concern, inasmuch as numerous woolen mills are either
late corn, meadows, pastures, sweet potatoes, apples, late peaches,
for
closed down at present, or are planning to shut their plants
and grapes.
lennessee.—Nashville: Moderate to heavy rains over most of section,
for several weeks early in September, largely for the purpose
some northwestern and eastern counties and damaging to
excessive in
of holding down accumulations of surplus inventories. Next
crops; insufficient over considerable areas of middle and west. Cutting
hay and tooacco interrupted by frequent showers. Late corn, potatoes,
year's lines of tropical worsteds were opened by a number of
pastures and hay greatly benefited. Cotton improved, but materially
makers, at prices up to 15% below last year's level, and a
damaged by dryness in west: about normal shedding; opening rather genpicking fair advance.
erally and
fair amount of orders was received. Overeoatings had a
Kentucky.—Loulsville: Rains heavy in south where too wet for plowmoderate call, for nearby delivery. Slightly increased
ing, but light to moderate in north; pastures and late crops improved
generally. Late corn very good to excellent. Cloudy, showery weather
activity prevailed in the market for women's wear fabrics,
interfered seriously with tobacco cutting and curing, also with harvesting
though garment manufacturers continued to limit their
alfalfa, cowpeaa and soy beans; more favorable toward end of week, but
purchases to urgent needs. Reports from retail centers
dry weather, higher temperatures and sunshine needed. Rain damaged
tomatoes in south. Late potatoes poor to fair, but improving; some last
stressed a somewhat better demand for woolen sport dresses.
planted good. Corn cutting commenced in districts formerly dry.
Foreign Dry Goods.—A moderate expansion was noted
in the sale of household linen items, with quotations holding
THE DRY GOODS TRADE
steady reflecting the strong price structure in the primary
markets. Suitings and dress goods continued in their seasonal
New York, Friday Night, Aug. 311934.
A combination of factors, such as cooler weather, the lull, pending the opening of the new lines for next season.
close approach of the reopening of the schools, the release Burlap prices moved within a narrow range. Temporarily,
of benefit payments in the agricultural sections and fears a slightly better demand for bags resulted in a stiffening
growing out of the threat of a general textile strike, brought of prices but moderately easier Calcutta cables later in the
.
about an appreciable pick-up in retail trade during the past week caused prices to lose their previous gains. Domestically
week. Reports from many sections of the country stated lightweights were quoted at 4.45c., heavies at 6.10c.
extreme northwestern part and is expected to be general in the western
half and northeastern quarter in about two weeks, especially if good rains
occur. Some winter wheat has been planted in Oklahoma, while much
plowing will be done when the ground dries sufficiently.
CORN.—In the Ohio Valley considerable late corn shows favorable reaction to the improved moisture conditions rather generally, though the
nights were too cool for best development. However, conditions continue decidedly vat( able, though there are considerable areas, such as
southwestern Indiana, where it is generally good to excellent. In Illinois
some corn is very good, but large acreages remain only fair to poor. The
crop continued to do well in the Atlantic area.
In Iowa progress was fair to good in the northeast, but from that section condition ranges down to a total failure in much of the southwest;
more than half in this State, including fodder corn, will be safe from frost
by Sept. 1; ear worms (inadvertently referred to last week as chinch bugs)
continue their ravages wherever there are ears, with mould following the
attack of the worms. The crop continues fair to good in most of Wisconsin and Minnesota, and in southeastern Missouri there is slight improvement in the late crop. In the Southwest most corn was beyond recovery
before the recent rains.
COTTON.—Temperatures were mostly favorable in the cotton belt and
heavy rains occurred over considerable northwestern areas, previously very
dry, while there was much cloudy weather over most of the eastern belt.
In Texas rains were beneficial in the northwest, where cotton shows
improvement, but deterioration continued in some droughty areas of the
northeast; picking advanced rapidly to central districts and fairly well in
the north. Much of Oklahoma had heavy to excessive rains, the effect of
which is uncertain, except for the checking of premature opening; the
general condition of the crop remains very poor and considerable open
cotton was damaged. In Arkansas progress ranged from poor to fairly
good. In Louisiana fruiting has ceased, with condition fair, except poor
in the northwest.
East of the Mississippi River the influence of the week's weather was
less favorable, in general, than previously, because of too much cloudiness
and rain over considerable areas. There was some improvement reported
in Tennessee but it was too wet in other places, especially in Alabama,
North Carolina and more locally elsewhere.
1430
Financial Chronicle
Sept. 1 1934
State and City Department
NEWS ITEMS
Specialists In
Illinois ik Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
•
DIRECT
WIRE
.
314 N. Broadway
ST. LOUIS
Chicago Consolidated Park District, Ill.-State Supreme Court Upholds Validity of Park Consolidation Act.
A decision was handed down on Aug. 23 by the Supreme
Court of Illinois upholding the validity of the Act of the
Legislature in creating the above district, affirming the
opinion given by Circuit Judge Rush on May 14-V. 138,
p. 3639. .The voters of Chicago had approved the plan of
corsolidation by a three-to-one majority in a referendum
on April 10. In the opinion it was stated by Justice Warren
E. Orr of Rock Island that: "The existence of the 22
park districts came to an end when the new and greater
district was brought into being by a vote of the people."
The Chicago "Tribune" of Aug. 24 comme ted in part as
follows on the decision:
PUBLIC WORKS ADMINISTRATION MUNICIPAL
Albert H. Jenner Jr., assistant to Floyd Thompson, former Justice of
ALLOTMENTS.
the Supreme Court, who handled the quo warranto proceedings before
the Court for the smaller park districts in Chicago, hinted that a rehearing
The following is a list of the municipalities to whom the might be asked.
"There
involved." said
until
PWA has agreed to furnish loans and grants for various ruling on were 20 pointspoints It will beJenner, "andpredictwe know tne
each of these
difficult to
our course.
Judge Thompson
from Springfield
public works projects. These allotments were reported and then our nextwill returnbe determined." with a copy of tne opinion
step will
Meanwhile preparations were being made to complete organization of
during the period from Aug. 25 to Aug. 31, inclusive. In
the city-wide park district
Besides Ml. Dunham the new board
each instance the PWA has agreed to furnish a grant, -lot of Harry Joseph, wno had been President of the West Park Board;consists
Martin
a former member of the Lincoln Park Board* John It. Nasn,
subject to repayment, for 30% of the total expenditures in- H. Kenelly,the Mayor,and the Mayor's Sectetary, Miss Bessie 0.O'Neill.
Assistant to
curred for the payment of labor and material costs. MoreMr. Dunham's Statement.
.
over, the PWA will accept 4% general obligation or revenue Illness Dunham. who was recently called to California because of the
of his wife, was reached by long-distance telephone for a statement.
bonds of the municipality as security for the loan portion of
"Technically tne Commission nas been in office since May 1," said
Dunham,
the Commissioners of the 22 superseded park districts
the allotment. The table shows the name of the municipal- have also "although to function, so as to avoid confusion if the Act were
continued
ity, total allotment, estimated expenditures for labor and held unconstitutional.
"As a result of meliminary efforts, the Chicago Park District Commaterials and the nature of the project to be undertaken. In missioners are now in a position to adopt general ordinances applying uniformly to all the parks and boulevards throughout the city. The Comthe case of the type of bond to be used as security for the mission, too, will shortly put into operation a practically complete plan
operation of all the park facilities
loan, this is indicated, whenever known, by (*) for general for the unifiedattention and careful study in all of the city. This plan has
had extended
its aspects."
Dunham said that it was too early to predict the amount of savings
obligatiors and (x) for revenue or special assessments. We
that would be effected through the consolidation.
out
wish to point out that mere announcement of an allotment that some of the smaller park districts were pennilessHe also pointednonbecause of the
collection of taxes.
does not necessarily imply that a given project is already
lowa.-Property Tax Discarded in Favor of General Sales
under way or that arrangements have been fully completed.
Levy.
The PWA has already allotted millions of dollars to local was -The property tax for State purposes, which last year
2.2 mills, will be eliminated this coming year as the
government units but has purchased a comparatively small funds heretofore raised will be replaced by income from the
portion of the bonds covered by the allotments. In many three-point tax law, it was decided recently by the State
cases, too, the municipalities have asked that allotments be Board of Assessment and Review. This new law provides
rescinded in the belief that they can finance the projects in a 2% retail sales tax, a 2% corporation tax, and a new
Press
the public market on terms lower than the 4% interest rate income tax. An Associated follows dispatch from Des
on the new levy:
Moines on Aug. 24 reported as
basis required by the PWA.
The State of Iowa to-day abolished the general State property tax levy
Labor and
Total
Material
Allotment.
Cost,.
Nature of Profeet.
2E25,000
$24,000 Water works stmt. constr.
153,000
50,000 Water works improvem'ts
*91,000 • 80,000 Sewage treatment plant
*89,000
85,000 Sanitary sewer constr't'n
58,000
66,800 Road improvement
*216000
199,000 Water works improvem't
*108,000
97.000 Sewer extension
*1,429,000 1,429.000 Storm sewer construction
.24,250
38.200 Bridge construction
26.000
23,000 Water system construct'n
94,000 Water system improvein't
100,000
116,700
150,700 Road construction
*40,000
38,000 Sewage disposal plant
*2,000.000 1,885,000 Court house construction
x53,000
50,000 Sewage treatment plant
construction
x58,000
53.000 Water works svst. constr.
Drakesboro, Ky
*60,000
57,000 School construction
Dudley, Mass
*6,100
6,000 Water storage tank
Duncombe, Iowa
129,700 Fire system construction
131,000
Fairfield, Conn
x120,000
116,000 Water works syst. constr.
Fairhope. Ala
153,500 School construction
•175,000
Goodland School District, Kan
115,900 Road improvement
109,000
Goshen, Conn
45.000 Water works system impt.
.48,000
Grayville, Mich
50.000 Water works system
66.000
Greenfield, 111
40,000 Water works syst.
x49,000
Guthrie Center, Iowa
100,000
116.000 Road construction
Harwinton. Conn
49,200 Street improvement
53,000
Hebron, Conn
260.100, Court house and Jail
*275.000
Hillsboro, Mo
830,000 Power plant construction
917,000
Iowa City, Iowa
54,300 Children's detention home
Kalamazoo Co.. Mich
.55,700
15.500 Sidewalks and curbs
*14,300
Kennebunkport Dist.. Me
34,900 Bridge construction
Killingworth. Conn
17,000
67.600 School building
La Fourche Par. S. D. No. 1, La. *73,000
122,000 Water works syst. 'mots.
1129,000
Laurel, Miss
27.000 Water works system
Lincoln, Ala
230,000
383,100 High school construction
Long Beach City S. D., Calif__
*402,700
360.000 Sewer construction
Marion, Ind
x384,000
65.300 School construction
Meriden, Conn
*75,000
Moorehead. Miss
5.900 Swirng pool & bath house
*5,800
159,388 Highway & bridge constr.
New Hartford, Conn
•131,000
11,500 School building constr.
Norridgewock. Me
*12.000
306.000 Sewer construction
Petaluma, Calif
325,000
St. Cloud. Minn
11,229,000 1,111,000 Steam elec. goner. stat'n
Saugatuck, Mich
*6,000
5.700 Road surfacing
Scandia Sch. Dist. No. 6, Kan.., *25,500
24.700 School construction
28,000
27,300 School construction
Silvis S. D. No. 34, III
Sparta, Ill
*73,000
55,000 Water works system
13.800 Gymnasium & auditorium
Tifton, Ga
14,200
144,000 Sewer construction
Tipton, Ind
.88,000
151.000 Highway & bridge constr.
Tolland. Conn
100.000
Topeka. Kan
*36,500
35.100 Fire alarm system constr.
185,500 School construction
195,000
Urbana S. D. No. 116, Ill
Wakeeney, Kan
*23,500
25.000 Water supply
*33.300
41,300 School construction
Waldoboro. Me
*19,000
17.500 Court house & Jail repairs
Webster Parish, La
*1,825,000 1,453,400 County home building
Westchester Co., N. Y
66,000
83.100 Street improvement
Wethersfield, Conn
106,000
114,700 Road improvement
Windham, Conn
x25,500
23.700 Street Improvement
Winslow. Ill
x28.000
26.000 Water system
Worthington. Ky
*297,000
257,000 Water distribution system
Yonkers, N. Y
*74.000
64.000 Water station repairs
Yonkers, N. Y
*703.000 510,000 Sewer system extensions
Yonkers, N. Y
NameBazine, Kan
Bentonville, Ark
Bessemer. Mich
Bolivar, Mo
Bozrah. Conn
Brawiey, Calif
Brawley, Calif
Buffalo, N. Y
CarpentersvIlle, Ill
Castleberry, Ala
Charleston, Ill
Colebrook, Conn
Colton, Calif
Davidson County, Tenn
Decorah, Iowa
in favor of a sales tax.
Similar action was taken in Illinois last December. Adoption of salestax laws In both States replaced the State's "cuts" from taxes collected by
political subdivisions on real estate and personal propel ty.
The Iowa Board of Assessment and Review dropped the rate property
tax, asserting that revenue from the new three-point tax laws would pay
the $6,460,000 annual expense of State Government.
Revenue to Be Sufficient.
The retail sales tax alone will provide sufficient revenue to meet State
governmental expense, the Board said. The net corporation income
tax and the 2% personal income tax will provide additional revenue after
Jan. I, the Board pointed out.
To-day's elimination of the 1934 levy, collectible in 1935, will mark the
first time in the history of Iowa that property has not been assessed for
State purposes.
Sales-tax revenue this year, Chairman J. R. Murphy said, would be
sufficient to pay the $3,000,000 emergency relief appropriation by the
State Legislature,tne first 51.500.000 for State expenses on Jan. 1 and leave
a balance of more than $3,000,000.
To Cut Property Tar.
This 53.000.000 probably will be appropriated to counties to reduce
property tax for county government expenses, the Board said.
The tax levy on property last year was 2.2 mills for State purposes.
"In addition to property tax relief through the three-point tax law,"
said John W. Foster, senior member of the Board, "we have reduced
propelty assessment valuations approximately 19%."
-Booklet Issued on Municipal Statistics.
Massachusetts.
Tyler, Buttrick & Co., Inc., of Boston, are making distribution of the fourth booklet of their quarterly seri(s giving
up-to-date financial statistics of the Commonwealth, its
counties, cities, towns and districts. The statistics given
show population, assessed valuation, gross and net debt, net
debt ratio and per capita, tax levy, tax collections, tax titles
and a comparison of tax rates.
Miami,
-Bond Committee to Close Books on Exchange.
Miami Fla.
Protective Committee will accept no
-The
bonds for deposit after Saturday, Sept. 15, it was announced
on Aug. 29 at the office of the Committee, 115 Broadway,
N. Y. City. Depositors of bonds deposited on or before
this date will receive a like amount of the new refunding
bonds for the bonds deposited and certificates of indebtedness covering all unpaid interest from Aug. 1 1932, the date
when the City of Miami defaulted on interest payments,
to the date of the refunding. The Committee expects to
exchange the bonds as soon after Oct. 1 as practicable.
The Committee is assured of the co-operation of holders of more than
520.000,000, or 90% of the $28.900,000 bonds outstanding, and plans to
render a final accounting to its depositing bondholders immediately after
the refunding. The new refunding bonds were validated on July 17 by the
Circuit Court of Florida and it is expected that the validation decree will
be confirmed by the Supreme Court early in September. The new refunding bonds are in process of preparation.
"The exchange of the new bonds and certificates of indebtedness for the
outstanding bonds will represent the culmination of almost three years'
work on the part of the Miami Bondholders' Committee„' said B. J.
Volume 139
1431
Financial Chronicle
Van Ingen, Vice-Chairman of the Committee. "This will be the first major
refunding of a Florida municipality, and because of the prominence and
importance of the City of Miami this settlement should be nelpful to other
municipalities in the State in working out their debt problems.'
The members of the Committee are: John S. Harris, Chairman, Toledo,
Ohio; B. J. Van Ingen, Vice-Chairman, New York. N. Y.; C. T. Diehl.
Cincinnati. Onio; A. S. Huyck, Chicago, Ill.; Walter Sheppered, New
York. N. Y.
‘Trrra•
4
Specialists in
TEXAS BONDS
Bought—Sold—Quoted
New Jersey.—Special Legislative Session Called on Relief.—
Governor A. Harry Moore on Aug. 29 called the Legislature
to meet in special session on Sept. 5 to consider the unem99 Wall Street, New York
•
ployment relief situation, and also to act on revision of State
A. T. 8c T.Teletype-New York-1-852 Tel. WHiteban 4-1356
Recovery Administration codes, according to press advices
from Trenton on the 29th. As reported in—V. 139, p. 1269
—this session is being called primarily to raise $10,000,000 leaving available for current city purposes an amount of
for the unemployed during the winter, action along this line $36,630,166.
having been made necessary by the collapse of negotiations
New York State.—Governor Signs 1% Gross Income Tax
with the estate of the late Dr. John T. Dorrance,former head Bill.—Governor Herbert H. Lehman signed the amended
of the Campbell Soup Co. for a compromise settlement of Porter bill on Aug. 25 imposing a tax of 1% on each dollar
'
an inheritance tax claim of $14,000,000.
of income, subject only to the ordinary personal exemptions
New York City.—Action Delayed on Business Tax.—The of $1,000 for single persons and $2,500 for married persons,
opponents of the one-half of 1% business receipts tax for as set forth fully in V. 139, p. 1269. The revenues to be
unemployment relief sponsored by Mayor LaGuardia suc- derived from this tax will be used to pay for the $13,346,000
ceeded on Aug. 27 in persuading the committee on local laws additional school appropriation, which had been cut away
of the Board of Aldermen not to go through with the original for economy.
Results of Special Session Listed.—The Aug. 19 issue of the
plan of reporting the bill out for passage at the special meeting scheduled for Aug. 28. At an executive meeting, after "Knickerbocker Press" of Albany, gave the following suma four-hour public hearing in the Aldermanic Chamber, the mary of the outstanding measures passed by the recent
committee decided to give the protesting representatives of special session:
Major accomplishments of the
city business interests up to Aug. 30 to submit an alternative lature which moved toward finalextraordinary session of the State Legisadjournment last night included:
tax plan. It was expected that the Board of Aldermen would
1. Adoption of the Fearon resolution proposing in one Constitutional
amendment county government reforms for New York City and up-State
not convene again until the 31st. The postponement of
well.
action was regarded as a diplomatic move to placate the as2. Abolition of the original New York City Charter Revision Commission
by Mayor LaGuardia,
groups of commercial and civic bodies who had joined in and creation of a new one to be namedJudge Samuel Seabury. as recommended by former Governor Smith and
denouncing the proposal and who would have raised the
3. Passage of the Porter bill increasing State financial aid for public
schools by $13,346,000 and levying on 1934 incomes a 1% gross income
charge that the bill was being "railroaded" through.
necessary funds.
to
Mayor Submits Compromise on Tax Plan—Relief Loan Is tax raise the
Utilities Probe Extended.
Voted.—Mayor La Guardia stated on Aug. 28 that he had
4. Appropriated $1,500,000 to indemnify dairymen for the slaughter of
received assurances from the leaders of the Board of Aldertheir tubercular cattle to insure a pure milk supply for consumers.
men that an unemployment relief tax bill, probably a
5. Extended the life of the Statewide utilities investigation through
modification of the above described measure, would be 1935 and enlarged the inquiry group from 12 to 14 members.
6. Passed the Fearon bill
passed by the Board on Sept. 4. We quote in part as Relief Administration could to cut red tape so the Temporary Emergency
expedite the distribution of $1,500,000 worth
families.
follows from an account carried by the "Journal of Com- of free milk to school children of needysafeguard titles of the
Fusion and
7. Passed the Fearon-Ross bill to
merce" on Aug. 29:
Recovery parties from the political grabs.
Gearhart & Lichtenstein
In a stirring appeal before the Board of Aldermen, and in the lengthiest
address he has made since assuming office, Mayor La Guardia yesterday
indicated that a compromise might be reacned on a number of points in his
tax program for unemployment relief. For one thing, the Mayor stated
that he was willing to raise the exemption on business men from $5,000 to
$16.000.
Later in the evening Mayor La Guardia stated that he had been assured
by leaders of the Boat d of Aldermen tnat the relief program levying a tax
on gross business receipts in the city would be approved by the Board next
Tuesday. despite the determined opposition of business and industry.
Merchants and business men naving gross receipts of between $5,000
and $15,000 would pay a flat tax of$2 to $3„while those with receipts above
That, in effect, was
$15,000 would pay tne A of 1% tax as proposed."
the compromise Mayor La Guardia said was the utmost that can be
made," in reply to the storm of protest that greeted his plan for a tax of
A of 1% on all gross business Incomes above $5.000.
The Mayor took occasion to point out in discussing the points that had
been raised with refet ence to the differences between gram receipts and
net receipts that there are other taxes wnere no such distinctions are made,
and instanced the case of real estate, which, he said, does not pay on net
receipts, but on value.
Authorize Bond Issue.
At the close of the meeting a resolution introduced by Alderman Baum
(Fusion) authorizing Comptroller McGoldrick to issue $20.000.000 worth
of short-term bonds was passed. The issue anticipates collections from
the new taxes, the same to be earmarked for tne purposes of welfare relief
so as to meet the September emergency. The Mayor in his recent radio
address had announced that such a course would be followed.
Aldermen Advance Business Tax Bill.—The Local Laws
Committee of the Board of Aldermen voted on Aug. 30 to
recommend the passage, with minor amendments, of the
above described business tax for unemployment relief, thus
forecasting a favorable vote when it comes before the Board
on the 4th. The amendment referred to is the one the Mayor
has approved, as reported above. As the bill now stands,
business would be taxed as follows:
Firms grossing up to $5,000—No tax whatever.
-1% on gross Income In
Brokers, commission merchants and factors
excess of $5,000.
First subject to gross receipts tax, as distinct from income, grossing up
$2
to $15,000 ar. a year.
Firms subject to gross receipts tax grossing more than $15,000 a year,
one-halfof 1 o on all receipts in excess of $5,000.
Budget Provision Made for City Tax Reserve.—At this time.
when the officials of the city are considering departmental
budget estimates for 1935, it is encouraging to note that a
reserve will be provided in the budget which will be available
partly to offset uncollected taxes, it is stated by Frank H.
Morse, head of the municipal bond department of Lehman
Bros. of New York. "While the New York plan cannot be
explained in its entirety in these simple terms," Mr. Morse
reports, "it can be said that the city has taken a long stride
toward operating under the type of budget found in many
cities which have always enjoyed good credit."
City Has Cash Balance of $48,768,633.—The weekly
financial statement of Comptroller Joseph D. McGoldrick
shows that the city had a cash balance in the treasury for all
purposes at Aug. 25 of $48,768,633, which compares with
the balance of $49,523,418 as of Aug. 18.
The statement reports that during the 34 weeks ended
Aug. 25, taxpayers paid into the city the following amounts
-1933 and
available for ordinary operating expenses: Taxes
prior years, $88,715,906; 1934, current, first half, $165,475,366; 1934,current, second half,$30,389,714, thus making
a grand total of $284,580,986. Of this total, there was
pledged under the bankers' agreement for the repayment of
prior and current borrowings the sum of $247,950,820,
8. Passed the Ross bill authorizing Mayor LaGuardia's administration
to levy new taxes during 1935 to raise funds for the relief of New York
City's thousands of unemployed.
9. Modified the so-called bankers'agreement to permit a reduction in
reserves to be set up in the New York City budget from $50,000,000 to
$25,000,000 a year for the next three years.
10. Governor Lehinan's program for safeguarding bus travel to prevent
a repetition of the Ossining tragedy that took a toll of 18 lives, including a
bill to provide a periodical inspection of buses and another to increase insurance coverage.
Measures awaiting final action in the closing hours of the session included:
Congressional reapportionment along lines suggested by the Republicans.
(Passed by Assembly, ditched in committee in the Senate.)
An appropriation to fight the Dutch elm disease threatening thousands of
trees in the State (Reported favorably in Senate.)
Election law revisions. (Approved by Assembly,side-tracked in Senate.)
Relief for 500,000 distressed investors in defaulted guaranteed mortgages. (Republican plan passed in Assembly, sent to Senate committee.
Democratic plan stymied in the Senate.)
State Sinking Funds Rise to $127,009,413.—Writing in the
New York "Herald Tribune" of Aug. 27 on the condition of
the State's outstanding indebtedness and sinking funds,
George Wanders commented in part as follows:
Much of New York State's gross debt of something more than $650,000,000 is in the form of serial bonds extinguishable from annual budgetary
appropriations, while another large part is temporary debt occasioned by
the depression, which the State likewise must meet from the budget. A.
third and final section of the State debt consists of term bonds, for which
huge sinking funds have been set up, and the handling of those sinking
funds is a matter of great importance to every citizen, while for holders
of New York State bonds the question is a vital one.
Like other fiscal affairs of the State of New York, handling of the sinking
funds is a direct responsibility of Comptroller Morris S. Tremaine, while
details are looked after by Harry I). Yates, one of his three deputies. A
close study of the sinking fund investments and of the transactions relating
to the funds during recent years reveals the use of admirable care and sagacity in these matters. The sinking funds are in excellent shape and the
record is especially good in view of the troubled conditions that were faced.
Net Term-Debt Halved.
The term-debt of the State, as distinguished from serial bonds or temporary debt, amounted to $233,500,000 on June 30 1934. Canals accounted
for $146,000,000 of the term debt; highways for $80,000,000; the Palisade
Inter-State Park for $5.000,000 and forest preserves for $2,500,000. The
related bonds mature on specific dates ranging from 1942 to 1967, with the
great bulk of the obligations falling due in the period from 1960 to 1967.
Interest on such indebtedness is met from budgetary appropriations as a
matter of course, but for the final extinguishment of the term bonds sinking
funds are provided. The average maturity of the sinking fund bonds is
about 30 years, but under Constitutional requirements and the practical
handling of the annual accretion, actual accumulations of sinking funds
now amount to $127,009,413. or considerably more than half the total of
related bonds outstanding. The means that the net debt of a term nature
already has been reduced to $106,490,586.
Due to Equal Total by 1947.
Viewing the term-debt as static for the moment,it is apparent that sinking fund accumulations on the demonstrated scale and basis will result in
the filling up of all the various sinking funds about in the middle 1940'.
Additional issuance of term bonds probably will alter the picture in the future, but it is readily conceivable on the basis of past performance that the
entire term debt as it now stands will be equaled by sinking fund accumulations somewhere around 1947. The contrast with the average maturity
of such bonds of about 1964 is impressive.
In addition to the sinking funds on State debt, Comptroller Tremaine
has charge of numerous trust funds of the State, which increase to more
than $180.000,000 the total of investment funds handled at present. All
such funds, under the law, may be invested only in bonds of the United
States Government, the State of New York and its various creatures, such
as the Land Bank of the State of New York, the Hudson and Black River
Regulating Authorities, the Port of New York Authority, the Whiteface
Mountain Highway and Lake Champlain Bridge Commission,and the bonds
of any county, city, town, village or school district of the State.
United States.—Tax Limitation Laws Reducing Property
Levy in Several States.—It is reported by the National
Association of Real Estate Boards that a substantial reduction in property taxes has followed the enactment of over-all
1432
Financial Chronicle
tax limitation laws in the seven States which now have either
constitutional or statutory over-all limitations. The States
are Ohio, Michigan, Oklahoma, Washington, Indiana, West
Virginia, and New Mexico. We quote in part as follows from
an article on the subject appearing in the New York "Herald
Tribune" of Aug. 26:
A tax reduction in excess of 23% has followed the enactment of over-all
tax limitation laws in the seven States now having either constitutional
or statutory over-all limitations, the National Association of Real Estate
Boards reports. The States are Ohio, Michigan, Oklahoma, Washington.
Indiana. West Virginia, and New Mexico.
An average reduction of 23.5% has occurred in 120 cities taken as a
sampling of these States, Bulletin No. 4 of the Association's new National
Committee on Local and State Taxation points out. The 120 cities are
representative cities of the six States for wnich rate data, following limitation, are available. The data for Oklahoma, following limitation, has not
yet been received. Tax rates in the cities studied have gone down from
an average of $39.66 a $1,000 to an average of $40.34. This in spite of
recalcitrant tax spenders, hang-over bond issues, and other defeatist factors,
the Committee finds.
The new National Committee on Local and State Taxation now numbers
more than 500 members chosen to constitute local nerve centers and information centers for the whole national movement for real estate tax
relief. The committee members now represent 400 communities in 47
States, the District of Columbia, and Hawaii.
The tax reduction record of the States already having an over-all limit,
as shown by the Committee's new tax map of the United States lass follows:
Ohio: Rate before limitation (22 cities), $22.67; after limitation, $21.02.
(Here a later tieratening of the limit from 1
to 1% is now getting still
greater reduction.)
Michigan: Before limitation (17 cities). $37.34: after limitation. $30.59.
(Courts held home rule cities exempt from constitutional limitation. Campaign now under way to amend this leak. Four petitions up for further
strengthening of limitation.)
Washington: Before limitation, $71.51; after limitation. $61.65. (Savings to property owners in annual tax total reported to be $60,000.000.
A campaign is on to retain the limit law against repealists. Referendum
petition has been signed by 94,177 voters to reduce the limit.)
Indiana: Before limitation (17 cities). $34.77; after limitation. $31.25.
(Total property tax reduction in the first year under limitation was $45,000.000. A campaign is on to strengthen the limit law.)
New Mexico: Before limitation (12 cities). $43.72: after limitation,
$34.99.
West Virginia: Before limitation (10 cities), $27.94; after limitation,
for class 2 pi operty (urban owned homes), $11.09* for class 4 property
(other urban real estate). $21.77.
BOND PROPOSALS AND NEGOTIATIONS
ALBUQUERQUE, Bernalillo County, N. Mex.-CONFIRMATION
-The City Manager confirms the report given in
OF ALLOTMENTS.
V. 139, p. 1268. of the loans and grants. aggregating $92,700, for various
improvements that were approved by the Public Works Administration,
and states that no other details are available as the bond contract and loan
agreement have not been signed.
ALLENHURST, Monmouth County, N. J.
-BOND OFFERING.Margret Pyle-Ekstromer, Borough Clerk, will receive sealed bids until
8 p.m. (Daylight Saving Time) on Sept. 10 for the purchase of $402,000
not to exceed 6% interest refunding bonds, divided as follows:
$193.000 series B bonds. Due Oct. 1 as follows: $7,000 from 1936 to
1942, incl.. and $8,000 from 1943 to 1960, incl.
106,000 series C bonds. Due Oct. 1 as follows: $5,000 In 1936 and
1937; $4,000, 1938; $5,000, 1939 to 1942, incl., and $4,000 from
1943 to 1960,incl.
103,000 series A bonds. Due Oct. 1 as follows: $5,000 from 1936 to
1938. incl., and $4,000 from 1939 to 1960, incl.
Each issue is dated Oct. 1 1934. Denom. $1.000. Bidder to name a
single interest rate for all of the bonds,expressed in a multiple of ki of 1%.
Prin. and int. (A. & 0.) payable in lawful money of the United States at
the Allenhurst National Bank & Trust Co., Allenhurst. A certified check
for 2% of the bonds bid for, payable to the order of the borough, must accompany each proposal. The approving opinion of Reed, Hoyt & Washburn of New York will be furnished the successful bidder.
ALLIANCE CITY SCHOOL DISTRICT Stark County, Ohio.-The $28,721.21 coupon refunding bonds offered on Aug. 24
BOND SALE.
-were awarded to the State Teachers Retirement System,
-V.139, p. 962
as 5s. at par plus a premium of $10, equal to 100.03, a basis of about 4.99%.
Dated Sept. 1 1934 and due Sept. 1 as follows: $1,724.21 in 1938; $2.000
1939 and 1940: $4,000, 1941 and 1942, and $5,000 from 1943 to 1945, incl.
Other bids were as follows:
Int. Rate. Premium.
Bidder5.ji%
Provident Savings Bank Sr Trust Co., Cincinnati__
$151.00
6%
Ryan, Sutherland & Co., Toledo
165.00
6%
2.69
M. Bliss Bowman & Co., Toledo (optional bid)__ _
6%
Seasongood & Mayer, Cincinnati (optional bid)- - x100.25
x Per $100 bond.
-NOTE FINANCING -The
AMITYVILLE, Suffolk County, N. Y.
Village Board voted on Aug. 13 to sell $30.000 notes to two local banking
institutions in order to finance operating charges pending the collection
of taxes levied for the 1934 fiscal year. The notes will be sold as funds
are needed and will mature not later than Feb. 15 1935.
-ACTION TAKEN ON
ARKANSAS, State of (P. 0. Little Rock).
-The following report on an action taken by the
BOND REFUNDING.
Refunding Board to effect an early exchange of the State's refunding
State
bonds, is taken from a Little Rock dispatch to the "Wall Street Journal"
of Aug. 29'
"The State Refunding Board directed Comptroller Griffin Smith. Secretary of State Edward McDonald and State Treasurer Roy Leonard to go
to New York early in September to exchange refunding bonds for approximately $40,000.000 highway and toll bridge bonds under the control of
the State of Arkansas Bondholders' Protective Committee. The Committee will procure surety bonds to indemnify the State against loss in the
transaction. Similar trips later will be made to St. Louis and Kansas City."
ASHLAND, Boyd County, Ky.-DETAILS ON PWA ALLOTMENT,
The Business Director of the Board of Education confirms the report given
in V. 139. p. 1115, of the loan and grant of $146,000 by the Public Works
Administration for school construction, and he states that the amount of
the loan is $103.000 and the grant is $43,000. The bonds may or may
not be sold to the Federal Government depending on the offers which
may be received from bond dealers but in any event the city desires to
receive the grant on the project. The bonds will bear 4% interest, will be
dated April 1 1934 and will mature from April 1 1936 to 1948, incl. Denom.
$1,000, numbered from 1 to 103. The State Court of Appeals recently
approved the legality of these bonds.
-BONDS VOTED.
-At the
ASHVILLE, Pickaway County, Ohio.
primary election on Aug. 14 the proposal to issue $32,000 sanitary sewer
system construction bonds carried by a vote of 366 to 40.
-BONDS AUTHORIZED,
ATLANTIC CITY, Atlantic County, N. J.
-The City Commission voted August 30 to issue $563,590 of debt-funding
bonds with which to pay the city's tax to the State for highway construction.
It also authorized an issue of $120,273 of bonds with which to pay this year's
instalment on the amount due the State on the soldier bonus. Both issues
carry interest at 4%.
-The following appeared in
BALTIMORE, Md.-TAX COLLECTIONS.
the "Wall Street Journal" of Aug. 29:
City taxes and other accounts collected in Baltimore during the first
seven months of 1934 totaled $34,008,132, or 80.31% of the year's estimated
levy of $42.347,356, according to Herbert Fallin, udget Director. This
compares with $31,024,916 in the same period last year, or 73.81% of the
estimated amount of $42,031,724. Delinquent taxes, interest and penalties collected amounted to $2,925,865. or 97.53% of the estimated amount
of $3,000.000 to be collected this year. This compares with $1,920,226
collected in the same period last year, or 83.67% of the year's total of
$2,295,000.
Operating expenditures of the municipality during the seven months
ended July 31 1934 totaled $16.893,551. or 57.07% of total operating
appropriations for the year, which amount to $29,600,668.
Sept. 1 1934
BANGS INDEPENDENT SCHOOL DISTRICT NO.57(P.O. Brownwood), Brown County, Tex.
-DETAILS ON PWA ALLOTMENT.
The Superintendent of Schools confirms the report given in V. 139,_p. 960.
that the Public Works Ad.ministration approved a loan and grant of 12,300
to the district for school construction and he states that the loan portion of
the allotment will be $9,600, on which 4% bonds will be issued, maturing
on Sept. 1 as follows: $250, 1935 to 1958 and $500, 1959 to 1961. Prin,
and int. (M. & S.) payable at the office of the District Treasurer, at the
First State Bank of Bangs. The said loan will be voted upon Sept. 8.
BATON ROUGE, East Baton Rouge Parish, La.
-BOND OFFERINC.-It is reported that sealed bids will be received until Sept. 6 by the
City Commission for the purchase of a $40.000 issue of city hall bonds.
BEACON, Dutchess County, N. Y.
-BOND OFFERING.
-H, F.
Straney, Commissioner of Finance, will receive sealed bids until 2 p.m.
(Eastern Standard Time) on Sept. 6 for the purchase of $75,000 not to exceed 6% interest coupon emergency relief bonds. Dated Aug. 1 1934.
Denom. $1,000. Registerable as to both principal and interest. Due on
Aug. 1 as follows: $7,000 from 1935 to 1940, incl.; $5,000. 1941:510,000 in
1942 and 1943, and $8,000 in 1944. Bidder to name a single interest rate
for all of the bonds expressed in a multiple of ki or 1-10th of 1%. Principal
and interest (F. & A.) payable in lawful money of the United States at the
Fishkill National Bank, Beacon. A certified check for $1,500, payable to
the order of the city, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
Financial.Statement.
-As of Fiscal Year Ending inTrends1932.
1933.
1934.
Total bonded debt (incl. this issue*)_ _ $1,185,317 $1,251,155
Less water debt
472.333
460,467
447,600
Resulting net debt
712,984
790.688
822,892
Taxable assessed valuation of real
estate, incl. special franchises
12.090,645 11,721,436 11.586,035
a Operating budget
270,106
433,316
403,972
x Debt service
76,301
70,969
76,135
x Gross budget
346,407
504,283
480,107
x Tax rate per $1,000
28.66 ' 26.45
24.37
x Include school budget and tax rate for schools when school district and
reporting municipality are coterminous. Exclude proportion of overlapping tax district; for example, cities will not report proportion of county
levy.
Debt Statement,
Funded Debt (As of Aug. 11934)
Total funded debt except special assessments (incl. this issue)$1,296,792.00
Total unfunded debt (see below)
125,316.21
Gross debt
$1,422,108.21
Deductions
-Water debt
$447,600.00
Sinking funds (except water)
None
Tax notes
97,000.00
$1.270.492
Total deductions----------------------------------Net debt
Unfunded Debt(As of Aug. 1 1934)
Tax obligations
Other-Sidewalk assessment notes
Budget deficiency notes
544,600.00
$877,508.21
$97,000.00
8,500.00
19,816.21
Total unfunded debt
$125,316.21
Sinking fund, none. Assessed valuation. $11,586,035.
Tax Collection Report.
Fiscal Year Beginning Jan. 11932.
1933.
1934.
Total ad valorem or gen. property tax $468,774.59 $414.877.85 $381,327.33
Uncollected at end of tax or fiscal year 55,698.19
59,454.95
Uncollected last available date (July
18,579.64
311934)
45,254.46 159,547.10
Uncollected at approximately the same
33,146.62 172,673.85
date last year
a Year not ended. y Second half of levy starts Aug. 1.
-BOND ELECTION.
BEE COUNTY (P. 0. Beeville), Tex.
-An election will be held on Sept. 21 to vote on the issuance of $165.000 in bonds;
$40,000 for highway widening purposes, and $125.000 for retiring warrant
indebtedness.
BELFAST AND CANEADEA UNION FREE SCHOOL DISTRICT
NO. 1 (P. 0. Belfast), Allegany County, N. Y.
-BOND SALE.
-The
$30,000 coupon or registered school bonds offered on Aug. 23-V. 139.
-were awarded as 4s to the Citizens Trust Co. of Fredonia, at par
P• 963
plus a premium of $60. equal to 100.20. a basis of about 3.98%. Dated
Sept. 1 1934 and due $1,500 on Sept. 1 from 1935 to 1954 incl.
BEVERLY AND SALEM (Cities of), Mass.
-AGREE ON $500,000
WATER PROJECT.
-At a recent meeting of officials of both cities in the
Beverly city hall, tentative approval was given to the proposed $500,000
water filtration plant to serve both communities. The plant would be
built on shores of Wenham Lake in North Beverly, wttich is the water
supply for the two citieis. Under the agreement discussed the work would
be done as an Emergency Relief Administration project and would provide
employment for six months for 400 men. Beverly would pay one-third
and Salem two-thirds. The Federal Government would advance $200,000
for labor.
BIG LAKE DRAINAGE DISTRICT,Scott and Mississippi Counties,
Mo.-BOND REFINANCING PROCEDE RE COMPLETED.
-The following report is taken from the St. Louis "Globe-Democrat" of Aug. 20:
"The loan by the Reconstruction Finance Corporation to the Big Lake
Drainage District of Scott and Mississippi counties, Mo.. to liquidate its
outstanding bonded indebtedness, was closed last week, and checks nave
been sent out to bondholders who deposited their bonds in consenting to
the plan.
"The loan amounted to $450.45 on each $1.000 of par value of bonds,
and an additional 3113.92 was paid out by toe district itself from accumulated funds, making a total of $564.37 on the $1,000 par of bond.
The $113.92 really represents a lump sum payment on account of back
coupons.
"There were about 5110.000 of bonds outstanding when the loan was
closed, of which about $110,000 were deposited with tne committee represented by Humphrey, Jacques & Co. This is one of the smaller drainage
districts. There had been 5208.000 of bonds in all when the issue was
put out in 1917.
"Default occurred on maturities in June of 1931 and on several subsequent maturities, and wnlie funds accumulated since then for coupon
payments, the district was unable to make payments because of litigation."
-It is
BIRMINGHAM, Jefferson County, Ala.
-BOND OFFERING.
reported that sealed bids will be received until Sept. 4 by Eunice S. Ilewes,
City Clerk, for the purchase of an issue of $140,000 refunding bonds.
BISMARCK SCHOOL DISTRICT(P.O. Bismarck) Burleigh County,
N. Dak.-BOND OFFERING.
-Sealed bids will be received until 8 P. m.
on Sept. 7 by R. Penwarden, District Clerk, for the purchase of a $203.000
issue of 4% semi-ann. school bonds. Denom. $1,000. Dated May 15
1934. Due $10,000 from 1935 to 1940 and 511.000, 1941 to 1953. No bid
in an amount of less than par and accrued interest will be considered.
(These are the bonds that were purchased on May 31 by the Public
Works Administration.
-V. 138, p. 4329.)
BLAIR, Washington County, Neb.-BOND SALE.
-It Is stated that.
a $60.000 issue of refunding bonds was sold on August 21 as 435s, at par.
divided as follows: $41,000 to Wachob, Bender & Co. of Omaha, and the
remaining $19,000 to a local investor.
BOSTON, Suffolk County, Mass.
-SELLS 33,000.000 NOTES.
Award was made on Aug. 31 of $3.000.000 poor relief notes to a group
composed of Halsey, Stuart & Co.. Inc.. Hemphill, Noyes & Co. and G.
M.
-P. Murphy dr Co., all of Boston, at 1.59%. plus a premium of $26. No
other bids was received. Notes mature April 15 1935 and are being reoffered by the bankers to yield 1.25%.
BRADLEY COUNTY (P. 0. Cleveland), Tenn.
-BOND ELECTION.
-An election is scheduled for Sept. 8 to vote on the issuance of $44.500 in
bonds, of which $24.500 are for a new jail and $20,000 for school improvements. It is stated that the jail bonds are to be put up as collateral for
a loan from the Public Works Administration.
Volume 139
Financial Chronicle
-REFIBRIGHTON (P. O. Rochester), Monroe County, N. Y.
-Taxpayers in the town have approved a plan
NANCING PLANNED.
to reduced next year's tax levy by refinancing maturing street improvement
bonds amounting to approximately $250,000. The Town Board must
approve this action. The plan calls for extending the principal of the
maturity over the next 10 years.
-BOND REFUNDING
BURLINGTON, Kit Carson County, Colo.
-The Town Council is said to be making arrangements
CONTEMPLATED.
for refunding a total of $122,000 bonds in the near future.
-At the
-BONDS VOTED.
BVESVILLE, Guernsey County, Ohio.
primary election on Aug. 14-V. 139, p. 801-the proposal to issue $60,000
general sewerage bonds carried by a vote of 649 to 112.
-CONFIRMATION OF
CADDO PARISH (P. 0. Shreveport), La.
-The Treasurer of the Police Jury confirms
FEDERAL ALLOTMENT.
the report given in V. 139. P. 1268, of the loan and grant of $505,300 for
road construction being approved by the Public Works Administration.
-An
C hiMBRI DGE, Middlesex County, Mass.
-TEMPORARY LOAN.
issue of $400,000 tax anticipation notes was sold at private sale recently
to the First Boston Corp. Dated Aug. 27 1934 and due on July 26 1935.
-BOND REFUNDING AUTHORCAMDEN, Camden County, N. J.
IZED.
-The City Commission on Aug. 13 authorized the refunding of
$789,000 tax refund and $105,000 general street improvement bonds
maturing Sept. 11934.
CAMILLUS COMMON SCHOOL DISTRICT NO.3(P.O. Syracuse),
-At an election held on
Onondaga County, N. Y.
-BONDS VOTED.
Aug. 15 toe voters authorized the issuance of $100,000 school building construction bonds. The Public Works Administration has already agreed
to furnish a loan and grant of $142,200.
CARLSBAD IRRIGATION DISTRICT (P. 0. Carlsbad), Eddy
-In connection with
County, N. Mex.-BOND ELECTION DETAILS.
the report given in V. 139, p. 1118,to the effect that an election is scheduled
for Aug.31 to vote on the issuance of $2,250.000 in dam construction bonds.
the District Secretary states that the election is to authorize a contract
between the district and the U. S. Reclamation Service for the repayment
of funds expended by the said Service.
CAROLINA BEACH (P. 0. Wilmington) New Hanover County,
N. C.
-The $12,500 in judgment funding notes that were
-NOTE SALE.
authorized recently
-are said to have been purchased by
-V. 139, p. 1118
the Wilmington Savings & Trust Co. of Wilmington. at 6%.
CARROLL UNION FREE SCHOOL DISTRICT NO. 2(P. 0. Frewsburg), Chautauqua County, N. Y.
-BOND SALE POSTPONED.
The date of sale of the issue of $28,000 407 series A of 1934 coupon school
bonds, originally set for August 31-V. 139, p. 1272
-has been postponed
to September 7. The original sale notice was irregular inasmuch as it
did not comply with the recent amendment of Sec. 480 of the Education
Law and Sec. 9 of the Municipal Law. The revised notice states that the
bonds are to bear interest at not to exceed 407. Single rate to be named
or 1-10 of 107. Dated Sept. 15
by the bidder, expressed in a multiple of
1934. Denom. $1,000. Due $2,000 on Sept. 15 from 1935 to 1948 incl.
Principal and interest (M. & S. 15) payable in lawful money of the United
States at the Bank of Jamestown, Jamestown. A certified check for 2%
of the bonds bid for, payable to L. R. Warn, Treasurer, must accompany
each proposal. The approving opinion of Jude & Johnson of Jamestown,
New York, attorneys for the said School District will be furnished to the
purchaser without cost.
-An election
CASHTON, Monroe County, Wis.-BOND ELECTION.
was held on Aug. 28 to pass on the issuance of $10,000 in 4% coupon community recreation hall bonds. Denom. $500. Dated Sept. 15 1934.
Due 31,000 from Sept. 15 1935 to 1944 incl. Prin. and int.(M & S 15)
payable In lawful money of the United States of America, at the Bank of
Cashton.
-The 328.900
-BOND SALE.
CHANDLER, Lincoln County, Okla.
issue of water works extension bonds offered for sale on Aug. 21-V. 139,
-was purchased by the Union National Bank of Chandler, as 5s.
p. 1272
-BONDS APPROVED.
CHARLOTTE, Mecklenburg County, N. C.
The City Council is reported to have approved recently the following bonds.
aggregating $143,000: $44,000 sanitary sewer. 321,000 storm sewer. $29,000
street widening. 322.000 fire station and jail. and 327.000 water bonds.
(Loans and grants aggregating $194,800 were approved by the Public
Works Administration.)
CHESANING SCHOOL DISTRICT, Saginaw County, Mich.
BONDS VOTED.
-At an election held on Aug. 20 the proposal to issue
$17,000 five-year Chesaning High School Bldg. Improvement bonds
carried by a vote of 171 to 71. It is expected that the bond issue will be
supplemented by a Federal grant.
-NOTICE TO HOLDERS OF BONDS
CHICAGO, Cook County, Ill.
DUE JAN. 1 I935.
-A syndicate composed of the First National Bank of
Chicago, the Harris Trust & savings Bank, Continental Illinois National
Bank & Trust Co., the Northern Trust Co. and the City National Rana &
Trust Co., all of Chicago, under date of Aug. 28 offered to holders of
310,000.000 4% city bonds due Jan. 1 1935. the privilege of purchasing
refunding bonds at par and interest in exchange for their maturing bonds at
par and Interest. Under an agreement with the city, the bankers have
agreed to supplement funds on hand sufficiently to finance the payment of
all unexchanged bonds to Jan. 1 1935 an have reserved the right to withdraw without notice the present offer of exchange. The refunding bonds.
Issue of 1935. are described as follows: Dated July 1 1934. Coupon in
denoms. of 34.000, registerable as to principal only, if desired. Due July 1
1954. Principal and interest (J. & J.) payable at the City Treasurer's
office or at the office of the fiscal agent of the City in New York City. The
following additional information with regard to the exchange offer (which
is not applicable to any maturing Chicago Board of Education bonds) and
pertaining to those city bonds due Jan. 1 1935 which are not to be refunded
but will be paid In cash from sinking funds is taken from the official advertisement of the banking group:
These refunding bonds, in the opinion of counsel, will constitute direct
and general obligations of the City of Chicago, payable, principal and interest, from ad valorem taxes without legal limit leviet. against all the taxable
property therein and the full faith and credit of the city will be pledged for
their payment. Such ad valorem taxes have been levied to be collected
annually to create a sinking fund for the service of these bonds.
Refunding bonds are expected to be ready for delivery on or about
Sept. 5 1934, and inasmuch as this offer of exchange is subject to cancellation without notice, holders of maturing bonds electing to take advantage
of this privilege must deliver their present holdings promptly to any of
the undersigned. Refunding bonds can only be delivered upon a simultaneous cancellation of the maturing bonds to be so refunded. Bonds tendered
for exchange must have attached coupon due Jan. 1 1935, which must be
canceled.
Sufficient funds will be available in the sinking fund to retire the following
maturing bonds aggregating $2,449,900, and these issues, therefore, will be
paid in cash and cannot be refunded:
$30,000 Fire Department Rehabilitation and Improvement 4% Series 1926,
Nos. 516 to 595, inclusive.
500,000 Judgement Funding 4%, Series 1919, Nos. 6501 to 7000. incl.
300,000 Ogden Ave. St. Improvement 4%, Series 1919, Nos. 3901 to
4200. inclusive.
119,000 Police Department Building 4%, Series 1915, Nos. C-1801 to
0-1990. incl., D-361 to D-400. incl., M-721 to M-800. inclusive.
900 River Improvement Refunding 4%, Series 1915, Nos. C-941 to
C-949. inclusive.
7,
450,000 General Corporate 50 Series 1921, Nos. 5301 to 5750, incl.
1,000,000 Refunding bonds of 1932. 5%, Nos. 1999 to 2998, inclusive.
CHRISTIANSBURG SCHOOL DISTRICT (P. 0. Chiistiansburg)
% semi-ann.
Montgomery County, Va.-MATURITY.-The $30,000
school bonds that were purchased by the First National Bank of Christiansburg, at a price of 102.60-V. 139, p.801-are stated to be due in from 110
20 years, giving a basis of about 4.18% •
CLARIDON TOWNSHIP (P. 0. Middlefield), Geauga County,
-F. W.Snow. Clerk of the Board of Trustees,
-BOND OFFERING.
Ohio.
will receive sealed bids until 12 m. on Sept. 12 for the purchase of $2,000
607 refunding bonds. Dated Aug. 1 1934. Denom. $200. Due $200 on
Oct. 1 from 1936 to 1945, incl. Interest is payable in A. & 0. Bids for
the bonds to bear interest at a rate other than 6%,expressed in a multiple
of st of 1%, will also be considered. A certified check for $50, payable to
the order of the Board of Trustees, must accompany each proposal.
1433
-William
-BOND OFFERING.
CLIFTON, Passaic County, N. J.
Miller, City Clerk, will receive sealed bids until 8:30 p.m. on Oct. 2 for the
purchase of 375,000 4,4 X,4Si 4% or 5% coupon or registered water supply
system bonds. Dated Sept. 1 1934. Denom. $1.000. Due Sept. 1
as follows: $2,000 from 1935 to 1955, incl., and $3,000 from 1956 to 1966,
incl. Prin. and in (M. & S.) payable in lawful money of the United
States at the Clifton Trust Co., Clifton, or at the Manufacturers' Trust
Co., 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.
-BOND OFFERING.
COLUMBIANA COUNTY (P.O. Lisbon), Ohio.
-Sealed bids addressed to the Clerk of the Board of County Commissioners,
the purchase of $20,000 607 road
will be received until 12 m.on Sept. 10 for
32.000
resurfacing bonds. Dated Aug. 1 1934. Denom. $1,000. DueM.& S.
March 1 and Sept. 1 from 1935 to 1939,incl. Interest is payable in
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
multiple of Si of 1%, will also be considered. A certified check for 5%.
payable to the order of the Board of County Commissioners, must accompany each proposal.
-WARRANT CALL.
CONEJOS COUNTY (P. 0. Conejos), Colo.
The County Treasurer is reported to be calling for payment at his office
and school warrants. It is said that interest on the county
various county
warrants shall cease on Sept. 9 and on the school warrants it shall cease
Sept. 30.
-AUGUST BORROWINGS REACH
CONNECTICUT (State of).
-J. William Hope. State Treasurer, recently announced that
S2.000,000.
of
borrowings so far during August for current needs have reached a total at
Hartford banks
32.000,000. All of the money has been obtained from the current month
1% interest on three-months notes. The loans during
have increased the total amount outstanding to 34,500.000, it is said.
CORTLANDT (P. 0. Peekskill), Westchester County, N. Y.
.-With regard to the $40,000 4.70% coupon
FINANCIAL STATEMENT
York
or registered bonds awarded on July 31 to Phelps. Fenn & Co. of New been
-the following has
at 100.01, a basis of about 4.69%-V. 139, p. 802
Issued:
Financial Statement.
As of Fiscal Year Ended in
1932.
1933.
1934.
TrendsTotal bonded debt (incl. this
*$718.200.00 3719.387.00 $518,100.00
issue*)
3.100.00
186,800.00
186,200.00
Less: Deductible items
515,000.00
532,587.00
532,000.00
Resulting net debt
Taxable assessed val, of real
54.458.413.00
estate, incl. spec. franchises _51.845,829.00 55.248.041.00
217.823.43
226.011.17
x Operating budget (town only) 441,615.05
x Debt service (incl. special
81.717.92
67,968.91
87,416.00
district)
x Gross budget (less revenue
204,020.80
162.729.83
other than taxes-town only) 410.043.65
x Tax rate per 31.000 (town
6.62
5.16
10.38
only, outside of village)-- -low due to
* Year town operated on budget system; budget amounttax rate for
Include school budget and
surplus from previous years. x
schools when school district and reporting municipality are coterminous.
cities will
Exclude proportion of overlapping tax district; for example,
not report proportion of county levy.
Debt Statement.
Funded debt (as of July 1 1934)
Total funded debt, except special assessments (excl. this issue)3678.200
Special assessment debt
Total unfunded debt
678.200
Gross debt
3186,200
Deductions-water debt
Sinking funds (except water)
Tax notes
Other
S186.205
Total deductions
$492.00
Net debt
Sinking fund
Tax Collection Report.
1931.
1932.
1933.
Fiscal Year Begin. Jan. 1- 1934.
$
$
$
$
Total ad valorem or general
808,344.91 518,954.51 556,880.75 463,548.12
property tax
Uncollected at end of tax or
y187,082.32 68,204.07 51,072.61 28,295.96
fiscal year
Uncollected named. prior
34.202.72 30.218.10 17.882,18
to annual tax sale
38,102.85 21.044.20 12.784.05
Tax liens owned by town_x_
above.
school
liens
f 2 34 for schl district taxes not included
y
Uncollected July
-BOND SALE.COSHOCTON COUNTY (P.O. Coshocton), Ohio.
139, p. 964
The $20,000 coupon poor relief bonds offered on Aug. 24-V.of Coshocton
the Commercial National Bank
were awarded as 3Xs to
basis of about 3.12%.
at par plus a premium of $70. equal to 100.35, a
Dated July 1 1934 and due as follows: 32.200 Sept. 1 1934; $2,100 March 1
and
and Sept. 11935: $2,200 March 1 and Sept. 1 1936; $3,000 March 1
as follows:
.05 re
33BidOS pt. 1 1937, and $3,150 March 1 1938. Other bids were
Premium.
Rate.
Int.
Bidder$101 .Par00
4
Peoples Bank & Trust Co
3 %
State Teachers Retirement System
0
Seasongood & Mayer22.85
10.75
Coshocton National Bank
4.00
Weil, Roth & Irving Co
CANCELED.
-BONDS
CRAIG COUNTY (P. 0. Vinita), Okla.
At a recent meeting the County Excise Board is said to have ordered the
cancellation of $50.000 in water works bonds.
-COURT ORDER RESTRAINS
CUSHING, Payne County, Okla.
-The Interstate Power Co.is reported to have obtained
BOND DELIvnR Y.
Works
a court order restraining this city from delivering to the Public Feb. 1
Administration the 3280.000 of bonds approved by the voters on
plant. A loan and grant of $350,000
for the construction of an electric light
was approved by the PWA-V. 138, p. 1777. The plaintiff alleged fraud
In the election, according to report.
-BOND OFFERING
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
REPORT -It is stated that the amount of refunding bonds to be offered
for sale late in September will be 34.248.000.-V. 139, p. 1119. A rate of
interest up to 6% may be named by bidders. However, in the event of
a lack of bids. the County is forced to resort to bond conversion, then the
interest rate will be limited to 4 Si %,it is said.
-George H. Stabler, Clerk of the Board of County
BOND OFFERING.
Commissioners, will receive sealed bids until 11 a. m. (Eastern Standard
Time) on Sept. 18 for the purchase of $4,248,000 434% coupon or registered
bonds, divided as follows:
32.531,000 refunding bonds. Denom. $1,000. Due as follows: $12e.000
April 1 and $127,000 Oct. 1 from 1940 to 1948, incl., and S126.
April 1 and $128,000 Oct. 1 1949. Payable from taxes levied
limitations.
1.029.000 refunding bonds. Denom. $1,000. Due as follows: 351.000
April 1 and Oct. 1 1940; S51.000 April and $52,000 Oct. 1 from
1941 to 1949. incl. Payable from taxes levied inside limitations.
395,000 refunding bonds. Denom. $1,000. Due as allows: 319.000
April 1 and $20.000 Oct. 1 1940; $20,000 April 1 and Oct. 1
1941: 319,000 April 1 and 120.000 Oct. 1 1942: 320.000 April 1
and Oct. 1 1943; $19,000 April 1 and $20.141111 Oct. 1 1944:
$20,000 April 1 and Oct. 1 1945; 319.000 April 1 and 320.000
Oct. 1 1946; 320,000 April 1 and Oct. 1 1947: $19.000 April 1
and $20,000 Oct. 1 1948: 320.000 April 1 and Oct. 1 1949.
Payable from taxes levied outside limitations.
228,000 refunding bonds. Denom. $1,000. Due as follows: 311.000
April 1 and Oct. 1 1940: 511.000 Mori' 1 and 312.000 Oci% 1
from 1941 to 1944,incl.;$11,000 April land Oct.1 1945; S1 1 .11110
April 1 and $12,000 Oct. 1 from 1946 to 1949, incl. Payable
from taxes levied outside limitations.
1434
Financial Chronicle
48.000 refunding bonds. Denom. $1,000. Due as follows: $2.000
April 1 and Oct. 1 1940; 52,000 April 1 and $3,000 Oct. 1 from
1941 to 1944, incl.; $2,000 April 1 and Oct. 11945; $2,000 April
1 and $3,000 Oct. 1 from 1946 to 1949, incl. Payable from
taxes levied inside limitations.
17,000 refunding bonds. Denoms. $1,000 and $500. Due as follows:
$500 April 1 and Oct. 1 1940: $1,000 April 1 and Oct. 1 1941 and
1942; $500 April 1 and $1,000 Oct. 1 1943; $1,000 April and
Oct. 1 1944; $1,000 April 1 and $500 Oct. 11945; $500 April 1
and $1,000 Oct. 1 1946:$1,000 April 1 and Oct. 1 1947 and 1948;
$500 April 1 and $1,000 Oct. 1 1949. Payable from taxes levied
inside limitations.
Each issue is dated Oct. 1 1934. The bonds are subject
or in part on Oct. 1 1942, or on any interest payment to call in whole
date thereafter
following passage of a resolution by the Board of County Commissioners.
and publication of same in a newspaper of general circulation in the city of
Cleveland once a week for four consecutive weeks, beginning at least
prior to such date of call. In the event that less than an entire 30 days
issue is
called at any time the bonds are subject to call only in the inverse order of
their numbers. Principal and interest (A. & 0.) payable at the County
Treasurer's office. Bids may be made separately for each issue or for
all or none." Bids may be submitted based on an interest rate other
than
%,expressed in a multiple of H of 1%. All of the bonds
issue must bear the same coupon rate. A certified check for 1%of each
of the
bonds bid for, payable to the order of the County Treasurer, must accompany each proposal. The approving opinion of Squire, Sanders & Dempsey
of Cleveland will be furnished the purchaser. Offering includes the $293.000 bonds which failed of sale on Aug. 2-V. 139, p. 964.
Sept. 1
1934
Knowles, 1.39%; W.0. Gay & Co., 1.39%; Newton. Abbe & Co.. 1.43%;
G. M.
-P. Murphy & Co., 1.44% and Faxon, Gade & Co.. 2.23%.
FARMINGTON SCHOOL DISTRICT (P. 0. Farmington) St.
Francois County, Mo.-BONDS VOTED.
-At the election held on Aug.21
-V. 139. p. 1119
-the voters approved the issuance of $13,500 in school
building bonds by a wide margin.
FILLMORE, Millard County, Utah.
-BOND CALL.
-It is announced
by Lottie Robison, City Treasurer, that the following bonds, for $1,000
each, are called for payment on Oct. 1, on which date interest shall cease:
$5,000 refunding water works and $20,000 water works bonds, dated
Oct. 1 1922. Due on Oct. 1 1942 and optional at any time on or after
Oct. 1 1932. Funds for the payment of said bonds and the interest due
thereon will be on deposit at the place designated in said bonds on and
after Oct. 1 1934.
FINDLAY CITY SCHOOL DISTRICT, Hancock County, Ohio.BOND SALE.
-The $36,000 refunding bonds offered on Aug. 2'7-V.
p.964
-were awarded as 430 to Stranahan, Harris & Co. of Toledo at139.
par
plus a premium of $119, equal to 100.33. a basis of about 4.19%. Dated
Sept. 1 1934 and due as follows: $1,000, March 1, and $2,000 Sept. 1 from
1936 to 1939, incl., and 52.000 March 1 and Sept. 1 from 1940 to 1945,incl.
The following is a list of the other bids submitted at the sale:
BidderInt. Rate. Amt. Bid.
Provident Savings Bank & Trust Co
$36,043.20
4)V
Fox, Einhorn & Co., Cincinnati
44
36,122.65
Seasongood & Mayer, Cincinnati
4 .7*
36,112.85
The Well, Roth & Irving Co., Cincinnati
5Hq
36,028.00
Stranahan, Harris & Co., Toledo
43(V
36,119.00
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
Ohio Bank & Savings Co., Findlay
41
36,107.50
Ohio.
-BOND OFFERING.
-A, B. Season, Clerk-Treasurer of the Board
State Teachers Tetirement System
36,010.00
of Education, will receive sealed bids until 12 M.(Eastern Standard Time)
Johnson, Kase & Co.. Cleveland
4H
36,114.00
on September 10 for the purchase of $25,000 53 % bonds,divided as follows:
McDonald-Callahan-Richards Co., Cleveland
36.187.00
43
$20,000 refunding bonds, payable outside of tax limitations.
5,000 refunding bonds, payable from ample taxes levied within tax
FINDLAY, Hancock County, Ohio.
-BOND OFFERING.
-Charles
E. Simpson, City Auditor, will receive sealed bids until 12 m. (Eastern
limitations.
Each issue is dated April 1 1934. Interest is payable in A. & 0.
Standard Time) on Sept. 15 for the purchase of $47,500 6% refunding
for the bonds to bear interest at a rate other than 53.%, expressed Bids
bonds. Dated Oct. 1 1934. Denom.$500. Due Oct. 1 as follows: 114.500
in a
multiple of 3j of 1%, will also be considered. A certified check for 2%
from 1936 to 1940, incl. and $5,000 from 1941 to 1945, incl. Principal and
of the bonds bid for, payable to the order of the Treasurer of the Board
annual interest (Oct. 1) payable at the City Treasurer's office. Bids for
of Education, must accompany each proposal.
the bonds to bear interest at a rate other than 6%,expressedln a multiple
of H of 1%, will also be considered. A certified check for $1,000, payable
DALLAS, Dallas County, Tex.
to the order of the City Auditor, must accompany each proposal. Expense
-BOND OFFERING -Sealed bids will
be received by Earl Goforth, City Secretary, until 1.45 p. m. on Sept. 12.
of printing the bonds will be borne by the City. Delivery outside of Findlay
for the purchase of a $400.000 issue of 4% coupon street opening and
will be made at purchaser's expense. All proceedings incident to the proper
widening bonds. Denom. $1,000. Dated Sept. 1 1934. Due $13.000 each
authorization of this issue of bonds shall be approved by Messrs. Squire,
year, except $14,000 each third year, from March 1
Sanders & Dempsey of Cleveland. Ohio, whose opinion as to legality of the
1964 incl.
Prin. and int.(M.& S.) payable at the Chase National 1935 to New York
bonds will be procured by the city at its own expense.
Bank in
City. The city will furnish lithographed bonds, the approving opinion of
FOREST CITY, Winnebago County, lowa.-BONDS VOTED.
the State's Attorney-General, and the approving opinion of Clay. Dillon
-At
an election on Aug.20 the voters approved the issuance of $28,000 in sewage
& Vandewater of New York. Bids will be received for all of the said bonds to
disposal plant bonds by a wide margin.
bear 4% interest. Toe Republic National Bank & Trust Co. of Dallas.
will certify as to the genuineness of the seal and signatures on said bonds. A
BOND OFFERING.
-It is stated that both sealed and open bids will be
certified check for $10,000. payable to the city, must accompany the bid.
received at 3 p. m. on Sept. 12, by W. C. Haugland, City Clerk, for the
purchase of a 528.000 issue of sewage treatment plant bonds. Interest
DANBURY,Fairfield County,Conn.-TAXSITUATION UNSATISrate is not to exceed 4%, payable semi-annually. (A loan and grant of
FACTORY
.-A dispatch from the town to the "Boston News Bureau" of
$40,600 has been approved by the Public Works Administration.)
Aug. 27 stated as follows: "In an audit of the town's finances for the 93. FRESNO, Fresno County, Calif.
-BOND SALE DETAILS.
-In conmonth period ending June 30, it was reported the finances of the
nection with the sale on Aug. 23 of the $35,000 storm sewer bonds to the
in bad condition and that many taxpayers are on a "tax strike.' town are
Showing
Harris Trust & Saving's Bank of Chicago. as 35es. together with the sale of
that uncollected taxes at the end of the period totaled $635,685. the report
the $375,000 auditorium bonds as 3 Hs and 3Hs
-V. 139, p. 1273
said the town finances showed 'a frightful uncollected tax condition,' and
-we are
now informed that the small issue was awarded at a price of 100.07, a basis
that the amount due the town equals 98% of one year's tax bill. During
of about 3.48%. Due on Sept. 1 as follows: $3,000 in 1935 and $2,000.
the 9 -month period audited, a total of $138,269 in taxes were unpaid."
1936 to 1951. All of the bonds are dated Sept. 1 1934. Legality lobe
DAYTON, Montgomery County, Ohlo.-BOND OFFERING.
approved by Orrick, Palmer & Dahlquist of San Francisco.
-Earl
Hagerman, Director of Finance, will receive sealed bids until Sept. 14 for the
FRESNO COUNTY (P. 0. Fresno) Calif.
-LIST OF BIDDERS.
purchase of $300,000 6% deficiency bonds. Dated Oct. 1 1934 and
The following is an official list of the bids received for the $280,000 issue of
Sept. 1 1946. The issue was authorized at the primary election on Aug.due
14.
coupon Hall of Records bonds that was awarded jointly to Dean Witter
DEDHAM, Norfolk County, Mass.
-TEMPORARY LOAN.
& Co.. and Heller, Bruce & Co., as reported in V. 139. p. 1273:
-The
Merchants National Bank of Boston was awarded on Aug. 29 a $100,000
Dean Witter & Co., Heiler, Bruce & Co. 5 331% per annum on
revenue anticipation loan at 0.42% discount basis, plus a premium of $2.
$220,000 par value, maturing Jan. 11940. to Jan. 1 1959. inclusive;
%
Due March 2 1935. Other bidders were: New England Trust Co.,
per annum on $60,000 par value, maturing Jan. 1 1960 to Jan. 1 1964, incl.,
0.448%; Whiting, Weeks & Knowles, 0.45%; Faxon, Gade & Co., 0.46%;
premium $461.00.
plus
National Shawmut Bank,0.47%; G. M.
-P. Murphy & Co., 0.48%; Boston
R. H. Moulton & Co.
-4H% per annum on $55,000 par value. maturing
Safe Deposit & Trust Co.. 0.60% plus $6; W.0. Gay & Co.. 0.77%, and
Jan. 1 1940 to Jan. 1 1944. inclusive; 3% per annum on $225,000 par
Second National Bank of Boston, 0.99%.
value, maturing 1945 to 1964, inclusive, plus premium $133.00.
Blyth & Co., Inc.
-4H% per annum on $77.000 par value, maturing
DEL RIO, Val Verde County, Texas.
-ELECTION DETAILS.
-The
1940 to 1946. inclusive; 3 g% per annum on $203,000 par value, maturing
City Secretary states that the election tentatively reported on in V. 139,
Jan. 1 1947 to 1964, inclusive, plus premium, $56.00.
13• 1119. for municipal water works bonds, will be in the amount of $62.000
Harris Trust & Savings
-44% per annum on $88,000 par value, maturand will be held on Sept. 8.
ing Jan. 1 1940 to 1947, inclusive.: 3H% per annum on 5192.000 par value,
DICKSON CITY SCHOOL DISTRICT, Lackawanna County, Pa.maturing Jan. 1 1948 to 1964, inclusive, plus premium $110.00.
BONDS APPROVED.
-The Department of Internal Affairs of Pennsylvania
Security-First National Bank of Los Angeles
-4% per annum on $165,000
par value, maturing Jan. 1 1940 to 1954. inclusive; 3(% per annum on
on Aug. 20 approved an issue of $75,000 operating expense bonds.
$115,000 par value, maturing 1955 to 1964. inclusive, plus premium,
DULUTH,St. Louis County, Minn.
-DETAILS ON BOND AUTHOR$325.00.
IZATION.
-In connection with the notice given in V. 139. p. 1272. of
Halsey, Stuart & Co.
-4% on $220,000 par value, maturing Jan. 1
the authorization by the City Council of $275,000 in refunding bonds,
1940 to 1959, inclusive: 3PI% per annum on $60.000 par value. maturing
it is stated by the City Auditor, that the bonds are to be issued to take
Jan. 1 1960 to 1964, inclusive, plus premium, $280.00.
care of a part of $300,000 4%% permanent impt. revolving fund bonds
The Anglo California National Bank of San Francisco
-4H% per
which are maturing on October 1. Thee.) bonds were to have been paid
annum on $66,000 par value, maturing Jan. 1940 to 1945, inclusive; 35i%
off from the collection of assessments against city property but these assessper annum on $214,000 par value maturing Jan. 1 1946 to 1964, inclusive.
ments have dwindled so in the past few years that the above refunding is
plus premium, $21.00.
required at the present time. It is stated that local investors have agreed
Weeden & Co.
-3H% per annum on entire issue, plus premium of
to take these bonds and hold them until the city is in better condition.
$857.00.
Brown, Harriman & Co.
DUNKLIN COUNTY CONSOLIDATED SCHOOL DISTRICT
-454% per annum on 5132,000 Par value.
maturing Jan. 11940 to 1951, inclusive; 33.5% per annum on 5148,000 par
NO. 4 (P. 0. Clarkton), Mo.-DETAILS ON FEDERAL ALLOTMENT.
value, maturing Jan. 1 1952 to 1964, inclusive, plus premium of $37.00.
-In connection with the loan and grant of $46,500 for school construction
Wm. R. Staats Co.
that was approved by the Public Works Administration in March
-4% per annum on $110,000 par value, maturing
-V. 138.
January 1940 to 1949, inclusive; 3% per annum on $170,000 par value,
p. 2116
-it is stated that the loan is in the amount of 533.000, dated
maturing 1950 to 1964, inclusive, plus premium of $336.00.
1934 and approved as to legality by Benj. H. Charles of St. Louis. April 1
Bank of America Co.. American Trust Co.
-4H% per annum on $88,000
EAST BLOOMFIELD, Ontario County, N. Y.
-BONDS VOTED.
- par value, maturing Jan. 1 1940 to 1947, inclusive; 4% per annum on
At an election held on August 7 the voters authorized the issuance of
1192,000. par value, maturing Jan. 1 1948 to 1964, inclusive, plus premium
$36,920 water system bonds.
of $369.00.
* Successful bid.
EDEN, Jerome County, Ida.
-DETAILS ON FEDERAL ALLOTGALLIA CO'INTY (P.O. Gallipolis), Ohio.
MENT.
-BOND OFFERING.
-The
-The report given in V. 139, p. 1268, of the approval by the
Public Works Administration of a loan and grant of $6,000 for water
Board of County Commissioners will receive sealed bids until 12 m.on Sept.
17 for the purchase of$13.400 6% poor relief bonds. Dated Sept. 11934.
works system improvements, is confirmed by the Village Clerk and
Due as follows: $170. March 1 and Sept. 1 1935; $180 March 1 and Sept. 1
states that the loan will be for $4,700. secured by 4% bonds maturing
1936;$4,100, March land $4,250, Sept. 1 1937. and $4,350, March 11938.
from July 1 1936 to 1954. Payable at the office of the Village Treasurer,
Principal and semi-annual interest payable at the County Treasurer's office.
ELBERT COUNTY (P. 0. Kiowa), Colo.
-WARRANT CALL.
-The
Bids for the bonds to bear interest at a rate other than 6%, expressed in a
County Treasurer is reported to be calling for payment at his office various
multiple of H of 1%, will also be considered. A certified check for 5% of
county and school district warrants. Interest will cease on the county
bonds bid for, payable to the order of the County, must accompany each
warrants on Sept. 7 and on the school warrants Aug. 28
proposal.
ENID, Garfield County, Okla.
GILROY, Santa Clara County, Calif.
-BOND SALE.
-A $29,000
-BOND CALL.-Eichard H. Bell,
City Treasurer, has announced that the following bonds are called for
Issue of municipal water works bonds was awarded on Aug. 21 to Weeden
payment at the Manufacturers Trust Co. in New York City, on which
& Co. of San Francisco, paying par on $10,000 as 4s, and the remaining
date interest shall cease: Nos. 61 to 75, and 81 to 90 of the park
$19,000 as 3Hs. The voters approved the issuance of $37.000 in 4%
issue of 1919: Nos. 82 to 90 and 92 to 108 of the sewer disposal bonds,
water works bonds on May 7-V. 138, p. 3477. Other bidders were:
bonds,
issue of 1919: Nos. 7 to 9 of the playground bonds, issue of 1919: Nos. 129
Anglo-California National Bank, par, 3N% interest, no premium; Heller
to 160, and 172 to 192 of the water works extension and improvement
Bruce Co., par, 4%, $49 premium; Bankamerica Corp.. par, 31%. $39
bonds of 1919; Nos. 107 to 113, and 126 to 150 of the convention hall bonds
premium; Brown, Harriman & Co., par, 3% interest, $113 premium.
of 1919. Bonds dated Oct. 11919. Due on Oct. 11944, optional in 1934.
GOOSE CREEK Harris County, Tex.
-BOND ELECTION.
-It is
ESSEX COUNTY (P.O. Newark), N.J.-BOND SALE.
reported that the City Council has called an election for Oct. 20 to vote
-Z.G.Crane,
County Treasurer, reports that the Sinking Fund Commission will purchase
on the issuance of 5113,000 in bonds.
an issue of $50,000 park bonds.
GREENE COUNTY (P. 0. Snow Hill), N. C.
-BONDS AUTHORIZED -On Aug. 28 the executive committee of the Local Government
EUREKA Greenwood County, Kan.
-BOND SALE.
-The $52,456.40
Commission is said to have authorized the County Commissioners to
Issue of 434 coupon funding bonds offered for sale on Aug. 28-V. 139,
issue not exceeding $100.000 in bonds for court house building purposes.
-was awarded to the Commerce Trust Co. of Kansas City at a
p. 1273
price of98.50,a basis of about 4.72%. Due in from 2 to 12 years. Denom.
GREENVILLE, Pitt County, N. C.
-NOTE SALE.
-A 110.000 issue
$1,000.one for $1,456.40. Dated Aug. 11934. Interest payable F.& A.
of revenue anticipation notes is reported to have been purchased by the
State Bank & Trust Co. of Greenville, at 6%, plus a premium of $250.
EVANSTON, Cook County, Ill.
-BOND ELECTION.
-At the general
Due $5,000 on June 16 and Oct. 10 1935.
election in November one of the proposals to be considered by the voters
concerns the question of authorizing the issuance of $250,000 water works
HAMILTON, Ravalli County, Mont.
-BOND ELECTION.
-It is reextension bonds.
ported that an election will be held on Sept. 11 to vote on the issuance of
$65,000 in sewer plant bonds.
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
Brown Harriman & Co. of Boston and the B. M. C. Durfee Trust Co. of
1' HARMONY,Fillmore County, Minn.
-CERTIFICATES OFFERED.
Fall River, jointly, were awarded on Aug. 27 an issue of $300.000 revenue
Sealed bids were received until 8 p. m. on August 31. by J. M. Rostvold,
anticipation notes at 0.94% discount basis. Due Nov. 6 1934. Other bids
Village Clerk, for the purchase of a $4,500 issue of not to exceed 4H %
were as follows: Fall River National Bank, 1.37%; Whiting, Weeks &
paving certificates.
P
Volume 139
Financial Chronicle
1435
"All proposals to issue and sell bonds first must have the approval of the
citizens bond advisory committee and it has been obtained in all the sales
made. It also was agreed by the City Council that the maximum amount
sold in any one calendar year should not exceed 1-10th of the total amount
voted, which limited it to $3,200,000 a year. If this amount was not sold
In any such year, however, it might be used in succeeding years, if needed.
"So by the time the bonds now before the Council for approval actually
are sold the maximum for the four years since the bond election will have
been reached."
-A
-BOND SALE.
KANSAS CITY, Wyandotte County, Kan.
$17,850 issue of 3%% semi-ann. internal improvement, road repair bonds
reported to have been purchased by the Commercial National Bank of
is
Kansas City, paying a premium of $351, equal to 101.96, a basis of about
3.11%. Due in from 1 to 10 years.
-BONDS DEFEATED.
KEARNEY COUNTY (P. 0. Lakin), Kan.
-the voters rejected the
At the election held on Aug, 7-V. 139, p. 803
proposal to issue $45,000 in court house and jail bonds. 1n V. 139. p. 1274.
we reported that the voters had approved these bonds.)
KERN COUNTY UNION HIGH SCHOOL DISTRICT (P.O. Bakers-BOND ELECTION-It is stated that an election will be
field), Calif.
held on Sept. 14 to vote on the issuance of $230,000 in bonds for the purchase of school lots and building construction.
KEWAUNEE COUNTY JOINT SCHOOL DISTRICT NO. 1 (P. 0.
-In connection with the sale of
Algoma), Wis.-BOND SALE DETAILS.
the $97,000 4% semi-ann. school bonds to the Milwaukee Co. of Milwaukee
-it Is now stated that the bonds mature on March 1
-V.138, p. 4497
in June
as follows: $6,000, 1935 to 1942, and $7,000, 1943 to 1949, and they were
sold at a price of 100.309, a basis of about 3.95%.
K1TSAP COUNTY SCHOOL DISTRICT NO. 59 (P. 0. Port
-Sealed bids will be received until
-BOND OFFERING.
Orchard), Wash.
10 a.m. on Sept. 8 by F. C. Wyckoff. County Treasurer, for the purchase of
5%, payable
a $4,500 issue of school bonds. Interest rate is not to exceed
semi-annually. Dated Aug. 15 1934. Bonds to run for a period of 20
various annual maturities of said bonds will commence with
years. The
the second year after the date of issue of the bonds and will (as nearly as
on the outpracticable) be in such amounts as will, together with interest payment of
standing bonds, be met by an equal annual tax levy for the
said bonds and interest. Prin. and int. payable at the office of the County
Treasurer. A certified check for 5% is required. (These are the bonds
that were offered for sale on July 21-V. 139, p. 312.)
KNOX COUNTY (P. 0. Edina), Mo.-DETAILS ON FEDERAL
-It is stated by the County Clerk that the report given
ALLOTMENT.
In V. 139, p. 1115, of the loan and grant of $80,000 for court house construction received the approval of the Public Works Administration, is
correct and that the loan portion is $60,000, represented by 4% semi-ann.
bonds due from 1936 to 1954.
-The
-BONDS NOT SOLD.
LACKAWANNA, Ulster County, N. Y.
$528.000 not to exceed 6% interest coupon or registered deficiency and
on Aug. 24-V. 139. p.
bridge bonds, comprising three issues, re-offered
-failed of sale, because of a lack of bids. At the initial offering on
965
Aug. 3 there were no bids.
Financial Statement.
-As of Fiscal Year Ending in- As of June 30
1934.
1933.
1932.
TrendsTotal bonded debt (including
e
;n0
$1,852,7g 1e*$2,326.1gf1A0
, 40
$2,003,316;ne
this Issue*)
Less: Deductible items
of
Taxable assessed valuation
real estate, Including special
36,194,137.00 49,224,132.00 42,116.784.00
franchises
564,249.25
811,082.45
-BOND ELECTION-An elec630,074.25
Tenn.
JACKSON, Madison County,
xOperating budget
147.983.85
286,699.53
119,990.78
tion is said to be scheduled for Oct. 4 to vote on the proposed issuance of
xDebt service
712.233.10
750,065.03 1,098,781.98
$85,000 in bonds, divided as follows: $55,000 high school and $30.000
xGross budget
12.97
18.36
17.96
Incinerator bonds.
xTax rate per M
x Include school budget and tax rate for schools when school district
-DETAILS ON FEDERAL
JACKSON, Madison County, Tenn.
and reporting municipa.ity are co-terminous. Exclude proportion of overFUND ALLOTMENT.
-In connection with the loan and grant of $69,300
lapping tax district-for example, cities will not report proportion of
for school construction and park development that was approved recently
county levy.
-we are now in-V. 139, P. 1115
by the Public Works Administration
formed that the loan will be in the amount of $55,000 ,on which the bonds
Debt Statement
will be dated Aug. 1 1934 and will mature from Aug. 1 1937 to 1963.
Funded Debt (as of June 30 1934). Unfunded Debt (as of June 30 1934).
None
Tax anticipation obligations
Total funded debt, exMo.-BOND OFFERING.
None
JACKSON COUNTY (P.0. Independence),
Tax delinquent obligations_
cept special assess-Sealed bids will be received until 11 a.m. on Sept.5 by Truston W.Kirby,
$1,144,108.33
ments
County Treasurer, for the purchase of a $250,000 ,ssue of parental school
Special assessment debt 654,061.47 Bond anticipation notes: $350.000
bonds. Bidders to name the rate of interest in multiples of j.4, of 1%.
(Due Aug.7 1934)
Total unfunded debt
Split-rate bids or bids for less than the entire issue will not be considered.
350,000.00
(see opposite)
Denom. $1,000. Dated Sept. 1 1934. Due on Sept. 1 1954. Prin. and
2,148,169.80 Other: None
Gross debt
int. payable at the Commerce Trust Co. in Kansas City or at the Guaranty
$350,000
Trust Co. in New York. at the option of the bidder. Bids must be subNone Total unfunded debt
Deduc'ns-Water debt.
mitted on forms furnished by the County Treasurer. The approving opinSinking funds (except
ion of Benj. II. Charles of St. Louis will be furnished. A certified check
None
water)
for $2.500 must accompany the bid.
None
Tax notes
Bidders to name the rate of interest In multiples of X of 1%. Split-rate
None
Other
bid or bids for leas than the entire issue will not 1313 considered. The interest
on these bonds is exempt from all Federal and State income taxes. Bids
None
Total deductions
must be submitted on forms furnished by the County Treasurer. Bonds
$2,148,169.80
Net debt
will be awarded to bidder offering par and accrued interest for bonds bearing lowest rate, and if two or more bidders specify the same interest rate,
Sinking fund-None.
then to such of said bidders a* offers highest premium. Prior to May 8
Tax Collection Report:
1929 the county had no bonded indebtedness. Since that date there have
Fiscal Year BegInning Jan. 1
been issued $10,000,000 road and bridge bonds. $500.000 County Hospital
1931.1933.
bonds, $200,000 Independence Court House and Jail bonds. 81,098,742.28
(Last three years),
1 065
Judgment funding bonds and $4,000,000 Kansas City Court House and Jail
Total ad valorem or general prop.tax _$834,923.19 $752932170 $996,248.99
bonds. The bonds now being offered are a $250,000 issue for the purpose
Uncollected at end of tax or fiscal year 43,052.65 61.322.74 *322.750.63
57,098.40
37.115.58
of purchasing land and building thereon a place for the detention of de22,303.07
Uncollected June 30 1934
linquent and dependent children, to be known as a "Parental School."
*Account litigation.
The bonds now being offered were authorized by a more than two-thirds
-To be paid by tax levy: 1934, 895,000:
Bond principal maturing
vote of the voters of the county, voting at an election held on May 26 1931.
1935,$178,578.30; 1936, $171,578.30; 1937, $159,578.30; 1938, $107.578.30.
The issuance of the bond now being offered will complete the sale of all
bond so authorized at the present time. The approving opinion of Benj.
LAGUNA HIGH SCHOOL DISTRICT (P. 0. Santa Ana), Orange
Enclose a certified check
H.Charles, Esq., of St. Louis, will be furnished. -It is stated by the County
-BONDS PARTIALLY SOLD.
County, Calif.
for $2,500.
Clerk that a $30,000 block of the 675,000 school bonds that were offered
-was purchased on
July 24-V. 139, P. 478
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
- for sale without success on
-BOND SALE.
Aug. 7 by the Citizens Bank of Laguna Beach. It is reported that the
A $32,000 issue of road bonds was purchased recently by the Commerce
$45.000 of bonds is still on sale.
of Kansas City, as 3i6, at a price of 100.27, a basis of about
remaining
Trust Co.
-The
3.20%. Due from Aug. 1 1935 to 1944 incl.
-BOND SALE.
LAKE COUNTY (P. 0. Painesville), Ohio.
-were awarded
JOHNSTOWN COMMON SCHOOL DISTRICT NO. 18 (P. 0.
$18,800 poor relief bonds offered on Aug. 27-V. 139. p. 965 a premium of
-BOND SALE.
as 45 to the First National Dank of Painesville at par plus
Johnstown), Fulton County, N. Y.
-The $13,000 reg-were awarded
$51.50, equal to 100.27,a basis of about 3.86%. Dated July 1 1934 and
istered school bonds offered on Aug. 29-V. 139. p. 1273
due as follows: $1,500 Sept. 11934;$1,400 March 1 and $1,500 Sept. 1 1935:
as 4%s to the Manufacturers & Traders Trust Co. of Buffalo, at par plus
$1.500 March 1 and $1,600 Sept. 11936;$3,600 March 1 and $3,800 Sept. I
a premium of $47.84, equal to 100.36, a basis of about 4.20%. Dated
1937; $3,900 March 1 1938.
Sept. 1 1934 and due $1,000 on June 1 from 1936 to 1948 incl. Other bids
were as follows:
-REPORT ON BONDED DEBT.LAKELAND, Polk County, Fla.
Premium,
Int. Rate.
Bidder
The following is taken from a Lakeland dispatch to the Jacksonville"Times
Par
Johnstown Bank
Union" of Aug. 23:
Par
Peoples Bank of Johnstown
"Retirement of 464 city bonds during the past 11 months has cut the
$2.60
Graham, Parsons & Co
municipal bonded debt to $7,766,500, according to a report which shows
KANSAS CITY, Jackson County, Mo.-STATEMENT ISSUED ON
transactions in the City Treasurer's office up to Aug. 1. It is believed that
PLAN BONDS.
following report is taken from the Kansas
500 will have been taken out of circulation by the time the fiscal year
-The
-YEAR
10
closes Aug. 31.
City "Star" of Aug. 20, regarding the authorization of bonds by this city
"A little more than three years ago the bonded debt reached its peak of
-Year Plan" of financing:
May, 1931, under the so-called "10
from
-Year Plan bonds of 32 mil$9.256,000 and has been reduced steadily since that time. Cancelations
"A statement showing the condition of the 10
in the 1931-32 period were $492.000, or 492 bonds, in the next year they
lion dollars, voted in May 1931,wasfurnished H.. F. McElroy,City Manager
amounted to $293.000, and it is hoped they will reach $500,000 this year.
to-day, it shows that up to July 31 this year $12,800,000 of the total, or
. Tho eity is in default on $1.138.500 in principal and on 8343.886 in
interest:
.
$3,200,000 for each calendar year, has been authorized for sale; that $11,775,000 of this amount had been sold prior to that date and $1,025,000
of the amount authorized remained unsold at that time.
-VOTE ON UTILITY ISSUE.
LANSING, Ingham County, Mich.
"The statement does not show it, but $625.000 of hospital improvement
At the primary election on Sept. 11 the voters will be asked to pass on the
bonds and $50,000 for parks and boulevards were sold Aug. 1 at the rate of
question of financing the construction of a municipally-owned natural gas
system. The Public Works Administration would be asked to supply the
'Pending now in the Council, of the total authorized, are ordinances for
34
necessary funds on a loan and grant basis.
the issuance and sale of 8300,000 of city hall bonds to be applied toward
-BOND OFFERING.
LA PORTE COUNTY (P. 0. La Porte), Ind.
the purchase of a site for a new city hall and $50,000 in traffic-way bonds
of existing traffic-ways and the completion of those
Roy W. Leets, County Auditor. will receive sealed bids until 10 a. m.
for the improvement
on Sept. 18 for the purchase of $160,000 not to exceed 4%% interest poor
under way. These also will bear 33. % interest.
relief bonds. Dated Sept. 15 1934. Denoms. $1,000 and $500. Due
"The former bonds at this low rate sold at a premium,and the City Mana00
m0& 0.1 May 15 and Nov. 15from 1935 to 1942 incl. Interest is payable
$1., Non 5
ger believes those now awaiting approval of the Council also will bring
a small premium. These will be dated Sept. 1.
-BONDS APPROVED.
HARTSVILLE, Darlington County, S. C.
The city is said to have approved an issue of $100,000 community center
building bonds.
-BOND
HEMPSTEAD (P. 0. Hempstead), Nassau County, N. Y.
-The $60.000 coupon or registered public improvement bonds
SALE.
-were awarded to the Hempstead
139. p. 1120
offered on Aug. 28-V.
Bank of Hempstead, as 3%s, at par plus a premium of $141, equal to
100.23, a basis of about 3.18%. Dated Aug. 15 1934 and due $12.000 on
Aug. 15 from 1935 to 1939, incl. Other bids were as follows:
Int. Rate. Premium.
BidderPar
Second National Bank of Hempstead
$85.00
3.604
Phelps. Fenn & Co
Par
3.40%
Franklin Square National Bank, Franklin Square
$18.00
3Si%
First National Bank & Trust Co., Floral Park__ _
84.00
4;4%
George B. Gibbons & Co., Inc
84.00
4%
Bacon, Stevenson tic Co
Par
3%%
Bank of New Hyde Park
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. 0.
-Arthur
Long Beach) Nassau County, N. Y.-1 OND OFFERING.
0. Byrne, District Clerk, will receive sealed bids until 4 p. m. (Eastern
Standard Time) on Sept. 5 for the purchase of $100,000 5% coupon or
registered school site bonds. Dated Sept. 1 1934. Denom. $1,000. Due
Sept. 1 as follows: $2,000 from 1937 to 1943 incl.; $3.000. 1944 to 1952
incl.;$4.000, 1953 to 1955 incl.;35,000, 1956 to 1962incl. and $6,000 in 1963
and 1964. Principal and int. (M. & S.) payable in lawful money of the
United States at the Empire Trust Co., New York. The bonds are declared
to be direct general obligations of the School District, payable from unlimited taxes. A certified check for $2,000, payable to the order of Percy
A. Shay. Treasurer, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
-BOND OFFERING.
HILLSIDE TOWNSHIP (P. 0. Hillside), N. J.
-Howard J. Bloy, Township Clerk, will receive sealed bids until 8:30p.
(Daylight Saving 'rime) on Sept. 12 for the purchase of $615,000 5,53I.5%,
5% or 6% coupon or registered bonds, divided as follows:
$256,000 storm sewer bonds. Dated Oct. 1 1934. Due Oct. 1 as follows:
$7.000 from 1936 to 1941 Incl.; $9,000 from 1942 to 1957 incl.
and $10,000 from 1958 to 1964 incl.
198,000 general improvement bonds. Dated Oct. 1 1933. Due Oct. 1 as
follows: $2,000, 1941 to 1943 incl.; $7,000. 1944 to 1961 incl.;
$10,000 from 1962 to 1967 incl. and $6,000 in 1968. These bonds
are the unsold portion of an issue of $255,000.
161,000 assessment bonds. Dated Oct. 1 1934. Due Oct. 1 as follows:
$20,000 from 1935 to 1937 incl.; $25,000, 1938 to 1940 incl. and
$26,000 in 1941.
Denom. $1,000. Principal and interest (A. & 0.) payable In lawful money
of the United States at the Hillside National Bank, Hillside. A certified
check for 2% of the amount of each issue bid for, payable to the order of the
Township, must accompany each proposal. Legal opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
Separate bids must be made on each issue. These bonds were originally
offered on Aug. 22, but the sale was postponed-V.139,P. 965.
-It is
-BOND ELECTION.
HOPKINS, Hennepin County, Minn.
reported that an election will be held on Sept. 4 to vote on the Issuance of
$10.500 in water system bonds.
-BOND ISSUANCE CONIOWA CITY, Johnson County, Iowa.
-It is expected that the city will issue $16,500 in general
TEMPLATED.
obligation bonds with which to pay a part of a paving project aggregating
$45.000. (A loan and grant of $30,000 for street improvement was ap-V. 139, P. 796.)
proved recently by the Public Works Administration.
1436
Financial Chronicle
LEHI, Utah County, Utah.
-BOND ELECTION.
-The City Clerk
states that an election will be held on Sept. 14 to vote on the issuance of
$29.000 in water main bonds. (A loan and grant of $38,000 for this purpose
was approved recently by the Public Works Administration-V. 139. P.
1268.)
LEWIS COUNTY (P. 0. Chehalis), Wash.
-BONDS CALLED.
Various local improvement district bonds and warrants are reported to
have been called by the County Treasurer for payment at his office on
Aug. 17.
LINCOLN COUNTY (P. 0. Fayetteville), Tenn.
-BONDS AUTHORIZED.
-The County Court is said to have authorized the issuance of
$30,000 in 4 H% hospital bonds, maturing from 1938 to 1941.
LINDSBORG, McPherson County, Kan.
-BOND ELECTION.
-An
election is reported to be scheduled for Sept. 11 to vote on the issuance of
$55,000 in gas system bonds.
LOUISIANA SCHOOL DISTRICT (P. 0. Louisiana), Pike County,
Mo.-DETAILS ON FEDERAL FUND ALLOTMENT-In connection
with trie loan and grant of $87,000 to this district for school building and
park development, of which the loan portion is $65,000-V. 138. p. 2292
it is now reported that the bonds on the loan are dated May 1 1934 and the
legality of the issue has been approved by Benj. H. Charles of St. Louis.
LUBBOCK, Lubbock County, Tex.
-BONDS CALLED.
-The following 5% bonds aggregating $50,000. were called for payment at the Central
Hanover Bank & Trust Co. in New York: Aug. 10
-Nos. 1 to 35 of ttie
light and power bonds, dated April 15 1918; Aug. 15
-Nos. 1 to 5, 10 and
12 to 15 of the sewer bonds, dated Feb. 151911. and Nos. 1, 2. 10, 11 and
12 of the water bonds, dated Feb. 15 1911. (This report supplements the
preliminary report given in V. 139. p. 1121.)
LYMAN, Uinta County, Wyo.-BOND CALL.
-It is reported that
water bonds numbered 1. 5, 8. 9, 20 to 26, 71 to 73. 77. 78, 80, 82, 83 and
89. bearing interest at 6%. are being called for payment at the offices of
Peters, Writer, Christiansen, Inc., Heath. Larson & Co., both of Denver,
or at the Stockgrowers National Bank in Cheyenne.
LYNCHBURG, Campbell County, Va.-BOND ISSUANCE AUTHORIZED.
-The City Council, acting upon the advice of the City Attorney,
is said to have formally adopted an ordinance calling for the issuance of
$320,000 in short-term refunding bonds, even though Thomson, Wood &
Hoffman of New York, municipal attorneys, declined to approve them
because of a legal barrier in the city's charter. It is expected that a friendly
suit will be instituted in the courts in order to test the validity of the bonds
and the strength of the said charter clause.
LYNN, Essex County, Mass.
-TEMPORARY LOAN.
-The $300,000
revenue anticipation loan offered on Aug. 28-V. 139, p. 1274
-was sold
at 0.67 7 discount basis, as follows: $150,000 each to the Merchants' Na,
0
tional Bank. Boston, and the Washburn Trust Co., Boston. The loan is
dated Aug. 28 1934 and due $100,000 each on Nov. 22, Dec. 14 and Dec. 20
1934.
MADERA, Madera County, Calif.
-BOND SALE.
-It is stated by
the City Clerk that the Bank of America of San Francisco purchased recently a $9,000 issue of fire fighting bonds. In V. 138, p. 2967, we reported that the voters approved the issuance of $26,400 in bonds for this
purpose, but the City Clerk corrects the amount to the above sum.
MAMARONECK, Westchester County, N. Y.
-NOTE SALE.
The Manufacturers Trust Co. of New York purchased on Aug. 13 an
issue of $100,000
% tax anticipation notes.
MARBLEHEAD, Essex County, Mass.
-BOND SALE.-Blyth & Co.
of Boston were awarded on Aug. 28 two issues of coupon bonds aggregating
$38,000 as 1 Yy s at a price of 100.027, a basis of about 1.73%. The sale
consisted of:
$29,000 street construction bonds. Due Sept. 1 as follows: $6,000 from
1935 to 1938, incl., and $5,000 in 1939.
9,000 sewer bonds. Due $3,000 on Sept. 1 from 1935 to 1937, incl.
Each issue is dated Sept. 1 1934. Denom. $1.000. Prin. and int.
payable at the Merchants National Bank. Boston. Legality approved by
Storey, Thorndike, Palmer & Dodge of Boston.
Other bidders were: (for 2s) E. FL Rollins & Sons. 100.650; R. L. Day
& Co.. 100.459; Tyler, Buttrick & Co., 100.28; F. S. Moseley & Co.,
100.27; Estabrook & Co., 100.180: Kidder. Peabody & Co., 100.111:
Bond. Judge & Co.. 100.0875: (for 2)s) Whiting, 'Weeks & Knowles.
100.839; Lee Higginson Corp., 100.745; Burr & Co. 100.375: Marblehead
Savings Bank, 100.26; G. M.
-P. Murphy & CO., 100.23; Merchants
National Bank of Boston, 100.17: Faxon, Gade & Co., 100.17; Newton,
Abbe & Co.. 100.165.
MARSHFIELD, Wood County, Wis.-BOND SALE.
-A $30,000 issue
of street improvement bonds was purchased recently by the Channer
Securities Co. of Chicago as 48 at par. Due $3,000 from 1935 to 1944.
MASSACHUSETTS (State of).
-MUNICIPAL LOANS AUTHORIZED.
-The State Emergency Finance Board has approved applications
of the City of Revere to borrow $140,000. The Board also approved transfers of funds amounting to $76.500 from the operating fund of the Taunton
municipal lighting plant to the city's general fund available for tax reductions. An Agawam loan of $15,000 against tax titles granted last year
has been renewed and similar action was taken on a $20,000 Acushnet
loan. The City of Marlboro was authorized to borrow $20,000 for public
welfare relief.
MASSACHUSETTS (State of).
-$6.000.000 NOTES SOLD.
-Charles
F. Hurley, State Treasurer, made awards on Aug.31 of $6,000,000 notes at
0.55% interest, plus a premium of $101. to a syndicate composed of Halsey.
Stuart & Co. Inc., Graham, Parsons & Co., E. H. Rollins & Sons. Hemphill, Noyes a; Co. G. M.
-P. Murphy & Co., Darby & Co., Burr & Co.,
.
Tyler, Buttrick & Co., and Washburn, Frost & Co.. The notes, authorized
'
by Chapter 49 of Acts of 1933 creating the Emergency Finance Board,
bear date of Sept.7 1934 and mature Sept.3 1935. They are being re-offered
by the bankers for public investment priced to yield 0.45%.
MESA COUNTY (P. 0. Grand Junction), Colo.
-WARRANT
CALL.
-It is stated that various county and school district warrants are
being called for payment. The interest shall cease Sept. 6 on the county
warrants, and it ceased on Aug. 27 for the school warrants.
MILNOR, Sargent County, N. Dak.-BOND OFFERING -Sealed
bids will be received until 1 p. m. on Sept. 10, by H. L. Erickson, City
Auditor, for the purchase of two issues of bonds, aggregating $12,500, as
follows:
$8,500 auditorium bonds. Due on July 1 as follows: $400. 1936 to 1945
and $500. 1946 to 1954. inclusive.
4,000 fire hall and jail bonds. Due on July 1 as follows: 5200, 1936 to
1952 and $300, 1953 and 1954.
Interest rate is not to exceed 4%, payable J. & J. Dated July 1 1934.
A certified check for 2% of the bid is required. (A loan and grant of
$16.400 has been approved by the Public Works Admin stration.)
MILO, Piscataquis County, Me.
-BOND SALE.
-An issue of $78,000
44% funding bonds was sold to Smith, White & Co.of Waterville. Dated
July 2 1934. Denom. $1,000. Due serially on Jan. 1 from 1936 to 1953
incl. Payable at the Merrill Trust Co., Bangor.
MILWAUKEE, Milwaukee County, Wis.-BOND OFFERING -We
are informed by William 11. Wendt, City Comptroller, that sealed bids will
be received by the Commissioners of the Public Debt, at Ms office. until
11 a. m.(Central Standard Time) on Sept. 5, for the purchase of a $500,000
issue of4% coupon water works mortgage bonds. Denom.$1,000. Dated
July 119.14. Due on July 1 as follows: $26,000. 1937 to 1949 and $27,000.
1950 to 1955. Toe City of Milwaukee reserves the right to call and redeem
the bonds herein authorized in whole or in part, in the inverse order of
maturity (selection as among bonds of the same maturity to be made by
lot) on any interest payment date after three years from the date of the
bonds upon payment of principal and interest accrued to the date of redemption. plus on each bond a premium in an amount equal to H of 1%
of the principal amount of sucn bond for each year ot fraction thereof from
the redemption date to the date of maturity. Being part of a total authorized issue of $3,675,000 water works mortgage bonds, and being the
first offering of any part of said issue. Engraved bonds will be furnished
by the City of Milwaukee. Bids are requested for all or none. The Commissioners of the Public Debt reserve the right to make allotments on tie
bids. Bids must be accompanied by a certified check for 1% of amount
of bonds bid for. All of the above bonds are issued pursuant to the authority of Section 3 of Article II of the Wisconsin Constitution and Chapter
162. Laws of Wisconsin, 1933, and all acts amendatory thereof and supplementary thereto, and pursuant to ordinance of the Common Council passed
Sept. 1 1934
at a regular meeting and approved by the Mayor. Bonds must be paid
for in Milwaukee, but will be delivered out of the city at expense of purchaser. All bids must be subject to the conditions of this circular. The
Commissioners of the Public Debt reserve the right to reject any or all bids.
Bonds maturing together with interest are payable at the office of the City
Treasurer. Milwaukee, or, at the option of the holder. at the Northern
Trust Co. in Chicago. and at the Guaranty Trust Co.. of New York.
Interest payable on the first days of January and July of each year. City
of Milwaukee bonds may be registered as to principal only.
The unqualified approving opion of Messrs. Chapman and Cutler,
Chicago, will be furnished without additional expense, together with all
legal papers necessary to establish the validity of the bonds, and in the
opinion of counsel these bonds and the issue of which they form a part will
be payable only from and secured by the pledge of a portion of the revenue
of the Waterworks System of the City of Milwaukee, which pledge will
constitute a first and prior lien against said portion of said revenues and
will be additionally secured by a valid and subsisting statutory mortgage
lien upon said Waterworks System, as provided and permitted by Chapter
162 and Chapter 261 of the Laws of Wisconsin, 1933.
MINNEAPOLIS-ST. PAUL SANITARY SEWER DISTRICT, Minn.
-FEDERAL FUND ALLOTMENTS REDUCED.
-The following announcement (Release No. 920), was made public recently by the Public
Works Administration:
"Bond buyers looking for first class municipal securities have bid higher
Prices than PWA contracted to pay for two blocks of bonds offered by
St. Paul and Minneapolis to finance construction of the Twin Cities sewer
and sewage disposal plant project for which PWA allotted $18,048,000.
enabling PWA to reduce its allotments for this project by $1,989,000 and
re-allot the released funds to other projects still on the waiting list, Administrator Harold L. Ickes announced to-day.
"PWA contracted to purchase the bonds of both cities at a price to make
the interest cost on both loans 4% per annum,the interest rate on which all
of its loans to municipalities and other public bodies for construction of nonFederal projects have been made.
"When the Twin Cities bonds were offered the private buyers bid a price
that made the interest cost 3.52% yearly. For the St. Paul bonds they
bid a price that reduced the interest cost to 3.39% yearly.
"PW.a. loan contracts calling for the purchase of municipal and State
bonds specify an interest rate of 4% in all cases. When private buyers offer
to purchase bonds on the basis of a lower interest yield, PWA steps aside
and does not bid against them.
"The allotment to Minneapolis for the sewer and disposal plant project
w(Has8.00$1011.526,000 and to St. Paul $6.522,000, making the total of $18,-The reduction made in the Minneapolis allotment because of the private
sale of bonds is $1,101,000, while the St. Paul allotment was reduced by
$888.000."
MINNESOTA, State of (P. 0. St. Paul.)
-CERTIFICATE SALE.
The $840,000 issue of registered funding certificates of indebtedness offered
for sale on Aug. 27-V. 139, p. 1275
-was awarded to the Independent
Bankers Association of Minneapolis, at 1.60%. Denom. $5,000. Dated
Sept. 1 1934. Due on March 1 1935. Interest payable atmaturity. These
certificates are issued by authority granted to the Conservator of the
Department of Rural Credit, under Section 10 of Chapter 429. 1933
Minnesota Session Laws.
MITCHELL, Davison County, S. Dak.-BONDS AUTHORIZED.
The City Council is reported to have approved recently a $9,500 issue of
city hall repair bonds. (A loan and grant of $12.900 for this purpose was
approved recently by the Public Works Admininstratioit-V. 139. p. 960.)
MONACA SCHOOL DISTRICT, B
-BOND OFCounty, Pa.
FERING.
-Earle W. Timmons, District Secretary, will receive sealed bids
until 6:45 p.m. (Eastern Standard Time) on Sept. 10 for the purchase of
$30,000 4. 4 , 4, , or 5% coupon school bonds. Denom. E1.000.
0
1
Due $5,000 on Sept. 1 from 1939 to 1944, incl. Interest is payable in
M. & S. A certified check for $500, payable to the order of the district.
must accompany each proposal. The approving opinion of Burgwin.
Scully & Burgwin of Pittsburgh will be furnished the successful bidder.
This issue was originally offered on sale on Feb. 12 1934.
MONDOVI, Buffalo County, Wis.-BONDS VOTED.
-At the election
held on Aug. 23-V. 139. P. 1275
-the voters approved the issuance of the
$10,000 in 4 ti% city hall, library and fire station bonds by a wide margin.
Denom. $500. Prin. and int. (P. & A.) payable at the office of the City
Treasurer.
-FEDERAL FUND ALLOTMONTANA, State of (P. 0. Helena).
MENTS.
-An Associated Press dispatch from Washington on Aug. 17
reported as follows on Public Works Administration allotments to projects
in this State:
"The PWA to-day allotted $24,540,270 for 215 non-Federal projects.
Many of the allocations were to communities in the drought areas of the
West. Thirteen were in Montana.
"The $400,000,000 allotted to PWA by President Roosevelt from the
deficiency appropriation provided by the last Congress virtually was depleted by to-day's allocations, which brought the total of non-Federal
projects to 4,028.
Simultaneously PWA announced its expenditures were providing jobs
for nearly 700.000 persons engaged directly on the sites and probably
twice that number engaged in industries supplying materials and transporting them. The new allotments will create the equivalent of a month's
work for 102,489 men, the PWA estimated.
Included in the allotments were:
Montana
-Hot Springs. waterworks, $36,500: Lake County, loan and
grant, courthouse building, $39,700: Havre, loan and grant, university
building, $166,000: Missoula, loan and grant, school building, $192,000:
Townsend,loan and grant, courthouse and jail. $55,600; Bozeman,loan and
grant, courthouse, $300,000; Liberty County, loan and grant, school,
$48.500 Columbus Falls, loan and grant, dormitory building, $50,000;
Yellowstone County, loan and grant, school additions, $62,000; Missoula,
loan and grant, jail building $81,000; Noxon, loan and grant, school addition, $18,800: Miles City, loan and grant, dormitory buildings, $80,000;
Flathead County, loan and grant, school, $210,000."
MULTNOMAH COUNTY SCHOOL DISTRICT NO, 39 (P. 0.
-Sealed bids will be received until
Portland) Ore.
-BOND OFFERING.
8 p. m. on Sept. 5, by G. W. Johnson, District Clerk, for the purchase of a
$17,000 issue of school bonds. Interest rate is not to exceed 5 y6%, payable
A.& 0. Denom.$500. Dated Oct. 11934. Due on Oct. 1 as follows: $1,000,
1935 to 1939;$3,500. 1940 to 1942 and $1,500 in 1943.
MUSSELSHELL COUNTY (P. 0. Roundup) Mont.-DEBT ADJUSTMENT PLAN UNDERTAKEN BY MUNICIPAL ASSOCIATION.
-The following report is taken from a recent issue of the "Commercial
West" of Minneapolis:
Northwestern Municipal Association, through a special bondholders'
protective committee, has taken up a debt adjustment plan for Musselshell County, Mont.
"Total default is stated to be $84.500 in addition to which the County
Treasurer advises the county will be unable to take care of bonds amounting
to $236,000 maturing this year and in 1935 and 1936. According to information in the hands of the committee the defaults are $46,000 on principal that was due Sept. 1 1932; $31,000 principal due Sept. 1 1933, and
$7,500 principal due Jan. 1 1934. Recently the County Board adopted a
resolution discontinuing payment on the foregoing defaults until such time
as a readjustment of the county's finanas can b.. effected.
"Assessed valuation of the county is $3,513,992. Bonded indebtedness
is $776,000. The tax levy for the fiscal year ended June 30 1934 was
$134.542, of which $97.036 has been collected. The mill levy for town
purposes is 37.667. The bondholders' protective committee, which has
the debt readjustment plan in hand, consists of N. P. Delander, VicePresident First National Bank, St. Paul, Chairman: Henry S. Kingman,
Treasurer Farmers & Mechanics Savings Bank, Minneapolis, and C. F.
Codere, Vice-President St. Paul Fire & Marine Insurance Co., St. Paul.
Stanley R. Manske. Assistant Secretary of the Northwestern Municipal
Association, is Secretary of the committee.
"All Musselshell County bondholders are requested to turn in their bonds
to the committee, or if they wish further information, to get in touch with
Secretary Manske, Thrall, West & Co., Northwestern National Bank
Building. Minneapolis.
"Roundup, with a population of 2,577. is the county seat of Musselshell •
County. It is in a rich livestock and grain growing area and was created
from parts of Fergus, Yellowstone and Meagher counties by Act of the
Montana Legislature in 1911. Land area is approximately 1,817 square
miles. of which 57.43% is farm lands."
Volume 139
Financial Chronicle
1437
$24,800 refunding bonds as 3s, at a price of 100.278, a basis of about 2.88%•
-BOND SALE POSTPONED.
NASHVILLE, Davidson County, Tenn.
Due from Oct. 1 1936 to 1940, inclusive.
-It is stated by S. H. McKay, City Clerk, that the sale of the various
The following bonds were awarded as 3 Wis at a price of 100.256, a basis
issues of not to exceed 4% coupon bonds aggregating $543,000. originally
of about 3.18%:
-has again been postponed, this time to
139. p. 63.5
set for Aug. 7-V.
$15,000 storm sewer bonds. Dated Sept. 1 1934. Due from Oct. 1 1936
Sept. 11. The issues are divided as follows:
to 1945, inclusive.
from
$200,000 permanent street bonds of 1933. Due Dec. 1 as follows: $7,000
30.000 swimming pool bonds. Dated Aug. 1 1934. Due $3,000
in 1934 and 1935: 56,000 in 1936: $7,000 in 1937 and 1938; $6.000
Oct. 1 1936 to 1945, inclusive.
In 1939; $7,000 in 1940 and 1941; $6.000 in 1942; $7,000 in 1943
Due from 1936 to 1945.
28.969.31 cash basis bonds. Dated Aug. 1 1934.
and 1944; $6,000 in 1945; $7,000 in 1946 and 1947: $6,000 in
The following report is taken from the local newspaper account:
1948; $7,000 in 1949 and 1950: $6,000 in 1951; 7,000 in 1952
"Sealed proposals were submitted as follows:
in 1954: $7,000 in 1955 and 1956: $6,000 in
and 1953; $6,000
"Brown-Crumrner, Wichita, $98,769.31, 34% interest, par, accrued
and
1957; $7,000 in 1958 and 1959; $6,000 in 1960: $7,000 in 1961
Interest to date of delivery, plus $1.35 per ELMO premium.
in1962, and $6,000 in 1963.
"City Bank of Kansas City. Mo.. $73,969.31. 3.j%, par, accrued
150.000 Demonbreun St. Viaduct bonds of 1933. Due $5,000 on Dec. 1
terest plus $66.57 premium; $24,8110. 34%, par, accrued interest plus
from 1934 to 1963 incl.
$300 premium.
.
43.000 Permanent impt. and construction bonds of 1933. Due Dec. 1
"Dunne-Davidson-Ranson Investment Co., Vrchita, two propositions
as follows: $10,000 from 1934 to 1936 incl., and $13,000 in 1937.
%
(1) $98,769.31.34% at $990 per $1,000 and interest; (2) $98,769.31.3j
100,000 incinerator bonds of 1933. Due Dec. 1 as follows: $3,000 in
,
at par and interest.
1934 and 1935; $4,000 in 1936: 53,000 in 1937 and 1938; $4.000
'First National Bank, Newton, 524,800, 3%, at par and interest.
In 1939; $3.000 in 1940 and 1941: $4,000 in 1942; $3,000 in 1943
"Rittenoure Investment Co., Wichita, $28,969.31. 34%.at par, interest
and 1944; $4.000 in 1945: $3.000 in 1946 and 1947: $4,000 in
and $100 premium.
1948; $3,000 in 1949 and 1950: $4,000 in 1951; 13,000 in 1952
"Wheeler. Kelly, Hagny Trust Co.. Wichita. two propositions: (1) $73.and 1953; $4.000 in 1954; $3,000 in 1955 and 1956: 54.000 in
969.31,34%,at par, interest and $1.60 per $1,000 premium, and E24,800,
3%,
$4,000 in 1960: $3,000 in 1961
1957: $3.000 in 1958 and 1959:
3%, at par, interest and $2.05 per $1,000 premium. (2) $73,969.31.
and 1962, and $4,000 in 1963.
at par and interest, less allowance of $8.40 per $1,000.
50,000 pollee station, court and work house bonds of 1933. Due Dec. 1
Milburne & Co., Wichita: Estes,
'A joint bid was submitted by Small,
offering
as follows: $1,000 in 1934: $2.000 in 1935 and 1936; $1.000
Payne & Co., Topeak. and Columbian Securities Co. Topeka,
$4.20 per
In 1937; $2,000 in 1938 and 1939; $1,000 in 1940: $2,000 in 1941
three propositions: (1) $98.769.31, 3%, at par and interest lessper $1,000
$4.21
and 1942; $1,000 in 1943; $2.000 in 1944 and 1945; 51.000 in
.
$1,000 discount:(2) 598.769.31.3 Y4% at par ,interest and$2.56 per $1,000
1946; $2,000 in 1947 and 1948: $1,000 in 1949; $2,000 in 1950
premium: or (3) $73,969.31, 34%, at par, interest and $1,000 premium.
and 1951: $1,000 in 1952; $2,000 in 1953 and 1954: $1,000 in
per
premium, and 524.800.3%. at par, interest and $2.78 the three companies
in 1959
1955: $2,000 in 1956 and 1957! $1,000 in 1958; $2.000
"The third proposition offered in the joint bid of Commissioners, sale
and 1960; $1,000 in 1961, and $2,000 in 1962 and 1963.
proposition accepted by the
named above was the
Fund ComEach issue is dated Dec. 1 1933. Denom. $1,000. Rate of interest
being subject to acceptance or rejection by the State School
or 1-10th of 1%. Principal
to be named by the bidder in a multiple of
mission and approval by attorneys for the purchasers.
office. the Nashville
and sent with transcripts to the State
and interest (J. & D.) payable at the City Treasurer's
"The bonds will be printed at once
already been
branch of the Federal Reserve Bank of Atlanta, or at the Chase National
Auditor for registration. A large block of the bonds has
Bank, New York.
placed by the successful bidders."
notice
The following information is contained in the official reoffering
-NOTICE TO REVENUE NOTE HOLDERS.
NEW YORK, N. Y.
on the above bonds: The City of Nashville has entered into agreement
give actual
Holders of 4% revenue notes are being asked by the city to the city to
with the United States of America whereby the United States of America
of Laws of 1934, which authorizes
approval of Chapter 850
has agreed to make a grant of not exceeding 30% of the cost of labor and
of 1935.
reduce the reserve against tax delinquency in each of the budgetsnotes are
materials employed in the several projects to be carried out with the pro1936 and 1937, from $50,000,000 to 525.000.000. Holders of the McGoldceeds of the bonds, such grant to be made by the payment of cash or to
Comptroller Joseph D.
requested to present them at the office of
be applied toward cancellation of maturing interest and principal of the
a
rick for exchange for identical 4% revenue notes having stamped thereon
bonds.
is conlegend to evidence consent to the said reduction. The request
Bids other than by the United States Government must be upon blank
McGoldrick under date
tained in an official announcement issued by Mr.
forms to be furnished on application by the City Clerk, and must be accomof Aug. 31.
panied by a certified check upon any National bank, or upon a bank or trust
-No bids
-BONDS NOT SOLD.
°
company in Tennessee. for 2% of the face value of the bonds bid for, payable
NORTH EAST, Erie County, Pa.
-of $26,500 water
which check is to be reto the order of the City Treasurer of Nashville,
were obtained at the offering on Aug. 20-V. 139, p. 967
turned to the bidder if the bid be not accepted: otherwise to be deposited
refunding bonds of 1934 and $22.500 funding bonds of 1934.
by said Treasurer and when the bonds are delivered and paid for under
NORTH FAYETTE TOWNSHIP (P. 0. Noblestown), Allegheny
the terms of the bid to be considered as an advance part payment or to be
-The $15,000 coupon funding bonds offered
-BOND SALE.
County, Pa.
retained as and for liquidated damages in case the bidder shall fail to make
-were awarded as 44s to McLaughlin, MacAfee
on Aug. 18-V. 139, p.805
payment in accordance with the terms of his bid.
price of 101.25, a basis of about 4.24%. Dated
& Co. of Pittsburgh, at a
Delivery of the bonds will be made at such time and place as may be
Aug. 1 1934 and due $3,000 on Aug. 1 from 1935 to 1939 inclusive.
mutually agreed upon between the purchaser and the City of Nashville.
-BONDS REThe City Comptroller, with the approval of the Board of Public Works,
NORTH TONAWANDA, Niagara County, N. Y. welfare bonds
is authorized to award the bonds as set out above upon the basis of the inter-The issue of $50.000 coupon or registered public
OFFERED.
est rate not exceeding 4% per annum and the loan and grant agreement
for which no bids were obtained on Aug. 11, at which time the interest rate
between the United States of America and the City of Nashville, and the
-is being reoffered for award on Sept.8.
was limited to 4%-V.139, p. 1122
of not
award will be made upon the lowest net interest cost to the City of Nashville,
Bidders on this occasion will be permitted to name an interest rate
Standard
more than 6%. Sealed bids will be received until 1 p.m.(Eastern be dated
TO GO ON C4811 84S18.
-CITY
NEWARK, Essex County, N. J.
Zimmerman, City Clerk. Bonds will
Time) on Sept. 8 by J. M.
The following summary of an announcement made by the Director of
DeSept. 1 1934 and mature $10,000 on Sept. 1 from 1935 to 1939, incl. the
Revenue and Finance relative to the future financial operations of the
all of
nomination $1,000. Bidder to name a single interest rate for and int.
city, is taken from the New York "Herald Tribune" of Aug. 28:
lt or 1-10th of 1%. Prin.
bonds, expressed in a multiple of
"The City of Newark, N. J.. will be committed to operating on a cash
(M. & S.) payable in lawful money of the United States at the Marine
basis before the public sale of $6,225,000 improvement bonds takes place
Midland Trust Co., New York. The bonds are declared to be general
Sept. 6, as scheduled, according to an announcement by Reginald Parnell,
check
obligations of the city, payable from unlimited taxes. A certified
Director of Revenue and Finance. The city soon will place privately with
for $1,000, payable to the order of the City Treasurer, is required. The
exchangeable for
banking institutions $6.000,000 of serial refunding bonds,
Vandewater of New York will be furapproving opinion of Clay, Dillon &
tax notes now outstanding under authority of Chapter 60 of the New
nished the successful bidder.
Jersey 1934 Pamphlet Laws.
Allegheny
NORTH VERSAILLES TOWNSHIP (P. 0. Wall, No. 1),
"The related section of the new State finance laws permits a municipality
-The issue of $30,0130 bonds offered on Aug.
-BOND SALE.
County, Pa.
its current floating debt, but only if annual budgets are made up
to fund
bonds are outas 5s to Leach Bros., Inc. of Philadelphia.
-was awarded
18-V. 139, p. 805
thereafter on a cash basis, as long as any of the funding
Due
at a price of 100.63, a basis of about 4.84%. Dated Sept. 1 1934.
standing. The provisions of the Act, Mr. Parnell states, are made a part
55.000 on Sept. 1 from 1937 to 1942 incl.
of the contract between holders of the bonds and the municipality and the
-BOND ELECTION
contract is enforceable by mandamus by any holder in behalf of all other
OKLAHOMA CITY, Oklahoma County, Okla.
bondholders.
-It is now stated that the City Council has refused
DEFINITELY SET.
"Under the 'cash basis' required, it is explained, total estimated cash
to postpone the election scheduled for Oct. 2 on the proposed issuance of the
civic
receipts in any fiscal year must at least equal the total cash appropriations
$4.000.000 in municipal gas plant bonds, which had been opposed by
for that year. In estimating receipts from taxes, no greater percentage of
-V. 139, p. 1276.
organizations as untimely.
collections can be anticipated from the current and delinquent taxes than
AGREEMENT.
OMAHA, Douglas County, Neb.-BOND PURCHASE
was actually received in cash and the corresponding taxes dur!ng the pre-It is reported by the City Comptroller that the Public Works Adminisceding fiscal year.
be
tration has agreed to purchase the $1,650,000 of 4% revenue bonds to "A reserve for uncollected taxes must be included in the budget in an
Omaha
used for the construction of a bridge over the Missouri at Southamount of
amount sufficient to compensate for any anticipated delinquency in texas.
The first requisition, in the
that
V. 138. p. 4333. Due in 20 years.
If a deficit should occur in spite of these provisions, the Act requires
It is
16506,000, was advanced by the PWA on Aug. 18. according to report.
the deficit must be included as a cash item in the budget of the subsequent
said that the balance wal be supplied as the money is needed.
year. The 1934 budget for Newark was made up voluntarily on a cash
-An
basis, but hereafter the procedure will be mandatory.
-BOND SALE.
ONAQUI (P. 0. Tooele), Tooele County, Utah.
by Snow.
"East Orange was the first New Jersey municipality to undertake fi$8,000 issue of power line construction bonds was purchased of about
nancing under Chapter 60 of the Pamphlet Laws and the beneficial effects
& Co. of Salt Lake City as 6s at a price of 94.00, a basis
Goodart
In that community are expected to be duplicated in Newark. The terms
6.82%. Due $1,000 from May 1 1936 to 1943 inclusive.
of an East Orange bond sale resulted in a net interest cost of 44% to the
20
ONONDAGA AND DEWITT COMMON SCHOOL DISTRICT NO.community, but the obligations now are selling in the market to yield
-BOND OFFERING.
approximately 4%. Paterson and Irvington already have made arrange(P. 0. Jameaville), Onondaga County. N. Y.
sealed bids until 2 p.m. on Sept.8
ments to effect financing under the new laws, and it is expected that other
Julia Stratton, District Clerk, will receive
for the purchase of $13,000 registered school bonds. Dated Sept. 15 1934.
New Jersey municipalities also will avail themselves of the provisions."
1937
Various denominations. Due Nov. 1 as follows: $500 from 1935 to 1948
-In connection with
PURCHASERS OF $6,000.000 FUNDING BONDS.
to
Inclusive; 5600 1938 to 1942 incl.: $700, 1943 and 1944: $800. 1945 name a
the arrangements made by the City for the private sale of $6,000.000 44%
Bidder to
incl.: $900, 1949 and 51.000 from 1950 to 1952 incl. multiple of
funding bonds, in conjunction with the public offering on Sept. 6 of $6,225.
or
single interest rate for all of the bonds, expressed in a at the First Trust
-V. 139, p. 1275-it was announced on Aug. 31
000 improvement bonds
1-10th of 1%. Principal and interest (M. Az N.) payable
that thirteen financial institutions will participate in the private purchase,
The bonds are declared to be general obligations
& Deposit Co.. Syracuse.
as follows: The First National Bank of New York. New York, Paterson
of the District, payable from unlimited taxes. A certified check for 5%
Savings Institution, Paterson, and the following eleven Newark, N. J.,
accomof the bonds bid for, payable to the order of the District Clerk, mustKenyon
Co., Federal Trust Co., Merchants
institutions: Fidelity Union
pany each proposal. Only the approving opinion of Cleveland J.
& Newark Trust Co., Howard Savings Institution, Franklin Savings
of Tully will be furnished.
National State Bank, West Side Trust Co., United States
Institution,
ORRVILLE,Wayne County,Ohio.-BOND SALE.-The 57,50054%
Trust Co.. Mutual Benefit Life Insurance Co., American Insurance Co. and
coupon refunding special assessment bonds offered on Aug. °4-V. 139. p.
the Essex County Sinking Fund. The $6,000.000 bonds, to be issued under
1 1934 and mature
Chapter 60, Pamphlet Laws of 1934, will be dated July
967-were awarded to the Orrville Municipal Utilities, at par plus a premium
$500,000 annually from 1935 to 1946 incl.
of $309.38, equal to 104.12. a basis of about 4.75%. Dated Aug. 15 1934
and due serially on Oct. 1 from 1936 to 1945 incl. Other bids for the issue
The City is authorized to sell the bonds at a discount, and the price at
which
were submitted by local banks.
which the exchange will be made will be governed by the basis at
the City sails publicly on September 6, $6,225,000 of improvement issues.
PAOLA SCHOOL DISTRICT (P. 0. Paola), Miami County, Kan.
Institutions which have agreed to accept the new serial funding bonds in
BOND ELECTION.
-It is reported that at the election in November the
exchange for a substantial part of their holdings of tax notes have agreed
construction
voters will pass on the proposed issuance of $65,000 in school
not to offer them for resale in the open market for a period of at least 90
bonds.
days after the date of public sale of the improvement issues. The agree-BOND OFFERment of the banks to exchange their tax notes now held is contingent upon
PARKSIDE (P. 0. Chester), Delaware County, Pa.
sale by the City of the $6,225,000 of improvement bonds
ING.
-Leon Chatty, Borough Secretary, will receive sealed bids until
the successful
7.30 p.m. (Daylight Saving Time) on Sept. 5 for the purchase of 550.000
on September 6.
- 4% bonds. Dated July 1 1934. Denom. $500. Due $2,500 on July 1
NEWARK, Essex County, N. J.-$275,000 BONDS DESTROYED.
from 1935 to 1954 incl. Principal and interest (J. & J.) payable at the
City Auditor Brady on Aug. 22 ordered the destruction of $200,000 Center
$75,000 school bonds, all of which were reTistered and had been
Delaware County National Bank. Chester. A certified check for $500.
Market and
payable to the order of the Treasurer of the Board of Education, must
converted into coupon bonds at the request of the holders.
accompany each proposal. The approving opinion of Townsend, Elliott
-TAX COLLECTIONS.
HAVEN, New Haven County, Conn.
NEW
& Munson of Philadelphia will be furnished the successful bidder.
A dispatch from New Haven. dated Aug. 28, reported on tax collections
-REFUNDING PLAN RATIas follows: "Collection of back taxes due the city has reached $1,007.322.
PENSACOLA, Escambia County, Fla.
the Board of
FIED.
-The City Council is said to have ratified recently a proposal to
or $363,794 in excess of the amount it was estimated by tax collections
Finance would be collected this year. The record for back
refund indebtedness aggregating $1,885,000, mentioned in V. 139, p. 315.
for a period of 12 months was $1.061,646. Of the $7.414,101. or 88% of
-BOND ISSUE VOTED.
PERRYSVILLE, Ashland County, Ohio.
the current taxes that it was animated would be collected this year, Tax
An issue of $16,000 water works improvement bonds was approved by the
Collector McGrath reports the amount collected to date is $6,439,211, or
voters at the primary election on Aug. 14. The measure carried by a vote
goal."
about $975,000 short of the estimated
of 133 to 53.
-The four issues of
-BOND SALE.
NEWTON, Harvey County, Kan.
-In anticipation of
-DELINQUENT TAXES.
PHILADELPHIA, Pa.
bonds aggregating $98,789.31, offered for sale on Aug.21-V. 139. p. 1122
the termination on Sept. 30 1934 of the Act of the Assembly abating the
composed of Small. Milburne ok Co.
were awarded as follows to a group
Frank J. Willard, Assistant Receiver
7% penalty on 1932 delinquent taxes,
of Wichita, Estes, Payne & Co. of Topeka, and the Columbian Securities
of Taxes, has opened a new drive to effect payments due on that levy.
Co. of Topeka:
1438
Financial Chronicle
Sept. 1 1934
according to a dispatch to the "Wall Street Journal" of Aug. 29, which
throughout the country. A Washington dispatch reported briefly as
continued further as follows: "Delinquent taxes for 1932 have been reduced
follows on the scope of these loans and grants:
to roundly $6,000,000 and for 1933 delinquent taxes amount to $11,000,000.
"Sewer projects have been approved by PWA in every State, Public
Collections from all sources for the seven months ended with July amounted
Works Administrator Ickes announced. The projects numbered 648 and
to $71,554.258, compared with $70,347,803 in the like period of 1933,
range from a $12,000 plant at Eureka Springs. Ark., to a $42,131,040
an increase of $1,206,455. Collection of current city and current school
disposal plant at Chicago. Cost of the projects will be 3212,476,188,
taxes at the end of July were slightly over 60% of the tax levy for 1934.
of which 3184.728,767 was allotted by PWA. The balance was raised
It is expected collections of city and school taxes for August will be about
by the local communities. Mr. Ickes said disposal plants are replacing
the same as a year ago, and that the gain in collections from all sources
systems which formerly discharged raw sewage into rivers and creeks.
shown for seven months will be held."
"This benefit is of far-reaching effect in clearing streams of pollution
and removing this menace, Mr. Ickes said."
PHOENIX,Maricopa County,Ariz.
-BOND OFFERING DETAILS
.In connection with the offering on Sept. 4 of the $1,520.000 4% bonds,
PUBLIC WORKS ADMINISTRATION.
-MUNICIPALITIES SELLreport on which appeared in V. 139, p. 1122, Joseph C. Furst, City Clerk,
ING BONDS ON OPEN MARKET.
-It was announced recently by
now furnishes the following details regarding the various maturities:
Administrator Ickes that because of the improved demand for municipal
$720,000 park. Due July 2 as follows: $16,000, 1939: $17,000, 1940
securities a group of 34 additional recipients of loan and grant allotments
$18,000, 1941 and 1942: $19,000. 1943; $21,000, 1944; $22,000
notified the PWA that they are selling their bonds in the private invest1945; $23,000, 1946; $24,000. 1947; $25.000, 1948; $26,000
ment market and will not need the loans from the Administration.
1949; $27,000, 1950 and 1951, $28,000; 1952; $30,000, 1953
OVER $6,000,000 ALLOTTED IN 25 STATES.
-An Associated Press
332.000, 1954; 333,000. 1955; $34,000. 1956: $35,000. 1957
dispatch from Washington on Aug. 25 reported as follows on allotments
$37,000, 1958; 338,000, 1959; $39,000, 1960; 1960; $42,000, 1961
made that day to projects in 25 States, totaling $6,962,370:
$44,000, 1962. and $45,000. 1963.
"The PWA to-day allotted $6,962,370 for 58 non-Federal construction
340,000 sanitary sewer extension. Due July 2 as follows: $8,000,
projects in 25 States. The projects are expected to supply the equivalent
1939; $9,000. 1940; 310,000, 1941; $11,000. 1942; 312.000,
of a month's work for 25,392 men. New York was allotted $2,924,970 of
1943: 13.000. 1944;'14.000, 1945;:15.000, 1946;'16,000, 1947;
which 32,852.270 went to projects in New York City.
$17.000, 1948; $18,000. 1949; $19,000, 1950; 320,000, 1951;
The allocations included the following:
$21,000, 1952; $22,000, 1953, and 323.000. 1954 to 1958.
New York.
-Central school district No. 1 of the towns of Hartford,
260,000 storm sewer. Due July 2 as follows: $6,000. 1939 to 1942;
Argyle. Granville, Hebron and Fort Ann in Washington County, school
37.000. 1943 and 1944; 88.000. 1945 and 1946: 39,000, 1947
building in Hartford $83,500, loan and grant; Yonkers, heating equipment
and 1988;$10,000, 1949 and 1950; 311.000. 1951 to 1954; 312,000,
$9,000, loan and grant; New York City, wiring for buildings at the College
1955 to 1957: 813,000, 1958 and 1959: 314.000. 1960: 315,000,
of the City of New York, $84,000 loan and grant, hospital $312,670, loan
1961: 316,000 in 1962 and $17,000 in 1963.
and grant; building 365.800. loan and grant; subway ventilators $326,000,
200,000 water system extension. Due July 2 as follows: $17,000,
loan and grant; schools. 3977.000 and $384,100 loan and grants: building
1939 and 1940: 318,000. 1941; $19, 0, 1942 and 1943; 320.000.
2214,000, loan and grant; city home 397,400, loan and grant; railroad
1944; $21,000, 1945; $22.000, 1946; $23,000, 1947, and $24,000
improvements $391,300 loan and grant.
in 1948.
Connecticut.
-Enfield, roadway, 3206,000 loan and grant.
PIQUA CITY SCHOOL DISTRICT, Miami County, Ohio.
"Pennsylvania.-Parkside, roadway, $69,500, loan and grant."
-BOND
OFFERING.
-W.H. Koester, Clerk of the Board of Education, will receive
RANDLEMAN, Randolph County, N. C.
sealed bids until 12 m.on Sept. 12 for the purchase of $17,7004% recreation
-BOND SALE APPROVED.
-The sale of the $137.000 4% semi-ann. water and sewer bonds authorized
hall and field house construction bonds. Dated Sept. 11934. Due Sept. 1
in June
-V. 138, p. 4334
-to the Public Works Administration at p.,r, is
as follows: $1.100 from 1936 to 1938 id., and $1.200 from 1939 to 1950
said to have been approved by the Local Government Commission. (A
incl. Interest is payable semi-annually. Bids for the bonds to bear interest
loan and grant of $169,000 was approved by the PWA.-V. 138. p• 18.1.)
at a rate otner than 4%. expressed in a multiple of 4, of 1%. will also be
considered. A certified check for $500. payable to the order of the Board of
REIDSVILLE, Rockingham County, N. C.
-BOND SALE APEducation, must accompany each proposal.
PROVED.
-The sale of 322,000 4% semi-ann. sewer bonds to the Public
Works Administration at par, is said to have been approved by the Local
PONTIAC, Oakland County, Mich.
-NOTICE TO BONDHOLDERS.
Government Commission. (An allotment of $23,000 for the project was
The Bondholders' Protective Committee announced under date of Aug. 28
approved by the PWA at the end of last year.
that an agreement had been entered into with the City for the refunding
-V. 138. p. 184.)
of all of the now outstanding bonds. It also stated that interest to March 1
RENO VALLEY SCHOOL DISTRICT NO. 26 (P. 0. Rugby),
1934 will be paid on Oct. 9 1934 to all assenting depositors of record as of
N. Dak.-BOND OFFERING.
-It is reported that sealed bids will be
Sept. 29 1934. Interest on general obligation and water bonds will be paid
received until 2 p. m. on Sept. 8, by Christ Romfo, District Clerk, for the
in cash, while in the case of special assessment general obligation bonds
purchase of a $4.500 issue of 4% semi-ann. school bonds. Due from 1936
payment will be made on the basis of 40% in cash and 60% in certificates of
to 1949. A certified check for 2% must accompany the bid.
indebtedness. Bonds for exchange and for the collection of interest are
RESERVE TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh)
to be deposited with the committee at any of tne following depositaries,
Allegheny County, Pa.
accompanied by letter of transmittal: Continental Illinois National Bank
-BOND OFFERING.
-W. L. Geyer, District
Secretary, will receive sealed bids until 7 p. m.(Eastern Standard Time) on
& Trust Co., Chicago; Detroit Trust Co., Detroit, and the Guaranty Trust
Sept. 11, for the purchase of $30,000 4. W 4,4 or 4,4% school bonds.
Co., New York. Circular describing the refunding plan and letter of
I,
Dated Sept. 1 1934. Denom. $1,000. Due $5,000 on Sept. 1 from 1939 to
transmittal may be obtained by applying to the Secretary of the Committee.
C. E. Huyette, 1263 National Bank Bldg., Detroit. Members of the
1944, incl. Interest is payable in M. & S. The bonds are being offered
Committee are W. A. Simonton, Thrall West & Co.. Minneapolis; Lewis P.
subject to approval of the Pennsylvania Department of Internal Affairs.
Mansfield, Prudential Insurance Co. of America, Newark, and John A.
A certified check for $500, payable to the order of the District Treasurer,
must accompany each proposal. The approving opinion of Burgwin,
Nordman, St. Louis Union Trust Co., St. Louis. Counsel is Claude H.
Scully & Burgwin of Pittsburgh will be furnished the successful bidder.
Stevens. Detroit, while associate counsel are Thomson, Wood & Hoffman,
New York City.
RHODE ISLAND (State of).
-BOND OFFERING -Antonio Prince,
FURTHER NOTICE BY COMMITTEE.
-In addition to the foregoing,
General Treasurer, will receive sealed bids until 12 m. on Sept. 11 for the
the Protective Committee is advising holders of certificates of deposit
purchase of $250,000 3% public works bonds. Dated Sept. 11934. Denom.
representing bonds deposited under the agreement dated Oct. 27 1932,
$1,000. Due Sept. 1 as follows: $100,000 in 1939 and 1940 and 350.000 in
that unless they express dissent during the 301-day period from Aug. 23 1934,
1941. It was originally reported that the State would offer $2,622,000
it will be assumed that they are in full accord with the refunding plan dated
bonds.
-V. 139, p. 968.
July 6 1934 and will be entirely amenable to its provisions.
RIFLE, Garfield County, Colo.
-BOND ELECTION CONTEMPORTAGE COUNTY (P. 0. Ravenna), Ohio.
-BOND AWARD
PLATED.
-An election is to be called during September, according to reDEFERRED.
-H. L. Hendee, Clerk of the Board of Board of County
port, to have the voters pass on the issuance of 370.000 in municipal power
Commissioners. states that the bids submitted in response to the offering
plant construction bonds.
on Aug. 30 of $8,500 6% poor relief bonds
-V. 139. P. 1123
-will not be
considered until Sept. 1. The bonds will be dated June 1 1934 and mature
RIO GRANDE COUNTY (P. 0. Del Norte), Colo.
-WA,
..ANT
as follows: 31.700 Sept. 11934; 31.600 March land $1,700 Sept. 1
CALL.
-It is reported that various county and school district warrants are
1935;
$1.700 March 1 and $1,800 Sept. 1 1936.
being called for payment, the interest on the county warrants to cease on
Sept. 9, while the school warrants ceased drawing interest on Aug..30.
POWDER SPRINGS, Cobb County, Ga.-BOND ELECTION.
-It is
reported that an election will be held on Sept. 10 to vote on the issuance of
RIVERTON, Fremont County, Wyo.-BOND SALE DETAILS.
$12,000 in 4% water system bonds.
The $23,500 44% semi-ann. water refunding bonds that were purchased
PUBLIC WORKS ADMINISTRATION.
-ALLOTMENTS APPROVED • jointly by the Stocicgrowers' National Bank of Cheyenne and Geo. W. Vallery & Co. of Denver-V. 138. p. 3816
-were sold at par and mature on
AND RESCINDED.
-We quote in part as follows from a Washington
July 1 as follows: $1,000, 1937 to 1958, and $1,500 in 1959.
dispatch to the New York "Herald Tribune" of Aug. 18, regarding loans
and grants approved or rescinded by the PWA on the previous day:
ROCK HILL, York County, S. C.
-BONDS AUTHORIZED.
-The
"Many of the 215 new allotments are to communities in the drought..
City Council is said to have passed ordinances recently providing for $204,stricken areas of the West. They are estimated to create 102.489 man000 in sewer system bonds. (A loan and grant of $263,000 for this purpose
months of direct employment on the sites of the projects. Of the 215
was approved by the Public Works Administration in July.
-V. 139, P•
allotments, 178 were for loans and grants and 37 for grants only of 30%
316.)
of the cost of labor and materials employed.
"All allotments were conditioned on the applicants' promptly executing
ROGUE RIVER VALLEY IRRIGATION DISTRICT (P. 0. Rogue
bond purchase contracts and grant agreements. Any undue delay in this
River) Ore.
-BONDS VOTED.
-At the election held on Aug. 20-V. 139,
respect on the part of the applicant will result in rescinding of the allotment.
-the voters approved the issuance of the $89,000 in not to exceed
P. 807
4% refunding bonds. Due from Jan. 1 1938 to 1967.
17 New York Projects Aided.
"The New York projects were listed as follows:
ROSS TOWNSHIP (P. 0. Perrysville), Allegheny County, Pa.
BOND SALE.
-Wade Winner, Township Secretary, reports that an issue
Location and Project
Amount.
of $10,000 44% operating expense bonds was sold to Golver & MacGregor
(Loan and Grant)
of Pittsburgh, at par plus a premium of $155, equal to 101.55, a basis of
Oceanside, High School
$451,600
about 4.18%. Due $1,000 on July 1 from 1935 to 1944 incl. Int. is
New York City, hospital
185.000
payable in J. & J. Issue was approved by the Pennsylvania Department
Eastchester. school additions
371,000
of Internal Affairs on Aug. 14.
New York City, waterworks
1,013,000
New York City, pier
ST. CLAIR SCHOOL DISTRICT, St. Clair County, Mich.
-BOND
774,400
New York City, pier improvements
SALE.
-The $100,000 coupon refunding bonds offered on Aug. 27-V.
1,282.000
New York City, hospital improvements
139, p. 1277-were awarded as 4 Sila to Braun, Bosworth & Co. of Toledo.
535.000
New York City, water works improvements
at a price of 99.36. a basis of about 4.40%. Dated Aug. 1 1934 and due
510.000
Feb. 1 as follows: 315.000. 1936; $16.000, 1937; 317.000, 1938; $18,000.
Hempstead, school additions
650,000
Garden City, High School
1939; $19,000, 1940, and $15,000 in 1941. Other bids were as follows:
930,000
Stranahan, Harris & Co., 99.61 for 4s and 100.42 for 4j8; Commercial
Churchville, school
185.000
& Savings Bank. St. Clair, 100.38 for 44s; Ryan, Sutherland & Co.,
Harpursville. school
173,000
New York City, laboratory building
99.54 for 4).s and 100.27 for 448. Legality approved by Miller, Canfield,
700,000
New York City, pier improvements
Paddock & Stone of Detroit.
207,000
Alden, sewage system
91,000
SALT LAKE CITY, Salt Lake County, Utah.
-BOND ELECTION
REJECTED.
-The City Commissioners are said to have rejected recently a
New Yot:k City, sewer
1.868:000
proposal to hold an election at which the voters could pass on an $840,000
ALLOTMENTS NEARLY COMPLETED.
-The following report is
bond issue to help finance the construction of a municipal auditorium.
taken from a Washington dispatch to the "Wall Street Journal" of Aug. 18:
SAN LUIS VALLEY IRRIGATION DISTRICT (P. 0. Center)
"Allotments of 215 non-Federal projects totaling $24,540,270 were anSaguache County., Colo.
-RFC LOAN ACCEPTANCE NEARLY COMnounced Friday by Public Works Administrator Ickes. These allocations
PLETE.
-We are Informed by our western correspondent that the offer of
bring the total of non-Federal projects to 4,028, and virtually complete
62.4 cents on the dollar for outstanding bonds, the funds for which were
the allotment of the $3,700,000,000 of PWA funds, including the $400,advanced by the Reconstruction Finance Corporation early this year-V.
000,000 given by the President following enactment of the last deficiency
138, p. 2970
-has been accepted by 98% of the bondholders and disbursebill.
ments are being made upon proper presentation of receipts for bonds
"The sum of 3100.000.000 still is held by the President and may be
deposited.
turned over to PWA. PWA announced that its expenditures are now
providing employment for about 700.000 persons."
SANTA ANA, Orange County, Calif.
-BONDS DEFEATED.
-At the
election held on Aug. 20-V. 139, p. 969
-the voters rejected the proposal
New York Allotments Rescinded.
to Issue 3250.000 in street impt. refunding bonds by a count of 3,264 "for"
"The allotments rescinded to-day included the following:
to 2,075 "against." less than the required majority.
"Camillus, N. Y.: Loan and grant of $28,500 for a grade school building,
rescinded because the applicant has decided to proceed with the project
SANTA BARBARA, Santa Barbara County, Calif.
-DETAILS ON
without the aid of Federal funds.
PWA ALLOTMENT.
-In connection with the loan and grant of $375,000
"Union. N. Y.: Loan and grant of $500,000 to the free school district
to this city by the PWA for auditorium construction-V. 139, p. 1115
for school additions and a grade school building, rescinded at the appliit is stated by the City Clerk that the loan has been approved by the Federal
cant's request.
Government but it is to be matched by moneys to be voted by the city.
"Meriden. Conn.: Loan and grant of $75.000 for a school building.
He reports that to date no such election has been called.
rescinded because the applicant has not complied with the regulations of the
Public Works Administration.
SCHENECTADY, Schenectady County., N. Y.
-CERTIFICATE
"An allotment of loan and grant of $200,000 to Danbury, Conn., for
SALE.
-The $100,000 home and work relief certificates of indebtedness
sewer improvement changed to a grant of 3.53.000."
offered on Aug. 28-V. 139. p. 1277
-were awarded to Edward B. Smith
& Co. of New York, at 0.80% Interest rate, at par plus a premium of $8.28.
REPORT ISSUED ON SEWER PROJECT ALLOTMENTS.
-The
Dated Aug. 29 1934 and due Oct. 29 1934. The Chemical Bank & Trust
Administration has compiled comprehensive data covering the allotments
Co. bid a price of par for the issue at 1% interest, while Hemphill, Noyes &
made from its inception up to July 1934 on sewer projects in municipalities
Co. of New York bid 100.01 for 2.75% certificates.
Volume
139
Financial Chronicle
-FINANCIAL STATESCARSDALE, Westchester County, N. Y.
MENT.
-The following is given in connection with the award on Aug. 7
of New York, at a price of
of $25,000 3% sewer bonds to Lehman Bros.
100.15. a basis of about 2.95%.-V. 139, p. 969.
Financial Statement.
Assessed valuation of the property subject to the taxing power
of the Village of Scarsdale as shown upon the last completed
$68,857.062
assessment roll of the said village for the year 1934
Total bonded debt of said village, including the amount of this
2,644,950
issue
Population of the said village, according to the United States Census
of 1930, 9,664.
Bonded indebtedness of the said village as stated above does not include
the debt of any other subdivision having power to levy taxes upon any or
all of the property subject to the taxing power of the said village.
Tax collection record of the said village for the preceding three fiscal
years is as follows:
Fiscal year commencing March 1 1931. total ad valorem or general property tax, including water district and sewer district
$556.800
taxes and assessments
31.980
Amount uncollected at the end of such year
850
Amount uncollected June 30 1934
total ad valorem or
Fiscal year commencing March 1 1932,
general property tax, including water district and sewer dis595.300
trict taxes and assessments
66,240
Amount uncollected at the end of such year
4.530
Amount uncollected June 30 1934
year commencing March 1 1933, total ad valorem or
Fiscal
general property tax, including water district and sewer dis518,600
trict taxes and assessments
67.700
Amount uncollected at the end of such year
6,300
Amount uncollected June 30 1934
year commencing March 1 1934 total ad valorem or
Fiscal
general property tax, including water district and sewer district taxes and assessments, payable without penalty during
month of July, and upon which $184.233.37 has been col546.000
lected to July 25 1934
-BONDS VOTED.
SCHUYLERVILLE, Saratoga County, N. Y.
At an election held on Aug. 21 an issue of $5.800 street inapt. bonds, due
in five years, was approved.
-The
-BOND SALE.
SCIOTO COUNTY (P. 0. Portsmouth), Ohio.
-were awarded
$72,000 poor relief bonds offered on Aug.27-V.139, p.969
as 3;is to the Well, Roth & Irving Co.of Cincinnati at par plus a premium
of $273.60, equal to 100.24, a basis of about 3.40%. Dated Sept. 1 1934
and due as follows: $700 Sept. 1 1934; $600 March 1 and Sept. 1 1935;
$600 March 1 and $700 Sept. 11936;$22.200 March 1 and $23,000 Sept. 1
1937, and $23,600 March 11938.
-H. L. Collier,
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer, is reported to be calling for payment at his office from
Aug. 23 to Sept. 5, various local improvement bonds and coupons.
-BOND ELECTION CONTEMSHELTON, Mason County, Wash.
PLATED.-It is said that the city intends to call a special election soon to
pass on the issuance of $100,000 in water utility bonds.
-The City
SHERIDAN, Sheridan County, Wyo.-BONDS CALLED.
Treasurer is reported to be calling for payment various matured special
assessment bonds. Interest shall cease on date of maturity.
-At an
-BOND ELECTION.
SIDNEY, Champaign County, III.
election to be held on Sept. 25 the voters will consider the question of issuing
electric light system bonds.
$7,500
-BONDS AUTHORIZED.
SIOUX CITY, Woodbury County, Iowa.
-The City Council is reported to have approved ordinances calling for
$100,000 in bonds, dividend as follows: $70,000 bridge, and $30,000
grading and sewer bonds.
SIOUX FALLS, Minnehaha County, S. Dak.-BOND OFFERING.
Sealed bids will be received until 10 a. m.on Sept. 10. by Andrew Norstad,
$241,000 issue of 4% city hall bonds.
City Auditor, for the purchase of a
Denom. $1,000. Dated Aug. 15 1934. Due on Aug. 15 as follows: $8,000.
1935 to 1963 and $9,000 in 1964. Prin. and int.(F. & A.) payable in lawful
money at the City Treasurer's office or at a bank or trust company in
New York City. (A loan and grant of $317,000 has been approved by the
Public Works Administration.)
SLIPPERY ROCK (P. 0. R. F. D. No. 1, Ellwood City) Lawrence
-The Borough Council on Aug. 6
-BONDS AUTHORIZED.
County, Pa.
passed an ordinance providing for the issuance of $7,500 4% funding bonds.
Dated Oct. 1 1934. Denom.$500. Due $500 each year on Oct. 1 from 1935
to 1949. inclusive.
-BOND OFFERSOUTH DAYTON, Cattaraugus Couhty, N. Y.
-Boy H. Hale, Village Clerk, will receive sealed bids until 3 p. m.
ING.
(Eastern Standard Time) on Sept. 5, for the purchase of $36,000 not to
exceed 6% interest coupon or registered water bonds. Dated Sept. 11934.
Denom. $1,000. Due $1,000 each year on Sept. 1 from 1937 to 1972. incl.
Bidder to name a single interest rate for all of the bonds, expressed in a
multiple of Y1 or 1-10th of 1%. Principal and interest (M. & S.) payable
in lawful money of the United States at the Bank of South Dayton, or at
the Irving Trust Co., New York, at holder's option. The bonds are declared to be direct general obligations of the village, payable from unlimited
taxes. A certified check for $500, 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
reporting on the financial condition of the village, Mr. Hale states that the
village has no indebtedness of any anture and has collected this year's tax
roll 100%•
SOUTH PORTLAND SEWERAGE DISTRICT (P. 0. South Port-Harry A. Brinkerhoff,
-BOND SALE.
land), Cumberland County, Me.
District Treasurer, made award on Aug. 31 of $25,000 4% coupon sewerbonds to E. 11. Rollins & Sons of Boston, at a price of 100.639, a basis of
about 3.95%. Dated Sept. 1 1934. Denom. $1,000. Due $5,000 on
Sept. 1 from 1946 to 1950 incl. Principal and interest (M. & S.) payable
at the National Bank of Commerce, Portland. Legality to be approved
by Ropes, Gray, Boyden & Perkins of Boston. A bid of 100.37 was submitted by F. S. Moseley & Co. of Boston.
Financial Statement (August 11934).
$12,134,750
Assessed Valuation for year 1934
505.000
Bonded Debt of district (not including present loan)
Total Bonded Debt of City of South Portland
513,500
No Water Bonds.
Population of district, 14,000.
STAYTON, Marion County, Ore.
-Sealed bids
-BONDS OFFERED.
were received until 7:30 p. m. on Aug. 31, by J. B. Grier, Town Recorder,
for the purchase of an $8,359.42 issue of 6% refunding bonds. Denom.
$500. one for $359.42. Due on Oct. 1 as follows: $1,500, 1943 to 1946 and
$2,359.42 in 1947. Optional on Oct. 1 1935. Prin. and int. (A. & 0.)
playable at the office of the Town Treasurer. The approving opinion of
Teal, Wintry°, McCulloch & Muter of Portland, will be furnished.
-BONDS OFFERED.-Blds
STRINGTOWN, Atoka County, Okla.
were received until 2 p.m. on Aug. 30 by M.P. Winters,Town Clerk, for
purchase of a $20,000 issue of water works bonds. Due on May 1 as
the
follows: $1,500. 1939 to 1951, and $500 in 1952. Interest rate to be named
by bidder at par and accrued interest. These bonds were approved by the
voters on March 29-V. 138. p. 2789.
-At an erection held
-BONDS VOTED.
SUDAN, Lamb County, Tex.
on July 2 the voters approved the issuance of $7,300 in 4% water works
bonds by a wide margin, according to the City Secretary. Due in
impt.
10 years. (This report corrects that given in V. 139. p. 969.)
-It is reported
-BONDS CALLED.
TACOMA, Pierce County, Wash.
by C. V. Fawcett, City Treasurer, that he has called for payment on
Aug. 11, 13, 15, 16 and 18, various bonds of certain local improvement
districts, ranging in number from District 4012 to 5679.
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT
-DETAILS ON FEDERAL
DISTRICT NO. 1 (P. 0. Fort Worth), Tex.
-Attorney for district confirms report given in
FUND ALLOTMENT.
V. 139, p. 960. that a loan and grant of $315,000 for levee Improvement has
1439
been approved by the Public Works Administration and he states that the
amount of the loan is $230,000. to be secured by 4% bonds, maturing on
Sept. 15 as follows: $6,000, 1942; $47,000. 1943, and 1944; $17,000. 1970
and $113,000 in 1971. Principal and interest payable at the Central
Hanover Bank & Trust Co. In New York. .
-BONDS CANTARRANT COUNTY (P. 0. Fort Worth), Texas.
-The County Commissioners' Court is said to have agreed to canCELED.
cel the unsold block of road bonds from the $4,920,000 total issue that was
voted in 1928, because of numerous requests from taxpayers. This wipes
out a proposed road building program to have been financed by the unsold
about
$780,000 in bonds, which would have prol Med employment for on the
2,000 men during the whiter. The Court had advertised for bids
bonds to be received on Aug. 20-V. 139, P. 1277. The County Judge is
said to have announced that he would urge a special relief bond issue later,
if it was needed.
-RELIEF BOND AUTHORIZATION
TEXAS,State of(P.O. Austin).
-It is stated that the Legislature, which met in special
CONTEMPLATED.
session on Aug. 27(V. 139, p. 1270) is in favor of authorizing for immediate
issuance and sale the remaining $9,500,000 State unemployment relief bonds
out of the total $20,000,000 approved by the voters.
The following report is taken from an Austin dispatch to the "Wall
Street Journal" of Aug. 28:
"The Legislature, which met Monday noon in extraordinary session,
planned to act favorably in short order on the authorization for immediate
Issuance and sale of $9,500,000 State unemployment relief bonds, the
balance of a total of $20,000,000 voted last year.
"An Administration bill was drawn leaving to the State Bond Commission the option offixing the interest rate up to 4%% on each block of bonds
sold. It was also proposed that the State's obligation to pay off maturities
and interest be enlarged to include other sources of income than real estate
taxes alone."
-DEBT ADJUSTMENT DEADTOLEDO, Lucas County, Ohio.
-A dispatch from Toledo to the "Wall Street Journal" of recent
LOCKED.
follows: "Bond refunding negotiations between city officials
date reported as
and representatives of the bondholders are deadlocked on the question of
the rate of interest the refunded bonds are to bear. Officials are offering
3%, while the bondholders' representatives are insisting on 43,1%. The
average interest rate borne by the $28,076.594 of outstanding bonds is
4.645g. Only $47,201 remains in the city's general fund and approximately
8700,000 has been diverted from the bond funds to keep opeiations on a cash
basis."
-113,000,000 DEFICIENCY BOND
TOLEDO, Lucas County, Ohio.
-Charles Austin. Acting Director of Finance,
ISSUE SUGGESTED.
recommended to the Finance Committee on Aug. 15 the issuance of $3,000.000 deficiency bonds for the purpose of paying off the city's floating indebtedness. He stated that the bond issue is entirely dependent on successful completion of the plans now under way for the refunding of defaulted
and maturing bonds. Mr. Austin's suggestion was made in answer to a
Proposal that additional scrip be issued to take up the floating debt. He
opposed the scrip idea on the ground that it would delay the city's receipt
of cash from tax payments, inasmuch as the scrip is always used by the
holders in payment of taxes.
-It
-BOND ELECTION.
TREMONTON, Box Elder County, Utah.
is reported that an election will be held about Sept. 18 to vote on the
issuance of $21,000 in water bonds.
-The
-BOND SALE.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
$80.000 coupon poor relief bonds offered on Aug. 24-V. 139, tr. 969
Charles A.IlInsch & Co., Inc. of Cincinnati, at par
were awarded as 3)45 to
plus a premium of $22°.77, equal to 100.28. a basis of about 3.40%. Dated
Aug. 1 1934 and due as follows: $1,500 Sept. 1 1934; $1,300 March 1 and
$1,400 Sept. 1 1935: $1 400 March 1 and Sept. 1 1936; $23,600 March 1 and
$24,400 Sept. 1 1937, and $25,000 March 1 1938. Nine other bids were
submitted for the issue.
UNION, UNION FREE SCHOOL DISTRICT NO. 1 P. 0. Endi-The $300,000 coupon or
-BOND SALE.
cott) Broome County, N. Y.
-were awarded
registered school bonds offered on Aug. 29-V. 139, p. 1278
as 3.708. to a group composed of the Manufacturers & Traders Trust Co.,
Buffalo, Adams, McEntee & Co., Inc., New York. and George D. B.
Bonbright & Co. of Rochester, at par plus a premium of $237, equal to
100.07, a basis of about 3.69%. Dated Aug. 15 1934 and due $25,000
annually on Dec. 1 from 1935 to 1946, incl. The group is re-offering the
bonds for public investment at prices to yield from 2% to 3.65%. according to maturity. Other bids for the bonds were as follows:
Int. Rate. Premium.
Bidder417
3.75%
Union Trust Co
810
3.90%
Bacon Stevenson & Co
930
4.20%
Halsey Stuart & Co
303
3.80%
Rutter & Co
4478,
Dick Merlesmith960
242
Phelps Fenn & Co
300
3.86k
Blyth & Co
-FINANCIAL STATEVALLEY STREAM, Nassau County, N. Y.
MENT.
-In connection with the recent award of 1.30,000 4.10% improve-V. 139.
Fenn & Co. of New York at a price of par
ment bonds to Phelps,
p. 637
-we give the following:
Financial Statement.
As of Fiscal Year Ending in: As of Jtdy 11
1934.
1934,
1933.
TrendsTotal bonded debt (incl. this
$1,135,500. 0 81,114,000.00 *$1,087,000.00
issue *)
None
None
None
Less: Deductible items
Taxable assessed val. of real
estate,incl.spec'l franchises 36,095,171.00 35,922,872.00 37,488.485.00
330.623.00
281.245.00
248,726.00
xOperating budget
189,983.00
169,891.00
168,552.00
Debt service
513.606.00
451,136.00
417,278.00
:Gross budget
9.20
7.40
7.90
x Tax rate par $1,000
x Include school budget and tax rate for schools when school district and
reporting municipality are coterminous. Exclude proportion of over-for example, cities will not report porportion of
lapping tax district:
county levy.
Debt Statement,
Funded Debt (as of July 11 1934)
$1.057.000.00
Total funded debt, except sp -cial assessments
None
Special assessment debt
178,700.00
Total unfunded debt (see below)
1,235.700.00
Gross debt
Deductions
-Water debt
Sinking funds (except water)
Tax notes
Other
Total deductions
Net debt
Unfunded Debt (as of July 11 1934)
Tax anticipation obligations: (Due 1934-1935)
Tax delinquent obligations: (Due 1934-1935)
Bond anticipation notes: (due Aug. 1 1934)
Other:
None
None
None
None
None
1,235,700.00
895,000.00
79,000.00
4.700.00
None
$178,700.00
None
Tax Collection Report,
1931.
1933.
1932.
Fiscal Year Beginning March I$265,829.25
Total a_ valorem or gen. prop. tax_ _$265.829.25 8285.151.42 $319.260.45
49,431.29
56.508.82
Uncollected at end of tax or fiscal year 59.170.03
13.446.34
28.189.05
41,313.76
Uncollected July 11 1934
18,673.38
x
44,690.46
Uncoil, at approx. June 30 1934
collection.
x Process of
-1934, $133,000.00:
Bond Piincipal Maturing (to be paid by Tax Levy).
1935. 899,000.00; 1936, $83.000.00; 1937, $75.000.00; 1938, $72,000.00.
-Population, Federal census, (Incorporated 1925);
Specific Information.
1930, 11.790: 1934 (estimated) 14.000. Tax payments due: Jan. 15 and
July 15. Penalties 5% for first month and )4% monthly thereafter. Tax
Total unfunded debt
Sinking fund
1440
•
Financial Chronicle
Sept. 1 1934
ales are not held annually. No bond or note principal or interest is past
due. Fiscal year begins March 1 and ends Feb. 28. This financial statement
includes neither the debt nor tax record of the following political subdivisions having power to levy taxes upon the property within this municCANADA (Dominion of).
-PER CAPITA DEBT.
-A. E. Ames & Co.
ipality: County of Nassau. Town of Hempstead, Hempstead Union Free
of Toronto issued on Aug. 17 a compilation showing the per capita indebtedSchool District No. 24 (all), Hempstead Union Free School District No.
ness in Canada as reflected in the bonded debt of the Domini m Govern30 (all), Hempstead Union Free School District No. 13 (partly), Hempstead
ment, itir provinces and municipalities. The total public debt in Canada
Central High School District No. 1 (major part), and Hempstead Union
in 1933 amounted to $5,471.883,736, while the net debt was $5,094,477,607.
Free School District No. 14 (about $2,000.000 valuation)
The per capita debt was $497.27. One of the principal features of the cornpiL tion was the revelation that the per capita indebtedness in Canada is subVANDERBURGH COUNTY (P. 0. Evansville), Ind.
stantially below that of other British Dominions. In this connection, A. E.
-BOND SALE.
-The $250,000 coupon poor relief bonds offered on Aug. 23-V. 139, P.
Ames & Co. state as follows:
1124
-were awarded to C. W. McNear & Co., and John Nuveen & Co.,
(1) Canadians have become accustomed in recent years to statements
both of Chicago, jointly, at an average rate of interest of 434
regarding the burden of the Dominion's aggregate public indebtedness.
%,at par
a premium of $500. The bankers purchased $125.000 bonds as 4345 plus
Consequently it may come as a surprise to many to learn that the per capita
and
$125,000 as 5s. Dated Sept. 1 1934. Denom. $1,000. Due serially in from
Indebtedness In Canada is substantially below that of other British Domin1 to 10 years; last maturity in 1943. Interest is payable in M. & N. The
ions. Converted at par of exchange into Canadian dollars, the debt figures
sale was not effected until Aug. 27.
of four other Dominions are given below, as frIlows:
"In comparison with the per capita Dominion, Provincial and municipal
VERONA, Essex County, N. J.
-BOND SALE.
-The $24,000 6%
debt figure of $497 for Canada, the per capita National debt in Great
coupon or registered bonds offered on Aug.
Britain (excluding all local public debts) is $830. In Australia, exclusive of
sold at a price of 99 as follows: $10,000 to 28-V. 139, p. 1124-were
the Commercial Trust Co.
municipal debts, the per capita Commonwealth and States debt is $885.
of New Jersey, Jersey City; $8,000 to the Verona Trust
Verona,
In New Zealand, including local public debts, it is $1,116.
and $6,000 to the Verona Police Pension Fund. No other Co.. were rebids
"South Africa, excluding local public debts, has an indebtedness of
ceived. The sale consisted of $20,000 assessment bonds of 1932. due
$1,196,000,000, with a population of 8,370.000, of which only 1.890,300
Aug. 15 1937. and $4,000 general improvement bonds of 1932, due $2,000
are white. Using the latter figure, per capita indebtedness is $633. If
on Aug. 15 in 1936 and 1937.
local indebtedness were added, the per capital debt of Canadians would
appear even more favorably."
VERSAILLES, Woodford County, Ky.-BOND SALE.
-We are
informed by the laankers Bond Co. of Louisville, Ky., that they purchased
WINNIPEG DENIED $500,000 LOAN.
-In announcing recently that
at private sale on Aug. 27 a $50,000 issue of 4;4% water works bonds at
relief loans of $30,000 each had been granted by the Dominion Government
par and all expenses. Due in 1949. Legal opinion to be furnished by
to the cities of St. Boniface, Portage la Prairie and Brandon. E. A. McPherStites and Stites, of Louisville.
son. Provincial Treasurer of Manitoba, stated that his request that a loan
of $500,000 be made to the City of Winnipeg had been refused. The DoWAVERLY, Bremer County, Iowa.
-BONDS NOT VOTED.
minion's refusal to comply with the request was based on the recent BradRegarding the report given in V. 139. p. 1278. that the voters had
shaw report, which recommended substantial economies and increased
the issuance of $18,000 in swimming pool bonds, it is stated by approved
the City
taxation for the city, according to the "Financial Post" of Toronto of Aug.
Clerk that no bonds were voted nor are any bonds contemplated.
25.
WAVERLY DRAINAGE DISTRICT (P. 0. Alamosa), Alamosa
$275,000.000 REFUNDING LOAN SCHEDULED.
-A dispatch from
County, Calif.
-BONDS VOTED.
Ottawa to the "Journal or Conunerce" of Aug. 31 reported as follows:
-It is stated by the Secretary of the
Board of Directors that at the election held on March 19-V 138. p. 2297
"The Canadian Government when floating a refunding loan of approximthe voters approved the issuance of the $56,000 in 4% refunding bonds.
ately $275,000,000 next month will raise the money wholly in Canada, it
It is said that the Reconstruction Finance Commission is to finance the
was learned here to-day. Borrowings in New York and London are not
project, but negotiations are not as yet completed.
planned, it was said. The yield, to be determined by market conditions
at the time of the issue, will be around 3%. Obligations of more than
WELLSVILLE, Allegany County, N. Y.
-BOND SALE.
-The $43,000
$220,000,000 with interest as high as 534% will be replaced by the new
4;1% registered bonds offered on Aug. 27-V. 139. p. 1278
-were awarded
loan and $20,000,000 or $30,000,000 more will be secured for general
as follows:
purposes. A huge saving in interest is anticipated. This together with
$35,000 Westside drainage bonds to the Jones Memorial Hospital at par
increased revenues, suggests that the National budget will be balanced
plus a premium of $35, equal to 100.10, a basis of about
apart from requirements of the Canadian National Railways.'•
4.23%.
Due on Aug. I from 1937 to 1943, incl.
GOVERNMENT AND MUNICIPAL FINANCING.
-New flotations of
8,000 North Main Street resurfacing bonds to the Woodland Cemetery
Canadian Government and municipal bonds during the first eight months
Association at par plus a premium of $80, equal to 101, a basis of
of 1934 totalled $258.300,217, compared with $282,578,172 during the same
about 3.74%. Due on Sept. 1 from 1935 to 1938, incl.
period in 1933 and $194,340,909 in 1932, according to Wood,Gundy & Co.,
The First Trust Co. of Wellsville bid a price of par for the bonds.
Ltd. The total for this year includes the refunding issue of $50.000.000
WEST NEWTON, Westmoreland County, Pa.
Dominion of Canada notes sold in New York during August, the only
-BONDS AUTHORIZED.
-An ordinance passed by the Borough Council on Aug.
Canadian Government or municipal financing undertaken in New York
provides for the issuance of $18,000 4% permanent street
this year to date. Of the balance for 1934. $152,236,351 was sold in
bonds.
Dated Sept. 1 1934. Denom. $1.000. Due $1,000 on Sept. 1 impt. 1935
Canada and $56.063.866 in Great Britain.
from
to
1952 incl. The Public Works Administration has already agreed to furnish
For the month of August, new Canadian bond financing amounted to
a loan and grant of $,..4,000.
3101.641.933, according to the compilation, against $129,247,642 in
August of last year and $9,739,118 in the same month In 1932. Among
WEST POINT, Clay County, Miss.
-BOND SALE.
-The
the principal issues sold in Canada during the current month were $10.vocational school construction bonds that were voted in July $50,000
-V. 139,
000,000 Province of Quebec 3% 5
-year bonds, $37,500,000 Province of
-were purchased on Aug. 22 by a group composed of Harris & LeftIL 637
Ontario note issue and $3,000,000 Province of Saskatchewan 4% bonds.
wich, the Federal Securities Co., both of Memphis, and Scharff & Jones of
New Orleans, as 5348 at par. Due on Sept. 1 as follows: $9,000,
CHICOUTIMI AND TREMBLAY (Townships of), Que.-BOND
$9,500, 1936; $10,000, 1937; $10,500, 1938, and $11,000 in 1939. 1935;
MATURITIES EXTENDED.
-The maturity schedules of the bonds of
city will furnish the approving opinion of either Benj. H. Charles ofThe
each of the townships have been extended, but there has been no reduction
St.
Louis or Thomson. Wood & Hoffman of New York.
in interest rates, according to the "Financial Post" of Toronto of Aug. 25.
The refinancing in each instance has been approved by the Quebec Municipal
WHITE PLAINS, Westchester County, N. Y.
-PLANS REFUNDCommission, the Provincial Government and varying percentages of the
ING ISSUE.
-Mayor Robert P. Smith announced on Aug. 29
creditors.
in bonds will be sold in the near future in order to refund that $700,000
maturities of
"Creditors representing 71% of the total debt of Tremblay approved of
like amount due in December 1934.
the new plan, which calls for an exchange of the existing bonds for new
WICHITA, Sedgwick County, Kan.
ones maturing five years later. Over 75% of the creditors of the Township
-BOND OFFERING.
-It is
reported that sealed bids will be received until Sept. 4. by C. C. Ellis,
of Chicoutimi approved of an exchange for new bonds dated to mature id
City Clerk, for the purchase of the following 33i% semi-ann. bonds,
1978 with redemption by yearly drawings from 1939. Through the redempaggregating $155,000: $150,000 refunding, and $5,000 park bonds. Due
tion plan, which was suggested at the meeting of creditors, all of the bonds
In from 1 to 10 years.
will actually be retired by 1959.
"Holders of the present Chicoutimi and Tremblay bonds are advised to
W1CKENBURG, Maricopa County, Ariz.
-BOND OFFERING.
-We
send them for exchange to Paul E. Lambert, Box 129, City Hall, Chicouare informed that sealed bids will be received until 7.30 p. m. on Sept.
timi, Quebec. This may be done either directly or through a bank. Mr.
by Mildred Alrich. Town Clerk, for the purchase of a $14.000 issue of 18
5%
Lambert is looking after both of the new issues for the Quebec Municipal
semi-annual improvement bonds. Dated July 1 1934. Due $1,000 from
Commission."
1938 to 1941. inclusive. A certified check for 5% must accompany the bid.
-A.E. Ames & Co. of Toronto
Ont.-BOND SALE.
WILLIMANTIC, Windham County, Conn.
-ADDITIONAL
FORMATION.
recently purchased an issue of 335.000 5% bonds, due serially on Aug. 1
-The $89,000 rerunning bonds purchased reeently INby
from 1935 to 1959, incl. Reoffering is being made at a price of 98.25,
Putnam & Co. of Hartford-V. 139, p. 1278
-bear 33.4% interest and
to yield 5.17%.
were sold to the bankers at a price of 100.57, a basis of about
Aug. 1 as follows: $10,000 from 1935 to 1942 incl. and $9.0003.12%. Due
in 1943.
'M FFARD, Que.-BOND OFFERING.
.
-J. Drouin, Secretary-TreasWORCESTER, Worcester County. Mass.
urer, will receive sealed bids until 7 p.m. on Sept. 4 for the puechase of
-TEMPORARY LOAN.
The Bankers Trust Co. of New York was awarded on Aug. 31 an - 350,000 5% bonds, of which $4,000 will mature serially in 10 years, while
of $400,000 revenue anticipation notes at 0.58% discount basis, issue
$46,000 will mature in an entirety in ten years. Denoms. $1,000, $500
plus a
premium of $26. Dated Sept. 6 1934 and due May 15 1935. Re-offering is
and $100.
being made at prices to yield 0.50%.
GUELPH, Ont.-ADDITIONAL INFORMATION.
-The Dominion
WRIGHT COUNTY (P. 0. Clarion), Iowa.
-BOND OFFERING.
- Securities Corp. of Toronto paid a price of 96.23 for the $250,000 4%
It is stated that bids will be received by the County Auditor until
funding bonds purchased on Aug. 10-V. 139. p. 1124. The issue matures
Sept. 5
for the purchase of a $70,000 Issue of refunding bonds.
in 10 years and the net interest cost basis is about 4.47%.
YAKIMA COUNTY (P. 0. Yakima), Wash.
-BOND OFFERING.
NEW BRUNSWICK (Province of)
.BOND OFFERING.
-Antoine
Sealed bids will be received by Fred T. Briggs, County Auditor, at the
J. Leger, Provincial Secretary-Treasurer, will receive sealed bids until
office of the Board of County Commissioners, until 10 a. m.on Sept. 25, for
3 p.m. on Sept. 6 for the purchase of 31,100.000 4% coupon (registerable
the purchase of an issue of $163,000 general obligation serial refunding bonds.
as to principal) bonds. Dated Sept. 1 1934. Denom. $1,000 or $500, at
Interest rate is not to exceed 60/, payable A & 0. Dated Oct. 1 1934. Due
option of purchaser. Due Sept. 1 1954. Prin. and Mt.(M. & S.) payable
on Oct. 1 as f
$8,000, 1936; $9,000, 1937 and 1938; 310,000,
in lawful money of Canada at the office of Mr. Leger or at the Bank of
and 1940: 311,000, 1941 and 1942; 312.000, 1943 and 1944; $13,000, 1939
Montreal in Halifax, Charlottetown, St. John, Montreal, Toronto, Winni$14,000, 1946 and 1947, and $15.000 in 1948 and 1949. Prin. and1945:
int.
peg or Vancouver. Bids to be made in Fredericton funds and accompanied
payable at the County Treasurer's office. The bids shall specify, first,
by a certified check for $10,000. Sinking funds will be provided to meet
the lowest rate of interest and premium if any, above par, at which the bidder
payment of 50% of the bonds at maturity date. Bonds are being issued
will purchase said bonds; or, second, the lowest rate of interest at
for the following purposes: Hard surface roads, $600,000; electric power
bidder will purchase said bonds at par. The bonds will be soldwhich the
with the
commission, $400,000, and $100,000 for unemployment relief.
opinion of Preston, Thorgrirnson & Turner of Seattle. A certified check
for 5% of the amount bid is required. (These are the bonds mentioned in
-337,500.000 BONDS PUBLICLY OFONTARIO (Province of).
,
V. 139, p. 1124, to be sold on Sept. 15.)
FERED.-A syndicate composed of the Royal Bank of Canada, the Canadian Bank of Commerce; Wood, Gundy & Co.: A. E. Ames & Co., and
YATES UNION FREE SCHOOL DISTRICT NO. 3(P. 0. Lyndon.
the Dominion Securities Corp. made public offering throughout Canada
villa), Orleans County, N. Y.
-BONDS NOT SOLD.
-No bids were
on Aug. 28 of $37,500,000 2;4% bonds at prices to yield from 2.60%
obtained at the offering on Aug.23 of.046.000 4;r% coupon school bonds
- to 2.95%, according to maturity. Orders received prior to the formal
V. 139, p. 970. Dated June 1 193-. and due serially on Dec. 1 from 193610
offering amounted to about two-thirds of the isaue, the bankers reported.
1955 incl.
Bonds are dated Aug. 30 1934 and registerable as to principal. Payment
YONKERS, Westchester County, N. Y.
of principal and inteeest (Feb. 28 and Aug. 30) will be made in lawful
-ARRANGES FOR $3,000.000 LOAN.
money of Canada at the Royal Bank of Canada or the Canadian Bank
-Mayor Joseph F. Loehr announced on Aug. 24 that
arrangements had been made with a syndicate of New York banks for a
of Commerce in Toronto. Montreal. Ottawa, Winnipeg, Vancouver,
loan of $3,000,000 at 5.540/ interest, due serially from 1935 to 1938. incl.
Halifax or St. John, N. B. at holder's option. Denom. 31.000. The
Of the proceeds, $1.408.000 will be used to pay county and State taxes
bonds are direct obligations of the Province, payable out of its Consolidated
owed by the city; $1,004,000 to settle claims of local tradesmen and merRevenue Fund. Legality approved by Long & Daly of Toronto. Prochants. while $868,000 will be devoted to the payment of back salaries of
ceeds of the financing will be used to retire temporary loans and for general
municipal employees.
purposes. In the following we show the amount of bonds maturing annually on Aug. 30 and the price and yield basis on which the offering has
FINANCIAL CONDITION IMPROVED.
-The Municipal Consultant
been made:
Service of the National Municipal League announced on Aug. 26 that a
second study of the financial affairs of the city had just been completed and
Amount.Price.Yield.
Year Due$10,500,000
was undertaken in order to determine the effectiveness of the revised fiscal
1935
•
99.90
2.60
10,500,000
policy formulated for the community six months ago. Adoption of its
1936
99.61
2.70
7,500,000
recommendations had served to greatly improve the financial condition of
1937
99.14
2.80
1938
4,500,000
the city during the interim, according to Dr. Thomas H. Reed, Director of
98.50
2.90
4.500.000
1939
the Service. The results achieved, it is said, included a reduction of
97.92
2.95
$1,200,000 in the operating budget for 1934 below the 1933 figure and an
QUEBEC (Province of).
-$10,000,000 ISSUE OVERSUBSCRIBED.
Increase in the tax rate from $3.11 to $3.79 per $100. A threatened tax
The syndicate of Canadian banks and investment houses, headed by the
strike had been prevented by Mayor Loehr and current tax collections have
Bank of Montreal, which was awarded on Aug. 23 an issue of $10,000,000
substantially equalled expectations and delinquent payments have been
3% five-year bonds at 99.77, a basis of about 3.05%-V. 139. p. 1278
considerably in excess of estimates. Adoption by the city of the recommade public re-offering at a price of 100.25, to yield 2.95%, and effected
mendations of the consultant service, prompted large noteholders to forego
re-sale of the entire issue within a few hours after the formal offering.
payment on principal for 1934 and made possible the sale of $700,000 relief
During the latter part of Friday, Aug. 24. transactions in the bonds were
bonds.
completed at a price of 100.35, it is said.
CANADA, Its Provinces and Municipalities
cOLLINGWOOD,
•
@FedFRASER